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ESTABLISHED
Volume
192
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1839
Number 6012
New York 7, N. Y.,
Thursday, December 15, 1960
Price
50
Cents
a
Copy
In
2
Sections
OF AMERICA
I
OFFICERS 1960-1961
Vice-President
Curtis H.
Bingham
Bingham, Walter & Hurry, Inc.
Los
Angeles
V ice-Presid ent
Thomas
M. Johnson
The Johnson, Lane,
Space Corporation,
Savannah
President
George A. Newton
G. H. Walker & Co.,
St. Louis
V ice-Presid ent
Robert O.
Shepard
Prescott, Shepard & Co., Inc.
Cleveland
V ice-Presid ent
David J.
Harris
Bache & Co.,
Chicago
Vice-President
Walter H.
Steel
Drexel & Co.,
New
York
—
Section
2
t&F i
2
PICTORIAL
The Commercial and Financial Chronicle
...
Thursday, December 15, 1960
IBA GOVERNORS
Howard H. Banker
C. J. Devine & Co.
Cincinnati, Ohio
Francis A. Cannon
The
First
Corporation,
New
George W. Elkins
W. Scott Cluett
York
First
Paine, Webber,
New York
Paul W. Fairchild
The
John F. Curley
Harriman Ripley &
Co. Incorporated
Boston
Jackson & Curtis,
& Co.,
Philadelphia
Harvey J. Franklin
Boston
Hardin H. Hawes
Harris Trust and
Savings Bank, Chicago
John P. Labouisse
Howard,
Weil,
Labouisse, Friedrichs
and
New
Company,
Orleans
Los
W. N.
Corporation,
Merrill Lynch, Pierce,
Fenner & Smith Inc.,
Edde K.
Hays
Chicago
Hurley
Blyth & Co., Inc.
W. Yost Fulton
Thomas B, Gannett
Fulton, Reid & Co.,
Inc., Cleveland
Fulkerson, Jr.
Bankers Trust Co.,
New York City
William L.
Charles W. Easter
Seattle, Wash.
Hornblower & Weeks,
San Francisco
Dean Witter & Co.
Angeles
New York City
City
Chicago
Elkins, Morris, Stokes
Mark Davids
Lester, Ryons & Co.,
Alger J.Jacobs
Baker, Simonds & Co.
Crocker-Anglo
Inc., Detroit
National Bank,
San Francisco
James J. Lee
Roy W. Leriche
W. E. Hutton & Co.,
New York
First of Iowa Corp.,
Moore, Leonard &
Des Moines
Lynch, Pittsburgh
C. McK.
Lynch, Jr.
Boston
Robert C.Johnson
Kidder, Peabody &
Co., New York
Arnold B. Massey
Mills, Spence & Co.
Limited, Toronto
JXWH'i
Volume
192
Number 6012
.
.
.
The Commercial and Financial Chronicle
PICTORIAL
IBA GOVERNORS
Gushman McGee
(Continued)
Edward D.McGrew
Robert E. Moroney
W. Olin Nisbet, Jr.
Richards, Merrill <fc
Peterson, Inc.,
Moroney, Beissner
& Co., Houston
Interstate Securities
Co., Chicago
City
Beardslee B. Merrill
The Northern Trust
R. W. Pressprich
& Co., New York
Corp., Charlotte, N, C.
Spokane
Charles C. Pierce
Arthur H. Rand, Jr.
Harley L. Rankin
Cumberland Securities
Rauscher, Pierce &
I. M. Simon & Co.
Woodard-Elwood &
Goldman, Sachjs &
Corp., Nashville
Co., Inc., Dallas
St. Louis
Co., Minneapolis
Garr
Payne
Malcom F. Roberts
Erwin A. Stuebner
Co., New York City
White, Weld & Co.,
Boston
Murray Ward
E. F. Hutton & Co.,
Los
Angeles
Popper
Jerome F.
Kidder, Peabody &
Co., Chicago
Bacon, Whipple &
Co., Denver
Elvin K.
Harold H. Sherburne
Garrett-Bromfield &
John W. Valentine
3
Dcmpsey-Tegeler &
Robert S. Weeks, Jr.
F. S.
Moseley & Co.,
Boston
Tegeler
Co., St. Louis
LeRoy A. Wilbur
Stein Bros. &
Boyce,
Baltimore
Co..
Philadelphia
J. Emerson Thors
Kuhn, Loeb & Co.,
New York
Alex.
Yearley, IY
The Robinson-
Humphrey Co., Inc.,
Atlanta
City
Victor H. Zahnsr
Zahner and Co.,
Kansas
City, Mo.
4
PICTORIAL
The Commercial and Financial Chronicle
At the
James
Lee, W. E. Hutton & Co., Retiring President of I. B. A.;
George A. Newton, G. H. Walker & Co., St. Louis, President-Elect
Mr.
&
Mrs.
Kurt
H.
B. A.
Syndicate Committee, Breakfast Meeting—John W. Callaghan,
New York, Chairman
Grunebaum,
New
& Co., Cincinnati; John F. Curley, Paine, Webber, Jackson & Curtis,
Charles W. Easter, Blyth & Co., Inc., Seattle; Harvey J. Franklin, Merrill Lynch,
W. Yost Fulton, Fulton, Reid & Co.,
H. Banker, C. J. Devine
New York;
Pierce, Fenner & Smith Inc., San Francisco;
Cleveland—New
Governors
Hardin H. Hawes, Harris Trust & Savings Bank, Chicago; Fred W. Hudson, Ball, Burge & Kraus,
Cleveland; William L. Hurley, Baker, Simonds & Co., Inc., Detroit; Edward' D. McGrew, Northern
Trust Company, Chicago; W. Olin Nisbet, Jr., Interstate Securities Corporation, Charlotte, N. C.;
Carr Payne,
Thursday, December 15, 1960
Hollywood Beach Hotel, Hollywood, Florida
Mr. & Mrs. George A. Newton, G. H. Walker <£ Co., St. Louis, Incoming President of I.
Mr. & Mrs. James J. Lee, W. E. button & Co., New York, Retiring President
Howard
...
Cumberland Securities Corporation, Nashville—-New Governors
New
York Hanseatic Corporation,
Ycrk
Curtis
Mr.
&
Mrs.
Rollin
H.
Chicago;
Goldman, Sachs & Co.,
Anthony E. Tomasic, Thomas & Co., Pittsburgh,
C. Bush,' First National City Bank, New York
Pa.;
Bingham, Bingham, Walter & Hurry, Inc., Los Angeles; David J.
Harris, Bache & Co.,
Thomas M. Johnson, Johnson, Lane, Space & Co., Savannah;
George A. Newton, G. H.
& Co., St. Louis; Robert O.
Shepard, Prescott, Shepard & Co., Cleveland;
Walter H. Steel, Drexel & Co., New
York—New Officers
Walker
MiVnnea^oli^PJ.e Emerson Thirs, Kuhn,'L^l'b^cV New^ork*
Jw Woo<*ar,*-Elwood & C(
Los Angeles; Robert S. Week's,
Jr.,F. S Moseley A
tlW £^F^/JU"on * C
Zahner * Co., Kansas
Cify! Mo^N^w'GBovVr;noUV,Ct" "* Zah"er'
Co
Volume
William
M.
&
Mrs.
Number 6012
C.
The Commercial and Financial Chronicle
Rutherford,
Dominion
Securities
Clarke
American
Bwh
Lauderdale, Fla.;
Ft.
Corporation,
York
Alexander, Morgan Guaranty Trust
Lee, W. E. Hutton
& Co., New York
%N«}?nnai
Ft
.
George
Company, New York; James
H
.
Braun, Bosworth & Co., Inc., Detroit; Robert H. Craft, Paribas
H. Bruce Palmer, Mutual Benefit Life Insurance
Co., Newark, N.
James J. Lee, W. E. Hutton &
Co., New York
New
Henry
.
Adams,
York;
New
Mr.
192
Mr. &
Mrs. John
Charles
Mr.
&
F.
Corporation,
J.;
PICTORIAL
Ben
F.
Edwards, III, A. G. Edwards & Sons, St. Louis; Arthur Christophel, Reinholdt &
St. Louis; W. Guy Redman, A. G. Edwards <£ Sons, St. Louis; John C. Schutz,
Chiles-Schutz Co., Omaha
Brick, Paine, Webber, Jackson & Curtis, New York;
Morgan, Morgan Stanley & Co., New York
Mrs.
Mr.
&
Maurice Meyer, Hirsch & Co., New York; Frank Chisholm, Varnedoe, Chisholm
Savannah, Ga.; Mr. & Mrs. Maurice Meyer, III; Hirsch & Co., New York; Jack Couig,
Hirsch & Co., New York
National Bank & Trust Company, Chicago; Mr. & Mrs. Harry Judge,
Lauderdale, Fla.; Mr. & Mrs. John D. Evans, Fidelity National Bank,
Milton J. Hayes, American National Bank & Trust Company, Chicago
J.
5
Mrs.
Claude
D.
Seibert,
Commercial
New
&
Co.,
General
<ft
Financial
Gardner,
Chronicle,
York
Elwood
Federal
R.
Quesada,
Administrator,
Aviation Agency
Murrey Atkins, R. S. Dickson & Co., Inc., Charlotte, N. C.; Robert H. B. Baldwin, Mogan Stanley
Co., New York; Mr. & Mrs. W. Bruce McConnel, Singer, Deane & Scribner, Pittsburgh; William L.
Liebman, Loewi & Co., Incorporated, Milwaukee; Robert 0. Shepard, Prescott, Shepard & Co., Cleveland
&
6
Mr.
PICTORIAL
&
Mrs.
Edward
Mr.
Herbert
R.
D.
Farrell,
Kansas
Arthur
York
J.
B.
Wulbern, Pierce, Carrison, Wulbern, Inc., Jacksonville,
Joseph Ludin, Dillon, Read & Co., New York
City,
Fla.;
Mr.
Distributors Group, Incorporated, New York;
H. I. Jcsey & Co., Oklahoma City, Okla.
City National Bank & Trust Co'.,
Mo.; Mrs. Harold E. Waeckerle,
Kansas
City, Mo.
Mrs.
Charles
H.
Percy,
Mr.
&
Mrs.
Mr. & Mrs. F. W.
Edward
Jacques,
Bell
W.
Pershing, Pershing & Co., New York
J.
Kelly, Carl M. Loeb, Rhoades & Co., New York City; Mr. &
First Southwest Company, Dallas; Mr. & Mrs. Walter Sorenson,
Rotan, Mosle & Co., Houston
C. Underhill, Arthur W. Wiesenberger & Co., New York; Keith Funston, President, New
Exchange, New York City; Harold C. Patterson, Securities & Exchange Commission,
Washington, D. C.; S. L. Sholley, Keystone Company, Boston; Maitland T. I jams,
W. C. Langley & Co., New York
Stock
&
Mrs.
Anderson,
H. I. Josey,
F.
&
The Commercial and Financial Chronicle
Mr.
&
&
Mrs.
Howell
Hutton
E.
...
Thursday, December 15, 1960
Company, Chicago;
Co., New York
Mrs. Leslie
P.
E.
&
Mrs.
James
J.
Lee,
James
Mr.
Lagoni, Parker, Ford & Company, Inc., Dallas
& Mrs. Justin
Frank A. Petito, Morgan Stanley & Co., New
York;
Trust Company,.New York; Mr. & Mrs. Neil M.
John
Mr.
&
T. Ottens, Salomon Bros. &
Hutzler, New York
Mr. & Mrs. Henry C. Alexander,
Morgan Guarar
Holt, Morgan Guaranty Trust Company, New Yo.
Hopkins, Morgan Guaranty Trust Company, New
York; Mrs. Robert H. Craft;
Hudson B. Lemkau, Morgan
Stanley <ft Co., New York; Robert H. Craft,
Paribas
Corporation, New York
i
i
_
'"m
n i.i
^
i •
>x
I,,1
J
i,' ^ J*a\* 'W? rtrif #
^
^ • f* '
w
*
PICTORIAL
Robert
Stevenson, III, Investment Bankers
H.
Lawrence
Mr.
Bogert,
Jr.,
& Mrs. Willard
Association
of
America, Washington,
David
L. Torrey, W. C. Pitfield & Co., Inc., New York; Allan
Bogardus, Watling, Lerchen & Co., New York; Archie F.„
MacAllaster, W. C. Pitfield & Co., Inc., New York
r.
Mr
Mr.
& Mrs. William
X,
&
Mrs
Mrs.
H
n.
B.
G. Simpson, Simpson, Emery & Co., Pittsburgh
Wilson
wi
Arnold,
R
Arnold
g
D.
C.;
Mr.
&
Mrs.
Walter
Eastman Dillon, Union Securities & Co., New York;
G. DeGroot, Bateman, Eichler & Co., Los Angeles
&
Derbes,
D{ckson
&
Co
New
>
JnC
Orleans;
f
Robert
of
of
John
Mr.
Charlotte
&
O.
H.
Shelby
Stohl, Fidelity Union Trust Company, Newark, N. J.; Mr. & Mrs. Kenneth Edditt,
Cullom Davis & Co.; Joseph Muldowney, Scott & Stringfellow, Richmond, Va.;
S. Friend, Folger, Nolan, Fleming-W. B. Hibbs & Co.,
Washington, D. C.
Arthur
Shepard,
Prescott, Shepard <ft Co., Cleveland, Chairman
Committee, awarding prize checks to winners
Thomas F. Willmore, Jr., Merrill Lynch,
Pierce, Fenner & Smith Incorporated, Detroit, and W.
Marshall Schmidt, Hornblower & Weeks, Philadelphia
the
Education
the
essay
Rauscher, Jr., Rauscher, Pierce & Co., Inc., Dallas; Gus G.
Halliburton, Equitable Securities Corporation, Nashville
J.
John
P.
First
contest:
H.
Mrs.
Murrey
7
Atkins,
Mr.
&
Mrs.
James
J.
Mr.
Krause, Reinholdt & Gardner, St. Louis; Clarence F. Davis,
Cleveland
Corporation, Cleveland;
Edgar E. Legros,
First Cleveland Corporation, Cleveland
&
Mrs.
Elvin
K.
Popper, I. M.
Simon
Lee, W. E. Hutton & Co., New York; Mr. & Mrs.
Morgan Guaranty Trust Company, New York
<£
Co., St.
Henry
C.
Louis
Alexander,
8
Mr.
&
Mrs.
PICTORIAL
The Commercial and Financial Chronicle
Claude
Ottens,
D. Seibert, Commercial & Financial Chronicle, New York; Mr. & Mrs. Justin
Salomon Bros. & Hutzler, New York; Mr. & Mrs. Merrill D. Freeman,
Salomon
Mr.
&
Mrs.
&
Mrs.
&
Hutzler,
New
T. Boles, The Ohio Company, Columbus,
Hunter, McKelvy & Company, Pittsburgh
Ewing
Frank
Mr.
Bros.
H.
Elliot
H.
Stein,
Scherck,
Richter
Company,
St,
John
Latshaw, E. F.
Ward, E.
Murray
Louis
Mr.
&
Mrs.
Hutton &
F. Hutton
William
Wendell
W.
Company,
&
Kansas
Company,
Los
City, Mo.;
Angeles
B. Boone, Dean Witter & Co., Portland, Oreg.&
Witter, Dean Witter & Co., San Francisco
C. Mathews, Jr., Trust Company of Georgia, Atlanta; Tcm Masterson, Underwood, Neuhaus &
Cd., Houston; T. E. Graham, First National Bank, Ft. Worth, Tex.; William W. Hibberd, Trust
Company of Georgia, New York City; E. Lynn Crossley, Municipal Finance Officers Association,
Dallas; John D. McCalf, McCall, Parkhurst, Crowe, McCall & Horton, Dallas; William N. -Edwards, William N. Edwards & Co., Ft. Worth, Texas
Robert
Thursday, December 15, 1960
Mr. & Mrs. Victor H. Zahner, Zahner & Co., Kansas City, Mo.; John F. Baumann,
The Milwaukee
Company, Milwaukee, Wis.; Mr. & Mrs. Harold Waeckerle, Lucas, Eisen & Waeckerle, Kansas City,
Mo.; Frank W. North, Barret, Fitch, North & Co., Kansas City, Mo.
T.
York
Ohio;
...
Edwin
J.
J.
David
T.
Dikeman, Jr., Bankers Trust Company, New York;
Thors, Kuhn, Loeb & Co., New York
Emerson
Miralia,
Kuhn,
Loeb
Ergood,
&
Co.,
New
York;
Mrs.
Russell
M.
Philadelphia
Benjamin F. Peyser, Newburger, Loeb & Co., New York; Mr. & Mrs. Henry Stravitz, Swiss American
Corporation, New York; Mr. & Mrs. Elvin K. Popper, I. M. Simon & Co., St. Louis; Mr. & Mrs.
James W. Wolff, Zuckerman, Smith & Co., New
York; Mr. & Mrs. John Small, 1
John Small & Co., New York; Gustave A.
Alexisson, Granbery, Marache
& Co., New York; James F. Musson, Newburger, Loeb &
Co., New York
Volume 192
Mr.
&
Mrs. Leo
Number 6012
H.
.
The Commercial and Financial Chronicle
.
Babich, Hill Richards & Co., Los
Chase
William
.
Watterson,
Fahey,
Clark
Manhattan
&
Co.,
Cleveland;
Fahey, Fahey, Clark & Co., Cleveland
Homer
R.
Berryman, Marine
Gibbons &
M»Mr.
&
&
Mrs
Mrs.
Angeles;
Bank,
New
Mr.
York
Leslie
J.
&
Mrs.
Paul
F.
Genachte,
Edward
<^fcawara
Mr.
&
Mrs.
William
Adams, Braun, Bosworth & Co. Incorporated, Detroit; Mr. &
Willmore, Jr., Merrill Lynch, Pierce, Fenner & Smith Inc., Detroit
Mr. & Mrs. Stephen C. Reynolds, Hemphill, Noyes & Co., New York;
John E. Hopkins, Morgan Guaranty Trust Company, New York
Trust Company, Buffalo, N. Y.; Mr. & Mrs. Monroe V. Poole, Geo. B.
Girard Trust Corn Exchange Bank, Philadelphia
Co., New York; Allen M. Terrell,
C
PICTORIAL
Howard, Piper, Jaffray & Hopwood, Minneapolis; Mr. & Mrs. Belmont
£ Unt'erberg Towbin Co., New York; Mrs. Clara Bethel
E.
J.
Mr.
&
Mrs.
Calvin
M.
Cross,
Hallgarten
&
9
Mrs.
Co.,
Thomas
New
York;
F. Bradford Simpson, Jr., Hallgarten & Co., New York
Altgelt, Jr., Harris Trust & Savings Bank, Chicago; Mr. & Mrs. Walter W. Craigie, F.
Craigie & Co., Richmond, Va.; Mr. & Mrs. Alex. Seidler, Jr., National State Bank, Newark
John C.
W.
Senholzi, Chase Manhattan Bank, New York; Tom J. Cahill, Chase Manhattan Bank,Nevr York;
Mr. & Mrs. Claude D. Seibert, Commercial & Financial Chronicle, New York
10
PICTORIAL
The Commercial and Financial Chronicle
...
Thursday, December 15, 1960
\
Mr. &
Mr.
M.
A.
&
Mrs. Milton
Mrs.
E. Allison, Af. E. Allison & Co., San
Antonio; Mr. &
First of Texas Corporation, San Antonio
Harry L. Sebel, Selected Investments Co., Chicago
John
Mrs. Fred J. Bolton,
Mr. &
Mrs. Robert M.
Gardiner, Reynolds & Co., New York
Schaplro, M. A. Schapiro & Co., New York; Mr. & Mrs. Calvin M.
Cross, Hallgarten & Co.
New York; Walter
Nester, M. A. Schapiro & Co., New York
Calvin M. Cross, Hallgarten <ft Co., New York; F. Bradford
Simpson, Jr.,
Mr. & Mrs. Delmont K. Pfeffer, First National City Bank, New
First National City Bank, New York
Rennau, Carl M. Loeh, Rhoades & Co., New York; James F. Gilbert, Hornblower &
New York; Mrs. John Rennau;
George T. Flynn, Hornblower & Weeks, New York
Henry Willems, Hornblower & Weeks, New York
Hallgarten & Co., New York;
York; Rollin C. Bush,
Mr. &
Mrs. P. Fred Fox, P. F. Fox &
Co., Inc., New York
Harry Brown, Salomon Bros. & Hutzler, Chicago;
Lyn Ottens; Mr. & Mrs. Merrill Freeman,
Bros. & Hutzler, New
York; Ted Ottens, Salomon Bros. & Hutzler, New York
mr.
&
Mrs.
Aian
nrowne,
nann
orAmerica, IS. r. &
Weeks,
Salomon
S.A., San Francisco; Harvey
Franklin, M
Lynch, Pierce, Fenner & Smith Inc., San Francisco; Mr. &
Mrs. O. V. Cecil, Merrill Lynch
Pierce, Fenner & Smith Inc., New York
.
Volume
John
192
Number 6012
.
.
.
PICTORIAL
The Commercial and Financial Chronicle
Fitterer, Wertheim A Co., New York; John W. de Milhau, Chase Manhattan Bank, New York;
William A. Noonan, Jr., Continental Illinois National Bank & Trust Co., Chicago; Edmund G. O'Leary
Eastman Dillon, Union Securities A Co., New York; Mr. & Mrs. Frederick Klingenstein,
Arthur
St.
A.
Louis;
Union
'
.
-.j•..„
11
Christophel, Reinholdt A Gardner, St. Louis. Mo.; John P. Krause, Reinholdt A Gardner,
Robert C. Mathews, Jr., Trust Company of Georgia, Atlanta; Walter H. Stohl, Fidelity
Company, Newark, N. J.; William W. Hibberd, Trust Company of Georgia, New York
City; E. William Darmstatter, Stifel, Nicolaus A
Trust
Jo. Incorporated, St. Louis
Craig de V. Simpson, Bankers Trust Company, New York; Gale
Willard, Brown Bros. Harriman A Co., New York; F. D. Farrell,
City National Bank A Trust Company, Kansas City, Mo.
Mr.
&
Mrs. Edward
mir
a
Suramin
Benjamin
wnnd
F
L. Maeir,
Sutro Bros. A Co., New York City; E. Blaine Steele,
Pittsburgh, Pa.; L. S. Cotton, H. J. Steele A Co.,
Pittsburgh, Pa.
E. Carpenter, McDougal A Condon, Chicago; Wilbur G. Inman, John Nuveen A
Co., Chicago;
p
H.
Mr. & Mrs. Theo
Mr. & Mrs. Frederick F. Johnson, Barcus, Kindred A Co., Chicago
Goodbody
A
Co.,
New York;
Walter V. Kennedy, H. Hentz A Co., New York;
Newburger, Loeb A Co., New York; J. F. Musson, Newburger, Loeb
Yorkj James F. Reilly, Goodbody A Co., New York; Lawrence llloway, /
Penington, Colket A Co., Philadelphia
Peyser
Arthur
A Co.,
Mr.
&
R.
Richard
H. J. Steele A Co.,
Robinson, Industrial National Bank, Providence, R. I.;
Thornton, First Pennsylvania Banking A Trust Co.,
Philadelphia
S.
Freeland, American Securities Corporation, New York; Norman D. Erlanger, Asiel A
Co., New York; John Wasserman, Asiel A Co., New York
Mrs. G. S. Kemp, Jr., Abbott, Proctor A Paine, Richmond,
A Southern National Bank, Atlanta, Ga.; Einer Nielsen,
Citizens
Mr. & Mrs. James W. Chandler, W. L. Lyons A Co.,
De
Va.;
Mr. &
Mrs. Frank E. Block,
J. C. Bradford A Co., Nashville;
Louisville, Ky.; Henry W. Putnam, /
Coppet A Doremus, New York
...\
~.~0qk.
12
Mr.
Tom
&
Mrs.
PICTORIAL
Robert
G.
The Commercial and Financial Chronicle
Rowe, Stroud & Company, Incorporated, Philadelphia;
Du Bois, Wertheim & Co., New York
Masterson, Underwood, Neuhaus & Co., Houston, Texas; Russell
Rowles, Rowles, Winston & Co., Houston; Ralph Fordon,
Fordon, Aldinger & Co., Detroit, Mich.
R.
John
Mr.
&
Mrs.
Allen
William
F.Morgan, Blyth & Co., Inc., New York City; Arthur Horton,
Penington, Colket & Co., Philadelphia; Stanley A. Russell,
Blyth & Co., Inc., Philadelphia
Legislation
Committee,
Breakfast
&
,
.1.
Thursday, December 15, 1960
William Byrne, Phelps, Fenn & Co., New York;
Morse,
Gribbel, II, Elkins, Morris, Stokes & Co., Philadelphia; W. Wallace Lanahan,
Jr., Stein Bros.
Boyce, Baltimore, Md.; Arthur J. C. Underhill, Arthur
Wiesenberger & Co., New York;
S. Grey Dayton, Elkins,
Morris, Stokes & Co., Philadelphia
;
State
C.
.
Lehman
Mrs. Walter Morse; Mrs. William Byrne; Walter
Brothers, New York
Gordon E. Heffern, National
City Bank, Cleveland; Morris A.
Schapiro, M. A. Schapiro & Co., New York; Walter C. Nester,
M. A. Schapiro & Co., New York
Gordon1
E. Heffern, National City Bank,
Cleveland; Mr & Mrs. Herman B. Joseph,
Joseph, Mellen &
Miller, Cleveland; Mr. & Mrs. William S. Gray, Wm. J. Mericka &
Co., Inc., Cleveland;
John A. Kruse,
Prescott, Shepard & Co., Cleveland
Meeting—Robert A.
Chicago, Chairman
Podesta,
Cruttenden,
Podesta
&
Co.,
\
imww! r
i/ui'i'
$MiHurMtfwi
^f
s,lifxv
PICTORIAL
Mr. & Mrs. Charles Pierce, Rauscher,
Edward
H. Robinson, Schwabacher &
National
Charles
13
C. Pierce,
Bank, Dallas;
Pierce & Co., Inc., Dallas; Mr. & Mrs. Lockett Shelton, Republic
Mr. & Mrs. B. F. Houston, Dallas Union Securities Co., Dallas; Mr. & Mrs.
Leary & Co., Shreveport, La.
William Russell Barrow, Barrow,
Mr.
&
Black, Jr., Lazard Freres & Co., New York;
Sterne, Agee & Leach, Birmingham, Ala.
Mrs. Eugene R.
Rucker Agee,
Stanley McKie, Weil, Roth & Irving
Inc.,
xr
Norman
Chicago;
u
&
Mrs. Brainerd H. Whitbeck, First
New York City
Co., Cininnati, Ohio; W. H. Hammond, Braun, Bosworth
Edward B. Wulbern, Pierce, Carrison, Wulbern, Inc., Jacksonville,
Joseph W. Sener, Jr., John C. Legg & Company, Balitmore
Vfrffi
Heitner
&
Fla.;
& Co.,
Woods, St. Louis; Mr. & Mrs. Thomas L. Ray, Mercantile Trust
Des Moines;
Y«t«,
jMrs< Roy W. Leriche, First of Iowa Corporation,
St. Louis, »r.
R ^
& ^
Heitner,
Company,
Mr.
Co., New York; James J. Lee, W. E. Hutton & Co., New York;
Rauscher, Pierce
Co., Inc., Dallas; Albert E. Schwabacher, Jr., Schwabacher &
Co., San Francisco; William Russell Barrow, Barrow, Leary & Co., Shreveport, La.
Boston Corporation,
Richard
A.
Lowrie
Cook, Wm. J. Mericka <ft Co., Inc., Cleveland;
Rand, Rand & Co., New York
N.
Guerin & Turner, Dallas; Harold W. Clark, Clark, Landstreet &
Applegate, Hulme, Applegate & Humphrey, Pittsburgh; William
Simpson, Emery & Co., Pittsburgh
John W. Turner, Eppler,
Nashville;
Mr. & Mrs. Richard J.
Kirkpatrick,
G. Simpson,
.
.
.
Bill
Slack, Bioren & Co., Philadelphia; George W. Elkins, Jr., Elhins, Morris, Stokes & Co.,
Philadelphia; John Bunn, Bioren & Co., Philadelphia; Mrs. William M. Henderson; Walter V. Kennedy,
H. Hentz & Co., New York; William M. Henderson, Pittsburgh National Bank, Pittsburgh
l"
14
Miles
The Commercial and Financial
PICTORIAL
Pelikan, John Nuveen & Co., Chicago; Early F. Mitchell, First National Bank, Memphis,
L. Varnedoe, Varnedoe, Chisholm <fi Co., Savannah, Ga.; Mr. & Mrs. Arthur Friend,
Nolan, Fleming-W. B. Hibbs & Co., Washington, D. C.; Arthur R. Robinson,
Industrial National Bank, Providence, R. I.
>
■
Samuel
Tenn.;
Folger,
Mr. &
Mrs. William M. Henderson,
Chronicle
...
Thursday, December 15, 1960
'
■
Municipal Securities Committee, Breakfast Meeting—Alan K. Browne, Bank
v
Pittsburgh, Pa.; Mr. & Mrs. A. Lowrie
Marshall Schmidt, Hornblower & Weeks,
Pittsburgh; Harley L. Rankin, Goldman,
Richards & Co., Pittsburgh
Pittsburgh National Bank,
Applegate, Hulme, Applegate & Humphrey, Pittsburgh; W.
Philadelphia; Charles N. Fisher, Singer, Deane & Scribner,
Sachs & Co., Philadelphia;
S. Parker, Kay,
T:V X
.
of America, N.T. & S.A., San Francisco, Chairman
yn>
r
nU A * to «l*,.
Volume
192
Number 6012
.
.
.
The Commercial and Financial Chronicle
Harry W. Beese,
Stock
Hutchins, Mixter & Parkinson, Boston; James E. Day, President of Midwest
Exchange, Chicago; John E. Fricke, Woodcock, Moyer, Fricke & French, Philadelphia;
Walter E. Schmidt, Schmidt, Roberts &
Parke, Philadelphia
Mr.
&
Mrs. Joseph
H. Sullivan, Cunningham, Schmertz & Co.,
Pittsburgh, Pa.; Lorrin C. Mawdsley, Van Alystne, Noel & Co.,
■
Mr.
&
Mrs.
Philip
Dominick
Federal
&
Taxation
New
York
Meeting—Walter Maynard, Shearson,
New
York,
Chairman
Quail,
Quail &
Co., Davpenport,
Rammill
&
Jr.,
Co.,
Iowa;
Mr.
&
Mrs.
Dwight
W.
15
Chapman,
Fargo Bank
Co.,
Wells
American Trust Company, San Francisco; Albert E. Schwabacher, Jr., Schwabacher <ft
San Francisco; William F. Atwill, Jr., A. C. Allyn & Co., Miami Beach, Fla.
A. Cooledge, Courts & Co., New York City; Gordon
Cadwgan, G. H. Walker & Co., Providence, R. I.; Herbert W.
Marache, Jr., Granbery, Mar ache & Co., New York
Underwood, Neuhaus & Co., Houston, Tex; Avery Rockefeller,
Dominick, New York; F. Barton Harvey, Alex. Brown & Sons, Baltimore
Breakfast
John
Norman
R. Neuhaus,
Committee,
PICTORIAL
Mr.
& Mrs.
Edward
D.
William
Hayden,
H.
Gregory, III, Gregory & Sons, New York; Donald W.
Baumgartner, Downing & Co., Baltimore; Andrew Blum,
Van Alstyne, Noel & Co., New York
McGrew, Northern
W.
E.
Trust Company, Chicago;
& Co., New York
Mr.
&
Mrs. James
J.
Lee,
Hutton
Membership Committee, Breakfast Meeting—Frank L. Reissner, Indianapolis Bond & Share Corporation,
Indianapolis, Chairman
*
16
Mr. & Mrs. Edward S.
Amazeen, William Street Sales, Inc., New York; Mr. & Mrs. Gerald P.
Peters,
Peters, Writer & Christensen, Inc.,
Denver; Malcolm F. Roberts, Garrett, Bromfield & Co., Denver
&
Mrs.
J.
I
PICTORIAL
The Commercial and Financial Chronicle
Mr.
"WWil
»•
Wlfnw
Nathan
McCarley, McCarley &
Co., Ashville,
N.
C.
Mr.
&
Mrs.
Sam
...
Thursday, December 15, 1960
Lyons, Cruttenden, Podesta & Co., Chicago; Mrs. Glenn R.
Miller; Frank L. Newburger,
Newburger & Co., Philadelphia; Glenn R. Miller, Cruttenden, Podesta &
Co., Chicago
Henry D. Boenning, Jr., Boenning
&
Co., Philadelphia
Mr.
&
Mrs. Roy W.
Jr.
Leriche, First of Iowa Corporation, Des Moines
Paul
W. Cutler, Chapman &
Cutler, Chicago; Carr Payne, Cumberland Securities
Corporation,
Nashville; Robert H. Smith, Faulkner, Dawkins & Sullivan, New
York; Dwight F. Faulkner,
Faulkner, Dawkins & Sullivan, New York
Federal -Securities Acts Committee,
Breakfa^t^M^eting-—Albert Pratt, Paine,
Webber, Jackson &
Curtis,
Mrs.
Walter
H. Steel, New
York; Mr. & Mrs. H. Bruce Palmer, Mutual Benefit
Life Insurance
Newark, N. J.; Mrs. William F. Machold, New
York; J. Murrey Atkins, R. S. Dickson
& Co., Inc.,
Charlotte, N. C.
Governmental
Securities
^Committee, Breakfast Meeting—Dwight
W. Chapman, Wells
Fargo
Co.
Bank
J
(
'
H
J.
i
b<
I
,tti<
Volume
H.
E.
Mr.
192
Number 6012
.
.
.
The Commercial and Financial Chronicle
Murphy, Commercial & Financial Chronicle, New York; Walter
Morgan, Wellington
Philadelphia; Mrs. H. E. Murphy; John C. Schutz, Chiles-Schutz
Co., Omaha;
A. Bruce Brower,
Wellington Company, Philadelphia
&
Mrs.
James
H. Lemon,
Johnston, Lemon
Washington, D. C.
&
Co.,
Co.,
Gordon
Calvert, Investment Bankers Association, Washington, D. C.; Robert A.
Podesta, Cruttenden,
& Co., Chicago; James J. Lee, W. E. Hutton &
Co., New York; Robert O. Shepard,
Prescott, Shepard & Co., Cleveland
Podesta
Middleton Rose, Laird, Bissell & Meeds, New
York; G. Peter Nares,
James Richardson &
Sons, New York
Mr.
&
Mrs.
Daniel
New
P.
York;
Whitlock, Ladenburg, Thalmann &
Frank Morse, New York
Co.,
Mrs.
William
J. Corbett, Burns, Corbett & Pichard,
Chicago; Gordon Reis, Jr., Seasongood & Mayer,
Cincinnati; Frank R. Warden, Central National Bank, Des Moines; Charles Miller,
Mullaney,
Wells & Co., Chicago; William N.
Murray, Jr., The Illinois Company of Chicago
Public Utility
Securities Committee, Breakfast Meeting—Carl C. Brown, Dean Witter & Co., New York,
Chairman
Daniels
C. Brasted, Evans & Co., New York
City; Brownlee O. Currey, Jr., Equitable Securities
Corporation, New York; William B. Eppler, Eppler, Guerin & Turner, Dallas; Jack M.
Bass, Jr., Jack M. Bass & Co., Nashville
Investment
Companies Committee, Breakfast Meeting—Robert E. Clark, Calvin
Bullock, Ltd.,
New York, Chairman
„
mJ."
frt"
,iw
i
,IM
1
18
,
W I 'i brt' hi* /.* «'
H1
Roswell J. Yunker, A. M. Kidder & Co., Inc., New York; Robert G.
Gerrish, Oscar E. Dooly & Co., Miami; Felix N. Porter, First National
Bank & Trust Company, Oklahoma City, Okla.
William J. Lawlor, Hornblower
Education
Kerr, New York City;
York
Committee, Breakfast
Financial Chronicle
C.Pierce,
Frank L. Reissner,
Corporation, Indianapolis
& Weeks, Chicago; Charles
Dallas;
Co., Chicago; Todd
...
■
M
.
i
n i
t
Cartwright, Sweney, Cartwright & Co.,
Columbus,
Philip Lubetkin,
Charles M.
John M.
V. Ward, H. C. Wainwright & Co., Boston; Mr. & Mrs. Henry Stravitz, Swiss American
Corporation, New York; Mr. & Mrs. William S. Vanek, Manufacturers Trust Company, New York
Francis
Meeting—Robert O. Shepard, Prescott,
Cleveland,
II
Thursday, December 15, 1960
E. Keusch, W. E Hutton & Co., New York;
Werly, Putnam Fund Distributors, Inc., Boston;
Bleakie, W. E. Hutton & Co., Boston
Ernest
ill
to 'W KH^WM' #M«lilltl!.''WWt\AlM*r« tftttMWMMWM**
Ohio; Lloyd E. Lubetkin, Lubetkin, Regan <ft Kennedy, New York;
Lubethin, Regan & Kennedy, New York
Rauscher, Pierce & Co., Inc.,
Indianapolis Bond & Share
Carroll Mead, Mead, Miller & Co., Baltimore; Mrs. William D.
Keith G. Funston, President, New York Stock Exchange, New
I ** ,( -Mil"1?, '
i(W
Douglas Casey, A. C. Allyn &
Joseph T. Johnson, The Milwaukee Company, Milwaukee, Wis.; John J. Quail, Quail &
Iowa; Blair Phillips, Shearson, Hammill <ft Co., Chicago; Allan B. Bogardus,
Waiting, Lerchen & Co., New York
Mr. & Mrs. W.
rfl *-I /.
The Commercial and
PICTORIAL
Co., Davenport,
»'
Ul
Chairman
Shepard & Co.,
»
„
ij ^ |
PICTORIAL
Mr.
&
Mrs.
Claude
,
Russell
R.
D. Seibert, Commercial &
Financial Chronicle, New
York;
Merrill Freeman, Salomon Bros. &
Hutzler, New York
Rowles, Rowles,
C.
Peter V.
N.
Winston
Pierce,
<fi
Co.,
Houston; Mrs. Charles
Mr.
&
Mr.
Mrs.
&
Mrs.
William
Dallas
Philip, W. H. Morton & Co., New York; William J.
Wallace, Mellon National Bank,
Charles E. Lundfelt, McCormick & Co.,
Chicago; Stewart A. Dunn,
C. J. Devine & Co., New York
Pittsburgh;
Invest
in
J.
New
America
Committee,
Breakfast
San
Meeting—George
Francisco, Chairman
J.
Otto,
Irving
Lundborg
&
Co.,
Mr.
&
Mrs. Donald W.
Moulton,
Falsey, Chas. W. Scranton
Haven, Conn.
E.
William
&
R. H. Moulton <ft Co., Los
Angeles;
Sanders &
Company, Dallas
Co.,
19
Mr. & Mrs. Jesse
A.
Roy W. Doolittle, Sr., Doolittle <ft Co., Buffalo, N.
Y.;
Doolittle, Jr., Doolittle & Co., Buffalo, N. Y.
Sanders,
Roy
W.
*
Darmstatter, Stifel, Nicolaus & Co. Incorporated, St.
Louis; Joseph D. Murphy, Stifel,
& Co. Incorporated,
Chicago; S. H. Ranson, Jr., Ranson & Co.,
Wichita, Kansas;
Robert King, Jr., First Securities
Corporation, Durham, N. C.
Nicolaus
Stock
Exchange
Relations
Committee,
Breakfast
New
York
Meeting—Eugene
City, Chairman
M.
Geddes,
Clark,
Dodge
&
Co.,
20
Mr.
&
PICTORIAL
The Commercial and Financial
H. McGlade, Shields & Company, New York; Mr. & Mrs. Thomas L. Anglin,
Coe, Washington, D. C.; Ludwell A. Strader, Strader & Company, Incorporated,
Lynchburg, Va.
Thomas
Mrs.
Mackall
&
Austin
Patterson, First Boston Corp, New York City; R. Ellis
Godshall, Clement A. Evans & Co., Inc., Atlanta
Mr.
&
Mrs.
J.
B.
Sanford,
Jr.,
Hattier
& Sanford, New Orleans;
Sanford, New Orleans
&
Mrs.
Gilbert
Hattier,
Jr.,
frnff
I
A
Thursday, December 15, 1960
H. Hawes, Harris Trust & Savings Bank, Chicago; Julien H. Collins, Julien Collins & Co.
Chicago; Elaine Holmes, Investment Bankers Assodiation, Washington, D. C.; Dwight W.
Chapman, Wells Fargo Bank American Trust Company, San Francisco
Leroy A. Wilbur, Stein Bros. & Boyce, Baltimore; Mr. & Mrs. W.
Nisbet, Jr., Interstate Securities Corporation, Charlotte, N. C.
Mr.
...
Hardin
Olin
Hattier &
Chronicle
Mr.
&
Mrs.
Harrison
Stephen H. Floersheimer, Sutro Bros. & Co., New York; Jay Simon,
City National Bank, Chicago
Clarke, Johnson, Lane, Space Corporation, Atlanta;
Taylor, Jr., Fulton National Bank, Atlanta
Mr.
&
Mrs.
Frank
!
_
\
Wmw-
v/MsMMMM.
Foreign
Investment
Committee, Breakfast Meeting—Arthur L. Wadsworth, Dillon, Reed &
New
York
City,
Chairman
Co.,
Industrial Securities Committee, Breakfast Meeting—V. Virgil Sherrill,
New York,
Chairman
Shields
&
Comnnnv
^
E
M»wwe*<uwu>»»Wi^
Volume
C.
I.
192
Number 6012
.
.
.
vmt
Murray, Nesbitt, Thomson & Co., New York; Mr. & Mrs; Marquette de Bary, F. S. Smithers
& Co., New York; William F. Morgan, Blyth & Co., Inc., New York
City
McK Lynch, Moore, Leonard & Lynch, Pittsburgh; Francis
Cannon, First Boston Corporation, New York; Thomas Lynch
I
Moore, Leonard & Lynch, Pittsburgh
Gordon
Mr.
&
Mrs.
Justus
C.
*WW h^W^ft^lNr^^'rWW'TWH
Group Chairmen's
PICTORIAL
Mr.
&
Mrs.
John
Cullen, R.
W. Pressprich
First
Martin, Jr., The
Company, Atlanta
(New York), James F. Burns, III (New York), Edward Glassmeyer (New
York),
A. Russell (Philadelphia), Richard B. Walbert (Chicago), Charles B. Harkins
(San Francisco), Alonzo C. Allen (Detroit), all of Blyth & Co., Inc.
Jamieson
Stanley
kflw^TWWw«*w*
The Commercial and Financial Chronicle
Charles
A.
13Pr
Erickson, Stone &
L.
F.
Committee, Breakfast Meeting—George A. Newton, G. H.
Rothschild
Walker &
&
Co.,
New
York;
Mr.
&
Mrs.
William
21
P.
Small wood,
Company, Dallas
F.
Vincent Reilly, Commercial & Financial Chronicle, New York;
Whitney Bradley, Easton & Howard; John Latshaw, E. F. Hutton
& Co., Kansas City, Mo.
Robinson-Humphrey
Robert
&
Southwest
lrW>iW-»HUS<tiVW'rtt.t>'-tH^
Webster Securities Corp., New York; Mr. & Mrs. Chester W. Viale,
Co., New York; Mr. & Mrs. Kenneth C. Ebbitt, Shelby Cullom
Davis & Co., New York
Co., St.
Louis,
Chairman
J*
vf
,«*»
W*
,
4 •'•
I1,,-;hi
22
'>■'"*<.
Mr. & Mrs. N. Clayton
E.
1«i»»ili»«<»iW<w|<«'®i'""« '
C. Vincent
&
Lee, United Securities Co., Greensboro, N. C.
Mr.
&
Mrs.
Robert
E.
Clark,
Carolina Securities Corporation, Raleigh, N. C.; Edward C. George, Harriman
Co., Incorporated, Chicago; Murray Hanson, General Counsel of the Investment
Bankers Association, Washington, D. C.
Williams, S. D. Fuller
Mr.
&
Mrs.
(Wr>»
WW
k *!■ II H> 'M
<& Co., New York; Peyton H. Knight, S. D. Fuller <ft Co., New
Bacon, Stevenson & Co., New York
G, C. Stevenson,
York;
tMViltK
Calvin
Bullock, Ltd., New York
J.
F.
Mr.
&
fWe-i'mHfl
NIMH *4 4MMUI
,<MW N"W N.'tk',1 iw ,MWWI«V>I
'U!t
"MM#I
M
Financial Chronicle
Mr. Harry C. Diggs, Jr., Mason-Hagan, Inc.,
Mason-Hag an, Inc., Richmond, Va.; Robert E.
Darlington, Hill, Darlington
City Bank, New York City
Anderson,
Ripley
W
«1OTj«WI'H I
The Commercial and
PICTORIAL
Eugene de Bronkart, Hill, Darlington & Grimm, New York City; Peter
& Grimm, New York City; Mr. & Mrs. Delmont K. Pfeffer, First National
Glenn
*" "•www*®*
<»
...
Thursday, December 15, 1960
Richmond, Va.; Mr. & Mrs. John C. Hagan, III,
Moroney, Moroney, Beissner & Co., Houston, Tex.
Mr. & Mrs. G. Keith Funston, New
York Stock Exchange, New York
Stephens, Texas Fund Management Co., Houston; John L. Ahbe, Distributors Group, Inc.,
New York City; John M. Bleakie, W. E. Hutton & Co., Boston;
John W. Bunn,
Stifel, Nicolaus & Co., Incorporated, St. Louis
Mrs. Richard A. Schmelzle, Fpsz-Schmelzle & Co., St. Louis; Mr. & Mrs. Joseph E. Lav
Robinson-Humphrey Company, Atlanta; Joseph C. Nugent, Mabon & Co., New York City
T
,
H
fn
<<*
t
-
''
\
o
i
*u..
\f
»
PICTORIAL
23
Edwin Stugard, >4. C.
Allyn &
Crowe, Kansas
Co., Miami Beach} Mr. & Mrs.
Milton Luce, Jr.,
Luce,
City, Mo.; John W.
Brandenberger,
E.
F.
Hutton
&
Co.,
Thompson
&
Mr.
Houston
&
Mrs.
J.
Ian
Crookston, Nesbitt, Thomson
Dominion
Mr.
&
Mrs.
J.
C.
Victor
A. Melody,
Merrill, Turben & Co.,
Loewi, Loewi & Co., Inc., Milwaukee Cleveland;
Frost, Hayden, Miller
Mr.
Burton
M.
Dallas;
& Co.,
Toronto; Mr.
Corporation, New York
&
Mrs.
George
Rutherford,
Thomas
Mr.
&
Mrs.
Arthur
Weisenberger,
New
H.
Securities
&
Mrs.
Edgar
&
E.
Co., Cleveland; Clarence F.
Davis, First Cleveland Corp.,
Legros, First Cleveland
Cleveland;
Corp., Cleveland; Charles E.
Cady,
Cady & Co., Columbus, Miss.
Eggan,
Glore, Forgan & Co., Chicago; Leslie
Norman Erlanger, Asiel & Co., New York
New
York
Lagoni, Parker, Ford &
Company, Inc.
City; Lewis M. Krohn, Ira Haupt & Co.
City
York
Arthur
City
Mr.
Wiesenberger
&
Co.,
Mr. &
Mrs. John P.
Labouisse, Howard, Weil, Labouisse,
Friedtichs
& Company, New
Orleans
& Mrs.
George MacDonald, McLeod,
Young, Weir, Inc., New
Massey, Mills, Spence & Co.,
Toronto; Andrew Beaubien, L. G. York; Mr. & Mrs. Arnold
Beaubien & Co.,
Mr. & Mrs.
Montreal;
Irving H. Campbell, Bell, Gouinlock
& Co., Toronto
Joseph E. Eaton, Eaton & Howard, New
York; Mr. & Mrs. Philip M.
Miami; Mr. & Mrs. Frederic C. Beil,
Stearns, Oscar E. Dooly <ft Co.,
Jr., Beil & Hough, St.
Petersburg, Fla.; Marsom B. Pratt,
Estabrook & Co., Boston; John
B.
Richter, Butchen /> Sherrerd,
Philadelphia
B.
11""*"
rnr.<i**>
22
Eugene de Bronkart, Hill, Darlington £ Grimm, New York City; Peter
& Grimm, New York City; Mr. & Mrs. Delmont K. Pfeffer, First National
Glenn
E.
Lee, United Securities Co., Greensboro, N. C.
Darlington, Hill, Darlington
City Bank, New York City
Mr.
&
Mrs.
Robert
E.
Harry C. Diggs, Jr., Mason-Hagan, Inc.,
Mason-Hag an, Inc., Richmond, Va.; Robert E.
Clark, Calvin Bullock,
C. Vincent
&
Carolina Securities Corporation, Raleigh, N. C.; Edward C. George, Harriman
Co., Incorporated, Chicago; Murray Hanson, General Counsel of the Investment
Bankers Association, Washington, D. C.
J.
Williams, S. D. Fuller
Mr.
&
Mrs.
£ Co., New York; Peyton H. Knight, S. D. Fuller & Co., New
Stevenson, Bacon, Stevenson & Co., New York
G. C.
York;
Ltd., New York
Stifel,
Mr.
...
Nicolaus
"*«W f"r<'
Thursday, December
r+Monrx
15, 1960
Richmond, Va.; Mr. & Mrs. John C. Hagan, ill,
Moroney, Moroney, Beissner £ Co., Houston, Tex.
Mr. & Mrs. G. Keith Funston,
F. Stephens, Texas Fund Management
New York City; John M. Bleakie,
iri-rtWl
i
Financial Chronicle
Mr.
Anderson,
Ripley
rtVClW^#W)« *4#VfctlK«S*W
The Commercial and
PICTORIAL
Mr. & Mrs. N. Clayton
MrW.tmi*-<W»«*WW^)n»
New York Stock Exchange,
New York
Co., Houston; John L. Ahbe, Distributors Group, Inc.,
W. E. Hutton & Co., Boston;
& Co., Incorporated, St. Louis
John W. Bunn,
Richard A. Schmelzle, Fusz-Schmelzle & Co., St. Louis; Mr. & Mrs. Joseph E. Lay. The
Robinson-Humphrey Company, Atlanta; Joseph C. Nugent, Mabon & Co., New York City
& Mrs.
i
-jo-mnwuittw fM»wvwk utMtiirtmivaf
1
tr'^i'
-
"""'l
Volume
Edwin
Mr.
&
C.
Number 6012
.
.
.
*"
W.Tn«M»wwir*W1» •A'-r
t". Ill
I- Ti
I'rWV .t1
'^iffWNWRUWi <w
Mrs.
Thomas
Victor
A. Melody, Merrill, Turben & Co., Cleveland;
Loewi, Loewi & Co., Inc., Milwaukee
Mr.
&
Mrs.
Arthur
M.
Eggan,
Glore,
New
York
City
&
Mrs.
J.
Ian
Crookston, Nesbitt,
Dominion
Weisenberger, Arthur WIesenberger
New
£ Co., Chicago; Leslie Lagoni, Parker, Ford £ Company, Inc.,
Asiel £ Co., New York City; Lewis M. Krohn, Ira Haupt £ Co.
Forgan
Mr.
£
Frost, Hayden, Miller £ Co., Cleveland; Clarence F. Davis, First Cleveland Corp., Cleveland;
Mr. & Mrs. Edgar E. Legros, First Cleveland Corp., Cleveland; Charles E. Cady,
*
Cady £ Co., Columbus, Miss.
Dallas; Norman Erlanger,
m
***** vwi^w*
«*
rwilwrwkFWiwm wrn<
hwmwi* ShtMMr
PICTORIAL
•
Burton
i
The Commercial and Financial Chronicle
Stugard, A. C. Allyn £ Co., Miami Beach; Mr. & Mrs. Milton Luce, Jr., Luce, Thompson
Crowe, Kansas City, Mo.; John W. Brandenberger, E. F. Hutton £ Co., Houston
J.
H.
192
1
York
£
Co.,
Thomson
Securities
£ Co., Toronto; Mr. &
Corporation, New York
Mr. & Mrs. John P. Labouisse, Howard, Weil,
&
City
Mr., &
Mrs.
George
23
Rutherford
Labouisse, Friedrichs
Company, New Orleans
Mrs. George MacDonald, McLeod,
Young, Weir, Inc., New York; Mr. & Mrs. Arnold
Massey, Mills, Spence £ Co., Toronto;. Andrew Beaubien, L. G. Beaubien £ Co., Montreal;
Mr. & Mrs. Irving H. Campbell, Bell, Gouinlock & Co., Toronto
B.
Joseph E. Eaton, Eaton £ Howard, New York; Mr. & Mrs. Philip M. -Stearns, Oscar E. Dooly £ Co.,
Miami; Mr. & Mrs. Frederic C. Beil, Jr., Beil & Hough, St. Petersburg, Fla.; Marsom B. Pratt,
Estabrook & Co., Boston; John B. Richter, Butcher & Sherrerif,
Philadelphia
I
24
HJH tfu I
.
www
ix
dwjwxww* iwwww »
"WW" «* ja-MWWt' w» «»fc> <*w wmwi
The Commercial and Financial Chronicle... Thursday,
PICTORIAL
Mr. & Mrs. Salvador Rodriguez, Government Development Bank, San Juan,
Puerto Rico; Mr. & Mrs.
Mr. & Mrs.
Mr.
Duncan C.
Charles
Mr. &
A.
Gray, B. J
Van Ingen & Co., Inc., New York
Parcells, Jr., Charles A. Parcells & Co., Detroit
Mrs. Alan
George
H. Rice, Irving J. Rice & Co., St. Paul, Minn.; Mr.
Stranahan, Harris & Co., Toledo, Ohio
&
R.
Mrs. Beardslee
B. Merrill, Richard, Merrill & Peterson, Spokane, Wash.; Mr. & Mrs. Herman
Lind, Camp & Co., Portland, Oreg.; Mr. & Mrs. Henry J. Simonson, National Securities &
Research Corporation, New York
Torrey, McCormick & Co., Chicago; Mr. & Mrs. David
Torrey, W. C. Pitfield & Co., Inc., New York
Mrs. Orville
Desmond,
Joseph T. Johnson, The Milwaukee Company, Milwaukee, Wis.; Mr. & Mrs. Dennis E. Murphy,
Ohio Company, Columbus, Ohio; George G. Scully, The Ohio Company, Columbus, Ohio
&
L.
Richard W. Grimm, Government Development Bank, San Juan, Puerto Rico;
Mr. &
Mr.
Ohio
December 15, 1960
Mrs. Walter
& Mrs.
W.
Mr.
&
Mrs.
Earl
G.
Fridley, Fridley & Frederking,
Houston
Craigie, F. W. Craigie &
Sterne, A gee & Leach, Birmingham, Ala.
Alger J. Jacobs, Crocker Anglo National Bank, San Francisco; Dennis
Company, Columbus; Mr. & Mrs. Henry J. Crawford, Squire, Sanders &
E
M.imhv
TU.
Dempsey! Clevel^d
rnrnrniamiummmmim'MiII Mi*
Volume
Mr.
&
Mrs.
192
Stephen
Number
C.
Reynolds,
Morgan,
John
W
6012
.
.
.
The Commercial and Financial Chronicle
Jr., Hemphill, Noyes & Co., New
The Hanover Bank, New York
Redwood, Jr.. Baker, Watts & Co., Baltimore; Ferg M.
Alleman, Jr., Leedy, Wheeler & Alleman, Orlando, Florida
Mr.
&
Mrs.
Roscoe
York;
John
L.
Mr.
&
Mrs.
Toby
A.
Richmond
Dicrps
uiggs,
Jr'
jr.,
Ayers, Cruttenden, Podesta & Co., Denver, Colo.; Mr. & Mrs. William
& Co., New York; John S. Hilson, Wertheim & Co., New York
Stevens,
Va.;
D. Kerr,
C. Wheat & Co., Richmond, Va.; Mark A. Smith, F. W. Craigie & Co.,
A. Strader, Strader & Company, Incorporated, Lynchburg, Va.; Harry C.
Richmond, Va.; L. Gordon Miller, J. C. Wheat & Co., Richmond, Va.;
STh;mas Boynton, Ladenhurg, Thalmann & Co., New York
J.
Ludwell
Mason-Haean, Inc.,
ma
Financial
Advisors
25
Committee, Luncheon Meeting—'William C. Jackson, Jr., First Southwest Company,
Dallas, Chairman
Gaerste, Cooley & Company, Hartford, Conn.; Francis
Cunningham, Kidder, Peabody & Co., New York
Wertheim
William
PICTORIAL
J.
Mr. & Mrs. Peter Knoop, Auchincloss, Parker & Redpath, New York;
Charles M. Miller, Mullaney, Wells & Company, Chicago
Mr. & Mrs. C. B. McDonald, McDonald & Co., Cleveland; Mr. & Mrs. Charles E. Lcvell,
McDonald & Co., Youngstown, Ohio
Graham Bell, Hayden, Stone & Co., New York; E. William Darmstatter, Stifel, Nicolaus & Company
Incorporated, St. Louis; Norman E. Heitner, Yates, Heitner & Woods, St. Louis; Clarence F. Blewer,
Blewer, Glynn & Co., St. Louis; John W. Bunn, Stifel, Nicolaus & Company Incorporated, St. Louis;
Mr. & Mrs. Hunter Breckenridge, McCourtney-Breckenridge & Co., St. Louis
i ■'1
,,
JiUrilW'is. Sjui .--'.•iV
'WVw W VJ"11 witUtM' «dw*tth
26
^
^fti+rf^wteWr*'*-*!«*■».«*«
***»#/
.
...
-
...
The Commercial and Financial Chronicle
PICTORIAL
Mr.
Mr. & Mrs. C. Gunther, Distributors Group, Incorporated, New York; John L. Ahbe, Distributors
Group, Incorporated, New York; Herbert R. Anderson, Distributors Group, Incorporated, New York
William P.
Sharpe, Mercantile Trust Company, St. Louis; Joseph E. Refsnes, Refsnes, Ely, Beck &
Co., Phoenix, Ariz.; George H. C. Green, Liberty National Bank & Trust Company, Oklahoma City,
Okla.; Early F. Mitchell, First National Bank, Memphis
Mr.
&
Mrs.
Calvin
Clayton,
Mr.
&
Clayton Securities Corporation, Boston; Connie Hayes, New
Mrs. Bert Behrens, Lehman Brothers, New York
U
York
City
C.
G.
Thursday, December 15, 1960
Kaufman, Rodman A Renshaw, Chicago;
Parker Corporation, Boston
Mr. & Mrs. J. Denny May,
Jacques, First Southwest Company, Dallas; Mr. & Mrs. W. C. (Decker) Jackson, Jr,
Company, Dallas; John S. Hilson, Wertheim & Co., New York; Mr. & Mrs.
Ergood, Jr., Stroud & Company, Incorporated, Philadelphia
First Southwest
Russell
Joseph
D.
Pur cell,
III;
Dorothy Meyer;
Mr. & Mrs. Maurice Meyer, Jr., Hirsch & Co., New York
f %'■
First National Bank, Ft. Worth, Texas; Mr. & Mrs. William N. Edwards,
William
Mrs.
Mr. & Mrs. J. F.
Jm
Mr. & Mrs. T. E. Graham,
&
...
N. Edwards & Co., Ft.
Worth, Texas
y
Ned
'*
2*7 7
" '*-7
''//''//
/>/
A&
fmt-# ffl
>*
Byrne, Phelps, Fenn & Co., New York; John de Milhau, Chase Manhattan
Bank, New York
Mr. & Mrs. David Callaway, Ftrst of Michigan
Corp., New York
Volume
Mark
Smith, F.
Walter
Morse,
192
Number 6012
W. Craigie
Lehman
&
...
The Commercial and Financial Chronicle
Co., Richmond Va.;
Brothers,
New
York
James
John P. Krause, Reinholdt & Gardner, St. Louis;
Reinholdt
&
Gardner,
E.
Roddy,
Scharff
&
Jones,
F. Eberstadt & Co., New York;
City
Arthur Christophel,
St. Louis
PICTORIAL
George Wendt, First National Bank of Chicago; Maurice Meyer, Jr.,
& Co., New York City; Melville P. Chamberlain, Chemical
New York Trust Company, New York; Fish in foreground
courtesy of Hal Murphy, Commercial & Financial Chronicle, New York
Hirsch
Bank,
John
Gertler,
Barr Brothers & Co., New York; Mr. & Mrs. William E. Pollock, Wm.
Co., New York; Harry A. Michels, Allen & Company, New York City
0
Mrs
/
Grace
*
E.
Mr.
Inc., New Orleans; Mr. & Mrs. Andrew W. Eberstadt,
Henry F. Willems, Hornblower & Weeks, New York
Pollock
&
Mr.
&
Mrs. William
&
Mrs.
27
Thomas
Space
M. Johnson, Johnson,
& Co., Savannah
Lane,
Craig Severance, F. Eberstadt & Co., New York; Austin Patterson,
First Boston Corporation, New York;
Andrew K. Marckwald,
Discount Corporation
of New York
D. Byrne, Phelps, Fenn
Stern,
Lauer
& Co., New York; Mr.
Co., New York
& Mrs. Paul L. Sipp, Jr.
&
I
Carver:
Mr.
Mr.
&
&
Mrs.
Harry Theis, Stifel, Nicolaus & Co. Incorporated,
Kelton E. White, G. H. Walker & Co., St. Louis
Mrs.
St.
Louis;
Frank
A.
Wood,
Goodbody & Co., New York; Mr. & Mrs. Thomas A. Larkin,
New York; James F.
Reilly, Goodbody & Co., New York
Goodbody
&
Co.,
WMWMMLif «*-•. k
1
KWU^W^IWM^MSaWMlWMWmWWWIMl*!^^
'1 Vi
28
The Commercial and Financial Chronicle
PICTORIAL
Joshua
A. Davis, Blair
<ft Co. Incorporated, New
York; Sydney Blake, Janney, Dulles <fi Battles,
Philadelphia
Mr.
Mr.
&
&
Mrs.
Mrs.
Richardson
Mr.
&
New
M«>■««—*»w1'
fi
Patrick
Rafferty, National Securities
Corporation, New York
Aaron
&
R.
Sons,
Eshman,
New
York
Stern,
City;
Research
&
Mr.
Mrs. Walter
Morse,
Lehman
Mr.
Brothers, New York
&
John
E.
Beebe,
Mrs.
V.
*
itrvm
WMm *vy
l'H4,v
&
R.
Mrs.
Earl
R.
G.
Fridley,
Staples,
15, 1960
S. Abernethy, Interstate
Charlotte,
Fridley
&
Reid
Frederking,
&
Fulton,
Co.,
Securities
N. C.
Houston;
Cleveland
Brayshaw, Lord, Abbett & Co., Atlanta; E. W. Franklin, Dittmar & Company, Inc., Dallas;
Theodore Low, New York; Ernest O. Dorbritz, Moore, Leonard & Lynch, Pittsburgh
Chase Manhattan Bank, New York; Edward
Becker & Co., Inc., Chicago; Francis B.
Chase Manhattan Bank, New York
A. G.
Bowman,
Jennett,
•;
Donald B.
Thursday, December
Corporation,
Mrs.
Jack
Frank, Meyer & Fox, Los Angeles; G. Peter Nares, James
Norman Alexander, James Richardson & Sons, Winnipeg
Kurt H. Grunebaum, New York Hanseatic Corporation,
York; Edward T. McCormick, President of American Stock
Exchange, New York
Mrs.
Mr.
L. Frazier, Curtiss, House & Co., Cleveland; Sidney Buford Scott, Scott & Stringfellow,
Richmond, Va.; George M. Ferris, Ferris & Co., Washington, D. C.; Allan A. Ryan, III,
Smith, Barney & Co., New York City
William
&
...
J.
n
Ijr
"
m
11
>»
•
Mt
vsf Migieuww,
AlCIUllOna,
V a.
,
?ern' ^ce.\C,arnson' Wulbern, Inc., Jacksonville,
Malvern
LuWdl
Fla.^
Hill, Malvern Hill & Co., Inc., New York City
PICTORIAL
Mr.
$ jMrs. Daniel J.
McCauley, Jr., Securities
Exchange Commission,
A
Alan
Washington, D. C.
Mr.
&
Edward
K.
Mrs.
Fred
W.
Hudson, Ball, Burge & Kraus, Cleveland
Browne, Bank of America, N. T. &
Bruce
B.
Ranney,
Ball,
Burge
Hardy, Jr., The Illinois Co., Chicago; Edward D. Jones, Edward D. Jones
& Co., St. Louis;
Miles A. Watkins;
Edward J. Costigan, Edward D. Jones &
Co., St. Louis;
Miles A. Watkins, Stubbs,
Wathins & Lombardo, Birmingham
Mr.
Mrs.
Russ
Olderman, Hayden, Miller A Co., Cleveland; Mr. &
Boston, Mr. & Mrs. R. W. Ewing, A. E. Masten
Harrison C. Frost, Hayden, Miller
I
Mrs.
A
A
J. Denny May, Parker
Corporation,
Company, Wheeling, W. Va.;
Co., Cleveland
&
S. A.,
Press
Kraus,
&
Mrs.
New
Conference
Cleveland
Graham
York
City;
Mr.
J.
Howard
Mr.
Mr.
Jones, Cooley A
Mr.
&
&
Mrs.
Mrs.
&
Mrs.
Milton
&
A.
Mrs.
29
Harvey B. Gram, Jr., Johnston, Lemon
A Co.,
Washington, D. C.
Manley, Manley, Bennett
<fi
Co., Detroit
Co., Hartford, Conn.; Fred W.
Fairman, Jr., Bache A
Keating, Stockyards National Bank,
Wichita, Kan.;
Fox, P. F. Fox A Co., Inc., New York
City
Wes
P. Fred
Carlson, Carl M. Loeb, Rhoades A Co., New York; Mr. & Mrs.
Stewart A. Dunn,
A Co.,
New York; George Kneass, Philadelphia National
Bank, Philadelphia;
John A. Kruse,
Prescott, Shepard A Co., Cleveland
Devine
Co.
C.
J.
30
The Commercial and Financial
PICTORIAL
Lloyd B. Hatcher, White, Weld & Co., New York; Mrs. Brainerd Whitbeck, New York; F. D. Farrell,
City National Bank & Trust Company, Kansas City, Mo.; Philip W. K. Sweet, Northern Trust
Company, Chicago; Harry F. May field, Commerce Trust Company, Kansas City, Mo.; Mr. & Mrs.
Edward D. McGrew, Northern Trust Company, Chicago; William P. Sharpe,
Mercantile Trust Company, St. Louis
Hugh
D.
Carter,
Courts
&
Co., Atlanta;
John
H.
Smith, Moore & Co., St. Louis
Milton
F.
Houston;
Lewis,
David
Becker
Philip
K.
Co., Inc.,
Rebels
All
H.
W.
& Co.,
A. G.
Thursday, December 15,
1960
& Company, Inc., Dallas; Wilbur G. Inman, John Nuveen & Co., Chicago;
Equitable Securities Corporation, Nashville; Ira B. MacCulley, Equitable
New York; Ronald M. Coutts, Cruttenden, Podesta & Co., Chicago;
Arthur E. Goodwin, Jr., Johnston, Lemon & Co., Washington, D. C.
Burkholder,
Securities
Mr. &
...
Franklin, Dittmar
Frank
^
Corporation,
Bartow, Drexel & Co., New York; Mr. &
F. Machold, Drexel & Co., Philadelphia
Becker & Co., Inc., New York; Russell R. Rowles, Rowles, Winston
Dattelbaum, A. G. Becker & Co., Inc., New York; Edward J. Jennett,
Chicago; Andrew M. Baird, A. G. Becker & Co., Inc., Chicago
A. G.
N.
&
Crago,
E.
Chronicle
Mrs.
William
Mr.
&
Mrs.
W.
Lewis
Wayne
F. Lyne, Mercantile National Bank, Dallas;
Glover, California Bank, Los Angeles
K. Browne, Bank of America, N.T. & S.A., San Francisco; Mr. & Mrs. Leonard R.
Co., New York; Ludwell A. Strader, Strader & Company, Incorporated,
Lynchburg, Va.; Arnold J. Kocurek, Rauscher, Pierce & Co., Inc., San Antonio
Mrs. Alan
Sullivan, Fitzpatrick, Sullivan &
St.
Louis
Room
PICTORIAL
Mr. &
Mrs. P. Alden
Bergquist, First National Bank of Chicago; Mrs. Frank L. Reissner,
Indianapolis;
& Mrs. George B. Wendt, First National Bank
of Chicago
Mr.
Mr.
&
Mrs.
Curtis
H.
Bingham, Bingham,
Los
Angeles
Walter
&
Hurry,
Charles
P.
&
Daane,
Treasury Department, Washington, D. C.; Robert M. Wahlforth, Hemphill, Noyes
Garrett Taylor, Wood Gundy <ft Co., Inc., New York; Earle Gatchell,
Hayden, Stone & Co., New York
Co., New York;
Co., Inc., New York; Mr. & Mrs. Robert Gerrish, Oscar E. Dooly <fi Co.,
Cadwgan, G. H. Walker & Co., Providence, R. I.
Gordon
Leonard & Lynch, Pittsburgh; Vincent
Bear, Stearns <ft Co., New York; Thomas Lynch, III,
Moore, Leonard & Lynch, Pittsburgh
D. B. Gould, Philadelphia National Bank, Philadelphia; William F.
Mills, Philadelphia National
Bank, Philadelphia; Mr. & Mrs. James R. Hendrix, Hendrix & Mayes, Inc. Birmingham, Ala.
Dewey
Miami;
McK. Lynch, Moore,
Coakley,
John
J.
Jerome C. L. Tripp, Tripp &
Mrs.
A.
R.
31
Louis
Gibbs, Laird, Bissell & Meeds, New York City; Mr. & Mrs.
Houston Hill, Jr., J. S. Strauss & Co., San Francisco
.)
Hughes, New York; Michael Charters, Association of Stock Exchange Firms, New York;
Purkiss; Mrs. Michael Charters; Albert Purkiss, Walston & Co., Inc., New York
Mrs. Albert
Paul
Wm.
New
Cutler, Chapman & Cutler, Chicago; Harold J. Schluter, First National Bank of
Chicago,
York; Mr. & Mrs. George Wendt, First National Bank of Chicago; William J.
Corbett, Jr.,
Burns, Corbett & Pickard, Chicago
Vr
•ijUbV "fciMu'wili
•
n
XI tm
w:>
111
32
Jerome
■
C.
-t
».
Ml
,
,
The Commercial and
PICTORIAL
Hunsaker,
Jr., Colonial
&
Mrs.
Harold
E.
Waeckerle,
Kansas
Robert Seebeck,
New
Mr. & Mrs. Frederic C. Beil, Jr., Beil
Marshall H. Johnson, McDaniel Lewis & Co., Greensboro, N. C.;
Inc., Boston; J. Wells Coggeshall, Colonial Distributors, /nc„ Boston
N.
Distributors, Inc.,' Boston;
& Hough, Inc., St. Petersburg, Fla.;
H. Orr, Colonial Distributors,
James
Mr.
t,
t
»"
•" * S»VH
wiuviwiirw'o'CWtt*"r^Vii""-'"
L '
City,
Lucas,
Mo.
Eisen
&
Waeckerle,
Bradshaw
City;
D.
&
Smith, Barney & Co., New York; Mr. & Mrs. Julian K. Roosevelt, Dick & Merle-Smith,
York; Allan Ryan, III, Smith, Barney & Co., New York; John Gardner,
Reinholdt & Gardner, St. Louis
S.
..
.
Thursday, December 15, 1960
Eric Morse, IV. C. Pitfield
& Co., New York;
Dominion Securities Corpn. Ltd., Toronto; Mr. & Mrs.
Ltd., Monereal; George MacDonald, McLped, Young, Weir
Mrs. Ian Crookston, Toronto
Young,
Co.,
Greenshields & Co (N. Y.J
Shields, Jr., Shields & Company,
Firstbrook,
Cornelius
Financial Chronicle
Inc., New York
New York City
Mr.
&
Mrs.
Aaron R.
Eshman, Stern, Frank, Meyer & Fox,
Los Angeles
Whitney Bradley, Eaton & Howard, Boston; Joseph E. Eaton, Eaton & Howard, New York;
Morrison, A. B. Morrison & Co., Miami, Fla.; John Pasco, John Pasco Co., Miami;
Charles F. Eaton, Eaton & Howard, Boston
A. B.
h
Committee
for
Public
on Municipal
Investment Bankers
Education
Securities, Breakfast Meeting—Eugene Becker,
Association, Director
Mr.
&
Mrs. James Heward,
Butcher & Sherrerd,.Philadelphia; Mrs. John M. Pokorny, Allentown, Pa.;
Mrs. Russell Ergood, Philadelphia
Volume
dustry and
use
192"' Number
the rental
6012
"The
revenues
received under the. lease to service
the
bonds.
the
The
terminal
public
a
of
would
not
legislature has sought to ac¬
complish the purposes of the act.
It is obvious that private enter¬
prise, not so favored, could not
compete with industries operating
serve
He
purpose.
created
rather
a
broad
area
for
public purpose in a prior case
(In 105 A.2d 614 (1954) the court
held
that
public
a
purpose
thereunder.
industries
was
to
service "the
struct
the
\
gain,
issued
boms
garage),
to
con¬
but
had
ex¬
cluded the erection and leasing of
manufacturing
plants
the
area of valid public purpose since
it had cited with approval State
v.
Town
of: North
Miami, '59
So.2d 779 (Fla. 1952), which had
held
the
erection
of
state-favored
successfully
man¬
regulating and controlling private
business, and our free private en¬
terprise economy would be re¬
placed by socialism. The constitu¬
he 1 felt
case
that the court in that
the
state,'through its municipalities,
would
increasingly become in¬
volved in promotingj
sponsoring,
to
revenue
If
were
aged, private enterprise would of
necessity be forced out, and the
being served where the city con*
structed. a parking - garage, but
leased 40% of the space to private
businesses
and credit
name
the
recognized
that the Delaware Supreme Court
had
of the
use
the
municipality ; and
tax
Chancellor held" exemption,
to make the bonds
of the new plant salable, are the devices
by which
that the erection
at
The Commercial and Financial
.•,
.
from
tions
both
of
state
private ^enterprise
nation
capitalistic
a
foster
economy
and
ing plants to be beyond the town's
vate
powers.
The Chancellor
nized a factual distinction
foreign to
initiative.
Socialism
pri¬
is
as
constitutional, po¬
litical and economic system as our
recog¬
in the
our
private enterprise system is to the
case in that the plant
proposed to be constructed in the socialist system of Russia.
Wilmington case would
be
on.
"Moreover, the tax exemption
terminal land
which would in¬
granted to industries under the
crease the use of the terminal, but
act, would result in casting an ad¬
he thought that benefit was over¬
ditional tax burden upon the other
North Miami
.
ridden
what
he V conceived
primary purpose of
the proposed project, which
he
said was to raise revenue to help
finance
more
expansion. How¬
ever, the proposed plan did not
fail
entirely. Immediately after
the suit was brought, and before
the hearing on the merits, an al¬
to
by
citizens
ternative lease
of the
"For all the
\
hold
we
mentioned,
reasons
Chapter
265,
Session
1959, to be unconstitutional
Laws
MASSACHUSETTS
The
Massachusetts State Office
private corporate tenant in which
Building Association proposed to
it
issue
was
provided that if the court
should
hold
the
original
an
agree¬
revenue
office
distinglished its
financing
thorities
a
existed
single, temporary
that
they
other
itself.
The
bonds and construct
building with the
pro¬
indefinte
some
remain
at
install pil¬
crane
the
which
terminal
at
the end of the 40-year lease. The
court t held
this; alternative ar¬
liable
rangement valid since it
the
was
for
"ger¬
to the public uses for which
the land was held."
spite
■
1960 in the
of Moyie Springs
when
constitutional
•revenue
municipal
to
pass
bonds
of
owner
were
to
to the state
were
retired.
In
Commissioner of Admin¬
165
N.E.2d
885
(196(D
the court refused to find that the
from
Act
was a separate entity
state, and held that the
the
indebtedness
authorizing
be
Association
un¬
Idaho
v.
istration,
Aurora Manu¬
1959
a
was
the
Ayer
of Village
facturing Company, declaring
the
were
lessor
would
building. The bonds
building
y
case
v.
it
the
state
serviced by the rents received
under
the
lease.
Title
to
the
The Supreme Court of Idaho in
June,
if
against
the
industrial
must
bonds, stated:
of
the
Association
comply with state constitu¬
tional
debt
future
.
the
under
be
disclaimer
a:
that
state
the
held
such
the
in
the
not
was
time.
bonds
obligated
bonds, the state could
liable
the
on
bonds- if
the reasonable effect of
was
financing arrangement.
Under
Minnesota
Ex.
Sess.
L.
1959, C. 90, the legislature appro¬
priated from the Minnesota State
requirements.
The
Louis A. Lanford
994,612.
This
is
amount
for
Rock,
:
Russell R. Rowles
Barret, Fitch, North
Lanford, Incorporated,
Little
Frank W. North
•
Hill, Crawford &
Building Fund an aggregate, in¬
cluding reappropriations, of $52,-
&
Co.,
Ark.,
Rowles,
Winston
Co.,
Houston
with
future
Incorporated,
City, Mo.
&
Kansas
the
construction,
alteration,
repair,
and rehabilitation of various state
hospitals and schools, state re¬
formatories for
and
men
women,
would
ness
prison, the five state col*
leges, the University of Minne¬
sota; and for the Capitol group of
buildings, land acquisition, parks,
ness
state
and
contingencies. The
funds
would
be
necessary
provided by the
issuance and sale of "state build¬
ing
certificates."
to
be
spread
the
Under
act
on
the tax rolls for
the years 1959 to 1978 so as to
produce $2,601,000 in each of the
years 1960 to
amounts
cates
of
case
1979, plus additional
for
issued
interest
pursuant
certifi¬
on
to
the
act.
also
state
laws
of the
state
security such laws
as
should be declared in violation of
Minnesota
Constitution."
justices
opinion of the court by
justices (1) recognized that
the certificates would
connection
pledging the full faith and credit
prohibition
indebtedness.
the
of
Two
dissented
court
be irrevoc¬
vigorously, concluding that if the
obligations
of
the
state,
pledging the credit of the state
certificates constitute evidence of
toward
amount
able
their
repayment
out
state indebtedness in
of the
excess
permitted under the Con¬
stitution, it is the duty of the
of
general ad valorem taxes against
all the property of the state and
court to hold the
logically would create
a
debt
violating the Minnesota
Constitution; but (2) held that
tional.
under the doctrine of stare decisis
tnereof
they would follow
law unconstitu¬
decision.
that
this
fifth
A
part
in
died
earlier de¬
an
cision
by
based
on
erroneous
of
the
additional
years
that
amounts
to
cause
court
prior
justice
hearing
the
the
to
and
took
compensate
been
placed
reliance
upon
who
of
took
the
case
determination
in
part
no
tho
of
of Minnesota) v.
Auditor of Minne¬
King
(State
the
Supreme
Court
of
on
April 1, 1960, ex¬
pressly recognizing that it was
basing its decision upon a pre¬
Minnesota
which
was
St.,
delay and con¬
&
Co.,
exchanges,
(3
»
.
them
urged that "if this court
the
H.
—
1433
A.
Walnut
New
York
Exchange and other leading
announce
Mesropian is
provided for in the law;
Pa.
Inc.,
of
members
tailment of the proposed building
and
iv.
.
as
now
that Edwardi
associated wit&
Director
of
Technical
Research.
is again presented with the issue
based upon
reasoning,
fallacious
Riecke
Stock
program
i
PHILADELPHIA,
had
decision
fusion which could result by cur¬
(Commissioner
+'
With H. A. Riecke
be¬
that
that
*>» t
j
(admittedly
theory)
in
sota),
case
the
and because of the
Naftalin
the
in
The
two
Administration
that
indebted¬
constitutional
a
against
in
made
MINNESOTA
vious
create
•
is
succeeding
'therefor.
In
of
not
against the state in violation
deficiency in such levy
year the auditor shall levy
a
be
mane
IDAHO
claims
which
for
TEXAS
Lastly, the court stated that, de¬
for any
sufficient
loading
a
building
state
SOUTHWESTERN
VALLEY
building, with title
building to pass to the state
to the
at
charge
would
and
expense
the
MISSISSIPPI
than
court,
rental payments were in fact
pay¬
Provision
and
The
to
for
ments for the
23 years at a fixed annual rental,
plus any amounts required to dis¬
own
ings
leased
be
Regional Group Chairmen
and
services
the sovereign
citing Federal
tax cases in support, said it be¬
lieved
in
putting
"substance
before form," and found that the
its
the bonds.
of
au¬
than
more
purpose,
provided
those
ceeds
to
for
63
prior ap¬
by -state
proval "of
authorities, saying that those
ment invalid the private corpora¬
tion would construct the plant at
was
(2443)
taxes would be levied on all real
and personal property in the state
sufficient to produce $52,022,280,
and void."
made with the
was
and
industries, not only
municipalities directly par¬
ticipating, but of the entire state.
the
be
court
and
designed
to
protect
private property and
were
manufactur¬
and
founded upon
were
Chronicle
concluded
certificates
of
indebted-
ELKINS, MORRIS, STOKES
&C0.
V; :.;Yv; V'.'.v
*,
Y
MEMBERS/'
■
New York Stock Exchange
Philadelphia-Baltimore Stock Exchange
American Stock Exchange
.
t
.,t.
r
Underwriters,
X
,<
;
i
'* *
J
•;
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1.
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(associate)
f-
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•'
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Distributors,
^
Underwriters and Dealers
Dealers in
in
i
CORPORATE AND MUNICIPAL SECURITIES
Corporate and Municipal
Securities
Established 1910
B litcher
1500
&
WALNUT ST.,
Land Title Building
Sherrerd
PHILADELPHIA
PHILADELPHIA 2, PA.
Branch Offices:
PEnnypacker 5-2700
Teletype: PH-4
•
New York BArclay 7-4641
t
Baltimore, Md.
Members
New York Stock
Exchange
•
•
•
Phila.-Bolto. Slock Exchange
•
•
•
AmericonStock Exchange (Assoc.)
•
•
•
Boston Stock Exchange (Assoc.)
I »•.
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V
I
Bethlehem,
Pa.
Huntingdon, Pa.
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lifrftiffaVilfc**;'JW'.%ft4|W>>«• w»l!\i'
64
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■'■
<*#*
wVit/: .V^UMM
fafa
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(2444)
The Commercial and Financial Chronicle
rate
standards so that should it
become clear that the recent rate
Report of IBA Aviation
boost
^
Securities Committee
Continued from page 47
merger
Among them
ment
and
existing lines.
were overscheduling
unduly high sales promotion
and advertising expenditures. As
a
result, load factors declined and
unit costs
I
{
A
§;
(3)
Between 1955 and
rose.
or
by 15%.
are
expected to
con¬
to
rise; the jets are ex¬
tremely popular. But prospects for
in quantity of the swift and ca¬
pacious jets. By 1962 the indus¬
try's jet fleet alone will represent
investment
an
and
a
passenger
capacity
approximately equal to
that possessed by the entire in¬
dustry in 1958. Further, the jet
fleet
will
be concentrated
on
the
high-density routes, the routes
which, theoretically, should pro¬
vide the lion's share of the
to
already
among
industry
able
to
unable
to
a
profit¬
been
itself
trunkline
the
years
has
for
either
rate
passenger
intelligently petition
can
such
structure.
a
no
the
trunklines
stead,
because of
petition,
are
number
of
profit
which, in¬
but
excessive
the routes
the
lines
later,
invest¬
on
on
group
June 17,
standard by approving fare
increases of $1 per ticket plus a
flat
2Vz%, effective July 1, 1960.
Then, on Sept. 29, the CAB ap¬
increase in coach fares
long distance jet flights of five
airlines. The increase ranges from
on
to
and is
17.8%
effect.
"
These
a
already
as a
ings
CAB
positive
moves
by
the
the rate problems which
on
afflict
in full
now
•
.
.
com¬
which
on
are
CAB
allow
the Board implemented this earn¬
7.6%
the
nation's
trunklines
experiencing most of their losses.
Obviously, the industry has little
must
chance
revitalizing itself un¬
less the intensity of the competi¬
though it is doubtful that this will
tion
Until the announcement last
of
which
eased.
hope
Encouragingly,
that
the
recognized
steps
prevails
now
is
there
problem
and
that
is
is
now
remedial
be forthcoming.
may
first
Over
the past few months the CAB has
given
some
indications that it wiil
sympathetically
c o n
si d
e r
both
be
considered
produce
10.5%
a
salutary
rate
of
al¬
return.
May,
the CAB's General Passenger Fare
Investigation
dead
had
for
been
four
stalled
years
and
enervating influ¬
throughout
the
industry,
ence
that
the
come
the
had
center
become
Now
CAB
pertinent
a
moment,
within
consideration
the
opinion
industry
trunkline
has
important
to
keep
been
thing
over¬
is
reviewing
for
its
Established
& Bodine
York
&
American
Stock
decisions affecting the
industry have been founded upon
fixed
a
maximum
which
the
CAB
chose
solescence
costs
of
high
the
ob¬
been
have
chronic,
Financial Aspects
anticipated the
imminent arrival of the jets ex¬
uberantly; from April
1958
to
April 1959 Standard & Poor's Air
Transport
Index
outperformed
that
service's
dex
by
general
38%,
outlook
of
market
April
By
investors
in¬
the
1959
shifting
radically. It was becoming ob¬
vious that the very qualities of
the jets most relished a year be¬
fore, namely, their speed and ca¬
pacity,
were
instead
of
fated
was
to
compound
to Equity
$744
589
688
•
638
552
0.6
503
0.4
199
vs.
1955
+303%
In
the
of
financial
Air
1959 to November
the
1960
Transport Index has dropped
39%
was
while
the
over-all
market
in
the
decline
made
enormous
sums
to
need
the
raise
over
recom¬
the nation's airlines. Of particular
note were, those recommendations
to
In
the
single
1959
increased
year
trunkline
is
estimated
will reach
that
interest
relaxation
set
by the CAB).
(6)
recent
lines
be fairly said that over
at any given time,
years,
has
or
either
been
engaged
meant
In
in
an
1955.
terms
of
the
by
a
turbulent
to
forestall
that appeared imminent. Usu¬
one
ally
the issue in contention is a
demand by the union involved for
money
for
its
there
is
financial
strength of the trunkline industry
verge
7
of
would
like
to
(A)
That the
United
States
President
appoint at
Act
the
and
Act
the
the
of
once
a,,
7
ah
complete
aim
I
of
undef
present¬
ing to the President and the Con¬
gress
concrete
a
for
program
action.
review
Through
of
the
the
Federal
Aviation
Act by the Subcommit¬
Transportation and Aero¬
nautics
the
Congress
has
a
splendid opportunity to gain un¬
tee
on
derstanding of the problems and
thus
become
prepared
wisely and swiftly to
of
to
constructive
action
it.
.
(B)
considerable
are
to
a
react
program
submitted
'7;.
That
the
CAB
review
its
policy of competitive route
awards
in the light of circum¬
stances as they have actually de¬
veloped. No matter how sound the
policy
may appear
those who espoused
cation
does
it
of
not
has
work
stitutes
a
I-.. !*
"
W
'
-
r ■*
in
theory to
it, the appli¬
shown
very
that
it
well.
(C) That the CAB study
methods of
well paid.
'J !
Aviation
procedures
the
'•
the
highest qualifi¬
Federal
CAB
with
make
7>
entire
of bankruptcy.
Airline personnel
system
following suggestions:
members.
secure
the
Stock and Bond Brokers
Committee
improve one's
is a cherished
job with good pay in a
sound enterprise may be more in
an employee's
long term interest
than an insecure job with some¬
what higher pay in a
company on
annual level of $54.2
figure
almost
eight
times interest charges of $7.4 mil¬
lion
beset
in
■Sv
i
help strengthen
the nation the Aviation Securities
pending
negotiations
a
a
to
transportation
constructive
Labor
evidence to support the view that
by
cost
desire
air
undertake
It
aggregate
constructive spirit and with
deep
the
a
of
lot by a raise in pay
in¬
a
days
to
sentiment,
further
12
cations
has
been
senior pilot to
while working
month.
a
review
a
much
as
a year
domestic regulations with a cor¬
responding return to the airlines
more
by
$30,000
of
for
While the desire to
debt
almost twice
earn
individual
called
of
average
pilot worked
one-fourth fewer hours in
of
which
strike
industry
magnitude
Suggestions
regarding
at least one of the nation's trunk-
airline
of
real
(7)
the
excellent
were
of $8,332 to
an average
The
the
In
many
representative car¬
increased
97%
since
one
is possible for
President,
It may
not the major
that
about
a
declining by 4%.
was
on
have
$16,382.
1960, in a report en¬
titled, Federal Transportation
Policy and Program, sent by the
Secretary of Commerce to the
in maximum and minimum limits
the
wages
but
Secretary
April
alleviate
The
most
dramatic
wage
rise
within the trunkline industry has
been
that
of
the
pilots. Pilots
it
+48%
March
mendations
of
time
money as he did in 1951. Further,
under present union work rules
0.8
;•
data.
Report of
Commerce
full
more
earnings
employees in
the category, all Industry (SourceAerospace
Facts
and
Figures,
1960).
'
;•
;
earn
CAB
41%
and
average
of
1959 to
0.9
484
(5)
$4,344
1.1
themselves
of
prerogatives
of
scheduling and rate-setting (with¬
mid-1961
Corporate and Municipal Issues
New York
Equity
$803
creased.
System Teletype—PH 518
Distributors, Dealers, Underwriters
BROAD
Debt
problems of the trunklines. From
million,
30
..."Ratio: Debt
324
1959
the
this increase may be fully appre¬
ciated
only when it is realized
(In Millions)
amount
Telephone L0 4-2900
higher than
$5,488 for such
the
category, all
of
employees
1951, from
Debt-Equity Ratios
industry
about 36%, to more
than $800 million. Since 1959 this
10
10%
were
average
rier
1955
and
In 1958 investors
'
;
TABLE II
;
SOURCE:
(4)
a
make
1957
;7-:\77'.:7''7
■.
as
to
1956
industry's rate prob¬
lems
the
trunk-
and,
reluctant
are
.
1959
there
severe.
II
the
Twelve Domestic Trunk Airlines*
contrasted with public utilities,
can
be small wonder that
as
Table
of
further loans.
airlines
the trunkline
ratios
consequence, lenders of long-term
.
and
factors
in
seen
top-heavy
are
capital
competition, volatile earn¬
ings, high capital turnover, rising
reproduction
be
may
debt-equity
intense
its
LAND TITLE BUILDING, PHILADELPHIA
Bell
satisfy those capital
requirements they cannot meet
through internal cash generation.
to
recognize. Taking into account the
the
Exchange
the
lines
Rate
sell-off.
Philadelphia-Baltimore Stock Exchanges and
all
earnings
As
are
complete
its transition to jet aircraft played
a
significant role in the market
1874
for
extent
Historically, airlines have been
regulated much like public utili¬
would
Members
New
1958
that,
financing
an
which
tion industry received average an¬
nual
earnings of $6,104. These
ties.
the
Townsend, Crouter
ship precludes equity
opportunities to such
below
relation¬
than
factor
&
selling
This
to borrow to
stocks, investor apprehension
DeHaven
now
values.
for
year
available) full time
employees in the Air Transporta¬
small, in view of steeply ris¬
operating costs and capital
requirements.
holds that the recent increases
Although it
.1
are
book
(latest
are
in
Transportation
an
inertia
airlines
their
1958
practical purposes,
the companies have no choice but
allowable re¬
turn based upon those portions of
would
10.5% rate of return
ment. A month
an
is
the
figures
interplay of
debt
and
falling
stock
prices is that the shares of most
sufficient
one
At
In
rising
original, straight-line depreciated
the
year
it
that
the domestic trunklines
proved
this
allow
need.
because almost unanimous
costs
this
of
May
announced
a
to
the
not
is
have occurred.
In
unto
Thursday, December 15, 1960
.
the net result of the
movi
changes
This
however that
mean
quickly
may
too
structure or
clear-cut positive standards under
for
inadequate it
ing
recent
secure
is
t t
routes
realign¬
a
rise in
operating income, which
closely aligned to the load fac¬
tor, are depressed by the arrival
a
and
Rates
which it
Revenues
tinue
of
In
1959
operating revenues increased
$666 million, or 59%, while op¬
erating income fell $18 million,
proposals
is
.
.
.
present
determining what
reasonable
+;
7".
'$•
rate
con¬
of
Stamford, Conn.
STREET
ONE ATLANTIC STREET
Dlgby 4-0200
Fireside 8-6466
Upper Darby, Pa.
Wilkes-Barre, Pa.
FLanders 2-0838,
VAIley 3-4131
Jenkintown, Pa.
F
TUrner 7-7660
A
mwmliMm
III
V-.v/A
INDUSTRIAL
AND
Dealers
in
KM
MM.
UTILITY
m
common
and
ill
preferred shares
m
I
PENNSYLVANIA
market
AND
GENERAL
M
u n
i
c
i
p a
1 B
o n
cl
s
(
iff
m
im
municipal bonds
m
WM
iff
WOODCOCK, MOYER, FRICKE
& FRENCH, INC.
yyoodco
Moyer
JPricke
&J?re
123 South Broad
Phila.: Klngsley 5-7200
Teletype PH-160
American
i:
m
THE PHILADELPHIA
NATIONAL BANK
III
Km
ORGANIZED 1803
..
III
Members New York Stock
Phila.-Balto.
Buiineu founded 1842
I' ■:*
'i'
New York: WAIker 5-0312
fTe/epfcooej
ii
?/////,
m
Street, Philadelphia 9, Pa.
I
III
Jm
Km
Fidelity Philadelphia Trust Building
Stock
Stock
Exchange
Exchange
Exchange
(Associate)
Km
111
S?- A
II
Volume
192
Number 6012
The
Commercial and Financial Chronicle
(2445)
I
return
come
investment for
on
airline.
such
From
a
and
new
proach to the subject,
would
trunk
a
study
refreshing
a
countenance
air
travel is expanding dramatically. So is the competition among
airlines for the business. For ex-
may
ap-
which
one
ample, sixteen airlines, only two
of which are U. S. Carriers, now
run
scheduled passenger flights
inherent
the
operating
peculiarities and economic requirements of airlines.
the
rate
needs
of
the
thick
traffic
North
At-
lanti? rout.e- Soon, another airline,
is
not,
of
the
tential
huge.
the
in
senger
as
t
+ '
until
need
June
for
1960.
If
further
a
relatively good year for U.
flag-carriers and indications
a
increase should develop, the CA3
must
be prepared to act
much
faster
than
last
time,
S.
are
that 1960 will equal and perhaps
surpass 1959.
(Table III.)
of
the
airlines, in their weakened
financial
condition,
may
face
or
ting
many
To
international carriers has not
bor unions having jurisdiction in
the airline industry and the union
members themselves adopt a more
lost
••?+
+
.
statesmanlike
demands.
attitude
their
in
At the moment
healthy quality of fiscal
silience.
airlines
riers
international
Our
those
not making much money and
any
quo.
thereforeideal
companies
from
more
In
primary
nomic
and
wholly
labor
the
will grow and prosper
ing
and
more
who
work
airlines
thus creatfor all
them.
The
other
more
today
than
people
are
ever before. \
cause
'
S
,
the
need
all
shaped
exists
immediate
in
be
may
and
collec¬
enforced
and
theoretical
international
paradise
authority is absent. More¬
to foreign carriers owned or
controlled
.
and
the
their governments,
this
category are most
airlines, economic con¬
in
by
international airlines
(1)
All
'
over
siderations relative to the airline
the
as
is, of course,
dismaying number of competitors. But numbers of combat-
General
the world international
•
its
its
on
true
Senator
has
military
A.
S.
"Mike"
advanced
various
propose.
Monroney
plans de¬
levels
it
will
lead
"open-rate"
an
inevitably
situation
would be disastrous to
table
I
U.
]:'i
III
the finan¬
cial stability of the U. S. Carriers
unless
Government
our
vened.
inter¬
Worse
commercial-type
still, should IATA
become incapable of
preventing
an
open-rate dogfight it almost
surely would, in the bargain, be¬
functions to the commercial lines.
This is an encouraging
develop¬
come powerless to restrain certain
foreign airlines from forming into
ment
cartels.
signed to get MATS out of com¬
petition
with
civil
airlines
by
transferring
and
its
which
one
,
wholehearted
support
has
of
the
the
dustry and the CAB.
Earlier this year a
At
in¬
the
special study
group appointed by the Air Force
submitted its report to Air Force
moment
situation
mare
likely
such
does
night¬
a
not
appear
to
occur,
but the forces
could bring it about are
which
Secretary Dudley Sharp in which
already in being and they are, as
it were, pressing against the gates.
it
Elementary prudence dictates that
recommended
that
MATS
pas¬
traffic should be diverted
senger
a
general
policy
constructive
of
tee) also recommended that
cargo
riers, but at
a
separate financial enterprise
of little importance. Instead,
(5)
retary
scarcity of
capacity. Sec¬
cargo
Sharp,
in
releasing the
report, gave no promise
that the Pentagon would definite¬
ly carry out its recommendations,
group's
/,
foreign airlines need not
(In Millions)
Total
First
Operating
Revenues
V
'I
"
Net
Operating
Income
Half—
1959
.
1959
Revenue '
:..,.
I
j
,
In the report mentioned earlier
entitled, Federal Transportation
Policy and Program, there are the
following statements about U. S.
International air transportation:
give careful consideration to it in
"International
problems of
transportation must
be
treated
quite separately from domestic."
working out future military trans¬
port policy.
should
but
he
did
state
that
he
would
(4)
I AT A—Fare Levels
The
recent
disputes within the
Air Transport As¬
sociation (IATA) over what level
International
of fares should be
adopted to
to
a
be
airline
trends
carefully studied. The
whose airlinese appear to be vio¬
lating
large extent in
agreed
principles
on
"Trends
the cost
should
of
U.
S.
be
as
watched, of
compared to
Continued
an
on
page
$6
4
1955
"
384
18
7
19
Half
1960
+16%
vs.
1958
+11
+
Year
1959
vs.
1955
+47
—
CAB
1959__«_
6,894
66
5,974
-
13
+1400%
1959
nation's
,
.13
10
Year
vs.
64
59
4,410
+20%
+50%
is
63
+86
+15
0
+56
existence
to
facilitate
For More Than
Sixty Years
Effective Distribution in Delaware Valley U.S.A.
stra¬
transport, the moving of
troops, equipment and supplies to
any troubled area of the earth as
+12
5
in
tegic
0
80
BROKERS
Government
operates the
largest airline, the Mili¬
tary Air Transport Service
(MATS). This airline supposedly
64%
3,117
DISTRIBUTORS
•
MATS
The
3,757
"
concern
UNDERWRITERS
(3)
Factor
+5
data.
speedily
as
possible.
Irrespective
&
f
Company
'
l:i
Members:
f'-V
New
|v
VfM
York
^ DISCUss
Exchange
•
1401 Walnut
PORTFO^0
New York
UNLISTED
Street, Philadelphia 2, Pa.
City
Lebanon
BROAD
1900
MEMBERS
NEW
-
Vineland
J. W. SPARKS & CO.
STREET, PHILADELPHIA 7, PA.
Klngsley 5-5567
LOcust 8-1500
•
Atlantic
ESTABLISHED
SOUTH
Exchange
SECURITIES
WARNER, JENNINGS, MANDEL & LONGSTRETH
121
Stock
American
Philadelphia-Baltimore Stock Exchange
w|ML
PRIMARY MARKETS MAINTAINED IN
Stock
YORK STOCK
Teletype PH 305
EXCHANGE
PHILA.-BALTIMORE
STOCK
EXCHANGE
AMERICAN STOCK EXCHANGE
Trading Dept. Klngsley 5-0866
Brokers in
NEW
YORK,
N.
Y.
REctor 2-5477
NEWARK, N. J.
LISTED and UNLISTED SECURITIES
HONOLULU
MArket 3-6480
6-6191
w
Dealers in
STATE, MUNICIPAL and REVENUE BONDS
'
MEMBERS NEW YORK STOCK EXCHANGE
fx
i
MEMBERS AMERICAN STOCK EXCHANGE
(ASSOC.)
^
DIRECT WIRE TO
MEMBERS PHILA.-B ALTIMORE STOCK EXCHANGE
MEMBERS HONOLULU STOCK EXCHANGE
MEMBERS BOSTON STOCK EXCHANGE
(ASSOC.)
A.
120
Broadway
new
York
WORTH
5,
n.
4-0220
T.
&
T.
y,
NEW
YORK
TELETYPE—PH
210
ca¬
pacity flown."
ex¬
pand the Pacific market has been
resolved
"International
Government should press consul¬
tations
with
foreign
countries
themselves with earning a profit.
.
Load
Miles
•"
506
:
^.
"Passenger
Net
1
565
—
on
.
Income
*
First
■'Based
c,
$15
261
——
.•
1958
.
.
$304
—
Year—
-
-.
-j.
•1960
.
,
of
*
of the current relative
commercial
Report of the Secretary
Commerce
slower rate, because
motivating factors are diplo¬
matic prestige, national pride and
strategic position.
In sum, most
S. International Airlines*
b
to
which
the
x-
& '
a
are
p'l
Z
that
in
commerce.
Central
root of the earning
power problem which plagues our foreign
Airlines
Airlines
eco¬
system of the nation.
to
such
over,
competition
thin
traffic be switched to private car¬
the
battleground lies
the homogeneous
within
fair
No
Comnetition
At
International
lnternatlonal
to
scene.
theory, keep the industry strong.
governmental assistance.
flying
Ijj
TJ
them
is
from time to time alterations may
be made in them which will, in
violent
riod, suffer reversals which would
great component of the situation,
the public, is not a cause for concern;
of sudden and
era
change,1 the U. S. international
carriers could, within a brief pe~
better jobs
with
this
In
transportation,
it
competition
considerations are
tively
and
than
nation's
domestic
national trends in
economic
the
too
breached.
commercial
political,
complex
by
fearful
appears
spread
visory panel (The Reed Commit¬
Rules
fronts,
harassed
burden
international
parties concerned in their welfare
all
why U. S, flag-
now
is
explosive one. If an impasse in¬
capable of resolution
ever
de¬
velops within IATA over fare
first
to study and stay on top of inter-
on
basis,
growing.
trunklines
in wage negotiations. Given
support
Congress
operations and cannot concentrate
it
Nevertheless,
manner.
action be formulated and kept in
readiness
should
the
gates
be
the
for all
necessary
real
well.
orderly
should be watched closely by all,
because the issue involved is an
gradually to private carriers at
regular commercial rates. The ad¬
are
has it been
The
however,
a sprawling com¬
type of operation
runs
airline
MATS
unequal
an
more
which to squeeze the last possible
penny
risen
mission,
necessary to appreciate the dif¬
ferent nature of competition on
Never before in their historv
not
are
on
which
domestic
car-
heavily in debt. They
have
market.
are
problems
extremely vulnerable to
adverse change in the status
are
the
understand
carriers
re-
are
flown
and the imbalance is
increased
(E) That the heads of those la-
roughly
competitive rigors in get¬
keeping a' satisfactory
starts
ness
since 1955 the earning power of
our
as
and
of
force, but
1950 to 30%
have
basic
has
market
in
its
mercial
heart of the problem is that from
the standpoint of our international
carriers the competition for busi¬
although their traffic
has grown by more than 50%.
The underlying financial position
of the carrier is much less secure
than it was and the airlines have
bankruptcy.
r\l
normal
of
MATS does not confine its activi¬
ties to those of a combat airlift
At¬
are
run
efficiently and imagina¬
tively, as are our international
lines, should, all things relatively
equal, experience no more than
On the surface of it, 1959 was a
rate
North
that period and pas¬
over
miles
share
serious
though
even
revenues
is
than two-fold. Airlines that
more
increase
k '
involved
the
of
sagged from 61%
1959,
doubled
sur-
instance,
passenger
ther intensify the competition,
airlines,
repeat the circumstances
volume
share
S.
lantic
the CAB did not grant a firm rate
|r,"» >
For
U.
will also the scores of additional
rounding the recent rate increase jet aircraft which will come into
would be tragic. It was clear in
international service during 1960.
1956 that the trunklines needed
One large turbo-jet airplane has
a
rate increase. Yet, except for
the same annual trans-Atlantic
palliative relief, in the form of passenger
capacity as a large
small, temporary rate increases, ocean liner.
To
in itself, the actual
problem, for the po¬
traffic
Russia's giant Aeroflot, will fur-
(D) That the CAB keep itself
closely informed at all times as
to
the
over
ants
core
65
Western
Broad
&
Chestnut
Philadelphia
kingsley
622
Savings
7.
Sts.
Pa.
6-4040
Fund
Bldg.
66
66
The Commercial and Financial
Chronicle
(2446)
reasonable, to
anticipate that the
active
in
S.~ carriers
U.
behind
the
not
are
by foreign
(E)
Continued from page 65
foreign flag carriers,
;;
-
ft
v
ft
not seek friends or
that, well
so
the expense of
in advance of need to protect U. S.
Carriers by subsidies or minimum
rates the Government
when
if
and
power
should be granted."
(6)
Suggestions of the Aviation
the
interests
excellent
of
international
air
searching
analysis
carriers.
Government's
them
and
to
amount
receive
to
the
discrimination.
wise
for
the
full
carriers,
it does
within,
is
coming
without
as
and
terrific.
of
(C)
less
is,
proved
For
kind
of
of
their
course,
Government to
pursuit
of
should
the
of
not
result
in
air
strategic
matter
transport.
of
While
injury
to
shifting its massive facilities
largely away from the manufac¬
ture
of airframes
velopment
missiles
and
UNDERWRITERS AND DISTRIBUTORS OF
MUNICIPAL
AND
CORPORATE
BONDS
now
ever
made
time
brief
span
in
a
industry.
any
As
and
in
of
of
time
be
by
ex¬
the industry
profound and pain¬
is
on
to
Due
the long lead time in
major procurement, the full effect
of the change is yet to be ex¬
perienced.
three
that
be
would
ago
it
transition
to
missiles
somewhat
gradual and
airframe builders
the
big
thereby have enough time
adapt
themselves
to
the
new
technology. Sputnik changed the
signals. Soon after its beep was
heard round the world the United
States
embarked
on
designed
gigantic
a
to
produce
maximum ICBM and IRBM capa¬
South
Broad
Street, Philadelphia 9, Pa.
PEnnypacker 5-7700
New York
Teletype PH
bility
as
soon
Budget
180
possible.
as
considerations
impossible to sustain
Manhasset
Altoona-
direct
Reading
Williamsport
Pikesville
of
aircraft
with
telephone
connection
BAUMGARTNER, DOWNING
an
to
&
CO., BALTIMORE, MD.
a
accelerated
it
high level
along
missile
cutbacks
pro¬
were
deep and wide. Also, in the
new
field of missiles the airframe
was
relatively small part of the sysand' many critical
parts of
missiles
required electronic
know-how not widely - possessed
a
•;* tern
the
Rambo, Close & Kerner
categories
twelve
by the aircraft industry. As a re¬
sult, many companies not pre¬
viously engaged in defense en-
.
4*79
13,062
ft "507
"
.
.ft
■
with
a
vft
substantial loss
for
the
..ft.
entire
-"ft
•••.
field,, dramatically alter¬
ing the competitive nature of its
defense
business.
fast
to
"
.
in
;
attempt to
in missile-
an
its
position
the industry invested
unprecedented extent in
age,
an
facilities, research and engineer¬
ing. Today, there are companies
within the industry with
broad
missile-space capabilities. Despite
their
broad
—11..or
•
T.l
'ft'ftftft'
'ft1;.:•• •. ?ft4 * •••
•
..-."ft--*-.
in
Exclusive of
net income
1959.
ft
•.*
featured
Overcapacity in the aircraft in-.;
.
ber
of
other
jets than
to develop any
plane.
Up to
aircraft manufacturer has
commercial
capacity,
however, the very nature of the
change in weapons system re¬
now, no
quirements
fact has been underscored recent¬
izations
-
subjects
to
their
quick
organ¬
violent
and
made
profit from the production
jet aircraft.
This
a
commercial
of
ly by losses in this
stresses which did not exist in the
more
than
old
commercial
area totalling
million which
$100
j e t
airframe
days.
Advanced weapons systems cost
astronomical
of
and
their numbers are understandably
few. Further, unit volume of pro¬
duction for such a system is small
sums
contracts
and
main,
on
money
awarded, in the
low margin cost-plus-
a
fixed-fee
are
basis.
In
rate
have
manufacturers
announced
they
will
write
off in 1960.
The extent to which the factors
mentioned
earning
have
Industry
damaged
of
power
be
may
the
the
Aerospace
in
seen
Table
IV.
of
earlier
years,
ft. The situation is growing worse.
technological Although attempts within the in¬
advancement
was
slower,
low dustry to diversify show some
profits on reasearch and develop¬ promise of alleviating pressures it
ment were generally off-set
by is highly improbable that
they
normal
profits
on
subsequent will enable the industry to main¬
the
when
production. Today in the tain its production capacity.
age, technology is ad¬ question is one of survival.
vancing
with
such
speed that
Suggestions of the Aviation
whole systems often become ob¬
Securities
The
aerospace
Committee'
solete, and
fore
they
are
can
thus cancelled, .be¬
move
from
the
developmental
to
stage
one
of
production.
/ ft
'
Although it is patent that sud¬
Our
Aerospace
Industry
large and complex
implementation of
,
den loss of
the
is
a
deals
tract
not
body
prime
contractors,
obvious
so
system con¬
blow to even
weapon
a
largest
that
the
it
hun¬
furnishing compo¬
nents to the system are dealt what
to
amounts
When
a
on
one-two
a
big
punch.
manufac¬
aerospace
turer finds
this,
to
the
it
as
would
have
as
much busi¬
which
can
ordinarily
assigned to a
been
subcontractor.
•
Because defense
expensive
of
a
priority
systems are so
constant" reevaluation
of
the
exploration activities with
appropriate emphasis on practical
portant military
use
a
few
years
In
the early, post-war pe¬
ballistic missile develop¬
a
ment program was turned down
because at that time it appeared
that the necessary size of a nu¬
clear warhead made such missiles
impractical.
Space
;
activities
reaching
goes
like
general
space
quences.
programs
money
would
following
defense application. It is difficult
to know
what might have
im¬
on
the
measures
a long-range view be
regards; budgeting for
as
riod,
ness
particular
ft
also
have
far-
non - military
conse¬
Russia, making no
military,
strategy,
this
the number of
systems in production is
reason,
far less than the
industry's
capac¬
ity to produce them.
distinction
between
political, and scientific
stole a jump in world
prestige with its space activities.
In
the
decade
attention
ahead
will
mankind's
increasingly
be
Specialists in
1518 Locust St.,
Philadelphia 2, Pa.
UNDERWRITERS AND DEALERS
Tax
Exempt
Bonds
CORPORATE —MUNICIPAL
SECURITIES
Retail Distributors
Underwriters
Trading Markets
UNLISTED
TRADING DEPARTMENT
Pennsylvania and General Market
Municipal Bonds
High Grade Corporate Bonds
> NATIONAL
Established
and Stocks
BlOREN
STATE BANK
SCHMIDT, ROBERTS & PARKE
Members
123 South
N.
Y.
Phones
RCctor 2-1695
Philadelphia-Baltimore Stock Exchange
Broad
Street, Philadelphia
T eletype
.
HAnover 2-4556
V—
?H
538.
King*ley 5-0650
New
NEWARK, N.J.
6-
1424 Walnut
Member Federal Deposit
Insurance
Corporation
York
Stock
American Stock
Philadelphia-Baltimoref
1812
(9), Pa.
Phila. Phone
1865
Co.
MEMBERS
ESTABLISHED
so
(1) That
taken
prising that it keeps
under its own roof
is
practical
suggestions:
hence.
pulls back
any
Committee
make
itself abruptly scram¬
bling for enough work to keep its
organization intact it is not sur¬
or
that
broadly proposed is an especially
complicated process. Recognizing
dreds of small suppliers who were
weapons
iw Jersey
► •
dustry is not restricted
to its
military business. Because the new
commercial jets can carry many
more
passengers
they are
not
needed
in as great numbers as
were piston aircraft.
Yet, because
of their great complexity it cost
more to develop these fewer num¬
For
Corporate Bonds and Stocks
'
22,7 '
-
not just for the
ft 4'••""•.ft.ft.ft .V ft-'.ft ft
system
Authority Bonds
5.9
aircraft'industry and
•
tered the
and1
Municipal Bonds
—-
ft 15,702ft J
ftftft v. "ft*,.
Association? '* ft", ''•* ' >j!•
•
- :v; ft:
1959 vs.—
■
-
to produce one
usually
is
obtained
through cancellation of another.
Incorporated
In
"
'^:VM955%$7$79ft ^ $5,T88>« V ' -? Q.4.& >. + 35.9 ft V"
;>v.v'.;38; ..ft, r rn .Vft r-sife.•->—1^ • ■:
r l;9ft*; - 3.5
• \ ..—ft ft ...
12,140
Industries
are
companies.'
depending
made
procurement
Aircraft
gram.
•'
-
mass
years
the
manned-aircraft
that
to
about
thought
program
123
§ These
.
more
peace¬
might
pected, the impact
would
Members
de¬
vehicles
space
industry,
transition
from
Exchange
American Stock Exchange
Philadelphia-Baltimore Stock Exchange
toward the
manufacture
properly termed the Aerospace
Industry, has accomplished per¬
haps the largest
manufacturing
Until
New York Stock
and
aircraft
was
Pemngton, Colket & Co.
remain
American
In
was
Established 1896
will
in
but missiles as they become
operational, will take on increas¬
ing importance.
ful.
being explored within
the industry. From the vantage
point of the present, it seems
are
force
years,
ready
comity
probably
-
that company, the eleven
remaining companies had, in aggregate,
$100.5 million and a net profit margin of 1.6ft' in 1959.
'
space
power over the next few
v
of
maintain
bombers kept on continu¬
Aerospace
' .V
451
notes—;.'...
Moving
The Aerospace Industry
B-52
the
the
of
rather
more
VI
ing problems relative to them al¬
will-o-the-
international
and im¬
such craft may be a long way off
in this country but not necessarily
behind the Iron Curtain, financ¬
awards to foreign carriers in the
interests of international goodwill.
But,
studies
supersonic
use
its valuable power to make route
wisp
new
equipment.
(D) That the Government and
the Agencies concerned intensify
would
cruelest
It
of
carriers to invest in
un¬
support.
services
than draining themselves in inter¬
necine conflict.
central
That the orderly develop¬
the air cargo industry
how commensurate awards can be
be enhanced by adjustment of the
made to U. S. international air¬
lines.
The
U.
S.
International present rate structure in order to
carriers have an imperative need provide incentives on the part of
their
other's
each
'*
1959
$7,049
Workers", (thous.) §
Orders
(millions )§
of
source:
foreign
successfully, it may
they should complement
that
alert
ment
derstanding
be
^'7
(minipns)t, 67
Profit Margin (% )4ft_„_ft.
10.9
t Subject to renegotiation.
$ Including one large company
competition
ous
all the factors involved has shown
for
meet* their
r
(mllllons)____i.i._^__t
Backlog
•
Airlraine; .Companies.*;■
-
-
Income
Production
international air¬
our
to
the
from
riers to service the United States
after
If
are
thus put on our commer¬
cial
Net
philosophy of area competition
than
duplicate, point-topoint competition among U. S. flag
30% and MATS carried 25%, The
(A)
That the Administration
grant route awards to foreign car¬
Net
a
U.
squeeze
Sales
\
rather
that foreign airlines carried 45%,
S. commercial airlines carried
system, the Com¬
mittee wishes to place before the
proper parties these suggestions:
ft;
lefc
That attention be given to
lines
ft ft
ft
the advantages and disadvantages;'
of the return to a policy favoring.
carriers.
to solution of
problem: Of the total
passenger flights across the At¬
lantic in
1959, which ended or
began in the U. S., it is estimated
important
the over-all
transportation
only
is
This
preserving
the high quality of service and
free enterprise status of the na¬
tion's
commercial
to
MATS
;
Securities Committee
In
his own children.
(B) That the Government anl
the
airlines,
international • and
domestic, further explore the pos¬
sibilities of diverting traffic from
decide
can
rate
such
parent does
advantages at
U. S. carriers. A wise
be
to
competition.;
*
"
if
r:
•The Twelve Major
'
project
December 15, 1960
\; Thursday,
I-;:.; ,.;::U
Federal Government will have to
become
i
Street
Philadelphia 2, Pa.
PEnnypacker 5-9400
Exchange
■
Exchange
Stock Exchange
-■ -
-
120
Broadway
New York 5, N; Y.
BArclay 7-9300
»
drawn toward space.
found
ble
the
entire
our
of
matter
supersonic, transports and cargo
aircraft
be
given
a
thorough
analysis. Although the strategy of
massive retaliation prevails at the
moment, the needs of the services
to
wage
cannot
of
the
effective limited
an
be
discounted.
military to
materials
shortest
long
war
ability
and
the
men
distances
vention
or
element
in
resolution
in
a
than
small-
sideration.
on
The
fixed
a
is
dustrial
would benefit
power
Aerospace
own
not
implying,
indirectly, that it be¬
large-scale fusing of in¬
a
not
let
our
On the
Committee is of
all
concerned
| unstudied such
to 4 observe anci
go
opportunity
would
require
difficult
legislation in this country, works
out
in
a
frame
nation
industry
problems
sore
that
has
beset
an
by
of
an
a
fits
of
ent
them
be
produced
given
rapid than
more
is
of
.,ours«
consideration.
NASA
have
different
bene¬
would
be
This .factor
no
make
cost
the
at
additional
no
government
all
airframe
industry. Some
time ago the British Government
took cognizance of the deteriorat¬
to the contractors
but
as
how
to
should^ be
This
done. The
he
consolidated.
report stated',
was
has
no
has little
or
patent
no
ways,
approves
of the principle of
*
limited-stop, express bu^es would
operate,, and rail transit service
operation
on
subways,
median
strips of freeways or rights-of-
fast
a
obsolescence.
rate
i";
,
,
,
.
Respectfully submitted,
AVIATION
SECURITIES
COMMITTEE
Herman H.
Lehman
New
Giblin
York, N. Y.
Barclay Harding
Smith, Barney & Co.
civil
The
mended,
itself
as
a
strong priv¬
publicly-owned
Upham
FRANCISCO,
Calif.
—
Gor-
Knowles has become
con¬
indus¬
an
uniV
of
declares
the
as
law, for example,
public
policy
that
be given to the
united metropolitan
...
solution,
on a
tion."
be carried
can
Since there
are many Con¬
legal problems
involved in creating such a proprie¬
stitutional and
California
Golden
tary agency, however, the legisla¬
tion
permits
other
mission.
alternatives.
Gate
Authority
The commission
Com-
was
tablished by the 1959 State Legis¬
lature to "study and investigate
used
port, harbor, airport, bridge, and
other metropolitan transportation
to
until
serve
such
on
date
interim basis
an
proprietary
agency
receives final approval.
The Transportation Agency is also
permitted to consider organiza¬
tional alternatives to the proprie¬
tary agency, including a Federal
corporation or a continuation or
a
as
the
of
facilities
of
ment
ies,
to the
and
regulatory
or
advisability
all such fa¬
single agency."
a
February to August, 1960,
the Commission held hearings in
major cities around San Francisco
Bay
and its tributaries, investi¬
gating such aspects as: (1) public
recognition of the need for coor¬
dinated management
tation
facilities.
of transpor¬
setve,^# Bay
Area's mushrooming metropolitan
communities; (2) the feasibility ot
centralizing the management ofi»
these
facilities
under
an
Author¬
ity; (3) the desirability of includ¬
ing other types of regional trans¬
com¬
local governing bod¬
transit
and the
any
From
Transporta¬
review
.
.
cilities under
itself.
for
.
operating
portation
agencies,
facilities
within
of
organizations of government offi¬
basis
on
cials, and agencies concerned with
governing board should be consti¬
the
solutions
to
area-wide
Authority; (4) the
which
an
Authority's
an
tuted, and the method of appoint-
prob¬
Continued
lems, the Federal Commission on
on
page
Colo.—Cleo P. HartEugene E. Petersen and Dale
E.
Schuttler
have
with
nected
become
Copley
&
con¬
Co.,
1600
Ogden.
Janney, Dulles & Battles
INC.
Public
Utility
'
Railroad
Industrial
Two With L. A. Huey
1401
WALNUT
STREET, PHILADELPHIA
DENVER, Colo.—Stanley T. Mor¬
ton
New Jersey and
General Market Municipal Bonds
Paul
and
been
added
Huey
Mutual Funds Shares
Charles:A. Taggart & Co., Inc.
Philadelphia-Baltimore Stock Exchange
Pittsburgh & Boston Stock Exchanges (Associate)
;
»
Street, Philadelphia 2, Pa.
Teletype PH 677
of
National
L.
A.
American Stock
-
U nderwriters—Distributors—Dealers
♦
•
-
•
v
*
*
i
*
*
■
.
New York Phone WOrth 4-7333
the
under
the
Commercial
direction
of
AND
UTILITY
BANK
MUNICIPAL
Direct Trading
Phones
—
INSURANCE
AND
STOCKS
REVENUE
Bell
New York, WOrth 6-5646-7
Teletype PH 80
L.
McCarron.
UNDERWRITERS AND
DISTRIBUTORS OF
CORPORATE AND MUNICIPAL
SECURITIES
EST. 1914
Boenning
&
Co.
Members
1529
WALNUT
STREET
PHILADELPHIA 2, PA.
Bell
System Teletype PH 30
115
Philadelphia-Baltimore Stock Exchange
'
Telephone LOcust 8-0900
*'<
American
Stock
Exchange
BONDS
Wire to A• M, Kidder & Co,, New York
Philadelphia, LOcust 8-3400
Building
Elmer
INDUSTRIAL SECURITIES
AND
4 '
Henry, Franc Branch
in
Phila.-Baltimore Stock Exchange
Exchange (Associate)
Bank
BELLEVILLE, 111.—Henry, Franc
& Co. have opened a branch of¬
fice
KIngsley 6-0900
staff
New York Stock Exchange
to The Financial Chronicle)
•1.
Investment Securities
1516 Locust
the
Members
have
ASHEVILLE, N. C. — Harold J.
Bourgeois Jr. has become affili¬
ated with McCarley & Co., Inc.,
35
Page Ave., members of the
New York Stock Exchange.
4
V
Schaefer
With McCarley Co.
(Speciai
,
to
A.
First
Co.,
Building.
Bank and Insurance Stocks
Member
2
(Special to The Financial Chronicle)
Securities
the
scope
DENVER,
Dealers and Brokers in
es¬
example, the National Capital
Transportation
Agency
can
be
For
(Special to The Financial Chronicle)
man,
ex¬
policy
pact.
submitted
Harris, Upham & Co.,
provide incentive to ingenious in¬
dividuals or corporations to de¬ 232 Montgomery St. He was for¬
velop new products and improve merly with Schwabacher & Co.
existing ones. Modification of the
Space Act to permit a contractor
Three With Copley
industry
report
recom¬
in
essence,
that
the
industry could
ately-run,
SAN
ham B.
section
of the interim
Transportation
Agency must be submitted to the
Governors of Maryland^ and Vir¬
ginia for approval of facilities
which will be developed in each
state. The programs must also bs
nected with
British "airframe
maintain
Joins Harris,
to
This
metropolitan action to solve
metropolitan area problems. One
Any programs
National
Capital
(Special to The Financial Chronicle)
policy.
fied
an
modification
New York, N. Y.
limited
basis, of the problems of water
supply, sewage disposal, and
water
pollution and transporta¬
by
tion Agency
desire
substantive pro¬
no
is
interstate proprietary
agency created by interstate com¬
out
New
protection, he
to explore
of
legislation provides that the
major construction
;
Blyth & Co., Inc.
William
system
a
but
1 "priority
The
Brothers
Walter M.
which
on
visions
network of free¬
a
way.
Kahn, Chairman
-New York, N. Y.
Richard W. Courts
also to the
applications. Deprivation of
in sum, that most of the problems
patent rights is contrary to the ob¬
stemmed
from
one
source:
too jectives of all patent laws and
many
companies
competing refinements since the first patent
violently for too little business.
legislation, in 1790, namely, to
area.
of
such
The Chase Manhattan Bank
the
industry
metropolitan
have
York, N. Y.
position of its airframe in¬
Richard W. Millar
dustry and asked industry leaders
William R. Staats & Co.
Many space research programs
to make a study of the situation
Los Angeles, Calif.
generate commercial applications,
designed to produce a report con¬ but the contractor must spend his
James P. Mitchell
taining constructive practical own money to develop them. If
recommendations
C.
of
national economy.
ing
President has signed, Public Law
86527, the Washington Metropolitah Region Development AcL The'
program twould be based
recommendations of the
a
the
pression
data
evolving from the research and
development of the product. This
is an important distinction not only
at the recent developments in the
British
available
to
D.
on
legislation has
,
(4) That the responsible depart¬
of government take a look
ington,
Such
construction of
reward.
ments
Fine Arts, and private
transpor¬
provides authority for the devel ' tation companies.
It is
opment of a comprehensive trans¬
interesting to note that
portation program for the Wash¬ Congress has enacted,
and
the
Washington Mass-Transportation
Survey
report
which
proposed
off-setting quality of po¬ policies regarding patents. On a
defense
Courts & Co.
contract,
the manufac¬
Too,
present
turer
is
permitted to keep the
Atlanta, Ga.
policies requiring companies to
supply more facilities, working patent rights to the product for William A. Forrester, Jr.
Merrill Lynch,
capital and research out of com¬ possible application to the nonPierce, Fenner
& Smith Incorporated
pany funds serves to dampen in¬ military market. Under a NASA
contract he does not get patent
New York, N. Y.
centive
even
further.
It
seems
only logical and fair that research rights. In both cases, the contrac¬ S. T. Mason Frey
tor who develops a product under
Bankers Trust Company
contracts
provide
a
reasonable
New York, N. Y.
government
contract
agrees
to
profit.
have
tential
Continued from page 34
importance to the
Industry whose prod¬
ucts, and consequently the facili¬
ties
to
produce those products,
special
Aerospace
a
every
fense "and
revisions
ef¬
more
many
improve our indus¬
try's competitive position against
foreign manufacturers whose de¬
preciation rates are substantially
Presently the Department of De¬
is
full of serious financial risks that
such
of
one
that it would
ours.
be
advanced
facilities
of
cost
fectively. Just
many
to
common
air¬
off the
revision of the pat¬
provisions of the Space Act
vast
ber
That
(5)
Metropolitan Areas
permit American industry to write
Industry.
hand, the
opinion that
which
when only a limited num¬
will
em¬
or
it
On the Problems of Our
(6) That depreciation laws and
regulations be so revised as to
ponder how one attempted solu¬
tion, albeit a drastic one and one
high vol¬
Bidding
nature
of
that
non-
provide
ones.
point the Aviation Se¬
phasize
would
products and revise existing
new
put into effect.
was
market
67
him with the incentive to market
two very large
This rec¬
as
(2447)
patent rights to the
military
sur¬
over.
price basis for
system
weapons
of
era
production is
ume
to retain
mergers
their
Committee wishes to
directly
an
cost-plus-fixed-fee
given every
con¬
be
this
On
curities
of
in
companies.
ommendation
should
(3) That the advantage of con¬
tracts
having
greater
incentive
contracts
result
other
conflict.
values
series
a
would
viving, finally,
the
the'pre¬
of
through
lieves
time possible may be the
determining
scale
The
move
The Commercial and Financial Chronicle
.
vitality. competing
scientific and intellectual
That
of
.
which
us
there will be evidence
.
try
It is of pro¬
that visi¬
importance to
(2)
6012
Number
192
Volume
•
BROADWAY
NEW YORK CITY 6,
Private
New York
N. Y.
Telephone COrtlandt 7-1200
68
68
The Commercial and Financial
(2448).
in 1958 to perform the single func-:
tion of sewage and drainage op¬
erations.
This
single function is
under state legislation
permitted
On the Problems of Our
which
Alameda
single or multiple
special districts.
and
other governmental jurisdic¬
tions in the Bay Area.
The Commission
its
is expected to
conclusions and rec¬
ommendations
1961
in
report to the
a
session of the
Legislature.
San Francisco Bay Area Rapid
Transit District was created by
the
State
Legislature
to
"plan,
build and operate a system of re¬
gional
status
rail
of
transit."
rapid
The
the
program: Engineer¬
ing studies have been completed
a transportation system which
for
embodies
about
100
Dis¬
Transit
miles
of
grade-separated rail transit lines
connecting the population centers
of the five counties
comprising the
District. The key link in the en¬
tire system is the trans-Bay rapid
tube
connecting downtown San
trict.
Oct.
On
23, operations of
in the East Bay
the transit system
administered
were
for
first
the
time by the Alameda-Contra Tran¬
sit
District
of
by
(AC Transit) instead
private company.
The
a
take-over
cleared
the way
for
a
of
acquisition
of
service
new
250
new
city
and
Angeles Metropolitan Tran¬
sit Authority. A rapid transit sys¬
"truly
unique in its ability
provide a fast, comfortable,
quiet
and
convenient
ride"
was
recommended to the Los Angeles
Metropolitan
June
27.
Transit
The
Authority
report states:
that
the most economical system would
utilize
54-seat
air
conditioned,
lightweight cars, electrically pro¬
pelled on pneumatic rubber tires
Francisco and downtown Oakland.
The cost of the system would be
on
about $926 million.
concrete
drainage
project
is
schedule.
has
been
tracks; that the initial
system would total 74.9 miles and
plan is presently before consist of four lines
extending out
county board of supervisors
from the
Los
Angeles Business
city councils and other govern-"
District; that the cost of this sys¬
mental agencies within the Dis¬ tem
would be
prepared for the Metro
approved finally by the District's
board of directors.'
Following ap¬
proval, the District will then out¬
line
a
method
of
financing, pres¬
ently contemplated as a general
obligation bond issue secured out
of
property taxation.
Seattle
Metropolitan
success
has
in
solutions
lems.
had
considerable
developing
area-wide
metropolitan prob¬
to
The Metropolitan
Corporation
tablished
for
by
Municipal
Seattle
Seattle
was
area
service
on
If
in terms
of
both
the
committee
six-man
and
the
Tax
Study Commission.
Fairfax County.
The Virginia
Advisory Legislative Council and
the Commission
Government
Urban County
on
have
recommended
American Stock
scheduled to be Metro's first
con¬
struction project.
Grand
'
;
,
Rapids
An annexation
of
the
plan for citizens
Rapids area was
8, 1959. The pro¬
large-scale annexation of
..
had
Commission.
on
one
service
appoint¬
Rapids City
total
require the county
on
a
county-wide basis.
only be
question would have increased the
the General Assembly
permit
to
land
area
than
more
difficulty
times.
3
encountered
proposed plan
tax
a
differential
through
of action
A
district
of
Baltimore
This
Baltimore
is
ap¬
proaching her metropolitan area
problems on two fronts:
draft
legislation for a mass transporta¬
tion system and a metropolitan
study group to investigate prob¬
year
lems caused in the Baltimore met¬
ropolitan
area by recent and an¬
ticipated population increases and
economic growth.
'
;
The
Baltimore
Arundel
to
City and Anne
delegates want
metropolitan transit
County
propose
a
authority bill to the next session
of the Legislature which will be:
acceptable to both groups of dele¬
gates. ' The proposed legislation
contemplates the establishment of
authority which would develop,
up-date plans for an area-
an
and
such
this
powers
up
co-terminus
in
cities
of
county government,
functions
the
second
class, such as Grand Rap¬
makes annexation by town-'
boundaries/
some
in
also
opposed
annexation
but
of
the
nor
Fairfax
County
the
ommended
6-1
a
.that
the
system.
the
pow¬
Maryland
and permits for the opera¬
censes
tion,
ownership
and control of
mass-transportation systems in the
area; authority to amend and de-\
termine
the
charges* of
a
fares,and
mass-transit
other
system
operation; and establishment, reg¬
ulation, and supervision of rout¬
ings, schedules, and safety and
service
standards.
After
such
two years of operation,
authority might begin to
an
acquire and operate any existing
public
transportation system.
These activities could be financed
through the sale of
secured
or
revenue bonds
by the authority's transit
by the credit of the au¬
thority-owned property.
March, 1960, the Greater Bal¬
study
Area
the
a
Met¬
Subcommittee
wider
range
increase
nomic
This
mine
of
vote, rec¬
legislative
in population and eco-;
growth. ;
/
5'
Subcommittee
as
make
can
of
areas
well
as
will
deter¬
conflicting interest
mutual
concerns.
recommendations
because
ol
this
statutory requirement, it
recommended
annexation
along
,
YORK, N. Y.
school district lines
BUTLER, PA.
CORRY, PA.
JOHNSTOWN, PA.
1
MEADVILLE, PA.
WARREN, PA.
WASHINGTON, PA.
mise
•
pittsburgh
(AT. 1-W80)
Teletype#
—-
solution.
as
This
a
compro-:.
would
have
resulted in portions of three town-"
New York City:
NY 1-1420
—
ships
and
cities
being
nexation
two
entire
suburban:
included^ in
the
THOMAS 8c COMPANY
an¬
PORTER
proposal.
Pittsburgh: PG 402
Virginia
Reynolds A Co. Private Wire System
Henrico
BUILDING
PITTSBURGH
k
19.
PA.
'
*
'V
.County- Richmond.
Plans
are
under way for a pro¬
posal of merger between Henrico
County
Retail Distributors
Brokers
Underwriters
H. J. Steele & Co.
Members
Pittsburgh Stock Exchange
Philadelphia-Baltimore Stock Exchange
Boston Stock
(Assoc.)
Exchange (Assoc.)
and Richmond.
The
would create a larger city
in area, called Richmond.
There
is
historical; precedent for this
Municipal and Corporate
merger
Securities
kind of merger in the state of
Virginia: Hampton and Elizabeth
City County have merged into a
new
city called Hampton. New-'
port
News
and
Warwick
have merged into
port News.
ports,
County
city New¬
According to all re¬
these
a new
consolidations
have
worked out well.
Municipal & Corporate
Securities
Hulme, Applegate
Presently, a merger committee
is studying means of consolidating*
Henrico County and Richmond,,
patterned after the earlier suc¬
CORPORATE AND MUNICIPAL
SECURITIES
committee is made
up
Union Trust
of six men, a three-man negotiat¬
ing
team
from
three-man
Bldg.
Pittsburgh 22, Pa.
Teletype PG 381
Richmond
and
can
negotiating team from
be
made.
on
or
about
Dec. 1 to the City Council of Rich¬
mond and the Board of Supervi¬
sors
of Henrico
Building
Pittsburgh 19, Pa.
a
★
Henrico County. It is hoped thai,
if agreement can be reached by
the committee, merger recommen¬
dations
GRant 1-3883
Humphrey, Inc.
,
cessful mergers of the other cities.
The merger
1812 First National Bank
&
County. To effect!i
the merger, it would be necessary
in¬
corporate Affiliate Glover
,
&
MacGregor, Inc.
1 '• l,J
Established 1914
:
'
1
.
It
with
piece¬
.
to
of prob¬
lems caused by Baltimore's recent
councils
Board
in
vested
now
ropolitan
interfere with the present countywide planning activities.
The
ers
timore Committee created
would the
district
Supervisors, by
The New City Study
cases.
Committee
meal
impossible
responsibilities of
or
transit
Public Service Commission. These
include
the power
to grant li¬
In
as
coordinated
The legislation would give to the
purposes.
system
proposed would not diminish the
be
frag¬
menting of the County.
fares
sys¬
classification
property for tax
opposed piecemeal annexa¬
authority to
local government unit
any
create
tem,
in
that resi¬
was
over¬
cil recommended also passage of a
constitutional amendment giving
in
area
purposes.
ridden by a three-fourths vote of
the County Board of Supervisors.
The Advisory Legislative Coun¬
been
The
dis¬
hand, serve
as
electoral districts and, on the
other, as sub units of the county
provided
originally devel¬
Grand
of
to provide it with any service not
oped by the New City Study Com¬
the
system
a
Such requests could
was
which
which,
is
A district could
in the suburbs.
by
feature
government for
received
The plan
The urban county plan has as
major goal the prevention of too
numerous incorporations within a
county territory. The plan's cen¬
tricts
Dec.
territory to Grand Rap¬
city residents' ap¬
proval, but was defeated by vary¬
ing margins in a tough campaign
ids
counties of the state.
a
tral
Grand
defeated
ship
Exchange (Assoc.)
courses
governmental
authority certain regulatory
ids,
.' ' /
Pittsburgh Stock Exchange
Philadelphia-Baltimore Stock Exchange (Assoc.) J-
prevent
ban
township areas. Yet a
statutory requirement that school
district and city boundaries must
Exchange
to
system and the Lake City tunnel,'
,
carving
Branches
Bell
consolidation.
new
a
tion, particularly if it resulted in
Members
County
wide
dents
A etc York Stock
Urban
on
Government, to give the County's
for passage an urban
county plan
for Fairfax County and other ur¬
One
reed, lear & co.
the Commission
plants, and complete plans for the
Bryn Mawr-Renton interceptor
the
NEW
for
its
v v
,:r
"
with the county, will
different from the pat¬
merge
quite
member
ar¬
prepare
a
prospectus
looking to the sale of revenue
bonds, acquire
plant sites and
trunkline rights of way, work on
final
design of the treatment
(BArelay 7-5969)
:
delegation work to enact a stand¬
by municipal charter, drafted by
Com¬
problem
of the alternate
an awareness
city population by about 40% and
new york city
the
the
forms the city of Richmond might
take in the years to come.
The
sewer- merger
districts,
ed
•
with
face
try. Mr. Walter Craigie of F. W.
Craigie & Co., Richmond, is a
set
rate
action
of- its
changes
through
Council, negotiate
mittee
direct private wire
Significantly,
must
become
the fifth largest city in the coun¬
feasibility,
rangements with cities and
es¬
voters
decade.
mission
tern
it is i expected that
complete its report on
1960,
delegation from Fairfax press for
adoption of the urban county plan.
The' Board also urged that the
voters alternative
is
workable tax
a
such consolidation
occurs,
of area, Richmond would
posed
Area
trying to establish
consultants have been obtained.
Metro will:
the
by
be
suburban
Seattle
enacted
tax pattern for the city, if it does
This
$529,700,000.
be
not
area; a headquarters for
project has been established;
engineering, financial and bond
the
trict for further changes and rec-"
ommendations before the plan is
then
General Assembly in Jan., 1962.
The Tax Study Commission
the
In
Thursday, December 15, 1960
.
pattern for Richmond for the next
Since July, 1959, a 33-member
engineering staff has engaged in
surveying, soil investigation, and
design. Construction is to begin
in
1961.
A comprehensive
plan
financial
Los
to
and
sewage
.
through
public referendum (a majority of
qualified voters from each politi¬
cal subdivision is
necessary). A
new charter for the
enlarged city
would
and
suburban "Transit Liners."
tem
purpose
.
to get approval from both of these
bodies and then approval
service
$16,500,000 improvement program
that ranges from an immediate
drop in fares for children to es¬
tablishment
area-
This year a report on Metro has
been issued which shows that the
on
ing board members; and (5) rela¬
tionships between an Authority
present
Contra
-
of
wide
Metropolitan Areas
Continued from page 67
allows formation
Chronicle
>
Volume
192
Number. 6012
.
.The Commercial and Financial Chronicle
.
legislatures of New York, New
Jersey
and
Connecticut.
This
legislation would empower the
Council to study and report on
problems concerning the people
and governments of the metropoli¬
tan
region,
including
but
not
Continued from page 49
limited to traffic and transporta¬
tion, recreation,
land
use
and committee of seven members with
duties substantially identical to
open space, air and water pollu¬
indicated
above
for
the
tion, water supply and disposal, those
regional
planning, and housing Washington advisory committee.
The New Jersey Securities Act
redevelopment. The Council could
(effective Jan. 1, 1961) provides
also advance the establishment of
for appointment of a
security ad¬
intergovernmental cooperative ar¬
rangements in the region, advise visory committee of six members
&'
NEW YORK
ENGLAND
NEW
it,1'
/Utj
1:1
•far
If
local
governments
lems
which
cations,
tions
Norman J. Alexander
Richardson
Javies
Estabrook
White,
Co.,
Weld
&
New
&
York
City
Boston
on local prob¬
regional impli¬
make recommenda¬
have
and
the
to
state
and
legislatures, the officials of local
governments in the region, and
Congress and Federal agencies, v
Lloyd B. Hatcher
Joseph Mattison, Jr.
&
Winnipeg
Sons,
governors
of
the
committee
nel
duties
are:
the
of
to become
a
various
matters
communication in
of
the
of metropolitan interest among
lished
Baltimore, and the
Greater Baltimore Committee; to
visory
of
City
to the area,
formed
may
cally
which
being per¬
be performed more economi¬
on
which
could
effi¬
to review the potential
impact of Maryland State agency
programs on metropolitan devel¬
opment.
County, Florida
engineering func¬
Dade County.
Some of
determination
pattern
der which the county is
newal
metropolitan
Dade County
authorized
area-wide func¬
County
a
the County
was
rational
boundaries
An
areas.
ordinance
urban
re¬
adopted by
Commission in Febru¬
1960.
ary,
Since then, the
government has been
area.
see
of
municipal
of
service
and
lems
of
urban
of
annexation
the
city
urban
only
the
to
favoring
territory to
growth,
the
as
area's
long-term
problem.
New
York
York
City
Metropolitan
Council
has
drafted
legislation for submission to the
Regional
the county infring¬
ing upon the powers of the mu¬
are
many
metropolitan area studies. A sum¬
mary and digest of current studies
is
found
"Metropolitan Sur¬
In addi¬
tion, the Committee for Economic.
Chief
all
on
At
in
that,
or
1960
entitled
Securities
1946
That
Ad¬
options
on
statement
of
policy created
a general assump¬
options
or
warrants
that
looked upon with great
in
connection
with
the
application for registration of se¬
curities, and the statement of pol¬
icy was followed in a number of
Under
that
policy a few
register
involving options and
administrators refused to
any
issues
guides
in.,determining
interpretation
to
as
options
warrants issued to underwriters
warrants and in
a
few states
con¬
tended that where their laws pro¬
vided percentage limitations
on
the amount of
underwriting
1877—
it is
the value
the
in
options
neces¬
of
the
computation
of
commissions, the market value of
such
options, if any, be used and
that in those states where no mar¬
ket value exists
arbitrary value
original exercise
be used unless
evidence indicates that a contrary
of
20%
price
of
in
an
the
of
options
valuation
exists.
The
conclusions
the
report adopted by the
N.A.S.A in September, 1959, were
set forth in Appendix B of the
last Annual Report of this Com¬
mittee.
In
February of this year
Secretary of State of Illinois
nounced
a
the
an¬
revision of that state's
policy with respect to options and
warrants, as follows:
"Illinois
com¬
mission it would be impossible to
determine whether the percentage
to include
sary
of
has
viewing
followed
the
Continued
EIGHTY-THREE YEARS OF
a
issuance
on
policy
of op-
page
70
LEADERSHIP—1960
Underwriters—Distributors—Dealers
"Guiding
This is a
Policy by
Policy Com¬
in
contains
Corporate and Municipal
Metropolitan
Growth."
statement
National
of
on
and
Research
the
of
CED.
complete
very
metropolitan
It
general
area
i
summary
problems and
Securities
general guides for fur¬
approaches to these problems.
suggests
jfrnr:" lssues
of the
summarized recent
in
warrants.
August,
in
issued
booklet
a
we
ministrators
states.
September, 1959,
adopted concluding
in those states where
Warrants
and
American
disfavor
Ad*
a public offer¬
ing if specified conditions are met.
The report also recommended that
developments regarding the state¬
ment of policy
adopted by the
would be
the
of
Securities
in connection with
Committee
tion
meeting
in
was
,as
eral
sound
In the last Annual Report
and
and
statement of policy, the statement
of policy should be given a lib¬
regulation.
North
op¬
sold
whether the. issuance of stock op¬
tions
is
justifiable
under
the
mat¬
effecting
annual
report
a
do much to assist ad¬
can
were
American
ministrators
pertaining to this law." We
that such advisory com¬
ministrators
the
North
believe
mittees
met until the
was
warrants
determined.
advisory capacity
an
or
in Progress."
Development
mittee
.1
in
Now
the
ss
ESSE
in Michigan.
There
other
examples
of
community
veys
New
The
under fire from time to time from
those who
and
solution
traffic
all
1957, Dade County was au¬
thorized a home rule charter, un ¬
tions for the Miami-Dade
immediate
both
long-range solutions to the prob¬
the
In
to perform many
acquire,
in
The Michigan Governor's
Study
planning projects slated for Commission on metropolitan prob¬
completion this Fall: an economic lems has received a report from
base study; preliminary land use its Committee on the Nature of
and major thoroughfare plans; a Metropolitan Problems. The re¬
central business district study; a port seeks to investigate all phases
minimum housing code; prelimi¬ of
metropolitan area problems,
nary
work toward the county's providing
basic
information on
first urban renewal project; and
the
needs
of
the
metropolitan
ciently;
Dade
necessary
the
per¬
functions
area-wide
has estab¬
Transportation Ad¬
Committee to
tions
unified basis; to rec¬
of governmen¬
a
the type
machinery
form
are
embodies
.The
area
for
common
are
Metro
in
Bureau
Options
to
1960:
metropolitan
operate, and finance a unified
mass transportation system in the
County. Last July, the Metro gov¬
ernment
assumed
responsibility
local basis but which
a
on
ommend
tal
which
services
and
a
ordinances
functions
governmental
identify
in
Commission
County
civic leaders in the five counties,
the
activities
ters
,
recommend
nicipalities contained therein. Yet,
Dade
County Metropolitan
Government has gone ahead with
chan¬
the
tions
II
problems
throughout the nation have be¬
come more acute, states and local
governments are authorizing more
and more surveys and studies in
the field. Fresno, California, for
example, has issued a report, the
Fresno Metropolitan Study, which
the
Sub¬
"serve
to
Metropolitan Area Surveys and
Studies
Some
to
limitation
the profit to the underwriter was
Co.
As
respect to urban growth problems.
69
Report of IBA State
Legislation Committee
Regional Group Chairmen
CANADIAN
(2449)
ther
We continue to urge
studies of
investment
part in
metropolitan area prob¬
lems
their
bankers to take
I(Associate)
Philadelp^'^^Exchange (Associa eDealer#
Boston Stock **
Members
—
DUtrl ^
l
Corporate an
conclusions
in
Securities
Mumcipal Sec
Underwrite^
respective
0ullctl
of
financial
and
so
areas
MOORE, LEONARD & LYNCH
that the
1
recommendation.;;
studies
those
benefit
^
^
active
throughout the country
*
•f^rs
in
an
will
sound
and
have
New
Teletype
—
Telephone
PG 469
—
GRant 1-1875
PROBLEMS
Orlando
S. Brewer,
Exchange
I
Building, Pittsburgh 19, Pa.
New York
Teletype
Pittsburgh Telephone
PG
1-0358
397
Dlgby
ON
METROPOLITAN AREA
PITTSBURGH 19, PA.
American Stock
^4$
Union Trust
ATlantic
•
MEMBERS:
Exchange
Pittsburgh Stock Exchange
practical
Respectfully submitted,
PLAZA BUILDING
Stock
the
advice.
SUB-COMMITTEE
York
Direct Private Wire to New
and
;
Telephone
9-3650
York, Greensburg, New Kensington
Washington, Pa. Offices
j
Chairman
Phelps, Fenn & Co.
York, N. Y.
New
Alan K. Browne
Bank of
San
Underwriters
Dealers
—
—
Distributors
Corporate and Municipal Securities
America, N. T. & S. A.
Francisco, Calif.
John S.
Clark
Fahey, Clark & Co.
Cleveland, Ohio
UNDERWRITERS
—
DISTRIBUTORS
—r
DEALERS
Charles N. Fisher
Singer, Deane & Scribner
Pittsburgh, Pa.
Corporate and Municipal Securities
Lewis Lyne
Bank Stocks
Mercantile National Bank
AcKelvy & Company
UNION TRUST BUILDING
■
NEW
YORK STOCK
EXCHANGE
-
PITTSBURGH
STOCK
EXCHANGE
(ASSOC.)
AMERICAN STOCK EXCHANGE (ASSOC.)
BOSTON
TELEPHONE GR
I'
r
STOCK
-
EXCHANGE
BRANCH OFFICE
1-8700
'a
v,i
•
BELL TELETYPE PG 587
CHARLER0I, PA.
Pershing & Co., N. Y. C.
Ohio
—-
West Virginia
A. E. MASTEN & COMPANY
Louis, Mo.
Schanck, Jr.
Established 1891
Bacon, Whipple & Co.
Chicago, 111.
MEMBERS
New
Franklin Stockbridge
Security First National Bank
Los Angeles, Calif.
Lyle F. Wilson
Pacific Northwest
York
American
FIRST
Stock
Stock
Exchange
Pittsburgh Stock
Exchange
NATIONAL
BANK
Company
BUILDING,
G. Thomas Yeager, IH
Baker, Watts & Co.
Baltimore, Mdr ,y v"
Branches:
..
PITTSBURGH 22,
1-7300
Teletypes PG 566 (Corporate); PG 570
Private Wire to
Clark, Dodge & Co., New
Wheeling, W. Va.;
Exchange
Wheeling Stock Exchange
(Associate)
Telephone COurt
Seattle, Wash.
Private Wire to
—
Mercantile Trust Company
Francis R.
STOCK EXCHANGE
Pennsylvania
Thomas L. Ray
St.
PITTSBURGH
MEMBERS
PHILADELPHIA-BALTIMORE
Dallas, Texas
(Municipal)
York City
Butler, Pa.; Johnstown, Pa.
PA.
70
The Commercial and Financial Chronicle
(2450)
.
.
.
Thursday, December 15, 1960
IV
Report of IBA State
Legislation Committee
port.
The important section is
(a) (1) (iii) regarding options to
Continued from page 69
tions, warrants and similar rights,
to
other
persons
than
the
underwriters.
pur¬
with
application
an
tion
under
Law,
the
'with
such
Illinois
group
administrators
in
that they have taken
in reviewing and modifying the
old statement of policy, and we
since
disfavor'
great
policy
has
under
the
followed
Illinois
offerings
volved
as
securities
of
the
rigidly
been
a
underwriters
to
Illinois.
tained
in
the
policy, which is
new
a
Rule
new
General
lations
under
150
Rules
the
con¬
(a)
and
Illinois
(1)
Regu¬
Securi¬
ties Law, is the result of extensive
study by the Securities Division
and
permits
tions
and
extent
the
granting
warrants
in
cases
to
that
of
limited
a
are
op¬
justified
by the applicant desiring to regis¬
ter
securities
of
State.
with
position taken
the
new
on
Midwestern
missioners
the
Secretary
policy is in
compliance with the
This
substantial
the problem by
Com¬
Securities
policy is to assist relatively
companies in the promo¬
tional stage to raise capital where
it appears from all the facts and
circumstances that the issuance of
options
is
necessary
to
obtain
competent
investment
services.
Options
will
be
still
in
ence
of
form
some
New
vania
and
Rhode
1961
the
in
following
15
amended at the time of the
of
Massachu¬
Island.
Commissioners
intended
is
from
banks, brokers
agents who handle
transfer
and
unless
securities,
notice
ceived
Commercial Code
the fol¬
lowing Uniform acts dealing with
specific
phases
of
commercial
transactions, which acts
viously widely
were pre¬
adopted:
had
or
prior
The
action.
law
Law.
Warehouse
holder
the
minor
a
Receipts
\
'
V
'
Sales
\ *
:
Act.
allow
would
a
of
or an
se¬
a
incom-S. A.
V
Taxation
Income
Engaged
For many
Uniform
re¬
Act.
Trust
Receipts
Companies have
commerce..
contended that income from busi¬
in
ness
state wholly in interstate
a
state
burden
and
it would
interstate
on
taxed
be
not
by
be
a
commerce
unconstitutional regulation
an
involved
The states
commerce.
that
contended
have
a
tax
imposed directly upon that in¬
come must be
distinguished from
a franchise tax (because the fran¬
chise tax is imposed on the right
privilege to do business and
might prevent the business from
being done until the tax was paid,
or
income
the
tax
cannot
prevent the doing of business and
that
is
non-regulatory)
where
there
and
intrastate
are
the company they
to tax income derived
by
have power
such activities.
S.
U.
Act.
Supreme
the
Decisions
Minnesota
and
attention
question
Georgia
and
on
Fittings,
on
the
Supreme
States
in
Stockham Valves
Inc.,
and
the
Min¬
interstate
Company)
Corporate and Municipal Securities
Unlisted
is
not
forming
Telephone
Chicago 4, Illinois
In
DEarborn 2-0560
Correspondent: W.
E.
operations of a foreign
may be subjected to
provided the levy
discriminatory
and
is
sufficient
nexus
to
sup¬
Htitton
&
Co.,
in
Dela¬
administrative
Lane,
Corporation,
the
Georgia
case,
the
com-
for
arrears and penal¬
back to
1933.
The
the
company's protest
but
taxes
ties'dating
office and manufacturing plant in
Birmingham, Alabama. It main¬
was
tained
intrastate
warehouses -in
had sales offices in
five
seven
states,
plus the
District of
Columbia, and shipped
products to customers in 49
jurisdictions. It paid income taxes
its
to
four
jurisdictions
(Alabama,
California, Pennsylvania, and the
District of Columbia), but pro¬
tested paying one to Georgia on
the
had
grounds that (a) the company
in
Georgia only one sales
representative
who
there
spent
only one-third of his time, solicit¬
ing
orders,
doing
promotional
work, and forwarding all orders
to
the
tance
Alabama-'O-ffice^for
or
orders,
gama
accep¬
rejection; and
(b) these
in the Ala- filled
from
if
accepted
office,*- were
that
held
were
in
the
Alabama
plant. Thus, the com¬
pany's contention was that it did
intrastate business
in Georgia.
had
in
Iowa
a
the com¬
manufacturing plant
sold
and
its
products in
the North Central states. It main¬
tained
an
office
staffed
in
Minneapolis,
salesmen.-and a
by two
secretary. It also had
two
sales¬
that
The
above,
is
in
A
tices
orders
or
were
all
subject to acceptance
rejection at the home office in
Iowa.
Orders
stocks
in
were
the
Iowa
filled
from
plant
and
concurred
Frankfurter
concluded
not
that
impose
in
the tax
and
midwest
american
stock
stock
empha¬
Georgia specifically held that
the
income
sively
The
from
was
derived
interstate
exclu¬
commerce.
dissenting justices concluded
that direct taxation of exclusively
interstate commerce is a substan¬
tial
regulation
absence
is
of it and, in the
congressional consent,
of
unconstitutional.
decision
The
the business
solicitation
might
is
to
in
stock
support income
135
SOUTH
LA
SALLE STREET
CHICAGO
3
Telephone STate 2-3ioo
that there
ascertain¬
apportionment
proper
income"
which
sales
are
diversity
states
in
constitutes
for
made.
63
WALL
YORK
There
in the laws of
determining
"taxable
CITY
Telephone BOwling
in
portioned for tax purposes to each
Minnesota.
The
company
pro¬
amount
state.
not
District
only for current state income
State and
At
of
least
of
income
35
to
states
be
and
AT
Municipal Bonds
Company of Chicago
WASHINGTON
•
FRANKLIN
MEMBER
FEDERAL DEPOSIT INSURANCE
ap¬
the
Columbia tax business
American National Bank
LA SALLE
9-2O70
and
the
2-9200
5
Green
what
income"
shipped directly to the customers
and Trust
STREET
of
state
every
exchange
NEW
taxa¬
and
(associate)
PRIVATE FINANCING
state
a
sufficient
a
Investment Division
UNDERWRITERS AND DISTRIBUTORS
in
mere
difficulty in
be
the
great
the
orders
by that state
"taxable
in
of
constitute
"nexus"
tion
alarm
coused
community that
exchange
exchange
could
and
members
york
Jus¬
Stewart,
states
U. S. Government
new
that
by
and
the
New York
j3acot£7ffty>ple SGo.
"The
sized that the courts of Minnesota
promotional
but
that
conflict
dissenting opinion by Justice
Whittaker,
did
work,
without
producing activity
taxing states."
the
ing
and
sus¬
taxes, in indicated
stantial income
would
orders
in
corporations engage in sub¬
salesmen
wrote
engaged
in Minnesota.
abserved
and
both
not
was
majority of the Court
record
operating out of their homes.
men
it
commerce
tained the state
In the Minnesota case,
pany
of
basis
tested being assessed by Minnesota
port the same."
209 South La Salle Street
its
taxation
properly apportioned to local ac¬
tivities
within
the
taxing state
Trading Department
had
con¬
corporation
state
incorporated
and
The
Northwestern States
Cement
cluded "thaLnet income from the
Underwriters and Distributors
was
ware
on
in deciding two
before
it
(the
cases
nesota tax
Portland
focused
United
1959
tax
was
when
the
of
February,
important
EXCHANGE
Court
Georgia
pany
no
Much
Court
STOCK
Johnson,
Space
Atlanta
stocks
Cases
Act.
Renshaw
Tne
Sons,
there has been
years
power of states to tax the
income of firms engaged in inter¬
this
&
&
Baltimore
ing the
state
in
Sales
Harrison Clarke
Harvey, Jr.
Brown
uncertainty and litigation regard¬
from
Transfer
F. Bertaii
Alex.
Philadelphia
Commerce
Interstate
in
Firms
of
Uniform Bills of Lading Act.
Stock
Russell, Jr.
Blyth & Co., Inc.
State
activities
Act.
in¬
trans¬
petent.
therefore
Uniform
or
the
to
re¬
actual
transfer agent to
or
that
assume
curity is not
whereas
Uniform Negotiable Instruments
as
YORK
have
they
of
of interstate
designed to supercede
on
insulation
provide
Ohio; Oklahoma; Oregon; Wash¬
ington; Wisconsin and Wyoming.
is
SOUTHERN
SOUTHEASTERN
to
because
Conditional
MEMBERS NEW
to
liability
that
Uniform
Rodman
of
California;
Florida;
Illinois;
Maine; Michigan; Missouri; Mon¬
tana; New Mexico; North Dakota;
policy announced above is in¬
Appendix B of this
Conference
could
Uniform
EASTERN
PENNSYLVANIA
Uniform State Laws this year and
commerce
Uniform
in
the
of
additional states:
change
cluded
Pennsyl¬
legislatures
For
Fiduciary Se¬
curity Transfers. The Uniform Se¬
curities Ownership By Minors Act
was
approved
by the National
of
Con¬
states:
Hampshire,
Uniform
150
Uni¬
reported that bills embody¬
ing the Code will be introduced
'great
of Illinois Rule
on
It is
disfavor.'"
text
six
Kentucky,
setts,
in
Act
Uniform
the
and
by
the
Association, has
(with changes in
adopted
states) in
_
The
r
Commercial Code,
Laws
Bar
necticut,
cases
with
or
Simplification
.
Code
Commissioners
State
been
banking
other
viewed
Act
Gifts to Minors
the Uniform
competency
.-v
Commercial
The Uniform
The
small
,■■■'•
in
■
approved by the National Confer¬
Association.
"One of the purposes behind the
new
this
on
Regional Group Chairmen
This act should not be confused
with
bank, broker
American
"The
of
'
Uniform
in¬
have been deemed inequitable and
not
eligible for registration in
work
Ownership
Miners Act
By
knowledge of the minority
..;
;
issuance of
options to
purchase
stock
their
for
in
problem.
result
which
authorities
administrative
the
Illinois Secu¬
rities Law of 1953 and
particular appreciation to
express
1945.
*
"This
construe*
the
tive approach
Securities
policy was adopted by a
of Midwestern securities
a
Securities
the
for
Commissioners
registra¬
for
commend
We
chasers of securities in connection
Securities
Uniform
CORPORATION
Volume
but
the
income,
exactly
192
two states
formula.
no
Number
6012
.
.
The Commercial and Financial Chronicle
.
to raise sufficient
have
out
same
functions.:,
Provides
Congress
Exceptions
in
In
the
to urgent pleas for
response
State
necessary
fight, which is
part of
older than
a
even
income tax on the income derived
State
from
interstate
only
business
by
Two-thirds of the
if
commerce
tional
the
the
within
activities
consuming
will
There
such State by or on behalf of such
eration
expense
consid¬
problem by
;
;
apply
in
to
The solicitation of orders
by such person, or his representa-'
tive in such
State for sales of
targible personal property, which
orders are sent outside the State
"The Committee
of the
ary
act
would
"financial
tives
"any
savings
bank,
bank
not
organiza¬
in
the
act
trust com¬
(industrial
bank,
land
bank,
safe
deposit
company), private banker, savings
and loan association, credit union
(cooperative
bank),
investment
company,
ance
The
or
any
type
of. insur¬
proposed Uniform Act has
adopted in any state.
-
In 1951.the Fiscal Report of the
income
in
of
Asso¬
the
to
.
a
state
by
quarters payroll within
to total
contributions made to the produc¬
tion of such net income by head¬
adapted
quarters activities of
method
made
that
an
interstate
Such
by
income
adjustment shall
deducting from the
allocated
portion
thereof
to
the
state
represented
by the ratio of headquarters pay¬
roll to
total
payroll, and by add¬
ing to such
The
Committee
surance
the
use
tion
the state
payroll."
business
be
Committee
to
the
State, and
finance, in¬
are well
investment
income
of the
allocation
because, with the excep¬
work of headquarters
of the
personnel, the accounts activities
in one state have relatively little
effect in producing income out¬
side
the state.
State
ngt income allocated
income
taxation
of
Tax Situs and Allo¬
Continued
on
on
acting separately or jointly,
both, or any duly authorized
subcommittees thereof, shall make
(2) The solicitation of orders by
such person, or his representative,
in such State in the name of or
benefit
the
for
of
prospective
a
customer of such person,
■ii.
if orders
by such customer to such person
enable
to
such
customer
fill
to
resulting from such solici¬
orders
tation
described
orders
are
and
in
complete
States
within
the
of
duct
of
all
income
of
States
business
derived
from' the
activities
con¬
which
exclusively in furtherance of
are
interstate
a
studies
pertaining to the taxation
the
bv
commerce
which
or
are
part of interstate commerce, for
the
nurpose of recommending to
Congress proposed legislation
providing uniform standards to
the
be
paragraph
(1)."•
law excepts
This
tion
sales-
for
exclude
net
from
tangible,
but
does not
imposition of
the
tax
income
solicita¬
only
of
property,
personal
the
soliciting
persons
sales of intangible personal prop¬
erty.
v
'V;'--
V-,,;-;Report of the
Senate
Committee
the
'
The
nance
provide
on
Public. Law
the
;
86-272
of such studies
(S.
of
different states
a
sale
might be considered to have
taken place where the goods were
fore
July 1,
The
/ fcr
Tax
in
Purposes
domL
missioners
possibility
that
Division
of
purposes
multiplying;'all
having occurred
that income from the sale
might be subject to tax under the
law
of
each
one
of the key problems
tablish
a
of those
formula
states.
that
Thus,
is to es¬
.
will
ap.A
portion income
so that it will be
only one state,
y
Federal legislation on. this prob¬
in
taxed
.
v
,
lem touches
A
bers
of
mittee
report
mem¬
Senate
the
by two
Finance
bill,
that;
would constitute
dent
curb
of
the
law,
unwise prece¬
an
Congressional
power
in
action
and
to
statutory
rights of States by curtailing the
ability and choice of the States
Tax
specific
a
(:1)
real
and
property
used
Pur¬
state
business
by
income
tangible
owned
personal
and
rented
or
in
the. state,
(2)
payroll
paid in the state and (3) sales in
the state, compared with the total
amount of each of those three fac¬
tors
in
all
This
states.
would
act
provide that:
"Any
taxpayer
having income
activity which is
from- business
into
if enacted
for
Uniform
fraction which would repre¬
the ratio of the taxpayers'
a
sent
Com¬
stated
"This
delicate matters.
some
minority
,
by
for
Income
a
Act. This act would appor¬
business
income
for
tax
poses
the
so
1958
Com¬
recommended
all states
each of several states may regard
in it
of
Uniform State Laws
on
and
tion
as
recog¬
the National Conference
This
the
Act
fpvobfems involved
many years ago and in
enactment in
sale
; »
Income
laws of different states
ciled, 'where the salesman's office
was : located
or
in the place to
which
the
goods were shipped.
creates
of
apportioning income of busi¬
organizations ''under the tax
approved
same
be¬
ness
the
was
or
t
Division
The- difficult
nized
company
on
1962."
Uniform
manufactured, where the goods
were
stored, where the transac¬
tion was finally approved, where
selling
together with their
proposals for legislation
un¬
laws
y
"The Committees shall report to
their respective Houses the results
Fi¬
bill:- to
pointed out that
Report 658)
der
v.v->'
'
observed by the States in im¬
posing income taxes on income so
derived.
taxable
this
a
both
within
and
without
state, other
than activity as
financial organization or public
utility
or
personal
the rendering of purely
services
by
an
indi¬
vidual, shall
allocate
and
STATE
•
appor¬
U.S. GOVERNMENT
Gv Becker & Co,
Incorporated
•
•;
_
Established IS9 3
Building with Chicago since 1863
Underwriters
•
Distributors
•
Brokers
t
Municipals
•
Commercial Paper
Unlisted Trading
chicago
new
-
•
•
san
'
'
The First National Bank
Department
york
of
Chicago
francisco
;and other cities
"
/
FRanklin 2-6800
"
Dearborn, Monroe & Clark
Streets
Teletype CG-987
'
t
4
t
.
*
Members New York Stock Exchange and Other Principal Stock Exchanges
firms
"
on
ate,
matters
by
separate accounting
Finance of the United States Sen¬
full
that
concluded
activities of
and
or
approval or rejection, and, if
approved, are filled by shipment
or
delivery from a point outside
for
the
of
represented by the ratio of head¬
.
.
to
separate
character.
portion
entire net income of the taxpayer
2
accounting;
provided,
however,
that
there
shall be an
adjustment for tho
means
that
state
that:
finance, in¬
activities
from
allocated
Tax
Rule
investment
surance,
shall be
net
company."
National
provided
of Representa¬
the
and
mean
"Net
the
of
71
Judici¬
the
on
House
.
to
cation
the apportioning
this
a
Con-, Committee
Public
during such taxable year gress because Title 2 of
either, or both, of the follow¬ Law 86-272 provided that:
ing:
(1)
formula
not been
further
person
are
of
States."
be
this
of
the
at
revenue
provided
ciation
pany,
country.
our
States will be able to collect addi¬
person
any
as
of
or
such
income
Constitution, between the pro¬
ducing and the consuming sections
revenue
collected by the various
political subdi¬ States from net income taxes on
vision thereof, shall have power interstate business is collected by
to impose, for any taxable year 10 manufacturing States.
Should
ending after Sept. 14, 1959, a net this bill be enacted into law, these
within
net
tion" which is defined
1959, providing that:
State
his
in this Act."
Consequently,
represents
the
Congressional action, Public Law
86-272 was adopted on Sept. 14,
"No
tion
,
,
bill
"This
Public Law 86-272
to carry
revenue
and
proper
(2451)
MEMBER
FEDERAL DEPOSIT
INSURANCE CORPORATION
'
page
72-
Ip(Ut>.;^*«^irfi'ii>lA»1
'
•■'t.t4j.ili>.Jfi1JiJ'.L!j.'(7..tI-«i 1^—,).
"
•—......
72
:
I,
*_..
1
The Commercial and Financial Chronicle
(2452)
.
.
Thursday, December 15, 1960
.
S)
Henning Hilliard
I
Pi
'i
K i
Pi
ing
firms
their
tax
effect
liability
VI
<r
American
North
'Si
The
North
Annual
which
Quebec
customary,
As
Chairman
the
of
is
.
First
the
meeting.
*>
|] i,
I.
industry from
many
Administrators
amendments
and
acts
to
in
of
the
administrative
El worthy
San
Respectfully submitted,
STATE
John
Kansas
COMMITTEE
G.
Equitable Securities Corporation
Nashville, Tenn.
Cruttenden, Podesta & Co.
Chicago, 111.
Alex.
Company,
Incorporated, Miami Beach, Fla.
Brown
&
Charles
Edde K. Hays
Chicago, 111.
Atlanta^ Ga.
J.
R.
Phillips Investment Com¬
Incorporated
Houston, Tex.
*
Harry
Company,
Chicago, 111.
of your
underwritings and offerings,
You will have available
a
retail
the
would like to help you.
&
APPENDIX
as
209
SOUTH
our
seasoned
t
y
LA SALLE
STREET
NEW YORK
DENVER
OMAHA
FREMONT
Co.
CHICAGO
ST. LOUIS
MILWAUKEE
INDIANAPOLIS
4, ILLINOIS
in
CEDAR RAPIDS
MADISON
-
FORT WAYNE
ST. PAUL
GRAND RAPIDS
GARY
the
investment
regular
fide
the
ii
o n
in
5
Government
S.
U.
bonds,
ipal
bonds, and bonds of Canada or
any Canadian province and (3) a
who effects transactions in
exclusively
with
or
state
securities
other
of the
issuers
through
involved in the transactions,
broker-dealers, banks, savings in¬
stitutions, trust companies, insur¬
ance
companies, investment com¬
panies, pension or profit-sharing
other
or
financial
NEW
trusts
institu¬
YORK
tions.
b' ;.i
1}
An Investment Advisory Regis¬
Act
''
adopted
was
as
£.
issues
but
mean
1, 1960.
defined
who, for com¬
any person
advising members of the public
directly or through publi¬
or writings within or from
cations
of New
State
York
securities
of
or
to
the
to
as
as
the
ness
other
issues
or
rities
to
within
promulgates
or
reports
anal¬
concerning
secu¬
memebrs
from
or
the
of
the
State
public
of
New
nor
h:
he
Midwest
Stock
DISTRIBUTORS
Exchange
YC
y. yy
■
of
YGIS' SSS
bll:.Y:
of
■T
■4:J
1
Y
loans
Y
.
INCORPORATED
Y
such
Yy:\
include
not
M
Stifel, Nicolaus & Company
v"
NEW
defined
MEMBERS
•-' ■'•y
by
YORK
AMERICAN
MIDWEST
companies registered
ST. LOUIS,
STOCK
EXCHANGE
STOCK
EXCHANGE
Y
t.-y
--v:
.
STOCK
(Assoc.)
EXCHANGE
MISSOURI
CHICAGO, ILLINOIS
Moline, Illinois
v/.'b/Y'.!
includes
special
provisions
ap¬
plicable to thrift companies with
respect to
the required capital,
and
Private
and
Wire
to
Between
St. Louis and Chicago
Hayden, Stone & Co., New
Offices
York City
director.
as
a
eligibility for elec¬
Y:
GEORGIA
The
Georgia Securities Act
as
effective March 17,
follows:
(1)
Section
"salesmen"
clude
partners
cers
of
paid
a
an
TWX—CG
2-1168
1110
and
officers
to
or
exclude
directors
a
We
are
of
of
Illinois
you
for
H. C.
underwriting
bonds
and
for
77
experienced, prompt service.
Speer & Sons Company
ESTABLISHED
Field
issuers
Building
1885
135
CHICAGO
Telephone
was
the
municipal
an
act.
Section 4(c)
in
ex¬
securities registered under the
(3)
specialized
and offer
years,
Section
for
have
distribution
execu¬
as
a
prerequisite
salesman.- .
requirement for bond
of
offi¬
3(h) was amended
clarify the exemption from the
(2)
to
ex¬
they
amination
being
3
to
executive
or
issuer unless
Since 1885
defining
amended
issuing corporation from the
CHICAGO
1(g),
1960
commission for the sale of
securities
tive
was
It
MUNICIPAL BONDS
was
amended
INVESTMENT STOCKS
135 S. LA SALLE ST.
i
$•'
business
the Investment Com¬
tion
MULLANEY, WELLS & COMPANY
r.
BANKING
pany Act of 1940. The amendment
reserves
CORPORATE AND MUNICIPAL BONDS
■I
.,
31, 1960
certificates
of the law (certain
savings and loan asso¬
pursuant to
MEMBERS
and
does
SEVENTY YEARS- I960
-
6-101
ciations)
UNDERWRITERS
it
institutions
banks and
w
course
therefor
money;
Section
■*.
FRanklin
'"'i
Adviser" i is
111^ INVESTMENT 11:1
was
money
financial
'■*'.>
f!
an
July
effective
law
"Investment
yses
employees
than
a
advisability of investing in, pur¬
chasing, or selling or holding se¬
curities or who, for compensation
and as a part of regular
busi¬
to
security holders,
more
companies,(2)
who effects transactions
the state exclusively in munic¬
value
also
sold
or
the
(1)
from
requirement,
trust
or
person
of
exemption
issued;
own
e e
was
permanent
1890
to
from the public,
investment certificates in
return
CHICAGO HEIGHTS
Y
*?,
S
exempts
thereby
registration
either
of
would apply to securities
by thrift companies to the
securities law. A "thrift company"
is defined as a corporation which
4:
h
and
pensation, engages in the business
by
not
issued
Teletype CG-2536
:1>r
MUSKEGON
&
subject
receives
SAN FRANCISCO
LINCOLN
•
impose
t
t
definition of "broker-dealer,"
the
to
the
and/or
State Securities Acts in 1960
to
Exchange and Other Principal Exchanges
OEarborn 2-0500
i
that
so
issuer's
bona
ARIZONA
Cruttenden, Podesta
%
as a
New Jersey to
the
securities
A
Summary of Amendments
amended effective March
!fc
the
persons
&
The Arizona Securities Act
Members New york Stock
broker-dealer or agent in
register under the
act, but the act will not require
registration of securities.
The
new act specifically excepts from
ing
Davenport & Co.
«
\%
less
protection
.
Richmond, Va.
organization of 171 registered
Central West's great markets—as well
ML
may
the
for
I
under the present New
Jersey Securities Act.
The new
act will require any person act¬
register
sky
not
as
of
amendment to the New York blue
than
issuer
provisions
Securities Act
modifications. Dealers
and salesmen are not required to
some
Henry L. Valentine II
we
underwriting department.
y,
the
P.?-
Uniform State
the
tration
Trost
representatives in key cities, coast to coast—with special emphasis
on
terms
upon
to
for
Boyce
Louisville, Ky.
effective placement and aggressive distribution
favorable
the
Stein Bros.
you want
stockholders
amended
and
Nicolaus
S.
such
offer of any unsubscribed portion
of such securities to one or more
Subdivision ,.>(3)i..oL
of
the
Act
Company,
Incorporated, St. Louis, Mo.
Milton
after
451.113
Theis
Stifel,
months
investors.
Boston, Mass.
Allyn
3
Commissioner
James E. Snyder
C.
within
regulation
Sears
Incorporated,
(providing
conditions and prohibitions
Estabrook & Co,
A.
stockholders,
-
registration
agent
the
previous offering, subject to such
Denver, Colo.
pany,
•
sale
Pierce
Edmund H.
Uniform
securities act
new
in New Jersey ef¬
1, 1961, embodying
fraud and dealer and
Jan.
anti
with
they do not exceed 25 in number)
the subsequent offering and
Garrett-Bromfield & Co.
-
Wilbur E. Hess
Robert M. Bray
Trust Company of Georgia
C.
its
't
adopted
the
and
Co.
Malcolm F. Roberts
Dean Witter & Co,
Beecroft, Cole & Co.
Topeka, Kans.
&
Rauscher, Pierce & Co., Inc.
Dallas, Tex.
Sons
Baltimore, Md.
Harry Beecroft
Walker
St. Louis, Mo.
F. Barton Harvey, Jr.
William A twill, Jr.
A. C. Allyn and
H.
Modified
issuer of its securities pro rata
an
to
George A. Newton
Gus G. Halliburton
Robert A. Podesta, Chairman
is
act
new
Section 451.106(n) of the Mich¬
igan Securities Act was amended
by deleting the language in pa¬
renthesis and adding the under¬
lined language to read as follows:
"(n) The offering and sale by
'
i
The Ohio CompanyColumbus, Ohio
City, Mo.
act
Securities Act.
the
complete
banks
Kentucky .effec¬
on
A
person
Frank R. Musrush
Co.
sale
MICHIGAN
Stern, Frank, Meyer & Fox
&
in
1961. The
1,
based
Los Angeles, Calif.
Fogarty
Stern Brothers
LEGISLATION
Jan.
States
Detroit, Mich.
& Co.
the
securities
new
adopted
tive
Louis Meyer, Jr.
Francisco, Calif.
F.
complete
was
McConnel, Jr.
McDonald-Moore & Co.
Stanley R. Dickover
problems
under the acts.
A
-
Pittsburgh, Pa.
Seattle, Wash.
on
securities
exemption for
Harry A. McDonald, Jr.
Daniel
E.
Pacific Northwest Company
state
work
state
Robert
the
connection
in
KENTUCKY
Singer, Deane & Scribner
Paine, Webber, Jackson & Cur¬
tis, New York, N. Y.
Committee and by members of the
Corporation
Oreg.
Portland,
W. Bruce
John F. Cur ley
con¬
individual liability.
Lind
L.
be
involving an un¬
derwriting to not in excess of 25
persons.
'ar
Camp & Co.
Durham, N. C.
Counsel of the IBA attended
We express again
appreciation
for
the
assistance
and cooperation received by this
.
Y
of
number
not
of securities not
Des Moines, Iowa
Corporation
Securities
of
shall
Commissioner
with
.
,
as
and
6(j) was amended
specify the information re¬
quired in an affidavit filed with
the
^
Iowa
of
Herman
Croom
William D.
the
Committee and the Assistant Gen¬
eral
First
aggregate
to
Greensboro, N. C.
Bosworth, Sullivan & Company,
Inc., Denver, Colo.
held
was
September.
in
of
to
Section
(5)
vy..:..
Roy W. Leriche
John C. Crawford
being
as
regardless
strued
Co., Inc.
McDaniel Lewis & Co.
Montgomery, Ala.
of
Administrators
the state securities acts)
in
Ad¬
members
construed
bonds
Marshall H. Johnson
Cohen
registration of securities shall be
claimants
Baker, Simonds &
Detroit, Mich.
Sterne, Agee & Leach
salesmen, limited salesmen, deal¬
ers, limited dealers and for the
liability recoverable against such
Pa.
William L. Hurley
Clark
A.
Mortimer
t
of
Securities
(the
the
are
• ■
the
M
Meeting
American
ministrators
A
Pittsburgh,
other
15
than
more
NEW JERSEY
fective
Frank H. Hunter
Butcher
not
to
was
Haffensperger, Hughes & Co.,
Incorporated, Indianapolis, Ind.
Inc.
Merrill, Turben & Co., Inc.
Cleveland, Ohio
Securities
Administration
sold
persons.
scribed for the bonds required of
McKelvey & Company
H.
of
Wagenseller & Durst, Inc.
Philadelphia, Pa.
industrial firms.
on
W. Keen
connec¬
examination
Section 4(f) was amended
to provide that the amount pre¬
Butcher & Sherrred
William
i'i
,;i
W.
to both
and the
respect
with
own
the
Los Angeles, Calif.
Paul, Minn.
St.
with
(4)
§. Hughes
W. Shannon Hughes
Kalman & Company,
$15 fee in
a
salesmen.
William
Robert Z. Bronn
71
page
engaged in interstate commerce
is important to investment bank¬
authorize
tion
Louisville, Ky.
Report of IBA State
Legislation Committee
Continued from
to
J. J. B. Hilliard & Son
——
3
...
So.
La
Salle
St.
■.>,
,
RAndolph 6-0820
amended
Yi
1.1
ir
t
I
„
a.
f
t
^
'I
ft
i
include
pany;
bank
a
more
vesting
than 40
publication to the in¬
public one copy of any
litera¬
other sales
or
for
intended
or
general distribution to clients or
prospective clients and one copy
of any advertisement offering in¬
attract
to
new
sponsored
is
chamber
of
industrial
tate
tion
offerings
It will
law effective Jan. 1, 1961.
unlawful
be
were
New York blue sky
to the
take
to
in
part
a
public offering or sale in or from
the State of New York of securi¬
interests
participation
in real
of
constituted
ties
investments
or
estate, mortgages or leases, in¬
cluding stocks, bonds, debentures,
evidences of interest or indebted¬
interests
ness, limited partnership
or other securities, when
curities
consist
such se¬
primarily of par¬
or investments
ticipation interests
in
or
one
real
more
-'
by
commerce,
estate
company
ance
(3) is to be sold mainly to per¬
interested in the development
of
the
community by salesmen
who receive no compensation for
offering and selling the security."
sons
1960)
(a) The following acts or omis¬
sions in connection with an offer¬
securities shall constitute
offering "inequitable" and
of
such
will
which
on
"work
tend
or
to
work at fraud or deceit":
(1) Warrants or stock purchase
options to those other than all of
the purchasers of securities must
be justified by the applicant. The
following standards will be fol¬
lowed in determining whether the
issuance of such warrants or stock
options
ven¬
the
that
issu¬
of
options is necessary to
competent investment
obtain
a
contrary valuation exists;
(h) that the same tests be ap¬
plied to options ^issued by "sell¬
ing
shareholders"
recommended
in the promotional stage
circumstances
dence
herein,
indicates
shareholders
as
that
are
so
has
been
unless evi¬
the selling
separated
from
the corporate entity and so
lacking in control of the corporate
entity as to require more liberal
treatment.
■>A, • '
,;
(2) The offering or proposed of¬
fering of securities of an issuer
which
commissions
writers
the
to
under¬
lower than the
are
usual
and customary commissions would
be in the absence of such options
or
warrants;
(f)
terms and the
ance
application
if
such
as
to the
for the issu¬
options
and
war¬
further provided that
rants; and
with
reason
such
of
issued
prospectus
full disclosure
a
is
reason
in
connection
future
advisory services to
be performed by the underwriter
without compensation in consid¬
eration
for
the
issuance
of
(g)
that
the
in
states
where
it
is
to include the value of
options in the computation of
commission, the market value of
in
the
promotional, ex¬
development stage
or
shall
less
the
total
of
(a)
the
be
or
offered,
(b)
and
amount
the
of surplus of any kind, regardless
of description and whether or not
restricted.
Federman, Stonehill Partner
Federman,
bers
St.,
Stonehill
New
York
&
Co., 70
City, mem¬
of the New York Stock
change,
on
Jan.
James Meade to
2
limited
Ex¬
admit
will
ship.
respect of which the fair
equity investment of
promoters of such issuer 4s
15% of the total equity
mean
stated value of all equity
securities offered or proposed to
par
value of the
partner¬
'.V
Hecker
to
Admit
would, result
PHILADELPHIA, Pa.—Hecker &
Co., Liberty Trust Building, mem¬
from the sale of all of the securi¬
bers of the New York and Phila¬
than
investment
ties
which
which
are
the
subject of the
delphia
proposed
offering,
shall be presumed to be inequit¬
offering
a
fraud
chasers
of
(a)
For
or
deceit
or
the
proposed
or
-
Baltimore
Stock
Ex-
or
able and to work
such
options, that a statement to that
effect be placed in the prospectus;
necessary
and
the
the
that
in
is
ploratory
(b) For purposes of this rule,
the term "total equity investment"
Pine
/,
banking service, provided that the
contains
ing
(5) years in
exercisable one
in connection with the
Illinois Rule 150 (February,
warrants
or
evidence indicates
direct
arid
sentative local businessmen,
are
(e) if the options and warrants
issued by a '.relatively small
local
corpora¬
by other groups of repre¬
or
•
and
used unless
that
after issuance;
and
a
be
are
local
the
by
inal exercise
five
exceed
not
duration
to the issuer.
exists, an arbitrary value of
twenty percent (20%) of the orig¬
price of such options
that
where it appears from all the facts
APPENDIX B
regarding real es¬
syndication
added
indus¬
or
development
vestment advisory services.
New sections
business
try to the community,
(2)
if the options
(d)
do
appraisal pursuant to Rule 180)
of all tangible assets contributed
value
options (are issued to the
underwriters;
year
(1), is to be offered and sold as
part of a community undertaking
time
the
at
73
such options, if any, be used. That
in those cases where no market
alterna¬
either
to
as
the
by order
the Commission finds
original investment
addressed
ture
twenty percent (20%)
time; provided that an
derwriters
the
exempt from the other provisions
of this chapter any security that
or
prospectus
adding
by
"The Commission may
advisory statements and for each
renewal "and to file on the date
issue
1960
(2453)
tive must be made by the un¬
following exemption:
in the state; and certain
other specifically exempted per¬
sons.
The act requires investment
advisers to register with the at¬
torney general, to pay an annual
of
in
amended
persons
fee of $100 for
at any
V
VIRGINIA
compensation for them; a person
does not sell investment ad¬
to
(2)
consum¬
The Virginia Securities Act was
who
services
the
transaction.
the
of
election
performance of these services is
solely incidental to the conduct
of his business as broker or deal¬
er
and who receives no special
visory
with
connection
whose
broker or dealer
a
The Commercial and Financial Chronicle
.
,
mation
trust com¬
or
,
in
"Investment adviser" does
York.
not
Number 6012
192
Volume
to
Changes, will admit Edna M. Sell¬
tend to work
upon
securities
and Gladys D. Kolb to limited
ers
the pur¬
partnership
be offered.
purposes
on
Jan. 1.
offered
Hirsch to Admit
of this rule,
the term "fair value of the equity
On Jan. 1 Hirsch &
investment of the promoters" shall
mean
the total of all sums con¬
St., New York City, members of
tributed
to
the issuer
determined
by
Stock
the
New
will
admit Milton
in cash to¬
gether with the reasonable value
(as
York
Co., 25 Broad
independent
to
Exchange,
C. Altenberger
limited partnership.
justified.
are
Restricted
Stock
Options:
Op¬
tures, unless there shall have been
tions to management in the nature
filed with the Department
of Law
of restricted
written statement to be
known
a
as
statement"
"offering
an
or
"prospectus" concerning the con¬
templated offering and containing
specified information and repre¬
sentations.
No offering or sale of
such securities shall be made ex¬
cept on the basis of information,
statements, literature or represen¬
tations
constituting
statement
ered
stock options for in¬
purposes
in
justified
will be consid¬
reasonable in
number^ andvmethod of exercise;
Stock
Purchase
considered
and
method
of
exer¬
cise;
Options
to
Underwriters:
tions to underwriters will be
ties
sidered justified
made to persons not ex-
received
therefrom
the
for
offering
are
shall
of
the
deposit
chase,
offering
or
the
person
(c)
and
the
personal
funds
same
actually
are
of
assets
the
shares
or
op¬
if the initial exercise price
the options is at least equal to
the public offering price with a
of
the per¬
selling such secu¬
commingled
receiving
of
warrants
offering;
step-up
rities and shall not be
with
number
the
by
then
pur¬
advance
or
shall be held in trust by
son
money
the
making
person
un¬
under¬
(10%) of the securities to be out¬
standing at the completion of the
therewith
the
be
to
firm
tions does not exceed ten percent
York, all monevs
connection
in
continue
the
if
covered
the public
the State of New
received
(b)
syndication securities
in or from
estate
sold to
a
is a partnership and
only among the partnership;
offering to residents of the State
of
New
York
only.
Whenever
real
under
met:
managing
writer
intrastate
an
are
to
writing agreement provided they
are
not
transferable
except
in
cases where the managing under¬
other than
reasons
being
if issued
derwriters
Commission
or
an
exemption
Exchange
have
(a)
Op¬
con¬
if all.of the fol¬
lowing conditions
/;ceeding 40 in number or (2) if the
securities have been fully regis¬
tered with the Federal Securities
and
''
justified if reasonable
number
in
torney general is authorized to
exempt any offerings of securi¬
(1)
r
Plans:
Options
to employees, or their nominees
pursuant to stock purchase-plans
or
profit sharing plans will be
offering
The at¬
the
prospectus.
or
centive
the
of
exercise
price
of
either,
the
(1)
until
percent
(7%)
they are outstand¬
in the alternative,
seven
each year
ing,
employed
or
U. S. Government, Federal Agency,
Securities
State, and
U.S. GOVERNMENT
STATE and
MUNICIPAL
BONDS
NORTHERN/TRUST
ILLINOIS
NATIONAL
BANK
Financial
NEW
YORK
-
-■
■
•
BELL SYSTEM TELETYPE CG 368
'.
'.■'
-V'.
:• ■;
-
.
■'...
AND
TRUST
COMPANY OF CHICAGO
CHICAGO
REPRESENTATIVE ' IS Broad Street * Dlgby 4-7400 • Bell System Teletype NY T-853
■
-
0-SSOO
BANK
231 South LaSalle
Street, Chicago 90, Illinois
IN CHICAGO: STate 2-9000
IN NEW YORK: WHitehall 3-0100
MEMBER F.D.I.Cr
jt
*1..' •",
.
■
ik-'ftii'M'xM ■ Vw,f Tii-^ hW *4.'
r^sH t*p&M
•WtlMv ».|A
J£H&«(.U£ MUSlsKtoi*. <
I m»
■
3
f:;yl
74
The Commercial and Financial Chronicle
(2454/
companies. In the case of casualty
companies, the reserving policy of
one
company may be more con¬
Report of IBA Insurance
servative
Securities Committee
than
company.
While
that
of
the
Korean
War
43
toll
their
took
on
policyholders' surplus at the same
time that premium
writings were
rising sharply.
the
unprofitable phase of the under¬
writing
cycle
which
extended
from 1955 through 1957 began to
subside, there was a sharp in¬
crease
in new capital financing
by the fire and casualty insurance
companies.
The
total
amount
raised in the 1958-1959 period was
1959,
Again in 1958 and
$132
including
million,
lion
contributed
Service
Fire
1959
financings
$55
mil¬
Allstate
to
Insurance
by Sears Roebuck in
the
as
and
Company
executed
were
for
stocks
well
were
re¬
If
H
%
?>
h
-u
i;
b
that
price
so
in
concessions
favorable
this
new
but equity
security markets have been under
is
rising,
higher
would
ing
still
year,
Premium
pressure.
partly
rate
place
took
leaves
nancing
a
volume
result
of
structures. Thus, it
that the new financ¬
seem
which
as
in
a
need
the
liabilities
expansion
to
desired
review
A
cable
the
of
Surplus
3-to-2
$9,930,697
$12,419,384
11,495.592
$9,381,140
0.755
9,076,828
8,619,370
0.750
0.950
8,640,093
10,816,014
7,073,013
0.654
0.819
1956—
7,991,071
10,010,966
7,300,261
0.779
0.976
1955
7,662,138
7,693,594
0.803
1.004
figures consist of a composite of
rather widely different situations.
Certain
of
line
tiple
the
older, large mul¬
groups have built up
substantial ratios of
policyholders'
surplus to liabilities. On the other
hand,
companies' ratios
some
are
well under the industry averages,
indicating
possible
a
need
for
capital to bring them into
closer alignment with
other
It has been
ratio
for
future
last
year
more
by
fi¬
many
pointed out that no
provides conclusive
evidence
of
the
nancing
by
a
ship
of
need
fire
company.
for
or
new
fi¬
casualty
The relation¬
policyholders' surplus to
and
potential
liabilities
ratios
of
policyholders'
surplus to liabilities and yet dif¬
fer widely with respect to rela¬
financial
tive
ample, if
has
been
other
has
strength.
experience
been
its underwriting
may
be
a
for
need
For
ex¬
one of these companies
enjoying profitable un¬
derwriting
7,143,593
losing
while
money
the
on
operations, there
great difference in the
new
capital by the two
;
—
8,579,987
6,410,590
;
9,581,015
9,091,471
7,815,122
.
,
>
3-to-l
0.945
6,697,463
0.737
5,191,529
4,963,904
0.605
Investment
bearing
5,768,796
6,992,252
policies
adequacy of capital
fire
also
0.660
5,812,175
3,707,539
0.638
4,403,011
5,222,024
3,066,252
2,904,943
casualty
of
1947
a
short
a
period
should
have
of
time,
about
surplus
policyholders'
for
Best
V
are
the
fire
panies
except
f Amount
If
A
-
two
*68,000,000
1950—
13,000,000
1949-
—,
!_
examination
study of the
nature
option
of
and
spect to that company's need
for
additional capital. Even after such
examination,
reached
the
be
may
conclusion
tentative
the question is a relative one. This
arises from the fact that investor^
policyholders are continually
making
comparisons
between
companies. Thus the managements
of
insurance companies
are
in¬
and
make
to
their
com¬
own
parisons of their financial strength
of
future
depend
on
the
to nearest million.
financing
will
""Includes
—25,000,000
$55,000,000 contributed
existing capital
on
and
the
condition
\
And
"
Stocks in
of
of
1960
1960
the
fire
and
'
The
of
than
and
second
1959
any
number
third
materially
similar periods
of
prior-
since
for
Rate
six months
increases
of
for
a
These
1958
private
pas¬
and
fully earned. The
were
1954.
year.
;
•
price
were
1959
years
extensive
competing companies.
competitors are raising new
the
major
of
many
in
many
instances ris¬
ing. The problems of 1955 through
inflationary trends of the prior 10
tended to level off and the
safety education pro¬
with that of
of
two
July and most of August, the Dow
Jones
Industrial
Averages were
sinking
steadily
yet
insurance
stocks prices were at least stable
1960.
senger automobile granted in 1957
and
the
1:1:
of the fire
and casualty insurance stocks re¬
flected
this
improvement.
For
better results carried forward into
the first
first half
The
better
years.
had
lines of
improving, pros¬
for
underwriting
results
brighter than at any time
pects
*
quarters
were
the
With
were
/
began.
tremendous
industry
business rapidly
casualty companies bore out the
high hopes held for them as the
year
the
the
suffering in this important
segment of the business. In addi¬
tion, loss of property due to fire
decreased throughout the country
for
the
which
been
in
results
reduced
losses
,
II
,
Casualty
half
tically
security
Happenings in Fire
Underwriting
first
combination of these factors dras¬
pres¬
resources
of
'
•
-
Significant
gram
adopted by the insurance
industry began to bear fruit; The
rate of growth of
business, the extent of
sure
If the
"v<
1945—
J
■
20,000,000
timing
the
unless
the degree of under-capitalization
is substantial. To a certain extent,
clined
;;'V r.
45,000,000
;
-
by Sears Roebuck and Company to Allstate and Service Fire Insurance
Company.
Source: Insurance News, Alfred M. Best Company, Annual
trend
re¬
an
30,000,000 !•>::
—
-
32,000,000
80,000,000
1946—
tRounded out
a
be formed with
can
1948—
>
.
!•'
33,000,000
10,000,000
—
1947-
;
/ 1952
of its business is necessary before
an
.
63,000,000
.
markets.
particular company's position and
a
!
18,000,000
—'.46,000,000
.1953-
*
f Amount
$25,000,000
—
com¬
one.
thorough
u
Averages, '
Editions.
are
liquid
more
Year
1951
liquid portfolio than
company.
and
II
$64,000,000
.
1956
a
However, this means
casualty company must
more
Aggregates
(Source:
i
Year
1957
premiums.
a
thousands.
1958
dollar of policy¬
surplus
per
dollar
of
the
0.940
1.299
1959——^
1955-
that
0.767
0.998
Co.)
1954
have
k 4
0.752
2,878,935
3,150,831
TABLE
slower in developing, may require
holders'
0.637
3,751,401
in
figures
!'■ '"Jsi
•
0.696
'
New Capital Raised by Fire and Casualty Companies, 1949-1959
each
usually
Dollar'
M.
of
dollar of liabilities. Casualty com¬
panies, whose claims
4,560,436
0.777
0.587
1
3,158,005
;.V
3,063,044
,
2,424,661
Alfred
usually
dollar
a
—
NOTE:
company.
k.
3,862,123
1946—
1945
Fire
companies, which may be called
upon to meet sizable claims within
or
,
0.821
4,759,920
have
resources
■
0.789
6,386,108
4,542,504
4,216,861
0.650
5,137,528
1949
the questions of the
on
/>)
til
0.938
1948
a
,
0.774
•,
1951_
Varying Interpretations
'
-I'
'
0.742
0.635
1950
alike in all respects
actual
as to the liquidity of their
provides only a general indication investments, the company with the
of the adequacy of capital. Two less
liquid portfolio may be said
companies may have practically to need more capital than the
identical
Policyholders'
7,000,347
1954
1952
only about half
companies.
single
—
1953—
underreserved.
or
indicates that the industry
groups
1957
has
companies
Ratio of
Total
Liabilities
1958—
company
may
show
underwriting earnings as a
of having set up large re¬
serves
against losses, its actual
position
may
be
substantially
stronger than the company which
result
to
of
Fire and
Stock
of
Written
1959
figures appli¬
individual
to
insurance
of
amount
the
capital
the
their total premium volume.
when
casualty
financing done by fire and casu¬
alty companies to date in 1960 has
been small, the
industry's ratio
of capital funds to liabilities con¬
tinues
to
be
historically
low.
Underwriting results have been
some
m
time
and
necessary.
While
v
a
relatively low
were
substantial
were
at
fire
permit
new
1958. While
ceived, it is noteworthy that they
markets
of
ratios
Ratios
Premiums
Year
con¬
servative
companies in the industry if they
are
to
maintain
strong enough
II
I
Casualty
Insurance Companies, 1945-1959
lower
Continued from page
Thursday, December 15, 1960
.
TABLE
Capital
another
more
.
.
beginning to fade into
were
history. Then,
has
as
often
been
capital to strengthen their finan¬
"U
cial positions, there will naturally
i!
be
tf
whose
tendency
a
capital
the
for
company
resources
thin
are
to follow suit.
M<
Of
V
'w
one
't-»
b'l
raising
amount
of
n.;
take
As
\
New York Stock Exchange
*
Midwest Stock
ih
Exchange
American Stock Exchange (Associate)
down
a
the
Straus, Blosser
NEW YORK STOCK EXCHANGE
MEMBERS
&
•
McDowell
MIDWEST STOCK
EXCHANGE
for
time
digestion
is
However, if the demand
needed.
Listed & Unlisted Securities
will
it
a
this may be
after
Underwriters—Brokers
de¬
temporary measure
defended, particularly
period of rapid expansion
on.
where
I
by
business
new
any
avoid
to
capital
holding
l?f»
\v
possible for
company
additional
liberately
MEMBERS
it is
course
insurance
i
STOCK
is there, the industry as a whole
cannot refuse to perform its func¬
•*<
DETROIT
EXCHANGE
•
AMERICAN
STOCK
EXCHANGE
(ASSOC.)
socialism.
tion
for
time
am
hi
t'Vv
."/i
,
u
y
'U
J:
and
the risk of
Furthermore, there is
possibility that a refusal of
Company
t\v
INCORPORATED
interest
KANSAS
by
agents.
Once
agents
have
likely
I
»
to
prove
them back at
The fire
by adding
of
and
STREET
TELEPHONE
MILWAUKEE
GRAND
TELETYPE
MT.
CG
RAPIDS
CLEMENS
650
to
Retail
later date1.
casualty industry,
4
4'v,"
Wire
J
■
Connections
a
y
Coast
*■'.
to
..
v v>
Trading
Coast
half a billion dol¬
capital to its policy¬
over
new
holders'
a
difficult
SALLE
3, ILLINOIS
ANdover 8-5700
CITY
shifted to another company,
is
surplus
in the
1945-1949
period,
has
demonstrated
its
ability to attract the capital essen¬
tial
the
to its continued
new
received
Investment Bankers Since 1912
NEW YORK
DETROIT
get
LA
CHICAGO
business will result in the loss of
lars
h»-
SOUTH
39
of
period
it
r!r
11'
i
extended
without running
the
i
any
dence
of
growth. That
offerings have been well
by
is
evi¬
investor
con¬
shareholders
continued
fidence in the industry in general
and in the companies making the
new
offerings in particular. The
ability to draw upon investors for
CHICAGO
McDougal and Condon
additional capital investment is an
h
Incorporated
essential characteristic of
NEW YORK
BOSTON
and
a
sound
.$4
vigorous business. The future
of our nation's economy
f
growth
necessarily involves further rapid
expansion of the fire and casualty
h
«
lif
i
MIAMI
BEACH
pected that most of this expansion
will
continue
to
be
financed
through
surplus,
i
Municipal Bonds
insurance business. While it is ex¬
internal
the
generation
of
need for additional
208 S. La Salle St.
Chicago 4, 111. V
Teletype CG 276
capital from outside sources will
continue.
The
amount
and
the^
■O '
uL
192
Volume
the
in
case
the
Number
of
affairs
6012
.
The Commercial and Financial Chronicle
.
in
course
man,
the "Femme Fatale." Donna
came
.
payout
investment
income
against
merit
is
mon
lower than it has been for a num¬
First
Reports
initial
The
storm
give
ber
struck!
for
Ominous
estimates
of years.
Aside
of
the
there
from
were
operating
a
period of accident-free driv¬
a
ing.
results
Rates
cidents
number of interest¬
a
is through the use of
rating plans.
These plans
discount from a base rate
compete
companies whose
many
of
(2455)
increased
are
or
for
ac¬
moving traffic violat¬
a
limit of twice the
ominous.
ing developments in the fire and
ions
Total insured
damage of approxi¬
base
mately
million
casualty industry.
The
problem of meeting the
competition of direct writers has
continued to receive study.
opportunity to
value.
Opinion is sharply divided as to
its success. Some industry leaders
damages
$135
tioned.
The
were
stock
insurance
was
immediate
men¬
effect
prices
on
rela¬
was
tively severe, many declining over
5% within a two-day period. As
time
than $100
on,
million.
While it is ob¬
vious that the storm damages will
ter. Reduction in commission
not
improve third quarter results,
it does not appear likely that its
impact will have more than a
modest effect
Excluding
on
year
merce
second
and
crept
increased
usually
Fire
quarters.
until
up
in
20.6%.
Surety
underwriters
Convention
that
of
50%
the
their
ally
the
The trend toward
will
write
billed
should
be
matter
a
others
of
their
have
insurance
shopping
lent in other areas of merchandis¬
Mergers: Planned and Rumored
enable
and
Another
com¬
lost
been
interesting
develop¬
ment in 1960 has been the increase
in mergers and rumors of mergers
to
between
companies.
fire
and
casualty
The
second
manner
companies
agency
The Carroon and
olds group has announced
Rating Plans
in
which
attempted
in the group.
to
ESTABLISHED
18 OS
..
,
UNDERWRITERS
&
&
.
,1
»•
•.
•
.
.
n+f
* r-4
with
Glens Falls is merg¬
City
Kansas
MUNICIPAL
Fire and
the usual
Insurance
share
New
'
v
NEW
■
YORK
STOCK
Baltimore
EXCHANGE
AMERICAN STOCK EXCHANGE
MIDWEST
STOCK
sidering
(ASSOCIATE)
with
has
MINNEAPOLIS
•
ROCHESTER
•
an
New
Annual
FARGO
•
it
that
decline
BILLINGS
•
splits have
frequent in 1960.
A
growing number of companies are
adopting a policy of paying small
nually rather than to make larger
in
moderate
declines
stock dividends of 4%
appeared
distributions
sympathy with the weakness of
general market. The modera¬
tion
the
of
declines
in
was
The
line
for
life companies
accelerated
forces
and
been
in
been
is
been devised to attract additional
sales
In
which
was
pass
felt
the
for
to
the
Security
this
that
and
on
M
MOt-l-'i
FIRST NATIONAL BANK
MINNEAPOLIS
Specialists
of
in
state
and
municipal
North
Minnesota,
and South
may
In view
of the
Aver¬
Dakota
Dakota, and United States
Government bonds
the corresponding pressure
surplus accounts, merger talks
may grow even more prevalent.
reckoned with
m
NORTH DAKOTA
TELETYPE
—
MP
178
stock
common
Even
SOUTH DAKOTA
MONTANA
the recent past.
in
underwriting
though the fire and casualty
companies have suffered severe
last
MUNICIPAL AND STATE BONDS
five
and
book
during
surplus
values
the
accounts
and
Underwriters
of
:
-
Distributors
Corporate and Municipal Securities
'.'•••• '•
.•
f
' '' ;
''
'
•
'
.
\
' '
<
' '
•
••
bolstered
were
by rising stock prices. The decline
in
market
trend.
hence
September
carried
are
are
insurance
and
being
Since
reduced.
companies
main¬
must
sufficient surplus to finance
a
business
written,
getting
in the position of curtailing new
premium
writings
or
raising
money.
Should the underwriting
MINNEAPOLIS, MINNESOTA
Teletype: MP 163
Mutual Funds Shares
by the
values
market
at
this
revised
surplus accounts and book
values
tain
in
has
Stocks
companies
ALLISON-WILLIAMS COMPANY
prices
October
and
Phone: FEderal 3-3475
losses
years,
SHAUGHNESSY & COMPANY, INC.
Est.
1938
some are
First
National
ST. PAUL
Bank Building
1, MINNESOTA
results become unprofitable at the
time that the prices of com¬
same
stock
mon
dition could become
PRIMARY MARKETS
The
and
had
the
stocks
of
its
casualty
companies has
ups and downs in
I960The low point for the year, based
in MINNESOTA SECURITIES
o
Specializing in Local
Science
for
market
fire
Electronics and
depressed, the con¬
fairly serious.
are
n
Best's Stocks Index of 30 fire
and
casualty stocks, was in Jan¬
Reflecting the improvement
uary.
Stocks
Harold E. Wood & Company
in first and second
the
657
market
reached
M. H. BISHOP & CO.
cation
quarter
Northwestern
Bank Building
Minneapolis 2, Minn.
trend
cane
FE 5-2205
;
Members
Midwest Stock
Private Wire
to
a
of
quarter results
improved
until
it
peak
in August.
less
favorable
results
and
started
the
advent
Donna had
a
'
settling effect.
Exchange
to
Gregory and Sons
recover
mistic
-
and
in
a
of
Indi¬
an
the
down-^
October
overly pessi¬
battled
FIRST NATIONAL BANK BUILDING
Hurri¬
rapid and un¬
storm
Investment Securities
third-
The stocks began
from
view of
page
DEPARTMENT
prices injects a factor in the in¬
dustry which has not had to be
MINNESOTA
defeated,
was
Continued
INVESTMENT
bonds
damage
valiantly
SAINT
PAUL
It
seriously
rumor
Insurance
in
under
structure.
on
decline
provide
aged
would
Although that bill
the
with
The
over
Forand ,Bill
measures
care
Social
industry has
concerned
business written by the companies.
May
Insurance,
of
compete with accident and health
volume.
the SEC
passed the
prospectus for Variable Annuity
Life
much
other
the
strengthened
contracts have
policy
an¬
of
Dow-Jones
the
and
medical
Agency
year.
very
attempts to
business by
has continued and
this
have
new
new
5%
period
a
The life insurance
generally defensive char¬
drive
after
or
several years.
the
with the
been
in the past three months and
ages
GREAT FALLS
Home
Dividends Favored
until
reported to be con¬
exchange of
stock
also be interested.
Stock
Dividends and stock
were
Amsterdam.
Amsterdam
EXCHANGE
,
SAINT PAUL
is
the
not
Fidelity and Deposit Company of
"
lower
of
The Supreme Court may
ultimately be asked for a ruling.
were
and
The
merger
Commission
of
York
seriously affecting earnings,
there was a strong upward move¬
ment in the market prices of life
shares.
This
strength
persisted
proposing
to
ex¬
change iy4 shares of Security for
each
compa¬
New
year.
evi¬
was
taxes
stride
Connecticut
SECURITIES
of
Perhaps
talked-about
most
the
DISTRIBUTORS
MEMBERS
V
oper¬
insurance
a
possibility is that of New Amster¬
dam Casualty Company. Security
Insurance Company of New Haven
has filed a plan of exchange with
Piper, Jaffray & Hopwood
.
Reyn¬
plan
of merger between two companies
the
CORPORATE
com¬
panies.
of
life
new
life
by
residents
right
acter of life stocks.
Marine, and there were
large number of rumors.
^
buyer
preva¬
so
ing.
companies to
has
Merit
or
This
departments.
the
to
stop
one
ing
•
either
companies
own
insurance
tend to materi¬
expenses
which
number
the
*
practices
agency
excellent
operating
figures. In this event dividend in¬
creases
1960, the
published, and it
in
con¬
force
has been argued before the Court
of Appeals, from which a decisioh
is expected before the end of the
1960
the
to
court
upheld
Department to
deny such permission and the case
Important Happenings in Life
taken
companies
not
the
•
that
available
six months, the industry
report
L
When, early in
results
of
has
efforts
there.
'
ating
General
legal
State but admitted to do business
III
In
its
expected.
be
can
as
improve¬
dent
affiliation of fire and casualty and
life
insurance
operations makes
while
40%
directly
by
non-agency
the first
prices
three
field
the New York Department to per¬
mit acquisition of fire and cas¬
were
started
agen¬
organization
reduce
ness
was
Connecticut
tinued
ualty
which
largest and most
been
nies
nothing
acquisition of
in
companies for the preceding year
life
Agents,
months
as
is
rates
still
A number of the
pete for the better class of busi¬
profitable
in
that
that direction.
life insurance subsidiaries by fire
and casualty companies continues.
National
excellent year or only moderately
better than 1959. If the last three
as
and
cut
a
in
Prudential,
which
leading the move in
has
In light of
moderate
now
are
the
im¬
ing this improvement.
justified by present ex¬
best the plan is un¬
wieldy and difficult to administer.
carried
of member
companies."
stock
an
of
policies,
risks
insure
Such
are
than
companies
as
tion to increase dividends reflect¬
in
unworkable
is
offering
The
be
1959.
writing but improve¬
ment is expected.
Many compa¬
nies in the industry are in a posi¬
ment
is
will
of
improvement
perience. At
"Direct Bill¬
Insurance
of
continuous
The fourth quarter of 1960 holds
1960
those
not
insurance.
key to whether it will be
of
A
cies
be¬
for
over
doubt at this
try have acquired life companies.
show
gan to worry about the losses in
private passenger automobile
the
rate
being
Association
bonds,
again
proved
successful companies in the indus¬
nual
they
one
and
earnings
Spreading."
"Results of
survey disclosed at the 64th An¬
of the most profitable
segments of the business, turned
sour
1960
well
canont be
paid
ance
losses
August
28,
few
ing and Continuous Policy Accept¬
those of the first
as
Sept.
on
article headlined
an
valid
a
variable
There
small
represent one of the
industries
where
expected
factors
as
for
contracts.
casualty-
formally
approved
and
companies
these
it
widely used. The Journal of Com¬
re¬
ap¬
ample
year
first such company to be
com¬
'
of fire
approach to
more
of direct billing
uso
it
rating
in operation for
giving
assess
its
a
The stocks
the problem. Others maintain that
policyholders and continuous
policy forms are becoming more
the effect of Hurri¬
profitable
the
as
merit
has been
defend
of
sults of the third quarter were not
as
well
as
end results.
Donna, the underwriting
cane
Stock
This
than
more
companies increasingly
realize that they cannot compete
across the board
on private
pas¬
senger automobile business under
their present system of operation.
Many agents as well are begin¬
ning to face the facts of the mat¬
these original esti¬
mates were reduced, until at pres¬
ent writing
it would seem that
total industry losses will be less
wore
proach
agency
to
up
rate.
general decline in
a
stock prices.
75
1, MINNESOTA
76
76
The Commercial and Financial Chronicle
(2456)
.
.
Thursday, December 15, 1960
.
securities to meet varying invest¬
Report of IBA Insurance
direct-writers and mutuals which
ment
are
there
fire
Securities Committee
Continued from page 75
it is not felt
that
the
has
threat
beginning
the
of this year,
insurance
of life
investments
the
companies totaled $113,626,000,000.
In the preceding 12 months there
It was reported that Lloyd's of
was $6 billion in new investment
IiOndon, attracted by the stable
maturities, prepayments
earnings of life insurance compa¬ money;
and sales of investments provided
nies,
was
seriously considering
$13,800,000,000 for reinvestment,
the formation of a life company.
which brought the total invest¬
On June 30, I960, there were
ment funds during 1959 to $19,1,439 life companies in the United
Of this amount 30%
States—28 more than the year be¬ 800,000,000.
was placed
in mortgages, $4,416,fore, and 214 times as many as on
June 30, 1950. Of these, 300 were 000,000 in government bonds and
domiciled in Texas, 127 in Louisi¬ something over $750 million in
tax-free municipals.
ana, 108 in Arizona, 58 in Illinois,
been
33
removed.
in
Delaware
York.
and
in
32
One thousand two hundred
and
eighty-five of these
stock
companies,
but
the
mutual
60%
New
companies
of
the
country.
life
do
now
105
are
over
over
the
of
companies
years old and
life
100
50
154
than
more
business
Twenty
are
were
old.
years
15
had
10
as
against
passed
years
only
30
enjoying
in
a
new
and
business
in
and Casualty
Scope of Fire
Industry
Insurance
Status
The
as
a
field
of
fire
and
investment
insurance
wide
and
choice
Its
different
of
types
a
of
EXCHANGE
v
'
chemicals,
automobiles,
other such important
steel,
and
paper
investment
figures
are
The
The
areas.
an
foregoing
rough but they clearly
industry of real in¬
consequence.
industry in
provides is
almost
any
other
of
scope
the
terms of the service it
than
broader
is indirectly
everyone
cus¬
a
The size of the businesses
related to over-all eco¬
activity and, in fact, grows
directly
nomic
faster
the
than
because
ably
A
has
will
reciprocate. This may pro¬
a
real opportunity for ap¬
preciation in value of fire and
casualty
companies
which
are
suitable candidates for absorption.
vide
To
return
basic
of
specifically
more
the
investment income.
with the growth of physi¬
is steadily shrinking
total
the
to
much
the
by reason
rapid growth
more
lines.
other
example,
stocks
in¬
the
of
low
of the leading
underwriters
some
casualty
immediate returns with
promise of greater than average
growth in value. On the other
hand, current yields of greater
FLINT
MUSKEGON
and
industrial
average
in
available
than
amount
(2) Growth in underlying value
resulting from reinvestment of
to
can
the
be had in
up
one-half of investment income
together
leading
offer
Teletype DE 76
has
lagged
of
conditions. This is es¬
problem of state poli¬
changing
sentially
a
Commis¬
insurance
since
tics
because
of adjusting rates to
the difficulty
line with necessities.
in
rates
The industry offers a rea¬
sonable assurance of underwriting
(5)
profits
over
period
a
of years.
of average effi¬
underwriter
The
the
fol¬
past have always been
by better times.
lowed
an
(6) The nature of the assets of
insurance
company,
being
•
,
invested in high grade
marketable
securities, are - such
largely
that
little risk
is
there
The basic
lescence.
have
business
of
obso¬
of the
assets
independent
earn¬
and value
entirely
apart, from conditions which may
ing
power
exist
time
from
to
time
in
the
underwriting business itself. Even
the fixed assets of the industry
of
are
general
a
in
and
most
purpose
nature
could
cases
be
to other uses.
adapted
Dividend stability resulting
general policy of the in¬
dustry of paying out in dividends
only 50 to 65% of normally stable
assets,
For
WOodward 3-9565
to
characteris¬
investment
industry, the follow¬
ing advantages are offered.
(1)
protection to the insurance
investor
is
entitled to
a
profit
casualty companies ciency
recently, the trend under public regulation. Periods
of
unfavorable
fire and
underwriting in
casualty
for
Eventually it is to be ex¬
that the life
companies
pected
flation
More
been
others.
gether with the tendency for in¬
surance coverage to rise with any
decline in purchasing power of
the dollar.
To some extent, in¬
sioners hesitate to promptly adjust
development of re¬
has been the trend of
the
listed under (2) above to¬
sources
Price
Long-Term
Stability
from the
fire
DETROIT 26, MICHIGAN
increasing
an
companies to go into the life busi¬
ness either directly as in the case
of Insurance Company of North
America by organization of a life
affiliate or by merger or purchase
as
in the case of Federal, Saint
Paul,
Home,
Springfield,
and
whole
the
and
into fire.
tics
coverages.
new
once
to
related
years
lines
the
as
eased
integration in the industry. In the
past 10 years, almost all large fire
companies have gone into casualty
continuous
the
of
be
cent
a
economy
offer the investor oppor¬
tunities through which varied in¬
vestment objectives can be met.
Unlisted Stocks
E. LANSING
of
while
that they are inevitable. Individ¬
ual company problems will prob¬
considerably
dustry
PENOBSCOT BUILDING
RAPIDS
com¬
companies are exceeded
in size by the oil industry.
The
insurance industry is larger than
The
GRAND
will be painful to some
the business, it appears
casualty
of
Municipal and Corporate Bonds
corrective
and
aTf^ock fire and
Total assets of
relative
Underwriters and Distributors
of
Agency
measures
business.
surance
of
Listed and
"American
System"
than half the total stock in¬
more
cal
EXCHANGE
STOCK
so-called
in pace
MEMBERS
MIDWEST
the
inefficiencies
business, is now only a small pro¬
portion of total volume, and while
growing absolutely year by year
MQ)onald-Moore & Co.
STOCK
The industry
the
of
aware
to
These 15
constitute
panies
proliferation of
Fire insurance,
DETROIT
prices.
is
degree by mergers.
whole
V.
uct at lower
3V2 billion dollars.
tomer.
casualty
offers
similar prod¬
areas
and
Field of Investment
a
15
single business. Every productive
enterprise and almost every in¬
dividual
is
directly a customer
IV
offer
companies in which
general investors might partici¬
pate, one finds a total net worth
(capital and surplus)
of about
are
good year, both
very
of
sales
companies
earnings.
which
ago.
the
whole
to
said
of the largest
indicate
the
able
Taking
be
can
markets.
broad
vestment
Sev¬
in force
that amount
which
20
or
informal sources it is known that
on
in the
stocks
50
casualty industry with
fairly active markets and perhaps
semi-annual statements,
enty-three companies have more
than
$1 billion of insurance in
force
companies issue
but from
life
few
Very
about
are
and
have
At
For example,
requirements.
from
with
all
net
earnings
underwriting.
Another im¬
portant growth factor has been
the
appreciation
of
substantial
common
Diversification
(3)
the
stock investments held.
of
insurance
ment
companies invest¬
portfolios affords equivalent
diversification to the stockholder.
(4)
Inflation protection
resulted
long
term
has
growth in asset
values
over
a
from
through
the
long-term record of
industry has been
sur¬
passed by few other industries.
The highly cyclical pattern of un¬
derwriting has been offset by in¬
vestment stability and the secular
trend
of
earnings
business
as
point
the
a
well
In
of
sults
have
recent
have
the
prices,
also
per¬
long periods of
over
unfavorable
paralleled
From
market
stocks
insurance
formed
has
whole.
view
of
time.
in
risk
The
insurance
years,
however,
underwriting
re¬
prices in
this industry during a period of
materially
higher
prices
for
equities in general; this trend has
apparently been reversed in that
the leading insurance stocks have
depressed
of the old-line property
companies. For the investor who
is interested
in participating
in
the common stock market, some
many
fc
a
Established
1919
ROBERT W. BAIRD
companies offer an in¬
stocks at a dis¬
Others offer a major par¬
insurance
CHARLES
XPARCELS & CO.
Members:
•
.
v':;
vestment in prime
count.
ticipation in the bond market on
leveraged basis. Thus, the scope
of
the
industry offers
the in¬
&
CO. i;
Members New York Stock Exchange;
••
.
.
Members Midwest Stock Exchange
v
<
'
a
Detroit Stock
Midwest Stock Exchange
Exchange
in
combinations,
growth and such partici¬
in the general market—
vestor
Underwriters, Distributors and Dealers
in
yields,
pation
stocks
639
sired.
In
offers
Corporate and Municipal Securities
or
a
no
DETROIT
26, MICHIGAN
Telephone WOodward 2-5625
bonds
Bell System
other
century
Teletype DE 206
is based
—
as
MILWAUKEE
Green Bay
the industry
security and stability of
Madison
the past
This stability
industry
over
the breadth
Marinette
Sheboygan
Waukesha
Wausau
SPECIALISTS IN WISCONSIN SECURITIES
return matched by
and more.
on
Oshkosh
be de¬
may
addition,
cash dividend
Penobscot Building
Associate Members American Stock Exchange
varying
NEW YORK CORRESPONDENT
/
/
CLARK, DODGE & CO
of diver¬
sification of the primary business
—insurance, and more important¬
ly, perhaps, in the diversification
of
the
invested
assets in
ROBERT W. BAIRD & CO.,
BRoadway 6-0525
„
Competitive Factors in the
WHOLESALE DISTRIBUTORS
Industry
traditional
TELEPHONE
I
section of other industries.
The
INCORPORATED
UNDERWRITERS OF SECURITIES
cross-
a
TELETYPE:
Ml
291
"American
Agency" stock companies have
growing competition from
felt the
Baker, Simonds & Co., Inc.
Broad Midwestern
MEMBERS
Distribution
OF NEW
Since 1920
YORK AND
WATLING, LERCHEN & CO
DETROIT
Corporate and Municipal Securities
STOCK EXCHANGES
Member: New York Stock Exchange, Detroit Stock
American Stock
Correspondent
151
W.
'I
Dominick & Dominick
,
Congress St.
Detroit
FORD
Ann Arbor
^
•
Birmingham
r»
BUILDING,
Jackson
•
Exchange,
f
Exchange (Associate), Midwest Stock Exchange.
DETROIT 26,
•
Dearborn
MICHIGAN
Kalamazoo
•
-"
•*?*!/ I Pontiac
Vork
>
New
t'
1
•
Volume
Number 6012-.-v.* The Commercial
192
and Financial Chronicle
(2457)
77
t
'
.
resisted
firmly
M
?:
market; decline
mally do
large insurance
to
capital.
Tnese companies are more vola¬
To the investors of varying ob¬
tile
in
earning power than the
jectives and requirements, insur¬
previous groups but also enjoy
ance, stocks
offer
a' diversified
large potential growth.
United
opportunity. The following classi¬
States
Fidelity
&
Guaranty,
fication
into
four
groups, each
Maryland Casualty, Glens Falls
serving a different need is indica-.
and Fireman's Fund are typical
tive though by no means inclusive.
!•
during 1960.
very
a
business
:r&
in
relation
of this group.
M
V,
i
:k
(1) The financially strong inte¬
(4) A fourth type of company
grated companies with excellent which has a second grade under¬
underwriting records. These com-- writing record and a low capital
panies of the type represented by and surplus to insurance in force
Insurance
Company
of
North is less suitable for the average
America, H a r t f o r d Fire, Saint investor.
.
,\}
Paul, and Federal tend to sell at
a high price in relation to normal'
earnings, liquidating value and at
low yields. They are suitable in¬
vestments for long term growth
in
■pm
•
111
Aj
is
a
'
j
which
in
lower
at
have
an
with
bined
a
have
stocks
the
element
years
which
growth
com¬
These
suitable;
been
as
alternatives
over
to
and■ bonds.
pre¬
They
rival these categories for stability
of
return
and
in
have
addition
5:
shown
1
dends
an
trend of divi¬
upward
and
price. .-Thus, where a
"living wage" is required, these
stocks fill the bill. Typical of this
type of company are the Crum &
Forster
Companies—U. S. Fire,
North
River
and
Westchester;
Great
American
Insurance
Co.,
Merchants
name
l"
a
Fire
is
Co.
Insurance
to
Walter
San
lationships of this kind, opportu¬
the investor
nities for
difficult
At
find.
to
seldom
are
strong evidence to suggest that
the underwiting cycle is on an up¬
ward trend, and that the improve¬
for
run
expected.
During
unfavorable
of
im¬
The
current
is
Co., Ill Broadway, New
partnership in Duns¬
York
York
!
City, members
Stock
of the New
£
Exchange.
Leavitt Co. Partners
On
period
William
On
Jan.
be
admitted
1
to
J.
will
Reid
partnership
Girard
15
J.
Beno
and
Tessie F. Beno will become limited
St.,
New
York
New York
up-cycle in under¬
Dec.
in
Delafield & Delafield, ,45 Wall
relatively well in the mar¬
by
comparison with other
writing
will be
1
combe &
!
Delafield Co. to Admit
is to be
a
Jan.
on
to
Cooley & Company
Hartford, Conn.
underwriting, in¬
are likely to per¬
stocks
surance
form
Nathan Burnett
admitted
time
some
such
Francisco, Calif.
Graham Jones
is
will
-
A. C. Allyn and Company,»
Incorporated, Chicago, 111.
present time and in
spite of hurricane "Donna" there
before another downturn
Gorey Co.
*
the
ment
I
To Be Dunscombe Partner
F. Henrickson
H.
*
;
,
C.
■
w
C. Gorey
Walter
re¬
partners in Leavitt & Co., 19 Rec¬
tor
City, members of the
St., New York City, members
of the New York Stock Exchange.
Stock Exchange.
being accompanied by
gains in investment income.
Sev¬
-
relation
but
viable yield.
stocks
ferred
of
underwriting
Since the
insensitive
often
groups.
pany to company.
For example,
secondary in
a
good
underwriting
year
" ••
'.
Maryland Casualty derives about
in
prices
factors
Investment Performance
Although
panies with fair to satisfactory
underwriting performance which
statistical
market is
ket
portant in all companies, its sig¬
nificance varies widely from com¬
(2) The financially strong com¬
to
■#
accounts
income
consideration.
sell
|.V.f
in
value
current
should be the discount.
to
half its income from
Great
(3) Companies with sound un¬
derwriting
records
which
nor¬
in
income
a
companies
creased
their
have
dividends
ther liberalization
if
expected
held to
already in¬
underwriting
is
This.would appear probable even
though > price cutting and other
competitive conditions are already
companies
being felt in various segments of
such
Insurance
as
Company of North America, about
two-thirds of
income
investments
in
considerably
more
Thus,
and
not
in
from
yeaj^and
a poor year.
performance
quality of portfolio should
be
minimized.
Companies
investment
which have
formance
sell
comes
good
a
at
good investment per¬
and
discounts from
substantial
If
assets.
discounts
the
is
underwriting
poor
reason
the
for
these
participation
in
risks
underwriting
ments
particularly bonds will
tinue
to
then
rise
larger the ratio of unsatisfac¬
tory insurance business to the in¬
vestment
factor,
the
greater
sharply
companies
will
investment
sources
possible
most
from
and
earn
All
Securities ;
Types Unlisted
Bonds
Stocks and
Underwriters
con¬
can's
sources
the
in
City Securities Corporation
good
investment
1960
estimated
$3.12
in
at
with
1953
combined
ratio
only
has
It
ratio
with
compared
last
year.)
been
of
CIRCLE TOWER
the
(For
EXCHANGE
STOCK
INDIANAPOLIS 4,
•
Telephone MElrose 8-1336
1960, Great
combined
97%
103%
time
96.6%.
the first six months of
American's
MIDWEST
which
earnings
which
was
MEMBER
earnings
$4.30,
total
at
Distributors
•
from
more
underwriting
For example—Great Ameri¬
year.
Dealers
•
many
alone than was
all
recent
and
therein,
involved
:
industry.
While the profit¬
ability from underwriting of the
current up-cycle may well be sub¬
standard,
income
from
invest¬
compares
the
'
the
are
unsatisfactory
Municipal Bonds
Indiana
be
profit.
can
modest margin of
a
fur¬
and
of payments
underwriting year derives
roughly three-fourths from in¬
vestments.
Even
in
top-flight
good
the
few.
American's
investments.
eral
•
INDIANA
Teletype IP 489
was
over
,i(
pointed
out
pre¬
viously that some companies—
particularly those in the casualty
Some of the
Things We Do..,
business—have
bond port¬
loss reserves
well as unearned premium re¬
serves.
Such
companies
are
highly leveraged with respect to
folios
heavy
representing
as
•
Underwrite
•
Buy and sell municipal bonds
issues
new
the
bond
in
fered
have
and
market
Iwdianapolis Bond & Share
CORPORATION
suf¬
the
•
Distribute listed & unlisted securities
past decade due to
declining bond prices. Investment
earnings, however, have shown a
superior trend as maturities and
•
Distribute Wisconsin Fund and other
new
higher rates.
mutual funds
;
rolled
have
money
INDIANA
MElrose
The Milwaukee Company
creasingly
capital
show
will
investment
good
UNDERWRITERS
|i;s
207 E.
Michigan St.
Milwaukee 2, Wis.
•••'
BRoadway 6-6075
MI-581
Offices and representatives throughout Wisconsin & St. Paul
the
summation,
stock
Members NEW YORK and MIDWEST STOCK EXCHANGES
DEALERS
•
BROKERS
group,
of
instead
insurance
Mutual Funds
special types of investment
If \ accounts, is broadly applicable to
almost any investment portfolio
regardless of the objectives being
sought.
Market prices currently
not
almost
reflect
full
in
Listed Stocks
Over-Counter Stocks
being a
only
of
suitable
investment
for
do
Corporate Bonds
Municipal Bonds
In
field
I
•
re¬
sults.
Underwriters and Distributors of
■i"
2*4321
Investment Service
in¬
'
INVESTMENT SECURITIES
ST.
E. MARKET
130
If money rates con¬
high, the insurance com¬
panies with large bond portfoliosto
•
4, INDIANA
at
over
tinue
relative
BUILDING
INDIANAPOLIS
measure
:
Member Midwest Stock Exchange
u
-
an
unique galaxy of favorable
characteristics.
Respectfully submitted,
AT YOUR
&
■SP-3.1
SERVICE
INSURANCE
SECURITIES
THROUGHOUT WISCONSIN
.with
..
lUlTK.NSPF.BGEK.
Shelby Cullom Davis, Chairman
Shelby Cullom Davis & Co.
complete
New
investment facilities!
T3
7Z.
COMMITTEE
*.S
York, N. Y. .V
%:
.
SI s
William W. Amos
The
New
First Boston
York,
N.
HlJIIMES & CO.
;
Municipal; Bonds
Corporation
Y.
Bowen Blair
William
Blair
&
Corporate Bonds
Company
Chicago, 111.
IiOEWI & CO.
.hi
-
.
t
;
•.
I NCOR PORATE D
E.
Mason
St.,
Members: New York Stock
;|
♦
and Stocks
C. Bradford
J.
C.
Bradford
&
Co.
t.Q
Nashville, Tenn.
Robert H.
Milwaukee 2, Wis.
Exchange*Other Principal Exchanges
Chaut
Kidder, Peabodv & Co.
SECURITIES
INVESTMENT
225
J.
'
New
F.
York, N.
W.
Elliott Farr
Girard
Trust
Y.
Raffensperger, Hughes & Co.
Corn Exchange
Bank, Philadelphia, Pa.
Robert
R.
,.
Gilbert* Jr.
i:r'Sanders & Company
Dallas, Tex.vkV
INCORPORATED
,
f.
20
...v;
,
North Meridian
t
-
--
Kr
v.t^\
V
\
•»-
Vi¬
lli
&v
http://fraser.stlouisfed.org/
yi-T
Federal Reserve Bank of St. Louis
br
6-804-0
/
chicago: s'
:William F. Gliss, Jr.
<
John C. Legg & Company
New
York, N. Y.
•
Indianapolis 4, Indiana
1
MEMBER
■*U*
Street
;..,•
••....
MIDWEST
STOCK
EXCHANGE
'
^
'v
'.v.-
^
'
1
78
(2458)
The Commercial and Financial Chronicle
in the construction
-Report of IB A Nuclear
Industry Committee
Continued from page 37
always present in launching any
new
technological venture might
Franco-Beige
des
Ardennes
(SENA) which comes under the
be
Euratom
prohibitive for the company.
Furthermore, the higher cost of
look
nuclear
program. Things indeed
brighter for Euratom today
nuclear
cession
plants.
however,
in
We
In
that the
nuclear
power
the
re¬
preferred to
to
construction
this
country.
British
en¬
assistance
continue to go
power
a
from
programs
in
this
In
credit
used
such
of
to
the general
company has been
cases,
the
the
secure
financing.
this method can be used
only where the size of the nuclear
power
than
plant
cope
plant
the
is
substantially
yearly
capacity
with the
increase
that
is
less
in total
needed
to
normal
growth of
the utility company. Were it not
so, the financial burdens that are
the cost of
plant of the
income
in
most
period of
agreed
cases,
over a
years as a proper
to
short
charge
before arriving at the fair rate of
return
to
which
the
utility
is
entitled.
Of course, when
is
reactor plant
^entirely at the utility
company's
expense,
the
capital
cost of the plant should be
in¬
the
rate
and
operation
is actu¬
base
utility is entitled to
on
a
which
fair rate
of return.
ally underwritten
trp
the
higher cost of nuclear
in the
power
reactor
construction
in
operation
kilowatts
Certainly
in
program,
about
of
nuclear
that
mil¬
1.5
power.
the
year
total
installed
capacity in steam and
plants should be close to
hydro
200
million
that
less
bined
kilowatts.
than
capacity
1%
will
with
The
the
total
com¬
that /the
fact
panies in the United States, should
give us assurance that, from a
practical standpoint, the ultimate
impact on the private electricity
of
consumer
uneconomic
nuclear
should not be felt.
power
nuclear
new
built .in
the
cannot
to
overstress
will
come,
the
be
we
fact
that
obsolescence should not be feared
by
the
financial
will have
to
institutions
deal
with
to
happen
is
that
that
the future
financing needed. What is
bound
nuclear
power
stations
Therefore, with either method,
of the cost that is unusual
in
the load diagrams to
the peak load. Past expert
of utility companies shows
ence
that older and less efficient
plants
are not dismantled as
long as they
can
be of
service; they
to
upon
state
the
carry
to
of
say,
peak
this
is
affairs
plants
power
in
called
are
since
operated
at
order
nuclear
be
can
load.
happy
a
high
to
load
the
spread
charges for interest
and
depreciation
among
the
largest
possible
of
number of
electrical
GOVERNMENT BONDS
as
ships
of
course, are being
of propulsion for
and
will
we
be
in
used
space
have reported pre¬
viously, ship propulsion will
FEDERAL AGENCY SECURITIES
become
competitive
competitive
nuclear
been
achieved
actors.
quite
In
(ommerceTrust (ompaiiy9
a
oil
the
to
the
Deposit Insurance Corporation
same
re¬
merchant
This
year
U.
Under
Power
AEC;
Reactor
OVER
43 YEARS
WRITERS
OF
HIGH
AND
MIDWKIT
STOCK
OMAHA
CHICAGO
ST.
LOUIS
AND
UNDER¬
GRADE
■/■'
■
151,000
which is
now
phase.
Nebraska,
Hallam,
Bay,
Neb.___
Calif
is the
300,000
Slefh Brofes
INVESTMENT
t
BANKERS
'.
1962
203,000
1962
165-197,000
50,000
240,000
1962
22,300
-»
245,000
62,000
57,000
/
;
Oak
AEC;
Ridge,
Rural
Elk
Tenn
>
•
....
,84,300
1962
the
carrier
Cooperative Power Association,
River,
v///' ;lv\-
Minn.
v..;/.-.-
'.
22,000
Argonne National Laboratory,
NRTS, Idaho
KANSAS
-.I960
Virginia Nuclear Power
Associates,
Paar
Shoals, S. C.________
AEC
and
Puerto
Water
62,500
1960
60,500
1962
Nuclear
Saxton,
of
1961
5,000
20,000
19S1
20,000
1960
*10,000
1960
1,000
T3.000
1961
28,500
92,000
.
Greely,
1,700
Engineers,
Camp
Force,
Sundance,
Under Pre-Construction
-
Century,
:.
—:
Air
1962
45,500
v
1,500
_
of Engineers,.Fort
Corps
50,000
11,400
'___
&
.
16,300
Ohio
Pa.
Greenland
AEC
*
17,000
Experimental Corp.,
Alaska
Army
•
.
/
!__
Rincon, P. R.
of Piqua, Piqua,
City
.
Resources
Authority,
AEC;
:
Wyo;
-
Development—
Philadelphia Electric Co.,
Peach
Bottom,
,
Pa.
____
Atomic
Energy Commission,
McMurdo Sound, AntarcticaPlans
'
1,500
1962
selected
360,000
1,140,000
1965
50,000
174,000
1963
46.000
173.000
16,500
60,000
Los
Los
East
Central
Nuclear
Group,
Inc.-Florida
West
Coast Nuclear Group, Pierce, Fla.
Energy Commission, not selected..
Atomic Energy Commission,
NRTS, Idaho
Atomic
'
•
■*
,
,
MO.
l°64-65
1962
330
■"V-:V.
1961
|
-•
•
United States Power Reactor
Projects Abroad
Construction—
Elettronucleare Nazionale
(RWE),
Centre
d'Etudes
M'ol,
West
Societa
Societe
'
1963
Germany.."
15,000
60,400
1960
43,000
1960
160,000
615,000
1963
720,000
1965
46,700
1962
l'Energie Nucleaire,
Contract—
Italiana
Italy
Under
'
t
11,500
de
Elettronucleare
Trino,
/'
230,000
"
Belgium
Under
des
Kahl.
1
(SENN),
Punta
Fiume, Italy
Rheinisch-Westfalisches Elektrizatswerk
(SELNI),
—
Contract
d'Energie
* /
..
\
_____
Negotiation—
Nucleaire
Franco-Beige
Ardennes
(SENA), Givet, France..
242,000
Atomic Energy Research Institute,
Tokai-Mura, Japan
12,500
♦Slightly under. tApproximate. JNot announced.
Japan
ST.
^
Our
addition,
our
LOUIS
Trading
"If
We
registered
MARKETS
Department /Is Active
In
Local Listed And Unlisted Securities
And
Invites Your Inquiries
in
there
is
a
Market
we
find
can
Specialize In Orders Fcr Banks
representatives
give
you
it"
And
pin point
All
./
t-
Dealers
distribution
*
"
in this
area
atomic
Enter¬
EDWARD D. JONES & CO.
ESTABLISHED
re¬
atomic
1871
MEMBERS
New York Stock
Exchange
American Stock Exchange
(Associate)
Midwest Stock Exchange
Chicago Board of Trade
300 North 4th St.
CEntral
Saint Louis 2, Mo.
1-7600
Bell
Direct
Joseplithal
&
Private
Co., New
York
Branch-—312
Bon
Wire
.
Connections
Francis
Durant
I.
du
Teletype SL 593
With
Pont
&
Co.,
Chicago
Building, Pueblo, Colo.
LUCAS, EISEN & WAECKERLE
Member
Midwest
916 WALNUT STREET,
Telephone BAltimore 1-4096
i
*
-
California
Edison, not
Angeles-Pasadena,
Angeles-Pasadena. Calif
,
/1962-63
.
Announced—
Southern
AEC;
:
,
.
BALTIMORE
CITY
■*
73,000
20,000
Carolinas
Soviet
propelled by eight atomic
r
1962-63
AEC;
INCORPORATED
1009-1015
1961
.
75,000
-
,___
Municipal and Corporate Bonds and Stocks
Co
1961
-
'
.
Consumers Power Co., Big Rock Point, Mich.
Oak Ridge National Laboratory,
SO
also,
,
.
AEC;
in its
Also
,
"1957
* 585,000
\ 100,000
Development Co.,
Mich.
CORPORATE
SECURITIES.
1958
y- ,«y1,400'
DISTRIBUTORS
MUNICIPAL
CXCHANOI
AS
V
Co.,
authorized,
26
attack 'sub¬
marines, 14 polaris missile sub¬
marines, one radar picket sub¬
marine, * one
guided
missile
submarine,
one
guided
missile
destroyer. We need not here point
FOR
3,C00
..-v
"
Beach,
or
MIDWEST
.v..-—
Consumers Public Power District
of
Navy today includes either built
THE
1957
!•'
/
200
Northern States Power Co., Sioux
Falls, S. D.
Pacific Gas & Electric
launched. This ship will
In
yr.-m.: r,,
5,200
"
-
•
.
Construction—
Logoona
S.
aircraft
actors.
J.
;
•
Consolidated Edison Co., Indian Point, N. Y.
point
can
the
prise
be
300
_
ship„ launched
category
was
1957
t
*0,000,; 1957
.
still
are
powered
WMMMfomwm
.
.
icebreaker Lenin.
.
.
;
.
1956
-.30,000'
/,
•
.200
7
"
■
applications
we
Savannah,
cargo and passenger
this
Telephone—Victor 2-7500
has
<
away.
peacetime
construction
after
based
tankers
ship propulsion,
final
not
power
land
of
NS
until
powered
few years
last year and
City, Missouri
Capital Funds Exceed Forty Seven Million Dollars
in
Atomic
ships .and
Federal
Tenn._
Idaho
Under
source
a
devices. As
Member
NRTS,
*
1957
'
100,000
-
,
1,855
>
'//''Vfi'/"/■'
Reactor
A.G.
Reactors,
,/
•
1957
'
.
5,000
Va.
.
50,000
'
:
5,000
.
__
'
/ ' ;
.
1960
230,000-?
6,000
"
.
Engineering, Inc.,
Testing-Station,.Idaho
Argonne National Laboratory,
v/
AEC;
Date
1959
•
392,000
•
!
Combustion
National
Societa
used
Teletype—KC 302
Ridge,
AEC;
energy.
Reactors for Ship Propulsion,
Process Heat and Other Purposes
110,000
60-100,000
1
1
Argonne, ,111,
kilowatthours
M
*
•
.
Laboratory,
Electric Co., Vallecitos, Calif
AEC; Alco Products, Inc., Fort Belvoir.
AEC; Oak Ridge National Laboratory,?
Army Corps
carry
Calif.
National
Scheduled
Completion
626,000
180,000
General
and
fixed
Kansas
Susana,
Argonne
conventional
factors
MUNICIPAL BONDS
Santa
Kilowatts)
or
...
,
.
AEC;
(Thermal
Edison
Co., Dresden, Ill.__
Yankee Atomic Electric
Co., Rowe, Mass.
AEC; Duquesne Light Co., Shippingport, Pa.'
AEC; Atomics International,
/,
tems
older, fully amor¬
plants will be
,r
Operation—
tized
economically^ only
I
In
Commonwealth
Saxton
the
Completion
Level
Electrical
/
,
will
be
called upon
to
the base load in utility sys¬
carry
Power
Kilowatts)
Operator,
Location
Humboldt
plants
years
States
United
Power
Oak
the
nuclear,-
be
of
fact
nuclear effort is spread among all
the more important utility com¬
As
Project.®
Level (Net
Owner and/or
>
York 22, N. Y.)
^
Reactor
or
indirectly through taxes or Gov¬
ernment borrowing. By 1965 we
should, with our most diversified
lion
■
i
Power
earlier years must be sup¬
ported directly in that fashion
have
U. S. Nuclear Power Projects as of Sept. 1, 1960
Industrial Forum, Inc., 3 E. 54th St., New
that
doubt
no
Thursday, December 15, 1960
..
(Data extracted from chart issued and copyrighted by Atomic
by the utility's
customers. There is
Needless
the part
PROGRESS CHART:
plants
power
shifted
a
built
cluded in the
nuclear
same
authorities
tax
consider this writeoff
Of
course,
the
have,
are
costs.
conventional
and
country
building
reactor
plants
entirely at their own expense, in¬
cluding research and development
capital cost of
excess
a period
of years, usually five. It
is gratifying to note that the pub¬
lic utility regulatory commissions
forward.
utilities
the
size. These grants are then written
off as research expenditures over
Financial and Economic Aspects
Of Power Reactors in the U. S.
Some
resources
rule, have been intended
as a
cover
the nuclear plant over
The French and
nuclear
their
part of the capital funds needed
a
tirely without any manufacturing
or
pool
nuclear power plant. Grants from
the
sponsoring companies cover
chart
built
their
nuclear
earlier
non-profit corporations to
construct and operate a specific
and,
been
of
un¬
to form
dom
have
in
plants
the
also
operation
higher
the
spread
and
years, most utility companies have
which has been prepared does not
point to the other power reactors
in Europe and the United King¬
which
to
costs
power
con¬
detailed
order
economic
Europe could only be
a temporary phase. It is
encourag¬
ing to see that Europe is moving
in the right direction.
course,
electricity
capital
had
struction in
Of
cost.
their decision to build
power
indicated,
not be
the overall
electricity production
than a year ago when most utility
companies in Europe had decided
to postpone
might
diluted sufficiently in
of
.
■'
Stock
Exchange
KANSAS CITY 6,
MISSOURI
Bell
Teletype KC 42
"VI.
.=
•
I ft!
1'^
Volume 192
Number 6012
The
Commercial and Financial Chronicle
(2459)
79
$
the
to
the
$4
incredible achievements of
Nautilus,
i1"'
and
the
Triton,
'¥■
ii
the
The
the Skipjack, the
George Washington,
Sea
Dragon
at.
atom
submarines.
has
certainly
amply demonstrated the feasibil¬
ity and flexibility of atomic re¬
N
"A
i
'fort
sea
In the field of process
i
heat, low
offer
in
increasing promise
gium. It will be the world's first
a
reprocessing plant largely
depend, of course, on the load
factor of such a plant. Yet, if we
are to have a truly
private atomic
II
§<.*
1
In
the
fuels
temperature
-
process-heat applications
about
use
fuel
is
as
twice
used
much fossil
as
to
consume
elec¬
generate
tricity. High temperature
process
heat
require
applications
temperatures
II
ifei
in
tant
to
go
far
so
in
those
of
excess
reactors, but these ap¬
should become impor¬
the
future
higher
as
to
at
in
learn
we
temperatures
Idaho
meantime,
I
Chemical Reprocessing of Spent
Nuclear
Fuel
Elements
report, we pointed
to the increasing interest gener¬
ated by the promise of a private
approach
to
chemical
industry
C ' i;
'
lis
*"'5
in
the
reprocessing
reached
far,
Company
Electric
own
nuclear
a
plant
be
may
Commonwealth
and
Yankee
Company,
private
groups
operate
nuclear
the
plants,
private
their
the
the
Atomic
only two
began to
which
a
be established for
handling
Edison
company
a
fuel.
is ,that
reasons
reprocessing
try
to
this
ahead
move
diligently in
field.
In
Europe, the Convention
creating the "European Company
the
Chemical
concluded
was
Processing
or
in
of
"Eurochemic"
December, 1957
by 12 European Countries. Today,
the
shareholders
countries.2
The
under
O. E. E. C.
from
come
13
company
was
the
auspices
of
countries.
It
takes
the
novel
legal
form
of
an
international company, owned by
governments, public
lic
bodies
and
The latter
own
or semi-pub¬
private companies.
about 20% of the
of
purpose
irradiated
processing done in
not
are
ex¬
facilities is dependent to a degree
on the decision
by private indus¬
created
inclined to let
of
so,
soon.
So
One
or
decision by
a
more
future,- the
near
Irradiated Fuel"
year
industry and
that
are
private industry to build
ft
tions
operating in the next
the hopes of private
work
power reactors due to start opera¬
for
fuel
f'4
industrial
sites, Savannah River and
Falls, instead of all four
reprocessing. With several impor¬
tant nuclear power plants already
in
operation or about to
start
of the AEC
1:4
two
of
pansion of AEC's
In last year's
P
the fuel elements used in the
ess
re¬
private facil¬
of the participat¬
2
Austria, Belgium, Denmark, France,
Germany, Italy, the Netherlands, Norway,
Portugal, Spain, Sweden, Switzerland and
Turkey.
i;.
•
•
at
the
few years
hard
atom
as
work
both from
scientific
a
to the threshold of
Our
Energy Agency
is
Atomic
En¬
Agency held its Fourth An¬
Assembly at its headquarters
Vienna in September of this
ergy
dynamic
clear
a
The two-week Congress was
attended by delegates from 71 na¬
tions, including the heads of 17
sions.
atomic
competitive
nuclear
program
demonstration
of
On
behalf
the
of
medical
and
re¬
New
the
22, Leavitt & Co., 19 Rec¬
St., New York City, members
of the New York Stock Exchange
will
Los
Savedoff
Manhattan Bank
'v
Angeles, Calif.
Stern
moderated
and
power
B.
Ritter
limited
partnership.
;
-
Kennedy to Admit
&
Emery Katzenbach H
re¬
actor presently being built by the
AEC at Piqua, Ohio.
The purpose
BROKERS
is, of course, to dem¬
flexibility and work¬
ability of the Agency's safeguards
system.
onstrate the
y
—IWtmitWHIW
Business
and
of this offer
j
DEALERS
1874
I
size
known
is
reactors
power
in
view
their
of
well
possible
II
application to the underdeveloped
nations. However, the indications
clearer
are
plants
in
than
that
ever
such
such
Small
areas.
II
I
MEMBERS
New York Stock
II
Exchange
i
Midwest Stock Exchange
nuclear
American Stock Exchange
costly to
so
I
(Assoc.)
that
savings on fuel could
not possibly be justified.
Diesel
plants
in
world
will
the
.
still out of the question
are
plants today would be
build
i. M. Simon & Co.
atom
remote
not
for
be
quite
the
of
areas
CEntral
ST.
1-3350
LOUIS
SL
MO.
2,
288
St. Louts* Oldest Stock Exchange House
superseded ,by,
a number of
'•
The
Agency's work continues to
progress satisfactorily.
Certainly
the IAEA
of
important services
our most
institutions and
■
to
come
to
in
due
atomic
nations
in
bilateral
tween
time should
assistance
need
to
the
than
the
signed
be¬
it
of
agreements
and
country
our
be¬
effective channel for
more
a
giving
individuals
We Specialize
40
some
other nations.
U. S.
GOVERNMENT,
Radioactive
STATE AND
Isotopes
in
and
Radiation
addition to
In
MUNICIPAL BONDS
"applications
in
topes
are
MERC1 ANTIIiE
the
which
'.creased
many
interest
A
field
radioactive
of
a
wide variety
of unlisted
of
iso¬
issues
and
always interested in
are
companies
vastly in-
a
radiation
in
making close and sizeable position
markets in
vast
engaged, there is
fects.
great number
ef¬
of indus¬
purchasing blocks, for
distribution.
our own
retail
^
>
trial companies as well as the AEC
have been
investigating the appli¬
cation of radiation in
m
SAINT
LOUIS
1,
a variety of
preservation,
drug and surgical products, steril¬
ization, plastic cross-linking, rub¬
MISSOURI
fields
New York Correspondent 14 Wall Street
■h;.
Chicago Telephone to Bond Department Dial 211 Request Enterprise 8470
RESOURCES
OVER +600
MILLION
such
food
as
ber
vulcanization, petroleum
cracking and treatment of semi¬
SCHERCK, RICHTER COMPANY
MEMBER MIDWEST STOCK EXCHANGE
conductor materials.
Whereas competitive atomic en¬
is
ergy
still
few
a
revolutionary
years
mercial
applications
the
in
use
ST. LOUIS 2, MO.
320 N. FOURTH ST.
away,
of
diation will become of wide
ra¬
com¬
future.
near
Today, three manufacturers: High
Voltage Engineering Corporation,
Applied
OUR
BETWEEN
OFFICES
Radiation
Corporation,
Dynamics, Inc. of¬
fer high power electron-accelera¬
tors for irradiation purposes. The
successful appearance this year of
the latter company in the accel¬
and
PRIVATE WIRE SERVICE
Radiation
erator market
indication
ST.
LOUIS
PROVIDENCE
•
•
NEW
PAWTUCKET
YORK
•
creased
PHILADELPHIA
can
of
be taken
the
interest
in
as
an
marked
radiation
ef¬
•
BRIDGEPORT
•
WHITE
fects.
PLAINS
In
contrast
the
to
our
of atomic
ago,
the atom has
to
the
task
answers.
G. H. WALKER & CO.
Established
1900
MIDWEST
STOCK
YORK
EXCHANGE
STOCK
well
on
our
cial goals.
year,
ST.
LOCUST STREET
LOUIS
1,
MISSOURI
Distributors
Exchange
initial
a
American Stock
Listed and
Exchange
few
(Associate)
glam¬
years
Midwest Stock
Municipal Bonds
Exchange
settled down
us
and
towards
practical
has been
we
FOURTH AND
are
OLIVE
SAINT LOUIS
commer¬
All indications are that
increasingly
EXCHANGE
AMERICAN
STOCK
EXCHANGE
(ASSOC.)
important in all industrial fields.
Its impact can but increase with
the years. Some
503
now
giving
way
New York Stock
Unlisted Securities
Much progress
this
Members
Underwriters and
Telephone CEntral 1-5585
the atom is becoming
MEMBERS
NEW
achieved
energy
of
Newhard, Cook & Co.
in¬
Conclusions
HARTFORD
8224
FORSYTH
CLAYTON
24,
BLVD.
MISSOURI
m
Established
The Agency's interest in moder¬
ate
years.
One
to
Kennedy, 29 Broadway,
New York City, members of the
New
York
Stock
Exchange, on
Jan. 1 will admit Herbert M. Aibel,
member
of
the
Exchange
to
partnership in the firm.
.<
boiling water reactor at Argonne
National
Lab, and the organiccooled
to
Stern &
*
,,
,
White, Weld & Co.
New York, N. Y.
experimental
Robert
York, N. Y.
Wagenseller & Durst, Inc.
L.
admit
general partnership and Abraham
Genachte, Chairman
William S. Hughes
actor at the Brookhaven National
Laboratory,
F.
The Chase
United
research
To Be Leavitt Partner
tor
COMMITTEE
under
reactor
Minneapolis, Minn.
On Dec.
NUCLEAR INDUSTRY
States, John A. McCone agreed to
place four of its reactor facilities
the provisionally approved
safeguards system of the Agency^
These are the graphite research
Wheelock Whitney, Jr.
J. M. Dain & Co., Inc.
the
Respectfully submitted,
Paul
Sullivan, Jr.
Auchincloss, Parker & Redpath
Washington, D. C.
States.
commis¬
energy
Incorporated, Chicago, 111.
Mark
strength and vitality of the United
year.
national
H. M. Byllesby and Company,
bring
nual
in
Franklin R. Schmick
a
Only continued
away.
and technical standpoint can
us
of
source
a
this application is still
atomic energy.
International
The
look
energy,
International Atomic
The
irradiated
sites mentioned above. With
reactors!
fuel
reprocessing facility. It will proc¬
received for reprocessing
are
concentration
low
Mol, Bel¬
nuclear
international-owned
atomic reactors
obtained in
Such
at
summer
ing countries.
industry in the future, it
necessary that reprocess¬
ing be effected in private plants.
be
by the AEC at the following facil¬
ities: Chemical Processing Plant,
National Reactor Testing Station,
Arco, Idaho; Oak Ridge National
Laboratory,
Oak
Ridge, Tenn.;
Savannah
River
Plant,
Aiken,
S.' C.;
and the Hanford Works,
Richland, Wash. At the present
time, the AEC is considering the
competition with conventional
fuels.
or
last
energy
plications
\)<V%
Plant
in
temperature applications of atomic
reactors
M
the
of
started
will
actors.
£1;
Construction
stock.
ity would be more expensive than
if done by the AEC. Unit costs
ticularly in
will acquire
in
the
near
applications, par¬
radiation field,
commercial value
Branch Offices
Alton, Illinois
East St. Louis,
the
a
In fact, some
However, when we
future.
already have.
Clayton, Missouri
Private
Wire
to
Clark,
•
Jefferson City, Missouri
Illinois
Dodge 8c Co.,
New York
If
I
I
v;
80
The Commercial and Financial Chronicle
(2460)
to which
Report of IBA Public Utility
V
of
unfortunately
strict verdict by the Commission.
in
connection with the Wisconsin
Power & Light Company, since it
decided that earnings above 6%,
an
The
not
regulatory body limited this
relatively small growing gas com¬
pany to a 6%
return on a fair
value computed at less than 6%
above
net
original cost, despite
the fact that its capitalization is
near the maximum legal level be¬
consider fair value despite the re¬
yond which no dividends may be
quirement of the state
paid
which
the
Company
was
expe¬
riencing were excessive.
In Kansas, the Commission in
the
Southwestern
rate
stated
case,
Commission
could
not
should
Bell
did
law.
that
The
additional
granted
net
is
5.94%
a
return
being
appealed
Courts.
attention
regulatory development involv¬
ing the Southern Union Gas Com¬
pany. We took active participation
<with
Common
sions
the
matter
by communicating
Governor of the State
the
and
the
three
Commissioners
made
Stock
the
to
book
several
on
in
public
occa¬
of
excess
which was $5.25
the date of this decision, against
at
value,
market
price of $15. The Com¬
mission furthermore lays empha¬
a
of
New Mexico. Nothing new has yet
standardized
New
in
a
declining
until
it
ap¬
proached
its
book
value.
This
statement was made despite the
fact that it approved the sale of
Mexico, we called your
at the Spring Conven¬
a
this
also
Jersey
produce
the
Commission
taken into account
was
flow-through
earnings
which
since
the
taken to the Court
on
Investors Penalized
In
North
Carolina
early
this
not
the Utilities Commission is¬
year
sued
adverse
an
Piedmont
which
case,
decision
Natural
in
recognize
dend
the
tion
and
with
needs
substantial
and
In
rate.
high
a
of
terms
divi¬
market
Concept
earnings
reporting
popular
has
become
state com¬
Joining the
states of New York, Washington
and Oregon to name a few of the
very
among
this
missions
year.
states already adhering
larger
to
principle, California, Colora¬
Jersey and North
Ohio, New
do,
"flow-
procedure.
In several
companies
have
through"
states
other
method.
Federal
Power
this
adopted
voluntary
the
However,
several
and
other
Illinois, Indiana and Georgia have
taken recent stands
in favor of
Adopted in Many States
A
number
Commissions
of
are
resorting to the accounting tech¬
en¬
normalization
the
against
"flow-through" method.
nique of "flow-through" earnings
As
fecting
has
chaotic
While
caused
condition
-
authorities
would
it
for
MUNICIPAL
a
depreciation
Co.
SHAKER SQUARE
•
PR.
•
For
EXCHANGE
CANTON
•
1-6300
orders
COLUMBUS •
state-wide
rates
TOLEDO
this
its
eration
Wisconsin
nothing less
this great
informal
bination
jurisdiction, the
&
Light Co.
determined
the
earning in
While
discussion
of
under
of
the
that
see
motion
own
DEALERS
of
SPECIALIZED—PROMPT
CLEARINGS
re¬
Chicago
-
to
do
formal
ings.
Loans
partment.
Cincinnati
WO
U
V Ml
<¥#
and
Securities De¬
Teletype: CV 240.
Bank Wire:
NCLV.
will
and
so
1960
despite the unfortunate
experience of many other compa¬
nies in the national
rate
be
Co.
and
own
have suffered substantial contrac¬
authorities
seem
the
to
resort
to
their
to
property,
and
more
pure
arithmetic
prevailing
low
capable
lent
service
higher
rates,
of
and
costs
for
capital
meager
and
weighting
.
in
the
There has
come
recently,
unknown
to
op¬
have
stood
at
679.36
stock
at
Dec.
attention
utility stock
aver¬
at 87.83 at Dec. 31, 1959,
has risen over 6. points this
In
approximately
or
view
of
the
7%.
national
politi¬
cal
change, it is possisble that im¬
utility field, the natural portant developments may occur
Mcdonald & company
AND
MEMBERS
New
York
Midwest
American
Stock
Exchange
Stock
Stock
Exchange
rates
Southern
UNION COMMERCE BUILDING
CLEVELAND 14, OHIO
or¬
the
on
Bell
Tele-,;
Commission
fairness
do
we
public
permit
the
to
not
Merrill, Turben
be¬
(Established
to
and enjoy
to
charge
YORK
MIDWEST
STOCK
STOCK
American Vitrified Products
Brush Beryllium Company
Cleveland Trust
Cook Coffee
Techno Fund,
Company
jurisdiction an opportunity
earn
a
fair
value
is
service.
return
of
dedicated
We
do
on
their
not
to
the
rea¬
property
the
U. S. Truck
Inland Hemes
Warner &
Corp.
Statistical Information Available
Upon
Request
•
1612 Union Commerce
Bldg., Cleveland 14, Ohio
Telephone
MA
Trading Dept. CV 67
1-6800
that
ful¬
duty to the public by
providing efficient and increasing
their
Lines, Inc.
Swasey Company
Municipal Dept. CV
865
public
believe
public utilities in Florida
Company
inc.
Union Commerce Bank
Higbee Company
ex¬
Commis¬
the
under
Ohio Leather Co.
Taft Broadcasting
'
Company
Hanna Mining
Heintz, Inc.
National City Bank of Cleveland
Nati-nal Screw & Manufacturing Co.
Northern Ohio Telephone
Company
Company
M. A. Hanna
are
utilities
sion's
EXCHANGE
EXCHANGE
Jack &
Central National Bank of Cleveland
committed to the
philosophy of giving to the pub¬
we
,r
MEMBERS
NEW
exces¬
earnings at the public's
pense,
Co., Inc.
&
1924)
Com¬
intend
utilities
exorbitant rates
fill
(Associate)
in¬
cerpt from their show-cause order.
to
»'
Exchange »T.
proceed¬
recognize their obligation to rate
payers
as
well as the investing
public. The following is an ex¬
sive
1
DEALERS IN
MUNICIPAL SECURITIES
investigations, in
The
In
menced.
which
stocks
was
year,
comparatively
a
utility
year,
the Dow-Jones
their
Utilities
our
can
de¬
1959, and has declined ap¬
proximately 75 points to date in
1960, or 11%. On the other hand,
and
Private
the companies were earn¬
excessively
and
formal
hearings in the Florida Power &
Light case
have
already
com¬
sonable
Assets Over One Billion
Dollars
last
age
Threat to
has
31,
deliberations.
New
profits. While
whole
considerably from its levels
average
to have
seem
a
The Dow-Jones industrial
excel¬
uncontrolled
erating expenditures
onlv
as
maintained their level quite well.
aggressive
management,
market
clined
cal¬
culations in making and reaching
their conclusions. Such factors as
and
economy
tion of business and
more
of
of Florida Power & Light
Co.
phone
of
that
it is un¬
fortunate to note that regulatory
or¬
Commission
the
reduction
case
lic
OHIO'S LARGEST BANK
Well
;
Florida
"While
Address
Acting
in
UNDERWRITERS AND
mission, it must be said that they
We clear fcr dealers in New York
Toledo
Stocks
summary,
in
and
it
relationship
ing
-
follow
to
assistance.
some
it is refreshing to
observe that the utility companies
have performed well earning-wise
lieved
Cleveland
endeavor
of
in
10
in
the
-
nation¬
a
investment
show
involved
volved
basis of its
-
companies
make
investigation of utility
about
dered
Pittsburgh
private
to
reasonable
reductions.
rate
on
was
its
on
In
-
be
In
public
rates
the
com¬
\yas
by companies
jurisdiction have a
their
shall
and
Commis¬
State
the
and
of these natural gas
and their problems and
Utility
the
op¬
<the
study
systems
we
6%.
recognize
with
endeavor
wide
was
company
excess
we
it
of
to
attention.
Assosciation
Gas
can
ordered to reduce rates when
was
after
field
called
Southern Gas Association in
growth
will
Power
this
been
We understand that the Ameri¬
prosperity."
In still another
has
Committee's
for
continued
companies,
gas
year
technique
ordering
refused
J
SECURITY
and
utility companies
to reduce rates.
Eight companies
reduced rates to avoid litigation,
but the Pennsylvania Power Co.
14, OHIO
V..
catastrophic
state
example, in Pennsylvania the
dered
CLEVELAND
the
been
Commission
CO., INC.
•
be
CORPORATION
development
commissions
cause
(AFFILIATE OF PRESCOTT & CO )
BLDG.
would
years
reason¬
investment.
public utilities
challenge of the next
meet the
and
their
our
regulatory field at the local
has
state
BANK
of
Orders"
Cause
level
CITY
to
in
secure
failure
may be re¬
government.
by the
Another
NATIONAL
ably
be done about
can
"Show
The
in the
900
This
unless
prospective investors feel
The
to be important
seem
problems inherent in their opera¬
tions and because of their possible
impact on privately-held natural
and
Technique
&
customers.
cannot be obtained
There
try.
commercial,
utility companies
considered
PRESCOTT, SHEPARD
industrial,
domestic
money
Southwestern regions of the coun¬
present and pro¬
that there
appear
nothing that
matter of accelerated
CORPORATE
STOCK
and
of
af¬
this situation, it is the opinion in
informed quarters that the
NEW YORK
spective
very
flow-
some
MEMBERS
demands
the
but
regulatory
is
&
the
created confusion for the investor.
Underwriting • Retail Distribution • Trading
Pre scott
new
the companies
philosophies
only
not
themselves
the
seen,
method
through
of
as
be
can
somewhat
vVA ->;V
in
experienced
Commission
31/2%-
it
for
this must be done in the
and
can¬
dollars
to
of
state commissions such as those of
construc¬
financing
such
"Flow-Through"
to the company and to its security
holders.
There the Company is
faced
value
value the yield is only
Gas
Company
both detrimental
was
and equal to
of
turn
on
book
millions
obligation
Dakota have embraced the
the
During
in order to keep pace with
the growth of this state and meet
in
"flow-through" method
this
reaches the conclusion that it
systems owned
', by'- municipalities
public authorities. This is a
segment of the natural gas indus¬
try which has grown quietly but
considerably in the last 10 years,
particularly iri the Southeast and
money
sions
The
of
that figure
of
about 5.8%.
:
sis on the par value of the stock,
stating that the dividend paid is
was
earnings basis.
' distribution
gas
and / operated
and
the next five
years, Florida's pub¬
utilities will require hundreds
effect reduce the rate of return to
10%
case
appeal.
growing state if such
regulated on, a 'skin
a
are
bones'
Thursday, December 15, I960,
.
lic
of
We also find
100%
developed
on
6.25% rate of return but
a
in it there
and
procedure
granted the Public Service Elec¬
tric & Gas Company increases to
Stock
tion this year to the unfairness of
in
Commission
market value of the Common
the
In New
lowed the company only 5Y2%
alarming statement to the
effect that it was not
seriously
concerned with the
prospect of
utilities
through accounting five
three-fourth's of 1%, than
that in fact the Commission al¬
the
services to
*
normalized earnings.
The
the
to
preferred or Common
virtually impracti¬
rather
on
flow
comprised
so
cal.
original cost but this decision
now
Un¬
Stock is made
but
original cost rate
base was a specific value. On this
criterion, the telephone company
was
the Common Stock.
on
tax
pass
ever,
der such circumstances the sale of
everyone
fair value
what
agree
be
it
that
said
Telephone
meet¬
benefits are required
such savings along to the
rate payers rather than the stock¬
holders.
In New York, for exam¬
ple, where the Commission has
supposedly liberalized its rate of
return level, it has taken advan¬
tage of this concept. It granted the
Niagara Mohawk Power Company
increases to produce a 6.3% rate
of return on original cost.
How¬
obtain
to
vironment
our
-
Securities Committee
Continued from page 35
alluded in
we
ing at White Sulphur.
In short,
flow
through
earnings
simply
mean
that
companies
that
use
rapid depreciation and thereby
.
.
BRANCH
Canton
Columbus
•
Dayton
OFFICES:'
"
■
Middletown
.
Youngstown
Volume
Number 6012
192
.
.
The Commercial and Financial Chronicle
.
;
(2461)
81
i
«.
affecting the future of the utility George L. Perin
The First Boston Corporation
industry, f We. shall follow them
closely and report to you at our 1
New York, N. Y.
;■
next meeting.^ 7--7,' '•
'
Albert E. Schwabacher, Jr.
J. Emerson Thors
.
c
^
•
*
Respectfully submitted,
San
;
;
"
COMMITTEE
Dean
New
Witter
&
Co.
York, N. Y.
.
,
: 7'r'7
American Securities
New York,
Corporation
&
favorable
ments
New
McCourtney,
Christensen,
Putnam & Co.
7'
BEVERLY
Carl H. Doerge
B.
Smith
with
Co., Inc.
Cleveland, Ohio
has
7
become
Billy
—
connected
Drive,
He
;
New
Temple-
tions
(Special to The Financial Chronicle)
BURBANK,
Calif. —Meyer
Katz
Herman
Winters have joined
the staff of Arthur B. Hogan, Inc.,
and
Willard R. Hendrix
Equitable Securities Corporation
Nashville, Term,
4404 Riverside
were
Johnson, Lane, Space
Corporation, Savannah, Ga.
previously with Bache
Angeles, Calif.
61
Alsberg & Company,
Broadway, New York City,
of
member
Incorporated
New York, N. Y.
Exchange,
Ben
the
on
New
Jan.
Schanzer to
York
Stock
will
admit
1
meetings in
the
best
and
to
way
organize
our
with
the
Washington
agencies, a full
meetings in Washington
of
York, N. Y,
arranged
All
was
Nov. 1, 1960.
on
members
of
the
Committee
Continued
York, N. Y.
day
on
82
page
-4J
Spotlighting
tremendous
a
the
and
the
MUNICIPAL BONDS
economies
Tax Savings
able
work
the
of
World
technical, financial and political
and
policies which
countries 7 must .; develop
as
a
prerequisite to attracting pri¬
vate capital;
programs
partnership.
(J
An
wpwip
increasing number of in¬
vestment
INVESTMENT
FACILITIES
ar¬
Washington
discussions
,
COMPLETE
to
Bank, the International Mone¬
tary
Fund
and
other
public
agencies
have
developed
a
growing understanding of the
Kaufmann,
Milton F. Lewis
New
attempts
preliminary discussions regarding
planned
they serve;
Kaufmann, Alsberg Admit
Mitchum, Jones & Templeton
for
several
mutually satisfactory time
been
in
currencies
Co., Inc.
After
range a
Henry Stravitz
convertibility
of foreign currencies reflecting
the increased strength of such
The
Richard W. Jones
America, N.T. & S.A.
York, N. Y.
A. G. Becker & Co. Inc.
na¬
ap¬
Emerson Thors;
Young; Arthur L. Wadsworth, Ex officio; and Murray
Hanson, IBA Staff Representative.
Swiss American Corp.
many
was
June 7, 1960. Its mem¬
of:
Robert
Craft;
on
consist
John
Irving II. Sherman
New
7
Washington
Andrew Overby;
Corp.
Morgan Guaranty Trust Co.
New York, N. Y.
World;
of
There has been
Drive, members of
& Co. and Binder &
The
have
increase
the Pacific Coast Stock Exchange.
Both
Thomas M. Johnson
Free
Overby
Clifford R. Rohrberg
na¬
the
of
Sub-Committee
pointed
York, N. Y.
Bank of
New
a
economies
,
bers
enormously
strengthened and the growth
rate
in
economic
activity
is
greater in many countries than
in the United States;
Two With Arthur Hogan
Glore, Forgan & Co.
Chicago, 111.
,
the
of the
The
tions
Glore, Jr.
is
that
Company
Henry A. J. Ralph
business in the 1960s:
our
The
The First Boston
favorable
the United States and other
ton.
A. G. Becker & Co.
Andrew N.
are
growing recogni¬
danger of loss
through war has been reduced
or at least equalized as .between
tion
formerly
was
Mitchum, Jones &
.
Providence, R. I.
Los
The Milwaukee
i
Sub-Committee
Joseph T. Johnson
the long¬
factors
basis
a
Report
Milwaukee, Wis.
over
basic
on
There
Co., 398 S.
members of the
G. H. Walker & Co.
F.
certain
tiers for
Reeves &
Exchanges.
with
W. Ronald Gill
Charles
ex¬
invest¬
foreign investment and
this field of activity repre¬
sents one of the relatively new
and potentially expanding fron¬
New York and Pacific Coast Stock
' 7
C. Pharr Duson
HILLS, Calif.
Daniel
Beverly
Rotan, Mosle & Co.
Houston, Texas
r
7
term
er
developing
(Special to The Financial Chronicle)
Wm. J. Mericka &
in
foreign
that
With Daniel Reeves
,
difficulties
;
,
APPENDIX A
Mitchum, Jones & Templeton
San Francisco, Calif.
to private
H. Brooks
Hartford, Conn.
un¬
pay¬
On the other hand there is
(4)
Company, St. Louis, Mo.
John
the
much evidence that
&
Inc., Denver, Colo.
&
of
Morgan Stanley & Co.
New York, N. Y...
<
York, N. Y.
William N. L. Hutchinson, Jr.
ment for the present. 7
George S. Writer
Breckenridge
balance
private
Co.
Breckenridge
dollar
panding
Co., Inc.
Writer
|
John M. Young
Model, Roland 8c Stone
New
position have all tended to
increase
York, N. Y.
Peters,
continuing
our
.
G. A. Saxton &
Philadelphia, Pa.
Hunter
cial markets to
Co., Inc.
York, N. Y.
Carl Stolle
7 George deB. Bell
Drexel
Raymond Smith
Weeden &
N. Y.
Walter A. Everitt
tensions in the Cold War and the I
reactions of international finan¬
New
.
-
York, N. Y.
Baker, Weeks & Co.
York, N. Y.
Milwaukee Company
Milwaukee, Wise.
William N. Bannard III
•
New
Continued from page 38
The
J.
-
K. P. Tsolainos
Francisco, Calif.
G. Edward Slezak
Carl C- Brown, Chairman
New
.
Schwabacher & Co.
'PUBLIC UTILITY SECURITIES
- -
Kuhn, Loeb & Co.
,
f~",
bankers
and
1»«0
1 .1 7! 7 7'm I
their:
j
clients, including more recently
certain of our large institutional
lenders, are obtaining a better
knowledge of and a greater in¬
7
I
ify't
i
"
SnY i/
terest in the possibilities as well
as
the
problems involved
foreign investment.
We
CURTISS, HOUSE & CO.
7
,
,
Established 1914
American Stock
Union Commerce
New York
that
of
eco¬
areas
used
at
ready
Bldg., Cleveland 14, Ohio
ii
course,
and where, for the pres¬
least, private capital is not
venture
to
in
substantial
amounts.
Stock Exchange,
Exchange (Associate)
1 MAin
certain
are
..
We believe most
that it is
ever,
both
a
7,
■ -
•
.
>
The
strongly, how¬
Braun, Bosworth I960 Comparator provides both'
individual and corporate
basic objective of
State and
foster and develop our "free econ¬
investors with
a
convenient
determine tax savings through investment in
way to
government
and
the
of
our
Association to
our
members
:
of
in
nomic development and many na¬
tions in which public funds must
be
..?<• " "Members
New York Stock Exchange, Midwest
:
recognize
there
ent
7 7;7-': 7 7
Municipal bonds that
are exempt
from fed*
eral income taxes,
omy"
1-7071
concept
throughout
the
We believe
that private
capital investment is the corner¬
stone upon which free economy
world.
Correspondent: Clark, Dodge & Co., Incorporated
is
built.
bankers
vate
As private investment
serving the largest pri¬
capital
market
in:the
Free
World it is, therefore, our obliga¬
tion to do all we can to promote
private foreign investment.
In
fulfilling this obligation we may
also find that foreign investment
represents a new "growth indus¬
try" for our business.
Field, Ricliards & Co.
ESTABLISHED
1908
In
closing this report I should
Let
us
on
jfj
that
assume
$50,000
individual
an
bracket wishes to
surtax
over
to
what his taxable investments will have to
for him
bracket would find that
would
require
and
members
have
generously of their
so
knowledge
during
of
contrib¬
to
the
time
past
shows that
to net
a
obtain
a
w
net of 3.75% he 7i
taxable investment yielding 34.09%.] j
a
Computations also
require
yield in order
3.75%. An investor in the $100,000
to net
corporate
cover
tor
the
and
staff who
the '
"3.75." Opposite the $50,000*
committee
IBA
in
and keep 3.75%
$60,000 bracket he will find the figure 15%. This is
above and below $25,000,
our
investor
earn
his investment. First, he slides the Braun, Bosworth
Comparator
like to thank the members of the
uted
incomes, both
For example, the Compara¬
corporation in the 52% bracket would
a
taxable investment yielding 7.81% in order
3.75%.
year.
Underwriters and Distributors
Respectfully submitted,
INVESTMENT
COMMITTEE
Municipal & Corporate
Arthur L. Wadsworth, Chairman
Securities
Lazard
Bldg.
CLEVELAND 14, OHIO
Telephone PRospect
Teletype—CV
1-2770
174
Comparator
surtax
for
covers
tax-free bonds yielding1
4.50%, and incomes from the $10,000
bracket to
over
ready reference.
'
$200,000. All
are
cross-indexed
/
■
"
*
Dillon, Read & Co., Inc.
New York, N. Y.
Eugene R. Black, Jr.
1556 Union Commerce
The 1960
from 1.00% to
FOREIGN
Of
1107
J
4
*■
Union Central Bldg.
CINCINNATI 2, OHIO
Telephone Main 1-3776
Teletype—CI 197 & CI ISO
New
BRAUN, BOSWORTH & CO.
Freres & Co.
Paribas Corporation
New York, N. Y.
MUNICIPAL
TOLEDO
•
Maurits E. Edersheim
Burnham
New
& Company
York, N. Y.
BONDS
NEW YORK
CHICAGO
•
,
J
incorporatkd
York, N. Y.
Robert H. Craft
j!
•
DETROIT
CLEVELAND
'
82
The Commercial and Financial Chronicle
(2462)
.
.
Thursday, December 15,' 1960
.
the
Report of IBA Foreign
_
x.
,
,
,
INVESTMENT
SECURITIES
COLUMBUS, OHIO
,
,
,.
.
...
that
an
Teletype: CL 388
authoritative statement ot
their authority and desire to use
Newton, with us
guarantees, which could be given
Meetings were
w1^g distribution publicly and
sentatives
of
the
following specifically
to the investment
agencies:
1
banking industry, should be made.
World Bank; Inter - American
They have noted, however, that
Development
Bank;
Export- ^ is necessary to assure that the
Import Bank; State Department Development Loan Fund guaranand related agencies such as Detee authority is utilized in a man-:
velopment Loan Fund and Inter- uer which does not interfere with
Administra¬
national Cooperation
utmost
the
received
We
co¬
operation from these agencies in
arranging our schedule. We were
fortunate in meeting with heads
of each agency so far as foreign
..
o___o
Joseph, Mellen
&
Miller, Inc.
INVESTMENT SECURITIES
1170
Union
Commerce
Building
concerned including:
Mr.
Eugene Black, President of
the World Bank; Mr. Felipe Herrera,
President and Mr. Robert
Cutler, U. S. Executive Director
agencies
of
25
Broad St., New
Glessner Ave.,
are
Samuel Waugh,
Export-Import
Bank; Mr. Douglas Dillon, Under
Secretary and Mr. Edwin Martin,
Assistant Secretary for Economic
Bank;
President
York, N. Y.
Mansfield, Ohio
of
Affairs
and
Mr.
of
each
Upton, As-
Graydon
sistant Secretary of
In
Department;
State
the
T.
Mr.
the
the Treasury,
Wadfsworth
Mr.
case
the
purpose
of the
Foreign
Investment
Committee,
its
Washington
Sub-Committee
and the reason for these meetings
explained
in
Washington.
He
,
pointed
out
that the Committee had been ere
ated to
serve
as
ment
when
problems,
of
r-
Investment Service
Individuals
private
policies
mutual
Corporation
CANTON
COLUMBUS
14, OHIO
YOUNGSTOWN
TOLEDO
SANDUSKY
need
the
for
,
additional
in
Association
our
obtaining
World Bank obtained similar approvals for its bonds some years
ago. Approval of Inter-American
Development
Bank
bonds
as
investments
has
already
jegai
been obtained in the State of New
American
assist
private
dustry
tion
requested
more
frequent
meetings in the future to discuss
not compete with private capital,
Whereas Eximbank has extended
its foreign trade. It is
directed by law to cooperate and
in
invest¬
Westheimer
in
throughout the
-
great M id West...
the
of
Center
the
Industrial America
O
O CHICAGO
■v
CLEVELAND
|
MARION
j
I
o
Progress Report
LANCASTER
DAYTON
:
'•
O
o
•
WHEELING
HAMILTON
discussions
|
O WASHINGTON C.H.
O
CINCINNATI
be summarized as follows:
O
tHILLICOTHE
0
O HILLSBORO
CHARLESTON
(1) Most of the agencies have
authoritiy to guarantee portfolio
investments but this authority has
not
been
used
in
the
past.
326 Walnut
The
MAin
against ex¬
propriation, war risk and cur¬
rency convertibility have been in¬
creasingly used on direct invest¬
ments by American industry and
could be applied to new portfolio
investments.
The
State Depart¬
ment
Street, Cincinnati, Ohio
1-0560
Teletype:
CI 585, CI 232
guarantees
recognizes the possible ad-
vantages
of
NEW YORK
-
CINCINNATI
TELEPHONE:
WOrth
6-2115
DISTRIBUTORS
UNDERWRITERS
Members Principal Exchanges
Direct
Wire:
DEALERS
Hayden, Stone & Co.
V
J
encouraging private
underdeveloped
investment in the
nations
broad
by
utilizing
the
very
guarantee authority of the
It was
Development Loan Fund.
Fulton, Reid
Member
&
Co., Inc.
'"Y
of the Midwest Stock Exchange
emphasized by the State Depart¬
ment representatives that the ex¬
perience of investment bankers
could
be
of
great help to the
Development Loan Fund in de¬
veloping
practical working ar¬
rangements and that the Develop¬
Saunders, Stiver & Co*
(Established 1932)
ment Loan Fund would be recep¬
Originators, Underwriters, Distributors, Dealers and Brokers
in
Corporate and Municipal Securities
Corporate Financial Planning
Investment Advisory
Service
tive because their available funds
could
be
greater advan¬
guarantees which
to
used
utilizing
requires only
tage
We
a
Underwriters and Dealers in
50% reserve.
emphasized that we would
glad to work with them in de¬
veloping a set of policies or regu¬
lations which could be promul¬
be
Municipal and Corporate Securities
gated so that investment bankers
1186 Union Commerce
Building
Akron, Ohio
Fort
would know what their
ties
-Cleveland 14, Ohio
were
in
coming
possibili¬
to the De¬
velopment Loan Fund for help
in financing projects
in under¬
Wayne, Indiana
in-
Representatives of the DevelopLoan Fund and the International Cooperation Administra-
to
ment
International Cooperation Admin¬
City Ea*t 6th Building
CLEVELAND
be-
materializes,
purpose
istration
700 National
more
approval of its bonds as legal
investments in the various states
in the same way in which the
-.
develop¬
and
interest
The results of these
Member Midwest Stock Exchange
or
be furnished at least 50% York, and an appropriate bill to
locally and the balance from U. S. make such bonds legal investprivate sources; and
(4)
the ments for Massachusetts savings
senior capital could be supplied banks has recently been introPartly in local currency (which duced in the Massachusetts Legisthe
Development
Loan
Fund lature by the State Bank Comcould supply) and the balance in miSsioner.
dollars where the guarantee could
Qne of the important functions
be used to get private U^ S. 0f the Export-Import Bank is to
lenders to participate.
joan medium and long-term funds
GREENSBURGQ
The First Cleveland
year
its
will
Meanwhile, it requests the help
(3) where the equity capital was
operation in the future.
may
a
It
to
of
these
initial
meetings was to lay the ground¬
work
for more constructive co¬
Institutions
ob-
,
of
cipal
Corporations
•
of
achieving this
offered to be helpful in any way
we could. They urged us to come
to them with specific projects and
pointed out that the
"ideal
project' was one: (1) located in
a friendly underdeveloped country; (2) which would benefit the
economy
of
that
country;
private foreign invest¬
ment. He explained that the prin ¬
field
of
jective is now under review. We 0f
public agencies, both national and
international, for consideration of
ments
•
means
procedures.
fore
the
Bank
introduces its
credit in our financial markets
by the sale of its bonds, but .it
wm need the help of the investment banking fraternity in unse-;,.derwriting and selling its bonds
funds
the
United States and the
25 Years
long-term
developing
i
p02icies and
pr0bably be
ernment, and have indicated that
industry in the
responsible
banking
of
commenced operations
onjy
qc^
Qn
the point of con-
the
between
tact
-
marketing
^
ag
curities of the United States Gov-
Develop-
Inter-American
the
ment
Cleveland, Ohio
427
such
of
activities
investment
_
the
to announce
early next year. It
ioans
jg rea(jy to discuss financing of
proj eets located in its member
natjons jn Latin America. It has
guarantee authority
as
well as
funds for investment but,
George
at all meetings,
held with repre-
tion; and Treasury Department.
De¬
is hoping
and
£jrsf.
President,
incoming
.
Telephone: CApital 8-5391
tion
,
Jt this stage at least, not to atto limit themselves by deaddi^ regulations. They agreed
ington for these meetings. In
tion we were fortunate in having
further
problems
Inter-American
The
(2)
but that they believed it better,
in Europe made the
our
Huntington Bank Building
..
other
up
they
velopment Bank is now in opera-
Young who was
trip to Wash-
except for John
SWENEY CARTWRIGHT & CO.
,
take
did not have time to
raise with us at this meeting.
which
Investment Committee
Continued from page 81
to
problem
guarantee
and
developed countries. Representa¬
tives of the1'Development Loan
Fund
indicated
they had very
(guarantees could
and apply to all or
broad authority
cover
any
all risks
part of the capital
invested),
One Terminal Tower
Cleveland 13, Ohio
PRospect 1-4500
CV 283
MEMBER
MIDWEST
?
STOCK.EXCHANGE
Volume
Number
192
6012
Commercial and
The
Chronicle
Financial
(2463)
83
V
substantial
medium-term
at the request of and in
does
credits
activities
its
with
have
bankers
Eximbank
limited.
tablish
relatively
wants
to
tion
es¬
closer
11994587623467
felt
have
We
that
the
dustry
have
the
Bank
of
one
does
could
and
develop
This
is
the
It
to
be
World
along
these
industry
reasonable fees for in¬
vestment
bankers,
nor
to
any
other competent advisers, in put¬
ting together a package to fi¬
nance
a
foreign project. It was
long
Eximbank
object to
that
an
if
also
pointed
-y
.
'
, .r
moment
of
nations
foreign
technical service in this
-J:
Purchases
Net
1950
634.3
—
676.8
388.2
9.8
382.3
15.0
291.4
70.8
—18.0
311.5
198.2
24.4
710.2
121.0
—
300.6
1,149.7
182.1
1,007.0,-
621.5
79.0
924.9
251.6
841.3
48.8
1,486.1
877.9
214.3
509.4
—183.9
1,387.3
300.4
30.4
875.2
126.1
991.5
385.0
1,866.8
511.1
621.9
:
29.1
1,392.0
693.1
2,014.0
722.1
336.4
1,915.1
—
•*.1958
'803.7
1959
803.8
237.7
1,457.6
tl960
393.7
37.1
933.2
442.6
above
*The
credited
U.
to
data
S.
related
Accounts
the
to
the
as
total
result
2,261.5
1,326.9
t
fund
V
with
firms
branches
own
of
amount
in
They,
abroad
wbich
in
The
domiciled
therefore,
within
not
with
or
S.
the
Investors"
U.
and
S.
transactions carried
is not involved.
cover
institution
reporting
a
"U.
term
do
institutions
all
covers
its
and
territories
:
:
■
'
TABLE
of
ties
Bonds
Country of Seller
Stocks
Belgium
26,466
5,143
Denmark
20,107
*
Finland
(3)
American
that
1,304
—470
—7,500
—347
13,630
—5,021
—5,021
41,534.
20,397
51,931,
—67,936
Portugal
—
.
Switzerland
war-devastated
industry
lands
the
these
restored
to
more
could
The
economy
in
accomplished
to a great extent by the determi¬
nation of the free people to regain
of
93,465
—47,539
the
economic dignity*.
their
552
35,375
America.
152,787
—50,258
82,641
32,383
is
—1,909
—1,449
—407
739
1,910
387..
906
53,839
International
.
Total_____
Grand
Source:
Treasury
and
revenue
BONDS
in industry and busi¬
—36
104,493
—57,703
6,319
10,643
—51,384
61
—365
—37,659
—6,087
—124,717
29
19,933
239
174,431
—336
—17,726
—5,848
49,714
390,334
52,675
443,009
the individual investor.
Even be¬
—16,174
4,929
—11,245
91,109
5,545
96,654
fore World War I some
American
14,345
670
15,015
336,967
157,139
—556
156,583
2,261,452
.' 512,036
237,694
749,730
= .
3,272
1
.
168,059
15,462
750,351
920,359
76,094
9,327
1,457,635
ative system
—614
103
10,679
30,427
Bulletin.
a free economy
productive and cre¬
913
1,202
346,882
336,966
most
the
14,049
53
137,170
986
413,908
•
38,471
Countries:.
tax
The re¬
460
207
636
9,376'
48
,126,611
—
—
803.817,
*See footnote
135,938
•
41,743
under
"
"
Table I.
ness.
Nature of Investments
Europe
twofold
are
American
industries
ness
investments
American
The
industry
had
—
and
in
those
of
those
of
established
busi¬
connections in Europe, either
by establishing correspondent re¬
Key to
lations, buying a share in existing
forming
entities,, or
of' their
own.
In
subsidiaries
recent
distribution
years,
the direct participation
corporations in the
European
economy
hasbeen
greatly, expanded. During the cur¬
rent year, this tendency has been
however,
of
UNDERWRITERS
—
DEALERS
:
—
DISTRIBUTORS
"OF
DEPARTMENT
The Provident Bank
CHerry 1-6111
OHIO
Bell Teletype: CI 85
businessmen
way
ing sales volume
But
of
be
COMPANY
M»mb*r W Ih* MUw*U Stedk
on page
84
FuWfl*
investments
COUIMWS IS, OHIO
—
these-
year.
hope to greet
SI N. HIGH ST.
OHIO
evidence
floors —will
ready next
this
all
important
growth
new
1961.
THE
are
growth.
good will.
tangible
We
in
of
most
is
our
three
the
future
Continued
all
The
increas¬
prosperity and
growth of the European market.
The growing strength of West-
the
of
of participating in
present:
clientele,
components
ingly. aware of Europe's advan¬
tage of low-cost labor. The earn¬
ings records of' American busi¬
nesses
with
subsidiaries
abroad
have made it clear that this is our
best
CINCINNATI 2,
Enlarged
increased staff, expand¬
than ever, as
Europe's, growth rate ,has been
made
more
conspicuous
by
a
slackening pace in our economy,
and
as
competition
has
made
pronounced
American
BOND
in Ohio
American
more
MUNICIPAL BONDS
Phone:
'-i*
MUNICIPAL
vincing proof that
121,508
45,667
Europe
Specializing in the purchase and sale of'
sults of this joint effort are a con¬
68
573.477
Total
Canada
System Teletype CI 188
Carl A. Muething
Western Europe was
2,819
30,889
14,476
336,443
Kingdom____
Europe
Bell
asset of the country involved.
484
8
Other
be
1-5071;
Main
Heimerdinger
self-sustaining
a
32,556
Turkey
United
Phone
John M.
John E. Froehlich
1,643
50,654
J.
John N. Fuerbacher
so
44,003
14,001
Sweden
Bldg.
2, Ohio
M. H. Woody
good'
the Mar¬
instances by other aid,
132
526
296
Spain
Cincinnati
in
4,085
7,466
__
403 Dixie Terminal
it
31,279
Norway
Other-
—7,030
13,977
.
20,161
119,812
65,048
137
'
WALTER, WOODY & HEIMERDINGER
,
2
135
-
na¬
and
up
reinforced
and
Plan
once-
Total
Stocks
goodwill
policy set
1,511
Netherlands
Latin
-
%
4
interested.
inter-
39,918
Greece
Italy
Asia
369
58,057
29,609
61,755
35,439
;
r
Americans have for decades been
neighbor
Bonds
31,609-
1,304
-
Germany
FJ
the securi¬
western
the
of
individuals
Net Purchases
,
,
«
■
and Frank
Rohrberg;
entirely
in
54
■
'<
Cincinnati 2, Ohio
Security Savings Bldg.
and,
with the
foreign central
and
-3
M
ap¬
of course, Great Britain, in
which
country's
enterprises we
out
and
-
mem¬
Tsolainos,
has explored the invest¬
opportunities
of
Western
Germany,
Holland,
Belgium,
France, and Italy on the continent,
S. Investors —1959 *
U.
Total
21
France
R.
rebuilding
348
L
was
Its
P.
ment
Europe—
Austria
K.
investor
foreign
II
Gross Purchases—
£
Particularly the American
tions.-
($ Thousands)
,
Committee
of:
most
of
shall
Securities by
Foreign
INVESTMENT SECURITIES
II .i
American investors to
many
Purchases
mm
Introduction
possessions,
of the following: (1) branches or agencies of
banks; (2) other official institutions of foreign countries;
national organizations.
exception
"
Our 73rd Year
The L: expanding
eebnomy
in
Western; Europe during the last
decade has drawn the attention of
companies.
The statistics are based on monthly reports to the
Treasury Department by banks and security dealers and brokers on trans¬
actions with foreigners for their own account and for the account of cus¬
tomers.
-
consist
foreign
parent
!
February 19 1887
H
June 7, 1960.
on
debited or
securi¬
money
abroad
subsidiaries
and
Sub
Clifford
,V>,
their
H
Established
Chairman; Maurits E. Edersheim;
only securities transactions
cover
Seasongood & Mayer Fl
involved.
bers
(including transactions
in the securities of international organizations, such as the World Bank).
They do not include direct foreign investment by U. S. corporations, nor
do they cover inter-company
account transactions .* of U. S. non-banking
statistics
a
This
Canadian
purposes.
The
had
that
and
Morris, IBA Staff Representative.
transactions
of
worthwhile
meetings
should
be
in the future at least
year. In addition, we be¬
pointed
securities.
The gross purchases figures reflect
both new and outstanding issues*
The differences between the gross purchases and net purchases .figures primarily reflect:
(1) sales of foreign
securities by U. S. investors to foreign investors; (2) redemption of foreign
securities, either in the U. S. or abroad; and (3) purchases for sinking
including
ties,
Sub-Com¬
meetings
Committee
tJanuary-August.
Bulletin.
Treasury
Source:
Teletype CI 381
opinion
Report of the Information Sub-
1,362.5
749.7
479.7
2,718.81
1.026.1
512.0
"
Bldg.
(2), OHIO
APPENDIX B
377.0
217.9
72.2
801.0
677.4
6.8
303.4
Dixie Terminal
CINCINNATI
.
27.8
145.4
76.4
329.6
-
the
that, these
very
$
an
cies
35.8
348.7
.
been
*
Phone—MAin 1-6515
unanimous
the
was
*
—
908.4
1
such
as
39.0
—
24.5
—14.6
644.9
1951
firm
414
invest¬
94.8
—261.1
79.8
42.6
.
individual
Loan Fund would be
mutually beneficial to our in¬
dustry and the government agen¬
556.1
—265.5
96.7
1949____
an
velopment
Net
Gross
490.4
"
It
*
POHL & CO., inc.
recom¬
developed
procedures for utilizing the
guarantee authority of the De¬
—Bonds and Stocks—
Gross
0.4
;
twice
Bonds
Net
could
lieve that continuing work on such
matters; as
the
development of
Securities by U. S. Investors*
Purchases
*
whereas at the
do
not
like
to
banking
by making men available' regular
planned
or
It
advisor.
($ Millions)
65.6
ment
SHARES
it,
they
recommend
BANK
international
less
mittee
Stocks
Gross
the
use
of the members of
to render
Purchases
-
agencies
countries
be
by
CINCINNATI
to
available,
were
by either creating a
separate corporation which could
employed
BONDS
the
investments.
other
and
that
mend
TABLE I,
Purchases of Foreign
Year
I
that
out
Bank
in
,
helped
we
DEALERS
out that if such
organization
the
feel
be
would
foreign
financial
like
would
informed
also pointed
was
real
a
of
field
who
better
become
work
field
but
business
our
some
make
benefit
range
such
lines
could
MUNICIPAL
give technical financial advice,
would afford a fine training
for the younger men in
it
local
do
to
DISTRIBUTORS
was
facility
representatives
Bank
UNDERWRITERS
pointed out that if such
organization should be set up
an
necessary
using
contribution
not
a
or¬
the
work.
American
helping
been
our
that
on
a
temporary basis to an
ganization
which could do
first
step to foreign investment. They
work
official
to
in
nations.
market. It
pointed out by
and
capital markets in less developed
financ¬
granted more favorable rates
than were available in the private
was
rate
the
The World Bank feels that
could be done by our in¬
more
ing is involved. Some of our mem¬
bers have also felt that the Bank
has
desirable
was
(4)
Bank's
Eximbank
when
fixed
a
accept
when
industry,
the investment banking fraternity,
and Export-Import Bank.
past policies have discouraged the
payment of fees to investment
bankers
rate
beneficial
relationship and
believes, as do we, that this can
be
accomplished
through
more
frequent meetings back and forth.
a
to
private
private capital
initiates the financing. It was gen¬
erally agreed that closer coopera¬
market
investment
been
have
not
inclined
is
participa¬
tion with U. S. commercial banks,
"new
you
home"
in
k',1.«lultll'» toft «M>*
•.'AMlriiliiV.iSii'il'm'liu'lU' l>','fa'Wflll'A
/;'!
•
I"
J
84
The Commercial and Financial Chronicle
(2464)
Report of IB A
Committee
on
holder
(a) Dividends are paid in U. S.
registered
his
holder, much in the same manner
as domestic shares;
ADR's
(b)
in
transferable
and
able
readily negoti¬
are
form
a
similar to domestic shares.
if
Continued from page 83
Europe attracts the individual
American investor as well. Those
ern
who
■)|
started
Western Eu¬
buying
securities in the earlier
stages of
the recovery already
have benefited substantially.
In
ropean
■.*
.iK'
J&'jf
•Ml
slacken
i
still
ther
European
to
recent
that,
likely
seems
years
recovery
the
from
for
the
which
in
case,
curities.
j
Ml
the
y.
Holders
shares
may
market and
common
establishing
of
of European
area
may
the
their
v4
to
Caution
factor
Amount
M|
helping
and
ican
commonwealth
of
of
au6tralja
1947
8,500
53,500
M
4"
I
N.4
1
p*
5/ *'
M
hf
M
dollars
8-28-46
12-16-46
98
1-1-57
1-1-47
dollars
few
dollars
2-19u47-;:
dollars
4-23-47
of
netherlands
3/4
1/4
1/2
5-1-47
5-1-57
dollars
5-26-47
99
6-1-47
6-1-57
dollars
6-16-47
97
1/2
3 #55
none
6-1-47
6-1-4>7
dollars
6-16-47
97
1/2
3.68
none
actively
3.84
none
1/2
4.06
20,000
of
total
1954
commonwealth
of
kingdom
es¬
the
cur¬
situation
in
will,
25,000
1955
'
'
15,000
40,000
'* ' '■
15 yrs.
3
10
none
15,000
Belgium
of
Totals
''
S"
12-1-54
dollars
dollars
99
12-8-54
12-1-64
12-15-54
15,000
99
.
2,500
none
30 yr8.
7,500
10 yrs.
4
12-1-53
1/4
12-1-83
dollar6
3-28-55
98
4.12
none
4-15-55
4
7,500
norway
4-15-65
dollars
4-19-55
100
4.25
25,000
investor
republic of cuba
none
30 yr8#
4
12-1-53
12-1-83
dollars
*-20-55 :
98
of cuba
3,000
none
30
yrs.
4
12-1-53
12-1-83
dollars
9-29-55
98
union
should
2,500
republic
.
south
17,000
6,000
10.yrs.
4
12-1-55
12-1-65
dollars
11-29-55
98
98
of
africa
1/4
(
(Swiss
.
Totals
1956
32,500
Total
j957
commonwealth
high
of
coal & steel
kingdom of
.
r
15 yrs.
4
will
progress
1958
6-15-56
6-15-71
dollars
3-1-57
3-1-72
0ollar8
20,000
none
15 yrs#
5
25,000
10,000
18 yrs.
5
1/2
4-1-57
4-1-75
none
15 yrs.
5
1/2
9-1-57
9-1-72
75,000
community
.x
.
belgium
totals
union of south
in
be
the
africa
investors
6-20-56
American
4 #69
none
10,000
*
3-13-57
ioo
;,
] ■ ,5.00*
dollars
none
9-10-57
;.
'.
55.50
597 1/2 ^
4-9-57
Dollars
1
r5,75
50,000
5.69
none
100
none
10 yrs.
5
1/2
1-1-58
1-1-68
dollars
1-20-58
98
none
15 yrs,
5
1/4
3-1-58
3-1-73
0ollar6
2-27-58
99
congo
15,000
none
15 yrs#
5
1/4
4-1-58
4-1-73
dollars
4-15-58
98
25,000
none
15
yrs#
4
3/4
5-1-58
5-1-73
dollars
4-22-58
99
8,000
3,000
15 yrs.
5
1/2
6-1-58
6-1-73
Dollars
5-28-58
97
1/2
5.75
6,000
none
15 yrs.
5
3/4
5-1-58
5-1-73
d0llar8
6-16-58
97 1/2
6,00
35,000
15,000
20
5
7-1-58
7-1-78
dollars
6-24-58
97
17,500
none
15 yrs#
5
10-1-58
10-1-73
dollars
9-23-58
98
16,800
none
40
4.80
11-1-58
11-1-98
dollars
10-21-58
25,000
none
20 yrs#
5
11-1-58
11-1-78
dollars
10-22-58
97
10,000
none
12 yrs.
5
1/2
12-1-58
12-1-70
dollars
11-19-58
99
25,000
none
15 yrs.
5
1/2
12-1-58
12-1-73
12-3-58
96
belgian
of
(Norway)
of
Oslo
federation
high
australia
& nyasaland
rhodesia
of
authority
coal a
of
steel
the
,
,
none
kingdom
community
1
Sale of
norway
of
commonwealth
government
'
„
panama
of
of
of
australia
new
almost
zealand
v
>
Republic of Austria
yrs#
yrs.
1/4
the form
to facilitate
receipt
An
ADR
drawn
* '
have
r;t
'i
bank's
by
is
a
—
as
the ADR
long
a
J
bursing
I*
1
ADR's
10,000
1959
kingdom
of
Denmark
agent.
has
none
4.84
none
.;
none
19.000
:
5.20
none
5.45
',y none
4.73
,
none
1/2
5.20
none
'
5.62
none
5.91
25,000
5.70
25,000
v
schillings
yrs.
5
1/2
12-1-58
12-1-68
i
98
15 yrs.
1/2*
2-1-59
2-1-74
dollars
2-5-59
97
15 yrs.
1/2
1-15-59
1-15-74
Dollars
2-17-59
98
2,500
15 yrs.
3/4
3-1-59
3-1-74
dollars
2-25-59
95
18,500
italy development funo
none
20
3/4
3-1-59
3-1-79
Dollars
3-10-59
100
commonwealth
yr8.
of
foncier
none
20 yrs.
1/2
none
20 yrs.
50,000
france
10,000
25,000
australia
de
20,000
15 yrs.
10,000
Montecatini
the
custo¬
t0tal8
1960
Commonwealth
city of
Oslo
of
none
20
1/2
5-1-59
outstanding.
Commonwealth
of
the
Totals
"
none
5,75
20,000
none
4-21-59
97
6-30-59
100
9-15-59 9-15-79
5.50
Dollars
9-16-59
97
1/2
12-15-59 12-15-79
5,75
none
d0llar8
12-8-59
95
1/2
5.89
none
97
l/?
none
20
yrs.
5
1/4
4-15-60
4-15-80
dollars
4-19-60
none
15yr6.
5
3/4
mw0
6-15-75
(dollars
6-21-60
1/2
27,500
25,000
none
20
25,000
'
none
Dollars
10,000
20
85,000
10,000
yrs.
5
1/4
yrs.
5
3/8
'
10-1-60
10-1-80
dollars
10-15-60 10-15-80
dollars
9-28-60
10-10-60
5^4*
none
Z
5.*S
none
98
5^
none
97
5.63
none
(p0und8
.
European
coal & steel Community
6,22
4,75
Dollars
10,000
Australia,
20,000
10,000
1/2
yrs.
|
High authority of
1/2
5.75*
5,70
5-1-74
25,000
Australia
1/2
6-15-59 6-15-79
166,500
(Norway)
1/2
'
none
10,000
royal dutch airlines
southern
credit
12-2-58
15,000
*
KLM
german marks
d0llar6
20,000
Jamaica
of
negotiable
U. S. bank
or
10
se¬
The existence of
distinct advan¬
none
5.40
33,000
four
tages:
;
101.17
15,000
Government
order
with
15,000
223,300
totals
ADR's.
in
The bank acts only as
depositary
and
transfer
and
dividend dis¬
M
'
period of time
remains
1/2
(pounds
a
deposited
foreign branch
dian for
or
number of shares
a
been
dollars
(w.
Union of south Africa
American
trading in foreign
certifying that
jl
of
created
was
5.35
as
Stock
in
(
(austrian
Japan
sold
1/2
european
and
Many European stocks (and all
bonds)
are
obtainable
in
their
original form only, but an in¬
creasing number may be acquired
as
1/2
15,000
city
easily as
domestic
issues.
Although
the
great majority is traded over the
counter, several of the best known
European stocks are listed on the
curities.
I
25,200
15,000
commonwealth
made,
Germany
Depositary Receipts
'•
4.44
amsterdam
city of
-
This device
I
1/2
francs
European
financial
V
1/2
30,000
the
none
none
25,000
australia
of
authority
none
4.12
4.12
i
15,500
25,000
commonwealth of Australia
change.
V
5
V
*"X.
republic of cuba
of
12-1-69
12-1-54
3/4
4
yrs.
kingdom
in
Exchange and a
few—like Royal Dutch Petroleum
Co.—on the New York Stock Ex¬
J
;
113,000
australia
the
Technically, European securities
be bought or sold by Ameri¬
"!
./: '
1/2
98
bought
European stock,
a
•
exceptions—
may
or
none
2-1-62
4-1-57
*
I
3 #87
2-1-47
4-1-47
list of Euro¬
a
European Securities
11
none
none
3/8
3
Purchase and
i
3,46
3.68
3
31/2
republic
H
'
99
15 yr8.
yrs.
particularly
1:1
none
A correction of this situa¬
France.
■M
none
'
3.38
101
12-31-46
none
"
3 #61
-
10 yrs.
20
facts
further
I;
1/2
none
none
Some real progress has been made
in this area in the last few years,
and there is every indication that
can
3.25*
100
dollars
none
19,000
justified by its economic potential.
|f#
8-1-56
12-1-66
10,000
australia
if
M
(frtoo)
maturity
price
bank
45,000
of
of
is of the utmost importance
Europe is to attract ownership
capital from America on the scale
! A
1/2
commonwealth
tion
|M
pr06pectu8
financing
to
norway
also
rarity.
of
of
strength
or earning power.
Annual reports
are
tardy * and interim reports a
>i
3
10 yr8,
3
American
actual
clau8e
maturity
date
lorlo
yield
offering
payment
8-1—46
1/2
3
Frequently, reading the balance
sheet
of
a
European
company
gives no real assurance as to the
Im
of
concurrent
offering
public
.
12-1-46
1/4*
3
yr6«
yr6.
the corresponding data on Amer¬
ican corporations.
|<*
3
20
10
that, except in rare
instances,
information on sales,
earnings
and
financial position
provided by the reports of Euro¬
pean companies is inadequate and
generally
not
comparable
with
Iff!
public
offering
800
australia
,
800
(australia)
county council
commonwealth
European stock exchange has
realize
b'i
none.
Totals
sydney
10 yrs#
none
25,000
*
10 yr8#
improved and
time, improve further.
I
with
«
date
B0N08
COUPON
term
none
already
o
($000)
none
With
of
The
debt
19,000
stability,
rency
relatively minor
connected
inconveniences
(1946-1960 Inclusive)
Bankers)
of
20,000
of economic health and
turn
S.
he is aware of
public
term
20,000
australia
commonwealth
1946
pecially in larger amounts, often
becomes a problem.
With the re¬
ill
a
III
date
australia
buyer must realize that
market
>C
make
to
of
of
securities
pean
the
as
Investment
given to the American
investor.
1
U.
order
the
are
security form for the
investor. However, as long
preferable
kingdom
and sold in New York—the Amer¬
*
S. Market
their
ject to the purchase of one share
at $2,500 but not to the purchase
of a 100 shares at $25.
wider dis¬
In
underlying
commonwealth
caution,
mostly comprising
■
6h0rt
112221
issuer
year
in
expand
ri
Ml'
consequently
and
,
prices correspond more closely to
a
range acceptable to U.
S. in¬
vestors, who frequently will ob¬
possible, many ADR's
have been adapted to our market.
however,
of
word
should be
HMf
to U.
tribution
foreign
by
of the original
foreign
shares
or
underlying.,
bonds
It is evident that ADR's
Adapted
offered
Urged
•■o i1
Mr
of the
investors, in view
numerous technicalities.
a' fraction
kingdom
MlA
indi¬
concurrently
prosper.
ivf
of
the
sell
amount
free trade.
in
governments
industries
pro¬
for
instances they represent
many
only
Aggregate
a
iU I'
"I
ADR's
(Offered
the effective co-operation of most
Ml'
suitable
not
vidual
FOREIGN DOLLAR BOND OFFERINGS
the Western European economy is
of
is
this
however,
practice,
cedure
In
hoped-for
additional favorable
An
In
TABLE
annual
i-
\ i
of
it
Mf
■
they could avail themselves of
existing price differences between
the domestic and. foreign market.
proceedings, which are
sometimes complicated and costly.
some
impetus
the
by
possibility
wide
5
further
of the
success
| M
A
furnished
be
de¬
the
probate
such is not
event the
SEC. Frequently,
our
to
Thursdays December 15, 1960
they
provided
ADR's
*
.
U. S. bank. In so doing
positary
mestic shares. This avoids foreign
may exercise their rights only if
the new issue is registered with
attract more private
American money to European se¬
Mi
the
well
may
mi
abroad,
surrender
substantially the same as for do¬
bonds), U. S. holders
growth in Europe will exceed the
rate of progress in America, and
JfJ
securities
sell
The procedure of transfer¬
(d)
may
pace,
average
come,
to
ring ADR's into the name of the
estate of the deceased holder, is
that fur¬
spite of the probability
iii
\\i
but
most instances
convertible
■tyj
B
choice
no
rights. In
event stockholders
become entitled to rights to sub¬
scribe to additional shares (or to
the
In
(c)
If
has
the
depositary U. S. bank automati¬
cally sells the rights on behalf
of the holder, thus protecting his
interests;
dollars and sent to the
,
:
7
*
Volume
original
foreign
exists
valid
no
Number 6012
192
limit¬
for
issues of which ADR's
The
principal differences
exist.
be summarized as
Most
European
stocks
form
bearer
and
numbered
subscription
stock dividends ("bonus
represent
Where
shares
foreign
are
in
attached. When a divi¬ Unless the company has a paying
dend" is- declared, an announce¬
agent in the U. S. A., the holder
ment
appears
in
the
leading, has to convert his foreign cur¬
newspapers
giving details as to rency into dollars.
coupons
what
is
coupon
when
in
and
payable,
amount.
what
From
where,
S.
\send
and
A.
the holder has to
them'ior collection abroad
mitted
also,
that the proceeds be
ask
him
to
re¬
(or his designated
agent) here. Most U. S. banks and
have adequate
however,
brokers,
facilities to collect such dividends
interest
or
customers.
their
for
practical point of view,
investors
desiring
to
pur¬
►wvwwwvwwwvwvvwww*
w
as
dealers.
a
They make
&
KREEGER
CO.
MEMBERS
NEW
v
STOCK
YORK
CAFRITZ
AMERICAN
EXCHANGE
BUILDING,
EYE
1625
WASHINGTON
EXCHANGE
STOCK
STREET,
N.
W.
may
them
locally
purchase
Or
67
them
In
looking
that
notice
will
known
Bourses
aux
de
ket
Stock
of
Summary
countries
the
taxes
Settlements:
cash.
the
WIRE
DIRECT
YORK
pact
of such foreign taxes
greatly mitigated, however,
three significant reasons:
is
for
mitting settlement fortnightly, of¬
fers
BETHESDA,
VA.
MD.
credit
full
for
4
selling.
Shares
Bearer
Identity
consequently difficult
Par
interim.
and
Most
Value:
Continued
'
•
Annual
Dividends:
determine.
to
Stockholder
mainly.
is
on
page
86
ESTABLISHED
Stock Exchanges
Stock Exchange
Associate Member American
JEFFERSON ST., LOUISVILLE 2,
419 W.
completes a
'
.
SON
1872
Member Netv York and Midwest,
Long Distance jUniper
4-0181
Local Phone—JUniper
Bell System
take
foreign taxes
any
Lexington, Ky.—Owensboro,
KY.
5-4293
Teletype—LS 284
Ky.—Hopkinsville, Ky.—Columbus,
Ind.
their
preparing
when
withheld,
purchased on Mar¬
a
form of Short-
J. J. B. HILLIARD &
individual U. S. holders may
ALEXANDRIA,
permits
gin;
securities
of
so
or
Investment Service
most circumstances,
under
(c)
score
a
which may be
Eighty-Eight Years of
Y:"
the U. S.
country provided he
standard form;
CORRESPONDENT
for
per¬
S.
in several cases
claim the tax or part
thereof
back
from the foreign
TO
are
futures
the
im¬
The
source.
holder may
HAYDEN, STONE & CO.
Majority
However,
In Louisville Since 1872
dividends
on
and/or interest accruing to U.
at
Banks
of
Europe under discussion
withhold
mar¬
a
Considerations
Tax
of
who make
specific securities.
not own securities of indus¬
or
commercial companies. .
trial
the
Brussels
Exchanges:
because
ing
in
may
Belgique.
as
or¬
specialists, appointed by
exchange,
Valeurs
des
act
placing
customers,
the
Trading Practices
foreign securities are miss¬
(b)
OFFICES:
Annuaire
of
transmit
and
Brokers
brokers.
ders with
source.
greatly reduced in others;
LOCAL BANK STOCKS
BRANCH
the main
Cotees
well
several
clients
Standard Reference: Le Recueil
the ADR con¬
the reader
over
banks receive orders
their
to
publish information; banks
this Report,
in
many
them
agents
Financier
concerned, such foreign taxes are
waived
in
some
instances
and
WASHINGTON SECURITIES
NEW
are
abroad.
tained
ever,
from
af¬
company
Brokers and Banks: The former
do not
85
mini¬
provide
on
fairs.
supply the shares out
own
inventory, obtain
their
of
Reports
information
under the terms of treaties
for the avoidance of double tax¬
ation in effect between the U. S.
and all seven European countries
Firm Markets in all
OUR
mum
(a)
6, D. C.
Teletype—WA
7-5700
district
Annual
market
a
and
residents
PHILADELPHIA-BALTIMORE STOCK EXCHANGE
.
,
Information for Investors
New
sues
Western
.
in
great number of foreign is¬
which are
actively traded
Several
JONES,
centered
primarily
are
they are traded in central exchange.
Smaller ones
chase or sell European Securities the original form. Philips Incan¬ in Antwerp, Grand, Liege.
descent Lamp
Works, which is
may simply place the order with
Regulation: The Banking Com¬
their
local
broker.
Unless
he actively traded in many financial
mission, which is closely super¬
centers including
New York, is
deals
in
foreign securities,
he
vised by the Ministry of Finance,
would place the order with one available in denominations of Fl,
50 par value, the unit on which regulates the stock exchanges and
of the firms specializing in foreign
the price in this country is based. issue of securities.
securities. The investor, of course,
The same applies to
shares of
Trading: Brokers alone may
may deal directly with the foreign leading French and English com¬
trade
on
the exchanges.
How¬
securities broker. These specialists panies.
.
S.
U.
Un¬
less the coupon is payable in the
fU.
a
(2465)
York City and frequently also act
in
registered form,
the company's
paying agent mails the dividend
check
to
the
registered holder.
follows.
are
in
numbered
have
the
cases
some
rights or
shares").
sively to
Financial: Chronicle
The Commercial and
.
coupons
ing his investments abroad exclu¬
may
.
In
there
shares,
reason
.
mHVHHUVnWHVVVvVHUUUWWUVWUWVWWnWW U. S. income tax returns.
widely
countries'discussed
in this Report.
Accordingly, it is
not very feasible to present a sim¬
ple table, showing the rates at
which taxes are withheld on for¬
The tax structure varies
the
between
Underwriters
and
clarity
Distributors
evef,
so
practical
to show the
as
How-
accuracy.
or
THE
sacrificing
without
income
eign
either
Member
of foriegn withhold¬
ing taxes on income, we are pre¬
senting in the table below the
rates prevailing at present in the
seven countries involved. In each
case
the figures show the effec¬
tive
rates
which applies, after
taking into account the portion of
the foreign withholding tax which
may be reclaimed.
Stock
Midwest
Exchange
application
Municipal
and
Corporate
Securities
Percent
15
Oldest
Investment
Banking
Firm
in
Washington,
D.
C.
Italy
Switzerland
WASHINGTON 5, D. C.
N. W.
15th Street,
of
gathered
Markets
Serving Kentucky for
Over 100 Years
W. L. Lyons & Co. has
Kentucky investors for
ments
than
'
Trading
Markets,
Prac-
Regulations on Invest¬
in:
Belgium;
France;
The Nether¬
and United
Italy;
Germany;
Wire to
lands; Switzerland;
Kingdom.
' -
.
BELGIUM
;
:
MEMBER
100
STOCK
UNDERWRITERS
-
EXCHANGE
(Associate)
DISTRIBUTORS
Bell Teletype:
;■
*
-
DEALERS
WASHINGTON 5, D. C.
^ Telephone: STerling 3-3130
Trading Dept. WA 28, 95 & 509
is
industry
more
has con¬
tinuously taken a prominent part
in financing the growth of the
Commonwealth. We offer the utmost in
of
welcome
experience. Trained and
our
facilities and services with the
qualified personnel awaits the
your.inquiries either by mail, phone or
personal calls.
! Municipal Dept. WA 28
Branch Office: Alexandria, Va.
L. LYONS & CO.
W.
Established 1854
the capital market is
to
tax system which
profits and penal¬
distributed
profits.
Firms
inhibited
by
izes
funds
on
capital market
often favor bonds as tax on
is
inter¬
KENTUCKY MUNICIPALS
261
''
;
Ownership
Volume is sipall.
LOCAL ISSUES
W.
Phone JUniper 4-1101
•
STOCKS
Short
St., Lexington,
BONDS
138
J?reckenridge Lane, St.
Ky., Phone 2-0142
Ky., Victor 2-2545
Ky., Phone 2020
Matthews, Ky.,
TWinbrook 5-9496
'
is
•
OFFICES
Hotel, Bowling Green,
N. 4th St., Danville,
133
-
Share
•
BRANCH
Helm
enterprise economy.
widespread.
•
York Stock Exchange-
**
:
Nationalization: Primarily a
Private
Firm of the New
LOUISVILLE 2, KY.
FIFTH ST.
235 SOUTH
significantly lower, than on
dividends.
free
Kentucky Member
Oldest
a
favors reserved
est
—
St. Matthews
served
markejt is difficult and expensive.
seeking
SOUTHERN BUILDING,
of
and
years
important,
especially
for
small- and medium-sized firms
for
whom access to the capital
Recourse
PHILADELPHIA-BALTIMORE STOCK EXCHANGE
BOSTON
H. GARTRELL
very
Johnston, Lemon & Co.
,'v
SHORT
opportunity of serving you through well staffed departments. Our offices
are strategically located for the convenience of our customers, and we
Domestic Capital Market
-Self-financing
ESTABLISHED 1920
.
CHARLES
SEDLEY
tices and
SECURITIES
New York Correspondent
L.
ARVIL
KING
FETTER
tMaxi-
are
benefit
our
C.
M.
CLARENCE G. TAYLOR.
C.'LEWIS
Mrs. ELINORE
subject
rates
Carl M. Loeb, Rhoades & Co.,
;
E.
Mrs.
course
Capital
"
Direct Private
JAMES
KENNETH PLATTNER
SNone on Govt, bonds.
JUntil June 30, 1962. "
(Based on information
by European Securities
Analysts, Inc.)
Firm Markets In
*■'.
CHARLES
BOHNERT
SUPPLEMENTARY MATERIAL
Forty Years in Washington
WASHINGTON
38%
change.
mum.
,
HECTOR W.
DEPARTMENT
DAVIS
TYRUS R.
None
5
None
None
15
______
above
■■'The
-to
113.16
Kingdom—
United
Telephone Sterling 3-5252
12
None
+15
_
Netherlands.-
The
725
Local Securities
INVESTMENT
25
;
_
Kentucky Municipal Bonds
S15
30
—--
France
JUniper 4-0226
LS 186
Dempsey-Tegeler & Co., Chicago
Percent
—
Germany
Wire to
Direct
Interest
Country
Belgium
LOUISVILLE 2, KENTUCKY
Bell Teletype
RATES
Dividends
MEMBERS NEW YORK STOCK EXCHANGE
Kentucky Home Life Bldg.
1960 )*
(November,
FOLGER, NOLAN, FLEMING -W. B. HIBBS & CO. INC.
'
TAX
WITHHOLDING
EFFECTIVE
1st Floor,
»>
Direct
Private
Wires from Coast
to Coast
.
86
(2463)
The Commercial and Financial Chronicle
Dividends are paid
annually, with interim dividends
paid during the year deducted
vertible currencies, or in francs
through Foreign Accounts in con-
from
terest
to determine.
Report of IB A
Committee on
the
value:
dividend.
annual
Par
usually New Francs 50
share.
Quotation
of
Foreignlssues
85
page
securities
shares have par value.
Quotation
nf shares and bonds in francs.
Many
are
number
of
quoted.
be
trades
others
can
Postwar
dictated
Regulations for U. S
Residents
(Belgium-Luxembourg) fluctuating
Effective
rate
of
exchange
Francs 50: $1. There
two
are
this
effect
the
distinction
markets
Investments
be
has
real
no
made
in
are
in
on
a
or
line
maximum
a
minimum
a
quoted
made
2
an
exchange may be
dollars, externally con-
Foreign
Francs
are
be
may
the
or
a
exported
and
be
may
($1,000,000
on
tax
years;
profits
largely
though
or
year
1945
Fi¬
1947
freely
then
1951
1952
an¬
Industry is
services
1953
Issuer
country
1954
1954
1957
1958
ited.
1958
electrica
mexico
de
Vertiente6—camaguey Sugar Co.
fndustrla
electrica
mexico
information
kers.
<give
Banks:
available
1960
incom¬
Informal
from
Bro¬
information
Reference:
vertientes—camaguey
sugar
co.
Anglo-American corp.
of
South
Africa
A.
K.
U,
Israel-mediterranean
pan-israel
klm
oil
royal
royal
($000)
-
*
Investment
'
'
••
"
•
Paris
Others
:/
:
no.
per
share
of
SHARE8
i6sued
f
10-8-45
$23.00
2,560,4
3-18-47
N.A.
144,250
2,890
2-11-50
100.00
250,000
6.50
481,307
N.A.
8,000,000
12-2-53
23.75
180,000
10-27-54
n.a,
750,000
3,128.5
11,358.7
l'
,
197,500
12-18-51
-
4—3—52
.
/
-
"X
4,275
.
i
i
•
.
1,875
10-27-54
n.A.
750,000
common
7,250
5-1-57
29.00
400,630
common
30.00
7,602,285
9-17-58
28.00
1,200,000
10-25-60
10.00
•
south
J
africa
228,068.6
33,600
1-17-58
V
:
16,000
common
Bermuda
:
•
:
:
-
'
common
'
TABLE
»
->
a*
1,600,000
V
A GORE GATE
t
'
'
exchange
Brokers
must
transactions.
AMOUNT
are
no
but
with
in
for
their
sell
to
their
cli¬
are
for
current
/practice
is
FOR
1951
lNTERNAT'L
BANK
RECON.
&
DEVEL.
FOR
RECON,
&
DEVEL.
1952
Jnternat'l
Bank
Stockholder
consequently
for
recon.
&
devel,
total
1953
JNTERNAT 'L
BANK
FOR
RECON,
&
TOTAL
1954Internat 'L
into
any
&
recon,
Total
1957
lNTERNAT'L BANK
FOR
3-12
YRS.
2
and
at
>
in
the
be ex¬
the free
may
NONE
15
YRS,
.
-
7-15-72
OF
OFFERING
PROSPECTUS
Dollars
7-15-47
,
2-15-50
*
PRICE
100
concurrent
OFFERING
WORLD
YIELD
FINANCING
TO
MATURITY
BANK
($000)
3.0(#
N.A,
1.35-2.40
N.A,
"...
2-15-53/62
dollars
3-1-31
3
NONE
30
YR8,
3
3-1-76
jd0llar8
2-28-51
100
3,00
10-1-51
N.A.
10-1-81
DOLLARS
9-12-51
100
3.25
N.A.
3,47
N.A.
V
1-26-50
96
1/4
50,000
NONE
13
YRS,
3
3/8
5-15-52
5-15-65
D0LLAR6
5-14-52
98
NONE
19 YRS,
3
1/2 10-15-52
10-15-71
DOLLARS
10-8-52
98
10-1-53
10-1-56
DOLLARS
9u29u53
99
1-11-54
100
DEVEL,
75,000
devel,
YRS.
3
100,000
NONE
15 YRS.
3
1/2
1-1-54
1-1-69
DOLLARS
100,000
•
RECON,
3
75,000
i,
DEVEL,
1/2
3.65
5/8
3.13
N.A.
3,50
N.A.
N.A.
lnternat'l
bank
for
none
20
yrs.
41/2
1-1-57
1-1-77
Dollars
1-10-57
100
none
21
4
1/4
4.50
yrs.
5-1-57
5*1-78
Dollars
4-17-57
98
75,000
1958
100,000
100,000
-•
none
yrs.
4
3/4
4.40
11-1-57
11-1-80
dollars
10-15-57
100
4.75
23
275,000
recon. & devel,
*
150,000
NONE
21
YRS.
4
1/4
1-15-58
1-15-79
DOLLARS
1-6-58
150,000
10 YRS.
99
NONE
3
3/4
5-15-58
5-15-68
DOLLARS
5-5-58
100
NONE
15 YRS.
1/2
12-1-58
12-1-73
3.75
■
100,000
DOLLARS
11-17-58
100
4.50
m
dollars
2-9-60
100
5.00
"
credited
dollars
and
currency
,.y
50,000
'
for
bank
difficult
proceeds of sales of
externally > convertible currencies
rate.
i> 7-15-47
'
: clau8c
DATE
110,000
be
may
with
market;
3
MATURITY
PAYMENT
60,000
•
official
none
25 yr8.
B0NP8
OF
PUBLIC
150,000
total
Accounts
100,000
100,000
COUPON
*
Shares
Financial
100,000
TERM
100,000
total
posit as collateral with broker, the
remaining
70y in securities.
Large Option Market.
mainly.
150,000
OF
public
OFFERING
100,000
•
for
investors to pay 3Q% cash and de¬
is
($000)
150,000
total
cash,
but
fortnightly futures settlements
permit a form of/Short-selling.
Margins:
JNTERNAT'L BANK
secu¬
ents.
Settlements
& Devel.
accounts.
own
them
recon.
DEBT
TERM
DATE
.
cus¬
concluding trans¬
brokers, buy
Commercial banks may buy
and
for
totals
other
their
Bank
specialists.
of
agents
tomers,
actions
internat'l
(1000)
8H0RT
DATE
However,
receive orders from
clients and transmit them to bro¬
are
[86uer
handle
often
There
public
OFFERED
1950
Trading:
Of
the
brokers.
changed
of
DOLLAR BOND OFFERING OF INTERNATIONAL BANK FOR
RECONSTRUCTION & DEVELOPMENT (1951-1960
(Inclusive)
(Offered by Investment Bankers)
over
appointing
market
exchanges.
common
;
the
in
exercises general supervision
the
exchanges,
or
governments
1,875
'•
'
1947
free
State
control
holland
international Capital,
Annuaire
Regulation: Ministry of Finance
1
and
common
pan-israel
petroleum
Electronics
YEAR
Bearer
ex¬
'
Marseille, Bordeaux,
louse, Lille, Nantes, Nancy.
Identity
these
holland
inc.
airlines
American sout^-African
-
often
ons,
rities
Regulation:
prospectus
concurrently
Exchanges:
sell
among
•.
4,542.5
common
.
petroleum*^v»<panama— Israel :>
company,
dutch
dutch
-
Ly¬
Tou¬
and
changes.
.
exchange.
Brokers
arbitrage
price
date
:
common
holland
Trading Practices
kers.
published;
Munich, Stuttgart, Gremen.
Much
(1945-1960 Inclusive)
common
south Africa
AMOUNT
banks
the
Duessel-
dorf, West Berlin, Hamburg, Han¬
license
amount
preferred
cuba
of
-
Stock
in
common
mexico
Desfosses.
central
Frankfurt
Others
affairs.
very general.
Standard
system.
active.
most
Co.
of company
Banks'
are
Stock Exchanges: Decentralized
exchange
nover,
success.
statistics
no
Trading Practices
common
cuba
of
mextco
de
Information for Investors
and
Saling Ak-
tienfuhrer.
flo¬
especially petroleum is¬
sues, have increased popular in¬
terest recently.
Volume is lim¬
Brokers
»
Standard Reference:
to
investment, which
have
"
jnoustria
,f
tations,
plete picture
else
or
IV
security
.
ownership is not
Reports
firms,
are
widespread, but Speculative
Annual
clients.
as
profits.
controlled, al¬
industry
is
state
Renault, largest auto
Share
in
share¬
cuba
mostly nationalized: Banks of de¬
posit, insurance companies, ship¬
ping, railroads, air transport.
Private
holders
them
the
as
substantial
be
and
1950
and
These
may
value
More Aggregate Offering Price)
some
owned; e.g.
are
effort
exchanges.
OFFERINGS
privately
company.
banks
information;
some
limited
cuba
distributed
Nationalization:
supply
of
mucji trading is done outside the
of
imported.
on
Banks
often
type
Industry has relied heavily on
Self-financing,
favored
by
the
tax system which
imposes corpo¬
tax
however,
an
Volume has expanded in recent
Domestic Capital Market
other
in
compre¬
are
FRANCE
rate
funds,
fostered
broaden private
is having some
currencies.
paid
to
Share Ownership is not
Mutual
being
mar¬
official
Belgian
securities
in
Convertible
STOCK
being made to return
private ownership.
are
(Offered by Investment Bankers)
Proceeds from sale of se¬
curities may be taken out in dol¬
lars through the free market or
foreign
convertible
to
ent.
freely convertible into dollars
FOREIGN
market.
francs may be
deposited
nancial
Account.
in
Volkswagen, Hibernationalized,
although
widespread, private investors be¬
ing limited to the relatively afflu¬
changed
was
individual
few
a
public
g.
Private
pro¬
capital
(e.
some
Reports
by European standards.
are
these
TABLE
externally
interest payments
unrestricted; they
through the free
the
may
in Belgian or
through a Financial Account. Div¬
and
government's
Accounts
externally
or
market1; or
Luxembourg francs
idends
the
to reform
convertible currencies through the
or
the official
free
are
plans
However,
ket, the tax system
on
in
with
gram
of
and
•
nia)
par.
securities
dollars
and
Investments in French securities
capital transactions since
on
two
between
4.974
NF 4.90 to the dollar.
ex¬
change markets, free and official,
but
NF
of
is
capital.
railroads,
utilities
of private
hensive
susbtantial.
firms
a tax system which
distributed
profits,
Annual
Private savings
snoula
terprise;
investment
Information for Investors
more
Nationalization: Mainly free en¬
by
investment
distribution
henceforth
available among
40#? Self-financed,
making for deficiency
is 4.937: $1, but the French ex¬
investment Regulations for U. S.
change market operates at rates
Residents
industrial
over
penalized
The par value of the New Franc
■
been
stimulate
Thursday, December 15, 1960
be
are
Domestic Capital Market
has
to
dividends;
.
private investors.
of
GERMANY
Investment
foreign securities
officially quoted.
officially
are
in¬
sale
and
international
through arbitrageurs.
Trading in Foreign Shares
A
important
from
1958
capital
foreign securities
may be freely imported and ex¬
ported through an approved bank.
Trading in Foreign Shares
Many
Dividends,
proceeds
ly. French
bonds in francs.
Continued from
and
in
of
securities may be withdrawn free¬
per
and
shares
irancs.2
vertiuie
.
.
total
1960
Internat'
l
Bank
for
total
4
400,000
recon,& devel. 125,000
'
125,000
NONE
25 yrs.
5
2-15-60
2-15-85
1/2
4.29
N.A.
N.A.
{
Ministry
Number 6012
192
Volume
Trading: Banks and brokers are
members of the exchanges.
banks,
rather
Com¬
than
bro¬
kers, handle majority of exchange
transactions.
However, many
the exchanges but handled di¬
rectly between the banks.
Banks
buy for their own account and
are market's largest traders.
for
Settlements
selling:
cash.
Short-
Margin
none.
buying
prohibited.
Shares
determine.
value:
Par
Mostly
DM
300, 500,
firms only
shares.
Shares
below
traded
but
100;
1,000, 10,000.
have no
may
not be
Mining
par
Annual.
Dividends:
DM
often
Quotation
par.
of
par.
Stock
foreign
Genova, Naples,
Trieste, Venice.
Regulations for U. S.
exchange is DM 4.2: $1.
Investments
in
in
convertible
may
externally
from
sale
of
securities
may
be
freely withdrawn.
German and
foreign securities may be exported
and
ITALY
Brokers
pointed
after open competitions.
change,
has
brokers.
fixed
a
Each
are
Brokers
act
agents
of
trans¬
cash.
for
settlement
to
must
be
Set
Committee
ernor
by
of the Bank of
the
Gov¬
Italy.
have
ket, and mostly for bond issues.
ing
Many
controlled
are
IRI;
company.
firms
by state
state oil
monopoly, ENI, is branch¬
into
out
other
fields.
Most
small and medium companies, and
All
and .annual.
shares
par.
small
but
in¬
creasing, trading active,
No foreign
cially listed.
Annual
Reports
information
except
e.g.
for
on
give minimum
company
those
traded
Fiat, Montecatini.
affairs,
lire
securities
'
in
dollars
convertible
K
Amsterdam
Another
currencies
but
from
matured
from sale of securities
may
posited
to
mitted.
Accounts
K
Securities
members
the
ex¬
Brokers and banks carry
in
offi¬
are
'
1;.;
rate
V,,,'
of
r
•,
S.
■
mits
in
dollars,
is
currencies
through
Interest,
securities may be remitted
buying
per¬
Short-
and
but
ment at the
'
of
one
Margin:
div¬
freely
end of the current
markets
an
active market in international
se¬
Investment
Arbitrage is active. Several
funds
have
been
markets
in
with
Geneva
Small private
secondary
Basel.
and
free
Shares
mainly.
identity
is
!
4 K
(Capital)
Accounts, used for pay¬
transactions,
and
T (Transferable) Accounts, used for
pay¬
ment
of interest and dividends, may be
freely
exchanged
into
dollars
or
con¬
ments
vertible
no
securities
on
The
currencies.
practical
maintained
distinction
today,
consequences
order
in
that
the
exchange
rate,
mildly
de¬
which
usually
around
FR 4.3:
$1.
Foreign securities
chased and may
imported
freely.
under
1960,
"Gentlemen's
and
Effective
the
National
the Swiss banks, the
of which
is
Aug.
terms
of
Agreement"
Swiss
the
tween
be pur¬
may
be exported and
purpose
flow
to reduce the
and
is
funds
of
through
into
the
country,
interim
pay
foreign countries
may
Continued
not pur-
on
page
Stock¬
Par
quires
par
that
shares.
Value:
value
Law
be
Quotation
Underwriters, Distributors,
part,
final
and
Primary Trading Markets...
re¬
printed
of
shares
may
be
credited
sales
of
foreign-
CORPORATE,
3
Capital
Accounts
with
proceeds
from
owned
MUNICIPAL
AND
personal
property and real estate,
investment proceeds not freely
with
transferable.
dollars
remitted
They
may
Balances
vestments.
in. the
be
for
used
UNLISTED
in¬
SECURITIES
be converted
lire market and
may
capital
freely.
J. EARTH & CO.
ESTABLISHED
1883
American Stock
Exchange (Asaoclate)
lt!i«I
IAN FRANCISCO
,,
.
101 ANGELES
Direct Leased Wires to:
I
•
NEW YORK
MENL0 PARK
•
SAN JOSE
R. Lewis, Inc.,
Seattle
♦
SAN DIEGO
,
"
Baker, Weeks & Co., New York
John
♦
Private Wire Connections between all Offices
•
•
•
Scherck, Richter Co., St. Louis
George Patten Investment Co., Portland, Ore.
Refsnes, Ely, Beck & Co., Phoenix, Arizona
since 1887
';
-:■>
<
»'
r
-
■
•
contributing to:
WESTERN
/
•
r.
:
UNDERWRITERS and DISTRIBUTORS
.
.
BROKERS
PROGRESS
-
DEALERS
through public offerings and
private placements of Securities
'
: ^
_
:'
>
First California Company
'
;
INCORPORATED
*;
'
■
)
William R. Staats & Co.
established
1887
investment
Members: Pacific Coast Stock Exchange
securities
Midwest Stock Exchange
640
SOUTH
SPRING
STREET, LOS ANGELES 14, CALIFORNIA
MEMBERS: New York Stock Exchange,
SAN
American Stock Exchange ( Assoc.)
:
300 Montgomery
PRIVATE
CALIFORNIA:
SAN
JOSE,
ARIZONA:
LOS
SANTA
ANGELES,
SAN
ANA,
NUYS,
PHOENIX,
VAN
SCOTTSDALE
American Stock Exchange
LOS
FRANCISCO
Street
FRANCISCO,
PASADENA,
GLENPALE,
'.O
•
-
PALO
BEVERLY
ALTO,
\
SANTA
HILLS,
CRUZ
-
SAN.
WJRES
TO
(Associate)
ANGELES
647 South
Teletype SF 885
Pacific Coast Stock Exchange
Spring Street
Teletype LA 533
NEW YORK AND ALL DIVISION
OFFICES
DIEGO,
p
'
OFFICES
SERVING
of
residents
determine* ^Dividends
to
a
be¬
Bank
has
Government
control capital movements
if necessary.
S.
franc/dollar
consequently
annually for the most
some
Swiss
18,
Chur.
market
currency
the
fluctuates
exchanges in Laus¬
Berne, Neuchatel, St. Gall,
anne,
The
termines
Exchanges: Zurich the
share.
Regulations for U.
Residents
formed
for investment in other countries.
exchange,
permissible.
fixed
Quotation of foreign securities:
in francs per
the counter trad¬
over
No
;
or-
requirement,
negotiated by customer and bank.
world's
the
and
may
difficult
but
for
cash
mostly;
grading in Options for settle-
K Accounts
Shares
and
Accounts.3
also,
is large and there
the next month is
may
externally
or
cash;
selling.
on
convertible
Capital
forward
dividends.
.
exchange
securities
in
f for
month-end' settlement which
paid
,
Lire 625: $1.
made
few securities.
a
Settlement
bidding is opened, •
opened, the share may¬
Settlements
re¬
ex¬
broker
of
until
once
Volume daily
SWITZERLAND
is
as
auction
is much opportunity for Specula¬
tion.
be de¬
be
ported and imported freely.
capital
An
ob¬
and
may
principals, not
customers.
be traded until close of session.
be remitted freely
Accounts.
Proceeds
T
of
mitted
T
or
account as
market, bidding on each share is
opened
by
exchange
officials;
trading in a share is not per¬
ex¬
or
Accounts
proceeds
Stock
and
exchange, and trade for their
agents
Interest, dividends,
shares and
ss.
orders, usually placing the m
with jobber, who makes a market
to
i.;-.*
Banks
are
holder
abroad,, idends, and proceeds from sale of
'V
of
per
Regulations for U.
Residents
be
ternally
through
ing.
Exchanges:
Bearer:
Investments
Information for Investors
made
Accounts.4
main
v
Effective
is
value.
par
in
Trading in Foreign Shares
Private Share ownership is very
Volume
shares
Value:
share; of bonds in percentage of
Investment
,
Par
have
must
of
large companies, are in pri¬
vate hands.,
'
-...
• -r
many
limited.
Required
capital in the regions of
and Sardinia.
Dividends:
Quotation
Nationalization:
Van
central exchange.
Rotterdam.
firms
is
out
Interim
the capital mar¬
to
recourse
be
biggest
Regulation: Exchange under su¬
pervision of Ministry of Finance.
new
Sicily
Reference:
Trading:
exchange
curities, both in officially quoted
the
in
of
$1.
Investments in
securities listed on the exchange
mutual
Stock
is
rate
3.8:
avail¬
information
The other five
(Zurich) Commercial
private banks are members of
own
Effective
Zurich
supply
Zurich,
and Geneva have legislated
the
for 17. <S.
Residents
in¬
more
made
con¬
exchanges;
and
Regulations
;
change.
by law.
Bearer under special regional law
for
been
Trading Practices
'
by the Credit
headed
has
Standard
re¬
Margin ranges from
40%.
securities
limited value.
are
evasion, and brokers and investors
refrain from entering into such
transactions.
whose
transactions
to the government, a re¬
quirement designed to control tax
25
increasing
an
traded in New York
Banks
future
Short-selling
limited since all
for future
mostly
presently
and
of firms
formation
able.
Transactions
delivery
of
case
the
have
the
Trading:
Investment
and
cantons
exchanges are private institutions
serving only local needs.
market.
may
The
87
themselves
in this connection.
ligations may
generally
do
complete information,
the
number
account.
is
in
Basel
to
of
trol
large number of foreign se¬
curities are officially quoted.
An
important international capital
through
Reports
not persent
are
own
fre¬
Information for Investors
brokers, buy and sell
Settlement
is
relatively
Philips, Unilever, etc.
but in concluding transactions
as
is
so
but
other
Speculation
opportunities are limited,
except in international shares; e.g.
specialists.
of custom¬
no
ownership is not
market
Regulation:
reserved
Guilders
Volume is fair, trad¬
but
Annual
Brokers handle
There
ers,
Share
active.
quent,
thin
ex¬
number
actions.
Industry relies heavily on Selffinancing; only the largest firms
and gas
ing
"•
1
Trading:
Registered:
Domestic Capital Market
banks
Private
widespread.
imported freely.
holding
enterprise economy.
Rome,
Shares
and
Nationalization: Primarily a free
ported
securities
dollars,
currencies, or marks.
interest and proceeds
Dividends,
Palermo,
self-
on
Proposal for reduction
corporate tax is under consid¬
eration.
Ministry of Treas¬
control over exchanges.
are
public officials ap¬
by Government Decree
has
now
made
of
changes through arbitrage. Other
exchanges in Bologna, Florence,
are
Residents
be
financing.
val¬
ue,
except Royal Dutch Petro¬
leum, which is quoted in guilders.
A
Industry relies heavily
the
is
Turin controls price on other ex¬
for
Rate of
Milan
important, except for certain
securities; e.g. price of Fiat in
for their
securities
listed.
Investment
Exchanges:
most
with
Trading in Foreign Shares
NETHERLANDS
Capital Market
Trading Practices
may
shares and bonds in percentage of
Many
THE
Domestic
and bonds: In per cent of
par
Trading in Foreign Shares
freely imported and exported.
Taccuino
Regulation:
mainly.
Stockholder
is consequently difficult
identity
to
Reference:
(2467)
through Capital Accounts. Italian
and
foreign
securities
may
be
supply in¬
request.
on
cieta per Azionista.
ury
Bearer
Brokers
securities
on
dell-Azionista; Annuario dell So-
'
■
and
Standard
stock purchases are not transacted
on
The Commercial and Financial Chronicle
.
formation
exchange officials.
mercial
.
Banks
appoints
Economics
of
.
INVESTORS THROUGHOUT
CALIFORNIA
AND
NEVADA
88
.
88
(2468)
The Commercial and Financial Chroniclei...
Report of IBA Foreign
..Thursday,,December 15, I960
adr
name
Investment Committee
msm
firm*
or
chase Swiss securities.
ment is for
one
year
Brokers
Trading:
members
are
The agree¬
exchange.
customers'
handle
kers
from Aug. 18,
rescinded be¬
of
neth.
chase
~
Swiss securities may freely be ac¬
quired or sold outside of Switzer¬
land.
for
be
few
1960,
but
may
its
expiration.
be
However,
Not all Swiss securities may
owned by non-Swiss citizens,
such
Ciba,
as
Geigy
Commercial
Industry has relied heavily
by
system
a
imposes
transmit
and
Self-financing, favored
Jobbers
on
ment
but
♦3,4,5
E.
a.
elect.
equip.
germany
morgan
elect.
Inc.
Elect.
televon
Settlement:
UK
morgan
guar.
|3,4,5
OTC
ADR DM
13.4.5
chemical
ADR
DM
50 par
otc
chemical
♦3,4,5
ADR
0M
50 par ,') "'
otc
UK
ctcm|cal
♦3,4,5
1-1
guar.
♦3,4,5 If
1-1
morgan
guar.
♦3.4,5 5
1-1//:-;./ /■"■
otc
irving
tru8t
(2)
1 a0rl2 LNO.
otc
consumer
morgan
UK
-
4
UK
electronics
chemical
♦3,4,5
.
,
,
,
UK
j
v
..
\l
holding
paper
UK
morgan
guar.
UK
morgan
guar.
none
brit.
aluminum
aluminum
UK
brit.
aluminum
aluminum
UK
tobacco
UK
tobacco
UK
irving tru6t
(2)
MORGAN
guar.
guar.
♦2,3,4
IRVING
tru8t
'v otc
•
>
otc
otc
1-1'
♦2,3,4
MORGAN
otc
,
1-1
4-
♦3,4,5
otc
•
1-1
...v
guar.
morgan
otc
V,
1-1
♦3,4,5
paper
borax
brjt-amer. tobacco
(a)
br1t-amer. tob.
shares.
Based
the
on
sys¬
automotive
brit.
brit.
r.
t.
;
oil
prepared after the last day of
dealing when the investor's posi¬
Stamp tax: Buyer pays a trans¬
of market value. If
<
.
c0mmcrxbank
1-1
♦2.3,4
MORGAN
guar*
IRVING tru8t
adr
(2)
guar.
guar.
♦2,3,4
(2)
otc
ase
otc
tru6t
(2)
morgan
Guar.
dm
50 par
aort
2 eng.
adr
"
irving
uk
1
♦2,3,4
otc
otc
1.10 par
f
1-1
:'
#3,4,5
chemical
uk
FIBER8
otc
.;•/
1-1
IRVING trust
v
otc
•;
adr
MORGAN
germany
ase
1-1
♦3,4,5
guar.
'otc
' otc
,,
,
k20 par
1-1
MORGAN
:
ase
./
1-1
♦3,4,5 4
MOROAN
UK
synth.
10 ENG.
i
1-1
guar.
uk
;
tin
c0urtauld6
♦3,4,5
guar.
MORGAN
neth.
banking
tin
consolidated
fer tax of 2%
guar.
MORGAN
uk
thread
p. coats
&
adr
MORGAN
uk
8tore
tobacco
"8"
carrera6
j.
4'
petroleum
petroleum
dept.
1
r
;
uk
rubber
byenkorf
(2)
s:
uk
80n08
;
1-1
uk
government
ase
1-1
r
uk
petroleum
industries
\
UK
:
chemical
.
oil
burmah
Transfers
.
d&
loan
war
B.
ex¬
«;
petroleum
Burmah
are
oxygen
briti6h
tion is finally known.
otc
otc
ase
1-1
broad;
have
is
Share
to
private
many
limited
ownership
incomes.
is
otc
refunded.
Short-selling:
trend
broaden
number
not
number
of
of
transactions
special
regulations
settlements
clients
are
with
statistical
services,
employ
in¬
vestment analysts—but not to the
adr
dm
50 par
otc
erd0el
petroleum
Germany
adr
dm
50 par
otc
CHEM t
deferred
but
{soc.)
shares
are
'■■■■>
but
re¬
now
shares
bearer
issued
by many firms before the
Stockholder
usually be
can
holder's
told
from
who
them
for
holdings
of nominee.
name
Quotation
Others
shares
and
in
age
Liverpool, Manchester,
Birmingham, Edinburgh, and 18
Stock
have
usually
autonomous
an
body,
free
is
from
♦3,4,5
adr
dm
50 par
otc
morgan
guar.
♦3,4,5
adr
dm
50 par
otc
uk
morgan
guar.
♦2,3,4
1-1
$3,4,5
1-1
value, often
par
of
shares,
in
of
par
practice,
any
value.
any
guar.
germany
morgan
r':-
•
t
ical
pfrrpi
-
chemical
FIAT
auto,
market.
In
traded
on
can
be
,
v
;
.,
Foro motor Ltd.
• •»>•,
;;4.:
iron,
italy
steel
brit.
Gelsenkirch
general
♦UNDERLYING
list
or
SHARES:
noted
as
(A)
also
(C)
also
also
for
preferred underlying
Issuing
paid
are
at
the
American
by
the
time
otc
50 par
'
otc
50 par
dm
otc
1
otc
otc
otc
1-1
otc
1-1
♦3,4,5
♦2,3,4
morgan
guar.
♦3,4,5
trust
(2)
uk
movies
(b)
Berg,
coal,
'
♦2,3,4
*
ase
Irving
1-1
otc
otc
1-1
4
:
♦3,4,5
1
4
5 eng.
adrs
adr
otc
50 par
dm
otc
germany
elect.
equip.
office
equip.
chemical
uk
oil
morgan
Guaranty
♦2,3,4
1-1
ASE
(c)
otc
;
great
Univ.
morgan
guar.
♦3,4,5
1-1
uk
morgan
guar.
♦3,4,5
1-1
DEPT.
I
uk
chemical
j
siodeley
morgan
guar.
#3,4,5.
1-1
otc
uk
morgan
guar.
♦3,4,5
1-1
otc
machinery
'
«*
uk
morgan
guar.
♦3,4,5
8T0RE
chemical
♦3,4,5
neth.
morgan
♦3,4,5
Germany
chemical
uk
morgan
uk
morgan
automotive
uk
morgan
transport
neth.
steel
germany
8teel
iron,
steel
coal,
huette
steel
imperial chemical
imperial tobacco
tobacco
i
chemical
JAGUAR
*A"
CARS
werke
-
steel
germany
steel
germany
chemical
italy
50
dm
1.20
adr
f
#3,4,5
adr
dm
guar.
♦2,3,4
1-1
guar.
♦2,3,4
1-1"'
guar.
♦3,4,5
1-1/.:
(4)
>
,>./.:.
50
otc
par
otc
par
ase
■'
ase
otc
adr
fl.100 par
♦3,4,5
adr
dm
♦3,4,5
1-1
(2)
1
chemical
♦3,4,5
adr
dm
50
par
morgan
guar.
♦3,4,5
adr
dm
50
par
morgan
Guar.
None
1
Morgan
Guar.
nat* city
guar.
Irving trust
v
otc
par
morgan
uk
steel
1st
guar.
otc
adr
chemical
<
uk
tin
steel
tin
1-1
,
germany
coal,
h0cg0ven8
il8eder
otc
uk
steel
stores
50
nyse
otc
par
otc
adr
10 eng.
i
otc
otc
otc
.
adri
lire
nyse
LIST
the ADRs except as
indicated
on
the
(pro)
italy
uach.
office
PIRELLI
automotive
♦3,4,5
adr
chemical
♦3,4,5
1-1
france
rubber
morgan
guar.
♦3,4,5
aor
italy
bearer.
ratio
Depositary
purchaser
ADRs
in
are
of
established,
*3-$4-$5
Foreign Market
*3
100
*4
**
$5
when
Per
100
100
are
on
when
otherwise
noted,
issuance
determined
by the depositary
expenses which include all
their
traded
under one of these fee schedules:
100 Depositary
per
selling at $5
When
Per
■
Unless
are
or
less
per
Shares
or
Fraction
share
morgan
guar.
♦3,4,5
uk
morgan
guar.
♦3,4,5
steel
Germany
chemical
utility
germany
chemical
automot Ive
stahlw.
westf.
elect.
royce
royal
dutch
saint
gobain
petr<j
t
./;<
...
uk
morgan
petroleum;
»
schneider & c ie.
selling between $5 and $10 per share
selling at over $10 per share
(Plus taxes and
charges)
rhein.
rolls
uk
chem ical8
electronics
chem.
rhe|n|8che
Fees
based
Price
ple88ey
reichholo
1-1.
Receipts:
ADRs.
Commissions and agents' fees.
Most ADRs
$2-S3-*4
50 par
dm
adr
guar.
Mannesmann
underlying in ratio I ADR:
10 Eng.
underlying in ratio 1-1.
deferred
underlying in ratio 4 ADR:
1 £ share.
also 6%
fees
dm
adr
guar.
mannesmann
Traded
"A"
(D)
Bank
for
adr
♦3,4,5
morgan
uk
PEUGEOT
is
♦3,4,5
1-1
morgan
steamship
,
Lab.
OLIVETTI
Ordinary shares underlie
1-1
1000
lire
otc
par
otc
nf
62.5
otc
"A"
(E)
♦•Fees
A D R
below:
registered: other ADR listed
(B)
TO
1-1
'■
automotive
Electric
Glaxo
london
In New York via A D Rs
FOOTNOTES
♦3,4,5
♦3,4,5
guar.
schroder
montecatini
Securities
otc
NYSE
♦3,4,5
guar.
uk
;
f
pfd,
withy
lancashire
Principal European
ase
j
1-1
(3)
uk
automotive
V
,
4^6
motor
kloeckner
TABLE VI
the
otc
"
hoe8ch werke
AMERICAN DEPOSITARY RECEIPTS
of
'
ase
♦3,4,5
chemical
germany
HOfTCtKff,
Hawkers
security
morgan
uk
chemical
KLM
List
1-1
•-
£1.
pounds
exchange in the world
guar.
germany
BAYER
hadfielos
securities
morgan
chemical
gaumont
Par Value: All
chemical
chemical
H0ECH8T
In¬
Dividends:
italy
uk
morgan
furne88
shillings; of bonds in percent¬
national
government control.
Chemical
germany
company
in
Traditionally the leading inter¬
Exchange
otc
germany
electronics
Im¬
Trading in Foreign Shares
other cities and towns.
Regulation:
50 par
uk
gestetner
exchange.
dm
uk
FARBWERKE
may
owner.
are
Trading Practices
principal
Glasgow,
adr
aircraft
FARBWERKE
register, but shares
holds
Fi¬
the
♦3,4,5 ;
AIRCRAFT
FARBENFABRe
share¬
be registered in name of nominee
Stock
London
chemical
POWER
ind.
automat|on
fa irey
identity
traded.
terim and annual.
Exchanges:
germany
company
fairey
war are
still
nancial and business journalism is
excellent.
Stock
1-1
ALCHOL
electronics
edison
& musical
elec.
ford
Exchange Official Yearbook.
♦3,4,5
RUBBER
rubber
dunl0p
Shares
portant
The
♦2,3,4
guar.
banking
bank
Guar.
morgan
BANKING
bank
dresdner
♦3,4,5
morgan
uk
steel
dortmuno-hoerder
chemical
uk
8teel
Long
dre8dner
extent practiced in the U. S.
Reference:
♦3,4,5.4
irving trust
Large Option market.
quired,
Companies
required to publish annual reports
and they are
publishing increas¬
ingly full information.
Standard
1-1
chemical
elliott
Information for Investors
provide
(2)
germany
distillers
to
subject
permit it unofficially.
Registered
Brokers
Not
shares traded.
Annual Reports.
uk
banking
dorman.
Volume is large daily; statistics
give indications of volume, re¬
porting
musical
decca
ac¬
same
counting period, the stamp tax is
investors
The
private investment
further through investment funds.
but
the
bank
deutsche
within
rec0rd6
deutsche
Private
sells
buyer
nationalized.
/
'
otc
chemical
Drug
bcwater
50 par
germany
sound
pure
4
otc
germany
birmingham
are
vestment.
12.3.4
germany
boots
buy govern¬
gilt-edged secu¬
three weeks.
to
guar.
consumer
group
beecham
otc
ASE
V
morgan
orders
four accounts in the year
tended
50 par,
BANKINO
group
beecham
accounting periods, usually
14 days, but to avoid having more
than two settlements per month,
large firms quoted on the ex¬
change, as there are substantial
private savings available for in¬
DM
ASE
50 par
CHEMICAL
vere1n6bk.
bayeri8che
guar.
'
STEEL
antlin
badi8che
>■
UK
equip.:
entertainment
"a"
ADO. thyssen-Huette
a
DM
13,4,5
assoc.
tem of
to
privately owned.
In general,
railways, gas, electricity, coal, air
services, and road transport are
chemical
british motors
levy on all profits, distributed and
undistributed. Capital market pro¬
vides significant
sums, especially
is
germany
brokers.
to
industrial
not
12%%
Nationalization: Most industry
equip.
banks
other
and
rities
fiscal
them
elect.
not
are
receive
often
Banks
bers.
KINGDOM
Domestic Capital Market
which
securities.
textile
0.
assoc.
permitted to deal with the public.
Trading continues after exchange
hours between brokers and job¬
(resigstered
shares).
UNITED
account, specializing in
own
U.
E.
FT.50 par?.;
A0R
;
K.
A.
as
ADR
ADR
(1)
man.
A.
agents, receiving a commission;
they
place
order - with
jobber,
comparable to the American spe¬
cialist. Jobber also buys and sells
fore
traoep*
i
Bro¬
orders
WHERE
4
.
'
jobbers
and
>'
security
.
A.
Continued from page 87
ratio
ins
fee**
depositary
Country
unocrly-
to
issuance
_
,
»
glass
chem.,
steel
,iron,
v
neth.. f
cha8e
man,.
morgan
france
chemical
chase
'V/r.'-Vv-
1-1;
:
.
1-1
guar.
"
dm
50
par
adr
dm
50
par
#2,3,4
1-1
none
:.v;
adr
♦3,4,5
(5)
1
"
v
nf
7.50
par
&
trad.
petroleum
uk
shell
trans p.
s,
trao.
petroleum
uk
None
1-1
elec.
equip.
Germany
chemical
♦3,4,5
adr
dm
50
par
elec.
equip.
♦3,4,5
adr
dm
50
par
(6)
1
trust
otc
otc
tran8p.
Irving
otc
-nyse
.
1-1
shell
man.
7
otc
ase
1-1 '
♦3,4,5
otc
otc
aor
#3,4,5
guar.
france
•V,
♦3,4,5
aor:
2 eng.
otc
nyse
EXCEPTIONS:
(1)
siemens
A. K. U.:
$2
per
100
or
fraction
when selling
$3
per
100
or
fraction
when selling between $10
when selling at over $20
$4 per 100
(2)
St
or
fraction
ADR issued
or
cancelled
when
4t per ADR issued
or
cancelled
when
5t
or
cancelled
per
per
ADR issued
Minimum
(3)
at $10
Elec.
&
(4)
K
(5)
Shell
(6)
charge:
Mus. Ind.:
$2
&
T:
2St
per
share issuance fee.
share
per
Morgan
France
1st
textile
italy
chemical
♦3,4,5
1-1
otc
sewing
morgan
♦2,3,4
1-1
ase
mfg.
mach.
uk
100 when
per
sell
up
ADRs
steel
co.
of
wales
otc
ase
fr.6hare
:
$5 per
UK
morgan
♦3,4,5
1-1
lloyds
steel
UK
otc
chemical
♦3,4,5
&
Lloyds
1-1
steel
UK
otc
morgan
guar,
♦3,4,5
1-1
morgan
Guar.
♦3,4,5
1-1
otc
1-1
otc
1-1
ASE
Summers
&
iron,
& sons
steel
8teel
lyle
UK
food
UK
over
tob.
$20
surrendered. Minimum $3.
100 ADRs issued
or
'
surrendered.
receipt issued (plus taxes) paid by
party surrendering
Mastered holders
r«e^»dep°"i"'rJ
•♦♦WHERE TRADED:
ASE:
American
NYSE:
New
Over the
Stock
Exchange
Exchange
Counter
Irving trust
(2)
otc
sec. trust
(0)
tobacco
UK
ltd.
consumer
UK
Irving
trust
unilever
ltd.
(2)
1r-1
consumer
UK
Morgan
guar.
♦3,4,5
1-1
(7)
ADR
F
1.50 par
otc
(8)
ADR
F
1.50 par
otc
Unilever
n.v.
consumer
NCTH,
consumer
NETH.
mining
bclg,
Morgan
guar.
Irving trust
morgan
Guar.
♦2,3,4
otc
otc
reeeint
»»* <*»«««. P.M
Belo.
Amer.
♦5
per
100
4
adr
t
1/10
shr.
otc
united
molasses
rooo
UK
morgan
guar,
united
Steel cos.
steel
♦2,3,4
1-1
UK
ASE
morgan
guar,
♦3,4,5
1-1
machinery
UK
otc
morgan
guar,
♦3,4,5
1-1
UK
morgan guar.
♦2,3,4
1-1
UK
Morgan guar.
vickers
Stock
York
guar,
unilever
or
union miniere
£
&
unilever n.v.
OTC:
t
Stewarts
transfer fee.
OTHER FEES:
per new
Guar.
aor
to $20
sell
fig per ADR issued
(Morgan)
No
tate
$4
Transfer: $1.50
Guar.
nat. city
share
Eng.
per
Unilever N. V. (Irving):
Unilever N. V.
otc
Germany
automotive
SIMCA
j.
100 ADRs
(8)
halske
singer
$20
share
per
$3 per
(7>
&
snia. viscosa
and
Stewarts
12Mtt
M:
T
per
selling between $5 and $10
when selling over $10
per share
halske
Siemens
less
$3.
SIMCA:
L
selling under $5
or
i.
Ltd.
western stockholders
foolworth
LTO.
(t)
|nv. tr.
,
trust
stores
-
.
*
♦2,3,4
,..
.
1-1
otc
ASE
'
.
ASE
/Volume 192
Number 6012
.
*-The Commercial and Financial
.
Chronicle
(2469)
traded
the floor of the London
I:';
"•',I "
on
rpvrhanfp
exchange.
Investment
•
ment
$2.80;v
is
Investments in any security rii'ay
be made in dollars or other con¬
Continued from page 39
vertible
such determination."
i,
currencies
Accounts. 5
interest
all
on
proceeds
through
Dividends
;
and
the
sale
of
ma¬
final
freely re¬
mitted through External Accounts.
curities must be
still
are
Blocked
these
sterling
1
mining
about
Blocked
Accounts^ identi¬
fied as /'security sterling," may be
transferred without difficulty and
this
in
sterling
be
also
may
having
least five years to mature.
ex¬
port sterling securities, permission
of the
Bank • of
England is re¬
quired, but such permission is
normally
granted.
Non-sterling
securities
not
may
be
in
resold
Accounts, i.e. foreign owned
accounts
in
London
banks, are freely
convertible into dollars or externally con¬
6 Blocked
deposited to
purchase
to
deemable
Consols
for
and
Transfers
freely
blocked
permitted.
effect
accounts
Balances
dollars
to
securities
Capital
proceeds
these accounts may be used
sterling securities not re¬
five years, as well as 2% %
3% %
War
Loan
Bonds.
between
converted
in
*-
Accounts.
(switch)
and
so
shares
may
are
Inc.
market
staff
of
Richards
Hill
&
Co.,
was
pre¬
viously with Schwabacher & Co.
4
market 60 days
Goodbody Adds to Staff
(Special to The Financial Chronicle)
1
ATHENS, .Ga.—Gene
has
added
been
to
the
Goodbody
&
Co.,
Lumpkin Street.
'
market
I
(Special to The Financial Chronicle)
■,
.
/formerly
writer
have,
finance
"/
stockholders
■;
through
as
(in Millions of Dollars)
..
y-
■
,
v-
-y
approach
-II
.Total
..
•
1960
(6
mos
.) K.
^
'^j;»
f '<•
i
' /
Number of Issues
1958
*
;
.
If-.-
-
;
the
23
173
412
?
62
stock
Number of Issues
'
''
*
'
j
1 ' *
' !'
■
\ V
>/I 659
,
I
' 11
U
Number of Issues
•
'•
■'
1956
.
%
f
I
I',
V
750
7,199
'>f' ""
100%
881
Number of Issues
-
'".I-
"
:
'
•
72%
ioo%I
296
486
6,154
3,735
513
61%
1,906
31%
8%
%
100%
Number of Issues
963
238
117
608
6,464
4,452
782
1,230
1954
%
100%
Number of Issues
852
69%
19%
12%
field.
Angeles) stock, in
opinion,
our
outstanding growth investment. Because of limited supply,
please request
of this detailed
your copy
,and elaborate report
f
business letterhead.
on your
STERN. FRANK. MEYER
FOX
members: New York Stock Exchange, American Stock Exchange (Assoc.),
'
•
.
.
INVESTMENT ADVISERS
of
.
Union Bank Building, Los
direct
Angeles 14/MA. 2-2123
private wires to New York and San Francisco
an
common
to
secu¬
or
the
po¬
present
evolves
from
the
be
once.
•>•
'
/
v.;
$
I.
of
i
*'
lili
?
COMPLETE
worked
was
CALIFORNIA
for
out
the
which
at
-
the
ill
theoretically sell if
in
declared.
the
This
a
were
r-:COVERAGE
.
stock
ratio
same
theoretical
SAN FRANCISCO
%
point-
that the cash realized by
issuer has no value and the
of
the offering
dilution
of
ings. However,
I market
is
abso¬
an
/'
an
extreme
of
several
f
effect
of
the
on
the
given
any
,
:
'
/
A-
>
,/
/
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)-?■&%
>'
II
A:CSfBi-; i;
:
.
:
-
•
mm
•
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on
•
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V
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might
arrive
•
M0NTECIT0
•
constant
•
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'*•*.
■
y.
PASADENA
LONG BEACH
ONTARIO
i;p
•
WHITTIER
♦
.
mm mm
mmm Wm-l
and
capital,
'
i.:
;;>■
fifililil
LA J0LLA V
one
conclusion
the
I
.
LOS ANGELES • I
new
at
.
.v
adopting the assumption that there
does
exist
a
period of delayed
productivity for
•
'
*
offering.
be
|
S g
:
'
'
ZZ
Wfr
■
..
3?
'
WA
appendix actually sold below
Theoretical Dilution Price
to
<
in
the
conditions
^
*{%,?
but
included
the
the day of
.
"
-
^
^
A?.™.
^
7'
t
?
,
market
stock;
issues
'
'v
w'**
'
t
'
'
V>
y
f
;
share earn¬
assuming general
per
conditions to be relatively
constant, theoretically at no time
should a cash offering have such
price
-
stock
.
dividend
result
offices
for
11
;
"<r
new
price
the
0-; 4
,'
••
this
Price"
the
<
•gjjjjVjjV ..'
put to work effec¬
There is, in other
Again assuming general market
-
1955
an
-
offerings, this point
;v representing an approximation of!
287
31%
99
to make Union Bank (Los
a
of
assumes
2,256
8%
1
most unusual bank,
a
it analyzes thoroughly all factors that combine
certain period of sterility
capital, a period in
new
capital will not
contribute
significantly
to
the
earnings of the company. In this
tabulation, a "Theoretical Dilu¬
436
24%
588
4,355
comprehensive study of
a
which
325
62
that
all
the
for
2,170
4%
I
.363
61%
■'•V.I
f
Prepared for institutional investors,
cash
a
dilution
in
words,
20%
356
6,541
9,067
I...f
%
66
!. ^
1957
$
306
"
of
F*
and of most unusual growth in the banking
appendix,
convertible
a
This
cannot
30%
1,755
"5%-
75%
•
or
dilution
fact
682v. lute
»
a
greatest.
problem
effect
represents
tively at
36%
-
422
6,491
-
..
L
majority of
capital underwritings there is
a
delayed period of productivity
for the new capital as this money
2,394
6%
58%
291
8,668.,
100%'
I,.-I
the
the
the
to
1
M., M
new
$1,031
$ 69
in
to
stockholders.
Stock
2%
3,921
;• 100%
11,035 I
v.v'-f
v'lll
68%
-
-----
6,727
-
i-S
%
100%
If 632
-Number of Issues
I1959
II $2,317
$3,417
J®* Js.
;
■
outstanding
tential
would
:
JL
an
rity,
Common
I Stock
v
^
M
on the
assumption
equity offering without
pre-emptive rights, whether com¬
opposed to
Preferred
Debt
the
the market price of
on
that
"
Securities
■
is
the
tion
Illff
,1' ,'»lf
V;*I
If
:•%
ft
the
of
presented
each
'If.'- f If
n
stock, is based
*!'• -/ 'V.
i
H
Iht A
N 1*
a
exposure
issuer's
j.
f
v
selling
offering
Financing By Classes of Securities
I
SAN DIEGO
•
^
246
469
137
that
a
cash equity
result in
4,979
1953
3,487
377
8%
70%
1,115
22%
%
100%
Number of Issues
709
226
104
379
5,007
3,270
496
1,241
■
.
1952
%
.
100%
.
Number of Issues
718
,65%
249
'
10%
104
25%
365
1
Definition: Publically
Source:
offered underwritten securities
Investment Dealers Digest Section II
.
1952-1960.
offering would
stock selling at a price
a
somewhere
between the previous
price (unaffected by news
of the offering) and the price rep¬
resented by the Theoretical Dilu¬
market
tion
Price.
that
determines
offerings
"rights."
I
90
offer¬
measuring
EXHIBIT ISVi
page
JL JL JL—J
%
I
Pacific Coast Stock Exchange
offering to
a cash
an
1
.4
1%
Dilution"
the
especially
elected
at
T
As
a
.often
Loeb,
M.
Carl
ff
with
-Rhoades & Co.
;
rights, the issuer and the under¬
was
•
presentation for investors: JL
Comparison With "Theoretical
relevant, even though the stock¬
holder legally has no pre-emptive
•SAVANNAH, Ga.—Joel D. Lynch
He
writer's
and when a stock
point where book
value and earnings are no longer
has joined the staff of Clement A.
/Evans & Company Inc., Liberty
/National Bank Building.
a
number of outstanding
to
a
the "layoff" to the
underwriter in
reducing his risk is accentuated in
offerings of the highly volatile
stocks where
normally the under¬
thin,
risen
has
on
me¬
"layoffs" during
offering, but the value
mon
Joins Clement Evans
a
However,
H
H
There is nothing new about
the
Ionics,
shares is relatively small and
cash
a
essentially
application
prior to the offer¬
situations
similar
where the
: ;
>.
versus
stock.
Continued
'
price established
by the public themselves.
was
In
North
..
security
common
the
on
standby period, the
rights themselves
stock
new
offering.
of
staff
*
289
is
group
ly during the 60 days prior to the
Jamison
S.
debt
a
straight
.
.
ing. Through "layoffs" during the
standby period the underwriting
33 %, and 30 days prior
to the offering was 37,
Ionic s,
Inc. had likewise moved up sharp¬
ing
issue
been
effect of
offerings
principle of whether or
particular company should
a
the
less serious than in
15,
to
stock
i
the underwriter's
responsi¬
bility of pricing the new shares is
share when the
Also, on June
per
22 V2.
has
precom¬
the
dium
are
at
that
shares, and thus through this
For in¬
shares
often
such
economic
not
the relative
and
any
parison does not involve the basic
represents an expression and eval¬
uation by the
public of the new
1960, 260,000 shares of Brush
Beryllium were offered at $42,
with the market the day prior to
the date of offering at 46%.
In
the case of Brush Beryllium the
FRANCISCO, Calif. —Peter
600 California Street. He
was
in
realiz¬
1960,
offered
price of $20.75
added
appendix.
May 24,
75,000
on
the
market
the
this
of
common.
offering is the fact that
during
rights
examples
to
Naturally
rights.
rights
a
the
and
question
as
Another salient feature of such
be misleading.
Several
Hill Richards Adds
the
of his
for
(Special to The Financial Chronicle)
been
issuer
feel
directly benefits through the at¬
tractive
subscription
price
or
through cash realized by the sale
com-
offered
both parties
included in the
has
so-called
a
the
underwriter,
transferable.
Widdershoven
the
have
at
between
stance,
SAN
by
"glamour"
or
This ap¬
stock as well as
offerings.
stockholder not only is in a
position to protect himself against
dilution, but his objection to the
large discount is answered as he
brought
ing that the existing market price
are
market
sterling,
at
readily
are
the
on
been
The
debentures
ferreds.
announce¬
the
relatively large
discount off the existing market
In the case of cash offer¬
price.
ings this discount seems to have
no relation to the existing market.
The discount is arbitrarily arrived
new
5 External
currencies.
offerings
underwriters
the U. K., but may be exported.
vertible
1 variation
panies,
particularly
where
the
floating supply of stock is small.
In several instances, the market
in these stocks experienced a sub¬
stantial rise during the registra¬
tion period, and, confronted with
relatively small earnings (in some
cases, no earnings) and extremely
high
price-earnings
ratios,
the
at
To
has
mar¬
.
raised
vertible
offering,
common
convertible
existing market price of a stock
compared to offerings of con¬
as
prior to the
the
or
stock
a
offering
though the
even
may
a
date
a
offering price is fair, other stock¬
holders
may
disagree.
Conse¬
quently through a rights offering
result of both cash and
a
"romance"
reinvested
securities
price
as
rights
be arranged by any bank.
can
substantial
discount off the
10-20%,
say
management
price after the SEC had re¬
offering for sale to the
Another
Accounts; but balances in
Proceeds
substantial
ket,
the
from the normal method of deter¬
as
stock is offered for cash at
new
public.
se¬
known
to
leased the
credited to what
formally
prior
and the issuer would agree on
tured securities may be
Proceeds from sale of
immediately
In this instance the underwriter
the
securities and
from
Exchange
Ex¬
offering.
In such cases the rea¬
soning follows these lines: If the
on
the
of
plies to
f,
-/vf f
than
the
on
registration date
date
■
ternal
higher
Regulations for,. U. S.
I\*• '•f-v,".. ffli-il:
Effective
£1:
be
may
rate lofl exchange
Residents
,
the market price of
cases
f r-
89
It is
to
this
no
theory
the price' set on
stockholders
via
However
seem, here
herein
indicates
may
same
obvious
again
that
definite conclusion,
the
•
as
this
data
there
in
is
many
HILL RICHARDS & CO.
I
Members: New York Stock
N C O R P O R AT E D
Exchange, Pacific Coast Stock
Exchange, American Stock Exchange
PRIVATE WIRE TO BURNHAM AND COMPANY, NEW
YORK
•
(Assoc.)
WIRES TO ALL OUR OFFICES
.
90
The Commercial and Financial Chronicle
(2470)
This
ing
Report of IBA Industrial
Securities Committee
figure is calculated
to
the
proximate the date of the filing
of the registration statement and
that generally no information re¬
garding the financing had been
disseminated to the public prior
from page 89
it should be assumed that in most
cases
convertible
a
debenture
or
preferred is convertible at a price
higher than the exist¬
ing market, thus resulting in a
•somewhat
ing
when
stock
mon
case
offering
had
converted
ultimately
than would be the
in
a
price during the registra¬
period and the final date
used in this study is the day prior
to the date of offering.
This lat¬
tion
same
date.
Explanation
of
ter
Tables in
cluded in
study cover
our
a
broad
limited by size or nature of busi¬
ness.
ings
were
due
to
a
issues
lack
of
available
effect
where
conditions to be
however, each security
market
general
those
eliminated
were
period
infor¬
particular
in
and
a stock during the 60-day
should reflect fully the
of the offering, assuming
price of
However, certain cash offer¬
during the 1958-60 period
eliminated from the study
mation,
the
in
generally be prior to sta¬
bilization, if any, and would be
representative of free market ac¬
tion.
The change in the market
of industrial companies, not
range
used in computa¬
appendix since it
was
would
stock offerings in¬
common
date
tions
Appendix
The
prior to the offering date,
selected to reflect the
been
market
com¬
the
on
A second point, one
this time.
to
month
lesser number of shares outstand¬
constant;
listed in the tabulation carries be¬
no
it
Standard
& Poor's market index, indicating
the company's outstanding shares
the general market behavior dur¬
prior to the offering. The "num¬
ing this same 60-day period.
ber
of
shares
offered"
is
the
Following the columns showing
amount sold for company account
actual prices, Column D lists the
and does not include simultaneous
percentage change during the two
secondaries, if any.
month period in the stock and be¬
In the tabulation, a date 60 days
low it the percentage change in
prior to the offering date was ar¬
bitrarily taken as a starting point the appropriate Standard & Poor's
active market existed
real and
on
low
in
the assumption that during the
period
covered
first
six
date
would
(1958,
months
be
corresponding
a
The amount of potential
average.
theoretical dilution represented
and
or
1960),
of
prior
1959
this
by the new stock is
to
or
percentage
ap¬
figure
shown
as
Column
in
a
E.
for¬
by
pressed
Standard
the
&
change
Poor's
market
the
In
with each individual stock.
shares.
Price
dilution
percentage
was
then
applied to the market price
two months prior to offering to
give a Theoretical Dilution Price
In order to minimize distor¬
(F).
tions
the
resulting from the action of
general market, the "Theo¬
retical
Dilution
Price"
each
of
stock
was adjusted by the interim
percentage change in the Stand¬
& Poor's
ard
Industrial
Public
or
The
next
column
(H)
in the
tabulation indicates at what point
above
or
below
this
adjusted
Theoretical Dilution Price, a stock
sold the day prior to the offering.
If the price of the stock the day
prior is lower than the Theoreti¬
Dilution
cal
Price, it
that the public not only
given
value to the
no
also
but
that
indicates
may have
new
money
outside
some
forces
have tended to depress the market
price.
However, if the stock is
higher than the Dilution Price,
presumably some value has been
given to the new money. A zero
in
this
column
would
that
mean
the
price of the stock has changed
exactly as it would in the event
of
stock dividend of equal
a
dilu¬
tion.
Column
in
H
offerings
varies
rep¬
reveal
the
percentage difference
between the price one day prior
to
offering and the Theoretical
the
in
prospectus
certain
technological discoveries; another
may indicate the
new money is
for
used
be
attractive
Dilution
Price adjusted for mar¬
the percentage difference
between the figures in Column C
to
ket,
or
quisition;
and
Column
income statements, defense orders
on
the
G.
In
this
awarded
selling at 25
was
Price
showed
$20.62.
stock
of
the
Column
other
In
day
one
obvious
no
dilution
In
of
the
prior
effect
of
the
market
period
to statistical
( + 1.7%).
The
•
of
;
!
Offerings
following
table
breaks
111
the
down
offerings included
the - Appendix into industrial
in
The
'
;
Size
price
60 days prior to the
offering (23V2) is adjusted for the
general market movement during
60-day
and reduced
form.
of Reichhold
the
or
isolated
the
offering.
I
unfavorable
or
which may
or
22.4% above the Theoretical Dilu¬
words
ac¬
release
may
cancelled, etc,, all of
have some bearing on
the market price of that particular
stock during the registration pe¬
riod, but none of which can be
day prior to the offering,
Reichhold
favorable
either
instance,
an
another
stocks, utility common
industrial convertible is¬
and utility convertible issues.
common
resulting figure is $23.90, and this
is designed to reflect the price at
which Reichhold would be selling
prior to the offering had it con¬
stocks,
formed
the
with
the
general
and had there been
no
sues
The amount of "Theoretical Dilu¬
tion" is shown in four groups with
number
of
issues
in
each
market
equity
new
grOUp.
•
:
financing.
38
19
Ind.
Util.
Conv.
Conv.
Com.
Com.
Ind.
Util.
46
The
figure in Column J
repre¬
Theoretical
sents the
Dilution
percentage change in the
price of the stock during the 60day period prior to offering after
adjusting for
change
any
in
8
4
.11
0
3
14
18
3
2
10-15%
15
9
8
3
Over 15%
13
0
8
0
5%
the
or
Less_
5-10%
1
■
general
The next column
price
which
at
(I) shows the
the
stock
would
theoretically sell one day prior
offering, had it conformed ex¬
actly to the general market dur¬
ing the period, and had there
been no financing.
The last col¬
umn (J)
shows the difference be¬
to
the
tween
actual
(price one day
"contrived*'' price
the
and
the
in
$20.62.
figure
resents
tion
Utility Stock Index (G).
of
of
Undoubtedly during the 60-day
period there were circumstances
peculiar to each issuer that are
impossible to reflect in any statis¬
tical report.
One company may
case
The
cash
the
in
Index.
of Reichhold, the Index rose
1.7% during the period, giving an
adjusted Theoretical Dilution
prior
Specialists in Western Securities
accord¬
dilution
Thursday, December 15, 1960
,
mula, namely, dividing the number
of new shares by the sum of the
outstanding shares plus the new
This
Continued
normal
.
.
previous column. A "-f"
figure an the last column shows
that
the
stock
market. During this 60period, after market adjust¬
Reichhold
moved
from
$23.90 (Column I) to 2514 (Col¬
umn
C), or 5.6% better than the
are
general market.
However, the dilution represented
Analysis of Offerings
An
dix
examination
indicates
standard
havior
pattern
of
that the
and
the
of
that
the
outperformed
we all know, public utilities
repeatedly in the market for
new equity money to finance their
expansion programs and to main¬
tain balanced
capital structures.
As
day
ment,
by the offerings is generally mod¬
est.5' Of the
appen¬
there
is
market
effect
none
offerings
represented
theoretical dilution of
be¬
the
on
cash
38
utility stocks,
no
Continued
■
of
a
much as
as
on
page
92
m
general market during the period,
evidently disregarding any poten¬
tial dilution of the financing.
\ DEALERS
\ BROKERS
\ UNDERWRITERS
-mUUHVUHHUWHWVVHWWHHHWHHHHHHUWV)
In
DISTRIBUTORS
summary,
the
\ MERGERS and REORGANIZATIONS
"H"
\ MUNICIPAL UNDERWRITINGS and DISTRIBUTIONS
of
"J".
and
the
The
signifi¬
most
cant columns in the
appendix
former
are
shows
dilutive
effect, or lack of it,
offering and
the latter
the
shows
the
actual
behavior
of
Stone & Youngberg
MEMBERS
the
PACIFIC
stock relative to the general mar¬
^ ADVISORY SERVICE TO MUNICIPALITIES
COAST
STOCK
EXCHANGE
ket.
It
\ MARKETS IN LEADING
is
take
OVER-THE-COUNTER SECURITIES
perhaps in order here to
an example
a security in
and follow it through
as
the
the
California Municipal Bonds
study
table.
Example—Reichhold Chemicals
Schwabacher
Our
&
Inc.
On March 20,
1958, Blyth
Co., Inc. managed an under¬
writing group that offered to the
public 200,000 shares of common
Co.
41st Year
Members: New York Stock Exchange
•
Pacific Coast Stock Exchange
American Stock Exchange (Associate)
stock
Reichhold
of
100
Inc.
commodity exchanges
Montgomery St. SAN FRANCISCO 4 SUtter 1-5600
The
per
and other principal security and
share.
that
on
-
New York
Palo Alto
Boise
Fresno
Sacramento
Honolulu
Salt Lake City
Los Angeles
San Jose
Monterey
Santa Barbara
Oakland
Santa Rosa
mon
Column
date
a
stock
60
a
Column
date
24%
the
was
that date
on
shows
B
month
one
and
Index
BUILDING
SF 799
&
j, ■
CWWHUHUWUHUHHWHUHUUUUHUHUWWHV
Poor's
Column C indi¬
on the day prior to the
offering date, Reichhold was sell¬
SECURITIES
the
and
Poor's Index
was
&
Standard
ec°ND
44.95.
Column D reflects the
percent¬
age change in the market price of
Reichhold stock during this 60day period and in parenthesis be¬
low, the percentage change in the
o
As
this
In
SINCE
✓
in price
rose
was
up
1.7%.
only
The 200,000
shares of new stock
offered by Reichhold represent a
dilution of the outstanding shares
of
E.
13.7%,
stead
First Western Bank
AND TRUST COMPANY
new
shares
a
stock
Reichhold
556 S. Spring Street
San Francisco
Los Angeles
MAdison 9-4381
is
referred
to
in
Price"
the
as
study,
it
is
shown in Column F.
The
next
column
•
Underwriters
Industrial Brokers
•
MEMBERS: New York Stock
Exchange • Pacific Coast Stock Exchange
American Stock Exchange (Associate)
in¬
dividend, the market
should adjust itself,
ex-dividend 60 days prior to the
offering, to a price of $20.28. This
in
"Theoretical Dilution
405 Montgomery Street
were
Z,
SUTRO.& CO.
Investment Dealers and Brokers
indicated by Column
as
If these
*
1858
""■-I:. juos* '■
7.4% while the Standard & Poor's
Index
Angeles
Singer, Bean & Mackie, Inc., New York
on
prior to the
selling at
example, Reichhold
Teletype: SF 520
Bond Dept.
Direct Wires to
Fairman & Co., Los
was
that
Standard & Poor's Index.
•
—
to
was
Standard
43.59.
ing at 25
EXbrook 7-2022
FRANCISCO
SAN
Bell System Teletype
cates that
DEALERS
STATE, MUNICIPAL AND
GOVERNMENT
prior
date, Reichhold com¬
selling at 23V2 and
offering, Reichhold
U.S.
A
days
RUSS
Telephone YUkon 1-1314
the Standard & Poor's 425 Indus¬
44.20.
IN
$25.50
indicates
was
was
trial Stock Index
UNDERWRITERS AND
Chemicals
offering price
the offering
-
Municipal Financing Consultants
&
460
Montgomery Street
•
San Francisco 4, California
•
EXbrook 2-0900
TELETYPE: S.F. 308-S.F. 309
Van
Noys Building
OTHER OFFICES:
•
Los Angeles 14, California
New York
•
San Jose
•
•
MAdison 5-7311
Beverly Hills
•
Hayward
CORRESPONDENT OFFICES: HONOLULU, HAWAII;
MANILA, P.I.
DIRECT PRIVATE WIRES TO ALL PRINCIPAL
MARKETS
(G)
adjusts
the Theoretical Dilution Price for
any change in the general market
during the 60-day period, as ex¬
Volume
Table
Number 6012
192
.
.
The Commercial and Financial
.
91
(2471)
Chronicle
I
u
COMMON STOCKS
II
D"
j 11
"I" '
Price 2 Mos.
% Change from
Theor.DU.Price
"
c«
"H*
% Change from
ii
"B"
"A"
Theor.Dil.Pr.
prior (Col. A)
Price 2 Mos.
(Col.F) Adj. For
Ad), for Mkt.
(Col.A)
Change- In S & P
Adj.for Mii*.
action (Col. 0 to
price 2 Mos. pr.
MJ. for Mkt.
Index During 2
pr.one day prior
-
upii
£11
nG"
Industrials
% Theoreti¬
Price
Price
Price
Number of
Day
%
Change
cal Dilution
Prior
Managing
Date of
2
Shares
Prior to
Prior to
Prior to
2
Mos.
of this
Offering
Offering
Offering
1
Dpy Prior
Ad), for Theor.
Dll. (Col. E)
$23 1/2
$24 3/8
$25 1/4
+
(44.20)
(43.59)
(44.95)
(+
$42 7/8
$4? 7/8
(44.50)
(43.50)
Offering
Issuing Company
Underwriter
Offered
3/20/58
Reichhold Chemicals
Blyth & Co., Inc.
200,000
(Figures in parentheses
Stock
Price
$25 1/2
S & P 425 Industrial
1
Month
to
-
Offerlna
Mos .Period
13.7%
$20.28
$41.46
(Col.D)
500,000
Paine, Webber,Jackson
& Curtis; Stone
ster Securities
$42 7/8
& Web¬
„
$42 3/8
(Col. I )to
price one day
prior (Col.C)
+
5.6%
0.9%
$43.43
-
2.4%
+20.9%
$20.94
+14.6%
+16.8%
$24.50
+
0.5%
+19.8%
$22.19
+
0.8%
0.5%
$22.90
*
7.2%
+11.3%
$42.00
$23.90
$58.74
+
0.4%
7.3%
1.7%)
1.2%
-
(45.06)
action
+22.4%
$20.62
3.3%
7.4%
actlondurlng
2 Mos. period
topfferlnfl(gol,C) (Col. D)
Index)
General Telephone
3/31/58
are
Offering
1
Months
'
f
+
t*
1.3%)
(+
X*
Corp.;
!v'
•f
Mltchum, Jones &
Templeton
&
F.
James Talcott
6/11/58
12,244
Kidder, Peabody & Co.
100,000
Eberstadt & Co.;
$20 1/4
$24 1/2
(46.16)
13.9%
>
Cutter Laboratories
12/16/58
$21 5/8
First Boston Corp.;
Rohr Aircraft
A. C. Allyn &
Interstate Motor
2/11/59
Walston
Freight
300,000
*
125,000
Co.,Inc.;
& Co.,
$59
(48.70)
(50.78)
$11 1/4
$12 3/4
+10.9%
(56.90)
(56.99)
$22 1/2
$23 7/8
$22 1/2
(57.30)
(59.36)
9 3/4
$11 3/8
$10 1/2
$
$10 1/2
4.1%
+
40,000
Hayden, Stone & Co.;
General Transistor
3/26/59
4/7/59
+
5.7%
6.1%
General Tel.
4/20/59
800,000
Paine, Webber, Jackson
&
& Curtis; Stone
Electronics
ster Securities
$10.14
$10.47
\
+21.8%
$11.88
+
16.9%
+
(57.84)
$20.05i
$21.15
T.
+
6.4%
$25.45
-11.6%
15.4%
$
$ 8.37
16.0%
7.7%
$34.02i
8.25
6.1%
+
+25.4%,
$40.46
+19.3%
+39.5%
$54.00
+26.2%
+21.6%
$43.34
+ 7.9%
+9.4%
$66.75
+
5.1%
+12.3%
$34.25
+
0.7%
+9.3%
$23.69
-
7.7%
+18.8%
$41.48
+
3.7%
-
8.4%
'X*
v
$ 9.90
+41.9%
i*
t
(+ 1.5%)
+19.1%
(59.45)
$57 3/4
$68 1/8
(58.93)
(59.48)
$33.99
(- 0.1%)
+26.2%
(
0
,
9.6%
$48.82
$48.82
)
$45 1/4
$46 3/4
+14.0%
(59.81)
(60.28)
$67 3/4
$70 1/8
(60.04)
(61.84)
St
11.3%
$36.38
$38.45
4.0%
$61.32
$64.08
%4#
(+ 5.7%)
$63 7/8
$71 1/4
& Web¬
'•&S
6.7%
-
$48 1/4
$41
$46
$53.03
$50.22
(+ 5.5%)
(59.15)
320,000
♦
r
11.8%
(59.10)
(59.51)
Lehman Brothers
Grant
„*
':,;"(+ 5.6%)
(57.02)
W. T.
y.
.
1*1
-+
*
$42 1/2
$54
$66 1/2
Kidder, Peabody & Co.
$21.14
Sa
(+ 5.9%)
$40 1/2
$48
$19.96
7.7%
1.7%
~
.
(59.51)
150,000
Blyth & Co., Inc.
Ryder System
3/24/59
$18.68
(+ 3.?%)
(49.34)
(59.46),^
(56.98)
Inc.
$18,10'
(+ 3.3%)
$24 1/8
$11 1/2
Ryons & Co.
Lester,
$57 1/4
$11 1/2
$58 1/4
"A"
1/21/59
$21 1/4
(56.2$)
150,000
Blyth & Co., Inc.
$21 3/8
(47.74)
$55 5/8
$20 1/2
Hopwood
Piper, Jaffray &
(48.08)
(48.09)
100,000
Goldman,Sachs & Co.;e •
$22 3/8
(48.29)
(55.15)
Plllsbury Mills
8/18/58
$22 1/8
(46.59)
26,112
Hayden, Stone & Co.
General Transistor
7/22/58
$21.09
(+ 6.5%)
1/2
$21
$22 3/8
$19.80
15.8%
7.1%
+
(47.31)
,:u;'
(46.59)
200,000
F. Eberstadt & Co.
United Artists
7/17/58
$19.85
$19.20
(+ 3.4%)
$24 5/8
(46.85)
(44.43)
5.2%,
+18.5%
(46.58)
$24
$23
$23 3/4
White, Weld & Co.
$24
$20 3/4
(45.06)
Mohawk Rubber
5/28/58
+
9.8%
J: I
(+ 4.5%)
Corp.;
%y
'f,
Mltchum, Jones &
Templeton
American
5/7/59
$33 1/4
$33 1/2
300,000
Blyth & Co., Inc.
Consolidated
5/7/59
White, Weld & Co.
100,000
'
$22 1/4
$21 7/8
(60.16)
(61.66)
$40
$42 3/4
$38 1/2
(61.97)
Kidder, Peabody &
Mohawk Rubber
15,000
Co),
$64
$63
,
(59.61) 11
+
3.8%
10.3%
$30.72
$29.83
.
■
(+ 3.0%)
-
4.9%
15.5%
$19.44
$20.02
12.7%
$34.92
$36.21
(+ 3.0%)
$43
$60 •
(61.68)
,
(60.04)
tronics
6/2/59
(61.66)
(59.88)
Packard Bell Elec¬
•
$34 1/2
(60.16)
$23
$22
Frelghtways
5/27/59
$34 3/4
(59.88)
216,000
Hayden, Stone & Co,
Agrlcul- '
tural Chem.
$62
+
7.5%
.1 '
4'
(+ 3.7%)
(62.24)
-
....
'
'
(62,99)
3.1%
6.3%
$63,39
$59.97
K#
(+5.7%)
-Z-1X
$67.65
Any*
6/2/59
Bumdy Corporation
;
125,000
Dominick & Dominick;
Reichhold Chemicals
6/17/59
Peoples Drug Stores
Alex.
121,000
Brown & Sons;
$47
Kidder, Peabody & Co.
.
$31 1/2
-11.3%
11.2%
$31.52
$41.54
,
100,000
Lehman Brothers
Microwave Asso-
6/24/59
$22
$36 1/2
(62.35)
$53 1/4
$50 3/4
$47 1/4
(62.31)
,<
-
(60.78)
:
" -11.3%
'$20
$23
$22
8/11/59
Merrill Lynch,
Controls Co. of
Fenner &
America
50,000
Pierce,
$25 1/2
$32 3/8
4.3%
-
(61.34)
$29 1/4
$28 1/2
$25 5/8
-12.4%
(62.33)
(61.34)
$52.34
9.7%
-
10.3%
$20.63
$20.42
16.8%
$24.34
$24.10
4.4%
$30.83
$31.48
8.4%
$55.88
$56.83
11.3%
$56.77
$54.15
28.0%
$23.76
4.6%
3.4%
+
7.7%
$22.77
-
♦
6.3%
$28.96
-11.5%
+
2.8%
$32.93
-
+20.8%
$62.04
-27.5%
+11.8%
$61.06
-
1.7%
$22.79
+31.6%
$31.65
-
5.2%
$31.24
$31.61
+12.3%
$33.14
♦
7.1%
7.4%
$26.16
$26.34
+11.0%
$2M5t
+
2.8%
8.2%
$41.31
$42.50
0
$46.31
-
8.3%
24.0%
$ 8.84
$ 9.12
+31.6%
$12.01
0
33.3%
$ 4.41
$ 4.23
+86.2%
$ 6.37
+23.6%
26.3%
$ 7.00
$ 6.56
+20.0%
$ 8,91.
-11.6%,
13.8%
$32.54
$30,52
+13.2%
$35.41
-
6.5%
$23.26
$21.98
(- 1.0%)
$32 3/8
$34
$32 1/4
(62,88).
(63.84)
(61.57)
Smith; Lee
-12.1%
(- 1.0%)
(62.49)
(61.97)
275,000
Dean Witter & Co.
Ryan Aeronautical
$35.82
-
(- 1.7%)
'■
6/24/59
0.9%
w\
'
(61.97)
; elates
+15.5%
+15.7%
$40.83
$15.59
(+ 0.9%)
22.0%
+30.6%
$31.80
(61.26)
$35 1/2
$30 1/4
■;
(62.99)
(61.84)
400,000
Blyth & Co., Inc.
(61.68)
(60.73)
6/16/59
M
$13.78
11.6%
(59.61)
"
$1^.04
+22.0%
(+ 5.7%)
$18
$16
$14 3/4
$17 3/4
Schwabacher & Co.
+
0.4%
.
,'fe
jA.
1.7%
(+ 2.1%)
Hlgglnson Corp.
8/20/59
115,000
Kuhn, Loeb & Co.;
Air Products Inc.
$46
$61
$45
$55
.
(62.45)
(64.04)
(61.41)
Reynolds & Co.;
-26.3%
(+ 1.7%)
Drexel & Co.
9/15/59
160,000
Blyth & Co., Inc.;
Pacific Finance
$59 1/2
10/22/59
11/9/59
200,000
Smith, Barney & Co.
Knox Glass
Pitney-Bowes
$30
11/24/59
Ryder System
1/12/60
Amer.
Hospital
$30
$29 1/2
$33
(59.15)
(60.49)
$37 3/4
(61.39)
$35-1/2
(61.14)
$28 1/4
$26 1/2
$29 1/4
(60.92)
290,000
\
^
■
V'-
'
$35
150,000
First Boston Corp,
$30
(60.95)
(61.32)
$32 3/4
.
(61.86)
6.2%
-
(- 4.6%)
9.1%
-
(- 4.1%)
+
8.4%
(+ 1.2%)
Blyth & Co., Inc.
200,000
Eastman Dllllon, Union
$42 1/4
$44
$45
•"
<61.36)
$11' 5/8
(63.17)
$12 1/8
(60.32)
$42 1/2
(63.53)
(63.53)
+
3.5%
Teleprompter
2/3/60
Pantasote
2/25/60
Clinton
Company
145,000
Bear, Steams & Co,
350,000
Bear, Steams & Co.
$12
$
7 3/4
$
$
6 5/8
H.
3/16/60
Genesco Inc.
3/18/60
Barnes
350,000
Bear, Steams & Co.;
M.
$ 8
500,000
Blyth & Co., Inc.
$
$33 1/2
23,000
Hayden, Stone & Co,
$26 1/4
$
7 7/8
(59.54)
$34 1/4
$34
$37 3/4
7 7/8
(60.81),
8 3/4
(60.80)
(58.36)
(58.44)
i/2
$26 3/8
(59.63)
(62.07)
Engineering
$
7 7/8
$
9 1/2
(63.48)'
Byllesby & Co.,Inc.
(62.33)
(64.49)
(63.21)
Engines
$12
(58.68)
$24
$24 7/8
(62.07)
Bobbie Brooks
3/24/60
Macco Corporation
100,000
Bache & Co.
$16 7/8
$18 1/2
$19 1/4
$16 7/8
(60.80)
3/24/50
(59.54)
(59.55)
$51 3/4
$15 1/2
w
(+ 0.7%)
5.6%
-
{+ 2.9%)
Barney & Co.
1/14/60-
-ft
t
Securtties_& Co.; Smith
Supply
(61.14)
(63.45)
(63.09)
■
$60
$62
$64
(64.08)
Homblower & Weeks
+
3.2%
fli
(+ 3.3%)
+18.8%
(- 3.9%)
-17.1%
(- 6.2%)
-
9.3%
(- 6.2%)
+
6.0%
ill'-
3.3%
♦20.1%
$23.51
+11.5%
$18111
+2416%
$15.23
+
3.4%
9.6%
+12.2%
(- 5.5%)
A'
$15 3/4
$15.46
$15.14
$13.07
$12.64
5.3%
$18.94
$18.60
4.6%
$19.64
•
11.5%
$22.13
$21.73
♦27.7%
$24.55
+13.0%
8.0%
$40.00
$40.92
+
S.I%
$44.50
16.3%
$28.14
$27.38
+35.1%
$32.72
+13.1%
14.0%
$14.65
$14.56
454.5%
$16.90'
+33.1%
9.3%
$51.92
$S1161
7.4%
8.8%
'8.4%
17.0%
-
$20.37
$20.90
13.8%
$28.88
12.2%
$46.10.
6.8%
-
(- 2.1%)
3
200,000
Kidder, Peabody & Co,
$15 3/4
(59.55)
(60.04)
(61.53)
Mltchum, Jones &
'
(- 3.3%)
Templeton
3/31/60
3/31/60
Latrobe Steel
$17 3/4
$20
General Instrument
Universal Cyclops
200,000
Carl M. Loeb, Rhoades
$27 1/4
Nafi Corporation
5/24/60
Ionics
(- 1.8%)
$27 3/4
+11.0%
(60.04)
(59.38)
(- 1.8%)
(60..04)
$25
(59.43)
150,000
A. G. Becker & Co.,Inc.
Shields
-11.3%
(59.38)
$18
1
$42 3/4
200,000
& Co.
$37 1/8
$41 7/8
$43 1/2
.(58.90)
$43
(60.24)
(57.88)
$37
$34 3/4
$33 5/8
(59.57)
(60.04),
(58.42)
-
1.2%
Shields
+10.0%
(- 2.7%)
$20 3/4
$22 1/2
+32.4%
(59.77)
75,000
Corp.;
& Co.; W.E.
& Co.; C.
(58.42)
(59.43)
(- 0.6%)
$57 1/4
$58 7/8
$63 1/8
(58.42)
(59.43)
$19
$17
3.4%
-
(+ 2.3%)
(59.77)
Lee Higglnson
Hutton
-
|
Steel
4/26/60
$17 3/4
$27 3/4
'
(59.43)
& Co.
4/11/60
60,000
Kidder, Peabody & Co.
E.
Unterberg, Towbln Co.
Aircraft
5/24/60
Piper
6/9/60
Reliance Manu¬
6/15/60.
Brush Beryllium
6/22/60
James Talcott
First Boston
100,000
Corp.
40,000
Glore, Forgan & Co.,
$63 1/4
$22
'
260,000
Kuhn, Loeb & Co.;
$42
Eberstadt & Co.;
White, Weld & Co.
$37
'
$46 3/4
(60.45)
McDonald & Co.
F.
$33 1/2
(61.83)
(58.34)
(60.24)
facturing
$22
$24
$22
\
>
150,000'
$56 1/2
+10.3%
(58.89)
(61.80)
$52 1/2
$55 3/8
$57 7/8
(59.09)
(59.43)
(60.89)
+22.3%
$56.91
+10.9%
5.3%
$22.57
-
+58.4%
$34.24
+36.5%
♦21.8%
$54.08
+
(- 0.6%)
+
2.5%
(+ 2.6%)
'i+39.6%.
(+
$29.51
>
.
2.2%)
+10.2%
(+ 3.0%)
$47.50
7.0%.
'•
92
The Commercial and Financial Chronicle
(2472)
stock
It is
interesting that of the five
common stock offerings
involving over 20% dilution, only
Report of IBA Industrial
stock advanced
one
Securities Committee
Continued from page 90
15%
and only nine
over
Of
quently
the
companies
stock
common
tends
to
size
be
of
utilities
the
larger.
under
resort
to
financing less fre¬
than public
relative
period
Period
were
10%.
Industrial
and
offerings
Thus
review,
in
the
of
out
46
offerings 13 represented theoreti¬
cal dilution of
over
four of 5%
less.
or
15% and only
the
stock
of¬
stock
declined
of
to
Theoretical
Four
prices
these
prices
their
declined
their
Theoretical
prices
large
Dilution
a
more
better
price of
a
Dilution
for
adjusted
low
market
general
ac¬
Only
Of
these
their
was
to
of
5
advanced
In
industrial convertible
19
the
utility
13
common
of
the period
from Jan. 1,
1958
1960, there
was
and convertible issues included in
tabulation.
the
to
declined
these
below the Theo¬
grand total of 111 common stock
a
did better than the
and
declined
through June 30,
stocks
common
Points.
retical Dilution.
;
■
Of the
above their Theoretical
prices
None
the price
decline.
of them advancing
than the general market.
Dilution
compara¬
was
During
the
two
Continued from page 94
prices
Underwritings By Types of Issues
(In Millions of Dollars)
ss o
-
1952
-
O
'
No. of
Issues
1953
•„
No. of
Issues
1954-
:
No. of
Issues
1955
1956
No. of
No. of
No. of
Issues
1957
Issues
1958
Issues
No.
Issues
1959
of
No.
1960
Issues
(6 mos.)
of
Issues
Utilities
Debt Securities
:
*
*
$1,274
83
$1,377
$2,490
116
$1,279
63
Preferred Stock
315
46
292
50
491
69
285
45
Common Stock
436
74
684
86
387
61
560
72
$2,353
221
$3,368
246
$2,124
180
$1,709
118
Total
$2,025
203
*,85:
S3
82
$3,672
142
$2,797
117
396
40
270
34
379
41
319
56!
507
71
444
49
178
$4,449
247
$3,620
207
$1,934
138
$1,977
128
191
57
86
28
31
21
103
32
26
16
1,636
381
1,434
224
978
207
1,559
566
703
385
576
$3,497
380
$3,517
341
$2,620
741
$1,484
491
$1,185
76
$1,808
$2,523
$1,157
93
$2,155'
'
309
30
43
7
660
*61
253
21
$3,124
184
$1,453
81
r
,
'
Industrials
Debt Securities
$1,337
96
80
$1,560
$
70
924 ;
1
Preferred Stock
176
57
81
52
279
61
208
71
Common Stock
740
266
337
267
455
364
1,103
476
$2,253
419
$1,978
399
$1,658
495
$3,020
665
61
$1,038
Total
Other
•
"
$3,761
V1
'
$2,508
113
J"
143
$1,158
•
$
•
.
90
755
(1)
Debt Securities
$
660
Preferred Stock
70*
*
$
550
60
$
57
748
5
Total
$
•1
4
2
12
7
20
25
93
26
388
35
243
$
60
729
96
$
647
89
$1,438
$3,487
226
$4,452
102
$1,011
$3,735
$
893
2
.9
4
31
123
$1,529
Ill
$
238
363
$6,491
306
229
30
127
$1,122
29-6
$6,541
'
,
406
55
607
12
332
49
915
$
>
93
-
-
301
118
246
76
613
1
64
Common Stock
30
-
-
75
30
481
60
-
-
174
55
781
110
$
$3,921
291
$2,317
...
.
Summary (2)
Debt Securities
$3,270
Preferred Stock
104
377
104
782
137
513
1.115
379
1,230
469
1,906
608
718
$4,979
709
$6,464
852
$6,154
$4,355
117
365
$5,007
Total
(1)
249
496
1,241
Common Stock
963
173
588
99
356
62
422
66
412
62
69
23
2,256
486
2,170
325
1,755
287
2,394
682
1,031
436
881
$9,067
750
$8,668
659
1,035
$3,417
632
7,199
Includes: Railroad, Railroad Equipment, Bank, Insurance Co., Canadian Provincial &
Municipal, Foreign Government, Canadian Mutual Funds & World Bank Issues.
(2)
$6,727'
Summary Totals may vary from total of Industrial, Utility and Other due to rounding of figures.
Source: Investment Dealers.Digest Section II 1952-60,
'
■
j
•.
iv/mvmranw;
Peyser, Partner in
Newburger, Loeb
I
•
BROKERS • DEALERS • DISTRIBUTORS
Newburger, Loeb & Co., 15 Broad
|
Wholesale and Retail Distributor
Complete Investment Service
UNDERWRITERS
|| Street, New York City, members
of the New York Stock
.
Exchange,
|
INSURANCE STOCKS
on Jan. 1 will admit Benjamin F.
Peyser to partnership. Mr. Peyser
jg
LIFE, FIRE AND CASUALTY
is manager of the firm's institu-
|| tional department.
wssKtrnmKmmm
WEST COAST SECURITIES
| Conning & Co.
.y.%yxy.%y.y.%^xy.y.v.^w.v.v.v.%v.v^v.v.v.v^wav.w.v
1 To Admit Partner
HARTFORD,
WALTER C. GOREY CO.
Russ
—
Flaxman
will
to
Jan.
Dean Witter
Sc
1
New
York
admit
partnership.
New York Stock Exchange • Pacific Coast Stock
Exchange
Midwest Stock Exchange • American Stock Exchange
Honolulu Stock Exchange • Chicago Board of Trade
Stock
Donald
He
Co.
Members
Lewis Street,
15
been with the firm for
John C. Legg & Company, Baltimore & N. Y. C.
Y.
Conn.—On
Co.,
of the
Exchange,
Teletype SF 1011 & 1012
Troster, Singer & CoN.
&
members
Building, San Francisco 4
YUkon 6-2332
Wire System
Conning
H.
and other
Private leased
has
'
leading commodity exchanges
radiotelegraph
circuit to Honolulu
time.
some
SAN FRANCISCO
•
C.
44
LOS ANGELES
Offices
With Suburban Securities
•
NEW YORK
•
CHICAGO
Serving Investors
(Special to The Financial Chronicle)
CLEVELAND, Ohio —William S.
Buckley
has
become
associated
with Suburban Securities
East
200th
Street.
He
Co., 732
was
for¬
with J. N. Russell & Co.
merly
Inc.
;
.
A
Atkinson Adds
Teletype; SF 202
OF
(Special to The Financial Chronicle)
.
Bell System
PORTLAND, Ore.
Lewis
is
now
—
Clayton W.
affiliated
TRADITION
Staff
to
with
SERVICE
THAT
tional
and
Company, U.
Bank
S.
BEGAN
At¬
WITH
kinson
THE
WEST
Na¬
Building.
Telephone
EXbrook 2-7112
With John Nuveen
STATE
(Special to The Financial Chronicle)
SEATTLE,
ONE
MONTGOMERY
stock
Wash.—John
is now
E.
Bo-
STREET
nue
&
MUNICIPAL BONDS
Specializing in General Obligations of the State
affiliated with John
.
Nuveen
AND
Co., 1411 Fourth Ave¬
of
California and its political subdivisions
Building.
SAN FRANCISCO 4
WELLS
FARGO
BANK
New Sutro Branch
LAWSON, LEVY, WILLIAMS
Members:
New York Stock
Exchange
&
STERN
Pacific Coast Stock Exchange
BERKELEY, Calif.—Sutro & Co.
\
^
has opened a branch
office at 2271
Shattuck Ave. under the manage¬
ment of Jack V.
■tr
AMERICAN TRUST
'
Mclntyre.
-
-
MEMBER FEDERAL DEPOSIT
464 California St., San Francisco
a
3 of the common stocks declined
Dilution
tively small and
to
5 of the common stocks ad¬
prices be¬
theoretical dilution
so
these declined
vanced with 3
more
Theoretical
of
1
point below Theoretical Dilution.
Of the 8 utility convertible issues,
did
1
general market.
general market.
Cf the 38 public
Points.
did better than
Points, It is perhaps worth noting
that in most of these cases the
Points
tion.
Theoretical
the
Dilution
of these did better
than the general market.
above their Theoretical
Points.
Theoretical
Points, but 2
utility stocks declined
than
issues,
to
12
4 utilities declined to
than
their
Points.
industrials
below
industrials
above
Dilution
the
on
to
a
a
small dilution, al¬
the number of issues is
perhaps too small to be conclu¬
sive. It should, however, be noted
that on the day prior to offering
all of these "large dilution" issues
were
selling at least 15% above
market.
Fourteen
effect
9 of these
the
out
issues
their
above
the general market.
though
were
unchanged in price. Of these 28
issues, 25 did better than the gen¬
eral
bear
natural-assumption that
percentage dilution has
adverse
industrial
46
to
seem
Thursday, December 15, 1960
offerings, 22 advanced and
unchanged in price. Of
these 25
than the
more
.
were
during the 60-day period.
would
This
.
ferings, 26 advanced and two
Dilution
EXHIBIT II
Type
market
Market Action During 2 Months
of them
3
industrial
.
.
COMPANY
INSURANCE CORPORATION
20'Telephone: EXbrook 7-4361'Teletype: SF 282
Volume
Table
192
Number
6012
The Commercial and Financial Chronicle
...
I
(2473)
93
2
COMMON STOCKS
"A"
"B"
"C"
"D"
Utilities
"E"
"F"
"G"
"H"
HI"
% Change from
Price
No.
Date of
of
Price
2 Months
1
Month
Theor.
Price
1
%Theoreti-
Day
%
2/4/58
Tennessee Gas
Shares
Offering
Prior to
Prior to
Prior to
Underwriter
Issuing Company
2
Mos.
Offered
Price
Offering
Offering
Offering
1
Stone
& Webster
Securities
1,000,000
$30 3/4
2/5/58
Texas
4/16/58
Atlantic City Electric
Utilities
Eastman
Dillon,
Securities
Eastman
$48 7/8
Securities
&
120,000
$33
$30 1/8
(32.46)
(34.11)
3/8
$45 3/8
$48 3/4
(31.86)
340,000
& Co.
Dillon,Union
$29 1/4
(31.48)
Union
$29 1/2
(32.46)
(34.11)
$32 1/4
$33
$48
$33
(34.11)
Co.; Smith,
(34.45)
$23 3/4
$24 3/4
(34.74)
Portland General
Blyth & Co. ,Inc.
300,000
$24 1/4
Electric
5/20/58
Gulf States
Utilities
Merrill Lynch,
Fenner
6/4/58
Florida Public
A.
& Smith
Evans
Weld
Pacific Lighting
$43 1/8
240,000
$41
(34.59)
Starkweather' & Co.; Clement
Utilities
7/16/58
Pierce,
& Co.;.
220,000
$13
White,
1/2
(35.42)
980,000
$47 1/4
Washington Water
Kidder, Peabody & Co.; Blyth&
Co., Inc.-White,Weld &Co.;
Power
Laurence M.
7/24/58
Idaho Power
Marks
Blyth &Co., Inc
*' La
200,000
$40 5/8
zard Freres
350,000
$40 1/2
(37.15)
10/28/58
Florida Power &
12/3/58
Public Service
1/14/59
Kansas
1/19/59
Southern Calif.
1/27/59
Central Hudson Gas
Line
$47
(37.47)
;'
&
'■
$39 7/8
$40 3/8
(37.18)
(37.75)
-Electric Gas
$40 1/2
$31.02
+
6.4%
$34.25
-
$21.75
$23.09
+
3.9%
$25.22
-
4.8%
$39.07
$41.30
+
4.1%
$43.34
-
0.8%
$11.69
+15,5%
$12.84
+
5.1%
+12.9%
$48.15
-
1.9%
3.4%
$42.28
-
4.5%
+11.3%
$42.19
-
2.5%
+17.0%
$13.45
+
S.9%
+
1.5%
$24.44
-
4.9%
+
5.8%
$77.37
+
1.1%
+
8.1%
$36.94
+
2.5%
+12.1%
$29.21
+
2.2%
1.0%
$63.38
-
5.5%
+14.4%
$19.38
+
2.5%
3.6%
$38.96
-
9.2%
+12.2%
$26.24
-
3.8%
$33.25
►
3.8%
8.9%
$10.93
+
2.2%
13.1%
MA
$40.19
$41.84
1.8%
-
7.5%
$38.00
<
—
;
$39.06
^
(37.73)
$13 1/2
$14 1/2
$14
(37.73)
(37.86)
+
0.3%
12.4%
$35.91
10.0%
$12.15
$36.95
+
5.6%-
'
;.
•
•ill*?
$12.10
(- 0.4%)
1
■;
$23 3/4
$23 1/4
(37.21)
(38.02)
(39.09)
$78 1/2
$73 1/8
$76 1/2
$78 1/4
(37.28)
(38.33)
(39.43)
700,000
$37 3/4
$34 5/8
$35 1/2
$37 7/8
(38.52)
(39.89)
(41.09)
0
6.1%
$21.80
,
$22.91
(+ 5.1%)
;
.
'
'
+
7.0%
4.5%
$69.90
$73.95
$32.85
,
$35.05
(+ 5.8%)
"
+
9.4%
5.1%
(+ 6.7%)
$29 7/8
275,000
.
Corp.;
$60
500,000
Dean
$27 3/8
$28
$29 7/8
(41.25)
Edison
*
-4
■
>.'
Light
First Boston
(41.82)
(44.01)
$59 3/8
$59 7/8
(42.53)
(44.29),
$59 1/8
'
Witter & Co.
(41.31)
+
9.1%
'$24.90
8.7%
$26.66
(+ 6.7%)
■•,
Jiff.-
«
-
+
1.3%
5.4%
$56.64
$60.72
(+ 7.2%)
¥
•
Kidder,
& Electric
2/5/59
Southern
•
Peabody & Co.;
Estabrook & Co.
Company
$19 7/8
350,000
'•
$35 1/2
1,300,000
$18
$19 1/4
$19 7/8
(40.75)
.
Blyth & Co., Inc.;Eastman
Dillon,Unlon Securities &
Co.;
(43.02)
(43.90)
$37
$36 1/8
$35 3/8
(41.38)
(43.66)
(43.59)
Equitable Securities
+10.4%
■■<;+(+ 7.7%)
10.4%
!.
?•'.'V.
,
Southwestern States
Dean Witter & Co.
140,000
$25 3/4
Curtis
&
$32
(43.57)
$32 1/4
$31 3/4
$32
(44.08)
(45.25)
$22
$22 5/8
f
(44.72)
i
.
%<
•
4.4%
-
5.8%
$34.85
$36.70
4
-
Jit'
(44.79)
Co.; Stone &
.
,
(+ 5.3%)
$22 1/fi
(43.63)
40,000
Paine, Webber, Jackson,
$25 1/4
(44.33)
(43.90)
Kidder,Peabody & Co.;
Power
$25 1/4
(42.34)
Upper Peninsula
$25 1/2
$17.37'
il.i
•'■i.WU !!.«-
Telephone
3/25/59
$16.13
,
'
Corp.
•2/17/59
+
(+ 2.9%)
1/4
300,000
Pierce,
First Boston Corp.
:'x
•
(+ 2.8%)
■
&
■
(+ 4.1%)
$41 1/8
(37.24)
$23 1/4
Fenner & Smith
"
Power
3.6%
$29.89
■
$41
$23 3/8
Smith; Kidder,Peabody &Co.
Merrill Lynch,
5.9%
-
(+ 7.0%)
,
1/4
600,000
Stone &
Merrill Lynch, Pierce,Fenner
Light
-
$50.41
1
$14.70
Webster Securities Corp.
>.
$51;bi
"
$47.07 ' '
•,
100,000
White,Weld &Co.;
3.3%
5.7%
'
(37.97)
(38.01)
'
Dean Witter & Co.
Trans con Gas Pipe ;
-
4.7%
+12.5%
(36.66)
Gas
10/15/58
(Col .I)to
%
& Smith
Washington Natural
from
one day
(Col. C)
$31.95
(+ 5.7%)
$46 5/8
1/8.
(36.71)
price
8.3%
4.9%
(36.55)
& Co.
& Co.; Kidder,Peabody & Co.;
Merrill-Lynch, Pierce, Fenner
9/10/58
'
.4.8%
.
1.1%
+
$46 1/4
$41
prior
1.0%
+
(+ 6.2%)
$13 1/2
(36.51)
action
(Col. D)
day prior
(Col ,C)
pr.one
to offering
%
Blyth & Co., Inc.
actlonduring
2 Mos.period
(Col. G) to
action
(Col.'D)
price 2 Mos .pr.
Adj. for Mkt.
'
+
(36.39)
(36.48)
7/23/58
Period
$29.84
(+ 3.8%)
(35.87)
(34.71)
$27.55
2.7%
0
Co:
&
6.4%
0.8%
$13 1/4
$12
Mos.
(Col. A)
for Mkt.
% Change
prior (Col.A)
Adj. for Mkt.
8.3%)
+
$43
(34.27)
Index During 2
(Col.E)
Adj.
"J"
Price 2 Mos.
Pr.
(+ 7.1%)
Barney & Co.
4/30/58
Change in S & P
for Theor.
Dll,
2.1%
(+
$24
$42
+
Prior
Adj.
Dil.
Theor.
(Col.F) Ad), for
Offering
to
Price 2 Mos.
of this
Day Prior
Transmission
Corp.; White,Weld & Co.
(Figures in parentheses are S & P Utility Stock Index)
Price
cal Dilution
Change
Managing
Offering
Dll.
1.0%
-
14.2%
$21.88
$22.51
11.7%
$28.48
$29.36
(+ 2.9%)
0.8%
-
"i£»i
9.0%-
+
j
\
(+ 3.1%)
Webster Securities Corp.
4/1/59
California Electric
5/5/59
Fenner
&
Pierce;
$22 1/8
300,000
Smith
0.6%
Blyth & Co., Inc.;
Lazard
$46 5/8
150,000
$44 1/2
$46 5/8
(45.45)
$63 3/4
$64 1/2
(45.42)
$20.26
$20.81
0.8%
5.7%
$43.61
6.3%
$22.59
+17.5%
$45.83
+
5.6%
$62.67
+
5.7%
$19.68
+15.2%
$23.86
-
2.2%
$51.99
-
7.7%
-
2.4%
$64.11
-
5.6%
5.3%
$33.02
-12.2%
$38.IS
-
4.0%
-
0.6%
+
:
$39.69
(- 0.9%)
2.1%
-
-
V
•
(44.47)
(45.21)
& Co.; Kidder, Pea¬
body & Co.; Merrill Lynch,
$46 1/4
(44.89)
Freres
7.9%
(+ 2.7%)
+
Idaho Power
v
+
Merrill Lynch,
Power
"
+1.7%
_
,*7C
i
A-
Pierce, Fenner & Smith
-a
|
"
1.2%
-
5/20/59
Gulf States
*
*.
First Boston Corp.
$63
250,000
Utilities
$63
(-
Public Service Co.
Kidder,
of New Hampshire
9/16/59
West Coast
Peabody & Co.;
$18 5/8
396,000
$19 1/2
$18 5/8
$18 1/2
(44.31)
Blyth & Co., Inc.
.
$25
125,000
1(42.40)
10/15/59
American Electric
First Boston
Power
10/29/59
Central
Corp.;
Eastman
& Southwest
Blyth & Co., Inc.; Harrlman
Ripley & Co,
11/19/59
:
'Atlantic' City
350,000
Securities
& Co.;
$25 7/8
$24 1/2
(45.21)
5.1%
11.1%
$17.49
10.9%
$53 3/8
$46 7/8
$48
(43.38)
1.0%
$29
$21.61
$21.26
:
-
6.0%
+
1.6%)
2.7%
■
5.6%
$59
$60 1/2
(43.44)
$50.39
$49.08
3.3%
$63.58
$61.99
■
i
i
(- 2.6%)
-8.0%
$65 3/4
r-tA:
(44.09)
$32 1/8
$32
(42.28)
(44.24)
(- 2.5%)
$38
$37 1/2
$36 5/8
(43.38)
,v
'
7.3%
\
•
<
$29.28
$30.61
$35.80
$35.94
(43.45)
(44.15)
Smith,
0.5%
(44.14)
(-
9.8%
200,000 v
$17.34
(43.38)
(45.22)
Eastman-Dillon, Union
Electric
$60
+
•
(+ 0.8%)
-10.0%
$48
\';
.
$24 1/4
(45.32)
1 ,200,000
Dillon, Union Securities &Co.
/.
:
(44.65)
(44.09)
*
$59.60
1.7%)
+
Telephone Blyth & Co., Inc.
$60.57
(44.43)
-
7/23/59
.5.0%
(44.32)
$29
(+ 2.8%)
•
Barney & Co.
-
12/16/59
Public Service
Merrill Lynch,
Electric & Gas
1/20/60
*"
Pierce,
Fenner & Smith
,
800,000
$36 3/8
:
+
Kansas Gas
.
•'
'
''
&
;
Merrill.Lynch, Pierce,
200,000
$47
$46 3/8
$45 1/2
(43.45)
(44.26)
'
Electric
F«nner & Smith;
body
& Co.;
Corp.'
Kidder,Pea¬
$47
1/8
(44.42)
Stone
Tampa Electric
k-L
;
a
V
Calif. Water &
.•' Telephone
'
.
'■
2/15/60
.<
•
$27
$25 3/8
$29 5/8
$27 3/8
(44.11)
*
(44.73)
Blyth & Co., Inc.
Tennessee Gas
210,000
$27
4/12/60
Stone
& Webster Securities
$27 1/4
$27
(44.51)
California Pacific
Eastman
Dillon,
Securities
West Penn.
--
Carl M.
1,600,000
$34 1/2
Union
& Co.
,
40,000
.
$19
$32 1/8
$35 3/4
$34 1/2
(44.73)
Loeb,Rhoades & Co.
300,000
$36 3/4
$20 1/4
$19
$17 1/2
(43.87
,
$35
1/8
$36
$36 7/8
(44.15)
$19 3/4
$20 1/4
$20
(44.45)
$20 1/4
;
v
;
-w
Blyth & Co.,, Inc.
s
650,000
$26 1/8
Columbia Gas
System
Merrill Lynch,
&
Smith;
&
Co.;
Pierce .Fenner
Carl M.
1,400,000
Loeb, Rhoades
$19 1/4
$24.16
$24.43
■
.
11.2%
MY.
+12.1%
$25.53
$25.58
6.4%
$30.07
$29.79
11.6%
$17.90
v-v
$25.65
+
6.7%
5.6%
$28.81
-
6.3%
$31.99
+
7.8%
$20.90
-16.3%
$36.25
+
+
7.4%
(- 0.4%)
-
$18.45
5.1%
(+ 3.2%)
$26 1/8
$25 7/8
$26 1/8
(44.45)
5.0%
2.1%
$34.39
+
4.0%
+
5.0%
$20.34
+
$35.46
2.1%
$26.67
Florida Power &
Light-
(45.33)
1.3%
3/4
$19 1/4
$19
(44.12)
(45.31)
$59 3/4
$60
(45.20)
(45.31)
(46.34)
$18.51
$19.05
3.9%
$25.05
$25.57
$19
4.4%
$18.90
$19.43
&
Smith;
3.8%
-
2.2%
Co.
....
Peabody &
400,000
$591/8
$20.30
(+ 2.8%)
'
+
Pierce Fenner
Kidder,
-
1 .7%
-
2.1%
(+ 2.1%)
(45.37)
$57 7/8
6.3%
(+ 3.0%)
Shields
Merrill Lynch,
1.7%
■
& Company;
R. W. Pressprich & Co.
6/1/60.'''
*
(+ 3.2%)
(45.55)
-
5/4/60
6.1%
0
'
■•
4.8%
(45.72)
(44.40)
800,000
Webster Securities Corp.
Middle South
•Utilities
$47.40
+
'
;-£
(45.53)
(44.38)
White, Weld & Co.;Stone &-■
.-OW
-
(+ 0.2%)
+
Pipe
Line
7.9%
-13.6%
(44.13)
Transcon Gas
.
■
8.7%
+15.8%
•'
■
(44.13)
(44.13)
•
Electric
4/20/60
$43.36
(+ 1.1%)
+
4/13/60
$42.43
,
(44.40)
(44.32)
*.
Corp.; White, Weld & Co.
Utilities
4/21/60
$28 3/4
(44.32)
'
Transmission^
1.9%
(44.58)
+
i
+
»•
240,000
;
v. ..
8.5%
(+ 2.2%)
-
2/10/60
1.6%
•
& Webster Securities
Corp%
5.8%,
First Boston
+
2/3/60
vte*-
>
3.6%
(+ 0.4%)
3.7%
2.9%
$56.00
+
$57.40
(+ 2.5%)
.
*
4.5%.
'•
-
6.4%
I.
$59.32
+
1.1%
.•;'.
'■HVM MjvtAl'M'*
04
*'
i'lW s
H( »
V? iM, l\ <&'
I) (JW
hI'i (i4ff,0j!JU'sifc
tillnl
(2474)
A
AiUwiWilRiwA^.V.J<*b4iAl5i'>VJ
'iy.W.ii ullUlftAbUltMfe
The Commercial and Financial Chronicle
Thursday,
.
.
.
1
*1
."V
pecember 15, 1960
I
\\
Report of IBA Industrial
^ to
n
i
'
;it,s
$
V <
Committee
ii t-
i
y-i
w
Continued from page 92
|
v
i>
if
:
would have
depressing effect
a
4.*
! +5
advanced
I *
ing
the
an
■iwA??-Cilai
have felt
that the diluting effect of a conyertible_ security on the existing
market is less than that of a com-
of 1.6% durperiod. On
average
months
two
the com- -
average "they
did 0.37%
than the general market.
worse-
stock offering.
The market action of the
mon
•
.
i f l
V; Conclusion
if i
('■
is
It
V •
difficult
arrive
to
at
rities in this study
any
firm
■;!
h\
,r
conclusions
which
|'t+ i
•s i
based
-
,
n
,
secu-
was varied, in¬
However, it seems reasonable to
conpmde that at least, during the
penod u1nder study none of these
commonly accepted theories was
;co",flrr^.ec1-'
...
figures would seem to indifj1* J'■ 1958 to June 30,
1960 to3* toe announcement of
"glamour"
unprecedented
received
public attention.
Over
the
on
so-called
the
stocks
r
the
;v
there has
years
a
been
{II
acceptance of certain
concerning new cash financings, and it perhaps can be
if
i
said
If
I
a
41
).H
I
,
.
deed, and it would be imprudent
statistical tabulation summarized to attempt to prove or disprove
above.
The period under study is
fjny
toe foregoing theories
not
only brief but also one in hased solely on so short a period,
*
t
on
the outstanding shares.•^Likewise,
mon
stocks of 63 of these com- ^ has often been said that a .utilpanies or 57% either advanced 1^y cash offering generally has a
or were unchanged in price. With-S
^ss pronounced effoct than that
out
adjustment for the general
am industrial.
Thirdly, many
market, the 111 common stocks '.investment bankers and corpomonths prior to offering
; *
general
theories
as
that
to
this
their
f.l
believed
VM
study raises
validity.
that, in
; ii
a
doubt
cash equity offerings had
Many have
vast majority
.
sistent effect
no
con-
the market price
on
'
of
ii
U*j
H t|
>
*4.
of
*
Table
financings,
a
new
cash
the
announcement
offering, non-rights,
the
of
issuer's
stock.
mon
outstanding
They
also
com-
indicate
£v
i '••'.
J
3
•I
.
I 1 M
M
"A"
CONVERTIBLE SECURITIES
"C"
"B"
„D"
m
Industrial
Theor. Dll.
|H
Price
Conversion
Managing
M
Offering
Issuing Company
3/6/58
or
Olln Mathleson Chem.
Prior to
Offering
Offering
$50
$40 3/4
$42
Price
Month
1
%Theoreti-
Day
%
Prior to
I!
5
Dillon, Read,
1/2% Cv. S. Db. "83
Securities
3/11/58
4 Co.;-
Eastman Dillon,
(Figures In parentheses
Industrial Stock Index)
Day Prior
4/3/58
American Electronics
5
$20,000,000
Lee
5
(44.25)
1/4
$36 1/4
$36 1/8
(43.84)
(45.07)
$13 5/8.
$16 1/2
$ 3,000,000
Higglnson Corp.
$34
AAV**
1/2% Cv.S.Db.'73
1/4% Cv.S.Db.'73
& Co.;
VanAlstyne,
Dll.
(Col.E)
Adj. for Mkt.
action during
(Col. F) Adj. for
Adj. for Mkt.
Change In S & P
action(Col.GJto
Index During 2
pr.one
2 Mos. period
to
(Col. D)
Period (Col.D)
Mos.
day prior
offering (Col. C)
"J"
•
2 Mos.
prior (Col .A)
% Change from
price 2 Mos .pr.
Adjj for Mkt.
(Col. I)to
-■ action
price one day
prior (Col.C)
I
\'-l>
;
3,500,'cf00
I
1
$15.40
)i('
Continental Airlines
5
9/17/58
Noel &
Lehman Brothers
$12,500,000
$
6
1/2
3/4% Cv.S.Db. '73
(43.66)
$13 3/4
(43.84)
$
6.7/8
$
(45H 70)
Garrett Corp.
11 A f
4
V
lf*M
IV"'
+
(45.42)
,
$10,000,000
7/8% Cv.S.Db.'78
Fanner
$44.66
$43
$10,000,000
Merrill Lynch, Pierce,
Oxford Paper
12/16/58
Cuneo Press
4
$38
2/11/59
*
1/4
6 7/8
$
1/4
6
5/8
(50.49)
$41.36
+16.6%
$35.24
*
2.5%
+41.7%
$14.29
+
4.1%
+21.8%
$14.43
-
$
-13.6%
-
12.1%
$30.10
$30.97
26.5%
$10.01
$10.50
20.4%
$11.64
$11.49
72.1%
$
$
17.8%
$35.55
$38.79
20.9%
$30.06
$32.52
$
$
'I
3.0%
(52.41)
Hemphill, Noyes &Co.
$
5,000,000
$13
Db. ■78
1/8:
(54.55)
$72 1/2
550,000 shs. $50
Reynolds & Co., Inc.;
Kuhn, Loeb & Co.
-
$74
(S6.98)
Dillon, Read & Co.;
1/2% Cv.2nd Pfd.
'•
(56.90)
(59.46)
-10.5%
*
5/18/59
General American Oil-
.'Hi
•
7/28/59
Northrop Corp.
9/17/59
Brush
5% Cv.S.
V
Db.
William R. Staats
'79
"i.j-
.9/29/59
10/20/59
li'i
4i
12/8/59
McDonald
$35 3/4
(62.67)
(62.73)
$48 1/2
$47
1/2
(63.62)
(63.45)
(60.87)
$40.48
$40
$39
-
7,500,000
Dillon
'79
Rltter
$
,Read & Co.;
8,000,000
$12,000,000
$64
& Co.
2.1%
$13 1/8
(59.29)
(61.00)
$43 3/8
(61.73)
(63.46)
$48 7/8
$56
$12 3/8
$48 1/4
$53 3/4
$44
4
Kidder
3/4%Cv.S.Db.
'80
White, Weld
.
& Co.
(60.32)
•4/22/ 60
I
Metropolitan Broad-
Carl M. Loeb, Rhoades
$54 5/8
6/6/60
*t
*4 v-
;
Haml Schfeger
6% Cv. Pfd.
(59.54)
(59.55)
$16 3/4
(59.79)
(59.05)
(59.31)
$291/2
$28 1/2
$27 5/8
*
70,000 sh«.
(58.29)
■>
-
3/6 '58
Iowa Illinois Gas &
White, Weld & Co.
$9,000,000
$34.48
Electric 3 1/4% Cv.
-M*
$33 3/4
$33 1/2
$32
+
4.3%
$73.59
13.5%
$30.06
$31.23
+
8.5%
$33.41
$34.40
+
14.3%
$41.56
-
5.1%
$36.11
-
6.2%
0.7%
$38.88
-11 .0%
$39.77
+19.4%
$46.41
+
2.3%
$35.12
$33.19
+11.5%
$37,80
-
2.1%
•$11.76
$11.31
+16.0%
$13.12
$36.59
$38.20
+16.5%
$44.37
10.8%
$43.60
$45.39
+18.4%
8.9%
$55.22
$54.06
+
6.8%
$59.35
$14.08
+10.1%
+17.5%
(32.46)
(34.26)
$25 3/8
$28 1/4
(34.30)
(36.51)
$21 3/4
(37.35)
0
.
13.9%
+
0.3%
4.8%
7.5%
A
+
S.7%
-
2.7%
$16.62
-
6.7%
$28.30
-
$50.87
...
-
-
f
15.3%
$14.19
(- 0.8%)
-10.5%
23.3%
$21.86
12.6%
$29.50
$21.71
9.9%
(-0.7%)
0.7%
$31.20
i
+
7,4%
(+' 5.8%)
$35.71
6.2%
-
»
(37.15)
$21 5/8
13.7%
*
-
<l\i
$66.97
J- 2.1%)
$15 1/2
h,
4.7%
,+10.0%
(+ 4.1%)
(59.97)
1/4
'*
3.7%
+
$25 1/2
Loeb & Co.
First Boston Corp.
C<»p.
$16 2/3
$15
+12.6%
/'(+ 4.4%)
$57 3/4
(60.38)
casting 6%Cv, S.Db. '75 &Co.; Kuhn,
i'H'
$" 6,000,000
-17.4%
$12.54
$65.98
11.5%
.7.5%.
-
(63.36)
$60 5/8
(60.80)
V
$41 .16
(-3.8%)
1/2
(60.86)
Peabody & Co.;
4.6%
+52.5%
(~ 5.5%)
i ***■ {
Mb
9.26
(- 4.3%)
-
-
$42 1/2
$49
8.86
(+ 3.0%)
(61.39)
(60.80)
$
+
9.9%
3.9%)
8.3%
-
.
$37
(63.84)
$13 5/8
$14
-
12.2%
2.5%,
-
(+
5/8
(64.93)
$ 3,500,000
$47.19
9.0%
3.6%
$47 1/2
$ 5,000,000
9.6%
-'
(64.55)
$48 1/2
White,Weld & Co.
Collins Radio
5% Cv.S.Db.
'•
$ 6,500,000
F.Eberstadt &Co.;
*79
3/24/60
'
$37 3/4
& Co.
26.2%
17.7%f
-
(62.35)
$34
+
(* 1.5%)
$33 7/8
(62.15).
(63.42)
Copperweld Steel
t
>
$34 3/4
.$38 1/2
Hirsch & Co.
James Talcott
12/16/59
\k''t
I
$34 3/4
$40
l/2%Cv.S,Db.'79
5% Cv. Notes
iI'M
,
7.23
>-V.
&Co^ $10,000,000
Goldman, Sachs SrCo.;
Daltch Crystal Dairies
5
$20,000,000
McDonald & Co.
*74
American Greetings
5% Cv.S.Db.'79
i'
..
Kuhn Loeb & Co.;
Beryllium
5% Cv.S.Db.
*>
<:
Blyth & Co., Inc.
hi <
l>n
7/8
i
+209.4%
(+ 4.5%)
(57.84)
(60.03)
Blyth & Co., Inc.
3/4%Cv. S. Db.' 84
+
(56.99)
'.i,*
2.02
(+ 8.2%)
$14 1/8
$69
"
v
1.92
(+ 9.1%)
(54.95)
$12
$16
1.7%
-
(52.85)
$34
9.1%
(+ 5.2%)
$34
»
(37.82)
(34,34)
\
'
'
•
.
Db. '68
r*M>
14 b
(Figures In parentheses
Utility Stock Index)
Mt:
are
S & P 50
+10.3%
6/4/58
«j;
h|
Texas
Eastern Trans-
5.35% Cv.
mission
Dillon,
Read & Co.
100,000sh. $31.00
Inc.
$28
3.6%
$24.46
$26.49
+
5.7%
$27.48
+
1.9%
11.6%
$19.89
$20.62
+
5.5%
$23.33
-
6.8%
6.2%
$18.41
$19.94
+
5.3%
$21 .25
-
1.2%
5.7%
$33.59
$34.06
+15.9%
$36,12
+
9.4%
(+ 8.3%)
Pfd,
Mi<
-
TM
9.3%
3.9%
-
1.3%)
-
$42 1/2
(50.78)
Reynolds Metals
4
Jr
4
*4
$39.01
2.9%)
4.3%
(-
(48.09)
$41
(48.43)
Blyth & Co., Inc.
»
.-T-
««i
'
i
(44.35)
(45.98)
$38
& Smith
3/4%Cv.S. Db."78
5% CvS.
K1 i
lKH
5.5%
9.2%
-
-1*
10/15/58
ij
bb
}« } t
•
(+ 4.9%)
$14
Uii
|» I
$38.43
.
$14 5/8
(44.93)
$
+
i li
*
5.7%
don & Co.
6/13/58
'■ft
?
Offering
(Col. A)
Price
1.5%)
(+
Co.; Crowell, Wee-
/,
8.0%
-
(+
$14 7/8
$15
(43.31)
Dean Witter
:'t■
$41.40
•
r"
.
Ad). for Theor.
"I"
•,
from
Theor. Dil. Pr.
S & P 425
are
Mangel Stores
$37 1/2
(44.98)
(43r 80)
/
1/2
(43.58)
$40,000,000
Union
& Co.
Sylvanla Electric
Paine .Webber, Jack4 1/2% Cv. S. Db. '83 son & Curtis
3/12/58
,,
Mos.
Prior
of this
Mos.to
1
Offering
Price 2
cal Dilution
Change
2
Price
i
h*
J ♦
1
Prior to
Stock
Shares
2 Months
Common
Amount
Underwriter
Date of
Price
Price
it
i
"H"
"G'A
"F"
"E"
% Change
M *
.
7/10/58
t
*
California Water &
Blyth & Co., Inc.
200,000sh.
$23.81
Telephone $1.24
Cv.
$22
1/2
(36.46)
Pfd.
;*<
+
11/19/58
■*<
3.4%
(+ 3.7%)
Central Electric &
Gas 4
3/4% Cv.
Sub, Deb,
'73
Paine, Webber, Jackson
&
$2,000,000
$21.50
Curtis; Stone & Web-
$19 5/8
(38.09)
$19 1/8
„
(39.33)
$21
7.0%
(+ 8.3%)
(41.24)
s,ter Securities Corp.
+10.9%
3/10/59
Equitable Gas
4.36%
Cv.Pfd.
First Boston Corp.;
Merrill Lynch, Pierce,
Fenner & Smith;
60,000sh,
$42.00
$35 5/8
$39 1/2
$38
(44.28)
(43.39)
$34 3/8
$37 3/8
$35 5/8
(43.05)
(44.92)
(+
1.4%)
(44.92)
(45.45)
a
Kidder,
Peabody & Co.; White,
'h
Weld
& Co.
+
H-
4/7/59
Trans,
Jb*
Cv.
m
rhi>
Tennessee Gas
4.72%
2nd Pfd.
Stone & Webster Se¬
curities
Weld
440,000sh.
$41.16
Corp.; White,
Texas Gas Trans¬
mission 5
'♦•If
Cv.
><
Dillon Read &
150,000sh. $33.33
1/2
$30 1/4
(45.19)
Co.^Inc,
1/4%
(42.28)
H-i
r:4;
I"!
11/10/59
$34.5S
+
3.1%
$36.30
13.2%
$28.21
$27.59
+
9.6%
$31.79
-
1.9%
$31 5/8
$31 7/8
$32 5/$
(43.97)
(44,23)
?(43.88)
$28
6.9%
-
4.8%
(- 2.2%)
Trans.
5% Cv.
Pfd.
! n-» •
l Hi.
Stone
& Webster Se¬
curities
Weld
Corp.; White,
& Co.
295,000sh. $37.40
I:
I
1
v-1
.1
K i
2nd Pfd.
Tennessee Gas
?nrt
$32.72
(44.24)
$32 1/2
+
■
4.8%
& Co.
-
10/21/59
3.6%
(+ 5.6%)
3.2%
(- 0.2%)
3.7%
$30.45
$30.39
+
7.4%
$31 .56
+
3.4%
}.:i
192
Volume
6012
Number
.
.
The Commercial and Financial
.
Chronicle
(2475)
of
share earnings to
per
Charles
the offering of a new is¬
could usually be distributed
(2)
sue
New
record
remarkable
ficers who are
i
considering
i
J.
expan¬
■?$
,/
■
N. Y. >
'7
'
Frank
Gerald F. Brush
it
.
R.
•
Charlotte, N. C.
Allen
V'-X®
V
•
■
.//
;
|
7
•
&
,
New York, N. Y.
City Bank
'
York, N. Y.
ask
you
,
be
Have
part
a
been
we
of
of
Directors,"
that Board
on
but
we
individual
an
we
been
frightened, too
greatly frightened, by those indi¬
would
have
of
sit
business than any
Directors that
our
the
other
that
upon
ness.
Directorate.
He
•
we
carefulffy
very
select*
directors in my company. We
our
select
do
outstanding
in
the
who
men
selection
contest
a
money
—
between
the
can
of
that
our
little
very
selection
To
like
to
see
of
Are
the
the fact that there
has
courage
businessmen
to
from
is
been
ment
long
his
such
ago
government?
frightened
as
by
made
was
a
Have
United
States, and those
corporations are filled with peo¬
ple who have worked hard to
too
in the public press, and
widely used in the press
throughout the nation, and I will
build
quote that statement in regard to
I
it
was
taking
a
part
in
politics. Mr. George Meany, Presi¬
to
the
think
enterprise
Have
has
we
how many
from
business
very
community, and I mean this
seriously, is that they had bet¬
a
been
criticized?
our
I
attention
that
times I have gotten
luncheon
table
MAdison 7-0281
Laguna Beach
They Beholden?
gave
we
of
Continued
on
President
a
and
of
INVESTMENT
SECURITIES
a
and we elected
Senators, and we elected ^
some
Pasadena
^
and
ernors,
elected
we
lesser
of
lot
a
Bingham .Walter s Hurry, Inc.
Long Beach
ernment.
Van Nuys
But
home-work
did
we
not
629
Pacific
Coast
Stock
Exchange
SPRING—LOS ANGELES—MAdison
TELETYPE
government.
LA
7-1041
224
our
Pasadena:
70 S. Euclid Ave.—SYcamore
3-4196
over¬
Panorama Cityr 14530 Roscoe Blvd.
looked, undoubtedly, the most im¬
portant people that we have in
American
S.
Member
gov¬
do
well. We
very
'•
of
importance,
perhaps, at the local levels of
These
—
EMpire 4-5795
are
the people, who selected these in¬
dividuals that
Bateman, Eichler
Co.
&
the campaign so that these people
might be able to run for election.
They financed this election, and
then
I
those
would
have
had
elected
they
13
who
who
this
to
have
have
for
IN CALIFORNIA
are
been
had
this
them;
Specializing in Retail Distribution of /
who'
assistance in beiner
office
—
beholden?
ask
gressmen;
Who
you:
arranged
process
STREET, LOS ANGELES
ask
individuals
selected;
so
Investment Securities
voted for. These
we
the individuals who organized1
are
to
Ask
vour
whom
Corporate Securities
are-
Con¬
Governors.
I
your
BeNJUEJLT %
I have had
the privilege of sit¬
ting behind closed doors in many
LONG BEACH
of the offices of
the
on
have
COAST
STOCK
EXCHANGE
Hill
in
talked
around
have
to
this
told
story.
own,
elected people
told
the
truth
Telephone EXbrook 2-7484
this
of
me,
Russ Building,
they
and
one
as
and he is of
political base of my
he told
ESTABLISHED
Washington and I
many Governors
country,
me
opposite
an
our
They have told
Governor
me,
me
that if
—
cannot
we
accomplish this thing to which I
am
so dedicated, he would have
no
Lester, Ryons
MEMBERS
American Stock
NEW
YORK
STOCK
Exchange (Assoc.)
Co.
&
faith in the future of the free¬
dom
in
of
this
government
would
ask
Where
you:
are
laws made? Many of us think that,
of course, our laws are made in
DISTRIBUTORS OF
INVESTMENT
of
Who Makes the Laws?
Pacific Coast Stock Exchange
AND
type
our
country.
EXCHANGE
I
UNDERWRITERS
Cohgress,
SECURITIES
or
they
are
made in
our
State
-
A
16
,
,
Legislatures. I woulld sug¬
gest that that is not exactly true.
•
OFFICES
FOR
THE
Those
V SOUTHERN CALIFORNIA
„
'
So.
.
„
_
Hope
Street,
Los
Ang el
e s
Corner Wilshire and Hope
.
Teletype LA 1565-1566
,
made,
to
people
large
did
a
who
job of organization, who did this
job of financing. And when these
CLAREMONT
CORONA DEL MAR
LONG BEACH
;
OCEANSIDE
'
1 7,» C ali f orni
/
a
■
RIVERSIDE
SAN DIEGO
ENCINO
PASADENA
SANTA ANA
GLENDALE
POMONA
HOLLYWOOD
.
SANTA MONICA
of the
costs
Telephone MA 5-7111
.
REDLANDS
'*
el
are
the
people become confused with
!. 62 3
,
bv
this job of selection, who did this
"
:
laws
extent,
MOST COMPLETE RETAIL COVERAGE OF
|v
page
attention to the
our
*
lobbying that
many
American
ish
sion
with
is
we
millions of dollars to
business, when
that
in
all ,v;
do, which
process
the
we
confu¬
and
minds
* '
fin¬
of
these
WHITTIER
people, they go back to these individuals
to
whom
they
holden for their election.
are
be¬
-
-
up
our
nice business luncheon clubs
to
8,
we
went
major national election,
a
officials
PACIFIC
in
particular
complete House of Representa¬
tives, and we elected some Gov¬
MEMBER
answer?
don't know
Vice-President,
Los Angeles 14
PASADENA
system.
they want it protected.
What
dent of the AFL-CIO, declared:
advice
free
a
They have built that system and
businessmen
"My
million
these
state¬
not
68
are
people in our working force; there
are
41/2
million corporations in
taking his part in the government
we
challenge, I would suggest
Meany that he recognize
Mr.
November
through
selection
REDONDOBEACH
groups
DISTRIBUTORS
Whom
Last
'
not
that
indi¬
give
do
I
set
been
we.
we
Established in 1932
and
win.
Board? In fact, if I might say,
and
SOUTH SPRING
people
will
people
that
individual.
453
There
it be¬
frightened,
Member,
influential member, on
most
the
Covina
by Mr. Meany.
doubt, when
any
against other groups in our
society-^rbut if we have to accept
vidual who is that Senior
Crdwell. Weedon <&, Go.
stay
us
which
regulate
one
help to manage the affairs of
institutions. And yet what do
Members: Pacific Coast Stock Exchange
who
to
our
Corona del Mar
and
perhaps, by the sign
hung up so many
times: "Help—not wanted," to dis¬
Now,
Chicago, 111.
Spring Street
never
comes
willing to
government?
our
who
certainly
is
its
Member, who certainly is
its most important member, who
certainly is its most influential
member, who certainly does more
and
629 South
is
result."
agree with the last
that statement that
of
made
was
the
only
out of the sacrosanct preserves of
the
politician?
Have
we
been
Space
Blyth & Co., Inc.
Investment Securities
sentence
very
carefully. Have we been
willing, as individuals in this na¬
tion, to help regulate human be¬
havior?
of
I would
to think of that
viduals
Board
enter¬
our
represents, in most cases, 52% of
the profits of our particular busi¬
Richard B. Walbert
Smith, Barney & Co.
Chicago, 111.
v.
•
doubt
Challenge Made to Business
will
Now, if we have to accept a
challenge in American business—
in
us,
Senior
Johnson, Lane, Space
Corporation, Savannah, Ga.
William E. Fay, Jr.
the
got
always
of
one
Director,
Pescatello
A.
govern¬
got
Have
have
The
Co.
big
I
we
"A
B. Reid
Julian
C. DuBois
Wertheim
have
have
have
money
prises, normally has what is called
Noyes
Dallas, Tex.
7/ /
.
do
we
Each,
7
,
Sanders & Company
Company, Inc.
of
cost
in this country, and
it is
growing bigger, and it is growing
much more costly.
Jesse A. Sanders
Stuart Dickson
sales
business.
ment
Fulton, Reid & Co., Inc.
Cleveland, Ohio
Brush, Slocumb & Co. Inc.
San Francisco, Calif.
R. S. Dickson &
Yes,
The First National
New
the
The
controllable.
•
Newborg
York, N. Y.
Michael
not
doing
our
Co.
are
represents
This
Jr.
&
they
cause
but
their
in
they
see,
money,
Continued from page 31
Hemphill, Noyes & Co.
New York, N. Y.
Moseley & Co."
New York,
./
-
S.
D.
Blancke
Frederick C. Braun, Jr.
F.
Wheat
New
Virgil Sherrill, Chairman
York, N. Y.
Larkin
send
the
people, and in a contest between
money and people, there is no
Shoulder Its
Co.
Hallgarten & Co.
INDUSTRIAL SECURITIES
•New
&
Richmond, Va.
Shields & Company
vj-.f
C.
Leonard
COMMITTEE
H.
A.
L. Gordon Miller,
Respectfully submitted,
a
■
1
You
duPont
York, N. Y.
be
sion programs and the attendant
capital requirements. 1
;
■M.
■
should
just
stay the hell out themselves.
Hewitt
Goodbody ,8c Co.
New
ter
and
Business
York, N. Y.
Thomas
studied carefully by company of¬
' Mi
L,
Francis I.
efficiently by underwriters with¬
out upsetting the existing market
for the company's securities. This
?>
Company, Inc.'
Chicago, 111.-
the over-all value of the company,
and
Hardy, Jr.
The Illinois
ally looked beyond the short-term
dilution
K.
Edward
(1) the investing public usu¬
that
95
Cot-:;:-
1931
San Francisco 4
/.
Bell System Teletype SF 272
96
96
The Commercial and Financial Chronicle
(2476)
word:
Business Community Must
in
complete
heard
Are
I
because
disgust
our
criticize
businessmen
No.
their
government and then
be
completely unwilling to do any¬
thing about this
problem.
We
Vote
Support
and
Do
to
I
be
many
have had in the past. I know that
are
this
cise
express
be
an
those
This
opinion
on
individuals
Do
do
that, if
Day, as we have to stand
the
of
would
do contribute,
enough? Shortly
each
They would have the
it, and I think it
be
reviewed
most
fre¬
read
quently
up
my
as
votes, if each in¬
Rights.
time
April
our
in
might be handed a copy
Constitution and the Bill
of
we
contribute
we
times how
many
dividual
,
before
so
line to cast
govern
I
contribute?
we
ask you
thought
tion
who shall
who
by
Constitution
a
wonderful it would be if on Elec¬
right to
in this country of ours.
us
I
35% who did not exer¬
franchise.
is
also
people, and that assumes re¬
sponsibility on the part of those
people who have been given free¬
dom under that great Constitution.
number, who did not vote in some
of
the
lesser elections that we
there
it
the
the
of
ashamed
more
even
to
should
deductions for income tax,
of us do. I have about
people
of
many
four
15
I
year
set
that
so
the
that
in something
contributions
we
of
a
Do
of
the face
on
we
our
take
choice?
of
this
part in
it
very
A
free
deep concern, and I hope
might give everyone concern.
If
would
I
to
were
look
through
ask:
country of
"God"
two
this party
most
that, and
we
"Love"
and
as
the
have the
we
and
work
sustain
to
families in any
way that we
might desire?
might wish
Do
But ne,xt to
close to it is this
need any
within
tional
any
educa¬
that
system,
selves
to attain for our¬
heights of culture or
productivity
which
to
might
we
aspire.
Do
freedom from
any
oppression in this great nation
when we have been given
freedom
to govern
ourselves as
individuals and to be a part of
governmental system?
And
most
important, and, of
course, the most priceless of all
the great freedoms, I would ask:
Do we
need any freedom from
ideological regimentation if we
will so very carefully guard that
great freedom that we have to
worship as we please, and never
be forced to worship
our
State
God?
our
What
have
And
forms
carefully
as
We listened to
in
those
as
should?
we
parts
debates, supposedly,
the
of
parcels
and
arguing about basic issues, and
basic
principles, and basic phi¬
losophies, in concepts of govern¬
ment, or were they only arguing
about the degree to which gov¬
ernment should do things for the
instead
people,
what
people
selves?
with
one
talking
of
about
do for them¬
challenge every¬
can
would
I
that
particular thought.
I would ask if either
one
of
our
major parties have actually been
willing to come forth and to pro¬
claim the rights of man to com¬
&
plete freedom, to a recognition of
his human dignity.
Marshall
-
Investment Bankers & Brokers
members:
of
Seattle
4 *
Teletype SE. 482-673 * Phone MU 2-1900
• spokane * eugene * yakima *
*
olympia
medford * r09eburg
with
do
a
very
job of attempt¬
poor
Now, what
believe
in
be done? I don't
can
critical, but I
am being critical of myself—my¬
self, as I have seen myself in the
p^t.
■
.
Municipal Bonds
Tells
of
-V.''
\
Eisenhower's
Challenge
I would like to tell the story
what
has
of
happened. How can we
get creative activity on
of individuals? How can
U. S. Government Bonds
.
Seatti.
cational process.
There
to
Nationj\t Bank*
►
XXi
A.
"•
•
the
oil
faculty, and because I happen to
be a
Republican I insisted that
19
those
of
37
be
Democrats, and
that 18 of them be Republicans.
That is what we had. And they
learned politics from the national
level all the way down to pre¬
cinct captains, to county chairmen,
to the Mayors, to the Legislators.
And they were excited, and today
they are in politics.
Great Syracuse Plan
that
Now,
ning.
But
of 37
was
eral
DEPOSIT
."
.
"
we
ple. Then those 5,000 people, with
this
new
knowledge
that they
decided
77,;/
was just the begin¬
sitting in that group
from Gen¬
and he went back
Syracuse, where he was a
Public
Officer
Relations
Electric
General
of
the
Corporation.
With that excitement that he
had,
he called the home office and said:
"Can
I
have
I
have
like
time
some
little
a
to
as
we
would
there
Great Syracuse
tually
The
did
this
to,
as
the
economic
of
Chamber
the
of
then
we
had
opportu¬
an
par¬
took
Mayor, and they
City Council.
is
the
over
the
he
today
and
members,
and they
participating
Carlsbad, New Mexico, is
a
little
town of 25,000
people. Eight hun¬
dred people in
that small com¬
munity went through this prac¬
tical politics course of the Cham¬
inciden-
Commerce—and
of
Ladies,
better politicians
ever
be, and
they are doing it in their sewing
circles; they are doing it in their
church groups; they are doing it
example,
than
all
the
do it.
are
will
men
these United
over
in
down
can
Carlsbad
States.
800
But
people,
again became politically wise and
do
something
it, and, as a result today,
they control the City government.
They
put
a
Congressman
into
Congress. They passed a very con¬
structive and a worthwhile educa¬
decided; to
they
about
tional bond
issue which had been
10
times—they passed it
by 10 to 1 in the voting.
Commerce
of
their
the
Program
And
one
A litle town of
the
—and
after
S.
it,
-about
took
defeated
.
U.
growth of that
re¬
a
being
plan
government in St.
It had not been conducive
something
Plan, which even¬
became
NAM.;.
We
And
into
came
would
implement,
liked
have
particular program.
sult
I
implement this."
not have the money to
Can
off?
money?
there had
years
bad local
ticular area. So they decided to do
for
young man
do
to
For 20
it.
about
to
of pol¬
something
the new knowledge
had,
the
name
Kennedy, Texas
not changed
was
election—reveals
recent
a very exciting story on how these
people had done something about
their local government.
Nobody
nity also to have participants from
imagined they could take over the
government of that community
United
States
and
merce,
and
now
the
programs
to
help
Chamber
of
Com¬
that led to what is
dynamic of all the
most
that have been created
people
educate
what
politics;
leadership.
can we
give of
our
is my privilege as a
of the
United
States
particular
From
Director
Chamber
of
activity.
start of
no money, busi¬
completely
apathetic,
completely uninterested in being
a
nessmen
a
part of our political system, to¬
there are over 100,000 by
count, .and I think probably it is
double that number, because we
can't count them
all
—
zens
is
on
be done in the field of
who have
it
make
constructive
a
ernment for the
of that
working.
There
who
ail
levels
United
community. The thing
.7;
are
are
.'
7
about 380,000
people
elected4 officials
our
of
gov¬
good of the citi¬
at
government in
States,
and
the
these
day will
I predict, not when we will
have 100,000, 200,000 people—our
goal is a half a million in another
year—our goal beyond that is at
least a million people.
And what
are we trying to do? We are try¬
ing to do a simple thing. If you
want good laws, let's get some of
the
people who understand our
free enterprise
svstem,/who be¬
lieve in it, who want it protected,
come,
the part
moti¬
we
INVESTMENT BANKERS
UNDERWRITERS
MUNICIPAL
BROKERS
AND
STOCKS
would come
-
DEALERS
CORPORATE
BONDS
Denver, where his headquarters
nomination
at
the
Chicago
his
Con¬
SjjgF
And
vention.
the five of
us
were
•
INSURANCE
•
7 y,;
•'
:7'
7 '*
CORPORATION
with a very simple
little thought, because he is basi¬
cally—and this is why I love him
challenged
is
person,
basically
Washington
of
us:
a
very
simple
a very wonderful in¬
And he asked the five
and
dividual.
Seattle 24,
if
we
had been estabilshed following
—he
Telephone MAm 2-3131
us
and he had motivated them,
they accepted the challenge,
added another 2,000 peo¬
and
loiiy, any group
Electric,
to
up
a
gone out to some
presidents in that
.
BOND DEPARTMENT
people
fellow
Paul.
■;
37
were
do
to
asked five of
X^.X-IAJIL X_ X XiJJ
i
people
also had
his
been
activity starts with the edu¬
something?
Well, about 8 years ago a great
American, who will be leaving
high office in this country in just
a
very
short period
of weeks,
vate
agement group had learned some¬
thing about politics.
Then Mr.
tive
day
State and
FEDERAL
that
Commerce to be in charge of that
being
3,015 people out of his man¬
count
itics,
It
to
enthusiasm
an
or¬
ganization, ' Minnesota
MiningButah, its great, president,
became motivated, and at the last
Herb
certainly bore out everything that
we
believe: That, actually, crea¬
times
many
ing to be his master.
MEMBER
active;
M's
great three
the
Paul
St.
and
be
couple of them in
Up in the City of
a
this discourse."
area,
how
so
and
days,
how they could
get a
sense
of
accomplishment
from doing something in the field
of politics. And they went out of
protect him in his enter¬
and
five
for
just
refer to
could
ual
our
come
prise, rather than
portland
sat
happened when these
people went into the party system
and became active. > I can only
of
can
to
of
busi¬
Thirty-seven
could
I
several dozen examples
you
Butah
major parties been willing
forth and to proclaim that
the State should serve the individ¬
New York Stock
Exchange, American Stock
Exchange (Associate), Chicago Board of Trade
820 Second Ave. •
has either one
I would ask also
Uni¬
State
home
my
Paul and
results?
be
there
Will
ber
great debates,
some
Princeton
at
in
Jersey.
.
give
ap¬
77'' ,7 V-'
Cities
Other
politics. They learned: What is in¬
struction? They learned: How they
plat¬
our
for the
years ago
Started
studied
we
dedication
the
up
nessmen
happened to
my
history of this
practical politics work¬
How the
platforms of our two great major
parties.
I would ask: has it only
become a matter of degree?
In
the
debates
were
they actually
Foster
in
Arguments?
ious
securities
t\'7',
Cites the City of St.
what did they learn? They learned
Political
the
Are
Five
time
there
need
we
of ours,
as
deep.
was
first
New
freedom from ignorance
work
four, but
non-partisan
complete
proach..
of what has
Businessmen
for
I don't know what
the other
we
cational society? I would ask that
we
School
country a
shop was held
they were talking about the var¬
municipal
A!
something
attempts to do.
Political
we
long as we have the freedom to
educate ourselves in a free edu¬
as
one
or
as
and
corporate and
tive
—
that
fear
any
do
to
of course, there
frustrations with anything that
versity
have
we
this
decided
Frustrations
are
any
in
our
the
important.
very
need
we
when
ours,
to
the most to me, probably I would
select:
Do
starvation
from
ourselves and
English dictionary.1 and if I were
to
try to find words that mean
earth.
Unfortunately,
happened?
government born, and it gives
me
that I make
might maintain
has
what
change in philosophy in the past
few decades? Yes, decidedly so.
We have had a new philosophy
political system, as we have it—
certainly the finest of all the sys¬
tems
I
that
Philosophy
But
highly.
But
the membership that I prize most
highly is my political party.
I
would be most hopeful that they
will never give a tax deduction
for
our
Changed Governmental
pages
or membership
I prize rather
the
by
nation.
of them: all member¬
ships in something; all contribu¬
tions in something to which I be¬
lieve,
"to."
tion:
freedom
that
people voted in
the recent election, and I would
how
ask
through practical politics
learning how to be ac¬
in the party of their choice:
courses,
morning with this challenge
we
gone
with it.
people. But
would call attention to the fact
the
for
these
same
people
within
the
party system of our government?
We sat up until about 3 o'clock
and
freedom
stitution
sys¬
do not find
when
we
effect that it is a Con¬
of the
people; it is a
Constitution
have
don't
I
vote?
we
a
we
our
preposition "from" to the preposi¬
a
we
country, and as I have read that
many times, I think
-
much
so
ership to the free enterprise
tem—why is it that
Thursday, December;.15, 1960
.
that
when
Constitution
Political Party?
word.
Constitution in this
have
it says in
Do
that
love
I
And yet it bothers me
have, unfortunately, in
philosophy
of
government;
we have used it in conjunc¬
tion with the preposition: "from,"
and
I
would
suggest
that
we
change that little preposition, the
We
fundamental
very
some¬
contribute?
we
workers in the party of
choice? Emphatically I say:
We have been apathetic.
do
What
not.
do
Continued from page 95
have
dom."
Responsibility
Shoulder Its
"Freedom." There is
thing, there is a surge within me
every time I use the word: "Free¬
.
.
Why is it that as people make
social prob¬
these contributions to
Teletype SE 489
lems, as they work in their com¬
munity affairs, as they give of
their leadership; as they give lead¬
„
.
201 Security
MEMBERS MIDWEST STOCK EXCHANGE
Building
•
DENVER
•
AComa 2-8621
Volume
let
does hot have to
One
Manning the Sub-Structure of
get those people down here
grass. roots political level.
us
the
at
The Commercial and Financial Chronicle
192 ^Number.6012
fice.
Many
tary
Clubs,
have
been
Good Government
v
Let
Ro¬
of
of
Kiwanis "Clubs, " and
\
in
Chamber of
younger
men
are
can
have
a
can
have
a
lot of fun and
non
His
"Is
possible that
it
for
morning
lunch?
in
that
great problems.
,';
Experience
my
be
done,
to
call
of
that
like
would
I
cabinet."
And
and
had
we
a
politics,
to
find
and
you
would like to find your coun¬
we
agencies that
like
would
we
don't , find you
there, and when we have to go
back to the people to whom we
terpart,
asked, and so willingly make a
contribution. Now I can certainly
but
so
stay
"Oh, if you can only
accomplish this." "We would like
to find you in grass roots politics;
have, and all of the other ac¬
tivities in which our people are
.
And
can
you
say?
men
we
Up
we
and it
that
there
all
with
of
concerned
them
problem,
common
a
might be able to take
we
approach.
mon
have been launched three
months ago.
hard
of
lot
com¬
a
have
We
that
so
pro¬
a
ready. This program would
gram
of
four
or
There has been
lot
a
has been
there
work,
a
frustration, there has been
quite a lack of leadership, which
I thought might be forthcoming
most
pleased with those that we find.
an
Let's
back to
Main Street." That is right where
I believe our Constitution places
lem.
it.
program
enthusiastically recruit to
educational proce&, and if the
motivation is created in the in¬
dividual, he makes the choice of
the party that he wishes to par¬
ticipate in.
ask:
yet
as
like to
made
not
have
"I
to which party I would
participate in"—you know
the party I tell them to get into?
Get
into the Democratic party.
much
As
need
we
as
leadership
business
Republican
need a lot more
in
this
our
is
are
not
too
process
Problem
Basic
is
another
the
second
sets
Government
think
the
tone,
I
will agree, for fiscal
many
responsibility, and yet, as we fre¬
quently do, we cannot blame gov¬
ernment completely for the infla¬
tionary problems that have been
created in
party, so do we
of it in our Democratic party.
take
this nation.
off
blame
the
business.
We
are
We cannot
need
a
of
did not want to get
ready
are
who
redundancy
,
best
ideas
of
all
can
on
a
broad
It is a disease whose tempera¬
ture, of course, is recorded by our
mounting price structure, and by
the subnormal purchasing power
of our American dollar.
It is, in
through all of the other
tions; and
have
so
to
do
base
associa¬
those things
not been cre¬
create
already
that the
public might
particular problem
the
something about it.
Yes, it is the No. 1
nation,
our
in
of
the
over
I
first
that
list
I
might
say
through and pick
out
those things which I think
deal with fundamental problem^
this
go
Now,
is
a
fundamental
•
why
are
.
prob¬
the
eminent
very
fact
call: "Inflation."
We have
very, very serious dollar
disease in this country of ours
a
for
quarter of
a
decade.
a
that there have been recent state¬
ments
a
that
inflation
problem
of
our
is
no
Still Prefers Fixed Dollar
longer
nation.
Yet
Investments
I
would point out the fact that the
cost
of living
recently went up
Now, I am not a pessimist. In
fact, I am a great optimist. All
again.
If
of
it
dollar investments.
It
has
is
all-time
an
to
were
we
even
high.
assume
that
been
retarded, or that this
problem has been solved, then I
think that you might say: "Well,
let's set back; there is not going
to be any more price rise; we are
not going to have any more peo¬
ple pulling gold out of this coun¬
try because of foreign competi¬
tion. The thing has been stopped."
But I would say to you that if
I
had
been
seriously ill for a
period of 20 years I would want
to know what caused that partic¬
ular
illness; I would not want to
it repeated.
see
There
has
of
value
of
our
It has
dollar
mately 48 cents.
cause,
I believe
in
America,
there
a
go
a
into
fixed
And I believe
I
and
be
can
It
has
believe
sound
wisely stated that
parallels
Communism,
that
and
it
must
Communism
be contained
must
be
using
we
associations in America?
throughout the world today. But
both of these great diseases, and
both of these great threats, I think
would agree, feed upon eco¬
instability.
And both of
you
nomic
them
will, of course, decimate
society unless they are
free
our
contained.
Yes, inflation has destroyed the
value of
about
25%
I
quarter
our
dollar at the rate of
2%% for the last 20 years;
in the last 10 years.
am
I
quite willing to admit this,
tribute to the admin¬
of our government that
and
to
istration
the
approxi¬
pay
it certainly retarded the inflationContinued
would agree
on
page
the
the
We have
best advice
For Prime Distributions
v/V
'
:
of
.
are
doing
a
it
is
a
Precinct
have
too
not
to
industry.
good job. They found
difficult
Captain.
have
to
You
many
become
do
votes.
not
neighborhood and you can
walk
in and you can
can
you
•;
take over. If you
to the County
go
Here is another story of moti¬
vation.
On
Nov.
2
last
of
ever
we
of
been done,
,
process;
where you or¬
And
what
did
ganize the campaign and finance
that
the
No.
Municipal and Corporate
Call, Wire
Distributors—
Municipal &
Coughlin
Corporate
SECURITY
or
Write
thing
BUILDING
6•
Company
" DENVER
Securities-
V
Market
2,
COLORADO
Teletype:
Telephone:
talk
we
about? We talked about this
campaign.
Both
called together
before.
Rocky Mountain Securities
year,
for the first time in the history
this nation has it
representatives
Convention, and .you can have: of 48 of the major national groups,
the
County Chairmanship. And organizations and. associations of
then what happens? Then you .are our nation. They met together in
one room. It had never happened
in the position where you do the
selection
All
I Underwriters-
Associations
get enough of these Precinct Cap¬
tains
is looking for a
At Last, an Association of
your
few ^people
take
can
one
selfish reason, the health of one's
industry should give that reason.
You
from
If
DN 296
AMherst 6-1981
Members Midwest Stock
Exchange
everybody articulated as the
problem of our nation. Bob
1
SpecialistsNebraska
Municipal &
THE
NEBRASKA
DEALERS
Local Stocks
Issues,.
Municipal Bonds
in Corporate
Storz
THE
-
INVESTMENT
of
the
DEPARTMENT
Wachob
''
Co.
Co.
Company
of
lOth&OSts.
M. "BUD" HUNT
JERRY C. STIRTZ
Lincoln,
Nebraska
Telephone GR 7-9221
CHARLES J. BURMEISTER
3624 Farnam Street
INCORPORATED
Omaha, Nebraska
Telephone 342-4204
| Teletype No. OM283
™
~
,
*
«#
^
as
contained
*v'
associations? Because they have a
built-in organization, and isn't it
wonderful that we have all these
that
American
been
inflation
reduced
It is the primary
many
still
dollar.
very
for almost
us
century.
a
a
dollar
my
so
been
been with
go
we
had
problem of
spite
of
adviser, Bernard Baruch,
the
greatest single peril to our
economic health.
It is this thing
that
I
that
words
financial
Inflation Is the Top Problem
make this contribution. But when
lem.
our
a
of great magnitude.
one
the
means
a
insidi¬
ous, an extremely insidious and
very
deadly disease which has
ravished our economy and it has
to
partially
launch
to
now
certainly abhors
of organizations,
because
I have to sit in judg¬
ment as to which of these organi¬
zations my company will support,
and
to
whom we
are
going to
am
the
And
melding of the blame. We cannot take it from the
business people labor bosses; we cannot take it
down here at the grass roots level, from the farmers; we cannot take
it from the Veterans; we cannot
along with those people from la¬
take
it
from
all
the
pressure
bor, and incidentally I might
digress long enough to state that groups.
Now, if we can fashion gov¬
they stole our idea about three
ernment
years ago, and they ran with it a
responsibility, so do I
lot faster, and they have 300,000 believe we can help certainly to
people who are already trained fashion monetary or fiscal re¬
and are active in politics and they
sponsibility, and the health of
We
opinions
we
the political arena, and so
it into
American
of
'
But
we
I
problem, and
thing that is
great concern.
choice
a
Other
There
of
this
bring
The
Republican,
when
the young people of my
company come to me and they
Even though I am a
we
—
structure '
motivation,
be brought together and then dis¬
be
for
from those people who have been
critical
of this particular prob¬
beholden
are
that
so
and
the first time to bring together all
of the forces of these great asso¬
ciations;
into
nation. It is responsible for our
a
of. high tax rates, our record ex¬
getting action. All we have done penditures,
and
the
constant
is to establish
a
clearing house threat of governmental deficits.
of
means
going to
the mandate
organization
an
built
97
with me, of the mountainous na¬
tional debt which we have in our
distributing
have
,We
was
was
Conference
of
means
organisational
our
understand its
Election
.
something
established
of the
Because
a
information.
ated,
Held
said:
and
without exception what did these
a
these great civic
of
the
he
and
Long's old mansion. And what did
we
talk about? We talked about
president of the corpora¬
tion I, of course, could not recruit
to the party of my choice.
But I
can
recruit with enthusiasm all
As
seminated
,
one
have found the
Own
nobody in our nation is in a bet¬
ter
position or has been in a
better position to judge what are
the Governor of Louisi¬
was
businessmen
to
built-in,
when Bob Ken-
wonderful luncheon there at Huey
we
Murphy who probably has been
as great" a
diplomat as we have
ever
had in the history of our
country, has told me that not only
is this the No. 1 problem that we
have nationally, but this is the
No.l
international problem that
we
have, and nobody, certainly
I talked to him for about two
ana
key to it.
Refers
our
that because for
able to do
the first time
of
some
hours
permitted you to do these other
things, and now you can also par¬
ticipate in politics." They have
been
to
American government,
Several years ago
have
We
bounds.
find
not
political leaders, I have had
this
experience so many : times.
a
within
is
now
do
our
little more satis¬
faction, because the great corpo¬
rations of our country have finally
said
to
their employees: > "This
perhaps
even
talking
leaders in
we
get just as much satisfaction,
can
and the Com¬
We
businessmen there.
In
lot of satisfaction.
We
Workers.
many
the Junior Chamber of Commerce.
We
Let us be
Captains and the
Precinct
mittee
in
*
;
government.
County Chairmen
Com¬
.
sub-structure
this
man
us
good
these
the past. Many are
a
some
merce;
members
are
of
members
for of¬
run
(2477)
98
»Y-Mw.-'h' tf W4«i*wi,>r1
<J
?>
**
98
The Commercial and Financial Chronicle
(2478)
.
.
.
Thursday, December 15, 1960
i\
i
■
•}>
\k
Shoulder Its Responsibility
<
:
$
Continued from page 97
\)
V»
f*"»
>
♦<»,
14''
H1
>i
t,
v
E$:
\t * *'
!
Wfl'
f
"*j1'
^
I
j
problem
our
what
of
should
tally?
How
be
can
done fundament
we
teach these
people to take care of themselves
so
that there will not be these
problems of the aging? My com¬
pany
is doing something about
that.
And
disease
f| "i;
1V
Welfare Program for the Aged
■
-
'
I
u*'t!
of
tools
and
production, arid
re¬
then, secondly, where this placement, of course, of those
has been felt, of course,
things which are obsolete in our
had the
White
i
hi
House
Conference
on
the
creased
taxation.
hi"
«if
H'
U (t,:
b M
>4:'
The Firm that knows the Southwest
,|r
be
these
walking
had
loafers
been
at
a
cost
of
about
particu¬
provides about 25%
capital which is needed for
long - term
finances.
And,
of
course, the Savings and Loan As¬
sociations, the Savings Banks, and
\
•
v:'r\
then
a
fifth
one:
inflation
takes
about
job. I
new
am
of the
—
.11
ER, INC.
EPPLER,
■h.*
!*'■
jt
-V
MEMBfc
"j tl'
'<U
incentive
that
of
.if'
—
to
basic
be
which
way
and
might
ours.
little less than
a
capital flowing in for longeconomic growth.
Problem
where
is jobs.
from
a
then
of
a
Employment
fourth
sickness has
the
of
area
felt
been
Inflation is exporting jobs
our
million
nation.
Since 1946
jobs have been
over
ex¬
so
ported from the United States.
I wanted to
!j»
not too
ers
buy
a
pair of loaf¬
long ago, and I hap¬
About
quarter of them, a
that, are unionized.
But I would suggest today that
those 68 million people, union and
non-union, want certain things.
They want an increase in real in¬
come. They want a restoration of
extent, but we have to have
balanced society; we have to
suffers from
This
decimated
are
a
elimination of the
have to job secu¬
rity. They want jobs for their
children, and they want jobs for
their grandchildren, and, as never
before, I think they want, and I
honestly believe this—they want
an
threats that
we
reduced
by about $10 billion a
$100 billion in 10 years. Our
retirement income is about $4-%
billion
less,
$45
billion in 10
years.
And as to the food and
beverage bill,
$2 billion more
year;
or $20 billion in 10
Associations may not even
every
year,
years.
thing is not retarded.
Social Security, one and
billions
one-half
Medical
care,
$412 million
a
the cost goes up,
And the life
year.
very
benefits,
I take
seriously, and I took it
seriously
to write to
me
and
,
'*/ ''
'
and say:
We
have
approximately
£
12
V2
billion
things
with
I
a
less
signed
value
my
little
Time to Call
Now the road to
is
not
are
am
a
easy one, today. These
complex matters that I
talking about. The roots and
the causes of this disease are very
deep in the path. They can't be
eradicated. We just can't take a
pill. We have to take some long-
•
DISTRIBUTOR,
•
DEJAlXjESK,
A
'
'Obligations of* .Authorities
\
Bublio
Utility & Industrial Bonds
Preferred
&b
Common
Stooks
I
Bank. & Insurance
•
Stooks
hiri
H*.
f•U
.
-
I
INCORPORATED
jVafionulSBucleUnp % SPcwi tflnfoneoj 3exaA
FIRST
Teletypes
SA 23 & SA 53
Members
.>U
American Stock
r ■
<
*4*
l!l!?:
/}
Exchange (Assoc,)
Serving the Southwest For Over A Quarter Of A Century
filf
1
Exchange
COMPANY
DAXjXJAS
'lit
New York Stock
Halt
stable dollar
an
iv.v.v
Stocks and Bonds
Telephone
CApitol 6-4324
a
very
%
tfMawio
my ope
alone last year.
And I take the signing of those
contracts somewhat seriously. The
price tag of a little inflation,
called tolerable by some.
company
j
•
Brokers In
hU'»
'S
to contracts
name
promising $750 million in
•
$
those
didn't sign them, but the fac¬
simile
was
there
on
contracts
:
t^r
pf
to
—I
h >'
T
500
that have been promised,
2%% yearly inflation.
State, ^Municipal, Couirity Se IOistriot Bonds
'<
i
over
billion of promised benefits in the
life
insurance
business.
Again
State, Municipal and Revenue Obligations
11
"What are
doing as president of your
company about this problem?" I
decided maybe I should do some¬
thing about the problem and I
did something about the problem.
%
TTISTIDHiK/'WK/ITHJK/
Company Shares
a
you
Utility, Industrial and Railroad Securities
Investment
this
very
half ago.. It
frankly was my motivation. When
some of nly policyholders started
a year
wmrj
f,
mi
less
insurance
Teletype DL 354
of
•m-
dollars
of
Private pensions, $825
million
less every year of the
value of those pensions.
every year.
Underwriters and Distributors
m. -
conven¬
tions if this
">)
Public
our
about,
billion
One hundred and twenty-
year.
»<!!r
Phone SI 1-3441
by
five billions of dollars in 10 years,
in one decade. Our annual income
that we have in this country is
the
purchasing, power of their
pensions and their fringe benefits.
They want
2%-%
that
means
I have indicated, $12 lk
as
be
tain
And
4>
a
Sixty - eight
million
people
working in this labor force of
Mr
f
in
going to invest in those commodi¬
ties which are already in exist¬
ence.
That is all right to a cer¬
I/!1.
.#.
savings
a
paid? The Ameri¬
we
consumer
inflation.
fundamental?
term
i'
it
fear of inflation, then people are
have
Fidel
do
the might
through
What have
can
Future
"'M
/•
.
$19,000. to provide a
going to use a more
conservative figure. I am going to
say $16,500. We will need in the
next 10 years about
15 million
new jobs.
Our savings that we
the Commercial Banks also do a have, about $500 billion of those
tremendous job in providing the savings,
2V2%
inflation,
raids
those savings by about $12 % bil¬
capital which is necessary.
All this growth, it seems to me, lion a year, which would provide
is
dependent upon savings, but 750,000 new jobs in 10 years—
$71/2 million.
more important, it is based upon
Are we going to provide the
the incentive that people have to
Are we going to do
save, and if we should lose that new jobs?
incentive
and I think we can it the hard way, or are we going
business
lar
Price Tag
The
And the sixth area, and the last
one:
What about this price tag?
try.".'
Foreign
competition has
had
some deep bearing upon the flow
of gold from our nation.
"
daily
work.
they might be pro¬
duced for in this particular coun¬
of what
And
Life insurance and our
productivity in their
more
be able to afford to have
half
destroys job opportunities. It has
been said more recently that it
Suppliers of Growth Capital
note that there has been some loss
..lu
■
and
s
i:
r
to
street
services.
Aging. I was down there very re¬
About
146
billions of dollars
cently, and, incidentally, I devel¬ are necessary to take care of all
oped a bad back and started get¬ the expenditures that we have of
ting aches in my back, because we all units of our governments. But
just had been talking about all if this rate of inflation were to
the problems of the aging — I continue at 2Vz% it will then take
really felt aged after I finished 3 billion 600 million dollars more
with that one. But I will make
in taxes in each year just to take
a prediction: Unless this thing is
care of inflation and the inflation
kept under control, we haven't
seen
anything yet. There will problem. So we pay for it twice.
it
pened
down the
looking all
and we pay for it in increased over for these loafers. They were
a
woven
taxes.
type of thirig. Finally
I saw a pair and I walked in and
Economic Growth
I bought that pair of loafers.
I
And
what
about
economic
was a little surprised at the
cost
growth? Is the ill felt there?
I
of the
loafers.
I
thought they
think you will agree with me that
it is. Economic growth to all of would be higher. And as I talked
to the salesman, I said: "Where
us means that people want more
were
these manufactured?"
He
things, they need more things.
said that they were manufactured
They want more things, they need
in Italy.
"By whom were they
more things. We want more things
"By our
and we have to have more things manufactured in Italy?"
"Well, how did that
through an expanded population., company."
about?"
"Our
company
There is a desire for a higher come
a
factory over in Italy.
standard of living which I
am bought
sure
we
all
possess.
We want They took some high-grade man¬
more homes,
roads, schools, hos¬ agement people and sent them
over
there
and
today they are
pitals, medical research facilities,
these
shoes
or
new
business
units,
appliances manufacturing
is in taxation. Taxation, of course, economic
society. And where is
privilege, if you can finds its sources in our people all this going to come from? The
have
call it a privilege, of being on When we
progressive in¬ 7% of disposable income that is
the Advisory Committee for the flation, we have progressive in¬ not used for current
goods and
J''
'iHI
r
s
population, 18 millions of
them and growing very rapidly,
as our mortality tables will show
us, in the life insurance business.
Not only has this become an eco¬
nomic problem but it has become
a
terrific, tremendous social
problem in our nation.
of
■
this Conference —
and I don't think President Eisen¬
out
come
in the last eight
hower ever foresaw what might
years.
But it is still 25% in the
happen — the greatest group of
last 10 years.
new
welfare programs that you
Now, where is this sickness that
have ever seen. We are going to
1 am talking about most felt?
Of
do everything for the aging. Wny
course, it is felt by the people
not spend our time talking about
who are retired, with the aging
ary
,
We pay for it as we pay for goods
and services in our everyday life,
Business Community Must
(f
v/s/vs/Zft.'-'/
Volume
192
Number
6012
term cure for what is our disease.
gether
But it is
creative
fact, and I think many
with me, that the cor¬
roding manifestations are beyond
a
will agree
question, and I think
call
mysterious malady
man-made,
it
and
controlled.
through
world.
It
be
can
is
faulty
Inflation
man
An
helps
growth.
As clearly
I deny that.
will
aged
of
can
say:
our
V:-1
a
lem
of
I
have
in front of
card
What
me
exactly what they
its
are
causes?
fects; and what
can
an
Let's
identify
identify it
Let's
what
it
is:
it
write
individual
to
clearly.
simply for
All
A
the
I
can
take
a
unless I
did
it
ercise
of
fibre
is
is
strengthened
his
for, of
him what he
own
feet. He
does
not
is
about
solved, without
not
our
"
Are
problem
to
be
solved
own
going to be
giving atten¬
unless
we
Parke,
To Be V.-P. of
the
of
Schmidt,
Investment
a
can
we
a
at
annual
and
election held
vice-president of Don¬
Lloyd,
III, of Drexel
&
&
Company, 15 Broad
Street, New York City, members
of the New York Stock Exchange,
Jan.
1
will
and
partnership.
firm's
sales
B.
admit
Theodore
Mr.
E.
serve
is
Co.,
will
from partnership in the firm Dec.
31. On Jan. 1 David M. Minton,
Jr.,
general
a
come
a
limited
partner, will
partner.
John
Drexel
Jr.
of
Blyth
Secretary, and
&
&
Harry
Vice-President;
Kirby,
withdraw
J.
Co.,
Henry E.
of DeHaven & Townsend,
be¬
&
the
year
J. F. Sherrerd
of
the
manager.
Raiss
for
were
Herbert S. Bengtson
to
offi¬
elected to
ensuing
Stanley
Rosen
Rosen
expired.
Other
cers
on
whose
Co.
term
To Admit Two
Peters
H.
succeeds
Burnham & Co.
Burnham
Mr.
8.
Bengtson
Inc.,
Crouter
Crouter
Bodine, Treasurer.
secure
Sanders
things
REPUBLIC
NATIONAL
Exchange
BANK
BLDO.
Dallas
adult plans for his
the
Company
for-"his
cries
infant
the
&
Members New York Stock
family. The boy plays in today,
the iman works for tomor¬
and
give
him
somebody
wishes
but the man
will need, and
more,
foresees what he
wax
has
would
The child sees what he
row.
plans so that he will have it. To
the child, it is always "now."
"now" is only the
the man,
To
in the cul¬
Have
create,
powerful
preservation
something about it, and unless I
do something about it; unless to¬
the
meeting
but
and should do
interested
they
of
Philadelphia
beginning of what can be.
citizenry?
spirit
the
man,
has to have
man
mother:
we
The
in terms
influence
knows that
of
the
freedom
of
for
the mature
man,
grown
plans for his security. He
neither his personal
nor business security can be do¬
nated from without. He knows
man,
prop¬
erly appraised the value of the
do
&
of
Association
Donaldson, Lufkin
become
S.
Roberts
President
elected
was
On Dec. 31 John W. Corcoran will
plans. The immature, the
For
tivation of these qualities in our
have
tion to the former. Neither is go¬
ing
Bengtson
planned for him.
for himself.
talked
PHILADELPHIA, Pa.—Herbert
1960.
It is—maturity.
insecure
strong by having others do for
the public welfare.
conditions of life and
mature
The
by
crystallize public opinion
for major reforms and goals, and
we
29,
them whatever they
chance to be.
It is the
man,
each
job done with the free
play of one's own ability. Am¬
bition, which inspires men to
to
and the latter that
Nov.
It is
much as he can
for
himself,
and wanting as
little done for him as possible.
and
able
We have looked at two
Elects Officers
America,
man's doing as
efforts.
own
increased
secu¬
meet the
ability to
the
fidently.
attainment, is fed by an atmos¬
phere of endeavor.
In short, a
man
develops by standing on
areas,
Fla.,
of
ability to size up a situation
properly and correctly—and to
handle it competently and con¬
rea¬
through united planning and
action of all of the great people
who
are
gathered
together
in
associations whereby we might be
Summary
Association
to adapt to
Essay
one's
stature
moral
a
and
course,
Hollywood,
Jacie
changing
may
confidence, or of self-reliance
is mightily nourished by the ex¬
Moral
planning
of
man's continual growth
a
toward
-
beings grow in dig¬
by
over-all approach to
our
Individual security is the prod¬
'
self-respect
and
spurs
should
take
serious thought,
We
then,
matter
uct of
kids
these
the
of
the flesh.
of
problem
common
Bankers
ment
effort becomes in¬
rity, we do not adopt methods
which
will
wither
the
spirit
while catering to the needs of
The
pioneering enterprise also, where
we
this
of accomplishment and the
assumption
of
responsibility.
spirit of independent, or
citizen;
same
time
talking about is
that in
son
American
am
ask
essay
human
nity
and
certainly, at the
impeding the
economic
growth
which is your interest and which
is my interest.
What
to
Author's
very
destructive
force, cruelly taxing every family
and giving absolutely nothing in
return
thought
are my basic phi¬
What are my basic
This is what I believe.
losophies?
concepts?
very
very
want
an
in business and social
or
operative.
down in
Senators
What
myself.
about it?
do
Phila. Inv. Ass'n
extemporaneous ad¬
dress
made by
Mr. Palmer before the
49th
Annual Convention of the Invest¬
an
a
to maximum
Representatives.
Won¬
kids out of high schools,
didn't
I
to
ef¬
♦Transcript of
Gates
into
matters
just
tremendous
kids,
and
people
were
given
top
scholarships. The State winners
from the 50 states were all given
smaller scholarships.;
What
its
are
security
false feeling of
security
provided
wholly
by
others,
whether
in
financial
three
pledge-
do.
can
What
true
Dec.
lapsing
oh,
telling people
can
of
sense
99
decidedly weakening ef¬
aldson, Lufkin & Jenrett, Inc., 51
the aims and purposes
Broad Street, New York City.
of man.
With the possibility of,
their
derful
its
are
little
a
the
up
the
which it brings.
a
relationships, one
and
crusade^ and it has
We are going to pur¬
inflation.
make
personal responsibility
have
two years, each of two
wrote essays on the subject
"My True Security."
Then
gathered together
Washington with their
help in this great crusade, to take
to the American people this prob¬
causes?
word:
in
theY
We would ask everyone's
it.
the
of
who
in¬
of
and
fect upon
of:
a
purpose.
sue
connotation
years
taking action.
have
the
from
watched the changing
we
as
the
Too much coddling, too much
paternalism, too much recession
particular'
our
much discour¬
very
spirit
from
millions
kids
I
as
And
We
was
it
integrated whole.
,
certainly it is made-made
through citizen neglect; a lack of
understanding and a means of
.
dividuals
I wrote
essay.
the
of
"Security."
We are a security
institution, and we think it is
right that we can delve into the
basic problems of security.
And
so
in 2,000 high schools around
this country, and actually 50,000
Our economic growth
dollar.
an
because
essay
company
economic
through stability of
come
use
*
this
is
It
indifference;
achieve
\
to
blessed
it must care¬
fully foster the dignity, selfrespect, moral stature, and self-
happen when
people
has
national
beginning,
very
Essay
I have written
:;have in our country.
It is manmade though a mistaken attitude
it
can
that
reliance
through ignorance, and through
the design of special interests we
that
which
activity creatively.
man-
concepts.
.
man-made .through
maintain
be¬
areas
(2479)
i
tunity, where men traditionally
have
enjoyed more
indepen¬
dence than in any other, is to
is
made
-
the
great satisfaction
a
stimulate
can
their
other
and
area
there is
seeing what
you
a
another
from
in
halt.
a
This is not
this
cause
come
help to harness
activity of people.
we
accept the urge of leadership
in
will
many
also agree that the time has
to
I
Commercial and Financial Chronicle
The
...
in
it
only be created from
himself. He knows that
can
within
planning of his own moral,
physical, and economic devel¬
the
America? If this land of oppor-
opment are more than his dem¬
ocratic right. They are his per¬
Underwriters
Distributors
Dealers
sonal
so—he plans.
And
duty.
By himself, for himself, to
EDDLEMAN,
very
This, too, I believe.
A
people share with
growing concern that as
and more is done for the
POLLOK
many
&POSDICK
INCORPORAT
-
vidual,
ED
stifles
■
INVESTMENT
of
the Southwest
HOUSTON
2,
261
HO
&
this
initiative to
the
who
man
his security of others' mak¬
ing-
BIdg.
'
Telephone—CApitol
4-9221
I
people collectively
I feel: That a
TEXAS
867
indi-
more
making is armored against attacks
demagoguery or isms
individuals composing
lured by the promise of
yields
Teletypes—HO
a
more
security is of his own
his
knows
& Insurance Stocks
Bank
That
believe:
upon
938
his
great
me
things for himself.
do
I
Bank
and
more
in him
BANKERS
Municipal and Corporate Securities
the
best of his ability.
-
to
because the
it
are
having
more
that they want
know:
I
and bigger things
done for them.
That this
ends
in hu¬
beings having things done to
them that they do not want.
man
Dealers In
I
finally,
This,
earnestly
most
believe: The man who has learned
to
MUNICIPAL SECURITIES
will
himself
for
speak
not
quickly yield to being told what
,
The
who
man
,
Instant communications clear across
learned to
supine¬
has
plan
FT 8105
TEXAS
EDison 2-4301
The
Bank Wire
NATION AL BAN K
FORT
WORTH,
TEXAS
-
i,
'*
"«
'<
"*•
'
on
his
own
so
that he
feet—will
can
•
to plans for himself or fellowman that would drive them to
we
before
so
*
in
history
individual
oro-at
linrlv
nf
trading markets
underwriting participations
our
needed
maturity and self-reliance among
FIid
firm
•
their knees.
Never
solid retail distribution
•
never
agree
have
L
himself
for
stand
FORT WORTH,
offices and our New York
ly succumb to being made a slave.
And the man who has learned to
THE FIRST
J-
Texas
through our direct private wires to our own
correspondents,
.Blair & Co. and Greene & Co.
think for himself will not
711 HOUSTON STREET
DEPTH
MEANS TEXAS COVERAGE IN
to say.
nur
r»i
7Dn c
PARKER, FORD & COMPANY, INC., .Investment Bankers
/Cai4
y/i/iititu
r*ft*
riAniftrt
^
Arrlmnra ,.rii/!ahAlYI(kt
i
,Vlry- -iff-
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i>
i
100
The Commercial and Financial Chronicle
(2480)
if
In Attendance at Convention
*
CART WRIGHT, TODD
Continued from page 28
BURNHAM, II, I. W,
Burnham
.1
& Co.,
Dominick
yt
&
Dominick,
BURNS, JAMES F. Ill
i* i
4.
Elyth & Co., New York
BURR, EDWARD B.*
Mil
•si'
Cady & Co., Columbus,
II*: N.
New
W.
J
'V
.
v»
W.
E.
Hutton
Chase
CAUN, Jr.,
Halle
1;-
I' f'.
&
&
CHAPMAN, Jr.,
rX
Reinholdt
CLAPP.
DAVID
/I-'
New York
H.
Bankers
Bell,
Gouinlock &
|H|
|;,% -& *
-
**ff
irv
W.
Lank
Trust
&
Company,
Municipal Finance Officers Assn., Chicago
CLARK, ROBERT E.«
A
CARPENTER, EDWARD
CLARK, ROBERT
Ellis
Blunt
McDougal & Condon, Chicago
f
John Nuveen & Co., Chicago
&
New York
M.*
/,'*
Simmons, Chicago
CLARKE,
Lee
+' y
If'*'
W.
Carroll
&
Johnson,
Newark
Co.,
H
Lane,
Space
Corporation,
Atlanta
CARTER, Jr., HUGH D.
Courts & Co., Atlanta
CROSSLEY,
American
National
Bank,
Chicago
r f
Clayton
Securities
Boston
Wm.
'('
Tribune,
Son
&
&
YEARS
■</!
EXPERIENCE
Stone
New
•if«
J
Mil:
&
New
Co.,
FRIDLEY,
Moyer,
York
New
Fricke & French,
FRIEND,
Securities
G.*
EARL
Houston
& Frederking,
Fridley
R.
ARTHUR S.*
Folger, Nolan, Flcming-W.
Co., Washington
Corporation,
Hibbs
B.
&
FROST, HARRISON C.
D.
Hayden, Miller & Co., Cleveland
York
FUGLESTAD, ARNE*
Thalmann
Frank,
Hutzler,
&
JOHN E.*
Woodcock,
CARL K *
Ladenburg,
MERRILL D.*
Bros.
Burns
York
New
Co.,
&
Bankers
Angeles
Jr.,
Trust
York
New
Denton,
&
Bros.
FULKERSON,
Meyer & Fox, Los
W. NEAL*
New
Company,
York
& Co.,
Corporation,
UNDERWRITERS
Minneapolis
DISTRIBUTORS
•
DEALERS
•
CURTIS, ARTHUR W.
Jv
A.
>
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'n
'
Becker
G.
&
Municipal and Corporate Securities
DEWEY
McG.
Ltd.,
JOHN
Calvin
^ompanyXfnc.
'
Chicago Sun-Times,
DARLINGTON,
Hill,
SAN
201
ANTONIO, TEXAS
North St.
DALLAS, TEXAS
Mary's Street
Dallas Federal Savings Bldg.
HOUSTON, TEXAS
473 Texas National Bank
MEMBERS
$
•
NEW YORK
STOCK
Darlington & Grimm, New York
E. WILLIAM
Co.,
&
Shelby Cullom
DAYTON,
eORPOftATK
AND
MUNICIPAL .SECURITIES
Jr.,
JFridlex
de
Frederhing
INVESTMENT BANKERS
\
■'/•
U.
DEALERS
CORPORATE
York
&
MUNICIPAL
SECURITIES
York
HOUSTON
2,
BREWING CO.
CENTRAL POWER & LIGHT
WILLARD G.*
Bateman, Eichler & Co., Los
deMILHAU, JOHN W.
Chase
Manhattan
specializing in:
r
ALL
SAN
ANTONIO
Angeles
Bank, New
BANK
AND
4% preferred
SOUTH
TEXAS
STOCKS
HOUSTON LIGHTING * POWER CO.
4% preferred
SAN ANTONIO CORPORATION
York
and other Southwestern Securities
Credito Y Ahorro
Ponceno,
San Juan
BLDG.
TEXAS
EDWARD Br
Spencer Trask & Co.,
DESMOND, ORVILLE*
Stranahan, Harris &
New York
F0Funk, Hobbs
Co., Toledo
DEVLIN, WILLIAM A.
-^^9:
Reynolds & Co., New York
Investment
DEWITZ, HERBERT
TrlrpUnt CApitol 8-8221
STAR
THE FRITO COMPANY
DeGROOT,
de SELDING,
BANK
LONE
PEARL BREWING COMPANY
New York
DeGROFF, RALPH L.
Robert Garrett <fc Sons, Baltimore
Banco
NATIONAL
CORP.
preferrcds
LONGHORN PORTLAND CEMENT
Philadelphia
DESCARTES, S. L.
TEXAS
&
BRONKART, EUGENE
The
Memberi Midwest Stock
Trading Markets in:
HOUSTON NATURAL GAS
'
common
BARY, MARQUETTE*
F. S. Smithers & Co., New
y£
-
DISTRIBUTORS
de
Telttypr HO 42
J.
A.
Hogle & Co., Salt Lake
DIGGS, Jr., HARRY
Mason-Hagan, Inc.,
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City
& Hart, inc
Securities
Midwest Stock
Exchange
C.
Richmond
J.
Bankers Trust Company,
„
,
New York
DIMASSIS, Mrs. STANLEY
Investment Bankers Association,
Washington
£
UNDERWRITERS
New York
Morris, Stokes & Co.,
DIKEMAN, E.
tyl
York
JOHN W.
Dodge & Co.,
DAYTON, S. GREY
Elkins,
:Xi
$
BLDG.
York
CULLOM*
Davis & Co., New
DEAN, HOWARD B.
Harris, Upham & Co., New
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;
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DAY, JAMES E.
Midwest Stock Exchange, Chicago
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OF THE
HOUSTON 2, TEXAS
Corporation,
Hill, Darlington & Grimm,
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BANK
New York
DAVIS, SHELBY
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1330
Cleveland
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CLARENCE F.
Blair
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CORPORATE
Jackson
Lester, Ryons & Co., Los
DAVIDSON,
Shearson,
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MUNICIPAL
Minneapolis
DAVIDS,
DAVIS,
$1
TELEPHONE
CApitol 2-9944
JAMES W.
Webber,
Paine,
-
AMERICAN STOCK EXCHANGE (ASSOC.)
Members Midwest Stock Exchange
& Co., St. Louis
DATTELBAUM, DAVID N.
A. G. Becker & Co.,
New York
Nicolaus
Stifel,
Bldg.
At
Corporate Securities
Chicago
PETER
DARMSTATTER,
DAVANT,
EXCHANGE
Municipal Bonds
•
York
New
EDWIN W.
DARBY,
1 >
•
New York
Bullock,
DALY, IRA
Lehman Brothers,
!«'
Washington
Treasury Department,
DALENZ,
i:
TEXAS
Cutler, Chicago
Chapman &
DAANE, J.
"si,
!t1
Chicago
Co.,
WM.
CUTLER, PAUL
Underwriters, distributors and dealers
ij;
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Salomon
S.
JOHN
Kalman
Asiel
ERPF,
New York
York
FREEMAN,
Chicago
Cleveland
Co.,
&
Co.,
Philadelphia
WENDELL
Webster
Smith
BROWNLEE O.
Equitable Securities
in the Texas Securities Market
New
York
Stern,
Jr.,
CURTIN,
»~'vl
..iM
American
Guerin & Turner, Dallas
RUSSELL M.*
& Co., Philadelphia
&
&
Fenner
H. THEODORE*
Securities Corporation,
FREELAND,
York
Seattle
ESHMAN, AARON R.*
Curtis,
&
York
CURREY,
New
Co.,
ERGOOD, Jr.,
Stroud
Pierce,
PAUL O.
Fahnestock &
FRICKE,
ERLANGER, NORMAN
New
&
Company,
ERICKSON,
House
FREDERICK,
WILLIAM B.
Eppler,
Pressprich & Co., New York
CURLEY, JOHN F.*
Paine, Webber, Jackson
A
Curtiss,
W.*
SUMNER B.
Collins
EPPLER,
CULLEN, JOHN*
CUNNINGHAM,
,;n
;jh
Julien
Lynch,
San Francisco
WILLIAM L.
Inc.,
SHERMAN
FRANCIS J.
Kidder, Peabody & Co., New York
CURLEY, FRANK E.
Hawkins, Delafield & Wood, New York
It I
Merrill
MILTON S.
EMRICH,
V
Dallas
Co.,
FRANKLIN, HARVEY J.*
Stokes & Co., Philadelphia
Herald
York
New
Co..
FRAZIER,
Ripley & Co., New York
CUNNINGHAM, BERNARD J.*
Blunt Ellis & Simmons, Chicago
.:»>■
Worth
Fort
New York
GEORGE
Harper
&
Dittmar
Morgan Stanley & Co., New York
Harriman
,,M
P.
&
Fox
F.
FRANKLIN, EDGAR W.
WILLIAM H.*
EMERSON,
LYNN*
CULMAN, JOHN K.
1! '
Louis
Detroit
P. FRED*
FOX,
P.
Co.,
York
Aldinger & Co.,
Fordon,
&
STEPHEN H.
Co., New
RALPH
FORDON,
BEN F.
Morris,
York
New
Municipal Finance Officers Assn., Dallas
WARREN H.*
R. W.
York
Glore, Forgan-& Co., Chicago
Jr.,
Haven
New
GEORGE T.
Hornblower & Weeks, New York
San Francisco
Sons, St.
&
Bros.
Sutro
BURTON M.
ELKINS,
Co.,
FLYNN,
F.*
Edwards
ELLSWORTH,
Crowell, Weedon & Co., Los Angeles
Corporation,
EGGAN,
ELLIOT,
CROWELL,
CLAYTON, CALVIN W.*
Mr. and Mrs.
^Denotes
FLOERSHEIMER,
,
RICHARD C.
Elkins;
J.
E.
New York
York
WILLIAM N.*
N.
&
CHARLES J.*
& Co., Worcester
FLEMING,
E.
New
&
New York
Co.,
Scranton
W.
Hanrahan
New
Bank,
Estabrook &• Co..
Hallgarten & Co., New York
CROSS, Jr., JOSEPH G.*
C. J. Devine & Co., New York
CLARKE, JAMES H.
Co.,
Edwards
G.
William
CROSS, CALVIN M.*
HARRISON*
&
CLARENCE
EGBERT,
IAN*
Nesbitt, Thomson & Co., Toronto
Tribune, Chicago
Chicago
York
New
MAURITS
Western
EDWARDS,
Craigie
W.
CROOKSTON,
CLARK, WILLIAM N.
Wulbern, Inc.,
CARROLL, LEE W.
1
;•
Carrison,
Jacksonville
A.
St. Louis
Co..
&
Wertheim &
FLANAGAN, JOHN M.
Chas.
Co.,
Jr., JOHN C.
FITTERER,
F.
Davis & Co.,
&
EDWARDS, III,
Squire, Sanders & Dempsey, Cleveland
CROOKS, RICHARD M.
Thomson & McKinnon, New York
Merrill, Turben & Co., Cleveland
CARRISON, H. GEORGE*
Pierce,
;t
First
WALTER W.*
& Co., Richmond
CRAWFORD, HENRY J.*
it i
ji'
EDNER,
H.
Moore
EDERSHEIM,
Burnham
J.
CRAIGIE,
F.
Ltd.,
WILLIAM H.
CLARK,
CARR, FRANK C.
Bullock.
JOHN
Smith,
CARLSON, J. HOWARD
Carl M. Loeb, Rhoades & Co., New York
,A
ALFRED
Louis
N.*
Deane & Scribner, Pittsburgh
GEORGE B.
Bosworth, Sullivan & Co., Denver
Boston
Howard,
Eberstadt
York
York
New
FISHER,
E.
Shelby Cullom
Stone & Co., New York
ROBERT H.*
Paribas Corporation, New York
CRAGO,
A1
E*
Bank, St.
Savings
&
Howard,
&
CHARLES
FISHER,
Detroit
EBERSTADT, ANDREW W.*
CRAFT,
Winston-Salem
Calvin
Eaton
F.
Trust
COYLE,
Houston
EBBITT, KENNETH C. :
CLARK
Harris
&
New
Co.,
Co.,
&
Singer,
EATON, JOSEPH
Cruttenden,
COX,
CLARK, JOSEPH F.
Journal, New York
York
New
Co.,
RONALD M.
Podesta & Co., Chicago
COUTTS,
Greenshields
CHARLES
Jr.,
Eaton
&
FIRSTBROOK, BRADSHAW
PHARR
of
EATON,
New Haven
HOWARD*
Stearns
Bear,
Mosle & Co.,
& Co.,
Scranton
F. D.
FINNEY, Jr.,
York
New
Co.,
Michigan Corporation,
EASTER, CHARLES W.
Pittsburgh
Co.,
WILLIAM J.*
W.
Smith, Barney & Co., Chicago
Jr., GEORGE M.
Ferris & Co., Washington
HENRY
First
Hayden,
Wachovia
The First Boston Corporation, New York
CARBERRY, PATRICK
The Wall Street
A'
Pressprich & Co., New York
A.
Nashville
CANNON, FRANCIS A.
Rotan,
EARLE,
COURTS, RICHARD W., II
Courts & Co., New York
CLARK, JOHN C.*
Co., Toronto
&
C.
&
York
FERRIS,
Co., San Francisco
Devine
DUSON,
DALTON
J.
Chicago
STEWART A.*
J.
Chicago
W.
New
Bank, Kansas City
FAULKNER, DWIGHT F.
Faulkner, Dawkins & Sullivan, New Yorl;,
FAY, Jr., WILLIAM E.
Pittsburgh
Co.,
&
Corporation,
FRED
Co.,
National
City
Blyth & Co., Seattle
&
Steele
J.
COUIG,
Hirsch
Gardner, St. Louis
HAROLD
York
S.
L.
COTTON,
ARTHUR A.
Clark, Landstreet & Kirkpatrick,
CAMPBELL, IRVING H.*
J* r
Savannah
Wainwright & Co., Boston
CLARK,
Association,
Washington
!'('
C.
C.
Corbett & Pickard, Chicago
EDWARD J.
Edward D. Jones & Co., St. Louis
CLARK, FORRESTER
CALVERT, GORDON L.
Investment
&
Co.,
Chas.
Boston
Jr.,
&
FARRELL,
GEORGE J.
&
DUNN,
WILLIAM J.
Jr.,
Bache
&
FALSEY,
Washington Street,
Sutro
Management
turns,
H.
&
Jr., JOHN J*
W.
R.
H.*
First of Michigan Corporation,
■
CORBETT,
McGuiness
First
FAIRMAN,
Hibbs
B.
Blyth & Co., New York
DUGGAN, PAUL N.*
Co., New
&
W.
York
Fahey, Clark & Co., Cleveland
The
New York
Co.,
Co., Atlanta
FAIRCHILD, PAUL W.
Pittsburgh
& Lynch,
DUFFY, SYDNEY
COSTIGAN,
Exchange Firms, New York
Chisholm
CHRISTOPHEL,
Chicago
Magazine,
Cleveland
S. Smithers
F.
MICHAEL*
R.
Chaplin,
30
&
&
FAHEY, LESLIE J.
SPEROS G.;
DROBNIS,
Corporation, Chicago
COOPER, WALTER W.
FRANK A.
Varnedoe,
New York
Co.,
&
Assn. of Stock
CHISHOLM,
WILLIAM M.
CALLAWAY,
hi
Reid
CHARTERS,
CALLAHAN, THOMAS T.
Finance
York
Fargo Bank American Trust
Company, San Francisco
CHAPMAN, R. C.
York
New
New
Wells
New York
Bank,
Exchange,
DRELLES,
Corporation, New York
Shares
Television
ALGER B.
Buffalo
Leonard
Evans
Model, Roland & Stone, New
EWING, ROBERT W.*
A. E. Masten & Co., Wheeling
ERNEST O.
Fahnestock
Co.,
&
Clement A.
EVERITT, WALTER A.
York
New
Co., Washington
DOYLE, NORBERTW.
COOLEY, WILLIAM H.*
DWIGHT W.*
CHAPMAN,
Fulton,
Co.,
New York
Stock
York
Courts
JOHN R.
Co., New York
EVANS, CLEMENT A.
Clark, Dodge &
Montgomery
ROY W.
Co.,
Exchange, New York
EVANS, CARNOT W.*
Cleveland
Dominick,
Sr.,
EDWIN D.
Stock
York
New
Orleans
New
DOUGLAS, LESLIE*
Folger, Nolan, Flcming-W.
NORMAN A.
New York
COOLEDGE,
Jr.,
Eaton & Howard,
Chicago
H.
Boston
Co,,
DOOLITTLE, Jr., ROY W.
Doolittle & Co., Buffalo
Moore,
CARL F.
First
The
Company,
&
DORBRITZ,
Pittsburgh
& Co.,
COOK, HAROLD
COOKE,
Securities
Chicago
New
Masten
E.
A.
FREDERICK W.*
Newman
Inc., New York
Philadelphia
COLLINS, JULIEN H.
Julien Collins & Company,
ETHERINGTON,
&
Stiver & Co.,
Dominick
Dcolittle &
Spencer Trask & Co., New York
COOK, RICHARD J.*
Wm. J. Mericka & Co., Cleveland
Lyons & Co., Louisville
CHAPIN,
Miss.
Manhattan
Stieglitz,
L.
Channer,
Saunders,
CONEY, AIMS C.
York
CHANNER,
CAHILL, THOMAS J.
The
Smith,
CHANDLER, JAMES W.*
CAFONE, THOMAS C.
M4,fi
li.f'
Thursday, December 15, 1960
DOMINICK, BAYARD
Company,
CLIFFORD C.*
Jr.,
Dlnkins
DOE, Jr., WELDON W.*
Sellers, Doe & Bonham,
DOERGE, JACK O.*
DOOLITTLE,
C. Collings & Co.,
C.
Chemical Bank New York Trust Company,
William Street Sales, Inc., New York
BURR, R. PETERS
F. S. Moseley & Co., New York
BUSH, ROLLIN C.
First National City Bank, New York
BUTLER, JOHN G.*
Prescott, Shepard & Co., Cleveland
BYRNE, EDMUND C.
Phelps, Fenn & Co., New York
BYRNE, WILLIAM D.*
Phelps, Fenn & Co., New York
CADWGAN, GORDON
G. H. Walker & Co., Providence
CADY, CHARLES E.*
ll?
COLLINGS,
CATE, Jr., HENRY F.*
The Keystone Company, Boston
CECIL, O. V.*
Merrill Lynch, Pierce, Fenner &
Inc., New York
CHAMBERLAIN, MELVILLE P.*
York
New
Trust
Colonial Distributors,
Allyn & Co., New York
A. C.
New York
BURNS, ARTHUR C.
Ladd
Dallas
COGGESHALL, J. WELLS
CASEY, Jr., JAMES D.
1
Bank,
Fidelity-Philadelphia
Philadelphia
Allyn & Co., Chicago
C.
A.
National
First
CLUETT, W. SCOTT*
Harriman Ripley & Co., New York
COAKLEY, VINCENT P.
Bear, Stearns & Co., New York
COCULO, T. ANTHONY
CASEY, DOUGLAS
Nashville
'■M
'
Cartwright & Co., Columbus
Sweney,
BURKHOLDER, H. FRANK
Equitable Securities Corporation,
h
.
DINKINS, LADD
CLAYTON, JOHN B.t
;f
I
.
f
Irt
t,
.
National
TWX
Bank
SA-1 1
of Commerce
Bldg. San Antonio, Texas
CA
7-6215
Volume
192
fulton, wallace h.
National
Assn.
Washington
FULTON,
W.
Fulton.
&
G.
York
New
GAERSTE,
,
„
;
.
The Commercial and. Financial Chronicle
.
HERBERT, THOMAS
Dealers,
•
Hugh
Cleveland
HESS,
;•••.. t
-
GALLOTTI,
Hartford
Mrs.
Investment
New
York
1930
-
1958- 59
1957
-
Butcher
58
Alester
JAMES
HEYES,
GANNETT,
THOMAS
Hornblower
GARDINER,
Reynolds
&
&
Co.,
&
McDonnell
York
Co.,
New
IIARRY
GASSARI),
IIICKEY,
Vilas
York
of
Canada,
j.
Hayden,
Clark,
earle
Stone
GENACHTE,
GEORGE,
Harriman
E.
john
De
Jr.,
New
GEORGE
Gibbons
&
York
Government
B.
Co.,
Puerto
New
York
New
New
Hornblower
&
GIRMSCHEID,
Investment
New
ROBERT
Bankers
John
York
A.
William
Staats
R.
GLASSMEYER,
Blyth
Glore,
Forgan
GLOVER,
W.
Caliiornia
Clement
A.
GOODWIN,
GOULD,
The
Chicago
Lemon
HALL,
JOHN
D.
Co.,
GRAY,
B.
J.
Win,
Lemon
Co.,
WILLIAM
J.
GREEN,
Laidlaw
Shields
New York
Mericka
GEORGE
Co.,
Cleveland
GREEN,
Stein
Sons,
Jr.,
G.
ROBERT
iii,
Kirkland
Co.,
Francis
Elkins,
•
j
York
Stokes
&
Bache
&
New
Association,
Baltimore
Boyce,
Mr.
and
Alex.
Mrs.
John
Chicago
First
BOND
Fenner
&
San Francisco
F.
&
New York
Corporation,
New
JOHN
IN DALLAS
York
.
NORMAN
P.O. Box 6031
that's
serve
the
JAMES
C.
1
Telephone Rl 8-5471
-V'.•
'
Teletype DL94
E.
M.
Hammill & Co., New York
TED
Henderson
Co.,
&
Des Moines
M.*
Bank, Pittsburgh
WILLIAM
HENDRIX, JAMES
HENSLEY,
C.
&
National
Pittsburgh
Hendrix
R.*
Birmingham
Mayes,
Jr.,
BARTON*
Indianapolis
Sons,
LOUIS
S.*
Indianapolis
Baltimore
word
Dallas 22, Texas
•
M.*
Heimerdinger,
• • •
'y;;
&
.Cincinnati
HENDERSON,
A.*
Chicago
Co.,
Jr.,
•
T.
Bond
&
Share
UNDERWRITERS
DISTRIBUTORS
-
STATE, MUNICIPAL, AND HOUSING
Corporation,
AUTHORITY BONDS hmmhmh
LIGHT
that
ABOUT
Rauscher, Pierce & Co., Inc.
Member
best
describes
the
Midwest Stock Exchange
Exchange
Exchange (Associate)
Underwriters
•
Dealers
•
Distributors
45,000
electrically.
of the
nation's
Ur\
irrigated farmland, one-eighth
keeps growth going
—
Municipal Bonds
95% of the nation's potash production,
and 50% of the carbon black output,
DEPARTMENT
C.
Woody
Shearson,
Smith
Orleans
Brown
of the known oil reserves,
that
102
FIRST NATIONAL BANK
C.
Times,
HENDERSON,
FULLER
Chicago
Co.,
Brokers
With one-sixth
on page
Chicago
A GROWTH STORY
we
C.*
Company,
American Stock
miles
Chicago
Company, Dallas
Continued
New York Stock
square
Co.,
Southwest
PAUL
York
HELLER,
T.*
READING
—
G.
&
WILLIAM
Yates, Heitner & Woods, St. Louis
SOME
Diversified
WILBUR
Nuveen
JACKSON, Jr.,
'
-
,
T.
City
1IEITNER,
K.
Pierce,
&
HEIMERDINGER,
;;
Company,
Co.,
&
HARVEY,
*Denotes
MAITLAND
GORDON E.
Bank, Cleveland
National
HARRIS, .DAVID J.*
Co.,
Company,
Trust
Cincinnati
Chicago
Bank,
Securities
IIEFFERNAN.
john
Morris,
Guaranty
Co.,
Chicago
Hoban,
JOHN
IIEFFERN,
Worcester
EDWARD
HARRINGTON,
Philadelphia
&
Stieglitz, New York
W. C. Langley & Co., New York
ILLOWAY, LAWRENCE B.
Penington, Colket & Co., Philadelphia
JOHN E.
York
J.
IIINDON
&
York
HOPKINS,
New
Hutton
J.
INMAN,
Trust
KURT
<fe Co.,
Philadelphia
III, JAMES M.
Dempsey-Tegeler & Co., Los Angeles
Harrington & Co., Jackson
ii,
Baltimore
E.
Halle
M.*
Guaranty
Detroit
Co.,
Ristine
IJAMS,
York
IIECIIT,
Walter,
Lynch,
Blyth &
ii.
P.
W.
S.
Association,
HAROLD
NEIL
Morgan
Morgan
duPont &. Co.,
I.
Adamex
Chicago
HARIvINS, CHARLES B.
v':
IIUTTLINGER,
York
L.
&
GEORGE P.*
IIEALY,
New
Bankers
FORD
New
Inc.,
.
Gregory & Sons. New York
gribbel,
&
OLIVER
HAZAR.D,
PAUL B.*
&
Jr.,
Merrill
II.
william
HOLT,
Savings Bank, Chicago
National
Witter
Dean
Jenks,
York
New
New
Co.,
Bros.
HARDY,
New York
Gregory & Sons, New York
gregory,
Co.,
Illinois
The
GREGORY,
GUS
MURRAY
HARDY,
george m.
Gregory &
&
Simonds
Detroit
New
Co.,
MILTON J.
American
HARDIN, JOHN S.
York
gregory,
McMahon
HAYES,
Co., New York
Washington
BRADLEY*
J.
&
W. II.*
Investment
Morgan Guaranty Trust Company,
New
&
&
HANSON,
Liberty National Bank, Oklahoma City
Crouter
&
WILLIAM
Baker,
F.
JENTRY
•
,
HAYES, JOHN J.
HENRY R.
HANRAHAN,
C *
HURLEY,
HYDE,
New
Chicago Sun-Times,
ROBERT E.*
Hanrahan
&
H.
Brothers
IIUTTON,
Bankers
Greenville
HAYES, JEROME
New York
Co.,
Bosworth & Co.,
HANSEL, DOUGLAS R.*
S.*
Barr
II.*
Townsend,
F.
Furman Co.,
W.
Watling, Lerchen & Co.,
HURLEY, GERALD L.
Hayden, Stone & Co., New York
Boston
Co.,
Downing & Co.,
Laumgartner,
&
ROY
DAVID
McKelvy & Co., Pittsburgh
HUNTER, HERBERT D.*
Louisville
Philadelphia
IIOLMYARD,
Orleans
HAYDEN, DONALD W.
Braun,
Washington
C.*
Van Ingen & Co.,
&
WILLIAM
York
HAYS, EDDE K.
HAMMOND,
B.*
&
Trust
Son,
Washington
York
New
New
II.
Harris
&
S.
HAYES, PHILIP E.*
The Wall Street Journal, New York
HAMILTON,
HARVEY
DUNCAN
GRAY,
&
&
National Bank, Fort Worth
First
Sanders
Richmond
Hallowell,
Sulzberger,
Co., Philadelphia
Eank,
graham, t. e.*
Johnston,
Co.,
HARDIN
Milwaukee
Co.,
W.*
Pollock
E.
HALLO WELL,
Philadelphia
GRAM, Jr.,
Haven
Investment
GILBERT*
Sanford,
Vance,
Long & Co., Elizabeth
GEORGE
Greenville
IIAUSSERMANN, ARTHUR II.*
F.
&
&
C.
Nashville
Washington
National
JOHN
New
McKelvy & Co., Pittsburgh
HUNTER, FRANK II.
&
HOLMES, Mrs.
Chicago
Co.,
Equitable Securities Corporation,
E.
B.
Philadelphia
Ingen
&
HUNTER,
IIOCKSTADER, II, LEONARD A.*
L. F. Rothschild & Co., New York
B.
HAWES,
&
ALBERT
Co.,
CLIFF
LLOYD
Weld
Hattier
W.*
Inc.,
&
Furman
IIATTIER, Jr.,
JOHN C.*
HALLIBURTON,
Co., Atlanta
&
III,
Hugh W.
ARTHUR
J.
HAIRE, JOHN R.*
Angeles
G.
HATCHER,
Pittsburgh
Laird
Van
J.
Wm.
Evans &
Jr.,
Johnston,
B.
ELLIS
R.
Corporation,
Co., New York
Co.,
&
HAIBACK,
WAYNE*
Los
&
Mason-Hagan,
F.*
Becker
G.
Alester
White,
W.
HAGAN,
York
Co.,
&
Bank,
GODSIIALL,
•
New
A.
HATCHER, III,
.
;
ROBERT
Robert
Co., Los Angeles
CHARLES
for
Bank
II.*
Hanseatic
GEORGE
Thomas
EDWARD
Co.,
&
GLORE, Jr.,
&
KURT
Nuveen
HAACK,
CHESTER M.*
Jr.,
Development
GURCAK, FRANK J.*
Association,
Washington
GLASS,
York
GRUNER,
Weeks,
Jr.,
York
New
York
GILBERT, JAMES F.
HASSMAN, ELMER G.
Rico, New York
GRUNEBAUM,
A.
W.*
RICHARD
Francisco
San
Co.,
SHANNON
Distributors, Inc., Boston
Alester g.
Co.,
Hilliard
B.
Bodine,
GRIMM,
Co.,
&
Co., New York
HENNING*
1IOBSON, Jr.,
ii.
&
j.
W.
Colonial
Wertheim & Co., New York
HOBAN, EDWARD F.
McMahon & Hoban, Chicago
York
G.
Bissell & Meads,
Laird,
New
C.
Ripley & Co., Chicago
LOUIS
GIBBS,
j.
Bank,
Hill
Abbett
Raffensperger, Hughes & Co.,
Indianapolis
HUNSAKER, Jr., JEROME C.
HUNT, Jr.,
MALVERN
IIILSON,
W. C. Jackson, Jr.
Charlottesville
Hill, Eoston
Strauss
IIILLIARD,
William D. Kerr
Dooly & Co., Miami
GIBBONS,
B.
York
York
Jamas J. Lee
Manhattan
Brothers
Geo.
New
New
F.*
ROBERT
gertler,
Barr
Co.,
M.
Co.,
EDWARD
GERRISII,
Oscar
&
PAUL
Chase
The
S.
Malvern
&
EUGENE
Dodge
Lord,
HUGHES.
York
Bank,
Chicago
Burge & Kraus, Cleveland
HUGHES, ALBERT R *
HOUSTON*
Jr.,
Dallas
Ball,
K.
National
Co.,
Far well, Chapman &
Co.,
HUDSON, FRED W.*
W.
DRAPER*
IIILL,
Assn.
PAUL
Harkhess &
HILL,
GEDDES,
York
Chicago
Co.,
&
Peoples
HILL,
L.
Toronto
gatchell,
New
VV.*
Hickey, New
HILDRETH, W. S.
A.
Dealers'
Investment
Co.,
Hickey & Co., Chicago
R.
P.
&
&
JOSEPH
Securities
Jaffray & Hopwood, Minneapolis
HOWARD, Jr., GEORGE H.
Harris, Upham & Co., New York
HOWE, JAMES M.
L.*
Read
Union
Piper,
Company of Georgia, New York
IIICKEY, III, MATTHEW J.
Miller & Co., Cleveland
Haydcn,
Dallas
HOWARD, C. EDWARD*
New York
Co.,
Trust
M.*
THEODORE
GASKELL,
Columbian Securities Corporation,
Topeka
HOUSTON, B. F.*
Philadelphia
&
Peabody &
HIBBERD, WILLIAM
Gardner, St. Louis
JOHN
Philadelphia
101
HORNING, BERT H.
Dempsey-Tegeler & Co., St. Louis
IIORTON, ARTHUR
Penington. Colket & Co., Philadelphia
HOUSEWORTII, CARL H.*
York
L.
duPont
Kidder,
B.*
New
JOHN
Reinholdt
I.
IlIHBEN,
Greenville
Weeks, Boston
ROBERT
GARDNER,
GARVEY,
Co.,
,
Elizabeth
New
Sherrerd,
FRED
Dillon,
F.
Furman
G.
Co.,
CHARLES
Francis
Association,
Washington
GALLIVAN,
&
&
HEWITT,
1
E.
J.*
Co.,
P.*
HEWARD, JAMES W.*
1959
■
ROBERT
Bankers
Long &
Hettleman
Exchange,
JOHN L. '
Cooley & Co.,
W.
ARLEIG11
Hess, Grant & Remington,
HETTLEMAN, PHILLIP*
IBA Past Presidents
.>••
KEITH*
Stock
(2481)
"♦
•
Co.,
6012
,
Securities
•
YOST
Reid
FUNSTON,
of
Number
there's
an
Bank and Insurance
economic balance
up.
Public
Bonds
—
SOUTHWESTERN
PUBLIC
Company Stocks
Mutual Investment Funds
Utility, Railroad and Industrial
Preferred Stocks
—
Mercantile Dallas
S
COMPANY
Dallas 1,
Austin
Midland'
•
Building
Riverside 8-0111
Texas
Fort Worth
•
Odessa
Common Stocks
•
•
Harlingen
San Antonio
•
•
Houston
Tyler
•
•
Lubbock
Fayetteville, Ark.
/
102
The Commercial and Financial Chronicle
(2482)
.
.
Thursday, December 15, 1960
.
*V
■}i
KLINGEL,
i
Juran
In Attendance at Convention
{
.
M
San
»
I
1*1
.
R.
Vilas
11!
i
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i
>
,
t
M,»
fr-ii
■!■'!■
First
KAHN,
J
F.*
Dallas
"■
«
A.
G.
Staats
Ac
EDWARD
JENNETT,
J.
Becker
Ac
Angeles
•
1,.
JOHNSON, JOSEPH
Carl
McDaniel Lewis
JOHNSON,
&
Milwaukee
Abbott.
Co., Greensboro
JOHNSON,
Co.,
Nagel,
Sherman
H.
E.
Edward
D.
Jones
<Sc
Co.,
Jones
D.*
Wertheim Ac Co.,
W.
Mr. and
E.
Hutton
Ac
Co.,
New York
KING, Jr., ROBERT
First Securities Corporation, Durham
Mrs.
H.
Ac
Morton
,
.
"
Shepard Ac Co., Cleveland
Prescott,
ALEX
KUCHEROV,
S.
*3
Report, Washington
World
Ac
News
KUFRIN, GEORGE
,
Robert H. Craft
,
Magazine, Chicago
Finance
LABOUISSE,
Friederichs
Labouisse,
Ac
New Orleans
Co.,
IV
MABON, Jr., JAMES B.
MARLIN,
Co., Dallas
LESLIE
LAGONI,
Mabon Ac Co., New York
MacALLASTER, ARCHIE F.
MARSH,
WALLACE
Stein Bros. Ac Boyce, Baltimore
LANDSTREET, III, BEVERLY W.
Clark, Landstreet Ac Kirkpatrick,
LANAHAN,
W.
Jr.,
W.
MacCULLEY,
THOMAS
Goodbody
Lynch,
Nelson O'Rourke,
Inc
C.*
,
Kansas City
Ac
Hornblower
Chicago
Weeks,
Boettcher
Ac
Co.,
E.*
JOSEPH
Sutro
Estabrook
Ac
JAMES
E.
W.
Corporate & Municipal Securities
Ac
New York
Co.,
The
Ac
Neuhaus
Trust
''"'■"V'V '
Paine,
Marache
Ac
Co.,
St.
New
MAWDSLEY,
K.*
Van
MAY,
The
Digest, New York
Co.,
Houston
Georgia,
E.*
Jackspn
•
C.
Atlanta
'
Curtis,
Ac
Paul
Estabrook
York
Corporation, New York
Investment Dealers'
!'AUL
Weboer,
MATTISON,
-
of
Company
MATSCHE,
W.
Ac
ROBERT
MATHEWS, Jr.,
Co., New York
Smith
Toronto
Spence Ac Co.,
Underwood,
New York
Ac
B.*
MASTERSON, THOMAS
Corporation,
Detroit
Fenner
Jr.,
Ac
JOSEPH*
Co.,
Boston
LORRIN C.
Noel Ac Co.,
Alstyne,
New
York
DENNY*
Parker Corporation, Boston
J.
E.
1
York
IT
in
I
i
EDGAR E.*
LEGROS,
Boulevard
Greensboro
Company,
CHARLES
Chicago Tribune, New
Seabreeze
Mills,
S.*
House,
Pierce,
ARNOLD
MASSEY,
Cleveland
Clearing
Lynch,
Chicago
Inc.,
York
MARCUSSON, P. A.
Securities
United
C*
ROBERT
Merrill
L.
Bros.
Discount
York
New
LESTER
Burroughs
MASON,
New
GORDON
Co.,
Boston
H.
L.*
Bank,
JUSTUS
Jr.,
Robinson-Humphrey Company,
MASON,
Philadelphia
MARCKWALD, ANDREW
J.*
Hutton
LEEMLNG,
Ac
Granbery,
New York
Co.,
N. CLAYTON*
LEE,
The
New York
MARACHE, Jr., HERBERT W/
LEACH, ORIN T.
LEE,
Corporation,
MANLEY, MILTON A.*
Manley, Bennett Ac Co., Detroit
Atlanta
in
MARTIN,
Dominick,
Jr.,
First
MAEIR,
Denver
Robinson-Humphrey Company,
The
Dealers
Distributors
Ac
McDonald
The
GEORGE
International
•
Atlanta
Co.,
MACKLIN,
LAWRENCE, DAVID F.
LAY,
Ac
M.
Co.,
Jr.,
MARTIN,
Detroit
B.
MACY, NORMAN L.
Jr., WILLIAM J.
LAWLOR,
IRA
Securities
Dominick
.
HAROLD G.*
Moseley Ac Co., Chicago
S.
New York
MACKEY, DONALD D.
JOHN
Hutton Ac Co.,
F.
Co.,
WILLIAM
Ac
New York
SPENCER S.
Federal Reserve Bank, New York
York
Drexel
Fenner & Smith,
Pierce,
Ac
MacDONALD, GEORGE C.*
McLeod, Young, Weir, Inc.,
MACHOLD, WILLIAM F.*
York
New
York
LA UN,
F.
New
New York
A.*
Co.,
Ac
WALLACE
LATOUR,
E.
Equitable
City Bank,
National
First
LARKIN,
Pitfield
C.
Bache
MacARTHUR, REGINALD
Kenower, MacArthur Ac Co.,
JOHN J.
LARKIN,
New
Underwriters
Walter A. Schmidt
Gaorge W. Davis
P.*
JOHN
Weil,
LACKEY, Jr.; JACK
Merrill
533
York
New
Co.,
KRUSE, JOHN A.
.
LATSHAW,
T.
Louis
St.
Nashville
KII.DUFF, WILLIAM D.
E. F. Hutton Ac Co., San Francisco
Templeton,
Angeles
♦Denotes
New York
KEUSCH, ERNEST E.
W.
Ac
New York
Co.,
KERR, WILLIAM
St. Louis
Cooley & Co., Hartford
Mitchum,
Hutton
E.
Association,
Bankers
Parker. Ford Ac
Ac
GRAHAM*
RICHARD
F.
Antonio
San
Co.,
Ac
MARGARET
Dempsey-Tegeler Ac Co., San Francisco
Baker, Weeks Ac Co., New York
JONES, Jr., EDWARD D.
Los
Co., New York
KERR, KENNETH A.
Savannah
Lane, Space Ac Co
-
U.
S.*
KERESEY, JAMES F.
Johnson,
.
New York
WALTER V.
Hentz Ac
J.
Washington
W.
Proctor Ac Paine, Richmond
KENNEDY,
Ac Howard,
JOHNSON, THOMAS MR*
JONES,
Wichita
Rhoades Ac Co.,
Pieice
Rauscher,
Howard,
Denver
JONES,
Loeb,
i
York
Eanks, New
Land
ARNOLD
KROUN, LEWIS M.»
Ira Haupt Ac Co., New York
KRUMM, ROBERT R*
.
KENNEDY, DANIEL C.
Lord, Abbett Ac Co., Chicago
New York
M.
ROBERT
Dawson,
f
*
HI,
KEMP. Jr.. G.
ROBERT C.*
Peabody Ac
M.
,
T.
JOHN
KOCUREK,
*
Spear, Leeds Ac Kellogg, New York
KELLY, EDWARD J**
T.
The Milwaukee Company,
JOHNSON, MARSHALL H.*
•
1954 -55
1955- 56
York
New
Co.,
KRAUSE, JOHN P.
Reinholdt Ac Gardner,
Chicago
'♦
Ac
PETER*
Investment
York
National Eank,
JAMES C.*
Stockyards
Fuller
KOLLS,
,
v,
,
New
Co.,
WES*
KELLOGG,
F.*
Co.,. Chicago
Ac
Ac
Weld
KEATING,
.
T.*
Kindred
A.*
KAUFMAN, C. G.*
Rodman Ac Renshaw,
Lane, Space As Co., Savannah
Johnson,
Kidder,
Los
Co.,
JOHNSON, FREDERICK
Barcus,
White,
Chicago
Co.,
JOHNSON, .DAVID
EDWARD
1956 -57
.
PE\TON H.
Federal
The
New York
KATZENBACH, II, L. EMERY
<•
D.
KNOX,
H.*
Brothers,
Philadelphia
B.*
Auchincloss, Parker Ac Redpath, New York
Chicago Daily News, Chicago
Blyth Ac Co., New York
Jr., J. EARLE*
R.
HERMAN
KANDLIK,
GORDON
JARDINE,
William
S.
Oklahoma City
Co.,
KALISCH, Jr., ABNER*
.Banco Popular De Puerto Rico, San Juan
Southwest Company,
JAMIESON,
Ac
IBA Past Presidents
S.
GEORGE
KNOOP, A,
I.
Josey
Lehman
Hickey. New York
JACQUES, JAMES
I.
i
xork
Ne»v
Co.,
Philadelphia National Bank,
KNIGHT,
Joseph, Mellen Ac Miller, Cleveland
H.
m
A.*
Philadelphia
Pressprich Ac Co., Boston
HERMAN B.*
JOSEY, H.
E.
ROYDEN
&
W.
JOSEPH,
Shaw, Hooker Ac Co., San Francisco
JACOBUS,
The
JORDAN, CARL
Francisco
Bache Ac Co., New York
JACOBUS, MELVIN S.*
'
V
Ac
FREDERICK
Dulles Ac Battles,
Janney,
KNEASS,
Minneapolis
Allison-Williams Company,
JACOBS, Jr., HARRY A.
b,
*
Wertheim
P.*
JONES, WILLYS
Continued from page 101
,
E.
Moody, St. Paul
KNAPP, ALFRED
JACOBS, ALGER J.*
Crocker-Anglo National Bank.
:
JAMES
Ac
KLINGENSTEIN,
Corporation,
Cleveland
First
Cleveland
DAYTONA
CLinton
BEACH,
2-5571
Teletype:
ALAN C.
LELAND,
FLORIDA
Coffin
Stanley
Morgan
it'»
mWi
LEUSTIG.
FRED
Ac
Carlisle
Lewis
Ac
ED
Ac
S.*
G.
Becker Ac
LIEBMAN,
Loewi
HERMAN
LEEDY, WHEELER 6- ALLEMAN
INCORPORATED
Florida
Bank
BIdg.
Orlando, Florida
GArden
Bell
Ingraham
Miami
2-5161
32,
FRanklin
Teletype OR 7010
Bell
Bldg.
Florida
RAY
H.
ALDEN'
LITTLE.
Pierce
H.*
F.
FRANK
Ac
Co.,
City
Established 1930
LOW, V.
Thirty Years of Experience and Distribution in
Ac
FLORIDA SECURITIES
New
Lubetkin,
LUBY.
MUNICIPALS
Regan
Ac
PHILIP
Regan
F.
OUR THIRTIETH YPAR
„
Kennedy,
New York
Jackson
Ac
Municipal &
Curtis,
A.
Corporate Securities
Co.,
Ac
York
H.
CHARLES
Leonard
Ac
JACKSONVILLE
New York
Barnett National Bank
;
McK.*
Lynch,
Ac
Telephones: ELgin 3-8621 & L. D. 47
Teletype: JK 181
Co.,
New
York
Wire
LYNCH, in, THOMAS*
#Vi
LYNE,
MIAMI 32, FLA., INGRAHAM
BLDG.—PHONE: FR 3-6272
MM
:.U'
373
IEWIS
Mercantile
LYONS,
:j
Leonard
SAM
Ac
Lynch,
Bank,
Systems
Telephone:
John C.
Dallas
Privata Wire Between Offices
Legg & Company
B.
Cruttenden, Podesta Ac Co., Chicago^
-
LYONS, Jr., W. L.*
W.
L.
Lyons Ac Co.,
Lopisvllle
•
ill'
SP
<
ill
2*4328
Teletype: TP 8040
Dominick & Dominick
Pittsburgh
F.«
National
617 Madison Street
Building
Pittsburgh
FRANK
Moore,
TAMPA
E.
Chicago
Co,.
Jr., CHARLES
LYNCH,
Blair
New
Baker Ac Co.,
Moore,
co.
vV;
Read Ac
A>T"ON
LUVD
'
New York
JOSEPH*
LYNCH,
Member, Boston, Philadelphia-Baltimore Stock
Exchanges
DEALERS
C.
Ac Kennedy,
MARK
McCormick
,;M
—
Hutton Ac
Amott,
■* ■
DISTRIBUTORS
M.
Webber,
LUNDFELT,
!w
—
Curtis,
Luce, Thompson Ac Crowe, Kansas City
DEVELOPMENT COMPANIES
&
Ac
E.
York
Dillon,
Dooly
UNDERWRITERS
New York
Co.,
Co., Kansas City
LUCE, Jr.. MILTON*
CORPORATE BONDS and STOCKS
e.
York
E.*
Youngstown
LLOYD
LUCAS, Jr.,
E.
Oscar
New
Co.,
Co.,
JOSEPH
Paine
LUDIN,
j
w
York
LUBETKIN,
New
M*
fh
V( ,<(
Corporation
Chicago
LOWELL, Jr., JAMES R.
Paine. Webber, Jackson
Lubetkin,
■MV:
Insurance
New York
THEODORE*
LUBETKIN,
<i»
»rv
Ac
CHARLES
Bear, Stearns Ac
i-'v
>o
Bank,
Brothers
McDonald
')
<»
The Bank Wire
MALCOLM
Barr
LOVELL,
!?!'!
■
—
Deposit
Milwaukee
National
LOVE,
'f, <
u
Member Federal
VICTOR*
Ac
Wire System
■
J.
Co.,
J.
Loewi
t>t. i
/:
Bell Teletype JK 182
LOOMIS, Jr., JOHN S.
;,j <<
i'li
.
Telephone ELgin 6-5611
Dabney Ac Tyson, Boston
LOCKWOOD,
Glore, Forgan
1«: O
^*1. f?
:) o
FLORIDA
Organized 190 3
CHARLES M.
White, Weld Ac Co.. New York
LOEWI,
J/'?:
JACKSONVILLE,
JACKSONVILLE,
Hollywood
St.,
F
LITZEL,
Townsend,
293
O
,
LOCKETT, JOSEPH
3-5318
Teletype MM
NATIONAL BANK
L.*
>
O'Melveny Ac Myers, Los Angeles
1235
504
j,
■l-'
-
v
Portland
Co.,
Camp Ac
LINDMAN,
v
'
Association,
Bankers
Investment
■h*y
•}tj I»
L.
R.
Washington
LIND,
606
Department
.
Milwaukee
Co.,
MARY
■>Ulir
,t-'»
V '
Meeds, Wilmington
WILLIAM
Ac
LINCOLN,
;M
:?7
Bond
F.
Co., New York
LICKLE. WILLIAM C.
CORPORATE SECURITIES
>i
S:'
■-LI?
of Federal Agencies
Jackson
Co.,
Laird, Bissell Ac
|i'
Bonds
.
New York
Jacquelin,
MILTON
A.
.
Cleveland
LEWIS,
MUNICIPAL BONDS
.
WALTER B.
Ill,
LEWIS.
> F
F.
Co.,
LEVERING,
ESTABLISHED 1924
Corporation, Des Moines
Iowa
of
M'urch
Municipal Bonds
Washington
ROY W.*
LERICHE,
First
New York
Ac Co.,
Lemon
Johnston,
Co.,
&
H.*
LEMON. JAMES
BUSINESS
U. S. Government Securities
New York
Burr,
Ac
LEMKAU, HUDSON B.
DB 80
ll
fTb
<■»«
\
■
Volume 192
Number
6012
.
.
The Commercial and Financial Chronicle
.
(2483)
RANDALL E.
MAY,
I
MILLER,
Sun-Times,
Chicago
MAYFIELD, HARRY
*
New York
Trust
Commerce
Company, Kansas
MAYNARD, WALTER*
Hammill
Shearson,
P
&
Bache
&
Co.,
New
JOHN
McCALL,
li
Crowe,
Dallas
&
&
McCAULEY,
Securities
•'
ft
m
xk
%
$
DANIEL
&
Exchange
New
..
Stock
New
Commission,
-r
Exchange,
Dominick
&'
•"
».
Co.,
"
,
Clark,
Dodge
&
*
York
,.'4
Shields
&
The
Northern
Weil,
Fps
Dillon,
mnn
New
& Irving Co.,
g.
Union
Securities
&
Life
Fund
The
Distributors,
W.
&
Mead,
melody,
thomas
Manufacturers
a.*
MOSER,
Trust
R.
MERRILL, BEARDSLEE B.*
MFTZNER.
Central
&
RUSSELL
National
Spokane
MEYER, Jr., MAURICE*
Hirsch
&
Co., New York
&
Co.,
New
York
MICHELS, HARRY A.
Allen
&
MILLER,
Co., New York
CHARLES
Mullaney,
Wells
MURPHY,
,
The
M.
&
Co.,
Chicago
"
Mr.
Houston
Company,
G.
Chicago
^
New
H.
York
'
FRANK L.*
&
New
York
Philadelphia
A.*
Co.,
Bradford
St. Louis
New York
PATTERSON,
OLIN*
Securities
&
Securities
New
Co.,
New
York
Continental
PAYNE,
Bank,
Co.,
Los
New
York
Angeles
B*
Mabon
Co., St. Louis
York
&
O'DAY,
The
Richmond
PETERS, GERALD P.*
Peters, Writer & Christensen, Denver
Securities
PETERSON, ROYAL
Corporation,
J.
Lestrange &
Nuveen
&
Co.,
R.
E.
Williston & Beane,
New York
'Wf -
PETITO, FRANK A.
Morgan
Stanley
&
Co.,
York
New
PEVEAR, WILLIAM W.*
Pittsburgh
Irving
PELIKAN, MILES
John
J.
Atlanta
Trust
Company,
New
Continued
Co., Chicago
on
York
page
104
J.
Co., New York
Trust Company,
WALTER
O'KEEF,
&
New York
T.
McKinnon, New York
ROBERT
H.*
The Marshall Company, Milwaukee
OLDERMAN, RUSSELL J.
Hayden, Miller & Co., Cleveland
O'LEARY, EDMUND G.
Eastman Dillon, Union Securities & Co.,
B.
E *
Columbus
New
Financial
Arthurs,
Co.,
DANIEL
Thomson
Chicago
Exchange Commission,
Nashville
New York
HOMER
Northern
O'lIARA,
Richmond
Company,
Co.,
O'CONNELL,
Blair
New
&
&
PECK, ANDREW f.
Clark, Dodge & Co., New York
PEELOR, CHARLES G.
NORTH, FRANK W.*
Barret, Fitch, North & Co., Kansas City
NOYES, BLANCKE*
Hemphill, Noyes & Co., NeW York
NUGENT, JOSEPH C.
&
Bell & Howell
Company, Chicago
PERSHING, F. W.*
Pershing & Co., New York
CARR
Cumberland
National
Chicago
H.
AUSTIN
Washington
York
Illinois
Courts
PERCY, CHARLES H.*
The First Boston Corporation, New York
PATTERSON, HAROLD C.*
Corporation,
NOONAN, Jr., WILLIAM A.
BEVERLEY
DENNIS
W.
Jr.,
PENDERGRAST, THOMAS
Philadelphia
Digest,
ALLEN J.
Riter
A.
&
PARSONS, Jr., JOHN G.
Fidelity-Philadelphia Trust Company,
Nashville
Co.,
Dealers'
Charlotte
Montreal
E.*
&
HARRY
NISBET,
NIX,
Co.,
&
C.
t
A.*
Bulletin,
&
4
Philadelphia
GEORGE
Walker
Co., Philadelphia
D.
New
Co.,
&
Investment
MURPHY,.JOUEJiU-
and Mrs.
Co.,
Philadelphia
NIELSEN,
I
Investor.
III,
Commercial
•Denotes
The
Press, New York
Stringfellow,
Ohio
S.*
Jr., JOSEPH
NEWTON,
EDWARD
States
Davenport
Neuhaus & Co., Houston
&
Interstate
&
Cook
MUNFORD,
C.
JOHN
Newburger
•' *
*
Publishing Company, New York
Jr.,
&
Joseph T. Johnson
Trust
,(
Newbold's Son &
NEWMAN,
Co.,
MULLANEY, PAUL L.
Mullaney, Wells & Co.,
;
MEYER, III, MAURICE
Hirsch
&
York
New
NEWBURGER, Jr.,
'
S.»
Moulton
United
Scott
Ewing T. Bolas
York
York
WALTER
Hallgarten
MULDOWNEY, JOSEPH J.
Cleveland
T. Jerrold Bryce
York
New
W. LINTON*
Underwood,
W: H.
MULDOON, JAMES M
H.
Bank,
•P
Philadelphia
Company,
WILLIAM
H.
New
Sons,
NEWBORG, LEONARD
(
E.*
C.
Brothers,
Newhard,
Peterson,
,
»
'
Trust
ROALD
MOWER,
Merrill
New
NEWBOLDi
York
James A. Andrews & Co.,
MOULTON, DONALD W.*
Company,
York
Richards,
New York
E.
WALTER
Blue List
&
NIELSEN, EINER
ERIC
Lehman
Merrill, Turben & Co., Cleveland
MENDEL, LEO
New
..
Bankers Association,
Trust
MORTON,
1951-52
H.
Bank
NESTtK,
Pitfield & Co.,
C.
1952 -53
Delaware Management Company,
Philadelphia • ' •
1
*4
EDWARD
MORSE,
Co., New York
w. CARROLL*
Miller & Co., Baltimore
MEAD,
FRANK
Associated
MORSE,
Boston
Barth
Beissner
Northern
MORSE,
F.
1953 -54
M. A. Schapiro & Co.,-New York
NEUHAUS, PHILIP R.* -
York
MORRIS, ROBERT
Co.
McMAHON, EUGENE G.*
J.
,*
.
L.
New
.
PHILIP
Massachusetts
,>
New
ROBERT
Bankers
York
McLELLAN,
The
WILLIAM
Company,
J.
Cincinnati
william
jr.,
Richardson
NELSON,
Washington
Roth
Mcknight,
'
Bank,
Co.,
Investment
Chicago
STANLEY
McKIE,
The
MORRIS,
Company,
York
WILLIAM N.
Jr.,
Chemical
•
,
*
W.*
WALTER
Moroney,
.
Treasury Department,' Washington
NELSON, ARTHUR W.
;
Montgomery
A,*
"
The-Hanover
Elyth &
D.*
Trust
NEAL,
pf Investment Companies,
.
MORONEY,
Co., New York
EDWARD
McGREW,
l.'J
'
Wellington Company,
MORGAN, WILLIAM F.
THOMAS H.* "
IBA Past Presidents
York
.
New
,
York
MORGAN,
McFARLAND, RICHARD D.
Kaiman
& Co., Minneapolis
McGLADE,
New
Orleans
New
Newburger, Loeb & Co.,
NARES, G. PETER
Mitchell,
Shetterly & Mitchell,
Morgan Stanley & Co.,
morgan, Evans" g.*
>
*
New
Co.,
Pershing,
GEORGE
.
'
York
Mcelroy, david b.
.
&
& Co.,
Ingen
The Illinois Company, Chicago
MUSSON, JAMES F.
"'Burgess
Leith, Boston
morgan, charles f;
MORGAN.-CHARLES f,
e.»-
New
MURRAY,
»
Memphis
Trimble
&
Co., New
RICHARD G.
Van
James
MOORE, ALBERT
-"v.
1
Dominick; New York'.'
&
Marshall,
-National Assn.
'
McDonnell
New York
J.
Chicago
F.
MURRAY, C. I.
Nesbitt, Thomson & Co..
York
MOONEY,
York
New
;
McDonnell,-Charles
B.
F..
Bank,
MOHR, Jr., SIDNEY J. <
Thornton, Mohr & Farish,
'•
;
McCRUM, Jr., A. BLISS
'V
EARLY
LEE
Dinkins
MURPHY,
York
Mitchell,
■/ '
v
Singer,'* Deahe & Scribner,. Pittsburgh
McCORMACK, FRANK j.
!
V *
H. Hentz & Co., New York
'■*
McCORMICK, EDWARD T.
American
Loeb & Co.,
MITCHELL, ROBIE L.
J.*
BRUCE"*
Ladd
&
National
Caldwell,
'•
■*
*
,
W.
MURPHY,
MITCHELL, JOHN N.
..
Asheville
Co.,
Washington
McCONNEL,
Ti
w
A.*
.
Jr.,
&
First
& Co., Boston
NATHAN*
4
j.
McCarthy
f.4
JOHN
McCall
Sanders
Vance,
Wheat
MITCHELL,
'
McCANDLESS,
C.
Kuhn,
Parkhurst,
McCARLEY,
MURPHY, JOSEPH D.
Stifel, Nicolaus & Co.,
Co., Chicago
Philadelphia National Bank,
Philadelphia
MIRALIA, DAVID T.
D.*
McCall,
'
&
The
York
'
R.*
Co., Richmond
MILLS, WILLIAM f.
New York
Co.,
Horton,
W
J.
City
McALPIN, III, BENJAMIN B.
m
GLENN
Cruttenden, Podesta
MILLER, Jr., L. GORDON
F.
103
York
OLLMAN,
Chronicle,
Dean
York
H.
CARL
Witter
ORR, JAMES
Colonial
&
Co., Chicago
H.
Distributors,
OSBORN,
II,
Dominick
JAMES
&
OSTRANDER, LEE
William
Inc.,
Blair
Boston
E.
Dominick,
New York
H,
&
Co., Chicago
OSTRANDER, W. L.
The
OTIS,
The
Distributors And Underwriters
First
C.
Boston
OTTENS,
Buyer,
JUSTIN
Salomon
OTTO,
Corporation, Chicago
BARRON*
Bond
GEORGE
Irving
York
New
T.*
&
Bros.
Hutzler,
PALMER.
Mutual
H.
York
New
Established 1925
J.*
Lundborg
& Co.,
BRUCE*
Benefit
Life
San
INVESTMENT
Francisco
Insurance
Company,
Members New York Stock
Newark
Underwriters and Distributors of Investment Securities
PARCELLS, Jr., CHARLES A.*
Investment Securities Since
Charles
A.
Parcells &
PARKER,
1894.
H.
S.
Kay,
c
Co.,
Detroit
BROKERS
Richards
& Co.,
Pittsburgh
Kay,
R.
&
BONDS, STOCKS, COMMODITIES
Teletypes AT 187 (Trading)
and LD 159
Wire
BURTON
Richards
OF
Jackson 1-0238
PARKER, H. LAWRENCE
Morgan Stanley & Co., New York
PARKER,
BANKERS
Exchange and Other National Exchanges
Home Office: ATLANTA
AT 188
(Municipals)
System Extends to New York and Principal Southern Cities
Pittsburgh
Co.,
PARRY,
SIDNEY L.*
DeCoppet & Doremus,
The Robinson
-
ATLANTA
'•
2,
BUILDING
GEORGIA
LONG DISTANCE 421
1-0316
Av/wAw
'
•
j•
York
Humphrey Company, Inc.
RHODES-HAVERTY
JACKSON
New
■l
\
\u iilW/
Bell Teletype AT 288
ALABAMA, FLORIDA,
ii
•
•
*.
t
j
.
N.
—-1
,
t
CAROLINA, S. CAROLINA
General Market
Municipals
md
r
■
'
•'
'
'
Trust
"
(■,
mi
•
Company
~:
of
Georgia
!L
*.
.
LUL-
Banking Since 1891
MEMBER
ATLANTA
JAckson 2-6000 and L. D. 521
•
TWX AT-283
NEW YORK, 15 Broad St.
HAnover 2-1561
Private Wire
•
TWX
Atlanta-New
NY 1-2712
York
FDIC
104
In Attendance at Convention
Continued from page 103
QUIST, LEO L,
Harold
PEYSER, BENJAMIN F.
Newburger, Loeb & Co., New York
PFEFFER, DELMONT K.«
First National City Bank, New York
PHILIP, PETER V. N.
W. H. Morton & Co., Neiw York
PHILLIPS, BLAIR S.
Shearson, Hammill & Co., Chicago
PIERCE, CHARLES C.*
Rauscher, Pierce & Co., DallasPIZZUTO, MICHAEL J.
Merrill Lynch, Pierce, Fenner & Smith
,
Inc.,
York
New
PLATT, CHARLES M.
U.
,
S. News & World
Report, Washington
PLENTY, ROYAL H.*
Philadelphia Inquirer, Philadelphia
PODESTA, ROBERT A*
C.ruttenden, Podesta & Co., Chicago
York
&
Geo,
Gibbons
B.
POPPER,
I. M.
ELVIN
Simon &
& Co.,
Goodbody
S.*
PRL'DDEX,
REIS,
.
■'
Banking
Putnam
&
Co.,
& Co.,
New
Discount Corporation, New York
REYNOLDS, Jr., STEPHEN C.*
Hutton
&
Mr. and
ROUSE, ROBERT G.
Federal Reserve Bank,
&
.
"
*
York
New
ROWLES, RUSSELL R.
Houston
Winston & Co.,
Rowles,
ROWLEY, JAMES*
York
Van
JAMES A.
Alstyne,
Noel
Prescott,
RYAN, III,
A.
Shields
Co.,
New York
Roberts
New
GEORGE
Harriman
&
MORRIS
Schapiro
New York
Co.,
&
Bankers
J.
RICHARD A.*
Schmelzle & Co., St.
Denver
Hallgarten
Fusz,
Schmidt,
Roberts
Louis
Simpson.
SIPP,
Philadelphia
SCHREDER,
Group,
JOHN
SCHUTZ,
SLEZAK,
Chiles-Scliutz
SMALL,
Omaha
ALBERT E.
Schwabacher & Co., San Francisco
SCHWARTZ, Jr., ALEXANDER
Lehman Brothers, New York
SCHWERENS, MURRAY R.
New
York
World-Telegram & Sun,
Co.,
SCHWABACHER,
in the
MUNICIPAL BONDS
New
First
F.
SIDNEY BUFORD
Yarnall,
&
Scott
Stringfellow, Richmond
SCUDDER, DANA B.
First National City Bank, New York.
SCULLY, GEORGE G.
The Ohio Company, Columbus
SEAVER, ROBERT E.
Massachusetts Life Fund Distributors, ;
WEST VIRGINIA
Boston
,
Goldman,
Rotan,
<i
Investments
Company,
Chicago
Commercial
New
&
York
..•■■■
-
Chronicle,
■
John
C.
SENER,
John
Legg &
STEARNS,
The
Baltimore
Co.,
STEARNS,
Jr., JOSEPH W.
C.
Oscar
Legg & Co., Baltimore
SENHOLZI, JOHN C.
Drexel
The Chase Manhattan
SEVERANCE,
F.
Eberstadt
SEWARD,
C.
Bank, New York
STEELE,
CRAIG*
&
H.
New
Co.,
York
The
Bond
Mercantile
EAST
MAIN
STREET
•
Telephone Milton 3-2861
RICHMOND
15,
Scherck,
VIRGINIA
SHEAN,
Freresr &
SHEEHAN,
J.
A.
^cott &
'•
115
York
Republic
*
T.
York
New
Illinois
National
KUhn,; "Loeb
Thomas
Bank,
TORREY,
LAWRENCE
Fund
Houston
'V' '
■
P.
Bank,
.
Anderson
&
Bacon,
G.
DAVID
&
New York
Co.,
R.
Co..
Chicago
TOWBIN, BELMONT*
C
E. Unterberg, Towbin
TRAVERS,
York
L *
&
GEORGE
McCormick
Peoples
C.*
Stevenson & Co., New
'
Francis
-
Co.,
New
Yoi'k
COLEMAN E.
National
Bank,
Charlottesville
WILLIAM P.
I.
duPont
&
Co.,
New
York
^trmgfrUoUi:-
MUTUAL'builqing-RICHMOND-.VA
/929
Jmz?
Investment Bankers& Brokers Since 1893
STOCKS
BONDS
•
MASON-Hagaki
MUTUAL FUNDS
•
INVESTMENTS
MEMBERS:
NEW YORK STOCK EXCHANGE
•
RICHMOND
BUFORD SCOTT
AMERICAN STOCK EXCHANGE (ASSOC.)
STOCK
EXCHANGE
WALTER S. ROBERTSON
-
MARION N. FITZGERALD
R. FLDRIDGE LONGEST
•
-
THOMAS D. NEAL
* JOSEPH-X MULDOWNEY
Telephone Ml 8-2841
JAMES H. SCOTT
•
•
L. THORNTON FLEMING^
•
SIDNEY BUFORD SCOTT
Mailing Address: f, 0. B0X1575, RICHMOND
IS, VIRGINIA
TELETYPE RH 190
DIRECT WIRE TO:
York
New
Co.,
&
ANTHONY E.*
Co., Pittsburgh
&
Pitfield
TRAINOR,
STEVENS, WILLIAM A.
J. C. Wheat & Co., Richmond
STEVENSON,
Dallas
Strudwick,. Richmond
C.
TOREY,
Management Company,
■
STETTINIUS, JOSEPH
New York ^
LOCKETT*
National
W.
" :
WILLIAM II * I
TOMASIC,
JAMES
York.
Texas
•
Eank, New York
First National City
TODD,
.
York
'
TITUS, ALAN
Pittsburgh
STEPHENS, J. F.
4
Co.,
Hogle & Co., New York
SHELTON,
Co.,
Trust,
?
New York'
Kuhn, Loeb & Co.,
P.
Trust
EDWARD
Lazard
New
&
..
THORS, JAY E.
Asiel & Co., New
Miami
H.*
Richter Company, St. Louis
Continental
New
Company, St. Louis
SHEAFFER, THEODORE C*
Janney, Dulles & Battles, Philadelphia
Teletype RH 83 & 84
ESTABLISHED 1893"
Buyer,
WILLIAM
&
.
.
EMERSON'*"
.
BLAINE
E.
STENSOX,
SHANKS, WILLIAM S.
SHARPE,
Co.,
Banking
Pennsylvania
THORS, J.
<
STEIN, ELLIOT II.*
CARROLL
Yarnall, Biddle & Co., Philadelphia
municipal bonds
Co.,
&
Steele
J.
First
York
Philadelphia
Chicago
&
Jacquelin, New York
&.
THORNTON, RICHARD S. <
B.
New
PHILIP M.*
Doolv
v
Harry Tneis,-St. Louis
CHARLES II.
Carlisle
GEORGE R.*
E.
Bank,
HARRY
THIERIOT,
Co.,
WALTER
STEEL,
With
York
Cleveland
MASON
Economist.
St. Louis
THEIS, Mrs. HARRY
Co.,
Sr.
Co.,
Exchange
Stifel, Nicolaus & Co., St. Louis
York
New
R.
&
Jr..
Allvn
C.
New
Corporation,
JACK
STARRING,
A.
Company,
&
M.
Corn
Trust
Philadelphia
Chicago
Co.,
JOHN II.
Reid
Fulton,
SEIDLER, Jr., ALEX.*
National State Bank, Newark
SENER, JOSEPH W.
-
SOUTH CAROLINA
Trust
STAPLES,
Financial
Girard
&
Co., New York
&
TERRELL, ALLEN
C.*
THEIS,
Higginson
GARRETT H.*
Gundy
Dempsey-Tegeler
P.
Bankers
CLAUDE D.*
SEIBERT,
Chicago
Houston
Co.,
Hutchins
L.
STAFFORD,
Lee
&
Louisville
TEGELER, JEROME F.*
WALTER M.*
GERARD
New York
Co.,
FRANK E *
Bank, Atlanta
Jr.,
TAYLOR,
Wood,
& Co.,
Bond
National
Fulton
Chicago
Co.,
Sachs
Mitchell,
STACK,
ROBERT F.
Smith, Barney & Co., New York
TAYLOR,
Philadelphia
Co.,
E.
&
Mosle
SPECHT.
SEEBECK,
NORTH CAROLINA
Allyn
Bankers
The
J
Stanley & Co.,
CLARENCE G.
Morgan
<fc
New York
WILLIAM II.
SWORD,
TAYLOR,
Sullivan, New York
ELMORE
SORENSEN,
SEBEL, HARRY L.*
Selected
C.
SONG,
„
VIRGINIA
Biddle
Chicago
Company,
SWINARTON, ROBERT W.
Dean Witter & Co., New York
Dallas
B.
SNYDER, JAMES
A.
P.*
H.
Dawkins &
HARRY
SNYDER,
Northern Trust
SWICK, THEODORE
White, Weld & Co.,
York
New
Kirkland &
SWEET, Jr., PHILIP W. K.
Co., Richmond
ROBERT
Faulkner.
York
New
Co.,
Philadelphia
Co.,
Company,
&
&
Sullivan
Sulzberger, Jenks,
Hallowell,
Washington
A.
Craigie
W.
SMITH,
York
SCOTT,
Co.,
MARK
H.¬
LEONARD R.*
Fitzpatrick,
The
Southwest
SMITH,
Chicago
& Co.,
Peabody
SULLIVAN,
**
Company, Milwaukee
&
&
SULZBERGER, CHARLES H.
SMALLWOOD, WILLIAM
"*
1
R.
Tribune,
EDWARD
Small
Crouter
A.*
Cunningham, Schmertz & Co., Pittsburgh
JOHN*
John
Jr.,
"
E.
York
-'
Herald
G.
ERWIN
SULLIVAN, JOSEPH
New
York
New
Chicago
McDowell,
&
NEWBOLD
& Townsend,
Kidder,
Pittsburgh
Co.,
.
Corporation,
Blosser
STUEBNER,
Philadelphia
Milwaukee
The
C.
Co..
York
New
X.*
Inc., New York
HAROLD
Distributors
Specializing since 1932
&
JOSEPH
SLEVIN,
Boulevard
&
Baltimore
Sons,
Lynchburg
Co.,
Bodine, Philadelphia
G.*
Co.,
Chicago
L.
&
Haven
De
L.i
&
WILLIAM
Bioren
CHARLES A.
Bank, Chicago
SCHOENEBERGER,
Lauer
SLACK,
Hornblower &
York
Emery
PAUL
Jr.,
Stern,
MARSHALL
Weeks, Philadelphia
W.
SCHMIDT,
Parke,
&
C.
FREDERICK W *
STRONG,
York
York
New
Co.,
&
Straus,
BRADFORD
York
New
LU,DWELL A.*
American
Swiss
York
Company, New
&
Strader
STRAUS,
dcV.
F.
Newark
Company,
Company,
STRAVITZ, HENRY*
J.*
Research
&
WILLIAM
SIMPSON,
SCHMIDT, WALTER A.
Providence
Jr.,
>
York
HENRY
New
Garrett
STRADER,
New
Trust
SIMPSON,
Lank of Chicago, New York
CHARLES
Robert
Chicago
E.
CRAIG
Company,
Hammill & Co.,
Shearson,
York
STOUT,
Jr.,
Corporation,
SIMPSON,
New
Trust
RICHARD
STOREY,
Bank,
Co.,
Union Trust
FREI) D.*
Marine
The
Pittsburgh
Co.,
Co.,
&
Securities
National
A.
HAROLD
First National
&
SIMONSON,
Co.,
SCHMELZLE,
H.
Schwabacher & Co., New
Weeden
York
A.
M.
&
Lestrange
WILLIAM
SIMON,
New York
A.
Trust
STONE, Jr.,
P.
Stone
W.
Co.,
WALTER II.
Fidelity
Boston
&
DONAI.D
York
New
STOHL,
Company,
-
Guaranty
Morgan
York
New
;
NORMAN
Smithers
S.
STODDARD,
L.*
SIMON, JAY
City National
Philadelphia
Parke,
&
Brothers
Brown
Co.,
Keystone
Hay den,
Sanford, New Orleans
&
Hattier
F.
CORNELIUS
S.
Washington
STEWART,
York
New
SHREVE, WICKLIFFE
Dallas
J. B.*
SANFORD, Jr.,
&
Arthurs,
A.*
JESSE
& Co.,
Sanders
'•
H.
York
New
SHORT, JOSEPH
Brothers, New York
SCHLUTER,
Industrial National Bank,
The
Co.,
Jr.,
SHOLLEY,
SAGE, II, ANDREW G. C.*
SANDERS,
&
SHIELDS,
Barney & Co., New York
J.*
Lehman
Cleveland
Co.,
SIIERRILL,
Shields
ALLAN
STEVENSON, III, ROBERT
Investment Bankers Association,
O.*
&
HAROLD
Whipple & Co.,
H. VIRGIL
Bacon,
Corporation,
York
New
Shepard
SHERBURNE,
GEORGE P.*
Securities
ROBERT
SHEPARD,
A.
Philadelphia
RUTHERFORD,
Dominion
New York
Co.,
&
STANLEY
National
616
Julian H. Collins
Chicago
ROWE, ROBERT G.*
Stroud & Co., Philadelphia
Schmidt,
Strudwick, Richmond
Garrett-Bromfield & Co.,
ROBINSON, ARTHUR R.
MLrs.
Co.,
Merle-Smith, New York
ROSE, MIDDLETON
Laird, Bissell & Meeds, New York
ROSEN, THEODORE*
Burnham & Co., New York
ROSENBERG, SAMUEL H.
Asiel & Co., New York
ROSSAKT, M. J.
'
..
-•
Business Week Magazine, New York
SCHAPIRO,
F.
&
K.*
JULIAN
&
SCHAFER,
ROBINSON, EDWARD
Denotes
Dick
SAPP, ALLEN D.
ROBERTS, MALCOLM F.
QUINN, ARTHUR P.*
Quinn & Co., Albuquerque
*
New York
ROBERTS, HARRY A.
QUESADA, GENERAL ELWOOD R.
Federal Aviation Agency, Washington
Hutchinson
McMaster
ROOSEVELT,
Park, Ryan, Inc., New York
Loeb, Rhoades & Co., New York
Anderson
Hal H. Dewar
.
York
New
ROGERS, PHILIP O.
John C, Legg & Co., Baltimore
Smith,
RENNAU, JACK
E.
1947 -48
ROGERS, Jr., SAMSON
RILEY, WILLIAM J.
Distributors, Boston
PUTNAM, HENRY W.
DeCoppet & Doremus, New York
QUAIL, JOHN J.
Quail & Co., Davenport
1948-49
Albert T. Armitage
Boston
Company,
Keystone
Butcher & Sherrerd. Philadelphia
RIEPE, J. CREIGHTON*
Alex. Brown & Sons, Baltimore
GEORGE*
Fund
1949-50
RYAN, JAMES
York
Irving J. Rice & Co., St. Paul
RICHTER, JOHN B.
New York
The
ROGERS, DONALD J*
New York Herald Tribune,
Elyth & Co.,
RENDIGS, Jr., CHARLES W.
Carl M.
Development Bank for
Rico, San Juan
Puerto
RUSSELL,
RICE, ALAN H *
PURKISS, ALBERT C *
Walston
Chronicle,
Seasongood & Mayer, Cincinnati
REISSNER, FRANK L.*
Indianapolis Bond & Share Corporation,
Indianapolis
Eache
IBA Past Presidents
ROEHL, ORA C.
RUSSELL,
GORDON
Jr.,
Dominick & Dominick, New York
RODDY, JAMES E.
Scharff & Jones, New Orleans
RODRIGUEZ, SALVADOR*
New
York
Financial
&
Thursday, December 15, i960
.
Chemical Bank New York Trust Company,
New
Hemphill, Noyes & Co.,
&
Opinions, New York
PUTNAM, Jr.,
Co.,
REPP, HERBERT N.
Bank, Seattle
Investment
of
M.
York
New
RUSSELL F.
Digest
&
Commercial
Boston
MALCOLM
EUGENE
REILLY, F. VINCENT
Management
Seattle-First National
JOHN*
Jr.,
REILLY, JAMES F.
City
POWELSON, RALPH J.
Leedy, Wheeler & Alleman, Orlando
PRATT, ALBERT
Paine, Webber, Jackson & Curtis, Boston
PRATT, MARSOM B.
PROSSER,
St. Louis
St. Louis
Baker, Watts & Co., Baltimore
Denver
Estabrook & Co.,
Company,
Newhard, Cook & Co., St. Louis
REFSNES, JOSEPH E.
Refsnes, Ely, Beck & Co., Phoenix
K.*
Co.,
L.*
Trust
Edwards & Sons,
REESE,
New York
Corporation, Chicago
POUSCHIXE, IVAN
Winslow, Cohu & Stetson, Miami
POWELL, JAMES M./*9^
&
G.
REDWOOD,
PORTER, FELIX N.*
Boettcher
RAY, THOMAS
.
.
ROBINSON, JOHN P.
Craig-Hallum, Inc., Minneapolis
ROCKEFELLER, Jr., AVERY
Government
National Securities & Research
Corporation, New York
RAGGIO, J. THAYER
Hooker & Fay, San Francisco
RAND, Jr., ARTHUR H.*
Woodard-Elwood & Co., Minneapolis
RAND, RICHARD N.«
,
Rand & Co., New York
RANKIN, HARLEY L.*
Goldman, Sachs & Co., Philadelphia
RANNEY, BRUCE B.*
Ball, Burge & Kraus, Cleveland
RANSON, Jr., S. H. >
;
Ranson & Co., Wichita
RAUSCHER, Jr., JOHN H.
Rauscher, Pierce & Co., Dallas
*
1
A.
Co., St. Louis
Shares
RAFFERTY, PATRICK J.*
Co., Allentown
First National Bank, Oklahoma
PORTER, Jr., JOHN L.
Television
St. Paul
REDMAN, W. GUY*
POLLOCK, WILLIAM E.#
Wm. E. Pollock & Co., Beverly Hills
POOLE, MONROE V.*
-
Wood & Co.,
E.
Mercantile
POKORNY, JOHN M.*
Warren W.
Financial Chronicle
The Commercial and
(2484)
L.
D.
3
UNDERWRITERS
Teletype RH-460
DEALERS
MEMBER:
MILTON 3-1811
CLARK, DODGE & COMPANY, NEW YORK CITY
,
'
DISTRIBUTORS
Richmond Stock Exchange.
Philadelphia-Baltimore
Stock
Exchange
Number 6012
192
Volume
.
.
Commercial and Financial Chronicle
The
.
(2485)
WHITE, Mrs. KELTON
With
Kelton
WHITE,
1945-46
E.
Pub. Svce. Elec.
White, St. Louis
F.
Craig-Hallum, Inc., Minneapolis
WHITESIDE, THOMAS
IBA Past Presidents
1946 -47
E.
ROBERT
Massachusetts
Investors' Trust,
WHITNEY, Jr.,
J.
M.
Dain
M.
Smith
Boston
HANS
Loeb,
'
A.
Rhoades
&c
Co.,
'
'
'
Arthur
Wiesenberger
WILBUR, LeROY A.
&
Co.,
New
D.
Fuller
&
Co.,
Merrill
Inc..
Lynch,
Pierce,
Detroit
WILSON,
New
'
John Clifford
Charles S. Garland
Folger
&
•'
-
.
;
J.
E.
A.
&
Masten
Lehman
Brothers,
G.
Tuller
&
TURBEN,
CLAUDE
The
F.
EDWARD
Dickson
S.
Arthur
Davenport
Dallas
Co.,
Asiel
York
New
VALENTINE, JOHN W.
White, Weld & Co., Boston
VENEK, WILLIAM S.*
Manufacturers
York
New
Trust
Varnedoe,
VIALE,
L.
M.
R.
Rothschild
MAURICE
B.
Vick
&
&
Dillon,
Read
WAECKERLE,
Eisen
Lucas.
&
&
First
"
■.
/•••">,
Co.,
City
Kansas
Weeden
&
Blyth
&
Co.,
Co.,
Chicago
t
'
R.
•'
D.
WHITE,
♦Denotes
Mr.
and
The
Mrs.
G.
H.
New
York
&
Co.,
Jr.,
Weld
&
Fund
proceeds
of
1,
be
Investment
Service
Electric
any
of
reside.
persons
areas
Jersey
Two With Witter
PORTLAND, Ore.
Boettger
are
Paterson,
and
Elizabeth.
ritory also includes
ber of medium-sized
a
and
with
now
Equitable
Kurt H. K.
—
Arthur
McArthur
Dean Witter &
Co.,
Building.
The ter¬
in and around
City,
Trenton
Associates,
(Special to The Financial Chronicle)
Gas
&
Fund
Inc.
ritory served includes industrial¬
Robinson-Humphrey Company,
YOUNG,
RICHARD
Corporation,
E. E. Henkle Adds
Newark,
Camden,
The
large
(Special to The Financial Chronicle)
LINCOLN,
ter¬
farth has
num¬
Neb.—Carl
been
added
C.
to
Wohl-
the
staff
of E. E. Henkle Investment Com¬
communities,
pany,
Federal Securities Building.
N.*
Kidder, Peabody & Co.,
YUNKER, ROSWELL J.
York
,
.
.
v
A.
Kidder
M.
&
Co.,
ZAHNER, VICTOR H.*
B.*
Philadelphia
New
Zahner & Co., Kansas
A Network
York
of Service
by private wire
City
Chicago
M.*
Distributors, Boston
¬
New York
H.*
Corporation, New York
&
E.
Unterberg,
7
offered
stock
common
Towbin
Co.
on
shares
50,000
-
of
the
of
Geophysics
Corp. of America at $14 per share.
Of the total offering 18,750 shares
are being sold for the account of
Co.,; New York
&
Stock Offered
C.
KELTON E.
Walker
Geophysics Com.
Dec.
GILBERT*
White
may
to
Toronto
Co., New York
CHARLES
from
Jan.
to
shares
of Zook
Investments, 1319
Street, N. W., has been changed
name
F
electricity and gas in
New Jersey in which over
4,000,000
THOMAS*
Dominion Securities
ALLAN
GEORGE
Denver
Wulbern, Inc.,
S.
Co., New
&
areas
S.*
York
New
31, 1975, and at
Prior
Baro-
Now Inv. Fund Associates
after Jan. 1, 1976, plus
accumulated and un¬
of the
Aaron
WASHINGTON, D. C.—The firm
Co. supplies
YOUNG, N. D.*
ROBERT
none
business.
principal of the firm.
a
or
1965, at $106 on
31, 1970, at $104
dividends.
Public
ized
G.
or
on
is
way
the
operation
where
the
cost is less than the dividend cost
of this stock.
Atlanta
Cleveland
ALAN N.
First Boston
WHITE,
Co.,
GEORGE
III,
of
Corporation
York, 18 East 41st Street,
York City, is
engaging in a
securities
refunding
&
Carrison,
option
Economic
of New
case
redeemed
/
York
Baker, Watts & Co., Baltimore
YEARLEY, IV, ALEXANDER*
II.
White, Weld & Co., New York
B.
7
Co., New York
A.
Jacksonville
WHITE, ALEXANDER M.
Chicago
RICHARD
&
Bradford
Pierce,
WILLIAM
Clark & Co.,
Putnam
The
C.
YEAGER,
WHITBECK, BRAINERD
Waeckerle,
Des Moines
Goldman. Sachs & Co.,
York
E.*
Walker
FRANK
Peters, Writer & Christensen,
WULBERN, EDWARD B.*
York
WESTON, LEWIS M.
WAHLQUIST, GEORGE R.*
WALBERT,
R.
National Bank,
WERLY,
,
L.*
New
HAROLD
Co., Los Angeles
New
Stearns
WENDT,
Corporation, New York
ARTHUR
J.
S.
Bear,
York
Chicago
Co.,
Co.,
WEINTRAUB,
B.
First Boston
WADSWORTII,
New
Co.,
VIVIAN, RICHARD C.
The
&
White,
W.*
H.
Goodbody & Co., New
WOOD, KENNETH II.
York
Moseley & Co.,, Boston
WEHMANN, GILBERT II.*
Savannah
Co.,
&
&
FRANK
Weeden
Ballin & Lee, New York
CHESTER
F.
VICK,
Chisholm
PETER
Hannahs,
1966,
G.
31,
Dec.
before Dec.
on
in each
York
WRITER,
WEEKS,
F.
New
Hutton
Fahey,
Company,
Co.,
or
$103
WOODARD, RONALD B.
Raffensperger, Hughes & Co.,
Indianapolis
WEEDEN,
I
Noyes
on
M.
paid
WOOD,
McDowell, Chicago
Buyer, New
V.
WATTERSON,
VARNEDOE, SAMUEL L.
VEIT,
&
Dec.
before
or
San Francisco
&
Pittsburgh
S.
Stubbs, Watkins & Lombardo,
Birmingham
Richmond
Co.,
J.
Bank,
WATKINS, MILES A."
LEE
Co.,
Wainwright & Co., Boston
MURRAY
F.
before
principal of the firm.
Palestine Economic Corp.
New
the
a
Palestine
preferred stock will be
at
with
portion
a
at $107 per share
company
Zuckerman, Smith & Co., New York
WONHAM, FREDERICK S.*
Hartford
Central National Bank,
WASSERMAN, JOHN
York
C.
&
HENRY
&
E.
&
Hemphill,
FRANCIS
C.
WARD,
New
Co.,
Wiesenberger
II,
Blosser
WARDEN,
UNDERHILL, ARTHUR J.
VALENTINE,
H.
A.
&
WILLIAM
Bond
WARD,
TURNER, JOHN W.
Eppler, Guerin <fe Turner,
UHLER,
The
Cleveland
Chicago
Davis & Co.,
W.
Co.,
new
redeemable
Co., Minneapolis
ROBERT
New York
Co.,
WANDERS, GEORGE*
Merrill, Turben & Co.,
TURNER, ALFRED E.*
Ralph
Straus,
York
New
Zucker,
Witter
in¬
purposes,
bank loans.
A.
Dean
corporate
cost of
B.
WOHLFORTH,
Invest¬
Inc.
has
been
offices
at
501
Hull is
the
WOLFF, JAMES W.*
&
National
Mellon
York
New
W.
&
WALTER, ALFRED
N.*
ROBERT
Walker
H.
WALLACE,
Weeks & Co., New York
Baker,
TULLER,
Co.,
LOUIS
WALKER.
York"
&
—
Programs,
Thirteenth Street, N. W. to
engage
in a securities business. R.
Bruce
repayment of $15,000,000 to $20,000,000 of unsecured short-term
Hogle & Co., New York
WITTER, WENDELL W.
H.*
&
GRAHAM
Dempsey-Tegeler
York
L.
C.
G.
Jr.,
Walker
H.
WALKER,
R.
New
Tripp & Co., New
TSOLAINOS, K. P.*
R.
G.
Pittsburgh
Co.,
CHARLES
JEROME
TRIPP,
WALKER,
ARTHUR
TRESCII,
TREUHOLD,
Upham
JOSEPH
WASHINGTON, D. C.
ment
the company's cur¬
rent construction
program and the
Yarnall, Biddle & Co., Philadelphia
WINSOR, JOHN R.*
Harris,
Form Investment
Programs
formed
of
Smith
WINSLOW, PETER L.
Townsend, Dabney & Tyson, Boston
WINSLOW, SAMUEL R.*
Winslow, Cohu & Stetson, New York
WINSOR, III, JAMES D.
WISE,
$100
general
Fenner
FRANK
offered
Co.
cluding the payment of
F.*
Barron's Weekly, New York
E. Hopkinson, Jr.
Gas
company for
ended
Sept. 30,
months
pany's general funds and used for
»r
York
THOMAS
&
proceeds to be received by
"company from the sale of the
shares will be added to the com¬
WILLIAMS, C. VINCENT
S.
associates
250,000 shares of Public
Electric
12
1960, totaled $42,454,802 on total
operating revenues of $387,712,118,
the
Weeks, New York
WILLMORE, Jr.,
the
Net
York
Stein Bros. &
Boyce, Baltimore
WILLEMS, HENRY F.
&
and
par value 5.28%
cumulative pre¬
ferred stock at $102
per share.
York
WIESENBERGER, ARTHUR
Hornblower
Dec. 14
on
.
New
Somerset and Camden counties.
Net income of the
Lynch, Pierce, Fenner &
Inc.
Service
Co., Minneapolis
WIDENMANN,
Carl
Merrill
WHEELOCK*
&
primarily residential in character,
in Bergen,
Passaic, Essex, Union,
Stock Offered
Chace, Whiteside & Winslow, Boston
WHITLOCK, .DANIEL P.*
Ladenburg, Thalmann & Co.f New York
WHITNEY, GEORGE K.*
1943 -44 -45
105
Co., St. Louis
the company and 31,250 shares for
the account of selling stockholders.
Underwriters
Distributors
■■
The company, organized in late
Dealers
1958,
is composed of four divi¬
sions: The Physics Research Divi¬
:
•-'•7.7
"7
sion;
VIRGINIA
MUNICIPAL
the
David
W.
Mann
Co.
Division; the Viron Division and
the Physics Systems Division, of
which the Physics Research Divi¬
sion is the core activity. This di¬
vision
engages primarily in re¬
search concerning the atmospheres
BONDS
Local Securities
and
environments
of
*
the
planets, and space, including
certain problems related to weap¬
and space systems, and also
onry
engages in the
construction
of
X ■'
St., N. E. Charlottesville, Va.
..*
2-8157-8-9
.
.
.
-
..
The
•
*
•
David
ments.
The
established
1960
to
W.
Mann
Viron
engage
and
pheric and
Co.
established.
Municipal Bonds
division
use
Underwriters
Teletype RH-851
Phone WHitehall 8-8300
Physics
Municipal Bonds and Corporate
recently
was
Securities
It is
will
planned that this
be
oriented towards
Local Industrial &
Trading Markets
Utility Stocks
Retail Distribution
DENVER
EL
Seventeenth
St.
Two With Calif. Investors
PASO
111
(Special to The Financial Chronicle)
South
El
Paso
111
E. Palace
FARMINGTON
103
Correspondent-—Gregory
W.
&
Broadway
Sons
STRADER and COMPANY, INC
Members Philadelphia-Baltimore Stock Exchange
St.
SANTE FE
ALBUQUERQUE
*
•
fense.
LOS
York
N. Y.
*
in atmos¬
The
the development of systems relat¬
Other Offices:
818
New
Commodities
was
ing to underseas warfare, nuclear
propulsion and seawater conver¬
sion, and to ballistic missile de¬
Telephone CHapel 7-1571
•
Phone Milton 4-5411
Divi¬
space research and re¬
applications.
Systems
Division
Corporate Securities
200 Second St., N. W.
•
beginning of
lated
Exchange (Associate)
Mutual Funds
•
in the design, de¬
manufacture
of
plastic balloons for
American Stock
Municipal Bonds
instru¬
Division
the
near
velopment
Member New York Stock Exchange
•
911 E. Main Street, Richmond 14, Ya.
2 Broadway, New York 4,
develops, manufactures and
sells precision measuring instru¬
Teletype: Charvil 95
QUINN & CO.
Investment Securities
sion
.
,
Phone:
related
i
ments and prototype equipment.
C. F. Cassell & Co., Inc.
114 Third
development and
'AINE
&
Members, New York Stock Exchange and Other Leading
Exchanges
earth
and
Member Philadelphia-Baltimore Stock Exchange
^^BBOTT,■P.
J-—'ROCTOR
K.
ANGELES,
Brandt
have
been
and
Calif.
—
Thomas
added
to
the
Donald
E.
Jones
staff
of
California Investors, 3932 Wilshire
Boulevard, members of the Pacific
Coast
Stock
Exchange.
LYNCHBURG, VIRGINIA
LD 39
-
Victor 6-1333
Private Wire to Shields &
-
TWX LY 77
Company, New York City
The Commercial and
market today may
into
■>4-1
er
:
i'v.,
gal
Gamma Delta.
Newton
Mr.
Air
IV
as
4
constitutes
Second
Trial
a
served
and
Lieutenant
industry from
formance and
the Army
entered
1942
in
Force
7 **»,
V
rank of Major.
share
«■*
fund
V
!
for
and
stitutions
NV
educational in¬
religious organiza¬
raising
tions.
r*i
r. 4
>
J
♦
The
{:*
j >•*
text
of incoming President
Newton's address follows:
,
of
•
*
!
its
i
close, permit me to touch
J to
securities are assum¬
ing increasing importance in our
market places and thus deserve
greater attention. This is of little
wonder
when, so I am told, it
takes but slightly longer to get
It is not difficult to imagine
f
will be especially
active, however time permits ref¬
that many areas
'iftjt
h
i
•4""-.
j
erence
4'|.
Subsequent
to only a few.
"Foremost
"*
cessity
"v».
from
freedom
ne¬
unreasonably
Washington by train.
wish
not
maximum
maintain
to
to
the
is
perhaps,
One
offer foreign
to
is
cently
1935-36
1934
Orrin G. Wood
G. W. Bovenizer
the
by established
be carried on
will
such
academic personnel. Through
study we expect to have indus¬
a
and figures to
facts
try
this
of
Implementation
undertaken
be
will
help in
1931-32
program
with
the
greatest care and thought.
,
;
of this in¬
us—what each
"Accomplishments
dustry depend
on
and
does
us
is
This
says.
an
of integrity. So seldom
is she violated that when it does
industry
Un¬
it is front-page news.
occur-
fortunately such publicity is long
remembered and attributed to all
Therefore, the con¬
of us must be im¬
the industry.
each
of
duct
peccable. To act otherwise com¬
promises not only our associates
and members of the industry but
may
securi¬
Allan M.
Pope
enterprise system as well.
It is the investment banking in¬
the free
ties to customers but for those of
bur-
Edward B. Hall
IBA re¬
establishment of a
research program. A study of our;
industry is being planned which
step to be taken by the
plane than it does from New York
informed.
'
Jean C. Witter
as time goes on.
Its
development should be interesting
and a subject of close study.
"Perhaps the most significant
particularly
by
Europe
to
York
New
from
reports will keep you
committee
fV
Jay N. Whipple
growth. The impact of this newest
may
be most -emphatic,
arrival
of
"Foreign
coming
this
undertaken
be
year.
■»
be of chief concern.
should
"
f
of
administration
on
points of IB A activity. Your
of Governors,
of course,
will determine the IBA program
Board
i
most
Now proper
these
Acts
1936 -37
Legislation authorizing these
has been amended
several times to stimulate their
determined association policy and
Sky Laws received
Blue
1938-39
entities already
attention in the past.
few
a
-•*
'
approaches
convention
the
"As
<*
1942 -43
ing.
•
position as well as being a guide
for formulation of future plans.
pedite the raising of capital and
help broaden securities markets.
"At the state level, enactment
Remarks
vi.
little fanfare
now
be accelerated
can
if the Federal
President's Inaugural
New
for their
the new
with
and
a
Securities Acts ex¬
growth
nomic
The
•
in
are
and
Administration.
Here
is the opportunity to re¬
double our efforts showing how
unwise
tax
policies curtail the
flow of capital to industry and
thus retard economic growth. Also
it should be emphasized how eco¬
former
the
Acts
attention from
of
Congress
;
to
industry
"Federal Tax Laws and Federal
Securities
Virginia Powell of Denver. They
have three children. His hobby is
V
,
married
is
He
V
V
M
criticism
mediocrity—^mediocrity bred
through no fault of the industry.
Flying
4-4
of
source
a
for
Advocate for the Western
Training Command; later
he became Legal Officer ior the
Procurement Division at Wright
Field and left the service with the
•
achieving top per¬
therefore, indirectly
which will condemn our
as
Judge
t-i
a
striction
.
'
IV
i
♦
cornerstone. Undue re¬
prevents the investment
bility is
(Colorado) Country Club; LeClub of ..Chicago; .and Phi
banking pic¬
reality. Here is a new sys¬
tem of capital financing.
An ad¬
ditional facet of investment bank¬
where flexi¬
investment
of
IBA Past Presidents
legislated
investment
the
ture
investment
been
have
companies
are
field
Thursday, December 15, 1960
thbSnodern
business
"Small
49th Annual Convention
1
.,...
version of Custer's Last Stand.
Investment Bankers Holds
Continued from page
be
Financial Chronicle
»
•
'•I-
Regulations, Rules and
Legislation. Regulation is repugnant to most any American, cer¬
densome
be
tainly when it applies to him, but
"
!h
investment industry
the
in
us
be uninformed about them
in
attitude
tionist
,[ it is especially undesirable in the
the
securities
financing by gov¬
when this be¬
the order of the day we no
r
over-the-counter and listed stocks
■%'
*
*
b
I
financial advice
corporate
1
complete investment banking service"
labor
INCORPORATED
NEW YORK
CHARLOTTE
have
we
Midwest Stock Exchange
St., Durham, N.
C.;
Telephone: 9-2081
Teletype: DHAM 5094
tem, on the importance of profit
and on the tremendous contribu¬
richmond
st. petersburg
jacksonville
investment banking in¬
the
tion
7
makes to the economic
growth and life of this country.
Perhaps then we can be more
persuasive with public officials,
special groups and the general
public.
"If each of us pledges to be an
dustry
».VT'
■4'i*
•*
*
'/Wl
•*.
■
\
''"7/
■
Underwriters
\i*u
V/
■
'
•
7!,
&
'
/
■■'
/>
'
-
.
>i
%
Firm Bids
TENN.
; IARK.
Distributors
I'M)
|•
J; •..
(iuee
J MISS.
*
- .y'.k ;:;y
;
;">A-
Firm
\
|
V ' \
I";
Dealers
i>\u
prayerful humility our tasks will
performed and with
God's
Quotations
help performed
Retiring
The
'
f
a
'it
Government Securities
General Market Municipals
•
on
>?*
,7?*
port of the
First National Bank
.;/»V
i'.Mrf
Mi
were
high¬
at
ME-284
to
the
By-laws
WIRE SYSTEM —THE BANK
WIRE
;
i
i
-«
i
-i '4
'*
*
4
l'-b ^
.*
i
«
•
tj
j
i
5
if
t
t
«
-
J
.
.
.
COLUMBIA, S.
C.
member
DIRECT
WIRE
TO
YORK
NEW
which
will be composed of men with im-
development of this project
'71
•i
GREENVILLE,
:
i '?
).
■.
„
man
8 8
Bank
S.
Co.
8^
Bldg.
C.
ANDERSON,
S. C.
midwest
stock
exchange
this
TELEPHONE JAckson 5-8521
formed to
#
National
1
im¬
posing an assessment to finance
project. A Committee will be
supervise and guide the
'.H#
•
this
amendment
V?
TELETYPES ME-283
Carolina
South
Research Committee,
the membership
convention approving an
G. Fur
ESTABLISHED
and the action of
MEMPHIS
OF
which
''
;
lighted by the approval by your
.Board of Governors of the Re¬
THE
:,'v
*
L ESTER
year
Association
.'Al
* ♦*
A
19601 has seen some
positive accomplishments by your
J?
:\Wj
by James J. Lee
IBA:
"The
DISTRIBUTORS
DEALERS
President's Address
stepping down as President of
the
V
UNDERWRITERS
well."
Final remarks
United States
Southern Textile Securities
formed
tsL
«y.
Municipals
be
'1
''
South Carolina
industry statesman of stature, in¬
and articulate, then with
Offerings
m
b
Members
111 Corcoran
must be articulate
prepared to speak out in be¬
half of the free enterprise sys¬
greenville
columbia
greensboro
raleigh
miami
I
so
and
I^hl'
.
best
SECURITIES
CORPORATION
FIRST
employees
they will
share.
to
more
"Finally,
CHICAGO
ATLANTA
their
work
to
Members Midwest Stock Exchange
j,)'1*
to
can
facilities and motivates
,m
i'vi!.
and
astutely, gets the in¬
risk his capital so that
have modern tools and
think
more
vestor
& COMPANY
R. S. DICKSON
that
profit
of
management
makes
7
profit.
of
incentive
the
is
plan
P..U
im¬
After all, it
terprise system, including the
portance
"A
kj;
?'
better in¬
formed, especially with respect to
the fundamentals of the free en¬
private placements
»
;<T"
♦
most effective we must
strive continually to be
V <
y
regulations or ; unsound
taxes.
A»t
*
through
of
"To be
★
'V tDKiiuOC
be it indiscreet
industry
members,
conduct
mutual funds
V*.
..
means,
hobbling
municipal bonds
corporate and
1:4;
inadequate
become
whatever
J'1
■
«s.
permitted
performance is
dustry
to
*
»
■
"Therefore,
the
ramifications
can be far reaching indeed
if in¬
DISTRIBUTOR
DEALER
UNDERWRITER
rf
enterprise.
longer have free
*>ft1
-
and
If
ernment.
comes
l<
is
alternative
>r
■'7!
enter¬
prise system to finance the indus¬
trial and business needs oft this
nation with private capital.' The
oversight. An isola¬
serious
a
dustry that enables the free
to
would
....
,
>
:T*t'.
H
.
"
"
I
.
»'
CITY
EASTMAN
DILLON,
UNION
SECURITIES
& CO.
Volume
192
Number
6012
agination and drive and who
fully qualified
Association. It
tb
build
to
represent
takes
but
up,
are
your
a long time
doesn't take
it
long to descroy. It will take three
to accomplish this work and
will receive interim reports
years
you
from vour Research
"O
Committee.
municipal
u r
thoroughly
information
which
discussed
program
*
has
been
and
out¬
lined in material prepared by the
Municipal
further
Committee
except to advise
needs'
in
comment
no
this 'report
of the plans
of the -committee,— 'Paraphrase
report of Fred Stone's Committee.'
,"There
are
you
unresolved
.many
.
The Commercial and Financial Chronicle
;
.
final remarks, relates to
petitive bidding.
my
"The
'risk'
spreads
members
is
realistic.
For
business .and
our
members
all
basic
their
that
and
urge
they
upon
let
never
honest
overshadowed
be
I
judgment
by
the
profit
motive. I urge that they look very
carefully into the philosophy back
such
of
revenue
taken
say
our
the
least
un¬
our
years
by
member¬
individually has questioned
their own judgment in participat¬
ing in this kind of competitive
suicide. Why don't they do some¬
thing about it?
"There
is
which is
simple yet difficult, that if dealers
resolved, not in unison, for that
an
answer,
fort
..his
and
squandered
time
•
there
should
profit
a
of
more
equi¬
obtained. I
a
be
,can
.be
this> type
against
commitment/until
table
being
are
believe there can be developed an
approach to this competitive bid¬
ding problem which would make
it
profitable to
more
if
realistic
more
our
views
members
taken
financing that
contemplate undertak¬
ing. Let us try at all times to be
way
guided by a compass that has been
properly compensated.
bidding, as a means of financing.
I am just trying to bring to your
they
may
Tatter
"This
business
our
generalization
can
be
equally
to corporate finance.
plicable
on
of
best
bf
the
security that is
being promoted—promoted in the
sense
of
measure
buy
it
the
value
word.
of
yourself?'
whether
or
The
attention
this
-
urging
proach
and
that
I
talks
have
to
which
Competitive
I
the
of
of
not
business
referred
various
would like
I
am
risk
and
services.
to
in
but
groups
to mention
in
three-year
much
to
to
IBA Past Presidents
provide
of
investment
the
interest
not
bankers,
educational
1930 -31
1929-30
but
IBA
by the Wharton School
Finance
and
Commerce,
Uni¬
versity of Pennsylvania, under the
direction
of
Professor
Irwin
Friend.
The $150,000
nanced
by
precise
Further
nature
study
will
later
by
details
and
on
date.-
of
the
scope
at
a
.
.
,
Committee
Report.
following remarks were made
Chairman Robert O. Shepard
the
on
fi
the
announced
be
Education
The
project will be fi¬
special assessment
a
the member firms of the As¬
upon
sociation.
work
of
the
Henry T. Ferriss
Trowbridge Callaway
Study
Investment
Bankers
As¬
a
Education
"The
report of your Education
Committee
this
will
year
again
be in the form of the IBA Educa¬
tional Bulletin—a 90-page printed
document.
In
it
are
recounted
C. T. Williams & Co.
,
hours of work
many
of
individual
the
on
part
members,
INCORPORATED
IBA
vestment
banking business, it
announced
James J.
piece
the
INVESTMENT BANKERS
editors
Robert
be¬
by
Lee.
retiring
was
other.
It
Co.
the
Chairman
years
of
as
of
that
various
1958
Convention,
I
to
of
fit
the
the
Members
Members
busy
a
Associate
all
are
be
and
merit.,!
Members
U.
accom¬
Public
Listed
toward
Exchange
Stock
Exchange
American Stock Exchange
Government
S.
Active
a
Authority
and
and
Unlisted
Trading
CALVERT
Bonds
Markets
&
Revenue
Stocks
in
Bonds
Bonds
and
Local
Securities
REDWOOD STREETS
BALTIMORE 3, MD.
...
Upgrading Suggestions
"Some recent actions
Telephones
of
New York—WHitehall 3-4000
Teletype—BA 270
Stock
State, County and Municipal Bonds
conference
working
goals
York
meeting
a
bit naive in think¬
much could
from such a
New
Philadelphia-Baltimore
involved
men
1900
baker, watts & co.
meeting to pursue
Unfortunately
a
a
same
1, MD.
-t*
be
seg¬
business. In my ad¬
the
we
tical
W
264
greater
associa¬
sharing of
ideas
which
might result in a
concentration on common objec-,
tives would appear to have prac¬
Charles and Chase Sts.
MD
ESTN
ESTABLISHED
thus far taken place.
plished
but
New York and Philadelphia
Grymes Bid?., Easton, Md.
our
could
the
among
"I may be
ing
1, MD.
BA 499
work
that
through
not found and such
has not
the
my
whole
a
our
at
schedules
was
to
—■
Teletype
committee
felt
I
representing
dress
Philadelphia-Baltimore Stock Exchange
this
ago,
effective
ments
Office
Teletype:
Effort
beginning of
thought.
meeting date
(Associate)
Telephones
Branch
BALTIMORE
Bell
PLaza 2-2484
1
suggested
New York Stock Exchange
Private
worthwhile
Coordinated
"At
Utility and Industrial Issues
BUILDING
Bell
this
—Members—
is
Public
Telephone:
reading.
President
Sponsorship of the
&
FIDELITY
and
from
cause
coordination
Mead, Miller
Railroad,
W.
(2) be¬
it tells about your activities
one
end of the country to
tions
Baltimore—LExington 9-0210 '
an
(1)
Erwin
were
Girmschied
industry
BALTIMORE
United States Government and Municipal Bonds
as
work
Boehmler, IBA Education Direc¬
tor and his capable staff assistant,
more
American Stock Exchange
this
of
the
comprehensive study of the in¬
Ray Morris
Committee:
cause
Sponsors Comprehensive
1925-26
institutions
throughout the country. It will be
of
three
Bell
and
should
study
conducted
as
'"'V
has
survey
before
information
only
also
excellent
sociation of America will
sponsor
Bidding
our
What
ap¬
'risk'
made
if we think we are not Registration desk.
being adequately compensated for
"I
can
describe
not it. is good for your
aspect
to
complete
a
been
group
The
"One
rewards
you
holds
Such
saying is that each of us indivi¬ Groups, the National Education
dually after examining a particu¬ Committee and its sub-commit¬
lar
deal will
These may be found at the
'drop out' of the tees.
customers.
Discusses
realistic
more
a
the
to
niatter
important
'merchandising.'
our
'Would
still
old
individually. In no
I questioning competitive
am
and
On
are
dealers
ap¬
occasions in my opinion, we have
let a potential profit unduly af¬
fect our judgment and the proper
evaluation
by
Convention.
never
would
obviously be unlawful, but
individually, that his risk, his ef¬
107
approved by delegates
was
the
'merchandising'
are
to
project
to
ship
problems confronting this segment > revulsion
of
and
which
com¬
(2487)
i-
'V:
'.A-;
comment.
lished
are worthy
recently pub¬
by G. Keith Fun-
In
address
a
Bell System
Teletype—BA 395
Telephones: New York—CAnal 6-7162
ston, President of the New York
Baltimore—MUlberry 5-2600
Representative—Clarksburg, W. Va.
Stock Exchange, emphasis was di¬
rected to the
yzzEzzMzzzMzzzmzmzzmzzmzzmmmzmzmzmzmzmmzmmzmu
BALTIMORE
NEW
YORK
quality and training
of our people. He pointed to steps
being taken by his organization
for (1) raising minimum qualifi¬
cations;
(2)
providing training
courses; and (3) conference pro¬
and
grams
seasoned
INSURANCE STOCKS
Government - Municipal-Corporate
Securities
V
mendation
Underwriters
—
Brokers
a
standardized
for
all
se¬
new
business.
our
BALTIMORE
ing
our
with
the
we
and
are
sional
of
suggestions for upgrad¬
people who have contact
investing
Established
1899
secu
are
be encouraged
improve the profes¬
the
members
Stein Bros.&Boyce
A Baltimore Institution since 1853
"For the public, we see lecture
courses
vidual
by IBA groups, by indi¬
firms, by colleges and uni¬
versities
Members
Neiv York Stock
Exchange
American Stock Exchange (Assoc.)
Philadelphia-Baltimore Stock Exchange
Boston Stock
,•
.
Direct Wires
to
Exchange (Assoc.)
all principal cities
RYLAND
A
should
to
standing of
industry.
our
public
Public Instruction
John c. Lggg & Company
IJour JnyuirteA
"These
if
—
for
examination
people coming into
sound
Dealers
lAJe J)nvite
for
courses
personnel. I applaud this
and
also
his
recom¬
thinking
curities
refresher
in
cooperation
with
6
Phones:
S.
Calvert Street,
Baltimore
-
Baltimore 2, Maryland
SAratoga 7-8400;
New York
-
REctor 2-3327
member
and
groups.
Motion picture
slide film presentations are
available and
are
Personnel
used
extensively.
"For the personnel of our mem¬
bers, great
progress
has been and
Continued
on
page
LOUISVILLE, KY.
NEW YORK, N. Y.
CUMBERLAND, MD.
Training
108
r-v
DIRECT WIRES TO ALL OFFICES
PADUCAH, KY.
MEMBERS OF NEW YORK STOCK EXCHANGE
and
other
leading exchanges
EASTON, MD.
NASHVILLE, TENN.
ii,.
Wv/n■'
,';
'..
108
'» I
i
1
,
,' ".'.-V'SiV vtM^nwUfu'^itjC
,t
,
Mki%
i.
jxtomfimjtk
h%un-u.H«I>
The Commercial and Financial Chronicle
(2488)
plans call for
Investment Bankers Holds
an
instruction
of
in
additional period
Stock Exchange
Joel
.
.
Thursday, December 15, 1960
Wendell W. Witter
Cowdrey
Merrill
&
procedure.
II.
.
Lynch,
Pierce,
Smith, Incorporated
Dean Witter
Fenner
Dallas
j
j
M
Continued from page 107
established IBA course in Funda¬
is
mentals
Historically, IBA
developed
training
courses
for
new
personnel just after World
War
II.
Initially
such
courses
i'11
being
offered
were
i'-
cities
of
V?
thirty
States
Central
with
programs.
class
was
program
in
Group,
This spring
graduated.
18th
the
Here is
!,;;•;!
"About
a
'4*4
'4
course
program
in Stock
erations
by
'Vti
the
the
That
"i-
course
Northwest¬
administered
and
Central
Group
sequence,
This
is
States
Group.
fall,
the
ner
long
officer. Those who enrolled
or
warm
in
their
are
found
in
our
praise. Details
The
Institute
IBA
"For executive
Again, in 1960, we had a capacity
registration
with
many
neces¬
San Francisco, Los
sarily
for
"Two
ago
years
concentrated
version
the
of
mentals
of
four-weeks
a
summer
Funda¬
successfully launched
Northwestern University.
offering
third
"The
next
summer
"The
1961
be held at
panel
registrants.., (De¬
Bulletin.)
again
will
Institute
Wharton, March 26-31.
Banking
Investment
was
made
250
tails in the Educational
classroom
course
and
speakers
to
ac¬
Eighty-
year.
participants served
program
members
list
be
not
could
this
teachers,
as
Course
preferred
the
on
who
1961
nine
Classroom
put
commodated
scribed in the Bulletin.
Concentrated
development, the
and
at
"For
been
will
be
present
the
two
last
it has
years,
my
pleasure to present to
the winners of the Institute
you
4
"The
Class
'
-
w
is
nljii
*"4
StaJtsL, Qi'ounJUp & TYlunkipxxL (BomTa.
1950
he
Navy
lieu¬
as
Manager
as¬
In
appointed Assistant
that office and in
was
of
January, 1958
fitftfwiaJjL SsuunhiiisA,
HI
of the
»1,.
t.*
in
BUILDING
NATIONAL
FIRST
14
TELETYPE BH
TELEPHONE FAIRFAX 2-4553
;;'f. S'
."W'
394
of
Direct
Private
Wire
to
Shields
&
Company, New
matters
—
been active
Education
the
ac¬
tivity in Detroit and in other parts
of Michigan.
He has served as
Chairman of the Michigan Group
*■»
4 >
IBA
Committee, Invest-In-America
BIRMINGHAM 3, ALABAMA
"
"His essay is entitled 'The Mar¬
Potential
ket
Ivf
Business
Established
Underwriters
4
—
and
1917
Distributors
—
Dealers
-
"The
SECURITIES
1960
ni
W.
;#
rtL
New
American
York
Stock
Stock
Exchange
Exchange (Assoc.)
registrant,
Private
Previously
Si«
Direct Private
Montgomery
Wires
Between
was
written
Schmidt.
"Mr.
spent
&
"The
Invest
Lundborg Co.,
Calif., follows:
in
America
Pro¬
is becoming more and
gram
Co.
more
year-round activity, reaching a
point
during
Invest
in
a
City
focal
S. Kemp, Jr.
America
Paine
Week.
Richmond
Wm.
E.
Dobson
F. Hutton
San
&
&
Company
A.
•
of
State
Harold E. Wood & Company
•
J.
&
Weeks
Chicago
E.
/ in
Co.
&
in
Fenner
background,
the
of
state
H.
James
Peters, Jr.
This
coordinated
of
tance
the
Searcy
Advertising
Agency.
,
Denver
"The
Edwin
F.
J.
S.
Pingree
M.
Reese
which
Newhard, Cook & Co.
St.
B.
Schwinn
&
Co.
H.
Bacon,
lations people.
Sherburne
Whipple &
Co.
W.
E.
"The Northern California Invest
-
in America program for 1959 was
New York
Justin J.
retained by the local
On the West
Coast,
directed by professional public re¬
Cleveland
Harold
Stevenson, Jr.
Hutton
&
again singled out by the Freedoms
.
Foundation
Co.
at Valley Forge and
recipient, of one of its awards
in recognition of that area's
pro¬
4
was
'
gram
Kidder, Peabody &
Chicago
as
ment
Co.
'an outstanding achieve¬
in
bringing about a better
understanding of the American
by
UNDERWRITERS—DISTRIBUTORS—DEALERS
Municipal and
is en¬
Changes
Corporate Securities
r
Local
Arnold & Derbes
cle for Financing in
Pennsylvania
knowl¬
edge of the subject and also the
s"t 4
":»•'«»
Since 1950." It shows good
q\
of much
result
■%(
work.
erence
i"41
goes
Jiti I
research and
The
SOUTHEASTERN
>!l
of
I
N
505
ref¬
C
JAckson
O
R
NATIONAL
NEW
$500
with this honor."
Committee
W»
prize
P
BANK
ORATED
OP
COMMERCE
ORLEANS
5-0711
BLDG
12, LA.
Bell
Teletype—NO 62
Members
The Education Committee mem¬
bership follows:
'f't
?*
Robert
AND
O.
Shepard, Chairman
.
'
Prescott, Shepard &
r!*
■
*
Co., Inc.
Cleveland
GENERAL
MARKET
William O.
We
Specialize in
LOUISIANA
AJden, Jr.
O'Neal, Alden & Co., Inc.
»4
MUNICIPAL
V.
Louisville
BONDS
Walter
E.
Bache
Auch
MUNICIPAL BONDS
Co.
&
Detroit
.f-t*
Ned
B.
Ball
'
^
')
iM
'
Merrill
v#
&
im
iM?
jmi
Stubbs, Watkins & Lombardo, Inc.
Beil
;r/»
St,
Telephone: ALpine 2-3175
H.
Teletype: BH 287
Barrow,Leary&Co.
Hough, Inc.
Petersburg
Lawrence
ties &
Bogert,
Teletypes SH-82 & SH-83
Jr.
Dillon, Union Securi¬
,
.
Phone
4 2
SHREVEPORT, LOUISIANA
Co.
New York
•0
Investment Securities Since 1934
515 Market Street
&
Eastman
$
Fenner
Frederic C. Beil, Jr.
BIRMINGHAM 3, ALABAMA
u
Lynch, Pierce,
Smith, Incorporated
Portland
*«>**<»<!
**•
.S-4-V 4
■»
ti-.i-srr
programs
coordinated
the Seattle, Portland, San Fran¬
cisco, Fresno, Los Angeles and
San, Diego ; programs
all
were
Schwinn
B.
were
committees.
Louis
Leslie
effective
through the help of professional
public relations organizations,
Boston
Eugene
most
generally
were
Moseley & Co.
of the Authority as a Vehi¬
ment
;f'f *
by
Zilka, Zilka & Smither
Municipal Units and the Develop¬
"tfi
was
Inc., with the aid and assis¬
Co.,
Christensen,
Oregon.
and
stimulated
years
and
program
principal major new de¬
velopment was a program con¬
ducted from Portland throughout
Paidar
&
the
effective.
more
"The
Goodbody & Co.
Chicago
Writer
/-'0
the
is
Lynch, Pierce
& Smith, Incorporated
Chicago
Peters,
it 4 has
found
that where the IBA itself remains
York
Inc.
same
time,
been
Robert Mason
J.
program.
'At? .the-,
Gecrge J. O.to
Curtis
Gerald P.
the
the: nation-
Wide
Webber, Jackson &
Leonard
of
continue
play a very
^important part
Maclin
New
; ■
to
Hutton
Paine,
f
"Represen¬
,-IBA
Edgar J. Loftus
W.
through
tatives
Lawlor, Jr
Hornblower
was
April-
April 30.
St. Paul
William
k
e e
24
■
Weeks
nine
of
,W
from
Krysa
Co.
Evaluation
Invest
in America
w
Francisco
Robert
This
spring,
Kilduff
has
He
Schmidt's 1 paper
'An
Credits
of
& Co., New York
he
Drexel
titled
Offices
Wire to Goldman, Sachs
Irving
Francisco,
v
&
Frank E. Voysey
paper
Hornblower
with
with
Birmingham
Committee, presented
George J. Otto, a
in
partner
Co.
Abbott, Proctor &
is Manager of the
Municipal Bond Department in
the
firm's
Philadelphia
office.
Hli
hi
Peet
Committee
of the Invest
Chairman
San
Gage C. Frick
since 1957, and
Members
V,"*
&
Angeles
O.
America
by
Cincinnati
Winner
Institute
winning
Marshall
been
STERNE, AGEE & LEACH
V»4
Class.
for the
Second Year Class, which is also
the best paper submitted by any
•
irM
Realization
Its
First Year
the
MUNICIPAL and CORPORATE
r'A
Securities
the
by
Dealer," and I am
happy to present to
him $250
prize for the winning paper for
All
$
for
Securities
the
■..v4
in
Witter
America
in
A summary report
Co.
Eaton
Dean
Los
L.
IBA.
York
-4
',V t
made Manager
was
Fisher Building office.
new
"Tom Willmore has
Mi
-«<*
''<!
Willmore, Jr.
of active
years
S.
*
■1
.1
U.
the
Fenner
&
Smith, Inc., and
signed to their Detroit office.
4
'
F.
Year
commander, he was em¬
ployed by Merrill Lynch, Pierce,
**«
.iri
&
Merrill
tenant
INCORPORATED
>1*
in
First
the
of
Thomas
is
duty
"v. 4
-
winner
Following several
BerneyPerry & Company
4«4
Invest
Stiver
Cleveland
Ben II.
LuttreJ*
contest—this happy task
mine again.
•Vh#
Saunders,
Philadelphia
Contest Winners
Essay
essay
4
Co., Inc.
&
York
George
ing continues its superb function.
1950.
in
Dodge
Jack O. Doerge
H.
Bulletin.
IBA Institute of Investment Bank¬
Banking has been avail¬
since
Clark,
New
Kay, Richards & Co.
Pittsburgh
Dayton, Jr.
Kansas
industry
in the Fundamentals of In¬
vestment
in
offering
now
each
of
Committee
re¬
Correspondence
IBA
"The
course
and introduced
Exchange Op¬
through
Education
IBA
ago
Chicago.
University
ern
Vf
in
offered
was
:
years
•
The
from
the
viewpoint of the managing part¬
Angeles and other cities are now
annual events as more fully de¬
the New
York Stock Exchange became in¬
terested in directly sponsoring a
training
;>*
two
two
fall.-
this
presented
are
by
the Invest¬
groups.
able
Cooperation by Industry Groups
2|
is
course
excellent example of
an
"Courses
M'
not
are
Committee
tion
ing examination.
! vI
I
dual
this
in
proj¬
'The Man¬
on
Function
George R. Young
John W.
Banking Industry' sponsored
by the New York Group Educa¬
quired to take the NYSE qualify¬
Northwestern
University, continued their annual
$
ft/"*
tions.
new
Seminar
ment
Stock Exchange Opera¬
Registrants who complete
cooperation
cooperation
"*
the
and
course,
fundamental
good
providing
The
f > *
,y
than
more
instruction.
j'*v
</v,
\
in
only to be discontinued by
groups after several years
many
|:i
made.
is the Seminar
agement
Banking
NYSE-sponsored
Investment
of
Management
"The newest IBA training
ect
A*
f
The
49th Annual Convention
Co.
&
Francisco
San
TT"
3-2573
1!
I'M
Volume
192
Number 6012
.
.
.
The Commercial and Financial Chronicle
(2489)
Way of Life.' This
time
in
the -past
Northern
has
such
the
years
California
received
the third
was
four
•
(d)
Industrial
material
on
which
recognition.
"The program, coordinated from
the
Northern
California
head¬
sults
of
some
Committee
editors
broad
a
Central States: Hardin H.
accepted
basis, the
Karris
re¬
be
for
noted
(e) Over 300 24-sheet billboards
were
posted
throughout
Oregon,
quarters in San Francisco, drama¬
Washington and California.
tizes
through the joint efforts of vari¬
(f) The following materials were
printed
and
widely
distributed
ous
from
what
be
can
groups
highlights
accomplished
working together.
included:
Its
luncheon, SheratonHotel, Monday, April 25—
of
honor, L. L. Colbert,
Palace
guest
President of Chrysler Corp. Over
850 tickets were sold.
Mr. Col¬
bert's remarks were
entitled, 'In¬
vestment
in
America
as
for Peace.'
conducted among 17 San
were
Francisco
public,
private
high schools and
parochial
Oakland public
in
at
cooperation
Club.
Prizes
the
tries
best
hon¬
held
with
each
received
submitted.
the
Kiwanis
awarded to
were
best entries from
to
were
luncheon
special
a
and
five
high schools. The
San Francisco winners
ored
cards,; (3)
tents,
and
streamers.
(g)
'
>
.
•
.
school and
from
Such
the
all
en¬
car
and
were
used
mittee.
The
and Los
tees
Northern
all
tevelision stations
ifornia
and
volved
equally
radio
the
costs
in¬
the
between
two
"Plans are
already being de¬
veloped for the 1961 observances,
sisted of actual stock in American
life
winners'
choice
insurance
of which
advance:
were
-
Inr
certificates
and
policy, premiums
paid five years in
addition,
honorary
awarded to
were
100 additional students in
tion
for
the
tries'.;;:''
t\
quality of
Fred
five
their
Achievers
Northern
California
Stocks
savings deposits
from
and
were
com¬
funds
for
awarded the
are
initiated
at
this
later than the first
time
or
public function.
N.
Cumberland
of the year."
Olin
Nisbet,
inducted
into
office
the
at
C.;
Securities
National
John
R.
City, Mo.
Em-
Chi¬
Site
and
The
to
I.
have
A.'s
B.
the
Mississippi
Valley:
Louis
Lanford, Hill, Crawford &
ford, Inc., Little Rock, Ark.
the Hollywood Beach and
Diplomat Hotel, Hollywood,
Fla., during the week of Nov. 26at
This is the
Dec.
1.
tion
site
A.
(Special to The Financial Chronicle)
Lan-
HOLLYWOOD,
New
Arrangements: George S. Writ¬
Peters, Writer & Christensen,
York:
Lloyd
White,
City.
names
Weld,
&
curities
business
North
B.
Hatcher,
New York
Co.,
under
the
firm
Edward
Harriman 'Ripley
Canadian:
a
J.
offices
from
of
name
Specializing in Louisiana
UNDERWRITERS
&
Mississippi
Robert
Pacific
Municipal Bonds
Kerr,
Harold
B
New
Securities Acts:
Taxation:
Shearson,
PRIVATE
.
PERSHING
&
and
SYSTEMS
&
GREGORY
SONS
MEMBERS
Albert
Walter
Hammill
Stock
S'.ock
Exchange
Co.,
(Associate)
Howard, Weil, Labouisse, Friedrichs
AND
Erwin
.
Exchange
&
May-
&
American
York
COMPANY
_
A.
Steubner,
Kidder, Peabody & Co., Chicago.
New Orleans
U
211
Foreign
Investment:
Arthur
Carondelet
Read
&
St.
TUIane
—
2*711
L.
New
Wadsworth, Dillon,
Inc., New York.
y
Co.
Commerce
Development
Whitney National Bank
BANK STOCKS
WIRE
CO.
York.
Finance:
of
Explor. Co.
Southdown, Inc.
Soutiishore Oil and
CORPORATE SECURITIES
New
Federal
nard,
Shipping
Bank
America:
-
Pratt, Paine, Webber, Jackson
Curtis, Boston.
SANFORD
Corp.
Mississippi
Nat'I
Francisco.
Federal
Bank
H.
..
in
Electric
Steel
Mat'I
Kalvar
LOUISIANA MUNICIPALS
George J.
Otto, Irving Lundborg & Co., San
-
Louisiana
Ocean Drilling &
York.
; Invest
Central
Hiberhia
NEW ORLEANS
Planning:
Trust
Canal
Sons,
Sherburne, Bacon, Whipple & Co.,
New
MARKETS
Hausman
Mason, Mer¬
Fenner
&
Pierce,
Inc., Chicago.
Institute
,
&
D.
William
Lynch,
Smith
DEALERS
—
Co., New York.
Education:
rill
Co.,
TELETYPES
NO
364
Orleans,
La.
J.
NO 38 (Municipal)
(Corporate)
Governmental Securities: George
B.
Kneass,
The Philadelphia Na¬
Bank, Philadelphia.
tional
JAMES E. RODDY
JOHN
J.
ZOLLINGER, JR.
Group
Chairmen's:
Paul
W.
Fairchild, The First Boston Corp.,
Chicago.
Industrial
LOUISIANA
m*
r
Securities:
flf.
STOCKS
Victor
kee.
Securities:
Insurance
BANK
J.
LOUISIANA, MISSISSIPPI, ALABAMA, GEORGIA,
Loewi, Loewi & Co., Inc., Milwau¬
LOCAL
CORPORATE
Shelby
TENNESSEE, SOUTH CAROLINA, NORTH CAROLINA
Cullom Davis, Shelby Cullom Da¬
vis &
ISSUES
Co., New York.
Investment
and OTHER SOUTHERN MUNICIPALS
Companies: Herbert
R.
Anderson, Distributors
Inc., New York.
Membership:
Charles C.
Group,
Pierce,
Rauscher, Pierce & Co., Inc., Dal¬
las.
Municipal
Securities
Alan
NEWMAN, BROWN & CO.
INC.
K.
Browne, Bank of America, N. T.
& S.A., San Francisco.
Investment Bankers
INCORPORATED
Nominating:
140
TELETYPE
NO
180
&
CARONDELET
ST.
L.
181
E. Hutton &
D. 235
524-0161
Nuclear
-
NEW ORLEANS 12, LA.
SHREVEPORT, LA.
BATON
JACKSON, MISS.
,
ROUGE, LA. -.V,-'-
'
LAFAYETTE, LA.
nachte,
fill
James
W.
Co., New York.
Industry:
The
J.-Lee,
Paul
Chase
F.
321 Hibernia Bank
Ge-
Manhattan
Building ./•
NEW ORLEANS 12, LA.
Bank, New York.
Oil and Natural Gas
L.
Emery
Weld &
If
at
Avenue
Billups Western Petroleum
Blossman Hydratane Gas
Canal Assets, Inc.
J.
Alexan¬
der, James Richardson
Winnipeg, Canada.
DEALERS
Wertheim &
IKE D. SCHARFF
se¬
Investors Securities Co.
DISTRIBUTORS
Norman
Conference:
&
H.
Ray
—
Highland
FIRM
Securities:
Morehouse,
ATTIER
Calif.
Johnson, Jr. is engaging in
England: Joseph Mattison,
Jr., Estabrook & Co.. Boston.
Chairmen
Co., Inc., New York.
and
conven¬
same
this year's.
at
er,
U
•
voted
conven¬
The
New
of the new National
Committee Chairmen for 1960-61.
.
DISTRIBUTORS
annual
Form Pacific Investors
Committee
Aviation
•
Year's
governors
1961
Inc., Denver,
UNDERWRITERS
of Next
Date
Convention
Winsor,
Minneap¬
Co.,
North,
Co., Inc.,
Applegate, Hulane, Applegate
Humphrey, Inc., Pittsburgh.
1810
The
Inc., San Francisco; Murray
E. F. Hutton & Co., Los
Angeles.
&
tion
Upham &
W.
olis.
vention are:
Merrill
S.
Co.,
&
At¬
rie
Pennsylvania: Stanley
Russell, Jr., Blyth & Co., Inc.
Harris,
Zahner & Co., Kansas City, Mo.
Harvey J. Franklin,
Lynch, Pierce, Fenner &
Wilton
Collins
Minnesota:
Payne,
Corpora¬
Barrett, Fitch, North & Co., Kan¬
City, Mo.; Victor H. Zahner,
California:
States:
Julien
Corp.,
Western Pennsylvania: A. Low-
Alexander,
Sons, Win¬
Manley, Bennett & Co., Detroit. "
Carr
sas
Con¬
&
Space
Russell
R.
Rowles,
Rowles, Winston & Co., Houston.
Michigan: Robert A. Benton. Jr.,
Jr.,
Sons,
Texas:
Philadelphia.
Southwestern: Frank W.'North,
incoming Governors elected
their respective groups and
by
Kansas
Richardson
Lane,
Barret, Fitch, North &
Eastern
Corporation,
&
Brown
Southwestern: Frank
Group Chairmen for 1960as follows:
Central
W.
Har¬
Barton
F.
Alex.
lanta.
nipeg.
A.
B.
Southern: Harrison Clarke, The
Chairmen
Canadian: Norman J.
tion, Nashville, Tenn.
Ward,
l-
W.
Securities
Charlotte,
The New Governors
Jr.,
Johnson,
Harvey J. Franklin,
Lynch, Pierce, Fepner &
Smith Inc., San Francisco.
Valley: Howard H. Bank¬
Roscoe
Baltimore.
California:
C. J. Devine & Co., Cincinnati.
Southern:
no
Southeastern:
vey,
Merrill
rich,
Richard
Denver.
are
James
Mountain:
cago.
Interstate
Smith
a
The
1961
&
Charles
Henning Hilliard,
Son, Louisville,
&
Northwest: E.
Rocky
Exchange Relations: Mar¬
The Group
F.
Northwest:
Jo¬
Agren, Cruttenden, Podesta & Co.,
F. Hellman, J. Barth & Co., San
Weeks,
in America Week are those which
over-all winner
honored at
John
Valley:
Hilliard
Papific
Syndicate:
Robert
A.
Powers,
Smith, Barney & Co., New York.
St.
Easter, Blyth & Co., Inc., Seattle.
winners in these contests and the
was
K.
Co.,
the most effective programs which
reach their climax during Invest
en¬
held
were
&
Fulton,
Co., Cleveland;
Hudson, Ball, Burge &
Pacific
recogni¬
V
Junior
munities.
over
Elvin
Simon
Reid
W.
Ohio
er,
The
(c) Oratorical contests
among;
$1,000
a
co
Krause, Cleveland.
during Invest in America Week,
April 30 through May 6,
1961.
Past experience has indicated that
the
Valley:
M.
York:
Fulton,
which will reach their focal point
corporations, $25- deposits in savr
ings accounts and institutions of
Stock
Minne¬
Northern Ohio: W. Yost
Committees.
con¬
prizes
I.
J.
B.
Miller,
&
Larson, Richards, Merrill & Peter¬
son, Inc., Spokane.
State Legislation: Robert A. Po-
Curley,
Paine, Webber, Jackson & Curtis,
New York; W. Neal
Fulkerson,
Jr., Bankers Trust Co., New York;
J. Emerson
Thors, Kuhn, Loeb &
Co., New York.
throughout Cal¬
divided
Co.,
Herman
Ky.
Ralph F. Leach, Mor¬
Guaranty
Trust
Co., New
Francisco.
New
and
Ohio
J.
desta, Cruttenden, Podesta & Co.,
Jr., F. S. Moseley & Co., Boston.
Angeles County Commit¬
covered
&
New England: Robert S.
California
L.
Smith,
York.
Louis.
tensively. There were developed
by the Los Angeles County Com¬
-
Chicago.
Mississippi
ex¬
James
Merle
&
Ohio:
Research:
gan
apolis.
spots
Securities:
Dick
New York.
George
Jr., Elkins, Morris,
Co., Philadelphia.
,
television
Railroad
Sheehan,
Minnesota: Arthur H. Rand,
Jr.,
Popper,
Radio
Northern
seph, Joseph, Mellen
Inc., Cleveland.
New York.
Pennsylvania:
Woodard-Elwood
table
Utility Securities: Carl
Brown, Dean Witter & Co.,
C.
troit.
window
,.
Public
Hawes,
Savings
Michigan: William L. Hurley,
Baker, Simonds & Co., Inc., De¬
(1)
11,000 dining
(4)
6,000
&
Elkins,
Stokes &
California
stuffers
and announcements
(b) Invest in America Competi¬
tions
Eastern
W.
175,000
en¬
entitled, 'Money
at
Work Means Men
at Work.';
(2)
15,000 posters and counter
velope
Force
a
Northern
headquarters:
Civic
(a)
the
Trust
Bank,
Chicago; Roy W. Leriche, First of
Iowa
Corporation, Des Moines;
Edward D.
McGrew, The Northern
Trust Co., Chicago.
months.
will
109
Securities:
Katzenbach
Co., New York,
II,
White,
r
Long Distance 345 & 389
Teletypes NO 189 & NO 190
I
110
Gf
The Commercial and Financial Chronicle
(£4:0)
.
.
Thursday, December 15, I960
.
v*
;
sistence, as was evident in Europe
recently. But our case is a valid
Gold and Sound Money
and
one
should
be
successful
its outcome.
Continued from page 21
cipline equal to that now imposed
by the movement of metal from
;:!l'
The
Gold
Message
and
Sound
Money
Though
back
.
gold
put
cannot
we
its past pedestal, we most
on
m
certainly cannot ignore its present
*MI
message.
Gold is still the stern
"voice of monetary discipline/For
'
K
1
-
I
*»'
■
claiming
-order.
•:% <»
< a •«!
<f
has
balance-of-payments
»1
b
it
now.
been
pro-
the
need to keep
sound
and
to
put
money
I
i
time
some
4,1
The
message
our
in
and more clearly in the
weekly charting of our official
gold outflow than in the erratic
price movements of the foreign
gold markets.
sooner
I
>1'
j'VW
»
We have
Mi-
been
losing gold at
a
We
foreign
our
going
trust
removal of
criminate
will
the
will
help
may
have to
proportion
the
minimize
ments
of
own
the
problem.
and
us,
the work
soon
which
we
This will
re¬
to
means
To
solve
in
5
f
tive
H'
our
But, as our nega¬
payments keeps
currency.
balance
of
providing them with dollars, they
I-:!.
'
'4'
M->%<
prosperous
partner
dead-end
making
writing
the
gold worth
our
its
up
dollar
price and
down.
writing
That
"course
would not buy
buy
time, it would only
Other countries, to
trouble.
their
with
rencies
exports,
us;
Unioan
the
in
with
appreciated
considerable
would
L
be
No,
v1r
gold
silly,
huge gift
value of its
holdings.
it
and
would
McFAUL
&
We
move.
economy.
;< *l
-/< »>
American Bank
Bldg.
Portland 5, Oregon
"Vtl1
til
such
of
the
be
what
our
to
the
is
for,
namely for making international
settlements, not for redeeming our
and deposits. Requiring
a
reserve of 25%
in gold against
the notes and deposits of the Fed¬
currency
eral
Reserve
banks
makes
our
gold supply for international pay¬
ments only about one-third of our
total gold holdings. Nearly $12 bil¬
lion worth is set aside
against
something
used
Bell
M if
our
up
'M?
extreme
dollar
under¬
sound
a
technology,
get
our
our
forward
rid
of
tax struc¬
integrity.
by the warning signal
we
are
tidying up the
of
lr ,,f
financial
our
policies.
doing
so,
let's
few pieces
of old
are
we
straighten
a
furniture.
njr
Would
Prohibit
Gold
Purchases
Abroad
Pacific Northwest Securities
$»!
gold
policy
BLANKENSHIP, GOULD & BLAKELY
INCORPORATED
United
States
1929
gold abroad is,
practice, a privilege of rather
limited
availability. The means
and mechanisms required for its
in
EQUITABLE BUILDING
PORTLAND
Lr*'
owning refined gold in this
country. That policy should be
extended to prohibit the holding
of
gold
by
U.
S.
anywhere
The purchase of
;5i
v it
4, OREGON
exercise
/ lit
make
exercise of its
System Teletype PD 280
ML
it
national
very
the
And
so.
runs
basic
have
Bell
it'
counter to
our
gold policy. It can
unfortunate
side-
effects.
When people living here
buy gold in foreign markets, ob¬
servers abroad tend to exaggerate
Mil
;wf
the
BROKERS
1
UNDERWRITERS
•
•
DEALERS
•
DISTRIBUTORS
-
y.if
significance. The buying of
speculators or eccentrics is likely
to be mistaken for signs of con¬
cern
Investment-
t|H
among
Sealing
responsible investors.
up
this gap in
policy would in
>Vl!
TV
our
gold
way interfere
of all residents
no
with the freedom
quality
/HI AO
Agreement
In
.
.
.
and
*k\*
-
the
of
New
Insurance,
with Henry C.
Alexander's
gold.
cf.
Jacobs
the
..
the
in
further
logical step
a
of
improvement
international monetary frame¬
our
it
that
So
will
such,
as
be
clearly
probably
it
balance-of-
our
payments
position
shows
more
clearly the results of our buckling
to
down
the
basic
problems. In
setting, repeal of
gold reserve requirement will
be seen for what it is—a change
that
favorable
the
to
realistic
more
a
the strength
AsJ'I
of
statement
of
gold position.
our
cautioned
discussion
the
at
has
been
outset,
mostly
why
do so many others these days—
place so much stress on sound
money? It is not out of corcern
for the cold inanimate gold lying
heavily in dark vaults, but rather
meaning of money in the
lives and welfare of people—all
people.
Such
temporary
incon¬
veniences, or even hardship, as
for the
maintenance
of sound
Mr.
of
Guaranty Trust Company of New
suggested
that
the
System's obliga¬
also
York
Federal
Reserve
tion to maintain 25% gold
Direct
private wire
offices and 5
system
J:v
throughout the West and
■fe
;v!l
.
gold would be fully available as
against external liabilities.
cover
In
Staff Study
a
t*V'
International
on
which was published
by
the
Interantional
Monetary
Fund in 1958, it was noted that a
Liquidity,
in
ments
is mostly
geld
cover
of
terms
have
countries
abolish
fit to
seen
of
number
great
require¬
gold
because
longer needed
but only for
no
for internal purposes,
the settlement of international ob¬
ligations.
For
my
part,
I
think
be all to the good
it would
of
maintenance
the
if the
25%
gold
well as the 4x/4%
interest rate limitation, could be
removed
simultaneously.
I
am
rule,
cover
that
regard
of
as
opinion
abroad
would
simultaneous removal
the
the~e two
limitations with ap¬
proval, and that such steps would
;thus contribute to a strengthen¬
early 1930's, when currency after
ing of confidence in the dollar."
currency was left to
wander in
stormy seas with only drifting
With McCourtneylights to steer by. We remember
those days as a period of world¬
Breckenridge & Co.
financial
wide
than
that,
lines
we
bank
at
chaos;
but,
more
remember the long
windows
and
soup
kitchens; the silent factories; the
still
ships;
the
idle,
anxious
people.
Our well-being as individuals—
all
hundred
eighty million of
— our jobs, our
opportunities, will be
directly affected by what we as a
us
one
in this country
homes,
nation
in
its
it
tcn
do
about
our
money.
Courtney
bers
master.
must
be
It
is
his
made
servant, and
to
serve
him
of
change.
-
.
Joins
..
Breckenrid^e
&
Co.,
Bank Building, mem¬
the
Waddell
Put
place, money is not
his undoing, not
proper
LOUIS, Mo.—Charles E. Shelis now affiliated with Mc-
Boatmen's
our
man's enemy, not
his
(Snecinl to The Financial Chronicle)
ST.
&
Midwest
Ex¬
Stock
with
formerly
Reed, Inc.
>
He
was
Ball, Burge Firm
(Special to The Financial Chronicle)
AKRONOhio—Barbara.R.
Wag¬
joined the staff of Ball,
Burge & Kraus, First National
Tower Building.
ner
has
connecting
correspondent offices
coast-to-coast.
A. HOGLE & CO.
Members
a.
backing
against notes and deposits should
be abolished, so that all the U. S.
equities
21
^!:
of the Morgan
Board
the
,
v-fff
${*»
|re¬
speech,
Alexander, Chair¬
C.
Henry
man
sure
painful, long-lasting hardships
that
are
wrought
by
unsound
money.
Most of
remember the
a
cent
•
.Mrs
address.]
"In
Per Jacobsson
money
entail is small compared with
may
Alexan¬
..
Repeal of the 25% gold-backing
provision would be
New
YorV
Slock
Exchange and Other Principal
PORTLAND
MEMBER
FEDERAL DEPOSIT
INSURANCE
CORPORATION
Exchangee
THE
FIRST
of
text
Mr.
der's
:
on
subject.
full
Repeal of Gold Reserve
Statute
n's
[Ed.'Note—
p.
20
of
this issue fot
a country's do¬
supply a charge
against its international reserves
make
money
Favors
Per
so
remarks
.'tii
ai
on
The fol¬
from
is
corporate
and
oncurred
c
municipal
bonds
f
5
annual
institute of Life
York City,.Dec:
13, the IMF's Managing Director
meeting
H<4»*'
v
the
before
address
an
securities
''/Hi
;>i?o
LHtti*
|Vui
;
With Alexander
be
the
residents.
'Mil'
b/tr
'/.no
In
'
.
illogically
mestic
prohibits
now
the
of
from
5Sti»
H
Per Jacobsson
lowing extract
the
Our
residents
Beach,
1960.
28,
monetary scholars were question¬
ing the wisdom; of central bank
requirements expressed in
gold or foreign exchange, and this
line of questioning has recently
been revived. Such requirements
competitive
gold,
While
'OH
ESTABLISHED
Nov.
reserve
should wait until
the
move
—-
sharpen.!
house
'
'?Mf
Hollywood
Convention,
America
proposal
understood
Alerted
of
'•'■if
-
about money. Why do I—and
cal
Teletype—PD 254
M a:
■
the
the early 1930's,
as
this
M<"
;«»s
^
by Mr. Alexander beforeInvestment
Bankers Association of
address
"An
redeem.
to
As far back
cannot
straight line of monetary and fis¬
/•10
i!)
our
as a rererve
it
abilities in world trade, walk the
*<{
■[»'
and
gold
people
own
—
for
We have to work from
bedrock
with
ture,
fii
»l
cur
world
the
an
defend
can
growth barriers in
: «»'
.VM<
"'■v{U
Along with protecting our store
gold, we should make clear-
call
sensible
policies,
pinned by the bedrock of
INVESTMENT SECURITIES
;••»»
relatively
gold
own
near
even
with
I l''r
It
would
nowhere
are
that
consideration
HESS
l<
al¬
few
indi¬
overseas is
dollar;
Florida,
work.
we
point
•j-jpi
to
a
immoral.
Mb
'!■
de¬
would
would
Soviet
'
the
of
not.
to
we > deal, ;This
perspective when we
of men and money.
which
in
stance
speak
defense
a
of
first concern with the sub*
Persuasion in these delicate
Ms
:•
by
more
all faith in cur¬
jeopardized;
the
gold-poor underdeveloped coun¬
matters will take time and per-' tries woulld be further impover¬
ished; and we would present the
ance.
[V!».
*
payments
our
we find
advocacy of trying to
problem by taking the
road
of
devaluation,
our
value
I'Hi
as
the
country's credit,
our
protect
our
to carry a larger share
joint burdens in military
preparedness and economic assist¬
our
cut
loans.
strengthen
serious
no
of
efforts to
countries
position.
nations
persuade
should drop it
we
and
inforce
continuing
idea
effectively bind their
Right now we
employ every appropriate
grants
holdings, still showing confidence
!■;!!
attractive
an
other
as
that have piled up dol¬
lar claims against us. They have
continued increasing their dollar
our
not
must
balance-of-pay-
with
is
Ad¬
abroad, dramatize both to
people and to our allies
earnestness
view
aid
the
viduals
our
must be
our
"ties" which
impact of government op¬
erations
tt
foreign-aid
grants and loans to the purchase
of American goods. This "tying"
President Eisenhower this month,
to
exports,
our
explain why we
"tie" an increasing
of
job
and
new
carry
to
be
exchange is essential
currency
lowing
always
well. As bankers, this must
anywhere in
Maintaining freedom
are
weight
add
against
also
the
at
also
dollars
world.
to
Answer
barriers that still dis¬
our
measures,
that
will
the
ourselves
we
their
vest
of
argument when-we press for
that
forward. The directives issued by
ernments
countries
is
ministration
VI»'
of
it
making
our
Not
efforts
to change their dollars into any
foreign currency, to spend or in¬
the
•
,
Devaluation
The
for
determined
must
we
our
gov¬
in
heartened
be
government
the
banks
but
time,
us
an
deficit
can
with
to
central
us
payments.
brisk rate—not to speculators, not
hoarders, but to
buy
the
soon
ML
and
buys
eternity—we
press
vigorously on with
sensible measure to correct
must
'#»!'■
nervous
international trans¬
our
It
not
every
,
read
was
actions.
will
our
position
massive gold supply—
our
balance in
»)
Mi
i mi
Thus
still nearly
half the free-world
monetary "total—buys us time in
which to cure the stubborn im¬
country to country.
'I
inevitably cash some of them for
gold.
>
in
NATIONAL
BANK
OF
"OREGON,
PORTLAND
&r„.-S
S
i
T
(
Volume 192
Number
6012
,
..The Commercial and Financial Chronicle
.
(2491")
111
!1
.-ui
Indications of Current
Business Activity
K vl
E'l
t'1,
o
m
AMERICAN
-•;i
Steel
Equivalent
Steel
:r:i!
42
and
and
gallons
Crude
operations
Dec.
—
Distillate
(net
tons)
!
stills—daily
(bbls.
average
(bbls.)
oil
fuel
output
(bbls.)
fuel
n„
OF
at
AMERICAN
cars)
7,983,000
13,367,000
12,362.000
2,600,000
13,168,00o
6,257,000
5,897,000
6,713,000
187,242,000
36,902,000
187,906,000
37,099,000
36,745,000
30,351,000
172,642,000
175,741,000
180,453,000
49,339,000
*48,808,000
49,079,000
471,400
599,493
448,206
472,828
512,046
524,304
181,406,000
cars)—Dec!
NEWS-RECORD:
Total
U.
S.
Private
construction
State
and
Bituminous
coal
S.
and
lignite
STORE
ELECTRIC
Electric output
FAILURES
steel
Pig iron
INDEX—FEDERAL
AVERAGE
(in 000
6,390,000
7,925,000
*327,000
387,000
471,000
(per
Dec.
3
INDUSTRIAL)
—
14,604,000
*172
Export
249
14,368,000
1
Dec.
14,111,000
14,167,00(
Dec.
290
298
6.196c
6.196c
Dec.
$66.32
$66.32
$66.32
Dec.
ton)
6.196c
$28.50
$28.50
$28.17
Average
$66.41
$42.50
■
Noninstallment
24.700
Single
99.125c
Charge
Dec. 13
86.51
86.25
87.56
87.05
86.51
J"
90.91
90.91
J v Vli
81.65
84.04
91.62
Dec. 13
88.81
86.11
86.24
,*80.93
87.86
89.37
86.11
85.85
{';
:
Orders
88.13
88.13
84.17
*87.99
88.67
86.24
3.84
3.96
3.80
4.39
4.67
.
4.67
4.63
4.86
4.35
4.35
4.30
4.57
of
=
of
4.58
4.55
4.85
*4.56
4.51
4.69
Dec. 13
354.9
355.8
354.3
375.1
3
280,359
3
3
FOR
ACCOUNT
stocks
AND
in
261,948
409,354
'
355,583
338,55'
308,733
295,92c
'
88
469,198
,
8(
476,497
OF
9
108.90
108.80
108.71
111.67
MEM¬
332,150
.
1,696,720
1,744,230
1,469,940
2,250,12(
2,147,590
2,248,630
1,802,090
2,669.36C
342,990
318,310
248,910
379,500
33,100
50,300
41,300
34,IOC
Nov.
initiated
purchases
the
on
251,160
18
284,260
floor—
.
329,170
288,730
379,470
330,030
403.840
437,940
:
678,865
710,684
142,520
164,500
521,208
587,959
633,900
1,073,473
663,728
752,459
711,430
1,313,536
Nov. 18
'
for account of members—
Nov. 18
3,229,745
720,318
77,530
3,150,144
2,626,718
1,005,310
240,063
4,080,380
Nov. 18
STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF
LOT
..
;
DEALERS
EXCHANGE
AND
SPECIALISTS
—SECURITIES
ON
N.
EXCHANGE
719,200
450,980
693,403
2,469,088
'2,661,359
2,392,570
Nov. 18
—
626,490
Nov. 18
sales—
3,727,43.
3,095,578
Number
Dollar
of
STOCK
2,843,550
4,420,836
f
-1
of
dealers
Customers'
short
$68,206,820
(customers'
other
total
sales)—
sales
;
sales
Dollar
Nov!
of
sales
Round-lot
FOR
Total
dealers—Number of
STOCK
AND
ACCOUNT
1,369,877
1,959,235
$63,503,520
$101,064,443
.
ROUND-LOT
OF
ON
SALES
THE
shares
N.
Y.
17,551
1,383,596
«.
Other
PRICES,
NEW
=
Farm
SERIES
—
U.
S.' DEPT.
*Revised
147,800
DEPARTMENT
STORE
SALES
BANK
(average
monthly),
(average
daily),
(average daily),
239,700
190,100
150
135
147
138
140
136
FED¬
FEDERAL
unadjusted
—
unadjusted,—.—,—,
seasonally adjusted—w
149
141
,
INSURANCE—Month of
omitted):
$4,321
1
■
WEIGHTED
COMMON
$6,065
——
3.53
Average
(200)
Tel.
IN
.
690,710
17,098,380
13,410,050
<•''
'
105.6
42.0
83.5
72.7
;
*41.9
68.8
v
38.5
•
49.3
of
employees'
income..
...
14.0
13.8
27.5
24.2
•29.7
27.4
12 5
contribution for social
income
MANUFACTURING
of
9.3
9.3
7.9
393.3
——
—
nonagricultural
INC.—Month
10.1
12.5
30.0
■
35.0
12.2
27.6
;—
10.4
36.1
12.5
persons
11.2
12.1
14.0
income
45.7
11.3
—_——
professional
——_—_——.—_—_i—-——
49.2
36.2
income
and
Dividends
Less
258,6
*87.5
72.8.
.—
—
$384.3
*275.0
*111.2
87.3
———
———
*$408.8
111.1
*392.4
370.3
ASSOCIATION
September:
Motorcycle
(Number of):
Tires
—•-
Implement Tires
7,856,472
8,484,336
8,157,639
7,824,458
8,061,325
8,808.201
22,037,007
22,325,991
19,650,725
—
—
(Number of)—
17,931,880
833,500
3.38
275.2
———
labor
Business
Farm
Tractor
12,719,340
3.74
$409.6
—
industries
industries
&
Shipments
1,015,870
2.83
billions):
income.,
salary receipts, total—
Commodity producing industries
Manufacturing only »_
and
Passenger
13,131,790
3.57
3.07
COMMERCE)—Month
insurance
14,147,660
4.04
4.02
THE UNITED STATES
OF
(in
personal
Wage
RUBBER
857,750
5.09
3.83
3.60
(24)
j.,————
—
INCOME
October
Total
&
-—
(DEPARTMENT
Total
13,494,030
3.16
6.02
2.97
—
Tel.
(10)
PERSONAL
425,630
738,900
3.66
3.75
November:
—
Insurance
of
Amer.
(15)
388,950
425~630
$5,928
YIELD—100
of
—
incl.
(not
.—*
—
(25)
Utilities
$60,371,920
388,950
$5,585
3.93
AVERAGE
STOCKS—Month
(125)
Railroads
324,570
461,250
1,021
5.73
:
—
Industrials
$56,966,684
561,210
587
1,031
7
Total
436,900
324,570
$4,320
550
1,164
$66,418,736
458,900
$4,004
.
580
payments
4~36,900
134
Oct.
in¬
>
r
——.—
Transfer
Nov. 18
-
PURCHASES—INSTITUTE
INSURANCE
LIFE
184,400
128,600
106,300
October:
of
Sales
102,000
YORK—1947-49
OF NEW
Average=l(N>—Month
LIFE
SECOND
DISTRICT
RESERVE
RESERVE
Sales
31
Shipments
253,725
235,223
315,745
Production
232,443
241,527
316,131
920,540
931,776
854.017
Truck
and
Bus
Tires
(Number of)—^*
,—i—J.
—
Dec.
119.5
119.6
119.4
119.0
«.«_—
_
_«
—Dec.
89.1
89.7
88.6
85.7
—
Dec.
109.2
109.0
105.5
109.1
Dec.
other
than
farm
and
foods
97.5
97.5
96.0
89.4
Dec.
127.9
127.8
127.9
128.5
'
1,145,604
1,116,766-
■•—:
1,025,946
1,085,341
1,299,214
3,855,514
3,971,602
2,905,918
3,307,663
3,692,581
Inventory
:
Passenger,. Motorcycle,
Tubes
(Number
Shipments
^Includes
978,000
.
Truck
&
Tread
Bus
of)—
•
•
Rubber
—
3,016,671
4,064,885
10,445,733
10,253,694
8,334,261
(Camelbackjr—
Shipments
(pounds)
Production
43,432,000
(pounds)
Inventory
2,894,483
3,023,974
—
—
-1,447,954
Inner-
—
-—
Production
Inventory
barrels of foreign crude runs. ^§Based on-new annual capacity of 148.570.970 tdns
as of Jan.
1, 1960 as against. Jan. 1, 1959 basis of 147,633,670 tons.
+Number of or«Ws nrt r^nnrtp^ ,.wMonthly Investment Plan.
tPrime Western Zinc sold on delivered basis at centers where freight from East St. Louis exceeds
one-half cent a pound.
•
*
:
•
;
148,300
Shipments
———
foods
figure.
172,000
79,800
Production
——
products
commodities
66,800
90,000
81,000
1,249,179
14,351,780
OF
35,700
226,800
1,169,235
Nov. 18
—
Meats
All
October
(bales)
interest
100):
commodities
Processed
57,900
(bales)
Personal
Commodity Group—
All
(bales)
Shipped
18
Nov. 18
LABOR— (1947-49
Stocks
Produced
10,671
——Nov. 18
:
_
361,800
348,000
142,400
.
23,024
(SHARES):
sales
189,300
209,900
164,600
31
__
Inventory
sales—
WHOLESALE
353,500
322,900
Linters—
Production
Sales
Total
October
(bales)
(tons)
22,367
round-lot sales—
Short
(tons)
Shipped
1,644,026
STOCK
}
110,800
137,100
167,700
—
—
1,272,203
$TOCK TRANSACTIONS
MEMBERS
31
—
1,191,602
Nov. 18
purchases by
EXCHANGE
1,446,667
$67,541,044
Nov. 18
ROUND-LOT
Stocks
Nov. 18
;
Sales
Other
sales—
October
(tons)
Produced
1,633,355
$81,686,253
dealers—
shares—Total
Short
TOTAL
18
—Nov!
sales by
Number
1,401,147
Nov. 18
value
Round-lot
1,937,500
Hulls-
Rental
Nov. 18
sales
Customers'
782,200
701,900
—
31
(tons)
Shipped
Other
1,427,017
Nov. 18
by
1,832,200
412,900
of
Meal—
Service
-Nov. 18
orders—Customers'
909,800
760,800
PROD¬
(tons)
October
(tons)
Government
shares
purchases
2,876
1,639,000
SEED
COMMERCE—Month
mills
Distributing
COMMISSION
value
Number
4,525
3,136
—
.
Y,
3,380,559
ODD-
Odd-lot sales by dealers (customers' purchases)—t
Odd-lot
and
Stocks
Banks
Nov. 18
Nov. 18
Total
4,050
4,480
1,697,900
COTTON
OF
(tons)
MOODY'S
Nov. 18
———,—
Total round-lot transactions
4,376
4,563
—
419,240
floor—-
_
transactions
11,451
2,695,570
504.400
Nov. 18
purchases
1,657,490
450,870
Nov. 18
the
2,121,150
18
Nov. 18
Sales
11,992
9,534
•
2,207,890
—Nov.
—
off
9,575
11,984
ordinary
Nov. 18
—
initiated
10,879
Seed—
(000,000's
registered—
Nov. 18
—
;
Cake
OF
SPECIALISTS
which
—-—
sales
2,653
10,892
—
—
Sales
81
384,818
•
INDEX—
sales
Total
•
-
270,596
,
79
Dec.
—
PRICE
Nov. 18
Other
4.87
:•
307,561
3
Dec.
L
2,916
October:
Cotton
ERAL
of period
REPORTER
specialists in
Sales
Short
*5.11
4.55
100
transactions
Total
5.04
Dec.
at end
DRUG
purchases—
Total
Other
5.26
4.83
Jec.
TRANSACTIONS
Other
4.88
5.07
5.11
ASSOCIATION:
BERS, EXCEPT ODD-LOT DEALERS
Short
4.69
Dec.
(tons)
AVERAGE
Total
4.70
Dec. 13
activity
AND
Transactions
4.70
4.72
4.87
(tons)
orders
ROUND-LOT
4.46
4.58
(tons)
PAINT
4.50
Dec. 13
COMMODITY INDEX
Unfilled
1949
Dec. 13
Group
Percentage
OIL,
2,928
loans—
—
(tons)
Dec. 13
Group
received
UCTS—DEPT.
at
87.72
Dec. 13
:
Production
10,255
loans
AND
Stocks
87.72
Dec. 13
—
PAPERBOARD
SEED
81.78
83.91
Dec. 13
Group
NATIONAL
payment
Produced
Bonds
credit
84.43
83.91
.
MOODY'S
16,659
10,342
—
—
Crushed
AVERAGES:
..
Industrials
38,421
18,086
,
loans
79.13
Dec. 13
1
corporate
Utilities
$49,872
42,136
18,055
—
—
modernization
83.79
j'j f. j
if
Dec. 13
.
COTTON
and
Received
4.51
Public
$54,128
42,217
RE¬
credit
87.36
Dec. 13
—
Railroad
231,000
31:
accounts
Service
26.000c
Baa
490,000
97,000
credit
term
goods
12.500c
13.000c
80.93
Average
721,000
601,000
3,095
consumer
Personal
88.67
Aaa
869,000
698,000
$54,201
FEDERAL
.'
;
13.000
103.250c
DAILY
$1,590,000
1,098,000
4,326
Oct.
credit
credit
13.500c
102.000c
YIELD
$1,796,000
880,000
895,000
667,000
THE
OF
of
as
consumer
13.500c
101.875c
at
Bonds
Government
millions
Repairs
Dec.
BOND
$1,775,000
—
—
—.
intermediate
and
12.800c
PRICES DAILY AVERAGES:
Dec. 13
S.
short
11.800c
13.000c
■i
U.
$89,300
of
SYSTEM—REVISED SERIES—Esti¬
mated
11.800c
26.000c
Public Utilities Group
Industrials Group
"$92,500
EN¬
OUTSTANDING—BOARD
GOVERNORS
SERVE
Other
12.000c
13.000c
Aaa
MOODY'S
OF
CREDIT
13.000c
12.000c
26.000c
—
$93,700
—
Month
—
municipal,
Automobile
Dec.
Group
CONSUMER
30.850c
(primary pig, 99.5% ) at
corporate
Railroad
25,100
228,000
26.825c
Dec.
York)
12,800
25,000
Federal
28.200c
at
(New
$51,400
*13,200
.'
CONSTRUCTION
NEWS-RECORD
and
12.000c
13.500c
tin
$54,300
Oct.
of
13,500
construction
28.450c
11.800c
Government
Public
Dec.
Dec.
S.
$54,300
SERIES- -Month
———.
(000's omitted):
Instalment
at
U.
14,526
COM-
OF
construction
33.300c
(delivered)
Straits
14,007
_
construction,
S.
29.600c
Dec.
MOODY'S BOND
U.
29.600c
at
Aluminum
13,760
BRADSTREET,
&
-DEPT.
—
Dec.
at
Louis)
$50,376,000
—
29.600c
(St. Louis)
St.
*
Total
Dec.
Lead
(East
$80,604,000
IN THE
(NEW)
dollars):
.
ENGINEERING
in
'
at
(New York)
Zinc
3.891,000
25,900
Total
248
6.196c
Lead
fZinc
CIVIL
PRICES:
at
12,715,000
Retail
State
360
M. J. QUOTATIONS):
refinery
refinery
7,132,000
16,644,000
October
Wholesale
November
149
Electrolytic copper—
Domestic
14,417,000
$81,508,000
of
NEW
Private
&
DUN
ton)__.
&
5,323,000
13,050,000
17,877,000
liabilities
STATES—DUN
of
7,381.000
23,080,000
*
INVENTORIES
Total
232
Dec. 10
kwh.)
gross
(E.
$20,980,000
9,989,000
INCORPORATIONS
(Millions
1,125
20,894,000
liabilities
GINEERING
100
=
AND
$23,011,000
102
»
9,221,000
372,000
$16,104,000
—
—
liabilities
Manufacturing
RESERVE
INC
(per gross
steel
Scrap
7,310,000
113
1,269
40,200,000
Dec.
(per lb.)
METAL PRICES
98,700,000
41,100,000
132
MINES):
(tons)
SALES
COMPOSITE
Finished
143,000,000
38,800,000
INSTITUTE:
BRADSTREET,
&
OF
(tons)
(COMMERCIAL
IRON AGE
173,500,000
Dec.
BUREAU
SYSTEM—1947-49
EDISON
181,300,000
72,600,000
Dec.
Pennsylvania anthracite
DEPARTMENT
154,800,000
138,900,000
164
1,344
;—
*
INC.—Month
$293,700,000
130,300,000
184,100,000
106
532
218
"
MERCE
$314,400,000
172,700,000
212,300,000
Dec.
.—
;
(U.
$385,000,000
192,200,000
253,900,000
—Dec!
municipal—
OUTPUT
$446,100,000
Dec.
construction
Federal
COAL
Dec.
construction
Public
221
116
604
231
number
liabilities
UNITED
BUSINESS
218
613
—
Commercial service
Total
Ago
139
service
liabilities
BUSINESS
Year
Month
229
——
L
—
number
Construction
649,582
CONSTRUCTION—ENGINEERING
of that date:
Previous
BRADSTREET,
number
number
Wholesale
Retail
&
number
Manufacturing liabilities
53,898,000
522,936
Total
164,093,000
184,350,000
are as
October:
number
Commercial
28,772,000
2,988,000
oec.
freight received from connections (no. of
ENGINEERING
7,830,000
27,785,000
3,108,000
6,711,000
RAILROADS:
of
8,092,000
28,776,000
12,934,000
'
"
Dec'
Dec"
(number
7,026,525
of
Manufacturing
Construction
6,940,060
2,755,000
Dec
at
6,992,460
U7,834,000
ner'
(bbls.)
(bbls.)
freight loaded
Revenue
CIVIL
oil
fuel oil
ASSOCIATION
Revenue
2,726,000
29,053,000
"
D
_
(bbls.) at
Residual
FAILURES—DUN
INC.-r-Month
6,984,210
nJ!'
n^'
n
output
BUSINESS
Retail
Stocks at refineries, bulk terminals, in
transit, in pipe lines—
Finished and unfinished gasoline
(bbls.) at
Distillate
96.3
1,470,000
either for the
Month
Ago
51.6
*1,396,000
of quotations,
cases
are
Latest
of
(bbls.)
average
oil
that date, or, in
Wholesale
output—daily
production and other figures for the
cover
Dates shown in first column
Year
Ago
*49.0
§1,387,000
n
to
Kerosene
We^k
848.3
Dec. 17
Month
on
INSTITUTE:
condensate
fuel
Residual
17
month ended
or
Previous
Week
cent capacity)
output (bbls.)
output (bbls.)
Kerosene
week
month available.
or
each)
runs
Gasoline
INSTITUTE:
(per
castings
PETROLEUM
oil
Crude
STEEL
to—
ingots
AMERICAN
'A
AND
following statistical tabulations
latest week
Latest
IRON
Indicated
The
(pounds)
.—,v—
41.365,000
—
4,312,000
•40,330,000
*42,006,000
*26,847,000
44,055,000
44,929,000
33,502,000
112
(2492)
The Commercial and Financial Chronicle
Securities
NOTE—Because
of
in
Registration
American Mortgage Investment Corp.
April 29 filed $1,800,0U0 of 4% 20-year collateral trust
bonds and 1,566,000 shares of class A non-voting com¬
mon stock.
It is proposed that these securities will be
offered for public sale in units (2,000) known as In¬
large number of issues
awaiting processing by the SEC, it is becoming
increasingly difficult to predict offering dates
with a high degree of accuracy. The dates shown
in the index and in the accompanying detailed
items reflect the expectations of the underwriter
but are not, in general, to be considered as firm
offering dates.
them
until
conditions
market
disposition. Office
Center
210
—
favorable
are
100,000 shares of
—
$3 per
constructing and oper¬
ating recreation centers. Office — 210 E. Lexington St.,
Baltimore 2, Md. Underwriter—Investment Securities Co.
of Maryland, Baltimore, Md.
f
Sept.
Sept. 28, 1960
75,000 series I
75,000 series II
offered
in
stock,
common
for
stock purchase warrants, and
stock purchase warrants, to be
common
common
units, each unit to consist of two
land
and
amusement
an
near
recreation
park
American
196
on
(letter
1960
acres
notification)
of
(par 10 cents). Price
stock
common
Jan. 27
Aug. 22, 1960 filed 300,000 shares of common stock. Price
—$4 per share, Business—The company intends to oper¬
ate
7,
class A
American Playlands Corp.
Corp. y
;
filed 150,000 shares of
V
Development Corp.
share. Proceeds—For expenses in
'
,
Liberty, N. Y. Un¬
Inc., New York City. Offer¬
Recreational
American
St., Little Rock, Ark.
Underwriter—Amico, Inc.
ISSUE
REVISED
ing—Imminent.
Certificates, each representing $900 of bond*
Price—$1,800 per unit. Proceeds
used principally to originate mortgage loans and
—To be
ITEMS
•
PREVIOUS
derwriter—M. W. Janis Co.,
vestment
carry
SINCE
the land. Office—55 South Main St.,
and 783 shares of stock.
ACR Electronics
ADDITIONS
* INDICATES
Now
the
Thursday, December 15, 1960
..
.
Seaway Land Co.
Lawrence
St.
&
538,000 shares of common slock, of which
filed
Price—$3 per
off mortgages, develop and im-
350,000 shares are to be publicly offered.
share. Proceeds—To pay
of
Liberty, N. Y. Proceeds—For development of
Continued
on
page
113
common
shares, one series I 5-year purchase warrant, and one
5-year series II warrant. Warrants are exercisable ini¬
tially at $2 per share. Price—To be supplied by amend¬
ment.
Proceeds
For
—
salaries
of
additional
Underwriter—To be supplied by amendment.
Adler
y
Pall
Industries, Inc.
(letter of notification) 100,000 shares of
(par 10 cents). Price—$3 per share. Pro¬
ceeds
For acquisition and development of land ind
operating capital. Office—1201 W. 66th St., Hialeah, Fla.
—
Underwriter—H. P. Black & Co., Washington, D. C.
Admiral
21,
to
common
stock
be
offered
for
maximum
a
(no par)
subscription
basis
of
one
Proceeds
to
not
share
new
of
exceed
holders
by
Price—At-the-market, and
share.
for
of
minimum
a
29
Underwriter
(Stern,
Baruch (R.)
Engineering Co.
Sept. 27, 1960 filed 85,918 shares of common stock (par
10 cents), to be offered to holders of the
outstanding
of record Nov. 22
common
each
four
shares
on
held
the basis of
one
new
Zeiff
Davos,
rights to expire on
Dec. 7.
Price
To be supplied by amendment.
Busi¬
ness—The firm is engaged primarily, under government-
ufacturing activities related to the aircraft, satellite, and
missile
fields.
Proceeds
For
general
pur¬
Office—Du Pont Airport, Wilmington, Del.
poses.
corporate
Un¬
—
derwriter—Drexel
& Co., Philadelphia, Pa.
(managing).
Offering—Expected in January.
/
V.¬
Haas
G.
Co.
&
James
Inc.)
New
Canaan
&
(Bids
Pocket
$300,000
155,000
Morris
&
(Hill,
H.
&
Co.,
Inc.)
$202,000
Darlington
Inc.
Inc.)
&
Co.,
Grimm)
Ltd.;
8,000
Karen
Investors)
units
Securities
Corp.
&
Co.,
Inc.)
Tele-Tronics
Coast
Securities
Co.)
States
Shell
&
Capital
(Hayden,
French,
Inc.)
-
January 16
$300,000
Homes, Inc....
Stone
&
Co.)
fBerner
4,000,000
—To
maintain
markets
working capital.
Washington,
Office
in
selected
securities
and
for
1120 Connecticut Ave., N. W.,
D. C. Underwriter—Allen, McFarland & Co.
—
(S.
i
D.
Fuller
United
Gas
Fuller
&
&
Co.)
Co.)
be
received)
Allied
Bowling Centers, Inc.
$750,000 of sinking fund debentures and
100,000 shares of capital stock, to be offered in units of
$75 principal amount of debentures and 30 shares of
•tock. Price—$108 per unit. Proceeds—For
general cor¬
29
filed
161,573
porate purposes.
&
Co., Inc.,
offering has been postponed.
mon
ness
Note
—
The
and
(Lehman
December
sale
&
Co.)
$299,600
Brothers)
.
Oregon St., El Segundo, Calif. Underwriter—None.
American Consolidated
Mfg. Co.,
Sept. 27, 1960 (letter of notification)
Fund,
(Drexel
!
&
;
•
G.
Harris
December 27
Chemtronic
&
Inc.)
Inc.
39,500 shares of
(par 33% cents). Price — $5 per share.
For advertising and
promotion and accounts
Palm
Developers
f
(David
receivable. Office—835 N. 19th
St.,
Philadelphia, Pa. Un¬
derwriter—Martin, Monaghan & Mulhern, Inc., Ardmore,
Pa.
and
Educational
Life
Insurance
Dec. 5, 1960 filed 960,000 shares of
class A
ing stock (par $1) and 240,000 shares of
common
vot¬
Co., Inc.)
Co.,
Securities
class B non¬
voting common stock to be sold in
uints, each unit to
consist of 4 shares of class A stock
and one share of class
B stock.
Price—$25
per
and
allied
Inc.)
—
American
Income
Life
of
stock, to
be offered to the holders of the
outstanding common on
the basis of one new share for
each 5% shares held.
Price—To be supplied by amendment.
Proceeds—For
Waco,
Co.
corporate
Texas.
L.
January 3
Office—5th
and
Franklin,
Thalmann
&
and Lee Higginson
Corp., both of New York City
(managing). Note—This stock is not aualified for sale in
New York. Statement effective Nov. 9.
Plaza
&
Co.
Consolidated
,
,
•
$300,000
—.Bonds
m. '
&
$8,000,000
to
EST)
$12,000,000)
,
Trust.Beneficial Tr. Ctfs.
Co..
Inc.)
$522,500.
.
*
-
(Tuesday)
Natural
(Bids
'
•
to
be
Gas
Co..
received)
j.
Debentures
$45,000,000
Lake Superior District Power
to
February 15
—Common
Inc.)
$300,000
be
invited)
..Bonds
$30,000,000
&
(Bids
■.
Co.)
..Common
L. C.
Wegard
2:30
p.m.
EST)
(Blaha
March 15
&
Co.)
9,000. shatfes
Securities
Radar Measurements
—Common
^
Peabody
Rochester
Bonds
$20,000,000
.^Common
(Plymouth
& Co.
$285,000
(Tuesday)
Kidder,
-
Dodge Wire Corp
Walker & Co.;
Sherman
(Wednesday)
Chesapeake & Potomac Telephone Co
(Friday)
&
Corp.)
$600,000
Corp..
Co.,
Inc.)
Common
$299,950
(Wednesday)
Gas
&
Electric
to
be
..Bonds
Corp.—
received)
$15,000,000
(Wednesday-)
June 13
Bowl-Mor Co., Inc
(Paine,
,
.
Co.)
$6,000,000
Investment
(Bids
January 4
&
(Wednesday)
February 7
$564,900
Co.)
Corp....—
and
$1,000,000
Stern
a.
(Hodgdon
.
shares
Rohm & Haas Co
(Drexel
Co.)
H.
11:30
February 1
$242,670
.........Common
Wright & Co.,
D.
>„■ >'■.
(Thursday)
Kleinzahler,
and
/
..Common
.
purposes.
Underwriters—Ladenburg,
Controls
(Rodetsky,
common
:
(EST)- $4,125,000
received)
be
(Bids
$264,900
Does-More Products Corp...—
30
'*/ '
Granbery,-.
(Tuesday)
(Bids
Circle
Insurance Co.
Aug. 26, 1960 filed 90,174 shares
general
Investors
100,000
December
and
Curtis
Common
,
L.
&
Texas Power & Light Co..———_Bonds
Common
Co.)
Pictures, Inc
(H.
^
Power Co._—
Tail
(Equitable Securities Corp. and Kroeze, McLarty & Co.;
—
v
•
Common
(Bids; to
$300,000
(Wednesday)
Coast
December 29
-
•
unit.
Business—The writing of
lines of insurance. Proceeds—
For capital and surplus. Office
Third National Bank
Bldg., Nashville, Tenn. Underwriter
The last public
offering of common was handled by Standard American
Securities, Inc., Nashville, Tenn.
life insurance
Go.)
-
(Monday)
January 24
Otter
Common
Chematomics, Inc.
School
23
$400,000
Toledo
(East
&
'.•'/■
$400,000
:—
(Equity Securities Co.)
December 28
Bache
'
General Bowling Corp..———Common
(H. S. Simmons & Co., Inc. and McMahon, Lichtenfeld
&
Wilier Color Television System, Inc
Co.
•
Co.>•< $2,000,000
&
Noon
(Edward
■
American
Jackson
Marache
Bids
.Common
&
by
-
Jouet, Inc.
Telephone & Electronics Corp
(Equity
r
$279,999
Robinson &
Limited
Barnes
$7,000,000
(Wednesday)
Webber,
(Paine,
.
——Common
(Jay W. Kaufman & Co.)
stock
•
.
,
January
...^...Common
Co.,
(Tuesday)
Co.
...Bonds
EST)
a.m.
Co., Inc.——Debentures
;/y
.
Coral Aggregates Corp
&
11:00
New York Central RR.--ct----;-_Equip. Trust Ctfs.
$5,100,000
Corp
(Peter Morgan
$11,500,000
.......Common
Co.)
International Mosaic Corp..
(B.
Noyes
shares
.—^—Common
received)
be
stockholders—underwritten
to
Bowl-Mor
••
$4,500,000
Inc
to
January 18
.......Debentures
^Friday)
23
Equity
of
large machined
components
and
stainless
steel
sandwich
panels for use l in military and commercial aircraft and
missiles. Proceeds—To
selling stockholders. Office—225
—
Fuller
Hemphill,
(Tuesday)
97,371 shares
■
structural
Proceeds
D.
——Common
by
300,000
shares)
.Capital
Co., Inc....:.—;
Drexel
manufacture
common
(S.
.
Co.)
&
Security National Bank of Long Islands—Common
(Offering
57,986
Co.)
This
30, 1960 filed 251,716 outstanding shares of com¬
stock. Price—To be supplied
by amendment. Busi¬
—
&
"
Ritter
$300,000
Inc.)
—
Common
...
.
Dallas.
Altamil Corp.
Nov.
Securities
Common
Kansas Gas & Electric Co...—
(Wednesday)
Union
Co.,
&
Hallgarten
(Bids
Geotechnics & Resources, Inc
Office—Arlington, Texas. Underwriter
—Rauscher, Pierce
Dillon,
and
(Bids
shares
California-Pacific Utilities Co...
(Eastman
Co.
$160,000
Co.)
:
—
States Utilities Co
Gulf
shares
-
December 21
snares
Common
and Earl Edden
Bros,
January 17
Common
60,000
Offering—Expected in early January.
Dec.
$2,000,000
Common
to
300,000
Debentures
Corp
(Bids
Common
Inc.)
stockholders—underwritten
to
&
Speedry Chemical Products, Inc
D.
Corp.
Co.,
Gems, Inc
(Offering
(Tuesday)
Speedry Chemical Products, Inc
(S.
&
(Alessandrini
shares
Screen
December 20
(Monday)
Inc.
Freoplex,
Capital
Co.)
Ctfs.
$8,400,000
$300,000
Inc
&
shares
Datamation, Inc.
Common
Peabody
$13,260,000
150,000
—Equip. Trust
EST)
neon
units
Vector Industries, Inc
(Kidder,
Inc.)
Co
Schramm
(S.
Sept.
120,000 shares of
common stock
(par 10 cents) and 30,000 shares of com¬
mon stock
(par 10 cents). Price—Of 120,000 shares, $2
per share; of 30,000 shares, 75 cents per share. Proceeds
underwriting)
Capital
International
Canaveral
/
Units
25,000
(Plymouth Securities Corp.)
Debentures
Stetson,
&
(Bids
-
'
Bonds
$10,000,000
CST)
a.m.
Co
Cohu
Pacific
Southern
Brothers
Co
10:00
stockholders—no
to
Tube
(Winslow,
Common
Fricke
Moyer,
Lehman
by
$_o,6j4,400
oo.)
$300,000
Co.
(Woodcock,
(Offering
Peerless
$500,000
Stancil-Hoffman Corp....^1.
United
and
■**; ,/
;
&
Sucns
Pacific Gas Transmission Co
.Common
Treat
shares
.—Debentures
Goldman,
(Bids
$210,000
Resisto Chemical, Inc
(Amos
Co. 600,000
&
(Wednesday)
Iowa Power & Light
Common
Selected
Common
Sachs
Goldman
and
stockholders—underwritten
to
and
_
Meyerson
(Offering
$625,000
Units
&
Co.
Brunswick Corp.
Class A
Co.,
Paper Co., Inc
Polysomes,
(M.
Treat
$3,210,000
Books, Inc
Weld &
January 11
.Units
Equipment Co., Inc..
Patrician
(White,
—Equip. Trust Ctfs.
t
received!)
be
to
shares
Co
(Gidden,
Pathe
shares
136,000
Pacific RR
Missouri
Common
Co.)
Co.)
Co.)
&
(Tuesday)
January 10
$250,000
Mortgage Guaranty Insurance Corp.—__Common
(Bache
Common
(Schwabacher
$450,000)
Long Island Plastics Corp
(The
—..Units
$250,000
Inc.)
Co.,
&
(Monday)
January 9
Units
Co.)
&
Harris
Westminster Fund,
Allen, McFarland & Co.
8, 1960 (letter of notification)
(Thursday)
Corp.
Bell Electronic Corp
Common
(B.
(Pacific
man¬
$240,000
$200,000
Inc.
—
sponsored contracts, in research, development, and
Inc.)
Co.)
& Co. Inc
(Lloyd
and
Common
.Common
&
Co.,
(Blaha
Co.,
&
Baruch
(James)
share
with
Statmaster
& Co
—
American
A
—_—Common
Yarnall, Biddle & Co.
Inc.) 60,000 shares
Co.;
&
$8,550,000
Corp
shares
80,000
(Monday)
(Amos
All
Co.)
Arway Manufacturing Corp
For
—
Tenn.
for
19
each
working capital.
S. Bellevue Boulevard, Memphis, Tenn.
James N. Reddoch & Co., Memphis,
per
—
the
on
five shares held.
$6.25
stock
common
&
received)
be
&
Stroud
January 5
December
Brooks
inn, Inc.
(letter of notification)
1960
$300,000
Office
Rothschild
to
Weld
(White,
Class
F.
(R.
Benbow
44,440 shares of
of
(Friday)
Corp.
(L.
(Bias
Aeronautical
National
16
stock
common
Nov.
December
Built
Aug. 29, 1960
Chicago, Burlington & Quincy RR._-Equip. Tr. Ctf3*
NEW ISSUE CALENDAR
personnel,
liquidation of debt, research, and the balance for work¬
ing capital. Office—551 W. 22nd Street, New York City.
.Webber.
-Common
Jackson
Marache
&
Co.)
&
and
shares
Curtis
78,955
Granbery,
(Tuesday)
Virginia Electric & Power Co._—
(Bids
to
be
received)^ $30,000,000
...Bonds
to. .$35,000,000^..:
6012
Number
192
Volume
.
.
.
The Commercial and Financial Chronicle
(2493)
Business—The
Continued from page 112
and
•
Americana
Properties, Inc.
Oct.
27, 1960 filed 100,000 shares of common stock.
Price—$6 per share. Business—The operation of shop¬
ping areas and bowling establishments in Long Island,
a
broker-dealer with the SEC,
Bell
Electronic Corp. (1/9)
Oct. 12, 1960 filed
136,000 shares of common stock,
which 86,000 shares are to be offered for the
of
account
of the
issuing company and 50,000'shares, representing
outstanding stock, are to be offered for the account
Proceeds—For debt reduction and construction of
N. Y.
is
positions
securities, participate in underwritings, and the balance for working capital. Office—
1518 K St., N. W.,
Washington, D. C. Underwriter—Same.
and acquire additional real estate.
Office—60 E. 42nd St., New York City. Underwriter—
A. J. Gabriel Co., Inc., New York City.
properties,
prove
issuer
member of the NASD. Proceeds—To take
and maintain markets in
a
stores
and a bowling facility.
Office — 855 Montauk
Highway, Oakdale, L. I., N. Y. Underwriter—Plymouth
Securities Corp., New York City. Offering — Expected
in late January.
the present holder thereof. Price—To
be supplied by
amendment. Business—The,
company, which was organ¬
ized in May 1959, is a distributor of electronic
parts and
equipment manufactured by others. Proceeds—For in¬
Ampal-American Israel Corp.
*
Oct. 25, 1960 filed $5,000,000 of 7-year series I 6% sink¬
ing fund debentures. Price—At par. Proceeds—For vari¬
ventory and to carry accounts receivable. Office—306 E.
Alondra Blvd.,
Gardena, Calif. Underwriter
Schwabacher & Co., San
Francisco, Calif.
of
■
—
business enterprises in Israel. Office—17 East 71st
Street, New York City. Underwriter—None.
ous
Anelex
Nov.
25,
Bonneville
Corp.
1960
filed
65,000 shares of common stock, of
subject to. purchase on exercise of
warrants and 10,000 were issued to Putnam & Co., Hart¬
ford, Conn. Price—The 55,000 shares are issuable on ex¬
which
55,000
ercise
of
are
warrants
Portland, Ore.
&
$16 to $17.50 a share. The
10,000 shares are owned by Anderson-Nichols & Co., and
subject to purchase under options by three individ¬
are
uals
at
$7.50
ment and
speed
tape
paper
electronic
ing
share.
a
Business—The
manufacture
data
capital.
design,
150
Causeway
—
Mass.
St., Boston,
•
Bowl-Mor Co.,
Inc.
(1/18)
Underwriter—None.
Oct. 28, 1960 filed $2,000,000 of 6% convertible subordin¬
Apache Corp.
Oct. 26, 1960 filed $4,000,000 of 6% convertible subor¬
dinated debentures, due Dec. 1, 1975. Price — At par.
Business—Management of long-term risk capital invest¬
ments in gas, oil, and real estate ventures, and also in
mutual funds.
Proceeds—For debt reduction, working
capital, and to buy a small oil producing company.
Office—523 Marquette Ave., Minneapolis, Minn. Under¬
ated
amendment.
and
trays.
Proceeds—For
general
corporate
•
basis of
costs
mats,
purposes.
their
and
ca
members.
acquisition,
Insurance
Corp.
common
Price—$2
per
share.
Business—
•
and 150,000 outstanding shares
selling stockholders.
by amendment.
Business—The
pressure-sensitive labels.
Proceeds —
supplied
of
Aug.
For
•
Co., Inc.
300,000 shares of
Price—At par ($1 per share).
development of oil
Industries
6, 1960 filed 250,000 shares of common stock (par
125,000 warrants for the purchase of a like num¬
common shares and 125,000 common shares under¬
lying the warrants. Offering will be made in units, each
for
the
shares
purchase of
of
one
common
stock
share at $6
and
per
one
share
to
May 1, 1962. Price—$10 per unit. Proceeds—$200,000
will be used to expand the company's imports from Eu¬
rope
and Japan and the balance will be used for addi¬
capital. Office—1311 South 39th St., St.
tional working
Louis, Mo. Underwriter—Netherlands Securities Co., Inc.,
New York City.
•
Baruch
Sept. 20,
common
(R.)
& Co.
(12/19-23)
(letter of notification)
stock (par 75 cents). Price
1960
purposes.
Office
—
575
Forest
ceeds— For
general corporate purposes.
Office — 615
Robinson Bldg., 15th & Chestnut
Sts., Philadelphia, Pa.
Underwriter—R. P.
&
R.
delphia, Pa. Note—This
A.
Miller
statement
&
was
Co., Inc., Phila¬
effective Nov. 16.
Caribbean & Southeastern
Development Corp.
Sept. 28, 1960 filed 140,000 shares of common stock.
Price—$5.25 per share. Proceeds—For investment in land
in the Caribbean
area,
development of
Ga.,
and the balance for general
Office—4358 Northside Drive, N.
a
site in
corporate
Atlanta,
purposes.
W., Atlanta, Ga.
Un¬
Century Acceptance Corp.
Sept. 29, 1960 filed $1,000,000 of 6^% junior subordin¬
ated debentures, due
1975, with five-year warrants for
the purchase of 80,000 shares of
regular common shares.
The debentures
are to be offered at
par, and in units of
one $500 debenture with
warrants for 40 shares. Proceeds
—For working capital and
general corporate purposes.
Office—1334 Oak Street, Kansas
City, Mo. Underwriter
—A. G. Edwards &
Sons, St. Louis, Mo. (managing). Of¬
fering—Expected
•
in December.
'ST*
Chematomics, Inc.
Nov.
2,
which
and
1960
filed
(12/28)
188,300 shares
175,000 shares
to
are
be
of
common
offered
for
the
stock, of
public sale,
remaining 13,300 shares, being outstanding are
for the account of
selling stockholders,
of the new shares.
Price—$3 per
share. Business—The
company which was organized in
February 1960, is engaged in the development, produc¬
be
offered
subsequent to the sale
tion
and
distribution
Proceeds
—
For
new
of
heat-resistant
synthetic resins.
equipment, promotion, inventory,
working capital and research
and
development. Office—
122 East 42nd
Street, New York City, Underwriter—
East Coast Investors
Co., New York City.
•
Chemtronic Corp.
(12/27)
Sept. 2, 1960 filed 200,000 shares of common stock
(par
10 cents).
Price—$2 per share. Business—The company
makes and
sells
miniature
electrolytic capacitors. Pro¬
ceeds—For general corporate
purposes, including the re¬
payment of bank loans and the addition of technical
per¬
sonnel. Office—309 11th
Underwriter—Jay W.
Note—This statement
Ave., South, Nashville, Tenn.
Kaufmann & Co., New York City.
was
effective Dec. 13.
• Chisholm Ski Club, Inc.
Dec. 5, 1960
(letter of notification)
stock.
common
10,000
Price—At par ($10 per share).
—For
working capital. Address—Rumford,
derwriter—None.
shares of
Proceeds
Maine.
Un¬
Circle Controls Corp. (12/30)
1980 (letter of notification) 95,000 shares of
stock
(par 10 cents).
Price — $3 per share.
Business
Manufacture and rebuilding of
OcL 28,
common
—
electronic,
electro-mechanical and mechanical controls.
Proceeds—
For general corporate
purposes and
fice—204 S. W. Boulevard,
working capital. Of¬
Vineland, N. J. Underwriters
—Rodetsky, Kleinzahler, Walker & Co., Jersey City,
N. J.; L. C. Wegard &
Co., Trenton, N. J. and L. D. Sher¬
man & Co., New
York, N. Y.
Circle-The-Sights, Inc.
March 30 filed 165,000 shares of
common stock and $330,(10-year 8% redeemable). Price—For
stock, $1 per share; debentures in units of $1,000 at their
principal amount. Proceeds—For initiating sight-seeing
service.
Office—Washington. D. C. Underwriter—Nona.
000 of debentures
Click Chemical Corp.
Nov.:3,
1960 (letter of notification) 100,000 shares of
common stock
(par 10 cents). Price—$3 per share. Busi¬
ness—Manufacturers of household chemicals. Proceeds—
To go to a selling stockholder.
Office—601 S. Columbus
Ave., Mt. Vernon, N. Y. Underwriter—John R. Boland &
Co., Inc., New York, N. Y.
100,000 shares of
—
$2
per
share.
-
value
$1).
purposes.
N.
Co.
Y.
share.
common
stock
(par
Business—Consumer
Proceeds—For general corporate
Office—53 N. Park Avenue, Rockville
Centre,
Underwriters—Brand, Grumet & Seigel, Inc. and
Kesselman & Co., Inc., New
Colwell
common
York, N. Y.
Offering—Ex¬
Co.
ing fund debentures, due 1976, each $1,000 debenture to
have
To
of
Office—550 California
per
pected in early January.
stock. Price—To be supplied by amendment. Proceeds—
selilng stockholders.
Price—$4
Nov. 18, 1960 filed $1,000,000 of 61/&% subordinated
sink¬
(12/21)
1960 filed 57,986 shares of outstanding
Varick,
Coburn Credit Co., Inc.
Nov. 18, 1960 filed 50,000 shares of
stock
Utilities
$100,000 of 10-year
—
1960
California-Pacific
Nov. 21,
Coastal Acceptance
Corp. ;
Oct. 3, 1960 (letter of
notification)
7% registered series
sales finance business.
Finance Corp.
(letter of notification) 195,000 shares of
(par 20 cents). Price — $1.50 per share.
Proceeds—For business expansion. Office—1800 E. 26th
St., Little Rock, Ark. Underwriter—Cohn Co., Inc., 309
N. Ridge Road, Little Rock, Ark.
5,
Common
10c)
warrant
Caribbean American
Corp.
Sept. 14, 1960 filed 459,500 shares of
capital stock. Price
—$2 per share. Business—Caribbean real estate. Pro¬
Manchester, N. H.
Aug.
Dec.
consist of two
corporate
purposes, primarily for foreign investments
increased inventory. Office—623 S. Wabash Ave.,
Business
Inc.
ber of
unit to
(letter of notification) 100,000 shares of
stock (par 10 cents).
Price — $3 per
Business—Manufacturing Chemicals. Proceeds—
Chicago, 111. Underwriters—Lehman Brothers and Gold¬
man, Sachs & Co. (managing).
proper¬
Colo. Underwriter—L. A. Huey & Co., Denver, Colo.
Banner
Schramm & Co.,
Inc., New York City.
notes, to be offered in denomina¬
tions of $100 to
$1,000 each. Price—At face value. Pro¬
ceeds—For working capital. Office—36 Lowell
St., Man¬
chester,
N.
H.
Underwriter
Shontell
&
and
(letter of notification)
Proceeds—For expenses for
•
1960
Brunswick
ties. Office—Suite 1150, First National Bank Bldg., Den¬
ver,
Proceeds—$150,000 for ac¬
payable, $335,000 for mortgage and interest pay¬
ments, $250,000 for advertising, $250,000 for
development
costs and $290,000 for
general working capital. Office—■
1766 Bay
Road, Miami Beach, Fla.
Underwriter — S.
corporate
Proceeds—For investments in small business
fields, with a proposed
invested in any one such enter¬
prise.
Office — 1000 - 16th Street, N. W., Washington,
D. C. Underwriter—S. D. Fuller & Co., New York City.
Offering—Temporarily postponed.
stock.
(12/15)
common
general
Land sales and
development.
counts
Corp. (1/11)
5, 1960 filed $25,634,400 of convertible subordinated
debentures, due Jan. 1, 1981, to be offered to holders of
the outstanding common Stock of record Jan.
11, on the
basis of $100 of debentures for each 65 shares then
held with rights to expire on Jan. 25. Price—To be sup¬
plied by amendment. Business — The manufacture and
distribution of bowling products. Proceeds—For general
in avionics and related
common
shares, and warrants for the cash purchase of 50
Dec.
limit of $800,000 to be
A
consisting of $400 of debentures, 50
Street, Orange, N. j.
Underwriter—Sandkuhl & Com¬
N. J. and New York City. Offering
company.
class
Inc.
pany, Inc., Newark,
—Imminent.
Investing Corp.
July 12, 1960 filed 250,000 shares of capital stock (par
$1). Price — $10 per share. Business — The issuer is
a closed - end non - diversified management investment
17, 1960
9,
A
share.
Avionics
June
units
Brothers Chemical Co.
class
geles, Calif. Offering—Expected in late January.
Bal-Tex Oil
& Co.,
two
•
Approximately $1,080,000 will be used to redeem the
outstanding 5% preferred stock, and the balance will be
for working capital. Office—2540 Huntington Drive, San
Marino, Calif. Underwriters—Kidder, Peabody & Co.,
New York City* and W.agenseller & Durst, Inc., Los An¬
concerns
^
Price—$450 per unit. Business—The retail sale
Bronx, N. Y., stores of furniture, appliances,
cameras, photo supplies, and related items.
Proceeds—
To reduce accounts payable to factors, with the balance
for working capital.
Office—542 E. 138th Street, New
York City. Underwriter—Lloyd Haas &
Co., New York
City.
'
_■
in
to be offered for the account of
manufacture
.
^
.«■>•«-v/ shares of class
shares.
Avery Adhesive Products, Inc.
18, 1960 filed 250,000 shares of common stock (par
$1), of which 100,000 shares are to be offered for the
be
—
(James)
be offered in
•
Price—To
Brooks
common
Nov.
company,
Office
(12/19)
Oct. 24, 1960 filed $400,000 of 12% subordinated
de¬
bentures, due 1980, 50,000 shares of common stock, and
warrants for the purchase of
50,000 common shares, to
amount
account of the
of the
including working capital.
Office
245 Nassau St.,
Princeton, N. J. Underwriter—R. A. Holman & Co., Inc.,
New York City.
Offering—Expected in late December.
(par
required by law and to carry on
and further develop the business of the company. Office
—900 Market St., Wilmington, Del. Underwriter—A. T.
Brod & Co., New York, N. Y.
are
share for each 10 shares held. Price—
—
stock
insurance
it at the
new
24, 1960 filed 160,000
A common
stock, with stock purchase warrants attached, to be of¬
fered in units consisting of five shares of stock
and one
warrant. Price—$10 per unit. Business—The
construction,
sale, and installation of pools in New Jersey and neigh¬
boring states. Proceeds—For general corporate purposes,
coverage
to the members of the
above club. Proceeds—To be added to surplus to main¬
tain
one
Canaveral International Corp.
(1/16-20)
Aug. 12, 1960 filed 300,000 shares of common stock
(par
$1). Price—To be supplied by amendment. Business-
to
(1/4)
_
80c), to be sold to the Associated Traffic Clubs of Ameri¬
Provides
Inc.
Bradford Pools, Inc.
Bldg., Houston, Texas. Underwriter—None.
Ciuhs
—
—
1960 filed 107,317 shares of outstanding capital
5, 1960, filed 250,000 shares of
be- supplied by
working capital. Office
Mass.
Underwriters—Paine,
company's entry into the "tenpin" bowling
Newton Road, Littleton, Mass.
Under¬
writers
Paine, Webber, Jackson & Curtis, and Gran¬
bery, Marache & Co., both of New York City (man¬
aging)-. ... •
■ ;
•
.V.
' • • •
■•/.■ ■.
..
' . .
exploration and production of oil and gas. Proceeds—To
selling stockholders. Office—1410 Bank of the Southwest
Traffic
Co.,
Oct.
stock. Price—At the market. Business—The
Price—To
For
be
field.
Associated Oil & Gas Co.
Associated
—
supplied by amendment. Business—The company
manufactures pin - sitting machines for various
types
of bowling games. Proceeds—For
working capital and for
—
Dec.
Bowl-Mor
To
Office
1041 Utica Avenue, Brooklyn, N. Y.
Under¬
writer—Stern, Zeiff & Co., Inc., New York, N. Y.
Nov. 23,
Proceeds
Oct. 25, 1960 filed 78,955 shares of common
stock, to be
offered to holders of the
outstanding common on the
Arway Manufacturing Corp. (12/19-23)
Nov. 15, 1960 (letter of notification) 120,000 shares of
common
stock
(par 25 cents).
Price — $2 per share.
Manufacturers of plastic table cloths,
1975.
Road, Littleton,
Webber, Jackson & Curtis and Granbery, Marache & Co.,
both of New York City (managing).
•
—
due
Newtown
writers—Paine, Webber, Jackson & Curtis, New York
City and Piper, Jaffray & Hopwood, Minneapolis, Minn.
Offering—Expected in late December.
Business
debentures,
•
derwriter—To be supplied by amendment.
—
processing systems. Proceeds—To work¬
—
Co., Portland, Oreg.
ing and operation of bowling centers. Proceeds
For
working capital. Office—26 Broadway, New York, N. Y.
Underwriter
Arnold Malkan &
Co., Inc., New York
City (managing).
develop¬
of
high speed printers and high
readers for use with computers and
Office
Underwriter—Auld
Bowling & Construction Corp.
Nov. 28, 1960 filed
120,000 shares of class A common
stock. Price—$5 per share. Business—The
building, leas¬
from
at
Manufacturing Co.
Oct. 24, 1960 (letter of
notification) 32,000 shares of com¬
mon stock
(par 50 cents). Price—$5 per share. Proceeds
—For lease of a
building and operating capital. Office
—10915 N. Burgard,
113
St., San
Francisco, Calif. Underwriter — Eastman Dillon, Union
Securities & Co., New York, N. Y.
Campbell ChibOugamau Mines, Ltd.
Oct. 14, 1960 filed 305,392 shares of common stock to be
offered to warrant holders. Price—$4 per share. Business
—The company
owns
and works mining properties.
Proceeds—For general funds of the company. Office—
55 Yonge St., Toronto. Canada. Underwriter—None.
an
attached warrant for the purchase of 50 shares
stock. Also filed were 60,000 shares of com¬
common
mon
the
stock, of which 50,000 shares
account
of
are
selling stockholders.
to be
offered for
Price—To be
sup¬
plied by amendment. Business—Originating and servic¬
ing loans secured by mortgages on real property. Pro¬
ceeds—For working capital. Office—5856 Wilshire Bou¬
levard, Los Angeles, Calif.
Underwriter — Mitchum,
-
Continued
on
page
114
•'
H
t,"
114
(2494)
}'!>V
W*
—For
Jones & Templeton, Los
Angeles, Calif, and J. A.
& Co., Salt Lake
Vj
^
Commerce Oil Refining Corp.
Dec. 16, 1957 filed $25,000,000 of first mortgage bonds due
*-4
'
tr}»
'
l\$
iMr
■
i'4
i ? •i
Sept. 1, 1968, $20,000,000 of subordinated debentures due
Oct. 1, 1968 and 3,000,000 shares of common stock to be
offered in units as follows: $1,000 of bonds and 48 shares
of stock and $100 of debentures and nine shares of stock.
Price—To be supplied by amendment.
Proceeds — To
construct refinery. Underwriter—Lehman Brothers, New
York.
Offering—Indefinite.
^ Consolidated Circuit Corp.
Dec,
I • <$
fv|!
j
Office
retire
837
E.
a
notification)
of
shares
125,000
of
cent). Price—$1 per share. Pro¬
bank loan and for working capital.
one
Orangethorpe, Anaheim, Calif. Under¬
N. Y.
•Vj(
Wi
4
•A
i,
;U|
Consumers Cooperative
ti
Oct.
$
-
/'
'
p
i !-v
$8,000,000 of 5%%, 25-year subor¬
dinated certificates of indebtedness, 320,000 shares of
5%% preferred stock, 40,000 shares of 4% second pre¬
ferred stock, and 1,000 shares of common stock. Prices—
For
the
certificates
of
amount, and for the
»<x
Association
1960 filed
25,
100%
indebtedness,
common
of principal
stock and both classes of
the preferred stock, $25 per share. Business—The asso¬
ciation is a cooperative wholesale purchasing and manu¬
K4t.
facturing association and functions as a supply source
for local farmers' cooperative associations in
several
mid-Western States. Proceeds
For facility expansion
and improvement, with $1,739,600 to be used for the
retirement of maturing certificates of indebtedness and
redemption prior to maturity of such certificates and
t
l"'i>
*»vh
—
V*t
I
J-vi,
*
VH'-
I *-»,
*
1
>" k
i *"*>*■»
f ■
the 5*£%
i
i u«,
;<♦ fi;
'Vh
preferred stock. Office—3315 N. Oak Traffic-
Kansas City, Mo.
way,
Underwriter—None.
Investment Corp.
10, 1960 filed 100,000 shares of outstanding com¬
mon stock. Price—To be
supplied by amendment. Busi¬
ness
Purchasing retail instalment sales contracts and
making direct loans secured by personal property. Pro¬
go to selling stockholders.
Office —120 S.
St., Memphis, Tenn. Underwriter—J. C. Bradford
Co., Nashville, Tenn. (managing).
Third
I
&
Coral
Aggregates Corp.
Aug. 25, 1960 filed 100,000 shares of common stock (par
10 cents). Price—$4 per share. Business—The
company
•v4
intends
to
engage
in the
extraction
and
sale
of
rock.
Proceeds—For
■4.
„
equipment, working capital, and the retirement of indebtedness, with the balance for general
corporate purposes. Office—7200 Coral Way, Miami, Fla.
Underwriters—Peter Morgan &
Kf/
\ Robinson &
;4
•
Co., New York City, and
Co.. Inc.. Philadelphia, Pa.
Cove Vitamin & Pharmaceutical
if
# >.
fered
'K
?f-
in
units, each unit to consist of two shares and
warrant for
..
if
'!V I*
;%•<
the purchase of one
share. Price
—
To
a
be
supplied by amendment. Business—Mail order marketing
of vitamins through department stores. Proceeds — To
implement the company's merchandising plan and for
working capital. Office—26 The Place, Glen Cove, L. I.,
N. Y. Underwriter
Hill, Thompson & Co., Inc., New
York, N. Y. Offering—Expected in early January.
—
it
,*■: ft.
Cowles
»'A>
amendment.
of high
*■
*4i<
/
*^h4Mb
■f
—The construction of
*»St;
•
■
Specialty Co.
June 2
filed 150,000 shares of common stock (par 50
cents). Price—To be supplied by amendment. Proceeds
—To be added to the general funds in anticipation of
capital requirements, possibly to include acquisitions.
owner
stock, $1,-
completed ("shell") homes.
Underwriter
—
Atlanta, Ga. and New York City. Offering
26,
Inc.
Design,
common stock (no
Price—To be supplied by amendment. Business—
The
company
makes
agricultural
implements, feed
grinding and mixing equipment for the livestock indus¬
try, and conveying and seed cleaning equipment. Pro¬
ceeds—To selling stockholders.
Office—Hopkins, Minn.
Underwriters—Lehman Brothers, New York City, and
,V;.
i&lj
Piper, Jaffray & Hopwood, Minneapolis,
Minn,
(man¬
aging. Offering—Indefinitely postponed.
:fci'
Dalto
.$;■
Corp.
March 29 filed
"
offered
for
431,217 shares of common stock to be
subscription by holders of such stock of
record Oct. 7 at the rate of one-and-a-half new
shares for
each share then held. Price—$1.25 per share. Proceeds
a
t; ■
J
Office—5121
San
Underwriter
—
Fernando Road, Los Angeles, Calif.
Bateman, Eichler & Co. of Los Angeles,
Calif. Note—This statement
Electronic
withdrawn.
was
Tube
Corp.
Nov. 28, 1960 filed 100,000 shares of common stock. Price
—To be supplied by amendment. Business—The manu¬
Inc.
facture
—$4.50 per
electronic products/Proceeds—The acquisition of equip¬
sha^g.
Business
Development of vacuum
—
For acquisition of land
and construction of a factory; purchase of new machinery
and tooling; inventory and working capital. Office—3163
Adams Ave., San Diego, Calif. Underwriter—None.
/ ;;
system components. Proceeds
—
Detroit Tractor,
Ltd.
May 26 filed 1,375,000 shares of class A stock. Of this
stock, 1,125,000 shares are to be offered for the com¬
pany's account and the remaining 250,000 shares are to
be offered for sale by the holders thereof. Price—Not to
exceed $3 per share.
Proceeds—To be applied to the
purchase of machine tools, payment of $95,000 of notes
and accounts payable, and for general corporate pur¬
poses. Office—1221 E. Keating Avenue, Muskegon, Mich
Underwriter—To be supplied by amendment.
Diketan
Laboratories, Inc.
Sept. 30, 1960 (letter of notification) 150,000 shares of
common stock (par $1). Price—$2 per share. Proceeds—
To increase
inventory, purchase new equipment, for re¬
product development and working cap¬
ital. Office
9201 Wilshire Blvd., Beverly Hills, Calif.
Underwriter
Holton, Henderson & Co., Los Angeles,/
search and
new
—
—
Dodge Wire Corp.
Dec. 7,
—$6
(2/15)
1960, filed 100,000 shares of0commop stock. Price
Business—The manufacture
share.
per
aluminum
screen
cloth.
of
woven
Proceeds—The repayment of in¬
debtedness and general corporate purposes.
Office—In¬
dustrial Blvd., Covington, Ga.
Underwriter—Plymouth
Securities
Corp., New York
Does-More
City.
and
sale
initiation
ment;
indebtedness
.
of
cathode
tubes
ray
Corp. (12/29)
Oct. 12, 1960 (letter of notification) 75,000 shares of
common stock
(par 10 cents). Price—$4 per share. Pro¬
ceeds
To pay notes payable, purchase inventory, for
purchase of die and equipment and additional working
capital. Office—201 W. Semmes St., Osceola, Ark. Un¬
derwriter
H. L. Wright & Co., Inc., New York, N. Y.
—
—
•
Drexel Equity Fund, Inc. (12/23)
Oct. 25, 1960 filed 500,000 shares of common stock
production;, repayment of existing
working capital. Office—1200 fe.
of
for
and
Mermaid Lane, Philadelphia, Pa/ Underwriter—Harrison
& Co., Philadelphia, Pa. (managing).
/
;
;
/
Elion
Instruments, Inc.
^
^ ^
v
28,. 1960 filed 60,000 outstanding shares, of capital
stock (par 50 cents), together with five-year warrants
for the purchase of 6,000 new capital
shares, to be of¬
Oct.
fered
for sale
tenth
of
10
such
a
in
units
of
No
warrant.
share
one
sale
units. Price—To be
will
(par
Price—$10.20 per share. Business—This is a
new mutual fund, organized as a closed-end fund on Oct.
19, which will become open-end pursuant to the public
sale of these shares. Proceeds—For portfolio investment.
related
and sells
instruments
and
Durlan, Inc.
24, 1960 (letter of notification) 100,000 shares of
common stock
(par 10 cents). Price—$3 per share. Pro¬
ceeds—For promotion, advertising, purchase of equip¬
ment and working capital. Address—Blooming Glen, Pa.
Oct.
phia, Pa. Offering—Imminent.
operation
of
(managing).
Echlin
Manufacturing Co.
.v
(letter of notification) an undetermined
number of shares of common stock (par $1). Price—To
be supplied by amendment. Proceeds—To selling stock¬
holders. Address—Branford, Conn.
Underwriter—Blair
& Co., Inc., Chicago, 111.
1960
Edlund
Engineered Products, Inc.
(letter of notification) 100,000 shares of
common stock (par one cent). Price—$3 per share. Pro¬
ceeds—For plant improvements, purchase of new equip¬
ment, retirement of a short term loan and for working
capital. Office—350 N. E. 75th St., Miami, Fla. Under¬
25, 1960
Securities
New
York,
N.
Y.
ley
St., Bristol, Pa. Underwriter — Warner, Jennings,
& Longstreth, Philadelphia, Pa.
Offering—Ex¬
pected in late January-to-early February.
Mandel
Emerson
Electric Manufacturing Co.
1960 filed 54,033 outstanding common shares.
Price—To be supplied by amendment. Proceeds—To the
Dec.
13,
selling stockholder (Klingbill Real Estate Co.). Office—
St. Louis, Mo. Underwriters—Carl M.
Loeb, Rhoades &
Co., New York and Scherck, Richter Co., St.
Louis, Mo.
(managing).
Falls
Plaza
Limited
Partnership
Dec. 5, 1960 filed 480 units of limited
partnership inter¬
ests. Price—$1,000 per unit. Business—The
operation of
shopping center
a
on
Broad Street in Falls
Church, Va. Proceeds—For the purchase of land and the
erection of a shopping center. Office
1823 Jefferson
Place, N. W., Washington, D. C. Underwriter—Hodgdon
& Co., Inc., and Investor Service Securities
Inc., both of
Washington, D. C.
—
First
American Investment Corp.
14, 1960 filed 2,500,000 shares of common stock.
Price—$2 per share. Business—Insurance. Proceeds—To
acquire control of Western Heritage Life Insurance Co.
of
Phoenix, and to organize subsidiaries. Office—2222 N
St., Phoenix, Ariz. Underwriter—None.
16th
First
Small
Business
Industries, Inc.
Sept. 27, 1960 filed 100,000 shares of common stock. Price
—$4.50 per
share. Proceeds — For land, financing of
homes, and working capital relating to such activities.
Office—Portland, Oreg. Underwriter—Joseph Nadler &
Co., Inc., New York City (managing). Offering—Expect¬
ed in late December or early January.
Electro
Industries, Inc.
(letter of notification) 75,000 shares of
class A common stock (no par) and 20,000 shares of addi¬
1960
tional class A
writers.
common
stock to be offered to the under¬
Prices—Of
class A common, $2 per share; of
additional class A common, 2Vz cents per share. Proceeds
—To
expand the company's
of
-
Investment
Company
,
per
share.
Proceeds
common
stock. Price
To
provide investment
capital. Office—Tampa, Fla. Underwriter—None.
—
Florida Suncoast Land &
Mining Co.
Sept. 30, 1960 filed 1,050,000 shares of common stock, of
which 330,000 shares
are to be offered in
exchange for
and-assets, and the balance will be for
public sale. Price—To be supplied by amendment. Pro¬
ceeds
For the acquisition and
development of land,
mining operations and equipment, and the balance for
working capital.
Office—Tarpon Springs, Fla.
Under¬
certain
lands
inventory to
.
.
»..I
writer—None.
Foremost
Oct.
14,
1960
Industries, Inc.
(letter of notification)
100,000 shares of
common stock
(par 50 cents). Price—$3 per share. Busi¬
ness—Manufacturers of stainless steel food service equip¬
ment used
and
by department, drug and variety chain stores,
Proceeds—For expansion; to repay a
institutions.
loan; advertising, sales and promotion; for
working cap¬
ital and general
corporate purposes.
Office—250 W. 57th
St., New York, N. Y. Underwriter—Richard Bruce
Inc., New York, N. Y.
Freoplex,
Nov.
25,
Inc.
I
into
go
,
I
the
& Co..
(1/16-20)
1960
(letter of notification) 60,000 shares of
stock (par 10 cents).
Price—$5 per share. Busi¬
ness—The sale and
servicing of home food freezers; the
sale of bulk food
supplies for freezer use and the opera¬
common
tion
of
retail super market.
Proceeds
For general
corporate purposes. Address—Route
18, Tices Lane, East
a
—
Brunswick, N. J. Underwriter—Alessandrini
Edwards
19,
and
—
bowling centers.
Proceeds—For
general business purposes. Office—99
West Main St., New Britain, .Conn. Underwriter—Schir-
July
ope-
than
the
ing stockholders, who, are two company officers who wjll
lend the net proceeds to the
company. Office—430 Buck¬
—$12.50
Nov.
and
less
equipment for scientific
Pa.
21,
to
of
industrial measurement and analyses. Proceeds—To sell¬
Tampa, Inc.Oct. 6, 1960 filed 500,000 shares of
mer, Atherton & Co., Boston
stock
made
price of the
company's stock in the over-the-counter market imme¬
diately prior to the offering. Business—The firm makes
Office—1500 Walnut Street, Philadelphia, Pa. Distribu¬
tor and Investment Adviser—Drexel & Co., Philadelphia,
and
of
be
Oct.
cents).
establishment
associated
and
building and
Products
C Z j .}
r
Electronic
Sept. 28, 1960 filed 100,000 shares of capital stock. Price
Co., Inc.,
Offering—Expected in mid-January.
par).
4.
-
•
I960
Delta
1960
stock. Price—At par
common
(12/19-23)
(letter of notification) 50,000 shares of
common stock
(par 10 cents). Price—$5 per share. Pro-;
ceeds—Preparation of a ski lift for the current season,
redemption of notes payable and for development and
improvement of property. Office — Woodridge, N, Y.
Davos,
writer—Albion
Corp.
Aug. 22, 1960, filed 150,000 shares of
.&r
f-P
common
Fla.
Aug. 31,
St., Englewood, N. J. Underwriter—Bertner Bro*
Earl Edden Co., New York City.
1
-
Oct.
Nov.
Daffin
41-
?,vf
Brunt
tion,
—Sometime in January.
:i;.
I;;.
(letter of notification) 250,000 shares Of
($1 per share). Proceeds^To purchase new equipment, rental and for administra¬
tive costs. Office—115 Washington Blvd.,
Roseville, Calif,
Underwriter—A. J, Taranto & Co.,
Carmichael, Calif.
construction.
Tampa,
Courts & Co.,
V'4
:;iw
:
%?.
Electro-Nuclear Metals, Inc.;
primarily by
Proceeds—To increase mortgage notes receivable and the
balance for general corporate
purposes. Office — 2915
West Hillsborough Ave.,
'Aft
A-
(1/16-20)
1960
use,
production and distribution
500,000 of 9% convertible debentures due Jan. 10, 1981,
and warrants, to be offered in
units, each unit to consist
of five shares of common
stock, one debenture and one
warrant. Price—To be supplied by amendment. Business
?t
...
For
Crumpton Builders, Inc.
Nov. 17, 1960 filed 750,000 shares of
'4*
*44'
^;
—
Co., New York City and Gunn, Carey & Roulston,
Inc., Cleveland, Ohio (managing). Offering—Expected in
mid-January.
•
'
*
i'
?
Inc.
•,
packaging and export of electrical equipment, and for
working capital. Office—1346 Connecticut Ave., N. W.,
Washington, D; C. Underwriter — Carleton Securities
Corp., Washington, D. C.
stock
expansion and
purity chemicals for industrial
laundries. Proceeds
mill &
'>;.?«^
tlUi
'1
30,
Eastern Bowling Corp.
Nov. 29, 1960 filed 150,000 shares of class A stock. Price
—To be supplied by amendment. Business—The acquisi¬
Business—The
Office—Cleveland, Ohio. Underwriters—Shearson, Ham-
y.yji
'
working
Underwriter—Hess, Grant & Remington, Inc., Philadel¬
Co.
29, 1960 filed $2,500,000 of convertible subordinated
debentures, due Dec. 31, 1980. Price—To be supplied by
v;
,
Chemical
Nov.
if;!
'
Thursday, December 15, 1960
.
(letter of notification) '80,000 shares of
(par 10 cents). Price—$2 per share. Busi¬
ness—The processing of paper work on a service basis
for business organizations to provide them with the costcutting and time-saving benefits of electronics. Proceeds
—For general corporate purposes. Office — 100 S. Van
10
Inc.
Sept. 30, 1960 filed 108,000 shares of common stock (par
50 cents), and five-year warrants for the purchase of
an additional 54,000 shares
of common stock to be of¬
•
■;
Datamation,
Nov.
•
(12/27)
*$■
i/'
additional
Continental
ceeds— To
•
and
Calif.
—
i
notes
&
common
Nov.
■
r.Vf»
i
of
Underwriter—B. G. Harris & Co., Inc., New York, N../Y..
April 27 filed 2,000,000 shares of common stock. Price—
$1 per share. Proceeds—To establish a $250,000 revolving
fund for initial and intermediate financing of the con¬
struction of custom or pre-fabricated type residential or
commercial buildings and facilities upon properties to
be acquired for sub-division and shopping center devel¬
opments; the balance of the proceeds will be added to
working capital. Office—1321 Lincoln Ave., Little Rock,
Ark. Underwriter—The Huntley Corp., Little Rock. Ark.
* :*»v
«'V
—
(par
Consolidated Realty Investment Corp.
f»,
*
(letter
stock
writer—Russell & Saxe, Inc., New York,
>v,
i
1960
ceeds—To
r, «<|
,*• fi>
*
1,
common
retirement
Office—Norwood, N. J. Underwriter-^Sterling,
Co., 50 Broad St., New York City. Offering—
Indefinitely postponed.
;
Grace
and
),*>A
V>?f»
the
capital.
Hogle
City, Utah.
..til
i
.
.
i
Continued from page 113
"
The Commercial and Financial Chronicle
\
4-
New
York
Gala
Oct.
25,
City.
|
& Co.,
Inc.,
I
Industries, Inc.
1960
common
stock
ceeds
(letter
of notification)
16,000 shares of
(par 25 cents). Price—$5 per share. Pro¬
For
—
equipment, advertising and sales, working
capital, research and development. Address
Clifton
—
Jorge, Va. Underwriter—Storer
Va.
Garsite
Ware
&
Co., Roanoke,
Corp.
Oct. 12, 1960 filed
100,000 shares of
$3 per share. Business—A
common
stock. Price
hydrant jet fueling com¬
Proceeds—Expansion. Office—Seaford, L. I., N. Y.
Underwriter—Theodore Arrin & Co., Inc., 82 Beaver St.,
New,. York City.
pany.
J
*
,v
-
v
j;
.
Volume
Number
192
6012
.
.
.
The Commercial and Financial Chronicle
(2495)
stock to be offered in
a
television station
Office
4000
and
two
radio
stations
shares
debentures
$200
in Missouri.
corporate
Albemarle St., N.
Street &
repay
purposes.
States
29,
1960
Probable
County, Pa., on which it hopes to build a third.
equip the prospective establishment ($150,000), to repay a bank loan ($50,000), to add eight lanes
to a bowling facility ($50,000), and the balance will be
used for working capital. Office—2 Park Avenue, Manhasset, L. I., N. Y. Underwriters—H. S. Simmons & Co.,
Inc., and McMahon, Lichtenfeld & Co., both of New York
City.
' •
'
"
' ' - ■
•'
6,
1,285 of Investment Plans.
Utilities
filed
repay
reduce
Street, New York 5, N. Y.
Expected in mid-January.
Industrial Leasing
in¬
Co.
bidders:
Stone
&
by competitive bidding.
Webster
a.m.
at the Hanover Bank,
Heinicke
Instruments
and
for its
in
the
add
New
stock, of
110,000 shares will be sold by the
company and
110,000 shares for the account of
selling stockholders:
Price—To be supplied by amendment.
Business—Pro¬
duces
Street.
become
a
broker-dealer
licensed
in
states in which this offering is to be
made, and to offer
338,718 of the shares through its officers and employees.
The remaining 500,000 shares will be offered through
other
licensed
Geochron
broker-dealers
Laboratories,
on
"best
a
efforts"
Home
Inc.
Cambridge, Mass., to furnish
terminations
Proceeds
the
of
age
of
on
a
rock
of
a
—For
^
&
Resources,
Inc.
general
research
corporate
to
Packing Corp.
for
the
construction
of
an
additional
Golden
Crest
Records,
Inc.
due
in
units, each unit to consist of
'
Utah.
I
.
warrant; and 20,000 outstanding
600.000
1960 filed 110,000 shares of common stock. Price
—$3 per share. Proceeds — For general corporate pur¬
poses, including debt reduction, machinery and equips
rnent, inventory, and working capital. Office—Hoboken,
N. J.' Underwriter—Michael G. Kletz & Co., Inc., New
.
York City.
Gulf
Nov. 29.
Offering—Expected in late January.
due 1968 and 150,000 shares of
common
per
of
Proceeds—For
semi-conductor
production, research and
development,.advertising and selling, inventory, and gen¬
eral
ship,
funds.
N.
J.
Office—78
Clinton
Road.
Underwriter—Edward
Caldwell
Hindley
&
Power &
I960 filed
7,
1991.
Light Co. (1/11)
$10,000,000 of first mortgage bonds,"
Price—To be
reduce
Corp.; Equitable Securities Corp.; White,
Weld
Co.;
&
Irving Fund for Investment in U. S. Government
Securities
July
Town¬
Co.,
99
1960,
22,
Price
liic*
filed
400,000
shares
of
common
stock.
$25 per share. Business — A diversified invest¬
ment company, which will become an open-end company
with redeemable shares upon the sale and issuance of
the
—
shares
being registered.
Proceeds—For
in U. S. Government securities.
New
investment
Office—50 Broad Street,
York
Broad
City. Underwriter—Capital
St., New York City.
Counsellors,
50
Israel
Development Corp.
21, 1960 filed $3,000,000 of 5 %% convertible sinking
debentures, series A, due 1975, and JQP,000 shares
of common stock underlying such debentures. Price—To
Nov.
fund
be offered in denominations of $500, $1,000 and $5,000,
payable in cash or State of Israel bonds. Business—The
company
is a closed-end investment company which
makes funds available for the economic
development of
establishing or existing
Israeli businesses. Office—17 East 71st St., New York
City. Underwriter—None.
Israel.
Proceeds—To
invest
in
•
Jonker Business Machines, Inc.
Sept. 30, 1960 filed 50,000 common stock units, each unit
to consist of
of
class
B
one
basis of
share of class A
common,
holders of its
common
to be offered
common
stock.
and
3 shares
for subscription
by
Price—The
price and the
the rights offering will be supplied by amend¬
ment. Proceeds—To establish sales and information
cen¬
ters,
establish distributorships, expansion, and the bal¬
ance
for working capital. Office—404 No. Frederick Ave.,
Gaithersburg, Md. Underwriter — Hodgdon & Co., Inc.,
Washington, D. C. Offering—Expected in January.
125,000 shares of 100 par class A stock.
share. Business—The design and manu¬
in commercial production of these items.
Co.
1960
Harris Bank Bldg., Ill W. Monroe St., Chicago, 111.
common stock (par $1)
Proceeds—To further the corpo-
facture of control systems and subcontracted
precision
machining.
The firm
has
recently begun to make
double-diffused, broad base silicon diodes, but is not vet
expenses
Guaranty Land & Title Co.
1960 filed $750,000 of 7% convertible subordin¬
ated debentures,
Price—$4
Insurance
about
Dillon, Union Securities & Co.; Blyth & Co. and Kidder,
Peabody & Co. Bids—Expected to be received on Jan. 11
up to 10:00 a.m. (CST) at the Assembly Room, 8th floor,
10c par class A com¬ \ rate purposes and in the
preparation of the concentrate
Proceeds—The firm
and enfranchising of bottlers, the local and national
pro
-will use the proceeds of its first, public offering fot
motion and advertising
of its beverages, and where
working capital and general corporate purposes. Office
accessary to make loans to such bottlers, etc. Office—Huntington, L. I., N. Y. Underwriter—Dean Samitas
704 Equitable Bldg.. Denver. Colo. Underwriters— Pur
& Co., Inc., Ill Broadway, New York City and Valley
vis & Co. and Amos C. Sudler &
Co., both of Denver,
Forge Securities Co., Inc., Philadelphia, Pa. (jointly).
Colo
Note
This filing was withdrawn Nov. 16 and will be
Illinois Beef, L. & W.
S., Inc.
refiled imminently. Offering—Expected in late January.
April 29 filed 200,000 shares of outstanding common
Great American Industries, Inc.
stock.
Proceeds—To selling stockholders.
Price—$10
Nov 10, 1960 filed 500,000 shares of outstanding common
per share.
Office—200 South Craig Street, Pittsburgh.
stock (par 10 cents). Price—$3 per share. Proceeds—To
Pa. Underwriters—Amos Treat & Co.. Inc.. New York,
go to selling stockholders. Office—485 Fifth Ave., New
and Bruno Lenchner, Inc.,
Pittsburgh, Pa. Offering—Ex¬
York, N. Y. Underwriter—J. G. White & Co., Inc., New
pected in February.
York, N. Y.
Industrial Control
Products, Inc.
Guild Musical Instrument Corp.
Nov. 1, 1960 filed
Oct. 25,
Expected
com¬
shares of
share.
Life
—
Halsey, Stuart & Co. Inc., Lehman Brothers; Eastman
C Inc.
per
Offering
$1,000
a
Underwriter—Whitney & Co., Salt Lake Citv. Utah.
June 29 filed
and
supplied by amendment. Pro¬
past and future bank loans incurred
for construction, the aggregate cost of which is estimated
at $20,500,000 for 1960-1961. Office—823 Walnut
Street,
Des Moines, Iowa.
Underwriter—To be determined by
competitive bidding.
Probable bidders: First Boston
Inc.
one
purchasing, investing in and sell¬
However, the company
mortgages.
invest in
ceeds—To
Hydroswift Corp.
Oct. 20, 1960 filed 70,000 shares of common stock. Price
—$5 per share. Business—The firm, which was organ¬
ized in February, 1957, makes and wholesales
product*
and services for the fiberglass
industry, including particularly fiberglass boats known as "HydroSwift" and
"Skyliner." Proceeds—For general funds, including ex¬
pansion. Office — 1750 South 8th St., Salt Lake City,
Price—$2.50
Oct. 25, 1960 filed 85,000 shares of
mon stock.
Price—$3 per share.
Iowa
designing, manufacturing and selling of ball
valves. Proceeds—To retire bank loans, purchase addi¬
tional equipment and for working capital.
Office — 5
Lawrence St., Bloomfield, N. J.
Underwriters — Paine,
Webber, Jackson & Curtis and Tucker, Anthony & R. L.
Day, both of New York (managing).
smoke¬
.
•
offered
estate
per unit for the 1965
unit for the 1966 deben¬
per
Investors Funding Corp.
middle of February.
Nov.
ness—The
$150,000 will be used to discharge that
^portion of its obligation to Jones & Co. pursuant to
which certain inventories are pledged as collateral. The
indebtedness to Jones & Co. was initially incurred on
June 15, 1960 in connection with refinancing the com¬
pany's obligations to a bank. In addition, $15,0()0 will
house, and the balance will be used for general corporate
purposes. Office—614 Broad Street, .Utica, N. Y. Busi¬
ness—The company is engaged in the processing, pack¬
ing and distribution of meats and meat products, prin¬
cipally sausage products, smoked meats, bacon, and meat
specialties. It also sells certain dairy products., Under¬
writer—Ernst Wells, Inc., 15 William Street, New York
City.
v
" v-'
.V-
buy,
units at $4,450 per unit
(letter of notification) 150,000 shares of
common
stock (no par). Price—$2 per share. Proceeds
—For capital and surplus accounts. Office—522 Cross
St.,
Little Rock, Ark. Underwriter — Life
Securities, Inc.,
P. O. Box 3662, Little
Rock, Ark.
shares. Price—To be supplied by amendment. Busi¬
mon
proximately
used
be
debenture and
$4,190
Investors Preferred
Nov. 25, 1960 filed $1,000,000 of
debentures, due Jan. 1,
1971 with warrants for the purchase of common stock
June 17, 1960. filed 100,000 shares of 25c convertible pre¬
ferred stock (par $4).
Price—At par. Proceeds—Ap¬
be
the
Corp.
(letter of notification) 150,000 shares of
(par one cent). Price—$2 per share. Busi¬
Hydlromatics,
stock
Medal
;;
—
Vending Corp.
1960 (letter of notification) 140,000 shares of
(par 50 cents). Price—$2 per share. Pro¬
ceeds—To purchase vending machines, for inventory and
for working capital. Office—1212 Tower Bldg., Denver,
Colo. Underwriter—J. R. Holt & Co., Denver, Colo.
Gold
stock
at
sell other types of securities.
Office—511 Fifth Ave., New
York, N. Y. Underwriter—
None. Note—This company is a wholly owned
subsidiary
design and manufacture of precision measur¬
ing equipment, automation equipment and general pre¬
cision fluid controls. Proceeds
For general corporate
purposes.
Office—691 Merrick Road, Lynbrook, L. I.,
N. Y. Underwriter—Lloyd
Securities, New York, N. Y,
25,
common
real
of
may
ness—The
purposes.
Glamour
Nov.
1960
common
and
21,
purposes.
debentures, at $4,315
and
Business—The
Sept. 26,
Nov.
development. Proceeds—
Office — Westchester
County Airport, White Plains, N. Y, Underwriter—S. D.
Fuller & Co., New York, N. Y.
'
•,
i
For
ing
general
Hydro-Electronics
25, 1960 (letter of notification) 149,800 shares of
capital stock (par 25 cents). Price—$2 per share. Busi¬
ness—Scientific
tures.
of
Nov.
work
St., New York 3, N. Y. Underwriter
Co., Inc., New York, N. Y.
be offered for sale in $5,000
debentures
Dewar, Robertson & Pancoast, San Antonio, Tex. Offer¬
ing—Indefinitely postponed.
(12/21-25)
—
for the 1964
Underwriters—G. H. Walker & Co., New York, N. Y. and
For
Geotechnics
To
Oct. 4y 1960 filed 140,000 shares-of outstanding common
stock. Price—To be supplied by amendment. Proceeds—
To selling stockholders.
Address — Fort Worth, Texas
construction, equipment, and working
capital. Office — 24 Blackstone St., Cambridge, Mass.
Underwriter—Globus, Inc. and Ross, Lyon & Co., both
of New York City.
—
tubes,
Proceeds—To
★ Invesco Collateral Corp.
Dec. 8, 1960, filed
$300,000 of 6% registered debentures,
series due June 30, 1964; $300,000 of 6%
registered de¬
bentures, series due June 30, 1965, and $300,000 of 6%
registered debentures, series due June 30, 1966. Price—
Builders Acceptance Corp.
Howell Instruments Inc.
commercial basis, de¬
mineral samples.
and
engine industry.
Office—45 East 20th
—B. G. Harris &
corporate purposes.
Office — 409 N.
Nevada, ' Colorado Springs, Colo. Underwriter—None.
laboratory at
electron
subcontract
Manufacture of glass mosaics by machines and
Proceeds
For general corporate
—
processes.
July 15, 1960 filed 1,000,000 shares of common stock (par
50c). Price—$1 per share. Business—The company is
engaged in real estate financing and lending. Proceeds
29, 1960 filed 150,000 shares of common stock. Also
filed were 30,000 common shares underlying 6% con¬
vertible notes and 60,000 warrants to purchase a like
•number of common shares. Price—To be supplied by
Business—The operation
ness
$1,000,000 to purchase preferred stock of Nation¬
Investment Co., about $1,000,000 to purchase secu¬
Underwriters — F. Eberstadt & Co. and Dean
Co., both of New York City (managing). Offer,
ing—Expected in late December to early January.
basis.
for
does
International Mosaic Corp.
(12/23)
Sept. 30, 1960 (letter of notification) 93,333 shares of
common stock (par 10
cents). Price—$3 per share. Busi¬
cago, 111.
Witter &
Nov.
amendment.
Office—2035 Harding
rities of an as yet unorganized firm
tentatively named
"Credit Acceptance Co.," and the remainder for
general
corporate purposes. Office—105 West Adams St., Chi¬
the
instruments, and
outstanding loans and increase working capital.
Office—135 West Magnolia
Blvd., Burbank, Calif. Under¬
writer—Schwabacher & Co., San
Francisco, Calif, and
New York City
(managing).
About
wide
dissipating tube shield
AC
repay
Heller, (Walter E.) & Co.
Oct: 24, 1960 filed 100,000 shares of common stock (par
$1). Price—To be supplied by amendment. Proceeds—
shares of common stock. Price
—$1 per share. Business—Development of oil properties.
Proceeds—For general corporate purposes. Office—5245
W. Irving Park Road, Chicago, 111. Underwriter—The is¬
heat
a
precision
in the aircraft and rocket
Hollywood, Fla. Underwriter — Pierce, Carrison,
Wulbern, Inc., Jacksonville, Fla. (managing).
Petroleum, Inc.
to
purposes.
new
to
which
St.,
Nov. 10, 1960 filed 838,718
intends
corporate
production and sales
Dec.
own use and sale to others, and designs
high frequency cleaning equipment
cleaning and sterilization of glassware.
other general
of
International Electronic Research
Corp.
1, 1960 filed 220,000 shares of common
Co.
Heinicke, with the balance for plant and equipment and
Business—The company is a wholly-owned sub¬
sidiary of General Development Corp., whose principal
business is the development of large tracts of land into
staff
a
engineers, fi¬
product development, buy
equipment, and
working capital. Office—90 Forrest
St., Jersey
City, N. J. Underwriter—Ernst
Wells, Inc., New York
City.
nance
manufactures
used
per
Business—Makes and sells diodes.
Proceeds—To
establish
10, 1960 filed 67,000 shares of common stock. Price
To be supplied by amendment. Business—The company,
together
with
its
subsidiaries, makes stainless steel
pumps
$8
share.
Securities
Florida.
suer
1960
International Diode
Corp.
July 29, 1960 filed 42,000 shares of
6% non-cumulative
convertible preferred stock
(par $8). Price —
Office—Beaumont, Tex.
Proceeds—To reduce by $300,000 the issuer's note in the
amount of $470,000 payable to its president, Dr. Kurt J.
Genie
25,
(letter of notification)
1,000 shares of
(par $5). Price—$45 per share. Proceeds—
To go to
selling stockholders. Office—515 S. Aiken
Ave.,
Pittsburgh, Pa. Underwriter
McKelvy & Co., Pitts¬
burgh, Pa.
Nov.
Price—To
22nd
Corp.
Nov.
York City.
sale with sales commissions rang¬
planned communities. Office—2828 S. W.
Miami, Fla. Underwriter—None.
(managing). Offering-
common stock
(1/17)
ing from 8% to 10%, depending upon the type of mort¬
gage financing involved.
Proceeds—For investment in
Port St. Lucie Country Club homes, on the east coast of
.
Wall
Price—
planned
350,000 shares of common stock.
short-term notes, for construction,
uled for Jan. 12 at 11:00
Development Investment Plans, Inc.
1960 filed
a
Corp.;
Lehman Brothers; Glore, Forgan & Co.^ Lee Higginson
Corp.; Merrill Lynch, Pierce, Fenner & Smith Inc. Bids
—Expected Jan. 17, 1961. Information Meeting—Sched¬
diana
offered for public
of $100
stock.
mortgage, construction, and general
Office—Miami, Fla. Underwriter—
a
and general corporate purposes.
Underwriter—To be determined
Proceeds—To
be
common
Co., New York City.
Proceeds—To
Bowling Corp. (1/23-27)
Nov. 17, 1960 filed 250,000 shares of common stock (par
100). Price—$4 per share. Business—The issuer owns
two bowling establishments, and a tract of land in In¬
General
of
The development of
—
Gulf
Nov.
Genera]
•
—
community in Cape Cqral, Fla. Proceeds—To
Nov. 17.
Oct.
20
and
unit. Business
per
debtedness,
W., Washington, D. C.
Underwriter—Hill, Darlington & Grimm, New York City
(managing). Note—This statement was withdrawn on
—
units, each unit to consist
of
(Connie B.) Gay Broadcasting Corp.
Sept. 9, 1960 filed 130,000 shares of common stock (par
$1). Price—To be supplied by amendment. Business—
The company and its subsidiaries own and operate radio
and television stations. Proceeds—For the acquisition of
115
Jouet,
Nov.
28,
.
Inc.
(1/23-27)
1960
(letter of notification) 300,000 shares of
(par five cents). Price — $1 per share.
Business — The manufacture of dolls, toys and similar
items. Proceeds—For expenses of offering; the purchase
and installation of machinery and molds and for work¬
ing capital. Office—346 Carroll St., Brooklyn, N. Y. Uncommon
stock
Coritinued
on
page
116
116
—07
Continued from page 115
Prince Edward - Island,
Underwriter—-White, Weld & Co., Inc.,
St.,r Charlottetown,
Queen
Canada, N. S
derwriter—Edward H.
Co., 32 Broadway, New
Stern &
New York. Note
This offering has temporarily been
Jungle Juice Corp.
28, 1960 (letter of notification) 120,000 shares of
stock (par 25 cents). Price—$2.50 per share.
Proceeds—For working capital and expansion. Address
in
units
Co.
in Janaury.
Corp.
Sept. 30, 1960 filed 250,000 shares of common stock (par
$1). Price—$10 per share. Business—A real estate invest¬
ment company. Proceeds—For acquisition of properties,
working capital and general corporate purposes. Office—
415 Lexington Ave., New York, N. Y. Underwriter—Ira
Investors Corp., New York, N. Y.
(1/17)
Kansas Gas & Electric Co.
Nov.
due
1960 filed $7,000,000 of first mortgage bonds,
1991. Price—To be determined at competitive bid¬
29,
for company's
construction program. Office — 201 North Market St.,
Wichita, Kansas. Underwriter — To be determined by
competitive bidding. Probable bidders: Merrill Lynch,
Pierce, Fenner & Smith and Kidder, Peabody & Co.
(jointly); Halsey, Stuart & Co. Inc.; Eastman Dillon,
Union Securities & Co. and Stone & Webster Securities
Corp. (jointly); Glore, Forgan & Co.; Kuhn, Loeb & Co.,
and A. C. Allyn & Co. (jointly). Bids — Scheduled for
Jan. 17 at 11 a.m. (EST), Room 240, 2 Rector St., New
ding. Proceeds—To retire bank loans and
York City.
stock, of
shares are to be offered for the account of
company and 75,000
shares, representing
stock, are to be offered for the account of
holders thereof. Price — To be supplied by
Business—The company makes aluminum
which 32,755
the
issuing
outstanding
present
amendment.
siding and accessories, coated materials, aluminum rail¬
ing and columns for interior and exterior use, and a
variety of aluminum combination storm-screen sash and
doors and related products. Proceeds—$150,000 will be
used to finance the construction and installation of an
additional paint line, with the balance for working capi¬
Office—511 Mellon Bank Bldg., Latrobe, Pa. Under¬
tal.
writer
—
&
Deane
Singer,
Scribner,
Pittsburgh,
LP Gas
Savings Stamp Co., Inc.
(letter of notification) 30,000 shares of
($10 per share). Proceeds
1960
—For
purchase of creative design and printing of cata¬
logs, stamp booklets, advertising and for working cap¬
ital. Office—300 W. 61st St., Shreveport, La. Underwriter
-—International Sales & Investment, Inc., 4501 North
(12/19)
shares of common >
stock (10c par). Price—$1 per share. Business—Conver¬
sion of waste or scrap nylon into pellets for use in gears
and
other products, and the treatment
of reclaimed
nylon so as to permit its mixture and blending with
various plastics. Proceeds -— For additional equipment,
inventory, and working capital. Office — Farmingdale,
L. I., N. Y. Underwriter—Thq James Co., 369 Lexington
Long Island Plastics Corp.
Oct. 26
Central
Electronic Corp.
110,000 shares of common stock (par
10 cents). Price—$4.25 per share. Business—The design,
manufacture and sale of electronic equipment for use
Madigan
Marine
in
local service airline operating primarily
midwest.
the
bank
a
loan,
the
Proceeds—Together
proceeds will
with
be used
to
a
$3,000,000
acquire more
planes and for other purposes germane to expansion.
Office—Indianapolis, Ind. Underwriter—William Blair &
Co., Chicago, 111. (managing).
"Lapidoth" Israel Oil Prospectors Corp. Ltd.
Oct. 27, 1960 filed 1,500,000 ordinary shares.
Price—To
be supplied by amendment, and to be payable either
totally or partially in Israel bonds. Business—The com¬
pany was organized in October 1959 as a consolidation
of individual and corporate licensees who had been oper¬
ating in the oil business as a joint venture. Proceeds—
For exploration and development of oil lands.
Office—
22
Rothschild
Blvd., Tel-Aviv, Israel. Underwriter—
None.
I■
.
Leadville Water Co.
June 28, 1960
(letter of notification) $220,000 of 20-year
6% series A first mortgage coupon bonds to
in
denominations
For
of
of
$1,000.
Price—At
par.
be offered
Proceeds—
mortgage payment, outstanding notes, construction
new water supply and general
corporate purposes.
a
a
Office—719 Harrison
Ave., Leadville, Colo. Underwriter
—H. M. Payson & Co., Portland, Me.
Leasing
Nov.
29,
Credit
(letter of notification) 100,000 shares of
class A (par 10 cents).
Price—$3 per
Proceeds—For expenses in the fabrication of sheet
Sept. 22, 1960
stock
common
share.
missiles, rockets, radar and marine items.
Address—Hagerstown, Md. Underwriter—Batten & Co.,
Washington, D. C.
View
Marine
Electronics,
Corp.
200,000 shares of class A stock and
200,000 warrants to be offered in units of one share and
one warrant. Price—$4 per unit. Business—The
company
(letter of notification) 100,000 shares of
common
stock (par 10 cents).
Price — $3 per share.
Business—Manufacturers of electronic equipment. Pro¬
corporate
Investment
Mensh
purposes.
Associates,
Development
&
Inc.
17, 1960, filed (1)
subordinated debentures,
shares of
$1,100,250
due
Sept.
of 8%
convertible
1, 1970, and 36,675
capital stock (par $1) to be offered in
$750 of debentures and 25 shares of stock; (2)
of debentures and 32,300 shares of stock to be
units of
$969,000
offered
for subscription by stockholders and (3) approximately
$142,860 of debentures and not to exceed 5,000 shares of
stock to be offered in exchange for the 6% debentures,
due March, 1961, of its subsidiary, Mentos Investments,
Inc. Price—(1) $1,100 per unit; (2) 100% per debentuie
and $10 per share of stock. Business — The principal
assets of the company are an office building at 1910 K
St., N. W., Washington, D. C. Proceeds—To retire cer¬
tain obligations; make improvements on property; retire
debentures due 1961, and to construct or acquire income
producing properties. Office—1625 Eye St., Washington,
Underwriter—None.
D. C.
Metropolitan Securities, Inc.
Nov. 17, 1960 (letter of notification)
100,000 shares of
class A common stock (par $1).
Price—$3 per share.
Proceeds
For working capital.
Office — 919-18th St.,
—
C.
Underwriter
Brokers, Inc., Washington, D. C.
N.
W., Washington, D.
—
Metropolitan
Metropolitan Telecommunications Corp.
27, 1960 filed $500,000 of 7% convertible sub¬
ordinated debentures, due Dec. 15, 1970. Price—100% and
accrued interest from Dec. 15, 1960. Business—The com¬
•
Sept.
makes and sells electronic and communications
equipment.
Proceeds—For general corporate purposes
including debt reduction, working capital, and expan¬
sion. Office—Ames Court, Plainview, N. Y. Underwriters
Proceeds—For working capital. Office—440 West
Street, New York City. Underwriter—Edward Lewis
& Co., Inc., New York (managing).
•
common
Co., Inc. and Milton D. Blauner & Co.,
New York City (managing). Offering—
&
Imminent.
34th
1960
common
stock
(letter of notification) 150,000 shares of
one cent). Price—$2 per share. Busi¬
ness—The manufacture, research, sale and distribution
of communications equipment and related products. Pro¬
(par
ceeds—For payment of bank
loans;
new
equipment; ad¬
vertising and promotion; engineering research and for
working capital. Office—470 Park Ave., S., New York
N. Y. Underwriter—H. B. Crandall
Liberian
Iron
Co., New York, N. Y.
Ore Ltd.
Lee
of
Mid-America Life Insurance Co.
(letter of notification) 100,000 shares of
(par 25 cents). Price — $2.75 per share.
Proceeds—For capital and surplus accounts. Office—318
Oct.
11,
1960
stock
St., Oklahoma City, Okla.
& Co., Oklahoma City, Okla.
Northwest 13th
F. R. Burns
•
Underwriter—>
homes, and cars; finances at wholesale
inventories of dealers in mobile homes and cars; makes
homes, mobile
directly to borrowers; and operates various
insurance subsidiaries, including a life insurance com¬
units will consist of $500 of collateral trust
bonds, $500
of debentures and 15 shares of capital stock. Price—For
ing—Expected in January.
units, to be supplied by amendment, and not to be in
•access of par. Proceeds—To make loans to Lamco. Office
Sept. 8, 1960, filed 1,169,470 shares of common
of
Office—739
Marquette Ave., Minneapolis 2, Minn.
& Co., Inc., St. Paul, Minn.
Un¬
derwriter—Kalman
Mobile
Credit
Corp.
Sept. 14, 1960 filed 25,874 shares of common stock and
1,000 shares of $100 par 6% cumulative convertible pre¬
The stock will be offered for subscription
ferred stock.
by shareholders
of record
basis
the
on
shares
of two
of new common for each three such shares held and one
share
of
for each 38.81
preferred
new
Prices—For common,
$10
per
shares
common
held, the record date in each case being Sept.
1, 1960.
share; for preferred, $100
share. Business—The purchase of conditional sales
contracts from dealers in property so sold, such as mobile
per
homes, trailers, boats, and motorcycles. Proceeds4-For
working capital. Office—100 E. Michigan Ave., Jackson,
Mich. Underwriter—None.
Model
Finance
Service, Inc.
100,000 shares of second cumulative
26 filed
May
ferred stock—65c convertible series, $5
pre¬
par—and $1,000,-
of 6*6%
junior subordinated debentures, due 1975.
supplied by amendment. Proceeds—To be
company's general working funds. Office—
202 Dwight Building, Jackson, Mich. Underwriter—Paul
C. Kimball & Co., Chicago, 111. Offering—Imminent.
000
added to the
.
Mohawk
Co.
Insurance
Aug. 8, 1960, filed 75,000 shares of class A common sfock,
Price—$12 per share. Proceeds—For general funds. Of¬
Broadway, New York City.
&
Dowd
Co.,
Inc.,
Broadway,
39
Underwriter—R. F.
N. Y.
York 6,
New
Offering—Expected in late December.
Electronics
Monarch
Inc.
International,
,
Oct.
pany, organized in 1958 under the
tronics International, Inc., imports
time
•
which
on
Sept. 30 amounted to $31,529,000. Office—1100 First
National Bank Bldg., Cincinnati, O. Underwriter—Kid¬
der, Peabody & Co., New York City (managing). Offer¬
pany.
Proceeds—To repay short-term bank loans,
Midwestern
$994,050 of
Acceptance
in
January.
stock and
6% debentures, to be offered for public sale
Arrow Elec¬
#
>
•
/
(12/19)
Oct.
17, 1960 filed 155,000 shares of common stock (par
$1).
Price—To be supplied by amendment. Business—
lenders against loss on residential first mort¬
Insuring
principally
loans,
gage
Wisconsin Avenue,
West
—Bache &
non-farm
family
single
on
Proceeds—For capital
homes.
Office—606
and surplus.
Underwriter
Milwaukee, Wis.
Co., New York City (managing). Note—This
State.
stock is not qualified for sale in New York
States
Mountain
Telephone & Telegraph Co.
filed 6,729,142 shares of capital stock being
offered to stockholders of record Nov. 28 on the basis
of one new share for each five shares then held. Rights
Oct. 28, 1960
expire
repay
Dec. 20. Price—$12.50 per share. Proceeds—To
short-term loans made to finance construction.
14th St., Denver, Colo. Underwriter—None.
Office—931
National
Aeronautical
Corp.
(1/4)
Nov. 8, 1960 filed 60,000 shares of $1 par common stock.
Price — To be supplied by amendment., Proceeds — For
general corporate
purposes. Office—Ft. Washington, Pa.
Underwriters—White, Weld & Co., New York City, Yarnall, Biddle & Co. and Stroud & Co., Inc., both of Phila¬
delphia (jointly).
National
Airlines, Inc.
$10,288,000 of convertible subordi¬
debentures, due 1975, to be offered for subscrip¬
by holders of the outstanding common stock on the
Sept. 21,
1960 filed
nated
tion
basis of $100
of debentures for each
18
common
sharei
held. Price—To be supplied by amendment. BusinessDomestic and international transport of
persons, prop¬
erty, and mail. Proceeds—To make payments on planes
and
for
reduce
short-term
general corporate
indebtedness, with
Jan.
the
balance
Miami Inter¬
Underwriter — Lehman
purposes.
Office
—
national Airport, Miami, Fla.
Brothers, New York City (managing).
pected in late December.
Offering—Ex¬
Corp.
11
(letter of notification) 100,000 shares of com¬
mon
stock (par ope cent).
Price—$3 per share. Pro¬
ceeds— For general corporate
purposes.
Office — 41f
Livingston Avenue North Babylon, N. Y. Underwrites
—Fund
Planning Inc., New York, N. Y. Offering—In¬
definite.
National
Western
Life
Insurance Co.
Sept, 13, 1960 filed 225,000 shares of
be supplied by amendment.
—To
with the proceeds from
as
a
the
Corp.
name
Mortgage Guaranty Insurance Corp.
National Lawnservice
27, 1960 filed 100,000 shares of common stock. Price
—To be supplied by amendment. Business — The firm
discounts retail instalment sales notes for dealers in shell
small loans
19
supplied by amendment. Proceeds — For repay¬
bank loans and for additions to the property.
be
ment
Midland-Guardian Co.
Oct.
joined with The Liberian American-Swedish
Minerals Co., Monrovia, Liberia, in the
filing of $15000,000 of 614% first lien collateral trust bonds, series A,
due 1980, of Lio, $15,000,000 of 614% subordinated de¬
bentures due 1985 of Lio, an unspecified number of
•hares of Lio capital stock, to be offered in units.
The
May
To
and sells electronic
and high fidelity parts and equipment.
Proceeds—To
retire bank loans and for working capital.
Office—7035
Laurel Canyon Boulevard, North Hollywood, Calif. Un¬
derwriter—Pacific Coast Securities Co., 240 Montgomery
Street, San Francisco, Califs Offering—Expected some¬
both
Nov, 28,
the basis of
definite.
Inc.,
Inc.
21, 1960, filed 228,346 shares of common stock to
for subscription by common stockholders on
one share for each eight shares held.
Price—
offered
be
31, 1960 filed 200,000 shares of common stock. Price
—To be supplied by amendment.
Business—The com¬
L.
Communication
Minneapolis Gas Co.
Nov.
Office—88-06
Van Wyck Expressway, Jamaica 18, N. Y.
Underwriter
—Fund Planning, Inc., New York, N. Y.
Offering—In¬
general
ceeds—For
—M.
Lee
Business—Production of beryllium oxide.
corporate notes; plant improve¬
ments;
research and experimentation with flotation
process; and working capital. Office—1430 First National
Bank Bldg., Denver, Colo. Underwriter—None.
Proceeds —To pay two
fice—198
Inc.
1960
plans to engage in business of advancing funds to finance
accounts receivable, inventories and purchase of equip¬
ment.
filed 75,000 shares of common stock. Price
—$5 per share.
pany
1960 filed
Concentrates & Chemical Co., Inc.
Mineral
Nov. 10, 1960
metal parts for
28,
and 850 of debentures.
Price—To be
Inc.
Manufacturing
Electronics
&
Nov.
Inc.
9, 1960 filed 130,000 shares of $20 par preferred
stock. Price—To be supplied by amendment. Business—
Nov.
The issuer is
1960 filed
5,
primarily in weapons and data processing systems/ Pro¬
ceeds—Reduction of indebtedness and working capital.
Office—200 Stonehinge Lane, Carle Place, N. Y. Under¬
writer—McLaughlin, Kaufman & Co., New York City,
'
Airlines,
(letter of notification) 300,000
Ave., New York City.
Blvd., Baton Rouge, La.
Lake
to expire on Jan. 23. Price—To be
supplied by amendment. Business—The operation of gas
transmission lines and distribution systems in Oklahoma
and Texas. Office—301 South Harwood St., Dallas, Tex.
Proceeds—Repay short-term loans and for construction.
Underwriter—First Boston Corp. (heading a group for
unsubscribed for shares).
Oct.
stock Price—At par
common
then held, with rights
Pa.
(managing).
Sept. 27,
it Lone Star Gas Co.
Dec. 6, 1960 filed a maximum of 665,838 shares of com¬
mon stock
(par $10) to be offered to holders of record
Jan. 5 on the basis of one new share for each 10 shares
Oct.
Keystone Alloys Co.
Oct. 28, 1960 filed 107,755 shares of common
the
be
—
•
of stock
share
one
—
886, Rapid City, S. D. Underwriter—None.
Box
Pennsylvania
of
filed 60,000 shares of capital stock. Price—
supplied by amendment. Proceeds—For invest¬
ment
in
income producing securities and mortgages.
Office
Philadelphia, Pa. Underwriter — Auchincloss,
Parker & Redpath, Washington, D. C. (managing).
To
Meadow, N. Y. Offering—Expected sometime
Thursday, December 15, 1960
.
$1 per unit. Business —■ The company will do
interim financing in the home building industry.
Pro¬
ceeds
To start its lending activities. Address — P* O.
Price
Nov. 29, 1960
common
—Seattle, Wash. Underwriters—Planned Investing Corp.,
New York, N. Y. and Fidelity Investors Service, East
of
.
.
—
Assurance
Life
Oct.
-
—
postponed.
York, N. Y.
Kanavau
Chronicle
The Commercial and, Financial
(2496)
stock. Price
Proceeds—Together
the sale of shares to be issued
common
result of options, in the amount of
$1,106,407.50 for
discharge of indebtedness and general corporate pur¬
poses.
Office—Denver, Colo. Underwriter—Peters, Writer
Inc., Denver, Colo. Offering — Expected
& Christensen
sometime in December.
,
v
-
•< v
-
.
~
-<•
■•••
-.
r
•".A
J
2:
'
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Volume
t:«
i;
'%
*i
t
A
A
lfc
•
jf
6012
.
.
.
The
Commercial and Financial
Navajo Freight Lines, Inc.
Chronicle
f .1
': r'
Proceeds—For
May 9, 1960, filed (with the ICC) 250,000 shares of com¬
stock, of which 189,000 shares, being outstanding
stock, will be offered for the account of the present
mon
holders
thereof, and
61,000 shares will be offered for
issuing company. Price—To be sup¬
plied by amendment. Office—1205 So. Plate River Drive.
Denver 23, Colo. Underwriters—Hayden. Stone & Co
and Lowell, Murphy & Co. (jointly). Offering—Indefin¬
itely postponed.
account of the
the
t
Number
192'
(2497)
117
<
k
•
New
Canaan
Co.
(12/19)
Nov.
7, 1960 (letter of notification) 8,000 shares of class
|A capital stock (no par) and 2,000 shares of class B
capital stock (no par) to be offered in units of 4 shares
class
of
A
holders
Nov.
a
and
1
class
of
share
A
of
and
class
class
B
B
for
subscription by
Rights expire on
stock.
18, 1960. Price—$101 per unit. Proceeds—To repay
loan, loans to subsidaries and for working cap¬
bank
Office—39 South Ave., New
writer — Glidden, Morris &
ital.
Canaan, Conn. Under¬
Co.,
165
Broadway, New
York, N. Y.
New
Moon
Homes, Inc!
Nov. 28, 1960 filed 131,600 shares of common stock
(par
$1), of which 66,668 shares are to be offered by the
company, and 64,932 shares for the account of selling
stockholders. Price—$9 per share. Business—The manu¬
is
I
•"
•
IU'
I''
■
facture and sale
New Western
Underwriting Corp.
25, 1960 filed $2,000,000 of 15-year 6% subordinated
Oct.
convertible debentures. Business
organized
was
subsidiaries,
in
dealer-recourse
a
The company which
—
August, ,1959, is developing, through
finance
business
and
a
insurance business. Proceeds—For expansion. Price
life
|':j
Proceeds—For work¬
ing capital and new product development. Office—7808
Carpenter Freeway, Dallas, Texas. Underwriter—Baker,
Simonds & Co., Detroit, Mich, (managing).
>•
-4
of mobile homes.
—Copley
—
Office—620 Oil & Gas Bldg., Wichita
Falls, Texas. Un¬
derwriter—None, but 102,500 of the shares
for commissions to
are
reserved
selling brokers at the rate of 15 shares
for each 100 shares sold.
Nuclear
Engineering Co., Inc.
Nov. 17, 1960
(letter of notification) 30,000 shares of
common
stock (par 33% cents).
Price—$10 per share.
Proceeds—To repay a bank loan, account payable and
for working capital.
Office—65 Ray Street, Pleasanton,
Calif.
Underwriter
Walter C. Gorey Co., San Fran¬
cisco, Calif.
—
^ Pacific Gas Transmission Co.
Dec.
12, 1960 filed $13,260,000 of convertible debentures
due Feb. 1, 1981 to be offered for subscription by stock¬
holders on the basis of $100 principal amount of deben¬
tures for each 16% common shares held of record Jan. 11.
Price—At par
expansion.
($100)
per
Office—San
Proceeds—For pipeline
Francisco, Calif. Underwriter—
None.
•
unit.
;:'•
-
•
■
Pall
Corp. (12/16)
Oct. 27,1960 filed 80,000 shares of class A stock (par$l),
of which 30,000 shares are to be offered for the account
of the issuing company and 50,000 shares,
representing
outstanding stock,
the
are
holders
present
amendment.
to be offered
thereof.
Business
—
The
plastic filters for defense and
ceeds—For
for the
Price—To
firm
account
oi
Ave., Glen Cove. L. L, N
Y
Underwriter
Co., and Paine, Webber, Jackson &
Curtis, both of New York City (managing).
Sept.
Developers Limited
(12/27-30)
8,
1960, filed 100,000 shares of common stock
(par 1 shilling). Price — $3 per share. Business — The
company intends to deal in land in the Bahamas. Pro¬
ceeds—To buy land, and for related corporate purposes.
Office—6 Terrace, Centreville, Nassau, Bahamas. Under¬
writer—David Barnes &
•
Co.,
Inc.. New York City.
Fai'-e
Equipment Co., Inc. (12/19)
Oct. 17, 1960 filed 125,000 shares oi class A stock (par 75
cents), of which 42,500 shares are to be offered for the
account
of the
company
outstanding stock,
are
and 72,500 shares, representing
to be offered
for the account
of
the present holders thereof. The
remaining 10,000 shares
have been acquired by the underwriter and
Hampstead
Investing Corp., as a finder's fee. Price—$5 per share.
Business—Developing and producing automatic multiple
needle and specialized
sewing equipment. Proceeds—For
general corporate purposes. Office — 16 Leliart's Land.
East Paterson, N. J. Underwriters — Amos Treat &
Co.,
Inc. and William Stix Wasserman &
Co., Inc., New
York,
N. Y.
•
Patrician
Paper Co.,
Inc.
(12/19)
Oct. 14, 1960 filed $800,000 of 7% unsecured subordinated
notes due Oct. 1, 1965 and 96,000 shares of common stock
(par 10c) to be offered in 8,000 units, each unit consist¬
ing of $100 principal amount of 7% notes and 12 shares
of
common
stock. Price—To be
Business—The
company
supplied by amendment.
manufactures facial and toilet
tissues. Proceeds—For acquisition of
property, to acquire
machinery and equipment, and for repayment of certain
loans.
Office
485 Lexington Ave., New
—
Underwriter
—
York, N. Y.
Hill, Darlington & Grimm, New York,
N. Y.
Peerless
Mortgage Co.
16, 1960 (letter of notification) 430,000 shares of
common stock (par 20 cents).'. Price—60 cents
per share.
Nov.
tories
bank
a
and
for
loan
and
to purchase building inven¬
working capital.
Office—5335 W. 102nd
St., Los Angeles, Calif. Underwriter—Garat & Polonitza,
Inc., Los Angeles, Calif.
Aug. 18, 1960 filed 300,000 chares of
tion and sale of collapsible metal tubes and aerosol con¬
—$5 per share. Proceeds
tainers.
Proceeds—To increase automation of production
lines, for research and development, and the balance
working capital. Office—Bloomfield, N. J.
Under¬
writer—Winslow, Cohu & Stetson, Inc., New York City.
for
Perry Electronic Components, Inc.
30, 1960 (letter of notification) 75,000 shares of
stock (par five cents). Price — $4 per share.
Business—The production of electronic components used
Nov.
common
by manufacturers of electronic instruments and
equip¬
ment. Proceeds
For the purchase of electronic test
equipment and machinery; for advertising and sales pro¬
motion; for research and development; for the acquisi¬
tion of basic raw materials; for reduction of outstanding
indebtedness; for working capital and for general cor¬
porate purposes. Office—81 Water St., Ossining, N. Y.
—
Underwriter—S. B. Cantor &
Co., New York City. Offering
Co., and Farrell Securities
— Expected sometime in
January,
Philadelphia Aquarium, Inc.
1960 filed $1,700,000 of 6% debentures due 1975
and 170,000 shares of capital stock (par 50 cents) to be
offered in units, each consisting of one $100 debenture
and 10 shares of stock. Price—$150 per unit. BusinessOperation of an aquarium in or about Philadelphia.
Proceeds—To acquire ground and to construct an aquari¬
um building or buildings. Office—2635 Fidelity-Philadel¬
phia Trust Building, Philadelphia, Pa.
Underwriter—
Stroud & Co., Inc., Philadelphia, Pa. Offering—Expected
in January.
Oct. 14,
Pioneer
Oct.
Electronics
Corp.
1960 filed 217,902 shares of common stock, to
be offered to holders of the outstanding common on the
26,
of
one
new
share
share. Proceeds
for
each
To retire
share
held.
Price—$1
current
liabilities, for
capital expenditures, and for working capital. Office—
2235 S. Carmelina Ave., Los Angeles, Calif. Underwriter
per
—
—None.
;• "■
.'
•••'•'
>
\
'•
Plastics &
Fibers, Inc.
(letter of notification) 150,000 shares of common
stock (par 20 cents). Price—$2 per share. Proceeds—For
general corporate purposes. Office—Whitehead Avenue,
South River, N. J.
Underwriter—Pearson, Murphy &
Co., Inc., New York, N. Y. Note—The underwriter states
that this offering will be delayed.
June 14
Plated Wires &
Electronics, Inc.
(letter of notification) 75,000 shares of
common
stock (par 10 cents).
Price — $4 per share.
Business—Manufacturers
of
assorted
wires, including
special wires for high temperature controls. Proceeds—
For general corporate purposes. Office—63 Main Street,
Nov.
1960
16,
Ansonia, Conn. Underwriter—J.
New York, .N Y.
B.
Coburn Associates,
St., Cleveland, Ohio. Underwriters—Hemphill, Noyes &
Co.
and
Estabrook
&
Co.
Pocket
Books,
Inc.
Offering—Expected
in
mid-
(1/10)
Business — The issuer publishes and distributes
paperback books, distributes publications of other pub¬
lishers, and sells phonograph records. Proceeds—To sell¬
ing stockholders. Office—630 Fifth Ave., New York City.
Underwriters—White, Weld & Co. and Goldman, Sachs
& Co., both of New York (managing).
ment.
•
Polysemies,
Inc.
(12/19)
Nov.
1
18, 1960 (letter of notification) 70,000 shares of
(bent1 par common stock. Price—$3 per share. Business
—The
formed last July, will act as theatrical
producers and will produce jazz festivals, concerts, rec¬
company,
ords and commercial films. The firm also plans to enter
the
development and merchandising of new commercial
sound process for industrial and commercial ad¬
vertising. Proceeds—For working capital. Office—480
color
Lexington Avenue, New York City. Underwriters—M. H.
Meyerson & Co., Ltd., 15 William Street, New York City
(managing); Karen Securities Corp., New York City,
and
Selected Investors,
Brooklyn, New York.
Popell (L. F.) Co.
18, 1960 filed 99,996 shares of common stock to be
offered for subscription by common stockholders at the
Nov.
rate of
held.
one
share for each three shares of common stock
Price—To be supplied by amendment.
Business—
Distribution, sale and installation of building, insulat¬
ing and acoustical products. Proceeds—For plant con¬
struction; expansion of its distribuiton of Perma-Glaze
and working capital. Office—2501 Northwest 75th Street,
Miami, Fla.
Underwriter—To be supplied by amend¬
ment.
Porce-Cote
Research & Development Corp.
(letter of notification) 50,000 shares of
class A stock (par 10 cents).-^Price—$5 per share. Busi¬
ness—Research and development of chemical products.
Proceeds—For general corporate purposes.
Office—336
Uniondale Ave., Uniondale, N. Y.
Underwriter—Subur¬
Nov.
ban
18,
1960
Investors
Corp., Uniondale, N.Y.
Precisioncraft
Electronics, Inc.
14, 1960 (letter of notification) 150,000 shares of
capital stock (no par). Price—$1 per share. Proceeds—
Nov.
.1
•
Preferred
Risk
Life Assurance
Co.
common stock.
Price
—
For general corporate pur¬
Office — 20 East Mountain St., Fayetteville, Ark.
Underwriter—Preferred Investments, Inc., a subsidiary
poses.
of
the
issuer.
Offering—Imminent.
Puritron
Corp.
Aug. 3, 1960 filed 250,000 shares of common stock, of
which 200,000 shares are to be offered for the account
of the issuing company and
50,000 shares, representing
outstanding stock, are to be offered for the account of
Joseph Stein, President, the present holder thereof.
Price—To be supplied by amendment. Business—Makes
and sells electronic air purifiers and range hoods. Pro¬
—
To retire indebtedness, with the balance for
ceeds
capital
expenditures.
derwriter
Bache
—
Office—New Haven, Conn.
Un¬
Co., New York City (managing).
&
Offering—Postponed.
R. E. D. M. Corp.
Sept. 27, 1960 filed 100,000 shares of common stock. Prico
$3.50 per share. Proceeds—For working capital ($217.250) and production machinery and equipment ($50,000).
Office—Little Falls, N. J. Underwriter—Robert Edelstein
& Co., Inc., New York City.
Offering—Expected some¬
time in January,
•
Radar Measurements
Sept.
28,
1960
(letter
Corp.
(2/15)
of
notification) 85,700 shares of
(par $1). Price—$3.50 per share. Business
—Manufacturers of electronic equipment. Proceeds—For
stock
common
general corporate purposes. Office
190 Duffy Ave.,
Hicksville, N. Y. Underwriter—Blaha & Co., Inc., 29-28
41st Avenue, Long Island City
1, N. Y.
—
Rajac Self-Service, Inc.
Nov. 15, 1960 filed 154,375 shares of common stock
(10c
par). Price—$3 per share. Proceeds—$30,000 will be used
to pay an outstanding note,
$87,500 will be used for the
acquisition, constructing, and equipping of an additional
plant, $22,500 will be used to cover the expenses of
offering the stock, and the balance will be used to reduce
indebtedness and purchase equipment. Office—Mt. Ver¬
non, N. Y. Underwriter—The James Co., 369
Lexington
Avenue, New York 17, N. Y. Offering—Expected
some¬
time in January.
Real
Estate
•,
Mutual
Fund
Oct. 14, 1960 filed 200,000 shares of beneficial
interest.
Price—$5 per' share. Business—An open-end real estate
investment
trust
specializing in investment real estate.
of America Bldg., San Diego, Calif.
Distributor—Real Estate Mutual Distributors, Inc., San
Diego, Calif.
Office
—
606
Reeves
Nov.
mon
23,
Bank
Soundcraft Corp.
1960 filed
150,000 shares
of outstanding
com¬
stock.
ness—
Price—To be supplied by amendment. Busi¬
The manufacture and
distribution of magnetic
tape, film and recording discs.
Pneumodynamics Corp.
1960 filed 175,000 shares of common stock (par
$1). Price—To be supplied by amendment. Business—
The company is primarily a government defense con¬
tractor, supplying products and services requiring ad¬
vanced technology. Proceeds — To repay indebtedness
and the balance for working capital. Office—3781 E. 77th
Nov. 22,
Nov. 17, 1960 filed 600,000 outstanding shares of common
stock (par 50 cents). Price—To be supplied by amend¬
—L. F. Rothschild &
Pa^m
(1/11)
January.
expansion, working caiptal, and
—30 Sea Cliff
Co.
industries. Pro¬
to finance
the company's entry into fibre glass manufacture. Office
r. ->v
Tube
To retire
1960 filed 150,000 shares of capital stock. Price
—To be supplied by amendment. Business—The produc¬
be
supplied by
produces metal and
consumer
&
Peerless
basis
Normandy Oil & Gas, Inc.
Aug. 31, 1960 filed 750,000 shares of common stock. Price
—$1 per share. Business—Oil and gas exploration and
production. Proceeds
For general corporate purposes
corporate purposes. Office—403
O. Box 187, Aurora, Colo. Underwriter
Co., Colorado Springs, Colo.
Nov. 22,
—At
par. Office—Helena, Mont.
Underwriter—Wilson,
Ehli, Demos, Bailey & Co., Kook Bldg., 3203 3rd Ave.,
North Billings, Mont. :
;
;
/
general
Ursula Street, P.
Proceeds
dential
Insurance
Co.
holder.
Office—15
To
—
the Pru¬
Great Pasture
of
America, the selling stock¬
Road, Danbury, Conn.
Underwriter—Emanuel, Deetjen & Co., New York City
(managing). Offering—Expected some time in January.
• Resisto
Chemical, Inc. (12/19)
Aug. 29, 1960 filed 200,000 shares of common stock (par
10 cents).
Price—$2.50 per share. Business—The firm
makes
and sells protective coatings for packaging and
fabrics, and products used in insulation. Proceeds—For
working capital ($235,358), with the balance for ma¬
chinery, equipment, and general corporate purposes.
Office
New Castle
County Air Base, New Castlo
County, Del. Underwriter—Amos Treat & Co., Inc., New
—
York
</,
City.
Restaurant
Nov.
16,
Associates, Inc.
1960 filed 245,000 shares
of which
stock,
account
shares will
195,000
of
be
$1
par
offered
common
for
the
the
of
issuing company and 50,000 shares,
representing outstanding stock, are to be offered for the
account of selling stockholders. Price—To be supplied by
amendment. Business
The
issuer operates
a
wide
variety of restaurants, coffee shops, and cafeterias, most¬
ly in New York City, including The Four Seasons and
The Forum of the Twelve Caesars. Proceeds—For work¬
—
ing capital and expansion. Office—515 W. 57th St., New
City. Underwriter—Shearson, Hammill & Co., New
York City (managing). Offering — Expected in
early
York
January.
Reynolds & Reynolds Co.
Dec.
1, 1960 filed 130,000 outstanding shares of class A
stock. Price—To be supplied by amendment.
common
Business—The manufacture and sale of business and
ac¬
counting forms and systems. Proceeds—To selling stock¬
holders.
Office
800 Germantown St., Dayton, Ohio.
Underwriters
H. M. Byllesby & Co., Chicago, and
—
—
Grant-Brownell & Co., Dayton, Ohio
Riddle
Aug.
Airlines, Inc.
1960 filed $2,250,000
(managing).
of 6%
subordinated con¬
principal amount.
operating capital to fulfill
M. A. T. S. contract, and to acquire aircraft. Office—In¬
ternational Airport, Miami, Fla. Underwriter—James H.
Price & Co., Coral Gables, Fla., and New York Citv.
19,
vertible debentures. Price—At 100% of
Proceeds
Ritter
To
—
be
used
as
Inc. (12/21)
filed $4,500,000 of convertible subordinated
debentures, due 1980. Price—To be supplied by amend¬
Co.,
Nov. 17, 1960
ment.
Business
—
dental
porate
purposes.
firm
The
manufactures
medical
and
equipment.
Proceeds — To retire $3,350,000 of
short term bank loans, with the balance for general cor¬
Office—Ritter Park, Rochester, N. Y.
Underwriter—Lehman
aging).
...
Brothers, New York City (man¬
,1
Continued
on page
118
l:r.- <55^ " "
..
\»
118
i»
(2498)
The Commercial and Financial Chronicle
.
.
Thursday, December 15, 1860
.
hi
f ■»»..{
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.
vj !
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or
i>'p
tti:
ri'it'
mij <.'
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.*
,i/j
<i
I>
v'f
«A\
4;1
i ■
Co.
repay a bank loan,
for working capital.
(1/3)
Proceeds—To selling stockholders, the executors of the
■
V* '.
;
117
page
Hass
17, 1960 filed 9,000 shares of outstanding common
stock (par $20). Price—To be
supplied by amendment.
estate
'
&
Nov.
1/1
•
•
/
••■.
■
Continued from
of Otto
Haas, former Board Chairman and Presi¬
dent'. Office—222 West Washington Square,
Philadelphia,
Pa* Underwriters—Drexel & Co., Philadelphia,
Pa., and
Kidder, Peabody & Co., New York City (managing).
Save^Co Veterans
Stores,
Service &
&
Department
Inc.
Nov.
25,
100,000
1960
Sept. 26, 1960 filed 163,636 shares of common stock, of
127,273 shares are to be offered for the account
of the issuing company and 36,363
shares, representing
outstanding stock, are to be offered for the account of
the present holders thereof. Price — To be supplied
by
amendment. Business — The company operates a depart¬
ment store and gasoline service station the use of which
is restricted primarily to veterans, military
personnel,
employees of non-profit organizations, and employees of
firms doing government contract work. Proceeds—For
filed
shares
company and
200,000
will
be
common
offered
for
shares,
public
of
sale
the
Starfire
100,000, being outstanding shares, by pres¬
Price—To be supplied by amendment.
Sept.
and produces automobile hub caps,
washroom dispensers and other janitorial
supplies. Pro¬
ceeds—To repay outstanding bank loans and to increase
7701
Calif. Underwriter
year
Mo.
(managing).
Dempsey-Tegeler & Co., St. Louis.
Offering — Expected in mid-to-late
December.
(G.
T.)
Schjeldahl Co.
Nov. 28, 1960 filed 9,000
outstanding shares of common
stock and $765,000 of convertible subordinated deben¬
tures, due 1971. The debentures will be offered to holders
70,000 shares of
:
(1/5)
25, 1960 (letter of notification) $125,000.of five6V2% convertible subordinated debentures and 125,-,
(par 10 cents) to be offered
000 shares of common stock
in units,
—To
each unit to consist of $50 of debentures and 50
unit. Proceeds
of common stock. Price—$100 per
shares
retire a bank loan and for
Office—3552 10th Court, Hialeah, Fla.
Underwriter—Blaha & Co., Inc., Long Island City, N. Y.
inventory,
purchase
working capital.
Oct.
—
word¬
(par 10 cents). Price—$4.25 per share.
working capital.
Office—809 Kennedy
Statmaster Corp.
Nov.
Simplex Wire & Cable Co.
,
•
Airways, Inc.
(letter of unification)
stock
Okla.
•
Sept. 28, 1960 filed 118,000 shares of outstanding capital
stock. Price—To be supplied by amendment. Office—
Cambridge, Mass. Underwriter—Paine, Webber, Jackson
& Curtis, New York
City (managing). Offering—In¬
Slick
amendment.
Bldg., Tulsa, Okla. Underwriters—Batten & Co., Wash¬
ington, D. C. and F. R. Burns & Co., Oklahoma City,
East
.
definite.
by
Boat Corp.
1960
Proceeds—For
Compton Boulevard,
Paramount, Calif.
Underwriter — H. Hentz & Co. and
Federman, Stonehill & Co., both of New York City
(managing).
Offering — Expected in late December to
early January.
general corporate purposes, including debt reduction and
working capital. Office—3176 Frontier St., San Diego,
1,
common
Business—Designs
—
supplied
Office—Miami Beach, Fla. UnderwritersAetna Securities Corp. and D. Gleich Co., both of New
York City, and Roman & Johnson, of Ft. Lauderdale, Fia.
ent stockholders.
Office
be
construction, mortgage funds, and
ing capital.
which
by
Price—To
warrants.
two
Proceeds—For
writer—Myron A. Lomasney & Co., New York City.
Shore-Calnevar, Inc.
inventories.
which
for expansion and inventory, and
Office — Wilmington, Del. Under¬
Steel Crest Hemes,
Inc.
Nov.
22, 1960 filed 180,00ft- shares of common stock;
$450,000 of 8% subordinated sinking fund debentures
($10 face amount), due Sept. 1, 1981; and 45,000 warrants
y
27, 1960 filed 600,000 shares of common stock (no
par). Price—To be supplied by amendment. Buiiness—
The company was engaged
charter carrier until July
exclusively as a contract and
1, 1960 when it diversified by
acquiring Illinois Shade Cloth Corp. Proceeds—For gen¬
exercisable
at
the
for
$15
debenture
purchase of two
shares and
which
80,000 underlying common
shares and 45,000 underlying 8% debentures were also
one
eral corporate purposes. Office—3000 No.
Clybourn Ave.,
Burbank, Calif. Underwriters — Auchincloss, Parker &
Redpath and Allen & Co., both of New York City (man¬
aging). Offering—Indefinitely postponed.
(for
supplied by amendment. Business—
The research, development and
production of plastics
and electronic instrumentation systems. Proceeds—For
working capital, the acquisition and development of
Plymouth Industrial Products, Inc., Sheboygan, Wis., and
Dec. 8,
Center
offered
in
expansion. Office—Northfield, Minn, Underwriter—
Craig-Hallum, Inc., Minneapolis, Minn, (managing).
shares.
Price
•
miscellaneous plastic items.
of the
t V
ill ■>
outstanding
common
stock
on
basis of $100 prin¬
cipal amount of debentures for each 100
[|l V
PL-
held.
♦ "•'
> ';"■
<
★ Solite Products Corp.
filed). The securities will be offered in units, each unit
to consist of four shares of stock, one $10 face amount
debenture and one warrant. Price—$18 per unit. Pro¬
ceeds—For the financing of homes sold by the company
and
its subsidiary, and for working capital. Office-
for
i'
-,-
J4.V
Price—To
common
shares
be
School Pictures, Inc.
(12/28)
Sept. 28,1960 filed 100,000 outstanding shares of common
stock. Price—To be supplied by amendment. Proceeds—
To selling stockholders. Office
1610 North Mill St.,
Jackson, Miss. Underwriters—Equitable Securities Corp.
N-."
N;-'.V
n,j
—
4 M
MK'}
of
New
York
City,
and
Kroeze,
McLarty
&
Co.,
of
Jackson, Miss.
I •*',*
*"■*»
d
• Screen Gems, Inc.
(1/16)
Dec. 8,1960 filed 300,000 shares of common stock
($1 par)
to be offered for subscription
by common stockholders of
V»,|.
Columbia Pictures
2:*r
on
the basis of
Corp., holder of all outstanding shares
one
share of Screen Gems for each five
shares of Columbia
'>4
|
''fciV
!l:\
Pictures, and for subscription on the
same baiis by
participating employees under the Colum¬
bia
Pictures Corp-. -Employees' Stock Purchase Plan.
Price—To
'VP!
»I {•■
'W<
fifyi.
H'l
|/i!,4
and
commercials.
Office—711
Fifth
Ave., New
Underwriting—Hemphill, Noyes & Co., and
Hallgarten & Co., both cf New York City.
York, N. Y.
J
r^'ti
.
l«:
filed
the
issuing company and 7,160 shares, representing
outstanding stock, will be offered for the account of
the present holders thereof.
Price
To be supplied by
amendment.
Proceeds—$200,000 will be used to reduce
short-term borrowings, $56,000 for a
partial payment of
a
note due 1975, and the balance for
working capital.
Office—Oklahoma City, Okla. .Underwriter—Francis I.
du Pont & Co., New York
City (managing). Offering—
Expected in mid-January.
7,
1960
(letter
of
notification) 100.000 shares of
stock (par 10 cents). Price—$3 per share. Busi¬
Manufacture, assembly and sale
—
Self Service
homes
of
tures and
»;
%
tir
Drug Corp.
50 shares of common stock.
unit. Proceeds
pav
off certain
Office—2326
To
—
Mt.
move
bank
Price
—
$200
per
and
equip a new warehouse;
indebtedness and for new lines.
Carmel
Ave.,
N.
Hills, Glenside, Pa.
Fricke & French, Inc.,
Pa. Offering—Expected in early January.
Underwriter—Woodcock, Moyer,
Philadelphia,
Shatterproof G'ass Corp.
Oct.
$1),
12, 1960 filed 100,000 shares of
of which 50,000 shares are to
common
be
stock
offered
for
(par
the
account of the
issuing company and 50,000 shares, repre¬
senting outstanding stock, are to be offered for the ac¬
51
;51
;*»
\>
%\
Al
.'U
'H;
>V:
*,»■
'Aii
y
,v
count of
I
the present holders thereof.
Price—To
be sup¬
plied by amendment. Business—The
company makes and
sells laminated
safety plate and sheet glass, primarily
to the automotive
replacement market, and sells its prod¬
ucts for use as
original equipment to bus, truck, tele¬
vision, and farm and road equipment manufacturers.
Proceeds—To repay current short-term bank
loans in¬
curred
to
supplement working capital. Office
4815
Cabot St., Detroit, Mich.
Underwriters—Dempsey-Tege¬
ler & Co., St.
Louis, Mo., and Straus. Blosser & Mc¬
—
Dowell, Chicago, 111. (managing).
Offering—Expected in
mid-to-late December.
Shinn
w
tribution
Proceeds—To
28,
Gas
Water
ers.
common
to
supermarkets.
Office—39 Old Col¬
shares of
stock. Price—At par ($1 per share). Proceeds—
working capital. Office—650 Hurt Bldg., Atlanta; Ga.
common
For
Co.
uYaro-Vit"
(letter of notification) 12,000 shares of
(no par). Proceeds—To selling stockhold¬
Charleston, W. Va. Under¬
writer—Johnson, Lane, Space Corp., Savannah, Ga.
common
stockholders.
selling
Underwriter—None.-'&
items
^ Suzanna's Kitchen, Inc.
Dec.
6, 1960 (letter of notification)—50,000
time in December.
Southern
consumer
Ave., Boston. Mass. Underwriter—Clayton Securities
Corp., Boston, Mass.
ington Ave., White Plains, N. Y. Underwriter—Casper
Rogers & Co., New York City. Offering—Expected some¬
Nov.
of non-food
ony
company makes and sells solid state devices. Proceeds—
For general corporate purposes. Office—67 South
Lex¬
1960
Nov.
25,
$0.60
stock
Office—179 Summer St.,
a
v
Chemical
1960
filed
■j jt
.v-u-nr
Industries
2,500,000
cash
share payable in
Business
Ltd.
ordinary
or
State
shares.
Price—
of Israel Bonds.
The company
Industries
of
natural
gas
for
stock. Price
of common stock.
share. Business—A closed-end investment
company. Proceeds—For investment purposes. Office—
For
—
TeiAutograph
Nov.
Corp.
18, 1960 filed
an unspecified number of shares of
(par value $1), to be offered to common
stockholders for subscription. Price—To be supplied by
common
Ave., San Diego, Calif. Underwriter—None.
Producers, Inc.
stock
amendment.
Proceeds—For
March 23 filed 700,000 shares of common stock. Price—
$2 per share. Proceeds—For the drilling of three welli
and the balance for
working capital. Office—2720 West
initial production expenses
compatible with an A. T. & T. analog
subset; for initial production expenses of facsimile equip^ment to be made by its subsidiary Hogan Faximile Corp.,
Mockingbird Lane, Dallas. Underwriter
Elmer K.
Aagaard, 6 Salt Lake Stock Exchange Bldg., Salt Lake
City, Utah.
—8700 Bellanca Avenue,
of
a
Telescriber
and the balance for the reduction of indebtedness. Office
—
Los Angeles, Calif. Underwrit¬
Co., and Richard J. Buck & Co., both of
City, and Chace, Whiteside & Winslow, Inc.,
Boston, Mass. Offering—Expected some time in January.
ers—Baird
&
New York
Speedee Mart, Inc.
I
Nov. 21, 1960 filed 90,000 shares of common
stock. Price
—To be supplied by amendment.
Business—Enfranchis¬
•
Telephone & Electronics Corp. (12/27)
Aug. 18, 1960 (letter of notification) 52,980 shares of
common stock
(par 25 cents). Price—$5 per share. Pro¬
.
ing others to manage and operate retail food stores under
the name of "Speedee Mart." Proceeds—For
acquisitions,
equipment and store inventories. Office
7988 Normal
Ave., La Mesa, Calif. Underwriter—r J. A. Hogle & Co.,
Salt Lake City, Utah.
ceeds—For general corporate purposes. Business—Elec¬
tronic communications equipment and automatic, loud'
speaking telephone. Office—7 East 42nd St., New York
Speedry Chemical Products Inc. (12/20).
Sept. 28, 1960 filed $2,000,000 of convertible subordinated
N. Y.
—
17, N. Y. Underwriter—Equity Securities Co., New York,
•
^ " •
- •'
V
■: '•
•: «
:
A common stock
(50c par). Prices—To be supplied by
amendment. Business—The
company makes special pur¬
pose inks and devices used in their application. Proceeds
—For expansion,
acquisitions, and the retirement of
bank loans. Office —- 91-31 121st
St., Richmond
Queens, L. I., N. Y. Underwriter
New York City
(managing),
Hill,
—
S. D.
Fuller
.
&
Co.,
development,
manufacture, and sale of magnetic recording equipment.
—
921
North
Highland
Aug.
Ave., Hollywood,
Calif.
Underwriter—Pacific Coast Securities Co., San
Francisco,
Calif.
& Shell
Homes
10,
common
Corp.
Nov.
facilities. Proceeds—To
due Nov. lf 1985, with warrants, to be offered in units
consisting of six common shares, a $10 debenture, and
Co.
(12/19-23)
1960
(letter of notification) 100,000 shares of
(par 40 cents). Price—$3 per share. Pro¬
plant expansion, additional machinery, ac
stock
ceeds—For
quisition of
•
new facilities ana working capital. Office—
180 S. Main St.,
Ambler, Pa. Underwriter—Woodcock,
Moyer, Fricke & French. Inc., Philadelphia, Pa.
,
Texas
•
*
.
'
Stancil-Hoffman Corp.
(12/19-23)
Sept. 30, 1960 filed 150,000 shares of capital stock. Price
—$2 per share. Business — The research,
Office
.
TeSe-Tronics
debentures, due Dec. 1, 1975, and 60,000 shares of class
1, 1960 filed 210,000 shares of common stock and
$350,000 of 9% subordinated sinking fund debentures,
sale of aircraft and missile
components and the construc¬
of industrial and research
Electronics, Inc. r
|
I
«
(letter of notification) 100,000 shares of
(par 10 cents). Price—$3 per share. Pro¬
general corporate purposes. Office — 36-11
33rd
Street, Long Island City, N. Y. Underwriter—
Edward Lewis Co., , Inc., New York, N. Y.
Note—This
issue was refiled on Sept. 6.
per
Standard
common
1960,
stock
ceeds
,
Southwestern Oil
29,
common
Capital Corp.
1960 filed 1,000,000 shares
manufacture, assembly and
Tech-Ohm
June
Southwestern
1326 Garnet
—
—
Dec. 2,
Eastern
Transmission
Corp.
1960 filed $30,000,000 of first mortgage pipe line
bonds, due 1981, and 150,000 shares of preferred stock.
Price—To be supplied by amendment. Proceeds—To re¬
tire revolving credit notes and for construction. OfficeMemorial Professional Bldg.,
Houston, Texas.
Under¬
writer—Dillon, Read & Co. Inc. (managing). OfferingExpected sometime in January.
•
Inc.
Nov. 29, 1960 filed
150,000 shares of
—$6 per share. Business—The
tion
ucts.
domestic,
Sept. 30,
—
food
Gas
commercial,
agricultural, and industrial uses in parts of California,
Nevada, and Arizona. Proceeds—To reduce indebtedness,
with the balance for
working capital. Office—2011 Las
Vegas Blvd. South, Las Vegas, Nev. Underwriter—East¬
man
Dillon, Union Securities & Co., New York City
(managing).
V
and
Sept. 26, 1960 (letter of notification) $150,000 of
10-year
6% convertible debentures and
75,000 shares of common
stock (no par) to be offered in units of
$100 of deben¬
*VH
Super Market Distributors, Inc.
1, 1960 filed 200,000 outstanding shares of
Dec.
stock. Price—$5 per share. Business—The wholesale dis¬
Soiitron Devices, Inc.
Sept. 9, 1960 filed $400,000 of 6% subordinated convert¬
ible debentures, due 1967. Price—At
par. Business—The
Price—$3
Homes, Inc.
thorne, N. Y. Underwriters—Richard Bruce & Co., Inc.
Walters, Inc., New York, N. Y.
V/ f
Proceeds—For general busi¬
including the purchase of tools, dies and
equipment; for research, sales and inventory and for ad¬
ditional working capital. Office—375 East 163rd
St., New
York, N. Y. Underwriter—William David & Motti, Inc.,
New York City.
Offering — Expected by the end of
January.
purposes,
Underwriter—None.
1960
and Fox &
b'U
Straus-Duparquet Inc.
Sept. 28, 1960 filed $1,000,000 of 7% convertible subordi¬
nated debentures, due 1975. Price—At par. Office—New
York City. Underwriter—None; the offering will be made
through officials and employees of the company. Offer¬
ing—Expected sometime in January.
design,
advertising signs, displays and
distribution
9,
home sectional components. Proceeds—For
general cor¬
porate purposes. Office—200 Saw Mill River Rd., Haw¬
'fr J
sale of
common
The
of
ness
|';?i
and
100
—
70,000 shares of common stock, of
which 62,840 shares are to be offered for the account
Dec.
common
t*? i f:
Lv';
$100 of debentures and
$300 per unit. Business
produces, in Israel, a poultry
supplement, and pharmaceutical and chemical prod¬
Proceeds
$750,000 for expansion; $170,J00 for
equipment and working capital; and $130,000 for repay¬
ment of a loan. Office
P. O. Box 4859, Haifa, Israel.
Nov.
i
Square, Pa. Underwriters—Marron, Sloss & Co.;
Inc., New York City and Harrison & Co., Philadelphia,
Pa. Offering—Expected in late January.
'
Corp.
Nov. 7, 1960 filed 150,000 shares of common stock. Price
—To be supplied by amendment. Business—The
sale and
Seaboard
iH*
ness
—
Southwest
it Scrivrer-Stevens Co.
—
'4
units of
manufacture
be
supplied by amendment.
Business—The
production and distribution of television feature films,
shorts
rr,!
1960, filed 750 units, consisting in the aggregate
$225,000 principal amount of 7%
debentures
due
February, 1968, and 75,000 shares of common stock to be
of
Texas
Research
&
Electronic Corp.
Oct. 3, 1960 filed 1,000,000 shares of
common stock. Price
share. Business—Engaged in various phases
electronics. Proceeds—For acquisition of small busi¬
nesses. Office—Meadows
Bldg., Dallas, Tex. Underwriter
—$1.15
per
of
—Naftalin &
Co., Inc., Minneapolis, Minn.
Volume
192
Number 6012
.
.
.
{'M
The Commercial and Financial Chronicle
119
(2499)
y-J
$-1
Therm-Air Mfg. Co.,
Inc.
Sept. 13, 1960^ filed 125,UuO shares of common stock (par
10 cents). Price—$4 per share. Business—The
company
makes and sells temperature and
purchase of two
Price—To
common shares, and
supplied by amendment.
be
Business—The sale, construction, and financing of "shell"
homes. Proceeds—For use by Dixie Acceptance Corp., a
humidity control equip¬
ment for
0.
the
for
warrants
four such shares.
military and commercial use. Proceeds—To pay
loans, for research and development, and for working
capital. Office—1000 North Division St., Peekskill, N. Y.
Underwriter—G. Everett Parks &
Co., Inc., New York
wholly-owned subsidiary of the issuer, who proposes lo
retire outstanding
indebtedness, purchase secured in¬
stalment obligations, purchase 20,000 outstanding shares
City.
of its
stock, and add to working capital. Office — 4415
Boulevard, Jacksonville, Fla. Underwriter—Hayden, Stone & Co., New York City (managing).
Tip Top Products Co.
;
Oct.
4, I960 filed 60,000 shares of class A common stock
Price—To be supplied by amendment.
Address—Omaha,
Neb. Underwriters—J. Cliff Rahel &
Co., Omaha, Neb.
and First Trust Co. of Lincoln,
Lincoln, Neb. Offering—
Expected in December.
^ Toledo Plaza Investment Trust (2/1)
Dec. 8, 1960, filed 209 Beneficial Trust Certificates
The
Toledo Plaza Investment Trust.
Price—$2,500
—
The company will purchase an
Business
^ Ueiited Telecontrol Electronics, Inc.
Dec. 8, 1960 (letter of notification) 60,000 shares of com¬
mon stock (par 10 cents).
Price—$5 per share. Business
—Manufacturing
nection
Office—Monmouth County
each/.
Underwriter—Richard
apartment
I
ness—The
Town
common
For
Storage, Inc.
(letter of notification)
stock
•
Unifloat
17,
28,
common
ital.
Nov.
—
•
V
,
to
Garfield
and
devices
special
Sim¬
in
the
missile
and
/
|
Industries, Inc.
retire
outstanding
Western
1960
filed
debentures.
6%
Price—At
notes.
Office—2321
Forest
Lane,
;
Factors,
may
per share.
Proceeds—To be used principally for
accounts receivable and also
be used to liquidate current and long-term liabil-
ities.
Office —1201
Continental
Bank
•
Westminster Fund, Inc.
(12/19-23)
Oct. 14, 1960 filed 4,000,000 shares of capital stock. Busi¬
ness—This is a new mutual fund, and its intention is to
offer
holders
worth of
at
of
least
$25,000 worth of acceptable
of exchanging each $12.50
such securities for one share in the Fund, which
securities
*
the
opportunity
will
receive a maximum commission of 4%. Office—
Westminster at Parker, Elizabeth, N. J. Investment Ad¬
visor—Investors Management Co. Dealer - Manager—
-
convertible serial
Business—The
Kidder, Peabody & Co., New York City.
par.
common
Oct.
20, 1960 filed 1,000,000 shares of common stock (par
Bermuda pound).- Price—$12.50 per share. Business
—This is a new open-end mutual fund. Proceeds—Foi
•
•
United States
Shell
Homes, Inc. (12/19)
28, 1960 filed $2,500,000 of 8% capital debentures,
due Dec. 15, 1975, with warrants attached for the pur¬
chase of 50,000 shares -of common stock,- and 100,000
shares of such stock.
in
units
These securities
are
to
be offered
consisting of $100 of debentures with attached
.
..
.
Wilier Color
Television
Broadway, New York City.
Aluminum
Oct.
and
System, Inc. (12/27)
(letter of notification) 80,890 shares of common
stock
(par $1). .Price—$3 per share.
Proceeds—For
general corporate purposes.
Office—151 Odell Avenue,
Yonkers, N. Y.
Underwriter—Equity Securities Co., 39
City (managing). Offering—-Expected in January.
Corp.
Aug. 24, 1960 filed $7,750,000 of convertible subordinated
debentures, due 1975. Price—To be supplied by amend¬
ment. Proceeds—Together with other
funds, the proceeds
will be used to pay for the erection of a
primary alu¬
minum reduction facility. Office — Los
Angeles, Calif.
Underwriter—Straus, Blosser & McDowell, Chicago, 111.
(managing).
producing
Jan. 29
Bermuda
Bldg., Hamilton,
Bermuda. Underwriters—Kidder, Peabody & Co., Bache
& Co., and Francis I. du Pont &
Co., all of New York
Pacific
developing,
electronic test
N. Y.
one
United
REctor
2-9570
~r*
or
7, N. Y.
ic Wings & Wheels
Express,
Inc.
Dec.
9, 1960 filed 85,000 shares of common stock. Price
—$3 per share. Proceeds—For expansion, working cap"
ital,
the financing of accounts receivable, and general
corporate purposes. Office—Flushing, L. I., N. Y. Under¬
writers—Globus, Inc. and Ross, Lyon &
of
Industries
share.
For
Business—Manufacturer
equipment
and
general
of
furniture.
corporate
Proceeds—
purposes.
Office
—Chantilly, V^'Uridertvrite^Allen, McFarland & Co.,
.
'•
„
/
"l
■
Alberta
'
Gas
it'.r
'
Trunk Line
Co., Ltd.
Sept. 1, 1960 A. G. Bailey, President, announced that
new financing of approximately $65,000,000 mostly in the
form of first mortgage bonds, is expected early in 1961.
Office—502-2nd St., S. W., Calgary, Alberta, Canada.
American Investment Co.
Donald L. Barnes, Jr., executive vice-presi¬
dent, announced that debt financing is expected in early
1961 in the form of about
$4,000,000 to $6,000,000
St. Louis, Mo.
Approved Finance
Nov. 11, 1960 it was
$6,000,000 of capital notes and
of
^Coordinated notes. Office—
Inc.
reported by Paul O. Sebastian, Vice-
company is considering a
offering to stockholders of additional common
stock via a Regulation "A", filing, possibly to occur in
rights
mid-1961.
Office—39
Underwriter—Vercoe
Arkansas
Power
Co., Inc., both
New York City.
WonderBowl, Inc.
April 14 filed 3,401,351 shares of common stock (par $2)
Price—$2 per share. Proceeds—For purchase of certain
property, for constructing a motel on said property and
various leasehold improvements on the property. Office
—7805 Sunset Boulevard, Los Angeles, Calif.
Under¬
writer—Standard Securities Corp., same address.
Chestnut
E.
&
&
Columbus,
Ohio.
St.,
Co., Columbus,
Ohio
Light Co.
1960 it was announced that this subsidiary of
Middle South Utilities plans the issuance of approximate¬
ly $15,000,000 of first mortgage bonds, sometime in Mar.
Underwriter—To be determined by competitive bidding.
Probable bidders: Halsey, Stuart & Co. Inc.; Eastman
Sept 20,
Dillon, Union Securities & Co. and Equitable Securities
Corp. (jointly); Blyth & Co. and Dean Witter & Co.
(jointly); Lehman Brothers, Stone & Webster Securities
Corp. and White, Weld & Co. (jointly); Merrill Lynch,
Pierce, Fenner & Smith Inc.
Atlantic Transistor Corp.
12,
that it is contem¬
offering, consisting of a
undetermined number
of its $1 par common stock.
Business — The
makes
and
sells
a
"water - tight,
un¬
1960 the company reported
its first
plating filing
marketing
equipment. Proceeds—For production,
research and development; for repayment of loans and
for working capital. Office—Fanwood, N. J. Underwriter
—Vincent, James & Co., Inc., 37 Wall St., New York,
Fund Ltd.
of
at
us
Corp.
a "Reg. A" filing cov¬
ering 100,000 shares of the company's 10 cent par com¬
mon stock is expected in mid-December.
Price—$3 per
Sept.
of notification) 150,000 shares of
stock (par 40 cents). Price—$2 per share. Busi¬
ness—Inventing,
of
—
Office—Bank
item
Dec. 5, 1960 it was reported that
Bldg., Salt Lake
City, Utah.
Business—Factoring.
Underwriter—Elmer
K. Aagaard, Newhouse Bldg., Salt Lake City, Utah.
expansion, working capital, and loans to subsid¬
Office—1235 Shadowdale, Houston, Texas.
Un¬
Dempsey-Tegeler & Co., St. Louis, Mo.
Offering—Expected in mid-December.
investment.
an
President-Treasurer, that the
Inc.
the purchase of additional
iaries.
United International
can prepare
Nov. 3, 1960,
—For
•
we
Prospective Offerings
.
Westmore, Inc.
Dec. 1, I960 (letter
derwriter
that
at 25 Park Place, New York
Washington, D. C.
(12/19-23)
—$1.50
industries
Co., Inc.
$500,000 of
so
telephone
you
us
Advance
com¬
1960
29,
issuer's major activity is the warehousing of grain under
contract to the U. S. Commodity Credit Corp. Proceeds
%
S.
June 29, 1960, filed 700,000 shares of common stock. Price
Gas
subordinated
i
H.
Laboratories, Co., Inc.
Oct. 26, 1960 (letter of notification)
90,000 shares of
class A comrhbn stock (par $1). Price—$2.75 per share.
Proceeds—To provide funds for further expansion of the
company's operations. Office—5455 Randolph Rd., Rockville, Md. Underwriter—First Investment Planning Co.,
Washington, D. C.
for
St., New York City.
u
and
Vim
Scheduled for 10:30 a.m., Dec. 16 in Room 240, 2 Rector
'I
Co.
New York City.
—
27,
&
Garland, Tex. Underwriter—Plymouth Securities Corp.,
.
Sept.
Rubin
(letter of notification) 150,000 shares of
common stock
(par 10 cents). Price—$2 per share. Pro¬
ceeds—To pay in full the remainder of such subscription
to capital stock of International Data Systems, Inc. and
Corp. (12/20)
Nov. 29, 1960 filed a maximum of 161,573 shares of $10
par common stock, Price—To be supplied by amend¬
ment. Proceeds
To the selling stockholder, Electric
Bond & Share Co.
Office—Shreveport, La. Underwriter
•7—To be determined by- competitive bidding. Probable
bidders: Kidder, Peabody & Co.; Merrill Lynch, Pierce,
Fenner & Smith Inc.; First Boston Corp. Bids—To be
received Dec. 20 up to 3:45 p.m. (EST) in room 2033,
2 Rector St., New York City.
Information Meeting-
United
N.
stock (par 10 cents).
Vector
Aug.
fire, casualty, and other related
real estate coverage. Office—425 South La Brea Ave.,;
Inglewood, Calif. Underwriter—Lehman Brothers," New
York (managing).
United
Would
general corporate purposes.
Address—High Falls, N. Y. Underwriter—Droulia & Co.,
New York, N. Y.
• United Financial Corp. of California
Dec. 14, 1960 filed 600,000 shares of outstanding common
stock. Price—To be supplied by amendment. Proceeds—
To the selling stockholders. Business—Holding company
for two savings and loan associations. Also operates an
1
Corporation News Department would like
write
1960
14,
semblies
Ave., Los Angeles, Calif.
Pacific Coast Securities Co., San Fran¬
agency
UNDERWRITERS!
similar to those you'll find hereunder.
puter fields. Proceeds—For
cisco, Calif.
insurance
Our
to know about it
(letter of notification) 150,000 shares of
Price—$2 per share. Busi¬
ness—Manufacturers of components, subassemblies, as¬
Automotive
Underwriter
ATTENTION
& Co. both of New York City. Offering—Imminent.
common
1960
S.
equipment, the
loans, and working capital. Office—Erie,
Do you have an issue you're planning to register?
Varifab, Inc.
stock
Office—2136
of
Underwriter—Lee Higginson Corp., New York Citv
(managing). Offering—Postponed.
—
Underwriters—B.
mons
Industries, Inc.
(letter of notification) 100,000 shares of
(par $1). Price—$3 per share. Proceeds—
To retire outstanding indebtedness and for
working cap¬
Nov.
repayment
Pa.
Vaidale
Pa.
Ave.,
Structures Corp.
(letter of notification) 100,000 shares of
(par one cent). Price—$3 per share. Pro-
Underwriter—To be supplied by amendment.
United
re¬
—
ceeds-r-Xo purchase,1(raw materials, maintenance of in¬
ventory, machinery and equipment, and for working
capital. Office—204 E. Washington St., Petaluma, Calif.
■
and
ceeds
To pay accounts payable, reduce a bank loan,
advertising and for working capital. Office—Red Lion,
Marine
1960
stock
products
search and development of a synchrb-gear assembly for
atomic submarines. Proceeds—For new
Co., Inc.
27, 1960 (letter of notification) 100,000 shares of
common stock
(par 10 cents). Price—$3 per share. Pro¬
W., Washington, D. C. Underwriter—Searight, Ahalt
O'Connor, Inc., New York, N. Y. Offering—Expected
in early January.
Oct.
account of the present holders thereof. Price—To be
sup- *
by amendment. Business — The manufacture of
mechanical power transmission equipment, fluid control
July
&
common
was
plied
Urban Development Corp.
Aug. 30, 1960 filed 300,000 shares of common stock (no
par). Price—$10 per share. Proceeds—For general cor¬
porate purposes, including debt reduction. Office—Mem¬
phis, Tenn. Underwriter — Union Securities Investment
Co., Memphis, Tenn.
N.
•
hearing
Zurn Industries, Inc.
Sept. 26, 1960 filed 200,000 shares of common stock ($1
par), of which 100,000 shares are to be offered for the
account
of
the
issuing company and 100,000 shares, '
representing outstanding stock, are to be offered for the
devices, building plumbing drainage
manufacture, sale and installation of equip¬
and colleges in the instruction of
A
of the company
counsel and the results have not as
yet been announced.
Securities Corp., 19 Rector Street, New York, N. Y.
100,000 shares of
share. Proceeds—
(par $1). Price—$3 per
capital. * Office—1028 Connecticut
working
writer—None. Note—The SEC has challenged the accu¬
racy and adequacy of this statement.
scheduled for Aug. 29 at the request
foreign languages (language laboratories). Pro¬
For general corporate purposes. Address — 510
Hudson St., Hacskensack, N. J. Underwriter—Underhill
Underwater
1960
Airport, Wall Township, N. J.
& Co., Inc., New York,
Bruce
essing of ore; $60,000 for rails, ties, rail cars and related
equipment; $10,000 for rebuilding roads; $30,000 for
transportation equipment; and $655,000 for working cap¬
ital. Office—6815 Tordera St., Coral
Gables, Fla. Under¬
modern
ceeds
System, Inc.
Dec. 6, 1960 (letter of notification) 90,000 shares of com¬
mon stock (par 10 cents).
Price—$2.50 per share. Busi¬
ness—International air freight forwarding.
Proceeds—
For expansion purposes. Office—51 Hudson Street, New
York, N. Y. Underwriter—Flomenhaft, Seidler & Co.,
Inc., New York, N. Y. Offering—Expected in January. 1
8,
con¬
ment used by schools
Co., New York City. Offering—Expected in late Jan.
Nov.
in
Universal Electronics Laboratories Corp.
Trans-Air
@
use
Oct. 28, 1960 (letter of notification) 75,000 shares of com¬
mon stock (par 10 cents),
Price — $4 per share. Busi¬
photographic film, supplies and equipment. Proceeds—
For general business expenses. Office — 2240 Jerome
Avenue, New York City. Underwriter—Michael G. Kletz
&
for
New York.
Photolab, Inc.
Nov. 30, 1960 filed 150,000 shares of common stock. Price
—$4 per share. Business — The processing and sale of
w
designed
telephone and telegraph communication
equipment on a prime contract basis.
Proceeds — For
general corporate purposes, including working capital.
in
project of not less than 242 units on 10 acre site in Prince
Georges County, Md. Proceeds—To purchase the abovementioned apartment project. Office—2215 Washington
Ave., Silver Spring, Md. Underwriter—Hodgdon & Co.,
Inc., Washington, D. C.
.
components
with
stock. Price— $1
common
share. Proceeds—It is expected that some $100,000
will be used to purchase and install a mill for the proc¬
per
Beach
,
•Jp
Yuscaran Mining Co.
May 6 filed 1,000,000 shares of
letter
public
notification covering an
of
of shares
company
breakable" marine radio known as the "Marlin 200." Pro¬
of the "Marlin 300," which
similarly constructed radio with a ship-toshore band. Office—63-65 Mt. Pleasant Ave., Newark,
N. J. Underwriter—Mr. Roth, Comptroller, states that he
ceeds—For the development
is
to
be
a
actively seeking an underwriter to handle the offer¬
ing. Note—The issuing company is a wholly-owned sub¬
is
sidiary of Auto-Temp Inc.
Automation
Development,
Inc.
Sept. 20, 1960 it was reported that a ''Reg.
comprising this firm's first public offering is
Note
This firm v/as formerly carried
in
—
umn
Inc."
under
the
heading
Proceeds—For
further
"Automation
development
for
A" filing,
expected.
col¬
Industry
this
of the "Sky-
jector." Office—342 Madison Ave., New York City. Un-*
derwriter—Ross, Riemer, Collins & Co., Inc., 44 Beavef:
St., New York City.
Automation
Labs
Inc.
1960 it was reported that a "Reg A" filing is
expected. Business — Electronics. Office — Westbury,
L. I., N. Y. Underwriter — Sandkuhl and Company,
Newark, N. J., and New York City.
Sept. 14,
Continued
'
r-'Mk LI**
ttfr. »1HN.
.
I.ft
on page
«
120
120
The Commercial and Financial Chronicle
(1500)
Baltimore Gas & Electric Co.
Oct. 3, 1960 it was reported that the utility expects
about $20,000,000 of additional securities, possibly
to sell
bonds
or
preferred stock, sometime during the first half of
1961. Office—Lexington Building, Baltimore, Md.
Un¬
derwriter
To be determined by competitive bidding.
Probable bidders: Halsey, Stuart & Co. Inc.; White, Weld
& Co. and First Boston Corp. (jointly); Harriman Rip¬
ley & Co., Inc. and Alex. Brown & Sons (jointly).
Sept. 22, 1960 it was reported tne company will sell
$10,000,000 additional common stock sometime in
Proceeds—For expansion purposes. Office—215 N.
St., Columbus 15, Ohio. Underwriter—Dillon, Read
• Consolidated Natural Gas Co. (2/7)
Dec.
9, 1960 the company reported that
Bo-Craft Enterprises
Nov.
18, 1960 it
Inc.
reported that
was
a
letter of notifica¬
tion consisting of 100,000 shares of 10 cent par common
stock will be filed for this company. Price—$3 per share.
Business—The
company
for zippers. Proceeds—For expansion and gen¬
eral corporate
purposes.; Office—11-54 44th Drive, Long
Island City, N. Y. Underwriter—Harwyn Securities, 1457
Broadway, New York City.
Brooklyn Union Gas Co.
Sept. 21, 1960 G. C. Griswold, Vice-President and Treas¬
urer, announced that there will be no further financing
in 1960 but that $25,000,000 to $30,000,000 of mortgage
bonds or preferred stock are expected in late 1961 or
early 1962. Office—176 Remsen St., Brooklyn 1, N. Y.
•
Business
of
Capital Corp.
1960 George H. Dovenmuehle, Board Chairman
Dovenmuehle
Inc.,
111.,
Chicago,
reported
that
this
firm is contemplating "a large public offering." Business
—This is a small business investment company formed
in
1960, and it plans to develop real estate. In addition
Dovenmuehle, directors will be drawn from Com¬
to Mr.
monwealth Edison
Co.; Chicago Title & Trust Co.; Con¬
tinental Assurance (Chicago); Booz Allen & Hamilton
and
Armour
Research
Underwriter—Blunt
•
Institute.
Ellis
&
Office
Chicago, 111.
Simmons, Chicago, 111.
—
California Asbestos Corp.
Calif. Underwriter—R. E. Bernhard &
Co., Beverly Hills,
Calif. Registration—Indefinite.
Oct.
it
New
& Co
a
plans
to
reported that the company expects
was
to market in late 1961 to raise about
$12,000,000
approximately $7,000,000* of bonds and
$5,000,000 common stock. Proceeds—For the repayment
in
come
the
form
of bank
•
of
loans.
Carbonic
Dec.
8,
Office—216 W. Main
St., Medford, Oreg.
Equipment Corp.
1960 it
was
$300,000 of units, consisting of
warrants will
be made.
a
full filing of about
stock, bonds and
Proceeds—For expansion of the
common
business. Office—97-02 Jamaica Ave.,
Underwriter—R. F. Dowd & Co., Inc.
Woodhaven, N. Y.
Registration—Ex¬
pected sometime in January.
Casavan
in
1961
Dakota
Nov.
Houston
publicly sometime in 1961, probably in the form of pre¬
and debt securities/with the precise timing de¬
market conditions. Proceeds—For construc¬
of bank loans. Office — Electric
Building, Houston, Texas. Underwriter — Previous fi-i
nancing was headed by Lehman Brothers, Eastman Dil¬
lon, Union Securities & Co. and Salomon Bros. &
pending
tion
Automated
Sales
as
class A
18 products of various sizes and prices,
film for processing. Office
Ave., South, Nashville, Tenn. Underwriter—
Negotiations are in progress with several major under¬
Dynacolor Corp.
22, 1960 it was
the amount and
The
products, purchase
—
new
a
Oct.
Industries
•
equipment,
Norcross, Ga. Under¬
Kawasaki
construction. Proceeds—For expansion to meet $10,000,000 backlog. Office—250 Vreeland Ave., Paterson. N. J.
54th St.,
stock
Underwriter—To
be
named.
Registration—Expected
1
late December.
in
of
at
$2
Weld & Co. Bids—Expected
to be received
Information Meeting—Scheduled
Feb.
on
15.
for Feb. 9 at 2:30 p.m.
(EST) in Room 1900, 195 Broadway, New York City.
certificates. Underwriter—To be determined by competi¬
tive bidding. Probable bidders: Salomon Bros. & Hutz-
•
Halsey, Stuart & Co. Inc.
Citizens
&
Southern Capital
Corp."
"
*
9,
1961-65 construction program, but the current feel¬
ing is that it will not be necessary to turn to long-term
securities until May 1962. Office — 1017 Olive St., St.
Louis, Mo. ■
■' i !
'/
per
share. Proceeds—For the
pro¬
•
New York City. Underwriter—McClane & Co.,
Broadway, New York City. Registration—Ex¬
Real Estate
1960
it
was
Investment
Jan.
New
stock
a
York
offering
State
the SEC
new
mutual fund
which
will
sion.
of
•
amount
1960
was
Avenue, New York City.
of bonds
may
Office—25
S.
E.
2nd
Ave., Miami,* Fla.
Pierce, Fenner & Smith Inc. and
Kidder, Peabody & Co. (jointly); Halsey, Stuart & Co.
Inc.r White, Weld & Co.; First Boston Corp.; Blyth &
Co., Inc.
*
oping plans for borrowing
&
Southern
Small
formerly
compay
Business
was
the Citi¬
Investment Co.
Regis¬
tration—Expected in early 1961.
Coca-Cola
occur
Sept. 22, 1960 it was announced that under the terms of
proposed acquisition of Minute Maid Corp. this
would issue about 906,400 shares of its
stock, each share of which
Minute Maid shares.
will
be
exchanged
Office—Atlanta, Ga.
Maid shareholders will vote
Dec. 21.
on
common
for
2 2
Note—Minute
the proposed merger on
Colorado Interstate Gas Co.
Oct.
17, 1960 it was reported by Mr. A. N. Porter of the
company's treasury department that the company is
awaiting a hearing before the full FPC with reference
to approval of its application for
expansion of its sys¬
tem, which will require about $70,000,000 of debt fi¬
nancing. Such approval is expected in December of this
the public financing is expected in the latter
part of 1961. Proceeds—For expansion. Office—P O Box
yeqr, and
1087, Colorado Springs, Colo.
of
Kidder,
Peabody
Co.,
&
;
^
New
//•
Martin Paints & Wallpapers
Aug. 29, 1960 it was announced that registration is ex¬
pected of the company's first public offering, which is
expected to consist of about $650,000 of convertible de¬
bentures and about $100,000 of common stock. Proceeds
—For expansion, including a new warehouse and addi¬
company
will file
letter of notification, comprising its first public offer¬
ing, in late December or early January. Office — 430
Southern Blvd., Bronx, N. Y.
tional stores. Office—153-22 Jamaica Ave., Jamaica, L. I.,
N. Y. Underwriter— Hill, Thompson & Co.j Inc.. New
York Citv N. Y.
Georgia Bonded Fibers, Inc.
Sept, 14, 1960 it was reported that registration of 150,000
shares of common stock is expected. Offices—Newark,
N. J., and Buena Vista, Va. Underwriter—Sandkuhl and
Company, Newark, N. J., and New York City.
• Maryland Cup Co.
Dec.
14, 1960 it was reported that Lehman Brothers is
handling preliminary work on a proposed public offer¬
ing of securities. Registration—Expected about Dec. 22.
Inc.
Oct.
5, 1960 it was reported that 100,000 shares of the
company's common stock will be filed* Proceeds—For
breeding trotting horses. Office—Goshen, N. Y. Under¬
•
Pa. Underwriters-^—Alex.* Brown
and
Lumber & Trim Co., Inc.
7, 1960, it was reported that a substantial common
offering is contemplated in early 1961. Office—
2060 Jericho Turnpike. New Hyde Park, L. I., N. Y.
a
writer—R. F. Dowd & Co. Inc.
Baltimore
(jointly).
Macrose
debt
Resistance, Inc.
Sept. 19, 1960 it was reported that the
Goshen Farms
re¬
stock
General
Co.
the
company
issuance
"Bids—To be
: V*J'
Nov.
operations, which may in¬
securities, and possibly
in the first quarter of 1961. Office—Detroit, Mich.
the
9.
"
Ford Motor Credit Co.
clude
St., Ashland, Wisconsin.
Feb. 7.
Assistant
Oct. 17, 1960 it was reported that this company is devel¬
zens
on
Nov.
Probable bid¬
Atlanta, Ga. Note—This
Chicago
Long Island Lighting Co.
'
11, 1960 it was reported by Fred C. Eggerstedt, Jr.,
Vice-President, that the utility contemplates
the issuance of $25,000,000 to $30,000,000 of first mort¬
gage bonds in the second or third quarter, pf 1961. Office
—250 Old Country Road, Mineola, N. Y. i,
Underwriter—
Oct. 24, 1960 it was reported that the
company expects
to file $3,000,000
of its common stock. Office—c/o Citi¬
zens
& Southern National
Bank, Marietta at Broad.
Second
Sts., Philadelphia,
Sons,
York
an
To be determined by competitive bidding.
ders:
Merrill Lynchf
W.
L'Aiglon
non
&
that
101
manufacture of ladies' dresses. Office-—15th and Mt. Ver¬
undetermined
be offered in the Spring of 1961
reported
—
a
Light Co.
it
(2/7)
A.
Dec.
Sponsor—Fass Management Corp., New York City.
24,
G.
Apparel, Inc.
2, 1960, it was reported that company plans to file
registration statement with the SEC in January cover¬
ing about 60,000 shares of common stock." Business—The
open-
subsequent to the sale of this stock, and will invest
primarily in commercial real estate and short-term gov¬
Oct.
Office
ceived in
end
ernment bills. Office—604 Fifth
1960,
that the
Registration*—Expected about Jan.
residents
become
Superior District Power Co.
Donald, Chairman and President
company plans the issuance and sale of
$30,000,000 of first mortgage bonds, series F, due Feb.
1, 1991. Proceeds—To repay bank loans and for expan¬
1.
a
7,
stated
Subsequently a filing will be made with
which will permit inter-state offering. Business
—This is
Lake
Dec.
Fund
that
reported
$10,000,000 will be made to
after
>
its
TV
Florida Power &
Chicago, Buriington & Quincy RR. (1/4)
Dec. 1, 1960 it was reported that bids will be received
by the road on Jan. 4, for $8,550,000 of equipment trust
ler and
First
Co., Ltd.
Laclede Gas Co.
and motion picture films, the reduction
indebtedness, and for working capital. Office—619 W.
Dec.
Steel
Nov. 15, 1960 Mr. L. A. Horton, Treasurer, reported that
the utility will need to raise $33,000,000 externally for
Inc., 26
pected in late December.
•
Chesapeake & Potomac Telephone Co. (2/15)
1, 1960 it was reported that this A. T. & T. sub¬
sidiary plans to sell $20,000,000 of bonds. Office—Wash¬
ington, D. C. Underwriter—To be determined by com¬
petitive bidding. Probable bidders: First Boston Corp.
and Merrill Lynch, Pierce, Fenner & Smith (jointly);
Halsey, Stuart & Co. Inc.; Morgan Stanley & Co.; White,
Dec.
of
Corp.
was
Underwriter—First Boston Corp., New York City.
—
duction
1960 \it
Oct. 17, 1960 it was reported that the Japanese company
is considering a $4,000,000 bond issue for U. S. offering.
Exploit Films Inc.
common
27,
Peabody & Co. Offering—Expected in the Spring of 1961.
Instrument
Oct. 28, 1960 it was reported that the company will file
a
letter of notification consisting of 150,000 shares of
dent, that registration is expected of approximately
$11,750,000 of common stock and $10,000,000 of deben¬
tures. Business
The company makes polystyrene and
polyurethane for insulation and processes marble for
Office—206 E. 2nd St., Davenport, Iowa.
announced that this governmentowned business plans a $20,000,000 bond issue in
the
United States. Proceeds—For expansion. Underwriters
—Dillon, Read & Co., First Boston Corp.", and Kidder,
R. F. Dowd & Co. Inc.
Sept. 21, 1960 it was reported by Mr. Casavena, Presi¬
market conditions.
on
Japan Telephone & Telegraph
product. Office—Westbury, L. I. Underwriter—
new
timing to depend
1961
ternally.
Corp.
Oct. 5, 1960 it was reported that a full filing of approxi¬
mately $300,000 of bonds, common stock and warrants is
expected. Proceeds—For expansion and the manufacture
of
Electric Co.
Gas &
construction program is estimated at $17 mil¬
lion of which $10-$11 million will have to be raised ex¬
Dynamic Center Engineering Co., Inc.
Oct. 3, 1960 it was reported that the company plans a
full filing of its $1 par common stock. Proceeds—To pro¬
new
to
of
market, perhaps in mid-1961, to sell long-term securities
in the form of bonds and possibly preferred stock, with
reported
and for working capital. Office
■
commdn stock
Iowa-Illinois
that new financing will
take place but there is no indication as yet as to type,
timing and amount. Office—1999 Mt. Read Blvd., Roch¬
mote the sale of
Corp. ■;
Oct. 24, 1960 it was reported by the company treasurer,
Mr. Donald Shaw that the utility expects to come to
writers.
Dynamic
Safflower
(par $2). Price — $5 per share.
outstanding loans, purchase of plant¬
ing seed, lease or purchase land, building and machinery
and for working capital. Office — 350 Equitable Bldg.,
Denver, Colo. Underwriter — Copley & Co., Colorado
Springs Colo.
8th
Aug.
1
'
Proceeds—To retire
will also accept exposed
as
Monument
25
Oct. 28, 1960 it was reported that the company plans
file a letter of notification consisting of 60,000 shares
Corp.
was
and
—
.
reported by Frazier N. James,
"substantial" issue of common stock,
constituting the firm's first public offering, is under
discussion. Business — The company makes a film and
flashbulb vending machine called DASCO, which will
16, 1960 it
President, that a
Office
-
business, and for the manufacture of a new product by a
subsidiary. Office—1947 Broadway, Bronx, N. Y. Under¬
writer—R. F. Dowd & Co. Inc.
/
International
Nov.
many
1963.
in
Gauge & Instrument Co.
Oct. 5, 1960 it was reported that 100,000 shares of com¬
mon
stock will be filed. Proceeds — Expansion of the
may
Diversified
i'*!
,
Industrial
Light Co.
To be named.
—223
;
,
securities
additional
was slated by the company's president
possibly be some new financing during
1961, with no indication as to type and amount. Office—
1506 Commerce Street, Dallas, Texas. Underwriter—To
be determined by competitive bidding. Probable bidders:
there
■■
Indianapolis Power & Light Co;
According to a prospectus filed with the SEC on Aug.
25, the company plans the sale of about $14,000,000 of
;
Sept. 14, 1960 it
that
repayment
Circle, Indianapolis, lnd.
Power &
Dallas
on
and
Hutzler.
underwriter.
an
17,
ferred
Corp.
reported by
was
Lighting & Power Co.
1960 Mr. T. H. Wharton, President, stated that
between $25-$35 million dollars is expected to be raised
Reinsurance
it
employees and others closely associated with the com¬
Oct.
additional
1960
Note—Dec. 9,
pany.
Walter H. Johnson,
President, that the company plans its first public offer¬
ing of an as yet undetermined amount of its $1 par
common
stock.
Business—The company will enter, the
field of reinsurance on a multiple line basis.
Office —
P. O. Box 669, Yankton South Dakota.
Underwriter—
Mr. Johnson states that the company is actively seeking
28,
Mass. Underwriter—None.
Bedford,
company
to
to
25-year sinking
the company will issue
of
writer—To be named.
that
reported
Later
carrier by
common
a
spokesman stated that the offering of these
debentures is expected and they will be sold primarily
$25,000 000 of debentures. Proceeds
—To repay a bank loan and for construction.
Under¬
writer—The last sale of $25,000,000 of debentures on Feb.
9 was handled by Morgan Stanley & Co., and The First
Boston Corp. Bids—It is expected that bids for the $45,000,000 issue will be opened on Feb. 7, 1961.
an
is
operating in nine Eastern states. Proceeds
reduction and additional equipment. Office-
—For debt
Front
ester, N. Y. Underwriter—The company's initial financ¬
ing was handled by Lee Higginson Corp., New York City.
Oregon Power Co.
18, 1960 it
$45,000,000
sell
Sept. 28, 1960 it was reported that discussion is under
way concerning an offering of about $300,000 of common
stock. It has not yet been determined whether this will
be a full filing or a "Reg. A." Business—The company,
which is not as yet in operation but which has pilot
plants, will mine and mill asbestos. Proceeds—To set up
actual operations. Address—The company is near Fresno,
California
SEC
the
debentures.
and sell
is engaged in the manufacture
of parts
Nov. 18,
fund
with
Thursday, December 15, 1960
vehicle
motor
about
1961.
—
register
,
debentures. Business—The firm
Columbus & Southern Ohio Electric Co.
Continued from page 119
.
.
*
Hemingway Brothers Interstate Trucking Co.
Sept. 16, I960 the ICC granted the firm permission to
issue $1,000,000 of 10-year registered 6%. subordinated
Midland
*
Enterprises Inc.
*
it was stated in the company's annual report
contemplates the issuance on or before March 31,
1961 of a bond issue in an aggregate amount not to exceed
$4,000,000. Proceeds—<• To finance river transportation
equipment
presently on order and expected to be
April
.
8
that it
ordered.
Office—Cincinnati, Ohio."^
-
,
•
Volume
192
Number
6012
The
Commercial and Financial
Chronicle
(2501)
Mississippi
Corp.
Nov. 28, 1960 it
Business
&
Industrial
Development
below the $3.20 per
$1,000,000 of $10
reported that the company will issue
Panhandle Eastern
stock, of which $500,000
will be subscribed for by utility companies and
$500,000
will be sold to business and industry and the general
public. Business—To assist via loans, investments, and
business-
other
sion
^Missouri
Dec.
par
common
transactions, in the location and
in Mississippi.
Sept. 28, 1960 it
Pacific RR.
1960
12,
expan¬
it
reported
was
Bids—To be received
on
that
the
road
plans
Jan.
'
10.
.
the
\
plans
pany
to
sell $5,000,000
of
preferred
stock
Dec.
it
1960,
9,
that
reported
was
ized
to
bank
plans
Ram
share for
each
Public Service,
Orleans
Inc.
of first
—317
(Jos.) Schlitz & Co.
March 11 it was reported that
mortgage bonds is expected in May, 1961. Office
St., New Orleans, La. Underwriter—To
competitive bidding. Probable bidders:
Halsey, Stuart & Co. Inc.; Lee Higginson Corp., Equi¬
table Securities Corp. and Eastman Dillon, Union Securi¬
ties & Co.
New York
(jointly); Kidder, Peabody & Co. and Stone
Corp. (jointly); White, Weld & Co.;
& Webster Securities
•
New
York
Central
RR.
(1/18)
•
—Salmon Bros. & Hutzler and Halsey, Stuart & Co.
Bids—To be received
Jan. 18 at
on
noon
Inc^
f
(EST).
Northern Fibre Glass Co.
■
aging).
Sept. 28, 1960 it was reported that this company is plan¬
ning to issue 100,000 shares of $1 par common stock un¬
der a letter of notification. Office—St. Paul, Minn. Un¬
derwriter—Irving J. Rice & Co., St. Paul, Minn.
•
Nov.
9, 1960 C. J; Gauthier, Vice-President-finance re¬
ported that oL the $95,000,000 in outside financing that
will be required in the next four years to complete a
$200,000,000 construction V p r o g ram, an unspecified
amount might be raised through a common stock issue
1961. Office—50 Fox St.,
The First Boston Corp. and
One
Maiden
Lane
stock.
ordinated income debentures with detachable stock pur¬
chase warrants to TWA stockholders. Hughes Tool
holder
new
mutual fund.
Orange & Rockland Utilities, Inc.'
timing
market
-
Dec.
sale of
in
April, 1961. Office — 10 North Broadway,
Nyack, N. Y,. Underwriter—To be determined by com¬
petitive bidding. Probable bidders: First Boston Corp.;
Halsey, Stuart & Co. Inc.; Equitable Securities Corp.;
W. C. Langley & Co. and Glore, Forgan & Co.
(jointly).
(1/24)
bonds
$6,000,000 to $8,000,000 of 30-year first mortgage
expected. Office—Fergus Falls, Minn. Under¬
is
writer—To be determined by competitive bidding. Prob¬
able bidders: Halsey, Stuart & Co.
Inc.; Blyth &
Co.;
Glore, Forgan & Co.; White, Weld & Co.
Lighting Corp.
Nov. 10, 1960 it was reported by Robert W. Miller, chair¬
man, that the company will probably go to the market
for $30,000,000 to $50,000,000 of new
financing in 1961,
but that if equity financing is used the amounts won't
high
enough
to
dilute
earnings
of
Proceeds
—
To
depending
retire
bank
on
loans.
the
common
to
Co.
(1/11)
12,
1960 it was reported that the road plans the
$8,400,000 of equipment trust certificates. Under¬
writer—To be determined by
competitive bidding. Bid¬
ders: Halsey, Stuart &
Co., Inc. and Salomon Bros.
&
Hutzler.
Bids—To be received
Southern
21,
on
Jan.
11
at
noon
EST.
Railway Co.
1960
stockholders
approved
the
issuance
of
$33,000,000 of new bonds. The issuance of an unspeci¬
fied amount of additional bonds for other
purchases was
also approved. Proceeds — For
general corporate pur¬
including the possible acquisition of Central of
Georgia Ry. Office—Washington, D. C. Underwriter—
Halsey, Stuart & Co. Inc., will head a group that will
poses,
bid
Pacific
be
conditions.
^Southern Pacific
Nov.
Oct. 21, 1960, Albert V. Hartl, executive Vice-President
of this utility told this newspaper that an issue of be¬
tween
com¬
(jointly).
pected
Power Co.
Fitch,
Office—Watts Building, Birmingham, Ala. Underwriter
—To be determined by competitive
bidding.
Probable
bidders: Halsey, Stuart & Co.
Inc.; First Boston Corp.;
Blyth & Co. and Kidder, Peabody & Co.
Oct. 18, 1960 it was reported that the sale of the $10 mil¬
lion of 30-year first mortgage bonds is tentatively ex¬
Otter Tail
390, Columbia^ S. C. Underwriter—
by competitive bidding. Previous bid¬
company's bonds were First Boston Corp.
pany comptroller, that the utility is
contemplating the
sale of $35,000,000 of 20-year first
mortgage bonds some¬
time in 1961, with the
precise
For
investment, mainly in listed convertible debentures
Bonds. Office—1 Maiden Lane, New
York
38, N. Y.
Underwriter—G. F. Nicholls Inc., 1
Maiden Lane, New York 38, N. Y.
O. Box
on
the bonds.
Southwestern
Aug. 9, 1960, it
Service Co.
reported that in February, 1961, the
about
$15,000,000 in bonds and
$3,000,000 in preferred stock, and that about one
thereafter
a
one-for-twenty common stock rights
offering is planned, with the new shares priced about
Co.,
company's outstanding stock, has
its pro rata share of the debentures
enough of any unsubscribed deben¬
of the
Office—10
Richards
writers
Lazard
Road, Kansas City 5, Mo. Under¬
Freres & Co., Lehman Brothers and
Dillon, Read & Co., Inc., all of N. Y. City (managing).
—
Trunkline
-
Gas
Co.
Sept. 28, 1960 it was reported that approximately $15,000,000 of bonds and $5,000,000 of preferred stock are
expected to be offered in the second quarter of 1961.
Office—120
Broadway, New York City. UnderwritersLynch/ Pierce, Fenner & Smith Inc., and Kid¬
der, Peabody & Co., both of New York City (managing).
Merrill
Electric Co.
Dec.
2, 1960 it was reported that the utility has tenta¬
tively scheduled a preferred stock offering or a com¬
bination debt and preferred offering of about $30,000,000
for late 1961 or early 1962. Proceeds—For expansion of
facilities.
Office
—
315
N.
12th
Blvd.,
St.
Louis,
Mo.
Underwriter—To be determined by competitive bidding.
The last sale of preferred in November 1949 was under¬
written by
First Boston Corp.; Dillon, Read & Co., Leh¬
Brothers; White, Weld & Co. and Shields & Co,
(jointly); and Blyth & Co.
The last sale of bonds in
September 1960 was bid for by Lehman Brothers, Blyth
& Co. and Bear, Stearns & Co. (jointly); First Boston
Corp. and Halsey, Stuart & Co. Inc.
man
Van
Dusen
Nov. 1, 1960 it
in
December
Aircraft
was
of
Supplies, Inc.
reported that registration is expected
a
letter
of
notification
covering
100,000 shares of this firm's $1 par common stock. Pro¬
—
For expansion.
Office — Minneapolis, Minn.
ceeds
Underwriter—Stroud & Co., Philadelphia, Pa.
Virginia Electric & Power Co. (6/13)
Sept. 8, 1960 it was reported that the company will need
$30,000,000 to $35,000,000 from outside sources in 1961.
The financing will probably take the form of bonds and
timing will repend upon market conditions. Office—
Richmond 9, Va. Underwriter—To be determined by
competitive bidding. Probable bidders: Halsey, Stuart
& Co., Inc.; Stone & Webster Securities Corp.; Eastman
Dillon, Union Securities & Co.; Salomon Bros. & Hutzler;
Goldman, Sachs & Co. Bids — Expected on or about
June
13.
Waldorf Auto
Leasing Inc.
Nov.
23, 1960 Mr. Tortorella, company secretary stated
that a "Reg A" filing is expected. Office—2015 Coney
Island Avenue, Brooklyn, N. Y. Underwriter — To be
named.
Western
Public
was
company expects to offer about
year
78%
tures to provide TWA with at least $100,000,000. In addi¬
tion, Hughes Tool agreed to place its 78% stock interest
in a 10-year voting
trusteeship consisting of three mem¬
bers, representing itself and the senior leaders. Proceeds
—To give TWA direct ownership of a jet transport fleet.
Union
Southern Natural Gas Co.
Oct. 28, 1960 it was reported
by Mr. Loren
Proceeds—
and U. S. Treasury
for the
of
agreed to take up
($78,000,000) and
Electric & Gas Co.
(jointly); Kidder, Peabody & Co.;
Halsey, Stuart & Co. Inc.; and Eastman Dillon, Union
Securities & Co.
The last preferred
offering was nego¬
tiated by Kidder,
Peabody & Co.
.
a
■.
and Lehman Brothers
Aurora, 111. Underwriters—
Glore, Forgan & Co., New
was
Business—This is
•
;
To be determined
ders
Fund, J nc.
reported that registration Is ex¬
pected sometime in December of 300,000 shares of com.
r
Carolina
Address—P.
York, N. Y. (managing).
Aug. 29, 1960 it
,
.
14, 1960 C. 'M. Over, Treasurer, reported that this
utility is tentatively planning to issue $8,000,000 of first
and refunding
mortgage bonds and $5,000,000 principal
amount of. a new series of
preferred stock in March 1961.
.
in
South
;
Nov.
Northern Illinois Gas Co.
».
,
announced that arrangements had
completed for long-term financing to
plan, a total of $165,000,000 will
a group of banks and insurance com¬
panies and $100,000,000 raised through the sale of sub¬
City.
be set at the annual
Jan. 17. Proceeds—To increase capital. Office
—Huntington, N. Y. Underwriter—Bache & Co. (man-
virtually
Airlines, Inc.
was
be borrowed from
secondary offering might
Lynch, Pierce, Fenner
Ripley & Co. Inc., both of
on
8, 1960, it
Information
insure the early delivery of 20 Convair
jet aircraft and
the financing of the
company's present fleet of 27 Boeing
707 jetliners. Under the
a
holders and Comptroller. Price—To
meeting
Trans World
Dec.
been
City,
holders on the basis of one new share for each 10 shares
held of record Jan.
17, subject to approval of its stock-
Dec. 5, 1960 it was reported that the road plans the sale
of $4,125,000 of equipment trust certificates/Underwriters
Un¬
determined
Expected on Jan. 24 at 11:30 a.m. (EST).
Meeting—Scheduled for Jan. 19 at 11 a.m.
Security National Bank of Long Island (1/17)
Dec. 1, 1960 it was reported that the
bank plans to issue
97^371 shares of common stock to be offered to stock¬
Salomon Brothers & Hutzler.
be
Bros.
&
Hutzler
(jointly); Lehman Brothers;
White, Weld & Co.; Kuhn, Loeb & Co., Blyth & Co.
(handling the books), Kidder, Peabody & Co. and Mer¬
rill Lynch, Pierce, Fenner & Smith
(jointly). Bids—
be made. Underwriters — Merrill
& Smith Inc. and Harriman
Baronne
be determined by
handled
omon
March 15.
on
was
by competitive bidding.
Probable bidders: Halsey, Stuart & Co.
Inc.; First Boston
Corp.; Eastman Dillon, Union Securities & Co. and Sal¬
Rochester
Nov. 10, 1960 it was reported that an issue of $15,000,000
,
derwriter—To
Gas & Electric
Corp. (3/15)
Aug. 1, 1960 it was reported that $15,000,000 of debt
financing is expected. Underwriter—To be determined
by competitive bidding. Probable bidders:
Halsey, Stuart
& Co. Inc.; Kidder,
Peabody & Co., White, Weld & Co.
and Shields & Co.
(jointly); Kuhn, Loeb & Co.; Salomon
Bros. & Hutzler, Eastman
Dillon, Union Securities & Co.,
and Equitable Securities
Corp. (jointly); Blyth & Co.,
Inc.; The First Boston Corp. Bids—Tentatively expected
Stores, Inc.
Nov.
15, 1960 it was reported that a filing of ap¬
proximately 17,000' shares of common stock is under
discussion, but registration is not imminent. Office—513
W. 166th Street, New York City. Underwriter—Van Alstyne, Noel & Co., New York City.
October 1959
fice—Fidelity Union Life Building, Dallas, Texas.
Office—Ft. Lauderdale,
Fla^ Underwriter—Blaha & Co., Inc., Long Island
on
12, 1960 it was reported that the company plans the
issuance and sale of
$12,000,000 of mortgage bonds. Of¬
Electronics, Inc.
expansion and working capital.
2,
Dec.
Oct.
Nedick's
New
increased from 3,266,819
of the added shares
Richards Aircraft Supply
Co., Inc.
10, 1960 it was reported that a "Reg. A" filing of
the company's common stock is
expected. Proceeds—For
held, after giving effect
to a 7.14%
stock dividend.
Transaction is subject to
approval of stockholders at the bank's annual meeting
on
Jan. 10, and by the Comptroller of the Currency.
Price—$52 per share. Proceeds—To increase capital and
surplus. Office—Newark, N. J. Underwriter—None.
Underwriter—
Fifth Avenue,
by Dillon, Read & Co., New York. it Texas Power & Light Co. (1/24)
public offering. Office—Paramus, N. J. Underwriter—
Plymouth Securities Corp., New York City.
15 shares
Street, New York City.
Associates, Inc., 680
Martin
Last sale of preferred stock
of author¬
Nov. 4, 1960 it was reported that a
December letter of
notification
is
expected
comprising this firm's first
to
72nd
A.
1960, W. M. Elmer, President, stated that the
is planning a $25,000,000 debt and equity fi¬
nancing program for 1961. It is expected that a registra¬
tion statement
covering the proposed financing will be
filed in fourth quarter of the
year. Proceeds—For pipe¬
line expansion.
Office—Owensboro, Ky. Underwriters-
might be
Bldg., Seattle 1, Wash.
financing has been handled by
—
stockholders the right to subscribe to 40,000 addi¬
tional shares of capital stock (par $12.50) on the basis
one
been
some
notifica¬
company
Blyth & Co.
offer
of
shares had
common
5,000,000, and that
of
Texas Gas Transmission
Corp.
Dec.
negotiated basis by First Boston Corp.
a
West
New York City.
issued in 1961. Office—860 Stuart
Underwriter
Previous
(N. J.)
this
on
Puget Sound Power & Light Co.
Nov. 10, 1960 it was reported that the number
par), sometime in mid-January. Stockholders are to vote
Dec. 13 on increasing the authorized preferred. Proceeds
—$3,000,000 will be used to repay bank loans and $2,000,000 will be added to working capital. Office—831 Second
Ave., South, Minneapolis, Minn. Underwriter—A previ¬
ous
preferred issue was underwritten on negotiated
basis by Blyth & Co., and Merrill Lynch, Pierce. Fenner
& Smith Inc., New York.
^ National State Bank of Newark
155
Robert
2, 1960, W. D. Virtue, treasurer, stated that com¬
pany plans the sale of about $20,000,000 of common stock
to be offered
stockholders through subscription rights
in mid-1961. Proceeds—For
expansion. Office—900 15th
St., Denver, Colo. Underwriter — Last equity financing
handled
letter
a prompting machine for tele¬
and an electronic
tape editor. Proceeds—To ex¬
pand plant and sales force, enter closed circuit
television,
repay a $20,000 loan, and for
working capital. Office—
Public Service Co. of Colorado
com¬
a
Business—The firm makes
Dec.
($100
reported that
was
vision
—
Duval Street, Key West, Fla,
Underwriter
Offering—Expected in early January.
14, 1960 it
tion, representing this firm's first public offering, will
be filed
shortly covering 60,000 shares of common stock.
Staten Island, N. Y. Underwriter
Ronwin Securities
Inc., 645 Forrest Ave., Staten Island, N. Y. Registration
—Expected in January.
Office—700
^ Montana-Dakota Utilities Co.
Dec. 1, 1960, F. R. Gamble, Treasurer, stated that
Telescript C.S.P., Inc.
Nov.
Industries
ture additives for fuel oils. Proceeds—For
expansion and
general corporate purposes. Office — 645 Forrest
Ave.,
Proceeds—To expand company's business.
1,
Underwriter—Dillon, Read & Co., Inc.
Storer Broadcasting Co.
Sept. 28, 1960 it was reported that a secondary
offering
being planned. Office—Miami Beach, Fla. Underwriter
—Reynolds & Co., New York City.
18, 1960 it was reported that the company plans a
"Reg. A" filing of 75,000 shares of common
stock, con¬
stituting its first public offering. Business—The com¬
pany is in the process of
organizing and will manufac¬
\\
com¬
Mercantile Dallas Building, Dallas
is
Oct.
—
—None.
that
reported
are
Power Chem
^ Monroe Mortgage & Investment Corp.
Dec.
12, 1960, Cecil Carbonell, Chairman, announced
that this company is preparing a "Reg. A" filing covering
150,000 shares of common stock.
Price
$2 per share.
Business—The
company
is engaged in first mortgage
financing of residential and business properties in the
Florida Keys.
was
Office—720
Texas.
1961.
(1/10)
sale of $3,210,000 of equipment trust certificates. Under¬
writer—To be determined by competitive bidding. Bid¬
ders: Salomon Bros. & Hutzler and Halsey, Stuart &
Co.,
Inc.
6^% below the then existing market price of the
mon.
Pipe Line Co.
$65,000,000 of deben¬
expected to be offered in the second quarter
Office—120 Broadway, New York
City. Under¬
writers—Merrill Lynch,
Pierce, Fenner & Smith Inc., and
Kidder, Peabody & Co., both of New York City
(man¬
aging )
tures
of
businesses
of
share level. Office—600 California
St., San Francisco 8, Calif.
was
121
Dec.
Union
Telegraph
Co.
reported that this company filed a
plan with the FCC to transfer its Atlantic cable system
to a newly organized company, Western Union Inter¬
national, Inc. The plan provides for the issuance by
6, 1960 it
was
Cnntinned
on ztaoe
122
i'v
122
Chronicle
The Commercial and Financial
(2502)
.
.
Thursday, December 15, 1960
.
]
t f
r.'tf
Continued from page 121
Western Union International of $4,500,000 of
»||
»!i!
♦.<k
n'^
up or
V
>
TV
■tV*i
i* i-'
Ik >i
M.'[
f
fcK'fc|
K"^|
and
may
of
not be underwritten by one or more
Future plans also include the sale
may
or
brokers.
securities
$2,000,000
bonds in
of
East
Office—132
the second quarter of 1961.
England Ave., Winter Park, Fla.
New
Co.
Products
Aug. 24, 1960, it was reported that a full filing of clasi
common stock is contemplated.
Business—The com¬
Dec.
makes wood cabinets for household and industrial
use.
Office—Winona, N. J. Underwriter—Metropolitan
Securities Inc., Philadelphia, Pa.
Winter Park Telephone Co.
Telegraph
★ Wisconsin Southern Gas Co.
A
Co.
American Securities Corp.,
Western Union International about
133,000 additional shares of class A stock giving Ameri¬
can Securities ownership of approximately 25%
of the
outstanding class A stock of WUI. In addition, Western
Union Telegraph would purchase 250,000 shares of class
B stock for $100,000. Office—60 Hudson St., New York.
Underwriter—American Securities Corp. (managing).
Union
ern
Wood
Winona
This stock
basis to existing stockholders
will be offered on a rights
tration—Expected in December.
would purchase from
■»/•#(
a
senior 15-
placed by American
Securities Corp., New York.
In addition, about $4,000,000 of subordinated debentures and 400,000 shares of
class A stock would be offered to stockholders of West¬
debentures to be taken
year
30,000 additional shares of its common stock.
Whippany Paper Board Co.
was reported that this New Jersey com¬
pany plans to register an issue of common stock. Under¬
writer—Van Alstyne, Noel & Co., New York City. Regis¬
July 19, 1960, it
that
pany
12, 1960 it was reported in a company prospectus
undetermined amount of capital stock or bonds
an
will be sold in
short-term
of
1961-1962.
loans
bank
tions. Office—Sheridan
Underwriter
May 10 it was announced that this company, during tht
first quarter of 1961, will issue and sell approximately
The
—
Proceeds—For the repayment
incurred for property addi¬
Springs Road, Lake Geneva, Wis.
Co., Milwaukee, Wis.
Milwaukee
"
(managing).
v
k4
A
«.
•»*
i-A
Again Thank God
!';:»
Yd
4;|
*
of!
lieves
>*
"But I also
* r
-*J
)
4
II,
decline,
they so choose, to nominate for a committee
chairmanship a Senator who has issued an open
declaration of war against important measures
* :'.f t
4
i"
R«t
will
which
sold
■•..■**
Vu-4'|
Sentors.
4 •'•4?
.
—Senator
.
the
»
t
do
we
account
sale
will
no
of
accrue
to
the
operations
bulk
The
carried
are
its
of
on
fiscal year
ended June
Stores, Inc.
the
shares
total
equal
687,
$1.25
to
$15,799,-
The
cash
its
on
every year
of
of
has paid cash di¬
common
stock
common
authorized
With
company
company
out
of;
a
15,000,000 shares.
common
per
share.
com¬
the
of
60
1960, consists of $6,800,000 3V4% sinking fund deben¬
tures;
$7,600,000
3%%
sinking
fund
debentures; and 12,710,000
Net income amounted to
gaged in the operation of a chain
June
totaled
of Nov. 30,
as
reported net sales of $721,532,377.
Stores, Inc. in en¬
ended
year
Capitalization
in the
1960, Winn-Dixie
For
25,
vidends
Winn-Dixie
Joseph S. Clark to Senator
units.
South.
proceeds from
the
dividends
cents.
service
selling
a
For
1960,
25,
Hogan, Ashford *
BOSTON, Mass.—Ralph W. Canney is now associated with Hogan,
Ashford
&
Co., Inc., 141 Milk
stock-in
since 1934. The amount
Street.
dividends paid per share
are
of
ment
the
"monolithic" tyranny
of
sort
majority (if it is really
N"v»M
Clark
RD
:<>
the
year
the Senate or,
v-M
1
for
share.
The company also operates
wholesale cash-and-carry self-
9
being
are
be¬
largest
company
seventh
the
each
unfortunately few Senator Byrds in
for that matter, in the country, but
have enough of them to prevent the develop¬
There
J-:!|
IjK't
i-pH
shares
offered
is
it
in
Since
January 1953,
dividends have been paid month¬
ly, the latest declaration (Dec.)
being at the rate of 6 cents per
of
as
increased
1944.
try.
pany.
Harry Flood Byrd.
i.
shares
Winn-Dixie
of
stock
stockholder and
before
come
common
The
h^s committee with the
backing of the Democratic Convention, the Demo¬
cratic President, and the majority of Democratic
L.ft
1
majority of
if
i*«!
! >
) V?
I
respect the right of the
the Democratic members of the Senate to
J-1*
offering of 350,000
Stores, Inc. is being made today
(Dec. 15) by a group headed by
Merrill Lynch, Pierce, Fenner &
Smith Inc.
at $27.50
per
share.
Simultaneously,
key
employees
are being offered
56,000 common
shares at $25.95 per share.
*
*
*
service
in
the
1960,
12,
been
since
food chain in volume in the coun¬
respect the integrity of your views.
'•■'.if
retail outlets
Public
Byrd!
has
-
Nov.
of
"I
and
Stock Is Offered
For Senator
ivjj
-
food stores. With a total of
carry
521
cash
self-service
retail
of
Winn-Dixie Com.
»t* *!»
Why You Need —
of the
majority) that Senator
a
evidently would like.
HOW TO SELL SECURITIES
*
i'
"I;
y
L. I.
Project
tion-wide
IVL
IK-vS*'!
hi
V
F'Kt » '
1.
IK* if
*
'
>,
J'K'*
1
■'.h»
<t/fr i.
iIt \
participations
Partnership
the
fourth
the
estimated
for
section
final
and
multi-million
of
dol¬
books
closed, it was announced on Dec.
12 by Ira Sands, Executive Vice
President of The First Republic
nation-wide
leading
a
estate investment firm
structures
ment
&
will
which
tf
y*
you
pation
short
the
ii i
also
in
a
partnership
period
of
oversubscribed
week
one
partici¬
seven
work
by
and
for
"t-,
*v j.
M
$6,590,000
has been one of the largest syndi¬
$
cated
is
offerings
opened
ever
to
»:>/
first
The
unit
of
of
the
metropolitan area's
construction firms and
leading
Vj#
co-sponsors
VI'
Co.,
&
Boston
*
Obtaining
*
The initial sales
*
ivJ(
*
The various
of
50
the
Stock
Congress
New
accounts.
Street,
York
and
how to
Exchanges.
*
(Special to The Financial Chronicle)
<4
in
interest
of the giant develop¬
own
York
and
Midwest
Stock
the
proportionate
entire land and
ownership,
he
explained,
was
created by First Republic to pro¬
vide its investors with the great¬
stability and diversification in
this large project.
est
?£<
m
51*!
First
Republic Co., with head¬
quarters
*
Wt
at
f
You'll
defined
are
Fifth
375
&
*1"
A
"br
*
Avenue,
1,1
—
and
and their
you're
told
develop each of them to their maximum
,
own
you
can
relative
the
securities
In 1001 ways
Joins Merrill
—
and
use
to analyze
attractiveness
their
vitkl balance
—
of
on
your
various
J
sheet items
Ex¬
changes.
Lynch
this booklet
can
help
profitable selling operation.
immediately
on
receipt of
your
you
Your
be
a
better salesman and
own copy
run
will be rushed to
a
you
order.
(Special to The Financial Chronicle)
COLUMBUS, Ohio—James J. Ho¬
gan has joined the staff of Merrill
Lynch, Pierce, Fenner & Smith,
COMMERCIAL &
Inc., 48 East Gay Street.
PARK
FINANCIAL CHRONICLE
PLACE, NEW YORK 7. N. Y.
Joins Auld Staff
Gentlemen:
(Special to The Financial Chronicle)
a
buildings. This concept of ulti¬
mate consolidation in one over-all
i
Financial Chronicle.
categories of investors
These
Techniques
KANSAS CITY, Mo.—Eugene C.
Dreyer II has become associated
with H. O. Peet & Co., 23 West
Tenth Street, member of the New
pletion of the entire project, in¬
will
selling
approach
25
vestors
investment
proven
client list
potential
Sands said that upon com¬
Mr.
full of practical and
The final sale
a
ment.
*v!<
is designed to
Joins H. O. Peet Staff
Imperial
Square is already under construc¬
tion by Samuel Bernstein & Sons,
one
—
proven
learn about
more
?
Ah
fit-
are
weekly columns in The Commercial and
connected with F. S. Mose¬
member
public participation.
Vl'
now
ley
"in what constitutes
of syndicated
participations." The shares were
sold at $5,000 per unit and $2,500
per
half unit. Imperial Square
Hi
us
business through modern,
promotional ideas. John Dutton drew it from the best of his popular
BOSTON, Mass.—Eliot M. Herter
investors
rather unprecedented sales rec¬
ord
available exclusively from
(Special to The Financial Chronicle)
days,
Mr.
Sands
pointed
out,
adding that each of the previous
three sections of the project were
M-,') f I
—
your
the
oversubscribed within
was
increase
selling techniques. Its 25 chapters
office
be
final
This
*
'li-
a2».
60-page booklet
help
a
$4Vz million.
■
,
and
This
modern, City), $388,444; and the Beacon
building, Building (Wichita, Kan.), $350,000.
largest and
tallest on Long Island, amounted
Joins Moseley Staff
to a cash investment exceeding
air-conditioned
4
Building
Engineers
The
111.), $1.5 million; the Velvex MidCity Parking Center (New York
City), $1 million; The Allstate
Insurance
Building
(New York
the
and
Y.,
N.
the
r-Ui v
clude
sponsoring
project.
Subscriptions to the final sec¬
tion covering two luxury apart¬
sold
been
ho
(In Your Business)
ticipation among many thousands
of investors.
The company's ex¬
tensive real estate properties in¬
real
have
Island,
Long
Co.,
if
properties capitalized at
(Chicago) capitalized at $3.8 mil¬
lion; the Korvette Building (New
York City), $3.2 million; the Waltham Engineering and Research
Center
(Waltham,
Mass.), $1.9
million;
The
Fairfax Building
(Kansas City, Mo.), $1.6 million;
Peoria Parking Associates (Peoria,
lar,
nine-acre Imperial
Square
development
in
the
center
of
Hempstead,
•
was
?'!
■
o'">
By JOHN DUTTON
$25.7 million, of which $13,670,000
financed through equity par¬
Over Subscribed
A.
York, has underwritten na¬
New
■n
R
?
>'
/f
PORTLAND,
Cross is
&
now
Ore. —Malcolm
H.
affiliated with Auld
Co., 1026 Northeast Multnomah.
With Thomas Jay Winston
(Special to The Financial Chronicle)
BEVERLY
HIILS, Calif. —Robert
N. Riley is now with Thomas Jay,
Winston &
Boulevard.
ORDER YOUR
Co., Inc., 9235 Wilshire
COPY TODAY
PRICES ON QUANTITY ORDERS
I
D
I
enclose $2.
Securities"
Kindly rush
my
copy
of "How To Sell
to
I
I
Name.
I
Address
ON REQUEST
I
*
i
I
I
Zone
I
State
|
Number 6012
192
Volume
.
.
The Commercial and
Financial Chronicle
.
STATE OF TRADE AND INDUSTRY
Continued from page 15
during the week.
(Ga.), however,
Atlanta
did
plan to work the previous day.
The
reporting
Chrysler
Corp.
1,000,000th
service
U.
said
build
may
but added
that three of the
against 45, the South Atlantic
as against
27, and the Pacific
69 as against 59. The
week's only
decline appeared in the Mountain
com¬
Region, while the toll in
pany's plants outside of Michigan
may be down
during Christmas
week to keep dealer inventories
North
at
Electric Output 3.1% Higher Than
In
distributed
•
and
Week
of
amount
The
•
1959
.
electric
energy
Wholesale
that
of
the
The
showed
and
dex,
was
kwh.
the
cars,
decrease
a
in 1959
19.5%
or
of
below
of
crease
below
71.948
cars
above
in
the
51,536
were
the
week
of
preceding
loaded
with
of
wholesale
-
Dun
corn,
&
Bradstreet,
Inc.
Index
pound
of
31
meats
in
general
a
raw
cost-of-living
foodstuffs
is
It
use.
index.
Its
1960
that
somewhat in the
total).
This
was
Dec. 5 the Daily Wholesale Com¬
to
street,
Inc.
from
East
+5
to
—2
—2;
+1.
0
to
Down
7% from 1959 Week
Department
latest week.
On
store
country-wide basis
the
show
week
like
ended
period
last
ended
was
weeks
ended
3
period
55
in
I
class
U.
According
to
sales
in
week
ended
rail¬
road systems originating this type
of traffic
in
the current
week
5% decline
to Dec.
1
increase.
1%
Federal
Re¬
department
New
York
Dec.
drop below the
3
the
decrease
a
a
the
System,
1960,
For the four
3
a
3,
For
The Jan.
period showed
store
City for
showed
the
6%
a
period last
same
In the preceding week ended
Nov.
26
sales
were
unchanged
year.
1
to
1%
prices reflecting good do¬
mestic
and
export
buying
on
lighter receipts. In line with the
rise in wheat, rye prices climbed
noticeably from the prior week.
Although the harvest neared
1958.
S.
in
rise
wheat
corresponding period of 1959, and
254,764 cars or 101.8% above the
corresponding
moderate
26
Dec.
1959
a
a
below the
year.
Nov.
reported.
serve
Dec.
reported.
decline
was
on
taken from
as
decrease of 7%
a
5%
year ago.
a
sales
the Federal Reserve Board's index
for
1959
1959.
ending
the
was
gain of
a
of
Since
sponding weeks
in
1959
end
with
in the
50
ago
year
one
corresponding week
two
the
the
preceding
week, prices
Weekly Business Failures Climb edged up fractionally.
Offerings
of soybeans remained small help¬
Sharply
Commercial and industrial fail¬ ing prices advance moderately; in
ures climbed
to a new post-war addition, both domestic and ex¬
high of 360 in the week ended port demand for soybeans was
Dec. 8 from 290 in the preceding sustained at high levels and vol¬
ume in soybean oil and meal adweek, reported Dun & Bradstreet,...
"
Inc. Casualties exceeded consider¬
ably
the
similar
far
ran
248
toll
in
$5,000
in
267
1958.
when
"1939
297.
Failures
the
businesses failed
more
prewar
was
in
and .also
year
the
above
Some 21%
than
occurring
last
week
the
:
-
'
involving liabilities of
sharply to 327
from 268 in the previous week and
218
in
the
comparable week a
year ago. There was also an in¬
crease
small
casualties,
losses under $5,000, to
among
those with
33
rose
or more
from
22
a
week
earlier
al¬
though they remained close to the
30 of this size last year. Fortythree
of
the
liabilities in
week's
failures
had
of $100,000
excess
as
against 32 in the preceding week.
Tolls ran higher in all industry
and trade groups except commer¬
cial
service
dipped
to
casualties
141,
where
23
from
27.
climbed
wholesaling
to
to
45
mortality
Retailing
178
from
from
28,
manufacturing to 56 from 48, and
construction to
lines,
58
from
46. In all
failures occurred than
a
year
ago;
in fact, casualties
were
about half again as heavy
as
in
more
1959
in
all
groups
except
manufacturing.'
;Severn of
the. r\ine
graphic regions
major
geo¬
reported upturns
vanced.
,
-
,
:
a slight setback in trad¬
flour prices advanced frac¬
tionally this week; export volume
-
to
remained close to
a
week
earlier.
Rice prices
matched those of the
prior week, reflecting steady do¬
mestic buying and increased ex¬
port trade; sizable shipments
made
Pakistan
to
Domestic
and
distribution
were
Indonesia.
of
rice
in
than
mained
volume
re¬
prior week,
prices slipped somewhat.
Coffee
prices finished the week fraction¬
ally lower as trading showed little
change from a week earlier. There
was a moderate dip
in prices on
cocoa as trading lagged.
Hog prices edged up| a bit this
week as supplies were noticeably
higher; hog trading was up mod¬
erately from the preceding week.
Prices
steers
on
remained
on
the New York Cotton
Exchange finished the week un¬
changed from a week earlier. Ex¬
ports of lint cotton in the week
ended last
figures
Tuesday came, to about
the
contributions
annual
con¬
tracts.
Cook Coffee Co.
Secondary Offer.
Goldman, Sachs & Co. heads an
underwriting group which is mak¬
ing a secondary offering today
(Dec.
15)
of
100,000
shares
of
at
stock of Cook Coffee Co.
mon
consists
and
coupon
offered
at
1.50%
3.60%
for
those
the
being reyield from
are
prices
for
of
to
in
due
1996-2001
1961
to
maturi¬
consists
of
$5,530,000
Miami, Fla:; $9,250,000 Chicago,
111., and $2,625,000 Danville, Va.
bonds.
and
All
bear
3%%
a
all
of
sale.
the
are
1961
2001
to
3.625%
for
the
1996-
maturities.
Scale
1960
had
$1,795,000
Milledgeville, Ga.; $1,325,000 Joliet, 111.; $1,410,000 Glasgow, Ky.;
$1,670,000 Sikeston, Mo.; $3,405,000
Hoboken, N. J.; $10,600,000
Puerto
Rico;
$1,590,000
Union,
S. C.; $2,625,000 Lebanon, Tenn.;
$1,900,000
Murfreesboro,
Tenn.;
$1,725,000
Brownsville,
Texas.,
and $1,275,000 Harrisonburg, Va.
bonds. The Lebanon, Tenn. bonds
carry a 3%% coupon, and all the
others bear 3%% coupons.
Reoffering prices range from a yield
1.50%
a
those
for
dollar
price
due
of
99
in
1961
for
the
Co.
at
outstanding
636,000 of funded debt.
Cook
the
is
retail
of 42
Oct.
and
In
$5,-
,
wholesale
addition
to
principally in the
land
chain
its
routes in
three
greater Cleve¬
and 671
area,
11
home
warehouses,
roasting
service
states, Cook operates
plants,
cream
two
coffee
bakery,
a
plant and
milk
butter-
a
making plant. Supermarket
opera¬
tions presently account for about
80%
of sales, home service routes
15%, wholesale 5%.
DIVIDEND NOTICES
DOME
MINES LIMITED
December
DIVIDEND
At
NO.
5,
by
payable
dividend
of
Seventeen
and
One-Half
Cents
(nVzC) per share (in Canadian Funds) was
declared payable on January 30, 1961, to share¬
holders of record at the close of business on
December
30,
1960.
CLIFFORD
first
a
W.
Chairman
MICHEL,
tnd
Treasurer.
pledge of
pursuant
DIVIDEND
to
an
New
NOTICES
England Gas
and Electric Association
COMMO.; DIVIDEND'KO.
Trustees
The
COMBUSTION
55
declared
have
a
quarterly, dividend of thirty-one
strictly
cents
ENGINEERING
(31(0
share
per
the
von
shares of the Association
common
payable' January
Sterlin Gilmore Joins
Chandler & Co.
(Special to The Financial Chronicle)
BEVERLY
HILLS, Calif.—Ster¬
ling E. Gilmore has become asso¬
ciated with
Chandler
Wilshire Boulevard.
formerly
&
Mr.
Co., 9808
Gilmore
of S.
name
Company.
to
the close
of
business
December
B. A.
28,
I960.
Johnson, Treasurer
December 8, 1960
of record at the close of busi¬
ness
December 29, 1960.
conducted
the
1961
at
*
A Quarterly Dividend of
Twen-f
ty-Eight Cents (28(0 per share*
on all the
outstanding stock of*
Combustion Engineering, Inc.j
has been declared, payable Jan¬
uary 20, 1961, to stockholders
his own in¬
vestment business in Long Beach
under
15,
shareholders of record
Dividend No. 220
Lambert J. Gross
Vice-President and Treasurer
COLUMBUS AND SOUTHERN OHIO
E. Gilmore
ELECTRIC COMPANY
;
Harris, Upham Adds
(Special to The Financial Chronicle)
ATLANTA,
Ga.
is
Baumgarten
—
now
S.
CONSOLIDATED
Barnard
with Harris,
NATURAL
Upham & Co., 44 Broad Street.
Dividend
on
Common Shares
GAS
COMPANY
The Board of Directors
of Columbus and
Southern Ohio Electric
30
Chapman Adds to Staff
Rockefeller Plaza
New York 20, N. Y.
(Special to The Financial Chronicle)
Company,
the
has
been
added
Chapman
&
Co.,
to
the
staff
84
Inc.,
of
State
The
has
this
board of directors
day declared
a
regular
quarterly dividend of Fifty-Sev¬
Street.
en
and One-Half Cents
(57V&#)
the capital stock of
per
share
the
Joins Estabrook
Company, payable February
15, 1961 to stockholders of
(Special to The Financial Chronicle)
ord
BOSTON,, .Mass.—Hugh F.
ton
III
is
now
Colli-
connected
on
at
January
the
16,
close
of
members
Boston
&
rec¬
with
of
Stock
Co., 15 State Street,
the
New
York
Exchanges.
and
December 14, 1960
Decem¬
(450 per share on
outstanding Com¬
mon
Shares of the Cor¬
poration, payable Janu¬
ary 10, 1961, to share¬
holders of record at the
close of business on
December ,23, 1960.
G. C.
SHAFER, Secretary
business
1961.
John Miller, Secretary
Estabrook
on
ber 5, I960, declared a
dividend of forty-five
cents
Dividend No. 52
BOSTON, Mass.—James C. Groves
1960
173
meeting of the Board of Directors of
Dome Mines Limited, held this day, a quarterly
a
Rated Aaa by
ally
in
grocery
"Pick-N-Pay" supermarkets,
1996-2001 maturities.
secured
1,
com¬
and
primarily
engaged
of
consists
proceeds from this
Coffee
1,209,525 shares of
stock
and ice
D
net
Cook
coupon
being reoffered at prices
to yield from 1.50% for those due
in
a
-business.
C
tend
favorabTe
for
to
lag,
un¬
changed and volume was steady.
There was a slight dip in lamb
prices, despite good volume; lamb
supplies were up appreciably.
Prices
less
Public
the
by
Housing Administration pursuant
available.
October amounted to about 3,207,-
sugar
close to the
sales
date
comparisons
somewhat
if
this
comparable calendar periods were
000 pockets, compared with 2,337,000 in the similar 1959 month.
Althppgh
of
percentage
be
Despite
ing,
Because
contributions
nual
common
B
days nearer Christmas becomes
significant in evaluating the yearto-year percentage changes shown
above.
Agency issuing the bonds in the
opinions of bond counsel.
The
United
States
Housing
Act
of
1937,
as
amended,
solemnly
pledges the faith of the United
States to the payment of the an¬
annual contributions uncondition¬
sharply with
the
approach
of
Christmas, the fact that corre¬
the
to
rise
sales
be¬
Ad¬
3Vz%
are
Note:
Housing
ministration and the Local Public
Moody's and AAA
by Standard & Poor's, the bonds
buying of corn
moved
up
and
prices finished
moderately higher. Although pur¬
chases of oats showed little change
completion,
1958.
1961
maturi¬
in
achieved
level
Public
price of $18.25 a share. Three
selling stockholders will receive
to
Jan.
the
tween
$11,500,000
Kansas
City,
Mo.;
$1,980,000Watervliet, N. Y.; $4,595,000 Cin¬
cinnati, Ohio, and $1,810,000 Mil¬
waukee, Wis. bonds. All bear a
Scale
below
period.
Special
in
due
1996-2001
ties.
of
from
compared
and 41
$5,420,000
Harrisburg, Pa., 3M>% bonds and
$4,825,000 McKeesport, Pa., 3%%
bonds
priced
from
a
yield
of
a
3
from
and
there
For
Dec.
reported
was
3
above
the
week in
period,
Dec.
of
ties.
the
There
Coast
—4; Mountain
South Central
East
corresponding date
505,068 for an increase of
127,633 cars or 33.8% above the
West
—6;
Pacific
and
47
totaled
to
Nationwide Department Store
Sales
consists
those
Central
to
A
the
1959
annual contributions contract
Dec.
on
publicly 20 issues of
Housing
Authority bonds
according to four scales.
for
comparable
Bank
123
offered
for
the
Co.,"
New
1.50%
spot
—5; New England and West
+2
Manhattan
Trust
3.55%
piggyback loadings
1960
a
North
South
14
Bankers
City Bank of
group headed
a
Chase
The
and
and
esti¬
weeks
of
below
by the following percent¬
Middle Atlantic —4 to —8;
Central —3 to —7;
ages:
by
National
York,
by Dun & Brad¬
Regional
estimates
varied
levels
First
New
Scale
collected
same
weeks
6%
according to
ago,
mates
four
first
were
year
2%
the
72.7% above
week.
Cumulative
There
from
ranged
from the
1959 and 3,876 cars or
cars,
The total dollar volume of retail
in the week ended Dec, 7
modity Price Index, compiled by
Dun & Bradstreet, Inc., rose to
263.44
(1930-32 = 100)
from the
week earlier
262.74, but it was
noticeably below the 276.06 of the
increase of 1,856 cars or 25.2%
above the corresponding week of
the
furniture, new passenger
lamps and gifts.
was
in
an
1958
in
week
level.
Reflecting
in
declines
women's
apparel,
small
electric
housewares,
and
major appliances offset increases
total of the price
sum
26,
over-all
and
rep¬
Wholesale Commodity Price Index
revenue
Nov.
Year-to-year
ago.
men's
of 2%
reported
(piggyback)
in
group headed by Blyth & Co.,
Inc., Phelps, Fenn & Co. and Leh¬
Brothers, in association with
man
Scale
Food Price
wholesale
holiday
cars
year
...
chief function is to show the gen¬
eral trend of food prices at the
Dec.
more
or
ended
were
week's
for
$5.88
a year ago.
included
one
trailers
week
(which
the
It
year.
price increases on
grains, flour,
butter,
hogs and
steel scrap, the general wholesale
commodity price level advanced
9*208,
were
highway
the
the
was
Rises Somewhat in Latest Week
There
The
—1 to
lambs.
Christmas
tail trade in the week ended Dec.
7 was down moderately from a
Central
were
in
A
North
week
and
week.
f
Brad-
10.9%
or
cars,
in
In¬
unchanged
the
not
the corresponding week in
Loadings
from
per
1958.
3,
&
weather
stimulated
areas
Ago
$76,855,000 Bonds
Of Housing Units
Being Marketed
shopping over the weekend and
helped volume rise appreciably
from the prior week, over-all re¬
rye,
this
resents the
de¬
a
colder
Atlantic
The
12 1%
or
some
Year
trade
Price
Dun
upward
Wholesale
corre¬
sponding week in 1959 and
Although
South
and
126 646
the
Fails to Match
oats, barley, beef, hams, bellies,
butter, milk, prunes, steers, and
hogs. Lower in price were flour,
sugar, cocoa, eggs, potatoes, raisins
of American Railroads announced.
was
5.1%
up
cost
Loading of revenue freight for
the week ended Dec. 3,
1960, to¬
taled 522,936 cars, the Association
This
by
remained
corresponding date
Moving
19.5% Decline
Same Week
Inc.,
118,-
period.
Early Christmas Retail Trade
Index
High
Food
$6.18 on Dec. 6, which
highest level so far this
gain of 437,000,000
kwh., or 3.1% above that of the
comparable 1959 week.
From the
compiled
1960
at
a
Car Loadings Show
steady
Price
at
Wholesale
street,
previous
week's total of 14,368,000,000
Food
Unchanged
Saturday, Dec. 10, was estimated
at
14,604.000,000
kwh.,
according to the Edison Electric
Institute.
Output was 236,000,000
kwh.'above
held
Atlantic States.
ended
•
States
15. More businesses failed than
by the electric light
industry for the week
power
Central
the West
last
year
in
all
regions,
with
steepest upswings from 1959 levels
occurring in the Middle and South
with sales.
in line
The Middle At¬
47
passenger car
in the present week,
1
000 in the prior
as
its
S.
since Jan.
85,000 bales, compared with
lantic States suffered 109 casual¬
ties as against 91 in the
preceding
week, the East North Central 56
not
(2503)
the
ELECTRIC
COLUMBUS
AND
ELECTRIC
SOUTHERN
COMPANY
Co.
OHIO
■
„
-w^m^ww«mi?^wavl
The Commercial
124
(2504)
Chronicle
and Financial
/
•
■
■
'
■,
''
*
•
.
x.'ft
*'
Thursday, December 15, I960
' r;'''" r. •* /?
■
'iU
loaned more than
•
WASHINGTON AND YOU
:
Tough Problem
The Small Business Adminis¬
D. C.—One of
the foremost ports in America
is also one of the most inter¬
cities
of
city
is
World.
Orleans.
.
weeks
For
Western
the
The
esting
school crisis
days
ago,
there
were
now
has had a
its hands. A few
on
when many people
in their shirt sleeves,
it seemed that nearly everyone
crisis
school
the
had
on
one's
and most of them were
that it would soon be
mind,
hopeful
settled.
country
this
guests were Spanish-speak¬
people
from neighboring
Latin American countries. They
came
to New Orleans as indi¬
viduals to do business, export
End
and for other com¬
Some were on
mercial reasons.
vacation.
school crisis, the
Despite the
city, which is the gateway to
Mid-America by virtue of its
position
geographical
the
is
looking
future.
It is
River,
Mississippi
the
to
hopeful
on
in
it
past. Latin America
planning a much greater role
export and import trade than
has in the
to expand
that
trade which will benefit
the Americas — North, Central
and South America.
place
natural
the
is
Nation's
the
in
Here
rate
marked
help
reverse
Incidentally,
help more in the future.
It may
be that we will
be
troops
abroad. The United States Gov¬
reduce
to
forced
ernment
of
penny
every
pays
these troops. The
total
cost
of maintaining our
forces
overseas
is more than
few
A
days
the
ago
Senate
Committee con¬
at New Or¬
leans
on
the question of in¬
creased
export trade through
Small Business
ducted
hearing
a
business
small
The
concerns.
the possi¬
of expand¬
bility of legislation
had
ing small business
Role of
exports.
dent
Import
ophy was to restore war-torn
Europe and help the economy of
those
countries
by
providing
them with dollars.
Then the
The
and
ness
velt
if
we
want
to
continue
been
an
Waugh was the
inde¬
appeared in the Roose¬
Hotel's Gold Room.
In
told
he
and
the
letting
first wit¬
who
words,
Therefore, if we want to keep
armed forces overseas,
ExportWashington.
the
of
has
bank
Mr.
rebuilt their
now they are
competing with us.
our
Bank
pendent agency of the Federal
Government for almost 27 years.
European countries
economies,
of
Directors
of
whole philos¬
Waugh, Presi¬
and Chairman of the Board
C.
Samuel
was
brought about this def¬
icit in our balance of payments?
What
stream
the
that appeared
photographs and charts
for
role the
more
than an hour
bank is playing
to
devel¬
oped countries.
Mr. Waugh insisted
providing for
turn,
that those loans are
in the United States
machinery, equipment, plus
purchases
of
providing financial
assistance to the foreign trade
of the United States.
As back¬
of
ground, retiring President
Waugh cited the words of the
statute that created the bank.
is "to assist in fi¬
nancing and to facilitate exports
and imports and the exchange of
commodities between the United
The
purpose
and any foreign country
or
the
agencies
nationals
or
thereof.
is
bank
by
outstanding at
time loans and guaran¬
Congress to have
any one
amount of $7 billion.
tees in the
operations,
1960, it has
authorized more than $10 billion
of loans and guarantees.
Some
were not used, however.
It has
disbursed $7.4 billion. ~ Repay¬
it
Since
through
ments
began
total
its
30,
Nov.
$4.2
billion.
Loans
outstanding amount to $3.2 bil¬
lion.
Commitments not yet dis¬
$1.7 billion. Earn¬
bursed equal
ings from the loans amount to
$650,500,000 (after payment of
all administrative expenses, in¬
Jl
il
1960
1930
terest
set
been
MARKETS
future
thus
i
i
I
borrowed
on
dividends
TRADING
and
capital stock) have
aside as reserves for
possible
far have
Officials
OVER-THE-COUNTER
funds
on
900,000.
m
Canada annual meeting at Jasper
head
as
He maintains
bank's activities.
application has ever been
denied because the amount in¬
that,
volved
credit
far
Oct.
Commerce
losses.: Losses
$550,
and
the
largest loan to a private corpo¬
ration
to
and
mining opera¬
$100,000,000
(copper
in
tions
Peru)
National
the
at
and
now
Treasury,
the
State
•;
Fia.)
guar¬
Export-Import Bank
out of applications
States exporters
grow
from
United
seeking assistance in making a
credit sale to a specific customer
abroad.
Congress
thorized
the
Convention at Hollywood
Annual
Beach Hotel,
in
bank
to
1958
au¬
issue
in¬
against the risk of loss
or expropriation, on
stocks of United States goods
held
abroad
on
consignment
war
So far a total of
(through private
awaiting sale.
policies
3,428
insurance
issued
companies) have been
77 policies on
hogsheads of tobacco.
12,046
ton, land
Indicative
the
of
economic situation in
J. A.
■J*
*
*«/
BEVERLY
staff
428
North
improved
Mexico, is
customer,
its
paying
back
States
being
loaned.
(Special to The Financial
the
8reet\e<m£iompamj
Members New York Security
Dealers Association
York 5, N. Y.
Teletype
Telephone
HAnover 24850
Jr.,
!
yp
the staff
Securi¬
joined
has
,
Chronicle)
of Eastman
Dillon, Union
ties
3115 Wilshire
&
Co.,
vard.
Boule¬
..
loans
faster
In
is
LOS
all
of
Chronicle)
ANGELES, Calif.—Terry
Johnson and Owen K. Jones
affiliated
with
the
it
is
Lynch,
Inc., 523 West Sixth
Latin
Eximbank
Smith,
&
Fenner
Pierce,
M.
have
Merrill
now
to
than
Lynch
Two With Merrill
Street.
and Dealers:
has
MARKETS
TRADING
Industries
Official Films
Waste King
?o*1
Our New
Carl Marks
FOREIGN
SECURITIES
20 BROAD STREET
TEL: HANOVER 2-0050
•
&
Co. Inc.
Principal Cities
6-3840
SPECIALISTS
NEW YORK 5, N. Y.
LEANER * CO.
TELETYPE NY 1-971
Telephone
HUbbard
Securities
Investment
10 Post Office
Direct Private Wires to
number is
York telephone
CAnal
,
f)
k
Co.,
&
Calif.—John L.
ANGELES,
Devlin,
.
Drive.
Eastman Dillon
With
Attention Brokers
America,
Hogle
W. L. Maxson
NY 1-1126 & 1127
,4
Camden
American Cement
S#
6.
A.
J.
of
the
LOS
Chronicle)
Calif.—Rich¬
Bagley has been added to
ard A.
become
important
HILLS,
Botany
37 Wall Street, New
I
Hogle Adds
(Special to The Financial
fact that this neighbor and
the
.
;
;
bales of cot¬
711,741
on
.
(Special to The Financial
t-
surance,
due to
/;,
,
_
Association
Investment.. Bankers
000.
make
(Hollywood,
h 1961
26-Dec.
Nov.
was
H'
yv
tb»
Hotel.
Palm Springs Riviera
$
3-
Asso¬
Traders
Security
ciation Annual Convention at
government $550,000,-
a
United
amounted to $2,-
:
16-20, 1961 (Palm Springs,
Calif.)
thus
authorized
for
one
was
The
small.
too
was
smallest
SECURITIES
t
*4'
Park Lodge.
no
antees the
authorized
(Canada)
June 22-25, 1961
of the
the Pres¬
idential election, said there is a
misconception sometimes held
regarding
one
aspect of the
retirement
Most of the credits and
The
(Houston,
ing at the Shamrock Hilton Hotel,
7
The Bank's Operations
1961
Texas
Group
Investment
Bankers Association annual meet¬
Tex.)
Investment Dealers Association of
who
Waugh,
bank, sometime before
charged with the
12-13-14,;
April
announced
his
foodstuffs, to name a few items.
function
mally of course is interested
primarily in diplomatic matters,
but the department is now con¬
cerned with fiscal affairs.
Mr.
and
purchases of cotton, wheat
States
of wit¬
before the
committee, headed by Senator
Russell B. Long, of Louisiana,
easy.
years our
Ex-Import Bank
of
One
nesses
now
mining operations in less
The bank is
dollars are over.
of American
business
at
a
during the next
plants, and assistance in
developing
copper
and other
cement
In
countries are
by no means guilty of shirking
their duty in the role of mutual
assistance,
but they must be
made to realize the boom times
European
The
Department
are
deeply con¬
cerned by the continuous imbal¬
ance of international payments.
The
State
Department
nor¬
help build dams, power plants,
billion yearly.
$1.5
Payments Problem
15
re¬
IN INVESTMENT FIELD
our
for
support
trying to reverse this
trend and it is not going to be
For
column is intended to
[77ii.s
countries in particular
got to quit discriminating
against our goods if they want
us as partners in the future. We
now
insist that those countries
problem of more dollars
flowing out of the United States
than in. Now it is serious. We
v>
longer life, better maintenance
and availability of spare parts."
flect the "behind the scene'' inter¬
pretation from the nation's Capital
;and may or may not coincide with
the "Chronicle's" own views.]
try
flow of
the Eu¬
the
the
are
even
however,
price factor may be over¬
through higher quality,
.the
have
Capi¬
1950 we had never
'
and President¬
committee is studying
Until
Italy,
In
lines,
these
come
Kennedy are going to
dollars.
two or three years.
The
of
ropean
San Francisco, but
all other ports of the United
States will be able to increase
export
Japan.
and
Sweden
some
Discrimination
Export
and
York,
their
out
turn
elect
our
New
Germany,
West
land,
cannot
products of
from Switzer¬
manufacturers
Detroit
similar models.
Both Congress
government is more an¬
xious and hopeful than ever be¬
fore that not only New Orleans,
tal
exports
the
with
compete
Detroit cheaper than
can
ing
lines, I believe, we
that, price-wise
States
United
-
Orleans,
admit
must
the cost of labor in
has increased so
New
at
pertinent observation:
"In many
II that
we
can
buy many things like
automobiles, radios and appli¬
ances
abroad cheaper than we
can
build them ourselves.
Un¬
fortunately, some of the foreign
automobiles and good ones too,
can be made abroad and shipped
to
and import,
made this
since World War
much
Although business in the
stores was off a little, the streets
were crowded. Many of the ho¬
tel
Committee
,
Of course,
.
.
.
it
New
old
abroad by
go
of thousaifttS and
hundreds
have
we
Hipkins, Deputy Administrator,
testifying
before
the
Senate
the
let
them spend their dollars without
any restrictions, then it is vital
that export trade be increased.
tourists
our
that
barriers to overcome
in getting more export business.
The
SBA, through Donald A.
big
some
,
•
WASHINGTON,
admits
tration
nation's capital
from the
$4 billion and
has been paid
it
back.
interpretations
behind-the-scenes
of
half
over
Square,
2-liWO
Boston 9, Mass,
;
-
-
*
r'
T*,*<l2*
@FedFRASER