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The COMMERCIAL and FINANCIAL ESTABLISHED Volume 190 1839 Reg. U. S. Pat. Office Number 5908 New York 7, N. Y., Thursday, December 17, 1959 Price 50 Cents a In Copy 2 Sections — Section INVESTMENT BANKERS ASSOCIATION OF AMERICA EC 2 i OFFICERS 1959-1960 V ice-President """VSBavm President Vice-President James J. Lee Warren H. Crowell W. E. Hutton & Co., Crowell, Weedon & Co., New York William M. 1959 Los Angeles Vice-President Vice-President Adams Braun, Bosworth & Co. Incorporated, Detroit Vice-President Edward Glassmeyer George A. Newton Robert O. Shepard Blyth & Co^ Inc„ G.H. Walker & Co., Prescott, Shepard & Co., Inc., New York St. Louis Cleveland 2 Chronicle The Commercial and Financial PICTORIAL 2 Thursday, December 17, 1959 ... IBA GOVERNORS Alonzo Blyth & C. Allen Co., Dana , Inc., .Detroit Curtis Baxter F, H. J '• Bingham, Hayden, Miller & Co. Cleveland '• Mark Davids Ryons Los & Paul Co., Angeles The W. Fairchild First Walter The & New Angeles Thomas Boston B. Hornblower Charles Gannett & Blyth Weeks, San Boston Corporation, A. First Cannon Harriman B. & Co. York York Edde K. Inc., & Smith, Dean Francisco Crago Moore & Louis Co., St. Incorporated New Harkins Co., Ripley H. John Cluett Scott W. Boston Corporation, Hurry, Inc., Los Lester, Francis Bingham K .1 City Hays Witter & Co., C. Edward Piper, Howard Jaffray & Hopwood, Chicago Minneapolis Chicago •$;/' tyw/fy <yf> Alger J. Jacobs Crocker-Anglo National San Robert Kidder, Bank, Francisco C. Johnson Peabody & Co. New William D. Kerr Bacon, Co., Whipple & Chicago John Weil, Labouisse, Friedrichs and York Labouisse P. Howard, Lucas, Eisen & Waeckerle, Inc., Kansas City, Mo. Joseph Ludin Dillon, Read & Co. Inc., New York City C. McK. Lynch, Jr. Moore, Leonard Lynch, Pittsburgh <fe William Lawlor, Jr. Hornblower & Weeks, Chicago Company, Orleans New Mark A. Lucas, Jr. William J. Machold F. Drexel & Co., Philadelphia Arnold B. Massey Mills, Spence & Co. Limited, Toronto , Volume 190 Number 5908 . . . The Commercial and Financial Chronicle PICTORIAL IB A GOVERNORS John M. Maxwell The Northern Arthur Company, Furman Moroney Dennis E. The Ohio G Co., (Continued) Cushman McGee 22. Inc., Greenville, S. C. Moroney, Beissner & McCall G. W: Co., Chicago Robert E. C. Alester Trust Beardslee Pressprich Murphy York Josef C. Company, Pacific Columbus City Merrill Merrill Peterson, Roderick & D. Moore Branch, Cabell & Co., Inc., Richmond, Va. Spokane Charles Phillips Northwest C. Pierce Rauscher, Pierce Co., Inc., Company, Seattle Houston B. Richards, & Co. New 3 Albert Pratt & Paine, Webber, Jackson & Dallas Curtis, Boston IX Harley L. Rankin Goldman, Co., Sachs Frank L. Reissner & Indianapolis Philadelphia Share Bond William S. Renchard Corporation New Drexel New <fc York Steel Erwin A. Stuebner Co., Kidder, City Co., Peabody Chicago & / Jerome F. Tegeler Dempsey-Tegeler & Co., St. Louis York Trust New Indianapolis Walter H. Malcom F. Roberts Chemical Bank, & Garrett-Bromfield Harold H. Sherburne <fc Bacon, York Co. John Co., Denver W. White, Valentine Weld & Boston Co., Co., LeRoy Stein A. Btos. Wilbur & Boyce, Baltimore Whipple New Alex. The York Yearley, IV Robinson- Humphrey Co., Atlanta I & City Inc., The Commercial and PICTORIAL 4 L. Arthur Miller & Mr. Mrs. John F. Moran, Syndicate Committee, Breakfast Cooley & Co., Hartford, Conn. John V. York Crty; Harhness & H. Lawrence Bogert, Jr., Eastman Co., New York City, Chairman Meeting: & Mr. Mrs. Calvin W. Clayton, Dillon, Union Securities Hollan, Barr Brothers & Co., New York; William J. Riley, E. F. Hutton & Company, New Victor Zahner, Zahner and Company, Kansas City, Mo.; Mr. & Mrs. David A. Halsey, & Hill, Incorporated, Boston; Martin J. McAndrews, Hemphill, Noyes & Co., New York; Lester V. Murphy, Barr Brothers & Co., New York Thursday, December 17,1959 Hotel, Bal Harbour, Fla. Wadsworth, Dillon, Read & Co., Inc., New York; Mr. & Mrs. W. Carroll Mead, Mead, Co., Baltimore; Mr. & Mrs. William C. Jackson, dr., First Southwest Company, Dallas; Mr. & Mrs. Warren Crowell, Crowell, Weedon & Co., Los Angeles & ... IBA Convention Pictures Taken at the 1959 At the Americana Financial Chronicle Mr. & Mrs. James Lee, W. E. Hutton Bacon, Clayton Securities Corp., Boston & Co.. New York City; Whipple & Co., Chicago Mr. & Mrs. Frank Morse, Membership Committee, Breakfast Meeting: Frank L. Reissner, Indianapolis, Chairman Gordon St. Scherck, Louis; Chicago; W. Elvin K. & Lehman Mrs. William D. Kerr, Brothers, New York Indianapolis Bond & Share Corporation, Richter Company, St. Louis; Elliot H. Stein, Scherck, Richter Company, Redmond, A. G. Edwards & Sons, St. Louis; A. C. Allyn, A. C. Allyn & Co., Popper, I. M. Simon & Co., St. Louis; Douglas Casey, A. C, Allyn & Co., Chicago; Joseph Ludin, Dillon, Read & Co., Inc., New York Scherck, Guy Mr. Volume 190 Number 5908 .. K Ben F. Edwards III, A. G. Edwards John The Commercial and Financial Chronicle . , ■ ; PICTORIAL 5 ^ ' & Sons, St. Louis, Joseph C. Nugent, Mabon & Co., New York; Foreign Investment Committee, Wasserman, Asiel & Co., New York; Richard Morey, A. G. Edwards & Sons, St. Louis Breakfast Meeting: Joseph T. Milwaukee, Chairman Johnson, The Milwaukee Company, , •i Mr. & Mrs. Beardslee & B. Merrill, Richards, Merrill Wash. Oil & Natural Gas Securities Committee: Peterson, Spokane, Invest in America Breakfast Meeting: Edmond N. Morse, Smith, Barney & Co., Chairman George J. Incoming Officers: Warren H. Crowell, Crowell, Rfeedon & Co., Los Angeles (Vice-President); W. Adams, Braun, Bosworth & Co. Incorporated, Detroit (Vice-President); James J. Lee, W. E. Hutton & Co., New York (President); Robert O. Shepard, Prescott, Shepard & Co., Inc., Cleveland (Vice-President); George A. Newton, G. H. Walker & Co., St. Louis '(Vice-President); Edward Glassmeyer, Blyth & Co., Inc., New York (Vice-President) William Otto, Irving Newly Lundborg Elected & Co., San Governors: New York City, Mr. & Mrs. Alex Seidler, Jr., National State Bank, Newark Francisco Chairman Harley L. Rankin, Goldman, Sachs & Co., Philadelphia; Harold H. Sherburne, Bacon, Whipple & Co., New York; Erwiri A. Stuebner, Kidder, Peabody & Co., Chicago; Cushman McGee, R. W. Pressprich & Co., New York; Alger J. Jacobs, Crocker-Anglo National Bank, San Francisco; Edde K. Hays, Dean Witter & Co., Chicago; Moroney, Biessner 6 Co., Houston Robert E. Moroney, 6 The Commercial and Financial Chronicle PICTORIAL Mr. Douglas R. Hansel, Shields & Company, New York; Mr. & Mrs. Parker, Kay, Richards & Co., Pittsburgh Nathan K. Purkiss, Edward Hans Walston & Co., Inc., New Dillon, Read <ft Co., York; Mr. & Mrs. Joseph Frank MacBoyle Prescott, Prescott, Shepard & Co., Inc., Cleveland; Mrs. Robert O. Shepard, Cleveland; Widenmann, Carl M. Loeb, Rhoades & Co., New York; J. Howard Carlson, Carl M. Loeb, & Co., New York; John G. Butler, Prescott, Shepard & Co., Inc., Cleveland; Mr. & Mrs. John R. Haire, Hugh W. Long & Co. Inc., Elizabeth, N. J. Alexander & Co., Yearley IV, Robinson-Humphrey Company, Atlanta; Andrew W. Eberstadt, F. Eberstadt New York; Justin C. Martin, Robinson-Humphrey Company, Atlanta; Gus G. Halliburton, Securities Corporation, Nashville; Richard C. Morey, A. G. Edwards John N. Turner, Eppler, Guerin & Turner, Dallas Thursday, December 17, 1950 Dunn, C. J. Devine & Co., New York; Jack Eagan, Francisco Bank of America, N. T. & S. A., San Francisco; Harris Trust & Savings Bank, Chicago Mr. & Mrs. Alan K. Browne, Ludin, Edward Mr. & & Son, St. Louis; Glassmeyer, Blyth & Co., Inc., New York; John S. French, A. C. Allyn & Co., New York; Hanrahan, Hanrahan & Co., Worcester, Mass.; Mr. & Mrs. J. Denny May, Parker Corporation, Frank Lewis, Mrs. Paul Rhoades Equitable Stewart A. . Morse, New York Inc.,y New York P. A. Mrs. . First California Company, Incorporated, San Mrs. A1 & . A. National Washington, D. C.; Mr. & Mrs. Harold C. Patterson, Exchange Commission, Washington, D. C. Securities & Chisholm, Varnedoe, Chisholm & Co., Savannr*-; Mr. & Mrs. Lewis F. Lyne, Mercantile Bank, Dallas; Samuel L. Varnedoe, Varnedoe, Lhisholm & Co., Savannah; R. C. Chapman, Co., Inc., Cleveland; Harold J. Schluter, First National Bank of Chicago Fulton Raid & Volume Federal 190 Securities Number 5908 Acts Committee: . Paul . . A. The Commercial and Financial Chronicle Conley, Blyth & Co., Inc., New York, Group Industrial Charles Boston; Securities Committee: Michael Pescatello, First F. Eaton, Jr., Eaton & Howard, Inc., Herbert R. Anderson, Distributors Group, Incorporated, New York Chairmen's National City Bank, Governmental Chairman Committee: New PICTORIAL York, Donald J. Chairman Harris, Bache & Securities Committee: Co., Chicago, Robert & City Bank, Cleveland, Chairman Federal Taxation Committee, Breakfast Meeting: Walter Maynard, Shearson, Hammill & Co., Chairman Russell M. Colwell, First National Bank of Oregon, Portland, Oreg.; Maurice M. Hatcher, National Bank of Dallas, Dallas; E. J. Altgelt, Jr., Harris Trust & Savings Bank, New York Hattier Blyth, National Chairman First City; Co., James W. Means, First Southeastern Company, Atlanta; Arthur C. McCall, Alester G. Furman Greenville, S. C.} Delmont K. Pfeffer, First National City Bank of New York; J. B. Sanford, White. B. 7 Sanford, New Orleans Mr. & Mrs. B. F. Houston, Dallas Company, Dallas Union Trust 8 William R. Caldwell, First Boston Mrs. Mr. & Mrs. The Commercial and Financial Chronicle PICTORIAL Hal Donald E. W. Murphy, Legislation Committee: Otis, George & The A. William Financial Bond Newton, Chronicle, New Buyer, New York G. H. Walker & Hibberd, Trust Company of Georgia, New York; LeVind, Blyth & Co., Inc., New York; Edward C. Anderson, Anderson & Strudwick, Richmond, Va. W. R. George Angeles Los Commercial Barron State Corporation, New York; Moulton, York; Co., St. Mr. & Mrs. C. Mr. Mrs. Leo B. Ebbitt, Callaway, Babich, Hill Richards H. Louis, Mrs. Chairman Arnold J. Kocurek, Rauscher, Pierce & Co., Inc., San Antonio; Maurice B. Vick, M. B. Vick & Co., Chicago; Charles A. Schoeneberger, National Boulevard Bank, Chicago; Paul O. Frederick, Fahnestock & Co., New York; Herman B. Joseph, Joseph, Mellen & Miller, Cleveland; Paul L. Mullaney, Mullaney, Wells & Co., Chicago; L. Raymond Billett, McCormick & Co., Chicago & Kenneth At breakfast: Hornblower WeS & G. Hentz & . .. Thursday, December 17, 1959 Shelby Cullom Davis & Co., New York; First of Michigan Corporation, New York <ft Co., Los Angeles; Co., New York Walter Kennedy, Dalenz, New York; Mr. & Mrs. John Bunn, Bioren & Co., Philadelphia Charles McK. Lynch, Moore, Leonard & Lynch, Pittsburgh: Weeks, Chicago; Robert Stevenson III, Investment ■ Weil, 'rnh Labouisse, V. David William J Lawlor Jr Bankers'aZoI^o'; Waging ton,' r -ni T' Friedrtchs and W(dUL & Orleans;Lo,S An«eles? "u.rry' New Company, Joseph New York ^hn P. Labouisse, Howard, Ludin, Dillon, Read & Co., Inc., Volume Mr. & Mrs. P. Fred Fox, New Hunter & B. Grant, Jr., Co., Inc., Dallas; Number 5908 190 P. F. Fox & . . Co., . The Commercial and Financial Chronicle Inc., York Carroll Dallas; & Mrs. Winslow, Cohu & Stetson, Inc., New York; Mr. & Mrs. W. Scott George MacDonald, McLeod, Young, Nesbitt, Thomson & Co., New York; Charles C. Pierce, Rauscher, Pierce Guaranty Mead, Mead, Miller & Co., Baltimore; William C. Jackson, Jr., First Southwest Company, J. Lee, W. E. Hutton & Co., New York; William D. Kerr, Bacon, Whipple & Co., Arthur L. Wadsworth, Dillon, Read & Co., Inc., New York; Warren H. Crowell, Crowell, Weedon & Co., Los Angeles James Chicago; York; Mr. & Mrs. Rex Stevenson, Mr & Mrs Graham Walker, Dempsey-Tegeler Mr. & Mrs. William & & Co., New 9 York; G. Simpson, Simpson, Emery Co., Pittsburgh Mr. & Mrs. William R. Barrow, Barrow, Leary & Co., Shreveport, La. Trust Company, New York; Mr. & Mrs. R. E. Broome, Trust Company, New York Mr. & Mrs. J. Bradley Green, Morgan Guaranty Morgan Weir, Inc., New Andrew Beaubien, L. G. Beaubien & ,Co., Montreal Cluett, Harriman Ripley & Co. Incorporated, New York Mr. & Mrs. Arthur S. Friend, Folger, Nolan, Fleming-W. B. Hibbs & Co., Washington, D. C. W. Mr. PICTORIAL Mr. & Mrs. William F. Machold, Philadelphia Drexel & Co., Mr. & Mrs. Victor H. Zahner, Zahner and Company, Kansas City, Mo.; John H. Crago, Smith, Moore & Co., St. Louis; Ernest O. Dorbritz, Moore, Leonard & Lynch, Pittsburgh; J. W. Means, First Southeastern Company, Atlanta; Mr. & Mrs. William A. Noonan, Jr., Continental Illinois National Bank, Chicago H. Mr. Frank & The Commercial and Financial Chronicle PICTORIAL 10 Mr. Burkholder, Equitable Securities Corporation, Nashville; John W. Bunn, Stifel, Nicolaus Co., Incorporated, St. Louis; Lester J. Thorsen, Glore, Forgan & Co., Chicago. (three former Presidents of National Security Traders Association) Mrs. Frederic C. Beil, Jr., Beil Inc., St. Petersburg, Fla. & Hough, Mr. & Mrs. Benajmin B. McAlpin, 3rd, F, Mr. & Mrs. Robert B. Brinker, John Nuveen & Co., Chicago; Mr. Thayer, Baker & Co^ Philadelphia & Mrs. Lewis P. Bache & Co., New York; Mr. & & Co., New York Jacoby, Jr., . Thursday, December 17, 1959 R. Hendrix, Hendrix & Mayes, Inc., Birmingham, Ala.; James E. Roddy, Scharff Inc., New Orleans; Mr. & Mrs. Charles E. Cady, Cady & Co., Columbus, Miss.; Carr Payne, Cumberland Securities Corporation, Nashville Mrs. Andrew W. Eberstadt, Mr. & Mrs. James H. Zilka, Zilka, & Smithers Inc., Portland, Oreg. Eberstadt Shelton, Dallas; George Kneass, Philadelphia National Bank, Philadelphia; Mrs. Delmont Pfeffer, New York; Mr. & Mrs. Pat Morris, Northern Trust Company, Chicago; Lockett Shelton, Republic National Bank, Dallas . Mrs. James Jones, Mrs. Lockett K. & . G. Rowe, Stroud & Company, Incorporated, Philadelphia; George W. Elkins, Elkins, Morris, Stokes & Co., Philadelphia; S. Grey Dayton, Jr., Elkins, Morris, Stokes & Co., Philadelphia; Lawrence L. Barroll, Elkins, Morris, Stokes & Co., Philadelphia Robert Mr. & Mrs. W . Wayne Glover, California Bank, Los Angeles; Mr. & Mrs. Egerton B. Vinson, De Haven & Townsend,-Crouter & Bodine, New York Volume 190 Number 5908 . . . The Commercial and Financial Chronicle PICTORIAL Edward K. Hardy, John E. Van Jr.,. The Illinois Company, Chicago; John S. Loomis, Jr., City National Bank, Chicago; Home, J. Cliff Rahel & Co., Omaha, Neb.; Richard H. De Bolt, Robert F. Bell & Co., Miami Mr. & Mrs. R. Michael Exchange William Ted C. Charters, Association of Stock Firms, New York J. & Mrs. Alan Mr. & K. Patterson, *■' Mrs. Alger Jacobs, Crocker-Anglo National Bank, San Chas. W. Scranton & Co., New Riley, E. F. Hutton & Company, New York; Joseph P. Short, Arthurs, Lestrange Pittsburgh; Earle Gatchell, Hayden, Stone & Co., New York; Donald W. Hayden, Baumgartner, Downing & Co., Baltimore & Co., Henderson, T. C. Henderson & Co., Des Moines; John W. Allyn, A. C. Allyn & Co., Chicago; A. R. Hughes, Lord Abbett & Co., New York Mr. Beach 11 Browne, Bank of America, N. T. & S. A., San Francisco; Mr. & Mrs. Donald C. Chemical Bank New York Trust Company; Bernard J. Van Ingen, B. J. Van Ingen & Co., Inc., New York * Francisco; Mr. & Mrs. William J. Falsey, Haven, Conn. Mr. & Mrs. John L. Porter, Jr., Television Shares Corporation, Chicago Management Edward B. Wulbern, Pierce, Carrison & Wulbern, Jacksonville, Fla.; Coleman E. Trainor, Peoples National Bank, Charlottesville, Va.; Mr. & Mrs. Arthur F. Humphrey, Jr., Hulme, Applegate & Humphrey, Pittsburgh; Mr. & Mrs. William E. Simon, Weeden & Co., New York City Mr. & Mrs. Arthur P. Quinn, Quinn & White, Weld Co., & Albuquerque, N. Mex.; Co., New York E. Jansen Hunt, 12 The Commercial and Financial Chronicle PICTORIAL William H. Gregory, Gregory & Sons, New York; Hugh D. Carter, Jr., Courts & Co., New York Mrs. Earl G. Fridley, Fridley & Mr. & Los Mr. Mrs. & Ripley & John Co. H. Brooks, Putnam Incorporated, New Co., Hartford, Conn.; Mr. & Mrs. Scott Cluett, Harriman Sidney Buford Scott, Scott & String!ellow, Richmond, Va. & York; Angeles; Mrs. Jerome F. Tegeler, St. Louis; Frederhing, Houston; John C. Hecht, Dempsey-Tegeler & Co., Cy M. Murphy, John C. Legg & Company, New York Mr. & Mrs. . . . Thursday, December 17, 1959 Mr. & Mrs. Donald Patterson, Chemical Bank New York Trust Company H. Leonard McDonald & Flynn, McDonald & Company, Cleveland; Mr. & Mrs. Harris B. MacLaren, Company, Cleveland; Francis P. Gallagher, Kidder, Peabody & Co., New York " "" XV' 1 Mr. & Mrs. Middleton Rose, Laird, Bissell & Meeds, New York Matthew Chicago; J. Hickey III, Hickey & Co., Chicago; Mr. & Mrs. Scott Ora C. Roehl, Keystone Company, Boston; Henry F. Cate, Davis, Ralph W. Davis Jr., Keystone Company, ' & Co., Boston Mr. ^ Mrs. Kenneth A. Kerr, E. F. Hutton Company, New York & City V» M«*s* W. n |ijen^.y L" Harris,^ Goldman, Sachs <6 Co., New °nc, ?'i Bunn, Stifel, J i* Necolaus Washington, o <fi D. Xs' Co. C.; 7"'ott York; Stein, Scherck, Richter Incorporated, Bertram St. Louis; S. Behrens, Mrs. Lehman Janki Ganju, Indian Embassy, Company, St. Louis, Mo.; John Yvonne McVay, Indian Embassy, Brothers, New York Newell S. Knight, Cleveland; George Mercantile Trust Company, St. Louis; Leslie L. Fahey, Fahey, Clark & Co., E. Waldmann, Mercantile Trust Company, New York; William H. Watterson, Fahey, Clark & Co., Cleveland; Arthur E. Goodwin, Jr., Johnston, Lemon & Co., Washington, D. C.; Einer Nielsen, J. C. Bradford & Co., Nashville, Tenn.; L. Raymond Billett, McCormick & Co., Chicago Volume Mr. & Mrs. John J. 190 Number 5908 . . Jackson, Baker, Watts & . The Commercial and Financial Chronicle Co., Baltimore Mark A. Kansas New B. Mr. & Mrs. Robert M. Gardiner, Reynolds & Co., New York; Avery Rockefeller, Dominick & Dominick, New York; Mrs. Jack O. Doerge, Cleveland; John F. Bryan, Reynolds & Co., New York Lucas, Jr., Lucas, Eisen & Waeckerle, Kansas City, Mo.; Gage C. Frick, H. O. Peet & Co., City, Mo.; Douglas R. Hansel, Shields & Company, New York; Stanley McKie, We'd, Roth & Irving Co., Cincinnati; Leo L. Quist, Harold E. Wood & Co., St. Paul Leonard A. E. PICTORIAL Hockstader, II, L. F. Rothschild & Co., York; Warner A. Rosenthal, Straus, Blosser & McDowell, Chicago & Mrs. Erwin Boehmler, Investment Bankers Association of America, Washington, D. C. Heller, Shearson, Hammill & Co., New York; New Milton C. Brittain, Shearson, Hammill & York; Jackson Cherry, Shearson, Hammill & Co., Los Angeles; Blair A. Phillips, Jr., Shearson, Hammill «£ Co., Chicago Thomas J. Cahill, Chase Manhattan Bank, New York; Edward H. Robinson, Schwabacher & New York; Carnot W. Evans, Clark, Dodge & Co., New York; Edward A. Stephenson, Chase Manhattan Bank, New York Selding, Spencer Trask & Co., New York; Mr. & Mrs. Avery Rockefeller, Jr., Dominick Dominick; Francis J. Cullum, W. C. Langley & Co., New York; Peter V. N. Philip, W. H. Morton & Co., New York de James Mr. & 13 Co., Co., William J. Anderson, Equitable Securities Corporation, Nashville; Ira B. MacCulley, Equitable Securities Corporation, New York City Dean P. Guerin, Eppler, Guerin & Turner, Dallas; L. Raymond Billett, McCormick & Co., Paul L. Mullaney, Mullaney, Wells & Co., Chicago; Arthur A. Christophel, Reinholdt & St. Louis; Clarence A. Blewer, Blewer, Glynn & Co., St. Louis Chicago; Gardner, 14 W Neal The Commercial and Financial Chronicle PICTORIAL Fulkerson, Jr., Bankers Trust Company, New York; George R. Waldmann, New York; Newell S. Knight, Mercantile Trust Company, St. Company, Mr. & Mrs. William T. Kemble, Estabrook Co., & Boston Mr. & Mrs. Bradley Green, Morgan Guaranty Lehman Mr. & Mrs. Frank Warden, Central Mr. & Trust Company, New York; Mr. & Mrs. Walter Morse, jjm Bank of Des Moines, Iowa; Townsend, Crouter & Bodine, New Mr. & York Mrs. Egerton B. Mr. . Thursday, December 17, 1950 Mrs. Kurt H. Grunebaum, New York Hanseatic Corporation, New York; Arthur New York Hanseatic Corporation, New York Philip Smith, Calvin Bullock, Ltd., Philadelphia; Mason B. Starring, A. C. Allyn Wilson A. Britten, Calvin Bullock, Ltd., New York Brothers, New York National Vinson, De Haven & Mercantile Trust Louis .. & Co., New York; Mr. & Mrs. Robert E. New Hamilton, C. Turner, Laidlaw & Co., York Daisy Initiates: Scott Cluett, Harriman Ripley & Co. Incorporated, New York; Andrew Beaubien,, L. G. Beaubien & Co., Montreal; Newell S. Knight, Mercantile Trust Company, St. Louis & Mrs. Garrett H. Taylor, Wood, Gundy & Co., Inc., New York; White, Hattier & Sanford, New Orleans Mr. & Mrs. Gilbert Hattier, Volume Mr. Robert Mrs. & 190 O. Number 5908 Shepard, Carl Jack Prescott, Loeb, M. . . . The Commercial and Financial Chronicle Shepard Rhoades Staples, Fulton Reid & Co., Inc., Cleveland; Shreve, Hayden Stone & Co., New York & & Co., Co., Inc., Nc w Edward W. Wickliffe Cleveland; Hans A. Widenmann, PICTORIAL Mr. & '* a a a Mitchell, A. Mitchell, Pershing, Shetterly & Mitchell, New Haley, Harkness & Hill, Incorporated, Boston Miller, The Ohio Company, Columbus, Ohio; Edwin A. Bueltman, Clair <& Co. Incorporated, New York; George G. Scully, The Ohio Company, Columbus m:,< v L. David Mr. & Mrs. J. Mabon tfe York; Mr. & Mrs. Childs, Chaplin, McGuinness Co., Pittsburgh ••. ss mmm p :>i-::vv:, v.^V™aa >aa:v Robie Mrs. York 15 a,:. mm >■ £ Hill ■ mm la \ Hill t,.,A Mr. & Mrs. Frank E. Block, Citizens Merrill, Mr. & Mrs. Howard B. Dean, " & Southern Richards, Harris, Harris, Merrill & National Bank, Peterson, Atlanta; Spokane, Upham & Co., New York; Mr. Upham & Co., New York Mr. & Mrs. Beardslee B. Mr. & ■ Mrs. Philip Mrs. R. 1 pllllli#1 Neuhaus, Underwood, Neuhaus & Co., Houston; Barbara A. Powers, Smith, Barney & Co., New York Gray, Cleveland; Robert Wash. & r ■ George H. Howard, Mr. & Mrs. John Latshaw, £. F. Hutton Kansas & Company, City, Mo. Kansas (guest) City, Mo.; Charles E. Curry, 16 PICTORIAL The Commercial and Financial Chronicle . . . Thursday, December 17, 1959 ■ life IP* Raymond B. Garcia, J. M. Dain & Co., Minneapolis; Alonzo C. Allen, Blyth & Co., Inc., Detroit James F. Mr. & Mrs. George U. & Co., New Robson, Walston & Co., Inc., Ft. Lauderdale, Fla.; J.Emerson Thors, Kuhn, Loeb York; Mr. & Mrs. Albert ReiJIy, Goodbody & Co., New York; Mr. & Mrs. Thomas Larkin, Goodbody & Co., New York; Goodbody & Co., New York; Lawrence B. Illoway, Penington, Colket & Co., Philadelphia C. Purkiss, Mr. Frank A. Wood, Mr. Mr. & & Mrs. Mrs. Delmont K. Pfeffer, First City Bank, New York National Walston & Co., Inc., New Mrs. L. Walter Dempsey, New York; York Mrs. Monroe V. Poole, New York & Mrs. Robert H. O'Keef, The Marshall Company, Milwaukee; S. Whitney Bradley, Eaton Howard, Inc., Boston; Andrew S. Beaubien, L. G. Beaubien & Co., Montreal; Rex Stevenson, Nesbitt, Thomson & Co., New York Mr & Mrs. Merrill Freeman, Salomon Bros. & Hutzler, New York; Mr. & Mrs. Peter Knoop, Aucluncloss, Parker & Redpath, New York; Martin J. McAndrews, Hemphill, Noyes & Co., New York Mr. & Mrs. E. Lynn Crossley, Municipal Association, Dallas & Finance Officers Harry Bromfitld & L. Sebel, Selected Investments Company, Chicago; Malcolm FViRoberts, GarrettCo., Denver; Arthur J. C. Underhill, Arthur Wiesenberger & Co., New York Mr. & Mrs. John M. Pokorny, Warren W. York & Co., Allentown, Pa.; Mr. & Mrs. L. Paul Rambo, Close & Kerner, Philadelphia; Walter Kennedy, H. Hentz & Co., New York Close, H. Number 5908 190 Volume . . . The Commercial and Financial Chronicle Krusen, Shearson, Hammill & Co., York; Francis B. Bowman, Chase Manhattan Bank, New York Stanley New Mr. & Mrs. Edward C. Gray, Mrs. R. & Stuart Dickson, R. S. Dickson Dominick, & Co. illiam L. Liebman, Milwaukee; Clement & G. Gram, Jr., Co. Incorporated, Blair Co .Incorporated, New York; Homer J. O'Connell, Blair New York; Roswell Yunker, A. M. Kidder «fi Co., Inc., New York; Darmstatter, Stifel, Nicolaus & Co. Incorporated, St. Louis William New York Mr. Bayard Dominick, & Mrs. Edward B. Wulbern, Pierce, J. Carrison & Wulbern, Inc., Jacksonville, Fla.; Co. Mr. & Mrs. L. Chicago; Ahbe, Miles Watkins, Stubbs, Watkins & Lombardo, Inc., Birmingham, Ala.; Mr. 8c Mrs. Clarke, Johnson, Lane Space & Co., Atlanta C. Sargent, Securities and Exchange Glore, Forgan & Co., Chicago Alpheus C. Beane, J. R. Williston & Beane, York Distributors Group, Incorporated; New York; William M. Witter, Dean Blair A. Phillips, 17 Harrison New Cunningham, Kidder, Peabody & Co., New York John & Eggan, Glore, Forgan & Co., Chicago; James. Commission, Washington, D. C.; Lester J. Thorsen, M. Burton City Milwaukee; J. Victor Loewi, Loewi & Co., IncorpoJohnston, Lemon & Co., Baltimore; James T. Beeson, Atlanta; R. Ellis Godshall, Clement A. Evans & Co. Incorporated, Atlanta ® Loewi & Co., Incorporated, Harvey A. Evans Bueltman, Incorporated, Francis Inc., Charlotte, N. C. ted, A. New York Stock Exchange, New York City; Dominick Mr. & Edwin PICTORIAL Witter & Co., Jr., Shearson, Hammill & Co., Chicago; Richard O. Arneson, Dittmar & Company, San Antonio; William C. Porter, Dittmar Jt Company, San Antonio 18 The Commercial and Financial Chronicle PICTORIAL E. Jansen Hunt, White, Weld Co., New York; Mr. George Ferris, Ferris & Co., Washington, D. C.; Mrs. Yvonne McVay, Indian Embassy, Washington, D. C.; Mr. & Mrs. John R. Haire, Hugh W. Long & Co., Inc., Elizabeth, N. J. Kelton Henning Hilliard, J. J. B. Hilliard & Son, Louisville, Ky.; Robert V. Wehrheim, Philadelphia National Bank, Philadelphia Mr. & Mrs. Andrew M. Corporation Fred D. Marckwalt}, of New Discount York; Robert White, G. H. Walker & Co., St. Louis; George A. Newton, G. H. Blyth, of New National York; City Bixby, Cleveland Wingate Bank, Discount Stone, Jr., Marine Trust Company of Western New York, New York City; Roald A. Morton, Blue List Publishing Co., New York City; Francis D. Farrell, City National Bank & Trust Company, Kansas City, Mo. George Walker & Investment Bankers Association of Corporation B. E. Inc., Denver; S. Writer, Peters, Co., St. Louis; & Mrs. Writer & Christensen, Robert Stevenson Harold C. . . Thursday, December 17, 1959 & Co., New York; Mr. & Mrs. Monroe V. Poole, Geo. B. Gibbons & Mrs. John McG. Dalenz, Calvin Bullock, Ltd., New York Robert III, York; America, Washington, D. C. Mr. . Patterson, James Securities E. Day, Midwest and & L. Baldwin, Morgan Stanley & Co., New Henry L. Valentine, Davenport & Co., Richmond, Va. Exchange Commission, Washington, Stock Exchange, Chicago Henry Earle, First of Michigan Corporation, Detroit ; Buford Scott, Scoff <fi Stringfellow, Va.; E. Jansen Hunt, White, Weld & Co., New York; Russell E. Siefert, Stern Brothers & Co., Kansas City, Mo. D. C.; . ( , f. Richmond, Volume 190 Number 5908 Frank E. Carter, Equitable Milton G. Hulme, Hulme, . . . The Commercial and Financial Chronicle Securities Corporation, New York; Mr. & White, Hattier & Sanford, New Orleans, La. & Applegate Humphrey, Pittsburgh; Mr. & Mrs. Mrs. Gilbert Hattier, H. Theodore PICTORIAL Jr., Freeman, Mr. Robert Securities Mrs. M. New New York; Joseph W. Dixon, Corporation, New York American Securities Corporation, American & George Herrington, Orrick, Dahlquist, Herrington & Sutcliffe, San Francisco; Allan K. Browne, Bank of America, N. T. & S. A., San Francisco 19 Mr. & Mrs. Goodwin, First National City Bank, New York; Franklin Saul, First National City Bank, York; Lester V. Murphy, Barr Brothers & Co., New York; Arthur F. Humphrey, Jr., Hulme, Applegate & Humphrey, Pittsburgh 70'%$ %. '¥ M. 4 z* I ■/// '■'.. mm-/ Leo L. Quist, Harold New Mr. & E. Wood York; & Co., David St. Paul, Minn.; George J. Gruner, John John Nuveen & Co., New York Nuveen & Co. Everafd, Marshall H. Johnson, McDaniel Lewis & Co., Greensboro, N. C.; William F. Gliss, Jr. Legg & Company, New York; Cyril M. Murphy, John C. Legg & Company, New York; Philip O. Rogers, John C. Legg & Company, New York Mrs. John XJ. J. J. Hollis Austin, J. W. Atlanta; Tindall H. Frank George I. Martin, International & Co., Atlanta; Fred L. Mullikin, Jr., First Southeastern Burkholder, Equitable Securities Corporation, Nashville Company, Bank, New York; His Excellency B. K. Nehru, Commissioner General For Economic Affairs, India, Washington, D. C.; Warren H. Crowell, Crowell, Weedon & Co., Los Angeles Mr. & Mrs. H. I. Josey, Oklahoma Mr. & Mrs. James New Sam Lyons, Jim The Commercial and Financial Chronicle PICTORIAL 20 C. Lee, York; Mr. H. I. City Josey & Co., Mr. & Mrs. John Mrs. John H. Stafford, Cruttenden, Podesta & Co., Chicago; Day, Midwest Stock Exchange Lee Higginson W. Pre&sprich & Baker Co., & C. Cafone, W. E. Hut ton & Co., Corporation, New York New Co., York; Mr. & Mrs. Lewis P. Jacoby, Jr. Mr. & Mrs. F. S. Moseley & & Peter Knothe, Halle & Stieglitz, New York; Miller, Mullaney, Wells & Co., Chicago G. Peter Nares, James Richardson A Sons, Inc., New York; Carpenter, McDouged A Condon, Inc., Chicago Mrs. Garrett Mr. & H. Taylor, Mr. & Mrs. Edward E. Mrs. Felix N. Porter, (Firsf National Trust Co., Chicago Mr. Thursday, December 17, 1959 . Chuck Philadelphia Mr- & Mrs* Glenn E. Anderson, Carolina Securities Corporation, Raleigh, N. C.; Preston J. McNurney, Larry Lyons, Allen & Company, New York, at Hawaiian Luau R. Thayer, W. E. Hutton & Co., New York; Thomas & Cullen, .. Company, Oklahogna City, Bank & Okla. Wood, Gundy & Co., Inc., New York; Mrs. Irving Campbell, Toronto "'V Volurrie William Retiring 190 Number 5908 . . . The Commercial and Financial Chronicle D. Kerr, Bacon, Whipple & Co., Chicago, President, pinning badge of office on J. Lee, W. E. Hutton & Co., James New Mr. Mr. & & York City, President-Elect Mrs. P. Mrs. John C. M. Bass, Jr., Jack M. Bass & Co., Nashville, Tenn.; Harold W. Clark, Clark, Landstreet & Kirkpatrick, Inc., Nashville; Beverly W. Landstreet III, Clark, Landstreet & Kirkpatrick, Inc., Nashville; J. Hollis Austin, J. W. Tindall & Co., Atlanta; Robert A. W. Brauns, McDonnell & Co., Incorporated, Co., Inc., New York; Mr. & Mrs. Erwin H. Eisen, Lucas, Eisen & Waeckerle, Kansas City, Mo. Hagan III, Mason-Hagan, Inc., Va. Mr. & Mrs. Jackson & James W. Chandler, Curtis, Chicago; David W. L. Lyons Mr. & Mrs. & Mrs. David Hunter, McKelvy & Company, Pittsburgh; Arthur A. Christophel, Reinholdt Gardner, St. Louis; Mr. & Mrs. Milton G. Hulme, Hulme, Applegate & Humphrey, Pittsburgh; Mr. & Mrs. Charles M. Werly, Putnam Fund, Boston 21 Jack Fred Fox, P. F. Fox & Richmond, Mr. PICTORIAL New York <ft Putnam, Mr. & J. Lee, W. E. Hutton & Co., New York City, of I. B. A.; His Excellency, B. K. Nehru, Commissioner General for Economic Affairs, India, Washington, D. C. B. McElroy, Clark, Dodge & Co., New York; Mr. & Mrs. Charles & Co., New York; Walter B. Levering, Carlisle & L. Hewitt, Francis I. du Pont Jacquelin, New York & Co., Louisville, Ky.; James L. Quigg, George James President-Elect Jr., Mrs. Putnam John Fund Paine, Webber, Distributors, Latshaw, E. F. Hutton Boston & Mr. & Mrs. William J. Sloan, Florida Growth Fund, Inc., Palm Beach, Fla. Company, Kansas City, Mo.; Richard K. Buechler, E. F. Georgia, Atlanta; Hutton & Company, New York; Robert C. Mathews, Jr., Trust Company of Thomas J. Cahill, Chase Manhattan Bank, New York 22 The Commercial mid Financial Chronicle PICTORIAL Mr. Walter B. Levering, Carlisle & Jacquelin, New York; Mr. & Mrs. Newburger & Co., Philadelphia & Mrs. Frank L. Newburger, Jr. Robert A. Podesta, Cruttenden, . . Podesta Cruttenden, Podesta & Thursday, December 17, 1959 . & Co., Chicago; Mr. & Mrs. Glenn Miller, Co., Chicago tfsigl liiliiii "ftfi&ZH. lilStf® T ■Eli I W/'A jggl Mr. & Mrs. James W. Heward, Butcher & Sherrerd, Mrs. John E. Van Home, Omaha; Blair A. Phillips, Jr., Shearson, Hammill Richard De Bolt, Miami Melville P. Chamberlain, Chemical Bank New First Dennis E. Boston York Trust Company, New York; Brainerd H. Whitbeck, Corporation, New York; William Wallace, Mellon National Bank, Pittsburgh; Joseph Vostal, Kidder, Peabody & Co., New York Murphy, The Ohio Company, Columbus; William J. Lawlor, Chicago; Howard E_ Buhse, Hornblower & Weeks, New & Co., Chicago; Mrs. Philadelphia Jr., York Hornblower City & Weeks, Mr. & Bank Mrs. Lockett Mr. & R. S. Abernethy, Interstate Corporation, Charlotte, N. C. Mrs. Securities Shelton, Republic National Bank, Dallas; Pedro Souss, Government Development Santurce, P. R.; Juan Labadie, Government Development Bank of Puerto Rico, William C. Porter, Dittmar & Company, San Antonio, Texas of Puerto Rico, Santurce, P. R.; Robert A. Podesta, Richard Neal, Ronald M. Coutts, and Glenn R. Miller, all of Cruttenden, Podesta & Co., Chicago Volume Harry Snyder, Inc., 190 Number 5908 . . . The Commercial and Financial Chronicle PICTORIAL Yarnall, Biddle & Co., Philadelphia; William Z. Suplee, Suplee, Yeatman, Mosley Co. Philadelphia; George W. Elkins, Elkins, Morris, Stokes & Co., Philadelphia S. Bush and Hon. Samuel C. Waugh, both of Export-Import Bank, Washington, D. C. James Mr. & Mrs. George R. Mr. Wendt, First National Manley, Bennett & & George Chicago; Bank, Co., Mrs. Milton Rutherford, Domiriion Securities Corporation, Laird, Bissell & Meeds, New York A. Manley, Detroit Mr. & New York; 23 Louis Gibbs, Mrs. Walter W. Craigie, F. W. Craigie & Co., Richmond, Va. ■ :■ '} ' ' v. / • - : • ■ Joseph Nugent, Mabon & Co., New York; Robert Rowe, Stroud & Company, Incorporated, Philadelphia; Walter D. Schmidt, Schmidt, Roberts & Parke, Philadelphia; George T. Flynn, Hornblower & Weeks, New York Mr. & Mrs. John Carr P. Labouisse, Howard, Weil, Labouisse, Friedrichs and Company, New Cumberland Securities Corporation, Nashville, F. Vincent Reilly, Commercial & Financial Chronicle, New York Orleans; Payne, - . Mr. & Mrs. James F. Jacques, First Southwest Company, Dallas; & Howard, Inc., Boston Eaton Donald E. Furber, John M. Bleakie, W. E. Hutton & Co., Boston; Mr. & Mrs. David A. Haley, Harkness & Hill Incorporated, Boston; James M. Hutton III, W. E. Hutton & Co^ Cincinnati 24 W. John York; PICTORIAL de Milhau, Chase F. D. Farrell, City •- Joshua A. Davis, Blair Manhattan Bank, New National Bank & Trust Harry J. City, Mo. Co., Kansas & Co. Incorporated, New York; Steele, H. J. Steele & Co., Pittsburgh; Charles N. Fisher, Singer, Deane & Scribner, Pittsburgh; Allen D. Sapp, Schniidt, Roberts & Parke, Philadelphia; Carl Stolle, G. A. Saxton & Co., Inc., New York Fred W. Hudson, Ball, Burge & Thomas Kraus, Whiteside, Chace, Whiteside & Boston; Cleveland; Watson B. Dabney, J. J. B. Hilliard & Son, Louisville, Ky.; Donald D. Mackey, Dominick & Dominick, New York City; Homer J. O'Connell, Blair & Co. Incorporated, New York & Mr. Mrs. Kenneth J. Howard, New Mr. & & Co. Mrs. Walter Incorporated; J. A. Hogle & Co., Mr. & Mrs. Maurice Meyer III, Hirsch Hirsch York Sorensen, Atlanta; Rotan, Mosle Herbert Francis X. & Co., Houston; Clement A. R. Anderson, Distributors Group, Coleman, Gregory <6 Sons, New York Evans, & Co., New York; Co., New York Mr. & Winslow, Boston; Francis V. Ward, H. C. Wainwright & Co., Edward J. Costigan, Edward D. Jones & Co., St. Louis; Edward D. Jones, Edward D. Jones & Co., St. Louis Mrs. i Maurice Meyer, Jr., Mr. & Mrs. Kurt Hanseatic H. Grunebaum, Corporation, New New York York W. Ewing, A. E. Masten & Co., Wheeling, W. Va.; Gordon Scherck, Scherck, Richter Company, Charles W. Rendigs, Jr., Bache & Co., New York; Roswell J. Yunker, A. M. Kidder & Co., Inc., New York; Mr. & Mrs. Hunter Breckenridge, McCourtney-Breckenridge & Co., St. Louis A. Evans Robert New York; St. Clement Incorporated, & Milton F. Lewis, A. G. Becker & Co., Incorporated, New York; Joseph P. Kreeger, Jones, Kreeger & Co., Washington, D. C. Louis; Volume 190 Number 5908 . . . Hal Murphy, Commercial <6 Financial Chronicle, New York; George B. Wendt, First National Bank of Chicago; Henry J. Simonson, Jr., National Securities & Research Corporation, New York; Mr. & Mrs. Maurice Meyer, Jr., Hirsch & Co., New York, returning from a fishing trip on the Meyers' yacht Poseidon II Mr. & Mrs. Edward William B. de G. Simpson, Richard Mrs. James J. Lee, Simpson, Emory & Co., Pittsburgh; H. J. Steele & Co., Pittsburgh Selding, Spencer New York City; Mr. & Mrs. Harry J. Steele, Trask & Co., New York; Mrs. George Putnam, Estabrook & Co., New York Mr. & Bank 25 John Trust J. T. J. Clapp, Jr., R. W. Pressptich & Co., New York; F. D. Farrell, City National Co., Kansas City, Mo.; Marquette de Bary, F. S. Smithers & Co., New York; Albert Woll, Hayden, Stone & Co., Boston; Mrs. G. C. Stevenson, New York; Charles L. Bergmann, R. W. Pressprich & Co. George W. Elkins, Elkins, Morris, Stokes & Co., Philadelphia; Owen Daly II, Mercantile-Safe Deposit and Trust Company, Baltimore; Howard Finney, Jr., Bear, Stearns & Co., New York Mr. & Mrs. Robert R. Brinker, John Nuveen & Co., Chicago; Clarence F. Davis, First Cleveland Corporation, Cleveland Jr., Boston; Mr. & Mrs. Jay N. Whipple, Bacon, Whipple & Co., Chicago; Chicago; Mrs. Pat G. Morris, Chicago; D. Robinson, New York City Elwood Mrs. & C. Egbert, Mr. & Mrs. F. Newell Childs, C. F. Childs & Co., Mrs. PICTORIAL The Commercial and Financial Chronicle Mr. & Mrs. Frank R. Warden, Central National Des Moines, Iowa; Mr. & Mrs. Miles A. Birmingham; Mr. & Mrs. Lockett Shelton, Bank, Watkins, Stubbs, Wat kins & Lombardo, Inc., Republic National Bank, Dallas 26 Public Utility The Commercial and Financial Chronicle PICTORIAL Securities Committee: Thomas M. Savannah, William N. L. Hutchinson, Jr., Mitchum, Jones & Templeton, San' Francisco; John H. Rauscher, Jr., Rauscher, Pierce & Co., Inc., Dallas The Johnson, Johnson, Lane, Space Corporation, Chairman Eugene Trust de Staebler, Investment . . . Thursday, December 17, Companies Committee, Breakfast Meeting: Robert E. Clark, Calvin Bullock, New York City, Chairman Winslow, Cohu & Stetson, Inc., New York; George R. Waldmann, Mercantile Mr. & Mrs. William H. Morton, W. H. Morton <fi Co., Inc., New York; Company, New York: Wallace Mr. & Mrs. Irving Walter W. Craigie, F. W. Craigie & Co., Richmond, Chairman; H. Campbell, Bell, Gouinlock & Co., Toronto; Mrs. Garrett H. Taylor, New York; Andrew S. Beaubien, L. B. Beaubien & Co., Montreal Ltd., Fulton, National Association of Securities Inc., Washington, D. C.; Ernest W. Borkland, Jr., Tucker, Anthony & R. L. Day, New York City Dealers, Arthur S. Friend, Folger, Nolan, Fleming-W. B. Hibbs & Co., Washington, D. C. ' Municipal Liaison Committee: 1959 David H. Callaway, First of Michigan Corporation, New York, Co-Chairman of Breakfast Meeting I. W. Burnham II, Burnham and Company, New York; P. Fred Fox, P. F. Fox & Co., Inc J. Victor Loewi, Loewi & Co. Incorporated, Milwaukee New York* Volume Number 5908 190 ... T The Commercial and Financial Chronicle " PICTORIAL 27 I. Mr. & Mrs. Paul W. Bank Mr. & Mrs. Harper, of M. Boatmens National Mr & Mrs. Bradshaw Firstbrook, W. Louis Greenshields C. Pitfield A Co., Kansas City, Mo.; Joseph M. Luby, Commerce Kansas City, Mo.; David F. Lawrence, Boettcher and Company, Denver Russell E. Siefert, Stern Brothers A Trust Company, Oscar St. Bergman, Allison-Williams Co., Minneapolis; R. B. Garcia, J. M. Dean A Co., Minneapolis; Mr. & Mrs. John S. Curtin, Kalman A Company, Inc., Minneapolis; Mrs. James Davant, Arthur S. Rand, Jr., Woodard-Ell wood A Company, Minneapolis Mr. & Mrs. John R. Haire, Hugh Folger, Nolan, W. Long A Co., Inc., Elizabeth, N. J.; Fleming-W. B. Hibbs A Co., D. C. Mrs. Paul Mrs. David New L. Torrey, Mr. & Mrs. Abraham New Sipp, Jr., New York; Co., Stock & York; Zucker, Tuller A Zucker, York Mrs. George W. Hall, New York; Paul L. Sipp, Jr., Stern, Lauer A John W. Rennau, Carl M. Loeb, Exchange Relations Committee: Eugene Rhoades A Co., New York M. Geddes, Clark, Dodge A Co., New York, Chairman Minneapolis; Mr. & Mrs. Leslie Douglas, Washington, & Co., New York; Mr. Co., Inc., New York Mrs. Walter Rhoades A Morse, New York; Mrs. Merrill D. Freeman, New York; John W. Rennau, Co., New York; Mrs. W. Carl M: Locb, Paul Harper, St. Louis; Mrs. David H. Callaway, New York Earle Gatchell, Hayden, Stone & Co., New York; John W. Turner, Eppler, Guerin & Robert Mr. Stevenson Turner, Dallas; & Mrs. James F. Keresey, Baker, New Belmont John C. Curran, Van Alstyne, Noel & Co., New York; Jerome C. L. Tripp, Tripp & Co., Inc., III, Investment Bankers Association of America, Washington, D. C. York; Weeks <& Co., New York; Mason Starring, A. C. Allyn & Mrs. George Kemp, Jr., Richmond, Va. Towbin, C. E. Unterberg Towbin & Co., New York; R. W. Courts 2nd, Courts & York; Dr. Mil Richter, guest; Wick Greene, guest New Co., York; Mrs. Philip M. Stearns, Miami M*-- & Mrs- James R. Hendrix, Hendrix & Mayes, Inc., Birmingham, Ala.; Mr. & Mrs. John McG. Dalenz, Calvin Bulloch, Ltd., New York Co., New St. Louis Room celebrates r": its 40th Anniversary * ■: ' ' ' . Mr. & Mrs. Julian K. Roosevelt, Dick & Merle-Smith, Mercantile-Safe Deposit & Trust New York; Mr. & Company, Baltimore Mrs. Owen Daly II, Mr. & Mrs. -'/? Arthur y>^>■' ■ , '* ■ Quinn, Quinn & Co., Dempsey-Tegeler & Albuquerque, N. Mex.; Co., - " ' ■■■/> Los Angeles John C. Hecht. ' y'i.,/ J Volume 190 Mrs. S. L. Sholley, Preston Mr. & Number 5908 . . Mrs. Co., Boston; Mrs. Henry Cate, Boston; S. L. Sholley, Keystone Company, Boston Boston; Renouf Russell, F. S. Moseley & T. L. Anglin, Mackall & Coe, Washington, D. C. & PICTORIAL The Commercial and Financial Chronicle McNurlen, F. S. Moseley <ft Co., Chicago; Mr. Mrs. Kenneth James Mr. . & Mrs, James A. Sebold, F. Frederic C. Stern, Thompson, Luce, Thompson & Crowe, Kansas Musson, Newburger, Loeb & Co., New York Coffin <£ Burr, Incorporated, New York; William A. Fuller <ft Co., Chicago Braun, Jr., F. S. Moseley Frank, Mr. & Mrs. J. Denny May, & Co., New York; Mr. & Mrs. Aaron Meyer & Fox, Los Angeles City, Mo.; Mr. & Mrs. Joseph T. Fuller, The Parker Corporation, Boston; Kay Richards <6 Co., Pittsburgh R. Eshman, 29 Mr. & Mrs. N. K. Parker, Roger Hickey, Burnham and Company, New Allan Weintraub, Bear, Stearns Ronald Woodward, Raffensperger, Hughes & Co., Inc., Indianapolis; Carr Payne, Corporation, Nashville, Tenn.; Jack M. Bass, Jr., York; it Co., New York Cumberland Securities Jack M. Bass <& Co., Nashville, Tenn. Donald E. Furber, Eaton & Howard, Inc., Boston; Andrew Lord, Jr., Eaton & Howard, Inc., Bostons Renouf Russell, F. S. Moseley <ft Co., Boston; James F. Keresey, Baker, Weeks <fi Co., New York 'vr~~ i i The Commercial and Financial Chronicle PICTORIAL 30 Municipal Securities Committee, Breakfast Meeting: Education Committee: Robert O. Shepard, Walter H. Steel, Drexel ABERNETHY, R. S.* Interstate Securities BARROLL, LAWRENCE L. Elkins, Morris, Stokes & Co., Corporation, Charlotte JAMES S. & Co., New York Allen WILLIAM ADAMS, BASS, AGEE, RUCKER* Sterne, Agee & Leach, Birmingham Jack Distributors Group, New Inc., York The Hayden, BEANE, D.* GEORGE Parker Corporation, J. Boston Loeb, Clement ALLYN, JOHN W. C. A. Allyn & Co., Chicago E. Trust Harris Jr., & Bell Jones & Dow Co., New York ANDERSON, EDWARD ANDERSON, GEORGE & Anderson ANDERSON, Carolina BELL, Richmond W. New York ANDERSON, Jr., WILLIAM J. i Equitable Securities Corporation;-^' Mackall & Coe, Dittmar Co., & L.» J. Courts & Co., Philadelphia & Co., ADDISON Lestrange Houston Pittsburgh REGINALD Ira J. Lazard BABICH, Hill The & Co., ROBERT Atlanta M.* Co., Los Angeles New Co., E. CLARENCE WILLIAM T. Whipple & Co., Chicago BAIRD, ANDREW M. York G. BAKER, Becker & Co., ALBERT W. Bank, BAKER, PHILIP D. Morgan ROBERT Stanley & BARNARD, Dean H. B. Co., New York HAROLD Witter & BARRINGTON, Co., New York CHARLES Harry Downs & Co., 8. New & York BOEHMLER, ERWIN W.» Investment Bankers Association, • Washington Mr. and Mrs. BOGERT, Jr., H. LAWRENCE* Co., New York York Union Securities & York Loeb, W. Rhoades & Co., New York CARTER, Jr., & New K.* America, San Francisco & FRANK E. BRYAN, JOHN F. CATES, DUDLEY F. New York RICHARD Hutton & E. ' > -• : BUNN, & New York New York New CHAPMAN, Fulton, R. Reid & York P. Trust Co., Louisville Co., Cleveland New Philadelphia W. Co., New York BURR, EDWARD B. Lehman Brothers, New COOK, HAROLD Stock H. Co., New York COOKE, CARL F. First Boston Corporation, New York COOLEDGE, NORMAN A. & Co., Atlanta H.* Shares Management Corporation, Chicago COOPER, WALTER W. F. S. Smithers & Co., New York COSTIGAN, EDWARD J. D. Jones & Co., St. Louis COUIG, J. DALTON & Co., New York COURTS, 2nd, RICHARD W. & Co., New COUTTS, RONALD York M. Cruttenden, Podesta & Co., Chicago COYLE, ALFRED J. CRAGO, JOHN H. Smith, Moore & Co., St. Louis CRAIGIE, WALTER W.* CHARTERS, R. MICHAEL* of Chicago Hayden, Stone & Co., New York W.* C. & Oregon, Portland V. & Co., COOK, A. HALSEY First National City Bank, New York Courts MELVILLE JAMES Lyons Ingen Exchange Firms, York F. W. Craigie & Co., Richmond CRAWFORD, HENRY J.« Squire, Sanders & Dempsey, ' Cleveland CROLL, JOSEPH D. Nashville H, I. L. CHERRY, JACKSON Shearson, JOHN W. & Boston R. Stifel, Nicolaus & Co., St. Louis Burnham v W. RAYMOND Van Hirsch Company, Bank CHANDLER, Assn. BURKHOLDER, H. FRANK BURNHAM, Y i; ' ' Company, Co., " " * ~ World-Telegram & Sun, BUNN, Jr., JOHN F.* Bioren Charlottesville Co., Company, New York York Weeks, New York HAROLD Keystone Chemical • K. BULLOCK, WILLIAM C. Trust & CHAMBERLAIN, Co., New HOWARD Cassell Kidder, Peabody & Co., New York LUCK, RICHARD A.* Coffin & Burr, Boston F. The J. Television CATE, Jr., HENRY F.* F. CONDON, Edward Brush, Slocumb & Co., San Francisco BRYAN, JOHN E. Cleveland Plain Dealer, Cleveland C. New York RUSSELL M.* National Bank of COOLEY, WILLIAM Atlanta CASSELL, CLAIR F. F.* COLWELL, The BRUSH, GERALD Fidelity-Philadelphia Trust Company, Philadelphia FRANCIS X. COLEMAN, Courts Co., SCOTT* Ripley & Co., New York Spencer Trask & Co., Newark York Courts Clayton Securities Corporation, Boston CLOSE, L. PAUL* Rambo, Close & Kerner, Philadelphia B. W. Carroll Chicago CLAYTON, CALVIN W.* First Equitable Securities Corporation, Equitable Securities Corporation, BOENNING, HENRY D. Boenning & Co., Philadelphia Eastman Dillon. •Denotes Cleveland Townsend, Crouter & Bodine, Philadelphia White, Weld & Co., New York BALDWIN, Haven M. Co., Atlanta & National Bank, Gregory & Sons, New A. C. Allyn & Co., Chicago CASEY, Jr.,. JAMES D. A. C. Allyn & Co., New York BUNCE, Bank, BODMAN, WARREN H. De ALAN Hornblower & National BLYTH, ROBERT B.* Lyons & Shafto, New York New Chicago McDougal & Condon, Inc., Chicago CARRINGTON, Jr., WILLIAM G.* Ira Haupt & Co., New York HARRY* of Bankers National City Co., Corporation, New York A. Corporation, CARPENTER, EDWARD E.* Lee Blair & Co., New York Atlanta The Carl Space Lane, American Harriman CARLSON, J. HOWARD CARROLL, LEE BUELTMAN, EDWIN A. F. Blewer, Glynn & Co., St. Louis Chicago Chicago J. & Boston Higginson CARBERRY, PATRICK The Wall Street Journal, R.* Hartford Co., FRANK First Lee HAGOOD Dooly & Co., Miami COCULO, T. ANTHONY CASEY, DOUGLAS E. Boston Bacon, A. The CAPEK, CHARLES Jr., E. CLUETT, W. Bell, Gouinlock & Co., Toronto H.* Reynolds & Co., BLOCK, FRANK E.* Citizenes & Southern Association, CANNON, FRANCIS A. Co., & JOHN BUECHIER, Hutton & Co., Bankers Chicago CLARKE, JAMES H. CARTER, Jr., HUGH D. BUHSE, L.* Co., New York BACON, Jr., & Robinson-Humphrey Company, BLEWER, & HAROLD Freres Atlanta W. B.* Richards Bache & EUGENE R.* BLEAKIE, JOHN M. Co., San Antonio LEO New York BLACK, Jr., H. GRADY HOLLIS Jr., Russ & BACHE, BLACK, Jr:, Investment New York CLARKE, HARRISON* Johnson, Magazine, Chicago CALLAWAY, DAVID H.* First of Michigan Corporation, New York CALVERT, GORDON L. W. ROBERT Dickson Bank Discount Corporation, Oscar BRUCE, ROBERT W. Edgar M. Norris, Greenville Chicago Co., Finance Ltd., CLARK, WILLIAM Chicago Tribune, Chicago CLARKE, Corporation, New York BROWNE, Bingham, Walter & Hurry, Los Angeles MORTIMER* Tindall W. AYRES, & Boston Salomon Bros. & Hutzler, Chicago BROWN, WILLIAM P. Baker, Simonds & Co., Detroit RAYMOND L. Bank, New York CALLAHAN, THOMAS T. New York BRITTAIN, MILTON C. Shearson, Hammill & Co., New York BRITTEN, WILSON A. Calvin Bullock, Ltd., New York BROWN, BIXBY, WINGATE Haupt & Co., New York AUSTIN, J. Boston First Bullock, CLARK, ROBERT M.* Blunt Ellis & Simmons, J. Washington Nuveen S. Calvin New York Co., CALDWELL, WILLIAM R. York John R. BINGHAM, CURTIS H.* L. AUGUSTUS, ALBERT A.* Ball. Burge & Kraus, Cleveland AUSTER, BILLETT, Chicago C. The Company, JOSEPH CLARK, ROBERT E.* CAMPBELL. IRVING H.* HENRY BROPHY, Hogle & Co., New York McCormick Co., New & THOMAS W. F. Municipal Finance Officers Association, E.* Chicago Co., Louis Putnam & York Philadelphia National Bank, Philadelphia W.* & Co., New York & A. & FREDERICK BRECKENRIDGE, HUNTER* McCourtney-Breckenridge & Co., BROOKS, BIANCHETTI, ALFRED J. ■- Jr., Wainwright & Co., Boston CLARK, Providence Co., & Hutton C. Clark, Landstreet & Kirkpatrick, Winston-Salem E. Chase Manhattan The . Bank, Chicago BIDDLE, PEYTON R. Winston AUCHINCLOSS, L. ALDEN* New Walker H. CLARK, JOHN C. Wachovia Bank & Trust York CAHN, Jr., WILLIAM M. Halle & Stieglitz, New York Moseley & Co., New York BRINKER, Minneapolis Pressprich & Co., New York P. New York Goldman, Sachs & Co., New York BRICK, JOHN Paine, Webber, Jackson & Curtis, Chicago Boston Stock Exchange, Antonio San Harriman Ripley Rowles, Co., New Co., GORDON CHARLES E. W. Glore, Forgan & Co., New York BESSE, HARRY W.* ARNSPIGER, S. DAVID Arthurs, W. S. BREYER, Philadelphia & & Cady & Co., Columbus BRAYSIIAW, DONALD B. Lord, Abbett & Co., Atlanta St. deB. BERNDT, ALVIN H. Lord, Abbett & Co., EUGENE ARTHURS, Co., H. G. CADY. Nashville BREEN, DONALD Petersburg The First National * Washington ARNESON, RICHARD O. ARNOLD, & BERGQUIST, Nashville ANGLIN, THOMAS GEORGE St. BERGMANN, CHARLES R. Inc., Co., Augusta S. OSCAR M. Allison-Williams Company, Corporation, Raleigh Group, & BERGMAN, E* ANDERSON, HERBERT R. Distributors York FREDERIC C.* BENT, GORDON Bacon, Whipple Strudwick, Richmond GLENN Securities Evans Fenn New York McCarley & Co., Charlottee Nashville CAIIILL, McDonnell & Co., T. Hough, Drexel C. Strudwick, & & New C. CAFONE, THOMAS C. F. Brothers, New York BEIL, Jr., Savings Bank, New York & Co., New York Co., & BRAUNS, ROBERT A. W. BERTRAM Lehman ANASTASIA, ALBERT A. Anderson A. BEHRENS, J.* Bradford Barcus, Kindred JAMES Company, New York WILLIAM D. Phelps, CADWGAN, BRADFORD, Jr., JAMES C. BRAUN, Julien Collins & Company, Chicago BEESON, York BRASHLER, RICHARD J.* ANDREW S. Beaubien & Co., Montreal Cleveland Phelps, Fenn & Co., New York Thomson & McKinnon, Co., & EDMUND BYRNE, New J.* Pressprich & Co., CLARK, HAROLD BRADY, EUGENE P. N.* Rhoades BYRNE, York C. New York P. BRADLEY, S. WHITNEY Eaton & Howard, Boston New York BEEDE, JOHN E. The Chase Manhattan1 Bank, Allyn & Co., Chicago ALTGELT, Cleveland BEDE, ALAN H. C. ARTHUR C. A. Redpath, & Ladenburg, Thalmann Milwaukee York L. G. Parker W. CLARDY, JAMES F. CLARK, FORRESTER A. Shepard <fe Co., The Northern Trust BOYNTON, THOMAS W. BEAUBIEN, & ALLYN, Co., ALPHEUS C. Williston & Beane, R. New Orlando HERBERT Co., New York Allen New J. & RICHARD C. Blyth & Co., Detroit ALLEN, Miller ^ BOYNTON, ELWOOD D.* Childs Securities Corporation, Co., Nashville M. ALLEMAN, F. MONROE ALONZO & Carl Granbery, Marache & Co., New York Leedy, Wheeler & Alleman, Auchincloss, M. BEATY, ALEXISSON, GUSTAVE A. ALLEN, Bass M. Prescott, BYRAM, JOHN R. JOHN Jr., CLAPP, Washington BUTLER, JOHN G- BOYCE, J. RAYMOND BAXTER, DANA F.« ALDEN, Jr., WILLIAM O., O'Neal, Alden & Co., Louisville ALDRICH, JACK BAUMANN, JOHN A. The Milwaukee Company, JOHN L. AHBE, Jr., York The Chase Manhattan Bank, New York BARTOW, PHILIP K. Drexel & Co., New York M. Bosworth & Co., Detroit Braun, New Thursday, December 17, 1959 S.* Export-Import Bank, BUSH, ROLLIN C. First National City Bank, BOWMAN, FRANCIS B. Philadelphia BARROW, WILLIAM R.* Barrow, Leary & Co., Shreveport ABRAMS, Louisville . Chairman BUSH, JAMES Stein Bros. & Boyce, BORKLAND, Jr., ERNEST W. Tucker, Anthony & R. L. Day, . & Co., New York, Chairman Prescott, Shepard & Co., Inc., Cleveland, BOOTH, MOREY L. In Attendance at Convention . Hammill Asiel & Co., Los Angeles CHILDS, F. NEWELL* C. F. Childs & Co., Chicago" CHILDS, J; v MABON* CHILES, WARREN D. Chiles-Schutz Co., Omaha * CHRISTOPHEL, ARTHUR A. York Gardner, CROOM, WILLIAM D. St. Corporation, Durham CROSS, CALVIN M.* Hallgarten & Co., New York CROSSLEY, E. LYNN* CHISHOLM, FRANK A. Varnedoe, Chisholm & Co., Savannah & New York Thomson & McKinnon, New York First Securities Chaplin, McGuiness & C6., Pittsburgh Reinholdt & Co., CROOKS, RICHARD M. Louis Municipal Finance Officers Association, Dallas CROWELL, WARREN H.* Crowell, Weedon & Co., Los Angete* Number 5908 190 Volume J. J. Hilliard Calvin Bullock, Ltd., New Company, Baltimore • • Nicolaus & Co., St. Louis The Oscar Doolv Hornblower G. POWELL Corporation, Norfolk Investment McDonald DAVIS, JOSHUA A. Pi-1 r & Co., New York & Ralph W. Davis & Co., Chicago SHELBY CULLOM* FOSTER, Shelby Cullom Davis & Co., New York The Detroit FOX, P. FRED* DAY, JAMES E. Midwest Stock Exchange, P. Merrill TON, Jr., JOHN W. Clark, Dodge & Co., New York The Co., & _ Smithers HARVEY, Milwaukee Alex. WILLIAM L. A. & Co., New York MERRILL D.* FREEMAN, DeGROTT, WILLARD FRENCH, JOHN S. B. J. & Co., FRIEND, Winslow, Cohu & Stetson, New York DEVLIN, R. Co., & Hayden, Miller & Co., FUGLESTAD, ARNE* Charlottee Co., DIKEMAN, Jr., EDWIN J. Bankers Trust Company, Burns New York Bankers Bankers Association, S. Eaton ? Alex. Co., & First of Michigan Eaton & Corporation, Detroit CHARLES F. Howard, Clark, EFBITT, KENNETH C. Shelby Cullom Davis & Co., New York EBERSTADT, ANDREW W.« F. Eberstadt & Co., First San Western Bank & Trust Francisco EDWARDS, A. Company, IH, BEN Edwards & Sons, G. EG AN, JOHN First Estabrook EGGAN, & Co., BURTON Lucas, Eisen & Waeckerle, Kansas City Co., CARNOT Clark, Dodge EVANS, Exchange, New York W.* Co., & ROBERT Masten E. FAHEY, & Boston C. Wm. CUNNINGHAM, BERNARD J.* Blunt Ellis & CUNNINGHAM, GREEN, Simmons, Chicago FRANCIS J. \ Cunningham, Schmertz & Co., Pittsburgh CURLEY, FRANK E. Hawkins, Delafield & wood, New York CURRAN, JOHN C. Van & Co., Cleveland New York Ball, New York John Hanseatic Nuveen Eppler, Robert DEAN & Lord, W. W.« tz Co., Milwaukee HAGAN, III, JOHN C.* New Haven Mason-Hagan, Mrs. Treasury Inc., Richmond Kraus, Washington Boettcher Kansas City Weeks, DAVID & Chicago F. Estabrook LEAF. Pittsburgh R. & New York Co., E.* HAROLD D. White & Co., York New Pittsburgh EDWARD T. McCRUM, Jr., A. Dominick & York BLISS Dominick, New York McDonnell, charles e.* McDonnell & Co., New York Mcelroy, david b. Dodge & New York Co., CUSHMAN* W. Co., Pressprich & New York GORDON McGRATH, New York Cohu & Stetson, Winslow, R. S. WILLIAM Dickson & McKEE, E. BATES & Co., Chicago T. Co., New York McKEON, Chas. Scranton W. McKIE, New York STEPHEN G. & Co., Eastman Co., New Haven STANLEY Weil, Roth & Irving Co., g. Union Securities Jr., william Dillon, New Cincinnati & York McLaren, Harris b. McDonald & Co., Cleveland McLELLAN, PHILIP F.* Massachusetts Life Fund Distributors, Boston LEE, JAMES J.* W. E. Hutton & Co., New York LEMKAU, HUDSON B. Morgan Stanley & Co., New York New York LEMON, JAMES Johnston, Greenyijle Pittsburgh BRUCE* W. & Scribner, FRANK J. H. Hentz & Co., New York Mcknight, Denver Co., JOSEPH E. Robinson-Humphrey Co., Atlanta LEACH, ORIN T.* H.* Lemon & LEVERING, WALTER DAVH) W. Co., Co., The Hughes. & Co., HUNT, Jr., ROY F. Alester G. Furman, Co., <fe & Jr., Deane Bache JOHN* & Singer, McCORMACK, McINTIRE, C.» lynch, Pierce, Fenner & Smith, Hutton F. Greenville Asheville McGREW, EDWARD D.* The Northern Trust Company, York LAY, Jr.,'ARTHUR F.* Applegata & Humphrey, Pittsburgh McKelvy i New WALLACE LAWRENCE, „ HUNT, E. JANSEN White, Weld & Co., Co., McCONNEL, R. Kirkpatrick, & Alester G. Furman Co., McCarley & Co., W. A.* THOMAS BENJAMIN J. York 3rd, McCARLEY, J. NATHAN McGEE, BEVERLY _ Hornblower Cleveland Abbett & Co., New York W. SHANNON HUNTER. S.* Department, W. Hulme, .. Dallas E. HUMPHREY, New York III, Co., New York McCALL, ARTHUR C.* Clark, E. Pittsburgh LAWLOR, Jr., WILLIAM J. HULME, MILTON, G.* Glover & MacGregor, . P. Baird & Friedrichs York New Indianapolis Corp., New York Co., Burge LARKIN, Merrill Chicago for P.* Landstreet LATSHAW, Chapman & Co., Bank Labouisse, Co., WORTHINGTON MAYO-SMITH, American Stock Exchange, New Puerto Rico Co., New Orleans LAMBING, Jr., MALCOLM & Boston WALTER* Hammill & Co., New York McCORMICK, & LATOUR, M. Raffensperger, . J. Guerin & Turner, ROBERT JAMES Washington Chicago Santurce, Goodbody & KENNETH J.* Hogle & Co., New York HUGHES, , Minneapolis H. HUGHES, ALBERT R.* WILLIAM H. GEORGE GEORGE HUDSON, FRED BRADLEY* Cleveland Co., Development Nashville Upham & Co., New York Farwell, Guaarnty Trust Co., Jr., A. HOWE, S.* HAGGARD, HOLLIS ♦Denotes .Mr. a»ij York & Magazine, Weil, DENNY* Parker Corporation, Hemphill, Noyes & Co., New York JUAN* Rico, Clark, Dallas Company, McANDREWS, MARTIN J. STANLEY LANDSTREET, EDWARD* Atlanta F.* Trust & Bache & Co., New World Report, GEORGE Thomas York HOWARD, J. Gregory & Sons, New York GRUNEBAUM, KURT H.* HAACK, FALSEY, WILLIAM J.* Chas. W. Scranton & Co., New York Exchange, New & Sons, New York GREGORY, in, WILLIAM H. CULLEN, JOHN Pressprich & Co., New York Harris, B. C. Jaffray & Hopwood, Piper, Gregory GUERIN, W. HOWARD, C.* Stock GREGORY, CURTIN, JOHN 8.* Kalman & Co., Minneapolis R. Norfolk & Stetson, Cohu J. GRUNER, Alstyne, Noel & Co., New YoTk HUNTER Mericka Morgan Kidder, Peabody & Co., New York CUNNINGHAM, KIRKWOOD B.* HOWARD, WILEY WILLIAM J. Washington Co., New HOUSTON, B. F.* Dallas Union Securities Co., Bank, Fort Worth & Corporation, EDWARD York GRAY, Ripley & Co., New York C. Jr., Winslow, New Lemon RUSSELL* York Herald Tribune, HOUSMAN, Bank MAYNARD, McALPIN, News & Howard, ROBERT C. Jr., CHARLES Shearson, A. Shepard LABOUISSE, JOHN HORTON, Chicago News, York P. Puerto Trust Company, ARTHUR Penington, Colket & Co., Philadelphia York HARVEY B.* Jr.. GRANT, New New E. National First GRAY. JOHN K. Harriman T. Investment Langley & Co., New York CULMAN, Daily GRANDY, Corporation, Chicago Bank, BUDD New Association, Government NEIL M. Morgan Guaranty New York ROBERT M. City Bankers JOHN Finance Atlanta Alstyne, Noel & Co., New York J. MAY, York JOSEPH LAB AD IE, York Co., Company of Georgia, Blair & New KUFRIN, S. GEORGE L.* Bank, New MATHEWS, Van York Shearson, Hammill & Co., New York U. York New Winston-Salem KUCHEROV, ALEX HOLT, Washington Rl(jHpath, Kreeger & Co., Washington KRUSEN, H Washington Atlanta Co., Lemon & Co., National A. Investment Bankers Association, & Jr., ARTHUR E. Johnston, Johnston. CULLUM, FRANCIS J. W. GOODWIN, Angeles Los Evans LEONARD II, Rothschild & Co., New York F. Co., Wachovia Washington Prescott, York MASTERSON, III, THOMAS W. Underwood, Neuhaus & Co., Houston The HOLMES, Mrs. JENTRY S. ELLIS R. Chicago HERBERT W. WILLIAM & NATTON, B. New HOLLAN, JOHN V. Barr Brothers & Co., New York Chicago WAYNE* A. GRAM, Jr., Clark & Co., Cleveland First Clement L. Co., KREEGER, KRUSE, Hoban, & HOCKSTADER, F. Co., & Bank, GODSHALL, The W. Co., Wheeling FAIRCHILD, PAUL W. The W. Chicago LESLIE J. Fahey, CHARLES Forgan GRAHAM, John Nuveen & Co., New York A. Jr., First Clement a. Evans & Co., Atlanta EWING, C. GORE, EVERARD, J. DAVID McMahon St. Louis T.* Investment EDWARD F. HOBAN, York Philadelphia KOLLS, Mrs. MARGARET E. Jones, Manley, Bennett & Co., Detroit Jr., JUSTUS C. The Robinson-Humphrey IRVING & MILTON A.* MANLEY, International York The Federal Land Banks, KOCUREK, ARNOLD J. KOERNER, Watling, Lerchen & Co., New York WILLIAM F. Legg & Co., New Yorfk Stiglitz, JOHN Allen New York Cincinnati & Co., MAWDSLEY, LORRIN C. STANNARD & L. Boston Corporation, MARTIN, Rauscher, pierce & Co., San Antonio Hilliard & Son, Louisville B. HINSHAW, JOSEPH McM.* Washington Jr., GOODWIN, New York CLEMENT A. New J. Hollywood Sun Tattler, Hollywood, Fla. ROBERT A. EDWARD Co., & York HINDS, TOM E. Bankers Assn,, California Stern, Frank, Meyer & Fox, Los Angeles EVANS, Blyth GLISS, G.* TOM HILSON, JOHN S.* Wertheim & Co., New York M. GLOVER, Philadelphia Stock J. New New York Co., Halle D. Dominick, New York SPENCER S. Federal Reserve Bank, New York ;j & & First Trust Parker WILLIAM F.* Philadelphia MARSH, York KNOX, HENNING* HILLIARD, York New Co., WALTER Glore, ESHMAN, AARON R.* York & New New York Inc., Co., NORMAN Bache Battles, New York Corp., Weir, Corporation, New York MARCUSSON, P. A. Investment Dealers' Digest, New York S. New B. GEORGE C.* Young, & MARLIN, Company, Co., IRA Discount Montreal PETER* Auchincloss, KNOTHE, Liberty National Bank, Oklahoma City A. Meeds, & John M> ETHERINGTON, EDWIN D.* New Gibbons New York Chicago A. Sx MacArthur & Co., Detroit Granbery, Marache & Co., New PEYTON Fuller D. KNOOP, HICKEY, ROGER Burnham & Co., New York HILBORNE, B. Bissell & GLORE, Philadelphia ERGOOD, Jr., RUSSELL & GEORGE GLASSMEYER, ELKINS, Jr., GEORGE W. Elkins, Morris, Stokes & Co., Stroud Jr., Rochester Miami Co., S. WILLIAM W. Hickey & Co., G. & New York & Trust Louisville Co., MARCKWALD, ANDREW K.* S. Dulles L. & MARACHE, Jr., New York NEWELL Mercantile HICKEY, III, MATTHEW J. Bank, New York H. & Co., Janney, KNIGHT, McLeod, MARTIN, ALFRED KNIGHT, Co., & Company of Georgia, Trust F. B. Bonbright Dooly Read IIIBBERD, New York Co., KNAPP, Philadelphia IIEYES, FRED L.* York Dillon, PHILIP Investment Co., Chicago ERWIN H.» New Co., M. GIRMSOHEID. Jr., M. Glore, Forgan & EISEN, & LOUIS Blyth New York & ROBERT B. GIBLIN, EGBERT, RICHARD C. Francis M & Co., W. Lyons Magnus Rochester CHARLES L.* I. duPont & Co., New York HEWITT, York New York KLINGENSTEIN, FREDERICK A. & Chicago Podesta & Co., MacDONALD, The Co., New York PETER* Wertheim York New B. MAGNUS, WILLIAM S. KITCHEN, Jr., JOHN H. George D. B. Bonbright & Co., JAMES W * HEWARD, Baltimore New PAUL Jr., E. Laird, S. EARLE GERRISH, GIBBS, San Francisco Sons, The Chase Manhattan Geo. St. Louis F. California Company, Louis St. Butcher & Sherrerd, Stone GIBBONS, F. York R. Co., Dodge Oscar GEORGE* Dahlquist, Herrington & Sutcliffe, San Francisco HESS, Jr., WALTER W.» L. F. Rothschild & Co., New York Jr., Dominick Kormendi & Co., New York Orrick, Co., SAM L. MACY, New York Greenshield & Co., KING, WILLIAM B. Long & Co., Elizabeth W. Hutton E. KILBURN, HERRINGTON, CHARLES EUGENE George D. EDNER, CLARENCE F.* Hugh M.* Gardner, & W. Birmingham Hendrix & Mayes, Minneapolis New & Henderson & Co., Des Moines & MACKEY, DONALD WILLIAM D.* C. LYONS, LAURENCE H. Drexel New York Hutton & Co., New York & Co., MACHOLD, Bacon, Whipple & Co., Chicago KEUSCH, ERNEST E. HERBERT, THOMAS J-* B. Co., Co., & GENACHTE, Hentz & Co., F. E. HENDRIX, JAMES R* Washington Richmond Co., New York KERR, HENDERSON, TED C. JOHN GERNER. New York H. Chicago Daily News, Chicago Attache, JOHN Hayden, S.* KERESEY, JAMES F.* Baker, Weeks & Co., KERR, KENNETH A.* T. Jr., GACHELL, M.* Heimerdinger, & Devine & Wertheim Equitable Securities KENNEDY, WALTER JAMES M. Shearson, Hammill & Co., New York Hartford Brown GEDDES, Boston JOHN Woody J. Dallas Bank, EUGENE Kenower, KENNEDY, FRANK T.* C. F.* National Mercantile MacCULLEY, Paine, & Leonard & Lynch, Pittsburgh MacARTHUR, REGINALD* Boston GEORGE Proctor Thomas* III, LEWIS LYNN, W. KENNEDY, Jr., DANIEL C. Lord, Abbett & Co., Chicago York New Co., HENDERSON, ROBERT C. Dealers, Boston ROBERT McDonnell Chicago Cincinnati L. & & GARVEY, Houston EARLE, HENRY EATON, Jr., Dain Reinholdt Times, York Walter, Securities RAYMOND GARLAND, KEMP, Jr., C. HEIMERDINGER, Chicago H. E. Embassy, GARDNER, New York DUSON, C. PHARR Mosle JOHN GARDINER, York & York New Leonard LYONS, Chicago HELLER, Relations M. New PAUL IIEFFERNAN, A.* New York CHARLES McK.* & Lynch, Pittsburgh Jr., Cruttenden, WILLIAM T.* Estabrook Dempsey-Tegeler & Co., Los Angeles York Co., Co., EDWARD KEMBLE, JOSEPH* Read & Co., ANTHON H. Amott, Baker & Co., LYONS, KAVANEWSKY, JOHN F. M. A. Schapiro & Co., New York Abbott, & JOHN KANDLIK, Dillon, Allen Chicago Daily News, K. Witter HECHT, New & of Cooley & Co., JANKI J. Wertheim & Co., New York DUNN, STEWART A.* Rotan, New EDDE Dean T.* Howard, Reynolds Devine & Co., York GANJU, Indian Washington Street, Chicago J. Co., DONALD GAERSTE, Press Dubois, allen c. C. HAYS, ALEXANDRINE & Assn. & GARCIA, Beane, New York DROBNIS, GEORGE J. 30 W. PHILIP E. Wall Street Journal, Washington PHILIP & New W. DONALD HAYES, NEAL W. Fuller A. FURBER, Washington K. & Company, New York WALLACE National DORBRITZ, ERNEST O. Moore, Leonard & Lynch, Pittsburgh DOUGLAS, LESLIE Folger, Nolan, Fleming-W. B. Hlbbs & Williston Hibbs Cleveland Denton, JOSEPH William DOMINICK, BAYARD Dominick & Dominick, New York R. Miss Fuller FULTON, DOERGE, JACK O.* Saunders, Stiver & Co., Cleveland J. D. FULLER, American Securities Corporation, New York Co., & Trust FULLER, Washington DIXON, JOSEPH W. DRESDNER, Bros. FULKERSON, Jr., DIMASSIS, Mrs. STANLEY Investment Nolan, Fleming-W. B. Chicago Baumgartner, Downing & Co., Baltimore HAYES, MILTON J. American National Bank, Chicago Washington ABNER* Jr., Popular de Puerto Rico, Santurce, Puerto Rico HARDIN HAYDEN, Oklahoma City Josey & Co., Kansas City Company, LUND, Moore, Banco H. Harris Trust & Savings Bank, S * I. KALISCH, Trust LUCAS, Jr., MARK A. Lucas, Eisen & Waeckerle, Kansas City LYNE, HERMAN B. M. JOSEPH LYNCH, JOSEY, H. I.* H. Bank New York Trust Co., York HAWES, Friedrichs & FROST, HARRISON C.* STUART* Dickson S. ARTHUR Folger, WILLIAM A. Reynolds & Co., New York DICKSON, R. New JOSEPH, Lubetkin, Regan & Kennedy, New York LUBY, Moore, Angeles C. PHIL LUBETKIN, LYNCH, Louis Co., St. & W. Joseph, Mellen & Miller, Cleveland New York ALFRED H.* Chemical SHELBY Weil, Labouisse, Co., Newr Orleans New York GABRIEL* IIAUSER, EARL G.* Howard, Los Manufacturers Trust Company, City Jones Mitchum, Jones & Templeton, White, Hattier & Sanford, New Orleans HAUGE, Fridley & Frederking, Houston G. Edward D. JONES, RICHARD Lubetkin, Regan & Kennedy, New York LUDIN, JONES, EDWARD D. Jr., GILBERT* HATTIER, Kansas B.* & Co., New York LUBETKIN, LLOYD E. Commerce Greensboro JOHNSON, THOMAS M.* Johnson, Lane, Space & Co., Savannah Greenville Co., MAURICE M.* National Bank, Dallas First Hutzler, New York GAGE C. O. Peet & Co., FRIEDRICHS, EUGENE STAEBLER, & Allyn & Co., New York FRIDLEY, Ingen & Co., New York SELDING, EDWARD B. Spencer Trask de H. WALTER* L. Van Cj Bros. FRICK, MILHAU, JOHN W. The Chase Manhattan Bank, New York DEMPSEY, de A. Eichler & Co., Los Angeles Bateman, de Salomon Chicago Co., Milwaukee Company, MARSHALL H.* Lewis & Co., THEODORE* York New Chicago JOHNSON, ROBERT C.* Kidder, Peabody & Co., New York LLOYD Weld White, DeGROOT, WILLARD G.* Robert Garrett & Sons, Baltimore G.* G. Furman Milwaukee McDaniel HATCHER, York New Williston & Beane, New York The Boston Howard, & V. Stearns & Co., New York LOWELL, Jr., JAMES RUSSELL* Paine, Webber, Jackson & Curtis, Company, Dallas EDWARD J. National Bank, JOHNSON, Eaton Bear, JOHNSON, DAVID T. Johnson, Lane, Space & Co., Savannah JOHNSON, JOSEPH T.* Baltimore LORD, LOW, First The CLIFF C. III, G. HATCHER, American deBRONKART, EUGENE Becker & G. Alester H. THEODORE* Securities Corporation, P.* Co., Philadelphia & Southwest JENNETT, r. New York Co., & Sons, & ELMER HATCHER, Fahnestock & Co., New York FREELAND, A.* Hammill & Co., New York National Bank, Chicago Jr., ANDREW J. City York Co., New Jr., LEWIS Baker M. JOHN Shearson, LOOMIS, Jr., JOHN S. JAMESON, ROBERT A.* Pohl & Co., Cincinnati St. Louis BARTON* F. Jr., Brown HASSMAN, FREDERICK, PAUL O.* BARY, MARQUETTE First L.* Sachs Goldman, A. Milwaukee Company, Curtiss, House & Co., Cleveland Harris, Upham & Co., New York HENRY HARRIS, FRAZER, DEAN, HOWARD B. J. R. Lynch, Pierce, Fenner & Smith, Denver Philadelphia FULLER LOKAY, JACQUES, JAMES F.* Chicago Harrington & Co., Jackson HARRIS, DAVID J.* Bache & Co., Chicago New York & Thayer, PAUL* W. HARRINGTON, Co., FRANKE, HAROLD DAYTON, Jr., S. GREY Elkins, Morris, Stokes S. & Louis K. EDWARD Boatmen's National Bank, FRALEY, ROGER D.* Chicago DAI F. Fox F. Bache St. Globe-Democrat, Jr., Dallas Francisco JACOBY, A. Illinois Company, HARPER, SCOTT* DAVID Pershing & Co., New York DAVIS, de HARDY, FORDON, RALPH Fordon, Aldinger & Co., DAVIS, SCOTT* Louis St. Cleveland Co., WILLIAM HAPP, Boston Tyson, & Glore, Forgan & Co., New York LOEWI, J. VICTOR* Loewi & Co., Milwaukee JACOBS, Jr., HARRY A. Washington Weeks, New York & FLYNN, H. LEONARD Dabney LOCKWOOD, FRANK J. Baltimore First Southwest Company, San ' JOSEPH F.* LOCKETT, Townsend, JOHN J.* JACOBS, ALGER J.* Crocker-Anglo National Bank, Association, Bankers Investment Association Bankers Washington JACKSON, Jr., WILLIAM C.» MURRAY HANSON, Miami Co., Co., & York New Miss MARY Investment LAWRENCE B. Baker, Watts & Co., Chicago & LINCOLN, T. Langley & Co., New York JACKSON, H. B.* Worcester PAUL Hanrahan C. Loewi Penington, Colket & Co., Philadelphia HANSEL, DOUGLAS R. Shields & Co., New York FLYNN, GEORGE T. Cleveland DAVIS, E. WILLIAM HANRAHAN, FLINN, EMERY CLARENCE F.* First Cleveland Corporation, DAVIS, Co., Bosworth & Co., Braun, Fitzpatrick, Sullivan & Co., New York Los Angeles & HAMMOND, FITZPATRICK, DANIEL E.* MARK* Ryons & Co., W. ILLOWAY, E.* New York ROBERT Bank, Savings & WILLIAM L. Co., Milwaukee LIEBMAN, Stieglitz, New York & IJAMS, MAITLAND Philadelphia Co., Laidlaw FITTERER, Jr., JOHN C. Wertheim & Co., New York Minneapolis DAVIDS, Lester, & HAMILTON, Singer, Deane & Scribner, Pittsburgh FISHER, GEORGE B. Bosworth, Sullivan & Co., Denver Kirkland Sulzbergsr, Jenks, Hallowell, FISHER, CHARLES N.* DAVANT, JAMES W. Paine, Webber, Jackson & Curtis, W. Trust Francisco San M. E. Hutton & Co., Cincinnati Halle HENRY R.* HALLOWELL, Co., New York LEWIS, MILTON F. A. G. Becker & Co., Jr., JAMES HYDE, J. HINDON Securities Corp., Nashville Equitable Greenshields & Co., New York Darlington & Co., New York E. WILLIAM DARMSTATTER, New York HALLIBURTON, GUS G. FIRSTBROOK, BRADSHAW* Chicago HUTTON, P. JAMES Jr., Becker & G. Harris HUTTLINGER, KURT J. F. P. Ristine & Co., Philadelphia New York & Co., A. LEWIS, MacBOYLE Francisco San W.* Pollock E. Wm. LEWIS, HUTCHINSON, Jr., WILLIAM N. L. Mitchum, Jones & Templeton, Boston D. GEORGE HALL, Bear, Stearns <fc Co., New York Sun-Ttimes, Hill, & DENTON Spencer Trask & Co., Co., San Francisco FERRIS, Jr., GEORGE M. Ferris & Co., Washington FINNEY, Jr., HOWARD* DARLINGTON, PETER Stifel, Smithers & S. Harkness McKelvy & Co., Pittsburgh Elizabeth 31 LeVIND, R. GEORGE* Blyth <Sc Co., New York HUNTER, FRANK H. R.* HALL, F. York DARBY, EDWIN W. Hill, John Hugh W. Long & Co., HALEY, DAVID A.* Kansas City Jr., WILLIAM E. Smith, Barney & Co., Chicago Louisville DALY, II, OWEN* Mercantile-Safe Deposit & Trust Chicago HA IRE, FELCHLIN, JAMES A. Son, & JOHN McG.* DALEN2, PICTORIAL The Commercial and Financial Chronicle . FAY, WATSON B. B. . FARRELL, F. D. City National Bank, CURTIS, ARTHUR W. A. Q. Becker <te Co., Chicago DABNEY, . Carlisle 4 , <fe Co., Washington McMAHON, EUGENE G.* J. Barth & Co., New York McNURLEN, F. S. PRESTON J. Moseley & Co., Chicago McVEY, Indian YVONNE Embassy, Washington Mrs. B. Jacquelin, New York Continued on page 32 The Commercial and Financial Chronicle PICTORIAL 32 JOSEPH Continued from page 31 MEAD, W. CARROLL* O'CONNELL, HOMER J. Mabon Co., Baltimore Blair MEANS, JAMES W. First Southeastern Company, Atlanta HENRY W. White, Weld & Co., Chicago MEERS, / & & Co., Thomson O'KEEF, MELODY, THOMAS A.* Merrill, Turben 8c Co., Cleveland OLSEN, MENDEL, LEO OPPENHEIM, v M. Manufacturers Trust Company, OSBORN, MERRELL, ROLAND* Lee Higginson Corporation, New Spokane MEYER, Jr., MAURICE* Hirsch & Co., New York New York Co., Richmond Kuhn, Loeb 8c Co., New York Secretary of Labor, Washington MITCHELL, JOHN N.* Caldwell, Marshall, Trimble & Mitchell, York New J.* New O. John C. Legg & Co., Baltimore ROOSEVELT, JULIAN K.* Dick 8c Merle-Smith, New York Co., Securities & PAYNE, CARR Mitchell, New York ROSSANT, M. J. Business Week, Nashville Securities Corp., PECK, ANDREW F. MOHR, Jr., SIDNEY J.* Thornton, Mohr & Farish, GEORGE A.* National Assn. of Investment Companies, MOONEY, New York JOHN C.* Barron's Weekly, New PERHAM, MORAN, JOHN F.* Peters, PETERSON, City Bank, New York Cooley & Co., Hartford St. Louis MORGAN, CHARLES F. F. PETERSON, ROYAL E. J. R. Williston & Beane, New York S. New York RYAN, ni, ALLAN A. W.* Irving Trust Company, New York WILLIAM PEVEAR, Noel 8c Co., New York RENOUF Moseley & Co., Boston RUTHERFORD, GEORGE P.* Dominion Securities Corporation, Corp., New York Equitable Securities MOREY, RICHARD A. G. Edwards & Sons, Van Alstyne, RUSSELL, Denver NORMAN E. Houston RUSSELL, JAMES A. GERALD P.* Writer & Christensen, PETERS, Branch, Cabell & Co., Richmond ROWLES, RUSSELL R. Rowles, Winston & Co., York PESCATELLO, MICHAEL* First National MOORE, RODERICK D.* New York ROWE, ROBERT G.* Stroud & Co., Philadelphia New York Clark, Dodge 8c Co., Montgomery Merle-Smith, New York Dick 8c Cumberland Chicago ROSS, ALFRED J.* Washington MITCHELL, ROBIE L.* Mitchell, Pershing, Shetterly & MIDDLETON* Bissell & Meeds, New York Laird, ROSENTHAL, WARNER A. Straus, Blosser 8c McDowell, HAROLD C.* Exchange Commission, PATTERSON, R.* & Co., M. Research & Dillon, Read & Co., New First Pennsylvania Banking 8c Trust Co., 8c Co., PHILLIPS, Grim 8c Co., New York MORRIS, FRANK E. Bankers Association, Washington MORRIS, PAT G.* The Northern Trust Company, Chicago Smith, Barney & Co., New York WALLACE, HUGH C.* Francis I. duPont & Co., New York SOUSS, WALLACE, _ PEDRO* Santurce, Drexel Puerto Rico 8c STEELE, H. J. Co., New York Steele 8c Co., STEPHEN R. Tribune, Chicago PLATT, CHARLES M. U. S. News 8c World Report, Washington Chicago York W. Geo. Co., New York Co., Co., 8c Pittsburgh St. Louis New Corp., MULDOON, JAMES M. POWELL, United States Investor, New York MULLANEY, PAUL L. POWELSON, Mullaney, Wells & Co., Chicago MULLIKIN, Jr., FRED MUNFORD, III, BEVERLEY B. Davenport & Co., Richmond MURPHY, CYRIL M. John C. Legg 8c Co., New York MURPHY; DENNIS E.* Ohio Company, Columbus MURPHY, H. E.* Commercial New Financial Chronicle, & York Chicago Corporation, York Newburger, Loeb & Co., New York PETER* James Richardson 8c Sons, New York NEHRU, His Excellency B. K.» Commissioner General for Economic Affairs (India), Washington NELSON, W. LINTON* , Delaware Management Co., NEUHAUS, PHILIP R.* Underwood, Neuhaus 8c Philadelphia Co., Houston The Philadelphia Bulletin, Philadelphia NEWTON, GEORGE A.* Walker 8c Co., St. Louis NIELSEN, EINER J. C. Bradford 8c Co., Nashville NIX, ALLEN J. Riter 8c Co., M. Kidder SCHUTZ, JOHN C. Chiles-Schutz Co., J. Orlando 8c Co., Boston ALBERT PUTNAM, Co., C.* Jr., GEORGE* Fund Distributors, SEDLMAYR, Merrill Boston York QUINN, ARTHUR P.* Quinn 8c Co., Albuquerque, New Mexico QUIST, LEO L. Harold E. Wood & Co., St. Paul New York Minneapolis 8c Co., Continental Illinois New York REDMAN, W. GUY Bacon, Whipple 8c Co., New York St. Louis SHERRILL, REDWOOD, Jr., JOHN* Baker, Watts 8c Co., Baltimore Shields National Bank, Chicago NORRIS, EDGAR M.« Edgar M. Norrls, Greenville NOYES, BLANCHE* Hemphill, Noyes 8c Co* New York Co., Phoenix Co., New THOMAS Collins 8c . York Stern Brothers ' . * Co., New GARRETT Trust H WHITE, KELTON E. G. H. Walker 8c Co., St. Louis WHITE, Mrs. KELTON E. Kelton E. White, St. Louis C. WHITMAN, G. PHILIP American Securities Corporation, New Exchange Bank, Barrons Publishing Company, New York WILSON, HARVEY WRIGHT Model, Roland & Stone, New York WINSLOW, SAMUEL R. Winslow, Cohu & Stetson, New York WITTER, WILLIAM D. Dean Witter 8c Co., New York WITTER, WILLIAM M. York Dean Witter & Co., Chicago WOLFF, JAMES W. Zuckerman, Smith & Co., New York & WOLL, ALBERT J. T. Hayden, stone 8c Co., Boston 8c Co., New York WONHAM, FREDERICK S. G. H. Walker & Co., New York WOOD, DAVID M.* Wood, King & Dawson, New York WOOD, FRANK A. Goodbody & Co., New York WOOD, KENNETH H. J. v A. E. 8c WREN, LAWRENCE Allen York 8c Co., Brothers, Chicago ' JEROME TSOLAINOS, K. Co., Pittsburgh SIMON, JAY ir City National Bank, c&eago _ New York Jacksonville YEAGER, III, G. THOMAS* Baker, Watts & Co., Baltimore The R. Robinson-Humphrey Company, Altanta York YOUMANS, PAUL E. Bosworth, Sullivan & Co., Denver YUNKER, ROSWELL J. C. L. A. P.* M. Kidder & Co., New York ZAHNER, VICTOR H.* Baker, Weeks & Co., New York Boston & Co., WRITER, GEORGE S.* Peters, Writer 8c Christensen, Denver WULBERN, EDWARD B.* Pierce, Carrison, Wulbern, Inc., YEARLEY, IV, ALEXANDER * Pittsburgh New Tripp & .Co., New York - Co., Kansas City . Masten Lehman Bradford 8c Co., New York Raffensperger, Hughes 8c Co., Indianapolis Unterberg, Towbin Co., New York TRAINOR, COLEMAN E. Peoples National Bank, Charlottesville TRESCH, ARTHUR TREUHOLD, CHARLES C. WOODARD, RONALD B. E. Zahner & Co., TURNER, ARTHUR C. New York Hanseatic & New Brothers Harriman & Co., York WILSGN, FRANK l. 8c Co., BELMONT* York Brown New York Pitfield Boston WILDE, BERTRAM M.* Janney, Dulles 8c Battles, Philadelphia WILLARD, GALE York Thomas 8c Co., Pittsburgh TORREY, DAVID L.* TOWBIN, & Winslow, WIDENMANN, HANS A. Carl M. Loeb, Rhoades & Co., New York Co., Jacquelin, New York THOMPSON, KENNETH* Luce, Thompson & Crowe, Kansas City THORS, J. EMERSON ; Kuhn, Loeb 8c Co., New York THORS, JAY E. C. Whiteside WICKENS, EWART A.* Mills, Spence & Co., New York THIERIOT, CHARLES H. W. Sachs 8c Co., New York WHITNEY, Jr., WHEELOCK* J. M. Dain 8c Co., Minneapolis Sons, St. Louis THEIS, Mrs. HARRY Harry Theis, St. Louis Asiel 8c Boston LEWIS M. WHIPPLE, JAY N.* Bacon, Whipple & Co., Chicago WHITBECK, BRAINERD H. The First Boston Corporation, New York Chace, H.* Corn Thayer, robert TRIPP, York H. Company, SHREVE, WICKLIFFE Hayden, Stone 8c Co., New York SIEFERT, RUSSELL E.* F. VINCENT Commercial 8c Financial Chronicle, ' Co., New MACRAE* Chicago Distributors, WHITLOCK, DANIEL P.* Ladenburg, Thalmann & Co., New York Wood, Gundy 8c Co., New York TEGELER, JEROME F.* Dempsey-Tegeler & Co., St. Louis TERRELL, ALLEN M.* VIRGIL* SHORT, JOSEPH P.* Arthurs, Lestrange RE ILLY, REILLY, JAMES F." Goodbody 8c Co., New York Julien H. SHOLLEY, S. L.* The Keystone Company, Newhard, Cook 8c Co., St. Louis New 8c SHOCKEY, - EUGENE M. REFSNES, JOSEPH E. Refsnes, Ely, Beck & 8c Fund WHITESIDE, THOMAS Glore, Forgan & Co., Chicago TODD, WILLIAM H.* Kuhn, Loeb 8c Co., New York TOMASIC, ANTHONY E.* SHELTON, LOCKETT* Republic National Bank, Dallas SHEPARD, ROBERT O.* Prescott, Shepard & Co., Cleveland SHERBURNE, HAROLD H. Ball, Burge 8c Kraus, Cleveland RAUSCHER, Jr., JOHN H. Rauscher, Pierce 8c Co., Dallas The London Economist, New York NOONAN, Jr., WILLIAM A.* Witter Carlisle GILBERT H. New York Philadelphia National Bank, Philadelphia THORSEN, LESTER J. Chicago's American, Chicago RANNEY, BRUCE B. REESE, Co., New York SEWARD, C. CARROLL Yarnall, Biddle 8c Co., Philadelphia SHEAFFER, THEODORE C.* Janney, Dulles 8c Battles, Philadelphia SHELLEY, WILLIAM F.* Vance, Sanders 8c Co., Boston RANKIN, HARLEY L.* Goldman, Sachs & Co., Philadelphia A. G. Edwards 8c Sons, H. Walker 8c SHEA, EARL Co., New York ARTHUR H.* Woodard-Elwood 8c Co., Yeatman, Mosley Philadelphia SWINARTON, ROBERT 8c New York WEHRHEIM, ROBERT V. Goldman, STUEBNER, ERWIN A.* Kidder, Peabody 8c Co., Chicago SULLIVAN, Jr., MARK Auchincloss, Parker & Redpath, Washington SUPLEE, WILLIAM Z. Shields GAVIN H. Line Fund Distributors, Value WESTGN, Co., New York Jr., FRED D.* Albert Theis Lynch, pierce, Fenner & Birmingham WATSON, Putnam 8c The Bond Buyer, New York SHAW, LEO G. Ladenburg, Thalmann 8c Co., New York Fay, San Francisco & Saxton TAYLOR, Angeles WERLY, CHARLES M.* Morgan Guaranty Trust Co., New York STOHL, WALTER H. Fidelity Union Trust Company, Newark STOLLE, CARL Brothers, New THEIS, HARRY York J. H.* Security First National Bank, Los WATKINS, MILES A.* Stubbs, Watkins & Lombardo, WENDT, GEORGE B.* The First National Bank, STEVENSON, Jr., WALKER W * Hemphill, Noyes & Co., New York STODDARD, DONALD A.* STONE, Des Moines WATERMAN, Jr., PAUL W-* Association, SHANKS, WILLIAM S. RAGGIO, J. THAYER & Bankers Lehman SELLEW, WILLIAM W. G. Investment A. National Bank, WASSERMAN, JOHN Asiel & Co., New York WEINTRAUB, ALLAN Bear, Stearns 8c Co., New York Richmond Co., Stevenson & Co., New York Girard SEEBECK, ROBERT F. Smith, Barney 8c Co., New York SEUDLER, Jr., ALEX.* National State Bank, Newark QUINN, Jr., ARTHUR H. Philadelphia National Bank, Philadelphia & Philadelphia Smith, New York HENRY W.* Coppet 8c Doremus, New York QLIGG, JAMES F. Paine, Webber, Jackson & Curtis, De Burnham Ohio Company, Columbus SEBOLD, JAMES A.* Coffin 8c Burr, New PUTNAM, Hooker SCOTT, SIDNEY BUFORD Scott & Stringfellow, Richmond Selected Investments Company, Chicago New York Bacon, SYKES, World-Telegram 8c Sun, New York SEBEL, HARRY L.* Seattle Wheat STEVENSON, REX* Nesbitt, Thomson 8c Co., New York STEVENSON, III, ROBERT Dean SCOTT, BUFORD Scott 8c Stringfellow, Richmond The Cleveland PROSSER, MALCOLM S. Seattle-First National Bank, & Omaha SCULLY, GEORGE G. PRESCOTT, EDWARD P. Prescott, Shepard & Co., C. Wainwright & Co., Boston C. Central White, Weld 8c Co., Suplee, York SCHWERENS, MURRAY R. Barney & Co., New York PRATT, ALBERT* Paine, Webber, Jackson & Curtis, Boston PRATT, MARSOM B. Estabrook Chicago Distributors Group, Inc., New REED, S. CHADWICK NOLAN, ROBERT H. A. RALPH CHARLES A. Boulevard Bank, SCHREDER, HAROLD X.* RAND, Jr., Hallgarten 8c Co., New York NEWBURGER, Jr., FRANK L.* Newburger 8c Co., Philadelphia NEWHARD, HARRY W. Newhard, Cook 8c Co., St. Louis NEWMAN, Jf., A. JOSEPH* H. York RAISS, JOHN* NEWBORG, LEONARD D. G. New Stetson, Smith, New MUSSON, JAMES F. G. National Wheeler & Alleman, Leedy, Putnam 8c Webster Securities NARES, SCHOENEBERGER, JAMES M. Boettcher & Co., Denver Walston Barr Brothers & Co., New York MURPHY, Jr., PETER J. New Winslow, PURKISS, MURPHY, JOSEPH D. Stifel, Niclaus 8c Co., MURPHY, LESTER V. Stone IVAN Cohu & POWERS, ROBERT A. L. First} Southeastern Company, Atlanta The Co., San Antonio Dittmar & H. WEHMANN, Swiss American Corporation, New York SCHMIDT, WALTER A. Schmidt, Roberts 8c Parke, Philadelphia POUSCHINE, Bank, Marine Trust Company, New York York WARD, FRANCIS V. WARDEN, FRANK R.* York STRAUS, FREDERICK W. Straus, Blosser 8c McDowell, Chicago STRAVITZ, HENRY* RICHARD A.* Fusz-Schmelzle & Co., St. Louis WILLIAM C. PORTER, R. H. Moulton 8c Co., Los Angeles MOUNTCASTLE, Jr., KENNETH F. Reynolds 8c Co., New York Chicago Whipple 8c Co., National STEVENSON, G. C.* G. SCHMELZLE, Chicago MOULTON, DONALD W.* Jr., FRANCIS R. SCHLUTER, HAROLD J. First National Bank of Chicago, PORTER, Jr., Television Co., SCHERCK, GORDON* Scherck, Richter Co., St. Louis ■ ! Oklahoma City JOHN L. Shares Management & York Bacon, York Harriman New Illinois Angeles Times, Los Angeles WANDERS, GEORGE* The Bond Buyer, New York Los Fahey, Clark 8c Co., Cleveland WAUGH, Hon., SAMUEL C. Export-Import Bank, Washington WEEKS, Jr., ROBERT S. F. S. Moseley & Co., Boston Washington City Bank, New York Brothers SCHANCK, St. Louis PORTER, FELIX N.* First National Bank, National First Brown Allentown New v SAUL, FRANKLIN New 8c Gibbons B. Washington SCHAFER, GEORGE V.* POPPER, ELVIN K. I. M. Simon & Co., Lehman Brothers, New York MORTON, ROALD A.* Blue List Publishing Co., New York MORTON, WILLIAM H.» Philadelphia POKORNY, JOHN M.» MONROE Philadelphia & Parke, SARGENT, JAMES C. Securities & Exchange Commission, SAUNDERS, WILLIAM L. A. G. Becker 8c Co., Chicago PODESTA, ROBERT A.* Cruttenden, Podesta & Co., Chicago POOLE, Roberts Schmidt, Continental National Bank, Pittsburgh Mellon WALSH, HAROLD WATTERSON, WILLIAM H. HARRY J * STEIN, ELLIOT H.* Scherck, Richter Co., STENSON, JAMES , WALTER C. Department of Labor, Washington, D. C. WALLACE, WILLIAM J. spade, wayne M.* Watling, Lerchen & Co., Detroit SPECHT, GERARD C. Mitchell, Hutchins & Co., Chicago SPENCE, W. FREDERICK Townsend, Dabney & Tyson, Boston STAFFORD, JOHN H.* Lee Higginson Corporation, New York STANSBERRY, FLOYD F. Bankers Trust Company, New York STAPLES, JACK R. Fulton, Reid 8c Co., Cleveland STARRING, Jr., MASON b. A. C. Allyn 8c Co., New York STEARNS, GEORGE R.* The Economist, Chicago STEARNS, PHILIP M. Oscar E. Dooly & Co., Miami STEEL, WALTER H.* J. SAPP, ALLEN D. PIETROWICZ, Montreal W. C. Pitfield & Co., MORSE, WALTER E.* * WALKER, LOUIS G.- H. Walker 8c Co., Hartford Portland SORENSEN, WALTER M.* Rotan, Mosle 8c Co., Houston The Chase Manhattan Bank, New York e SANFORD, Jr., JOHN B.* White, Hattier 8c Sanford, New Orleans BLAIR A. Hammill & Co., Chicago New York MORSE, ERIC S * York PIERCE, CHARLES C.* Rauscher, Pierce & Co., Dallas Warren MORSE, EDWARD The Associated Press, H. Morton & New PLENTY, ROYAL H.* Philadelphia Inquirer, MORSE, EDMOND N. W. N. Co., & Jr., Shearson, MORGNEY, ROBERT E.* Moroney, Beissner & Co., Houston MORRIS, CHARLES K. F. s. Yantis 8c Co., Chicago Investment Morton New York GRAHAM* Dempsey-Tegeler & Co., New York Philadelphia STEVENS, WILLIAM A. City Bank, New York PETER V. H. York WALKER, SANDERS, JESSE A.* Sanders 8c Co., Dallas W. , „ York WALDMANN, GEORGE R. Mercantile Trust Company, Philadelphia SNYDER, HARRY b. PHILIP, First National JOSEPH Kidder, Peabody & Co., New Corp., SMYTH, THOMAS W. MORGAN, WILLIAM F. Blyth 8c Co., New York MORISON, ARCHIBALD J.* ^ & WADSWORTH, ARTHUR L. PFEFFER, K.* Chicago Co., Townsend, Crouter & Bodine, New York Haven VOSTAL, Securities MORGAN, EVANS G.* The Hanover Bank, New York DELMONT Vick & B. De STEPHENSON, EDWIN A. Morgan & Co., Los Angeles MAURICE B. VINSON, EGERTON B.* Chicago SAGE, H, ANDREW G. C. Lehman Brothers, New York BENJAMIN F. Newburger, Loeb 8c Co., New York 8c Co., Francisco VICK, F. W. Craigie & Co., Richmond SMITH, PHILIP Calvin Bullock, Ltd., Philadelphia PEYSER, Morgan Stanley 8c Co., New York F. San New York Smith, Barney & Co., New York RYAN, THOMAS C. A. E. Masten 8c Co., Pittsburgh MORGAN, EMERSON B. W. Bosworth 8c Co., New York CHESTER W.* Rothschild 8c Co., New York WALTER J. Stewart, Eubanks, Meyerson RAYMOND Weeden Savannah VICINO, Tribune, Washington Government Development Bank, ROGERS, Jr., SAMPSON McMaster Hutchinson & Co., Chicago York L. New York Co., . 8c Co., Braun, VIALE, 8c SMITH, J. SAM L. Chisholm WILDES W. Mabon 8c Co., New York VEAZIE, Jr., WILDES JOSEPH York Herold Camp ROGERS, PHILIP ROSE, Trust C. Keystone Company, Boston ROEHL, ORA The Varnedoe, J.* Yarnall, Biddle 8c Co., SOMERS, HOWARD b.* ROGERS, DONALD I. New York Herald Tribune, New York H. PATTERSON, DONALD C.* Chemical Bank New York JAMES P. Hon. RODDY, JAMES E. Scharff 8c Jones, New Orleans Fidelity-Philadelphia Trust Company, Philadelphia MIRALIA, DAVID T.* MITCHELL, New York LAWRENCE Morgon Stanley & Co., New York PARKER, NATHAN K.* Kay, Richards & Co., Pittsburgh PARSONS, Jr., JOHN G. PARKER, Columbus GORDON L. ROBSON, GEORGE U.* Walston 8c Co., Ft. Lauderdale, Fla. ROCKEFELLER, Jr., AVERY Dominick 8c Dominick, New York Buyer, Eberstadt JOHN E.* Co., Omaha INGEN, Jr., BERNARD J. J. Van Ingen 8c Co., New York VEAZIE, Co., New York Lauer 8c National Schwabacher & Co., New York Bank, VAN Cliff Rahel & VARNEDOE, SMITH, PHILIP C.* EDWARD H. ROBINSON, Chicago E. National GEORGE OTTO, Cruttenden, Podesta & Co., Chicago Wheat & WILLIAM L. Corporation, JAMES Irving Lundborg & Co., San Francisco PARCELLS, Jr., CHARLES A.* Charles A. Parcells 8c Co., Detroit MILLER, GLENN R.* J. C. Bond The W. Ohio Company, MILLER, Jr., Chicago Co., Corp., SMITH, MARK A. Co., Chicago ARTHUR R. Industrial National Bank, Providence Glore, Forgan 8c ROBINSON, First Boston Philadelphia Philadelphia Mullaney, Wells 8c Co., Chicago EDWARD & F. New WILLIAM J. ROBERTS, H. OTIS, C. BARRON* MILLER, DUNCAN Laird 8c Co., New York The Blair OSTRANDER, The MILLER, CHARLES M. MILLER, LEE OSTRANDER, O'SULLIVAN, MEYER, III, MAURICE Hirsch & Co., New York MICKLE, JOHN C. Lehman Brothers, York New Research & B. JARVIS SLEVIN, ROBERTS, MALCOLM F. Garrett-Bromfield 8c Co., Denver L.* J. York SLADE, RILEY, WILLIAM J. E. F. Hutton & Co., New York Sanders & Co., Boston William Cleveland Central National Bank, JAMES E. & Dominick, Securities York VAN HORNE, & Co., Detroit HENRY J.* SIMPSON, Jr., F. BRADFORD Hallgarten & Co., New York SIMPSON, WILLIAM G.* Simpson, Emery 8c Co., Pittsburgh Stern, Baltimore & Sons, RIGHTER, BREWSTER* S. D. Fuller & Co., New York R.* EDGAR ROBERT OSGOOD, Vance, Richards, Merrill & Peterson, METZNER, RUSSELL H. Alex. Brown New Jr., SIPP, Jr., PAUL L.* CREIGHTON RIEPE, J. Milwaukee II, Dominick York MERRILL, BEARDSLEE B.* York New H.* Company, Oppenheim & Co., Oklahoma City Leo York New Paul RICE, WILLIAM O. Harris Trust & Savings Bank, Chicago LEIF H. Schapiro & Co., New York A. , _ , McKinnon, 8c ROBERT Marshall The National _ T. Siraonds New W.* RALPH SIMONSON, Rhoades & Co., New York Carl M. Loeb, VANEK, WILLIAM S.* Manufacturers Trust Company, New York 8c Co., Baker, RENDIGS, Jr., CHARLES W. Bache & Co., New York RICE, ALAN H.* Irving J. Rice 8c Co., St. York New Co., WALTER OTIARA, York New Weeden SIMONDS, RENNAU, JOHN W. C. NUGENT, Mead, Miller & Corporation, Indianapolis Bond 8c Share Indianapolis 1959 Thursday, December 17, SIMON, WILLIAM E.* REISSNER, FRANK L. In Attendance at Convention ... Corp., New York Kansas City ZEITLER, JOHN R. Third National Bank, Nashville . TURNER, JOHN W. Eppler, Guerin & Turner, Dallas ZILKA, JAMES H* Zilka, Smither & Co., Portland UNDERHILL, ARTHUR J. C. Arthur Wiesenberger 8c Co., New York ZUCKER, ABRAHAM W.* Tuller ,8c Zucker, New York VALENTINE, HENRY I* Davenport & Co* RMhmond " * * 'Denotes Mr. and Mrs.
@FedFRASER