Full text of Commercial and Financial Chronicle : December 20, 1962, Vol. 196, No. 6222

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The COMMERCIAL and FINANCIAL

Reg. U. S. Pat. Off.

New York

Number 6222

196

Volume

INFORMATIVE

MOST

AND

LEADING

THE

PUBLICATION

IN

THE

FINANCIAL

FIELD

.

.

ESTABLISHED

.

1839

7, N. Y., Thursday, December 20, 1962

Price

Cents

50

Copy

a

6DIT0RIALI As We See It
Club late last

The President's address to the Economic

failed to

week

supply chapter and verse on the fiscal

plans of the Administration. It did set forth once more
such
"This

nation,"

the

so

cit—but

we

can

cannot afford to do

afford

a

Investment

and

nothing.? He added that

restricted economy

a

—

future

budget surplus."

account

services

is, of

nothing

course,

unless

ness

Lord

as a

or a

banking,

in all this. On the

nonetheless. It is the

attention
another

to

a very

very

repetition is

more

cardinal element in the

ever

in

this

issue

on

to

this

sort

of

us,

having got

government must

U. S. Government,
Public

occur,
.

was

glad

to

ride."

out

to

this

date

different
later

evidence

not

will not

an

be

on

but

than

a

School of Business

has

been

are

will

at

occur

*

,f

I

wish

■

will

discuss

to

all.
t.

are

something

their
thus

is

what I

future

the

motion, and

by

the

are

and

thus

people

on

complete picture of

issues

now

means

is

whose

importance

the
un¬

to try to make the future what we

us

growth

of

savings

the

billion in

favorable

regulatory

en-

both a

on page

23)

Municipal

Hope Street, Los Angeles

17,

California

Dealers

assume

(Continued

and Public

Lester, Ryons & Co.
So.

loan

State,

"Securities in Registration" Section, starting on page 24.

623

and

bringing it to $165
total assets by 1970, is possible but not

Housing

*

in

uncertain, and it is largely this

registered with the SEC and poten¬

Underwriters

not yet oc¬

is still to be gen¬

power

necessarily probable. The estimates

not just determined

MULLANEY, WELLS & COMPANY

of accomplishing

future is not yet realized. The fu¬

our

REGISTRATION—Underwriters, dealers and investors in corporate
a

on

people whose influence

on

forces whose

on

"Continued

I believe, therefore, that a forecast

past.

part,

forces that

business at the rates suggested,

interesting activities, I prefer
is

in

on

want it to be.

study

the future

depend,

have occurred,

objectives and

challenges
Edward E. Edwards

past trends and the projection of present trends
believe that

will

'60s

certainty which makes life worth living and which

Im¬

happening.
suggests

the

depend also on events that have

erated

\

to

done

econopiy

:

likely to take place

seem

enterprise

currently understood. But what happens

are

curred,

v

if-

•:

in

now

them

"impending" changes

from the report: "What happens in

of

and whose

change

that

businessmen and what they do

that already

events

the

belief

on

now

decade

ture

to

tial undertakings in our

Distributors

I

justified—but

past trends.

any

Quoting

for that matter,

or

it

the

on

shaping of

into

NOW IN

Chemical

project to esti¬

a

optimistic forecast—and

very

dynamic, free

a

more

-

the

our

in

depends

I

assur¬

no

of

Municipal

Securities

of

way

happen to the savings and loan

optimism

Housing,

State and

their

necessarily occur—that the future of any

business

than

when

cor¬

have in mind. While the

(Continued on page 21)

afforded

com¬

business in the decade of the '60s. Our final report
turned

dual

Impending

so.

when

to

What

of

assumption—

are

"free

four years ago, our

mate what would

possibility of change

a

pending

so

SECURITIES

and

in

make

may

University undertook

that

in

securities

unit

bankers

or

changes in commercial banking

explicit statement for that matter—that "we," obvi¬

ously meaning

•

and

was

sort of cloud

a

prevent

of

Three

deposits are

intermediaries'

something

was

idea

my

weather,

unless

hazard of the doctrine is found in the clear
or

'

-V

-

accustomed
talk, do not readily realize it, the key
many

to

the

at Indiana

provided busi¬

are

end

"imminent,"

or

the word, I

whether

16.)

page

Although all too

their

doing business.

checking

just what "impending" meant. I had

meaning

as

will

emphasized as a
appears

the

ance

reasoning of the New Frontiers¬

man. (Full text of the President's address

non-banking

nearly

or

horizon,

dangerous fallacy which by

than

Predicts

change

this

Depicts banks

traditional

as

minimized, time-savings

are

to

that

suggests

'

this

find

rect,

by reason of the fact that it is not new but

repetition of

the

looked up

fallacy

deserving of that

more

and

"inevitable"

deserving of the careful attention of the people of this
country

grow

find

impending

When I agreed to this title for my paper, I was

much to popularize it, but it is

so

accurate estimate also of what

an

wish to quote a few statements from the report as

matter of fact goes much further back than

Keynes who did

should

than casual interest.

cash

forestalled.

too certain

contrary, it is but another repetition of an old, old

which,

and

banking's

pushed, and maximum financial services

1

new

bankers

commercial

more

corporations'

idea

There

of

helping

designed to boost the economy, increase tax revenue and
a

commercial

preview

transformation of

temporary deficit of transition, resulting from a tax cut
achieve

and

analytical

budgetary surplus. It is between two kinds of deficits
—a chronic deficit of inertia, as the unwanted result of
revenues

accurate es- !

an

petitors will do, especially with reference to any

a

inadequate

banking requires

timate of what bankers will do about their future,

of Business, Indiana

■AA.;,' 'k University, Bloomington, Indiana

"can
temporary defi¬

practical choice is not between a tax cut deficit and

"our

Graduate School

Executive asserted,

Chief

afford to reduce taxes—we

Finance,

the future of

of

By Edward E. Edwards,* Fred T. Greene, Professor of

general philosophy of the New Frontier about
matters as taxation, public spending and the like.

the broad,

Members New York Stock Exchange
Associate Member American Stock Exchange

„

Agency

1

Bonds and

Notes

Members Pacific Coast Exchange

Municipal Bond Division

Corporate & Municipal

XovYork

Offices in Corona del Mar, Encino, Glen-

Securities

Pasadena, Pomona, Redlands, Riverside,

BOM) DEPARTMENT
P. O. Box 710, New

York 8, N. Y.
•

San

MEMBERS

MIDWEST STOCK

770-2541

phones:

Diego,

m

THE

Whittier

MANHATTAN

California Securities

135 So. La Salle Street
York

New

Correspondent

—

Pershing & Co.

Chicago 3, III. FRanklin 2-1166

w

4t

Monica,

Santa

Inquiries Invited on Southern

I

BANK

Net Active Markets Maintained

o

To Dealers,

UNDERWRITER
DISTRIBUTOR

T. L.Watson & Co.
ESTABLISHED

DBALBR

Banks and Brokers

Shell Oil Co. of Canada, Limited
Class A Common Shares

Canadian Securities

1832

Block

Inquiries Invited

We

Commission Orders Executed On AH

New York Stock Exchange

FIRST

American

Stock

Exchange

Canadian

Teletype

<Southwc4t
25

BROAD

COMPANY

STREET

NEW YORK 4, N. Y.




B8HECT WIRES TO

BRIDGEPORT

•

PERTH

AMBOY

NEW

maintaining

either at

net

a

market

prices in Canadian funds.
distributed

was

Shell

shareholders

of

Shell

five

of

one

Shell

Oil

of

CALIFORNIA

The stock

November

on

basis

DIVERSIFIED
this

In

New York prices or

Co.,

Canada

1
on

for

to

the
each

Oil.

212-571-1213

Finance

MONTREAL AND TORONTO

Goodbody & Co.
MEMBERS

DALLAS

Exchanges

CANADIAN DEPARTMENT

are

stock
at

Members

pi

Ana,

Santa

EXCHANGE

770-2661

TWX: 212-571-1414

1

dale, Hollywood, Long Beach, Oceanside,

CHEMICAL BANK NEW YORK TRUST COMPANY

YORK

STOCK

EXCHANGE

**

Dominion Securities
Grporation
40 Exchange

Place, New York 5, N. Y.

2 BROADWAY

1 NORTH LA SALLE ST.

Teletype 571-0880

NEW YORK

CHICAGO

Area Code 212

MUNICIPAL BOND DEPARTMENT

BANK OF AMERICA
N.T.&S.A.

WHitehall 4-8161
SAN

i

FRANCISCO

•

LOS ANGELES

Commercial

The
2

and Financial Chronicle

.

.

Thursday, December 20, 1962

.

(2538)

'

:T

Brokers, Dealers only

For Banks,

I Like Best

The Security

4

1*

.

This Week's

Alabama &

Forum Participants and

in which, each week, a different group of experts

A continuous forum

Tax Losses
Large

Swaps

or

Small Blocks

or

Call "HANSEATIC"
Whether

large

orders

your

are

small blocks,

or

in

Oakland, Calif.

our

under prevailing

and

time,

experienced trading staff i«

ditions

fully equipped to serve you

issue.

promptly and efficiently.

known

is

NEW YORK

stock

HANSEATIC

it is
in

CORPORATION

as

most

to

the

Telephone:
Teletype: 212-571
Boston

—

Chicago

•

Philadelphia;

Los Angeles

is that

from

kicked

speculation
in

true

bility

Continuous Markets

and

Virginia Securities
Call

us

First

turn

is

ent

Furniture

American

-

Craddock-Terry Shoe

prices paid El

Gas

39

of

TWX
703 846-0920

Private wire to Shields &

h^s its

latter

ural

El

incorporated

its

traffic

taken

by Pacific

major part of

& Electric

Gas

LOUISVILLE, KENTUCKY

This

of the Los Angeles area.

gas

Gas, Ltd.

(wholly-owned by Pa¬

cific

&

Gas

Alberta.

Natural

Effective Distribution

pleted
one

Northern Ohio

Co.

Gas

in

'

•

•

'

*
.

murch & co., inc.
Member New

Building

Cleveland
CH 1-5671
Private

Tele. 216-574-9180-81

Wire to L.
&

F.

share

per

of

1961—only

Earnings

running

are

yield)

-

is

per

cents

70

being

Pacific Gas Transmission is
owned

Rothschild

Co., N.Y.C.

about

Pacific

by

the

and

2,210,252

its

sold

Securities

1957

In January,

itself

shares

York

Stock

Exchange

Pittsburgh Stock Exchange
American

Stock

Union Trust
GRant

(Associate)

in

the

common

result

the

is

concern

of

the

between

ago

year

named

Wire

Teletype
to

New




412
York

a

above

organization, Shoup Voting

Machine

Corporation,

leading

a

producer of automatic voting

ma¬

chines and toll collection devices,

Filtors, Inc.,

a

man¬

relays

CERAMIC

1921

ducted

seals.

share.

per

There are

about 7,000 shareholders.

The of¬

Gas

the

Pacific

Electric management.

&

J. G. Black is

in

AND

CORPORATION,

1931

and

to

continue

business
the

name

a

founded

subsequently

under

>

6f

name

conr

Bow¬

since No¬

Etc.!

Enough

automotive

of

said,

to

make

marily

for replacement purposes,

production

and

of

auto¬

voting machines, electronic

collection equipment for toll

facturing

Etc., micro-m i
one

stor¬

batteries and spark plugs, pri¬

Chairman, Mr. N. R. highways, engineering and

Christensen is Treasurer.

store; chains
65%

and

spark

through

plugs

are

' the

the

under

City

as

a

circumstances

to

LAMB0RN & CO., Inc.

are

marine

lighting sys¬

-

,

v-

and

:

-

Porcelain

Frenchtown
pany,

/

•'

1

!

-

i I ' ' '

''

•'

.

SUGAR

.golf

craft,

carts and emergency

tems.

electric

'KfL*'."'

trucks, buses, trucks, air¬

small

craft,

5, N. Y.

of Bowers

name

automobiles,

;in

use

fork lift

STREET

NEW YORK
..

for

WALL

9 9

Bowers

batteries

addition

In

and

branches

under

r

;

Com¬

Raw

Refined

—■

—

Liquid

Exports—Imports—Futures

wholly-owned subsidiary,

a

primarily

of ce¬

..producer

a

DIgby 4-2727

insulators, has

plug

spark

sealing

in

utilization

for

processes

hermetic

high

and

tem¬

perature brazing of metal parts to
the

Service Your Accounts

ceramic, and also for technical

nuclear

applications, in
In

view

of

tries.

the

future

this

the

of

indus¬

dynamic

ceramic

industry,

of activities

phase

become

time

energy,

apd aeropspace

bank &

could in

substantial

a

quotation

record

con¬

tributor to GENERAL BATTERY's
other

operations.
Voting

S'houp

and

chines

for

leading

a

of

give

jthroughout the country,

about

has

mechanical

40,000

electro-mechanical
chines in

use

bound

all

on

well

as

for

the * largest

in

one

Write

WILLIAM

as

find"

to

quotations.

order

or

call:

B. DANA

Park Place

25

CO.

*

this
New York 7,

N. Y.

REctor 2-9570

Shoup reoeived

single

securities

"hard

Over-the-Counter

in¬

country and the other one to Trin¬
idad.^: In August,

listed
those

or

ma¬

registration accuracy was

sold,

will

monthly prices

voter

and

system

were

4

publication

the

you

developed and the first two such

systems

$4)

In 1962

in 32 states.

registration

new

creased

voting

year)

(Single Copy

devices

bridges, tunnel approaches and

turnpikes

per

'

This

maker

collection

toll

electronic

(Only $45

Divi¬

Machine

sion, one of the two largest pro¬
ducers of automatic voting ma¬

ever

sealed

n

i

manu¬

subminiature

of
a

t

u r e

and

hermetically

relays, glass-to-metal seals,

when

$4,000,000

a

order

manufacture of 2,750

voting

signed

awarded

the

by

York.

In

were

greatly

for

the

specially de¬

machines

City

of

New

October, 1961, operations

through

expanded

acquisition of

the

automatic toll

collecting equipment business
from

the

Division
Inc.

As

services

Grant
of

a

Money

Universal

300

toll

be construed

as an

offer

to

sell,

or

solicitation of an offer to buy, any security referred to herein.)

ways

collection

leading high¬

throughout the country with

OVER-THE-COUNTER
INDUSTRIAL STOCK INDEX
23-Year

on

Performance

of

35 Industrial Stocks
FOLDER

page

13

ON REQUEST

National Quotation Bureau
Incorporated

46 Front
CHICAGO

Continued

Q. B.

Meters

Controls,

result, Shoup leases and

about

N.

was

642-3080
no

Telephone: BEekman 3-3622-3

of

remainder sold

company

distributors

made

sales

of

through these marketing

channels with the

name.

discount

and

About

machines utilized by

(This is under

NEW YORK OFFICE:
149 Broadway, New York 6,N.Y.

dustry and also in Shoup's history

manufacture

Mr. (toll

Sutherland, President and Mr. K.
C,

ment

has been known under its

design

from

Securities Co.9 Ltd*

placed in the voting machine in¬

pany,

age

DAI WA

distribution

for

names

Battery and Spark Plug Com¬

matic

many

produced under private

are

brand

its

identification

BATTERY

1962 present corporate

high, $154,700 shares were

at $17

teries

a

glass-to-metal

GENERAL

ers

dominant

subminiature

ufacturer' of

in

SECURITIES

BATTERY

GENERAL

BIdg., Pittsburgh 19, Pa.

1-8700

Private

Exchange

minds of

three way merger, consummated a

and

JAPANESE

bat¬

CERAMIC CORPORATION.

AND

This

of

yields

average

excellent opportunity

an

presents

include

New

above

investors,

ficers of Pacific Gas Transmission

McKelvy & Company

earnings

times

price

and

(this year) when the market was vember, 1960. It is engaged in the
at

Corporate and Municipal

In

through 1960, shares were sold

at 9 to 9.47 each.

Distributors

no

International Utili¬

Blyth & Co.,

Underwriters-Dealers

again good values, more

in its construc¬ manufacturing

ties and Montana Power.

Stock~ Exchange

York

become uppermost in the

owns

namely Canadian Bechtel,

and

ratios

and

:branch offices

patented and developed high con¬
tent aluminum arid beryllium ox¬

Battery and Ceramic Corporation

once

The other holders are organized

those who helped
tion

&

Gas

public

the

of

30%

shares.

par

New

re¬

$1

at

dividend of

(4%

com¬

paid.

Electric

Ohio

IS,

a

line

50%

York Stock Exchange

Hanna

be

and

owned

(331/3%

end

ago.

ported to

Alberta

by

pipe

a

the

at

year

share

-1

delivery is accom¬

Canada

P.G.T.)

by

in

This

in

plished

in western

Electric)

our

The

automobile

of

ramic

HENRY J. .LOW

realistic

by Alberta & Southern

is bought
502 589-1123

584-0226

to

as

majority

electronic

north

of California

serving most

right, I believe,

is

$25 stock selling at $17.

a

.

General
As

Company for its use in gas lines
420 W. Jefferson St.

booming

growth;

Gude, Winmill & Co., New York City

»

known

for the replacement market.

ide

456,000 Mcf then is

or

it's top management;

means

Members

The balance, and

co,

my

Manager, Institutional Research Dept.,

Wash.

kane,

BANKERS BOND

T/'

for

in. Spo-

principally

consumption

JUL

Gas

Natural

Paso

.

in

For investment!

Falls, it sells 152,000

At Klamath
to

"here is

Washington,
California foordor.

the

Oregon to

are

judgment

my

lime

attractive

so

-

make

coming general acceptance by
big institutional investors. If

the

Southeast

Idaho,

higher divi-^

a

served; and last but not least,

area

through

Columbia

British

Mcf

pipe

transmission

gas

from

opinion

nat¬

Transmission -operates a

Gas

reach

features- that

main

issue

the

Direct wires

storage batteries, and spark plugs

handled

earnings might

anticipate

newness

munici¬
Paeafic

own

to

this

Dos Angeles.

pal public utility system.)

th^t

The

B&kersfieJd

to

Coast

generally

type,

it is esti¬

the

serves

of the lead-

automotive batteries
acid

of

manufacturers

leading,

houses.

dend rate in the near term future.

dow^i f'he sa¬

90 miles from

only

(The

Co.,

New York City

.extending

Pacific

tire

LD 39

Victor 6-1333

able

growing area of f^Mf-orinaa,

area

an

it

the

cents per

40

$2 plus per share. It seems reason-:

It is a

212 571-1425

La. - Birmingham, Ala.

Mobile, Ala.

batteries

mated

at¬

It is an income -is¬

Economically

sue.

VIRGINIA

LYNCHBURG,

Natural

Paso

to

cents

Mcf.

Gas

an

tractive investment issue.

fastest

STRADER and COMPANY, Inc.

is

Company

growth stock.

All Issues

R. F. & P.

Pacific

utility,

Transmission

Industries

Furniture

Bassett

Exchange
Exchange

HAnover 2-0700

through leading retail gasoline
Costs stations, major auto supply stores,
drop well below pres¬ rubber companies, junior depart¬

With such expansion,
new

Stock

Stock

19 Rector St., New York 6, N. Y.

it can.

as

soon

issues.

This

York

possible by maximum opera¬

would then

price col¬
natural gas stock

of

is

Electric

&

Gas

anxious to get the full re¬

tion just as

gains made this

lapse, by many

needs

is there,

-/-v

Pacific

of the relative sta¬

some

outlay.

capital

small

day coming into the area

a

course

of stock market

year,

with

accomplished

served.

so

1 This

growth.

or

spite

•.

expansion
The
Battery and Spark Plug
Mcf is only Division, the largest of the (com¬
This can be pany's three divisions, is one of

ahead.

way

the demand

That

popular with those seeking

is not

•

American

a

only knowledge of the number of

post;

to

City. (Page 2)

New

Members

that

opinion

trust relatively

natural gas stock

a

short

opinion people

my

pillar

that

a

industry has been

the gas

much so,

Service

Wire

in

answer

San Francisco

•

Wide

World

1231, 32, 33, 34
•

the

No,

363-2000

this

makes

above

economically

Too new?

Why?

holdings.

St., New York 4

60 Broad

the

output to 800,000

of

institutional

other

and

funds

New York

Members

New Orleans,

informed

is

funds, insurance companies,

Exchange

seven

Co!

Steiner, Rouse &

yielding 4%. spark plug insulators, aluminum
But, where to from this? It is my and beryllium oxide ceramics, etc.

not
portfolios of mutual
it

because,

East,

Mana¬

Institutional
Research
Dept., Gude Winmill & Co.,
ger,

$100 or less than 100,000

of

All

Certainly

people.

Low

fine gas utility issue

new

a

Ceramic

and

J.

Corp.—Henry

~

professional investors

to

new

found in the

Member

Stock

It is

Bought—Sold—Quoted

shares.

class are selling

a

to

convertible

are

shares at

public

overglamorized

Established 1920
Associate

and

But it is not one of the well

recognized values.

at

con¬

Battery,

General

debentures total $13,256,400

5%%

utility stock

public

a

utilities that

American

Like Best" at this

"The Security I

converti-.

convertible

The

debentures.

ble

Knowlfton

Co., Oakland, Cal. (Page 2)

$103,256,400 of

first mortgage bonds and

Pacific Gas Transmission Co.

Chadwick,

Frank

&

v

The funded debt is

Stone

Associate,

management.

Co.,

Associate, Frank Knowlton &

Co.—

Transmission

Gas

Nathaniel

top quality of

of the very

aware

CHADWICK

STONE

.

...

Louisiana Securities

for favoring a particular security.
Pacific

NATHANIEL

If it's Over-the-Counter

Their Selections

and advisory field from all sections of the country

in the investment

participate and give their reasons

.

Street, New York 4, N. Y.
SAN FRANCIS CO

Volume

196

6222

Number

.

.

The Commercial and Financial Chronicle

.

(2539)

CONTENTS

a

Thursday, December 20,

1962

fflerrp

New Market for Stocks

-

:

i

■

-

By John C. Cronin, Manager, Jackson Heights, New York, Office

PAGB

Impending

Study pointing

over-exploitation and saturation of the

up

tor market for stocks

inves-

new

a

demand.

new

easting strong doubts that the next decade will he

Creatively Tapping

After

-

V~

in creating shareholders' growth as in the past phenomenal
decade, Mr. Cronin suggests how to develop a hitherto untapped
the

everybody

market for stocks.

new

potentialities

of

investments

stocks, the branch office manager favors cultivating
investors

wishing to capitalize
pressing for:

means

(2) adoption of

profits;

on

(1)

a

Stocks

John C.

!

Cronin

3

4

Current

Richard B. Willis

Cooking and

Ira li. Cobleigh

;

short-term

Short and Long Run Tax Cut and Reform Prospects

approach to trading in odd lots and

dustry underlie the conclusion that today's market contains

C. Lowell

Harriss

'?

potentials

as

An
.

>

,

up

ten

vestigation leading to

the

stock

asking

in

market

seemingly

has

1962,

itself

concerned

the

action of

with

questions

wrong

and

hence obtaining answers that may

far off the mark.

prove

declining prices

Blue Monday

on

and Tuesday late last
the

subsequent

market

(the

Spring, and

inability

D-J

of

the

not¬

average

withstanding)

to

ciably

then,

since

Sharply

everywhere,

Such

tion,

in

the

^

been

of

acting

inquiry is necessarily

little

immediate
and

V-

to

sense,

ferent
ket

from

and

This

stocks

to

explain
the

performance

relatioJn

prices in
as

the

political

to

such

climate,

service,
true

a

of

the

the level of corporate

must

then

are

at

any

of

Is it not possible

this

thesis,

necessarily

the

investment

savings

bank

tate,

finally,

other

dollar,

it

it

sumed that the entire

is

to

be

trend

in

found

such

of

In

explanation
level

the

economic

and

and

fi¬

then?

ent,

and

This

analysis

however valid

certainly

the

of

situation,

ignores

the

fact

one

be of major influence
understanding the action of

the market.

or

it may be in part,

which may

in

desire

The question, "What

phrased
The
the

realistically

more

be

re¬

"What Happened

to,

Market

For

Stocks?"

attempt is mado to

To

When

answer

the

first question, all attention has to
be focused
nomic

on

and

trying to find

financial

late

Spring and

to show any

eco¬

justification

for the market's drastic
the

slump in

its

inability

significantly sustained

recovery on a broad scale.
On

the

other

for

service must be

(2)

the

•

mr*

Denver

Angeles

11

,

•.

•».

.

i.

0

Z

{(4i

tj 'ts.

-r ? *

,,

.

Current Business Activity.
You

and

.

24

(The)—__r_

___—

—

———-

,

15

—.1

-Notes...

News About Banks and

.....

17

Bankers——

Season's

37

......

L—

20

Observations
Our

4

——

Reporter

Governments

on

———

14

anything,, to
Public Utility
Securities

Securities

Now

in

19

Registration

—

—

—

24

pres¬

capability

•

is

true

whatever

the

services in question.

Prospective

to

Security

Surely

the

there

minds

of

is

little

skilled

Offerings.————

..

31

to the Market for

Happened

Stocks?",

,

^

doubt

<

in

advertisers

,

Security; Salesman's
State of Trade and

(The)

—

—

Corner———

2

Singer. Bean

18

Industry (The)..—

——,

Tax-Exempt Bond Market....

9

sMackie, Inc.

6

and merchandisers of the truth of

the proposition that no amount of

can

anything

ready

in

mand

for

create

unless

existence
it

which

desire.

latent

de¬
de¬

-

'

•■»

.

Twice

expended

Weekly

25

D.

REctor 2-9570 to 9576

WILLIAM DANA

Southern Gulf

SEIBERT, Treasurer
GEORGE

J.

MORRISSEY, Editor

Utilities

Thursday, December 20, 1962

Advertising budgets

and programs

designed to sell

million Cadillac

automobiles,

Continued

opens

w-a?■■ w*

SEIBERT, President

times in the business life of

avail.

...

COMPANY, PUBLISHER

Park Place, New York 7, N. Y.

I CLAUDE

validity of this fact, and all
no

40

Reg. U. 8. Patent Ol'fio*

WILLIAM B. DANA

the nation in attempts to disprove
the

—.

The COMMERCIAL and FINANCIAL CHRONICLE
Published

satisfy that

been

—

al¬

Considerable time, energy

capital have

many

is

embodies

a

1—

—_—

mer¬

market

a

there

sire and the ability to

and

and

Washington and You

■■■

chandising
for

to

hand,; asking the

second question, "What

Security J Like Best

goods
.

Happened To The Stock Market?", advertising, promotion
might

NSTA

the

the

"'•*

•

Chicago

fundamental

tributes:

(1)

.

Mutual Funds

at¬

or

Los

...

v-

Connecting Wires:
w—

Washington Ahead of,the Mews------U-—- .15

Market

for

be effective must possess two

product

Direct

8

satisfy the desire must also exist.

nancial indices.
This

for

Dl 4-4910

Chicago

as

contracting

more

Demand,

"I"•

'

Indications of

erally and widely advanced since

as¬

•

be

can

equities

generally

is

•

From

than those which have been gen¬

stocks.

common

as

far

reasons

Y. 5

208 S. LaSalle St.,

Einzig: "Mr. Acheson's Criticism of Britain

demand side of the equation
was

39 Broadway, N.

39

...

New York

Stocks

es¬

real

preferred

words,

for

such

accounts,

bonds,

and,

media

Field......

Dealer-Broker Investment Recommendations

as

that

in

becoming smaller and smaller

forded

J.F.ReiIly&Co.,Inc:

the

then, in adopt¬

that

40
22

—

..._

Criticized"

the

competing

———

Current News in the

any

demand

work

Commentary

v

ing

1
21

Coming Events in the Investment Field—

mar¬

at

reflection

supply and

profits and the relative yields af¬
by

E. F. MacDONALD
(Editorial)

V

look for business, the balance of shown that starting early this year,
international payments, taxation the market for stocks was simply

prospects,

OF NEW YORK

obvious

Analyzes Demand for

of

out¬

S. B. I. C.

William J. Drake 19

Bank and Insurance Stocks

dif¬

no

market,- for

any

or

is

market.

things

the

\

As We See It—_—

avenue

other free

any

recognizes

that

forces

approach that seeks

an

FUTTERMAN CORP.

18

Regular Features

ex¬

"

delated to

Better Business Trend

Forsees

rela¬

orthodox

it has.

as

market for

product

To The Stock

have

Babson

Commercial Financing and Factoring Growth

answer

an

inquiry takes the position that

the

question time be

the

President John F. Kennedy 16

;

T.

planations of why the market has

they

an

the

classical

raised,

has

to

seems

fact

Market?"
....

which

appre¬

recover

—"What Happened

whole stream of possible in¬

a

r

GL1CKMAN CORP.

12

found in the past.

any

The flood of comment, both writ¬

spoken, on the

10

Early Cut in Federal Tax Levies Is Essential

Paul

and

TIP TOP

PRODUCTS

are

„

dif¬

a

7

/

Economists See Vigorous 1963 If Taxes
Reduced

requiring imagination, effort and willingness to meet
fruitful

5

Comfort for Long Island

/

short-term price swings of stocks.

the entire commission charge structure; and (3) bringing the
price of stocks down to the reach of effective demand. Thirty years1
experience from research analysis to manager in the securities in-

it —with

mi

and Significance to

Investors

to

ferent demand

(0ne

1

Harriet Seibert

:

"

^Postwar Developments

breed of

removal, of penalties on

new

V

of

common

new

a

in

Nature

E. Edwards

New Market for

a

Christmas: World Wide.

Instead of emphasizing to \"

long-term

Transforming the

prolific, if not

as

more so,

potentially large

Changes

Commercial Banking-——.Edward

■

strongly recommends adoption of new adver¬

tising and merchandising techniques to tap

This

Cfjristmag

Articles and News

'

of Wood, Walker & Co., New York City

,

3

on

Every

one

or a

page

Thursday (general news and
Monday
(complete
statistical
Issue

advertising

Issue) and every
quotation
records,

— market
state and city news, etc.). Other
St., Chicago 3, 111. (Phone STate 2-0613).

corporation news, bank clearings,

Office:

135 South La Salle

38

Copyright 1962 by William B. Dana Company
All rights reserved. Reproduction in whole or In part
without

For many years we

have

specialized in

written

Second

PREFERRED STOCKS

United

Union
other

A

Founded 1868

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THURSDAY
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4

The Commercial and Financial Chronicle

(2540)

fer that the test of the amount of

OBSERVATIONS...
A. WILFRED

BY

the

MAY

rather

judgment

than
the

of

Then also

economic

"MONEY"

Dillon

THE

AT

retary of the Treasury. "I am sure

WALDORF

top-level fiscal

of

mine

gold

observations was available during
week at New York's Wal¬

the past

The "honored

dorf Astoria Hotel.

included

guests"

Jacobsson,

Per

international monetary expert and

Director

Managing

finance

Senate

the

of

Chairman

Byrd,

Harry

Fund);

Monetary

re¬

(International

IMF

activated

the

of

Committee and Carter Glass's suc¬
cessor

"Mister Fiscal Integrity"

as

of the

Upper House; and President

Kennedy

highlighted

Significantly

approach to con¬

the divergence of

fiscal

troversial

was

and

monetary

questions between the political
and nonpolitical.

example,

for

Thus,

toward

attitudes

differing

the
the

were

method of deficit financing. Ques¬
tioned in

personal interview by

a

this writer concerning the impor¬

the

via

tion

long

affairs

monetary

have

I

consis¬

tently opposed domestic inflation¬

policies.

ary

that

has

But

inflexible

an

to

people's savings would be un¬

as

good

well

as

sound

as

eco¬

The Senator reports
not received

cutting

without

the

100,000 pieces of self-serving

in

contrast to

sharp

correspondence which came at the

speculative spiral.

time of the withholding proposal.

or

fine

judgement which

Mr. Martin will

make, but I'm sure

it

So

is

he will

it

be

to

are

us

a

concerned

as

all of

as

get the benefit such as

be out of the deficit, and

may

the

also

at
our

time

same

and

keep

tools

monetary

wisely

The

citizenry

gratitude for his protection of the
Treasury against such
President

the

expressed

before the Economic Club,

to the kind of budget deficit that

will

(SIC) His judgement will be, be¬

concerned

about

deficit

would have

of the Federal Reserve Law,

final."

a

Further along at the dinner, un¬
able to resist his

penchant for

po¬

be

we

which

kind

which
the

detail

to

as

in it for

the

of

"There

tax

this

cut,

everybody."

Senator

THE

the

Top-flight political factors will,
of

ment

the

determine

course,

enact¬

legislative defeat of the

or

proposal.

foot white spruce

do

us

bringing

of

Christmas
which

tinents of the world.

ident's

economic expansion and growth."

U.

Advisory

Significant

as

Chamber

S.

litical attitude in lieu of such sea¬

"economic"

soned

approach

President

Kennedy's

the

question

same

was

fielding

("Mr.

of

deficit in any event and a fairly

large one if taxes are reduced, is
it

of

part

the

to

that

deficit

in

system
threat

of

before

the

major part

a

outside

order

the

to

New

the

Economic

days later from the

platform.

of

termed

Highly sensitive,

brought

sang

that

the

Senator

Byrd—can

public

come

How fervent is

the

Board

and

us,

as

by

means

his

of

foreign

with the

tism.

When peace

his

lic's

confidence.

His

the

President,

based

"crank.")

bur

to

the

The

state

(leaving

Kennedy,
said, not

as
so

dogma¬

obviously

In

a

Senator
will

we

strategically

the

at

President
Economic

the

of

the

him

President

Kennedy

Which

particu¬

question-and-

the

ihe

gives

reform

said

the

you

spell out,

while

has

the

a

may even pre¬

interests

Therefore reform

longer task, and

once

that

the

in

effort

has

of the

for

the

the

in

phases

recognized

roots.

(Again

President

from

at

the

the

grass

Economic

Club, "I do not underestimate the
face in enacting such

event

any

velop

that

prevalent

block?

it

may

of

image

of

Congress

ornery

well de¬
the

a

quite

stubborn

arbitrarily

blocking the legislation, it is the
common
•

away

from

as

of escape;

means

or

omission

an

or

through

an am¬

which

the

b^ evaded

.

sections
enacted

the

of

specifi¬

law

which
many

of thoughtful consideration,

years

represents the will

and

intent

Consequently,

Congress.

improper to describe it in
which

would

taking of depletion in
represents
:

.

;

>

Further
nition

of

f

tax

K->

>

in
as a

Kennedy in his

Club.—A.W.M.

Stone & Webster
Elects Directors
Stone

Webster

&

poration,
York

90

the

•

directors

and

spiralling

the

deficit

spending.

terms

to

'

-

Van

a

Elected

the

.....

con¬

Vice

to

eva¬

Depletion and Loop-Holes
Dear Mr. May:

future

to

on

reflection,

use

expressions

depletion

correctly

which

reflect

the

in

will

Stuart
Kenneth K. Mackey

Philadelphia.
Elected

true

a

who is

a

Mr.




graph of

your

mercial

and

column in the Com¬
Financial

with

Chronicle

commonly

used

by

tax

the

experts and high government offi¬

an

cials,

1955.

ourselves, to de¬
"escape hatch" provided
as

law for the

special community
clusion

of

the

benefit of

group.

word

a

Our in¬

"statutory"

joined

Mackey

hole"

an

Vice-President

was

New York,

member of the company's

Webster in

by the

of

,

municipal bond department.

Greenwich, Conn.

well

MacR.

Wyetb

Kenneth K. Mackey of

OSCAR JOHN DORWIN

note

I noted that in the second para¬

70 PINE STREET, NEW YORK 5, N. Y.

S.

of

Chicago and

you

situation.

as

York,

William
Preston

hope that,

is

Presi¬

W. Holland of
New

will agree with the foregoing and

more

were

Edward

dents

sion of it.

respect

-

to

of

board

directors

compliance
an

K.

E.

Home,

announced.

"statutory loophole'.'
a

New

President, has

defi¬

refer

Cor¬

Vice-Presi-

new

dent,

Irrespective of the semantics in¬

FROM OUR MAIL-BOX

PIERCE) FENIMEP) & SMITH INC

a

way

'■

above

tfhe statute and not

the

Street,

City, has elected three new

the

' vv t

when, in fact, it is

in

Securities

Broad

way

some

A

by

last

week's session with the Economic

is

a

"loophole," it is

depletion

by excessively high

rates, was also embraced

"loophole."

no
j;

under

tradiction

with

stimulated

is

intent to evade the

an

: t t

:

it

that

indicate

our

ex¬

after

only

of

thesis

the

Incidentally,

."

.

Since oil depletion was

were

by

intent

cally provided by Congress by
press

permitted

article, that the use of loop-holes

volved, the term "statutory loop¬

MERRILL LYNCH,

is

allowances

the

in

statute, contract, or obliga¬

a

that will show itself to be scared
i

loop-hole

of the constituents

sense

interpreta¬

the

taking of oil deple¬

legislation.")

lieu

in

of the

use

constituted by

one

biguity

I
In

'rj;' •

law, and in no sense consti¬

President

statute. It is

potentially

the

opposition

defines

outlet

"an
esp.:

non-reform

the

the

tion that

follows:

of

important

confirmed

surely

you

"statu¬

International

Third

Webster's

be

anxious

obstacles which the Congress will

Marketing Department

oil industry.

wholly incorrect

a

Dictionary

it

economy."

even

wide

large

;;.V.

tutes "evasion."

of

get reform,

reduction

tax

tax-cutting

sell

to

do not lose the very

of

some,

may

we are

1962,

Additionally,

the

in

fight,"

interests

the

6,

the

tion may

of

Dec.

annoying to

are

text

I said before, a

as

favoring

others.

SEIBERT

'AiUT.'i

>

tion

it

reform, it is bound to affect ad¬

Mr.

if

every person

im¬

President, "because

versely

Like

#

HARRIET

V

sort

Is Reform Out?

Wil¬

•'

tory loop-hole." References of this

area.

"It is going to be a tough

And

•

angels sing "

v..-.1

Thursday,

of

sake

Ci&ll

the

now

refer to oil depletion as a

to compromise—in any

event in the

we

a

for

in his

too,

address,

period,

necessary

far apart).

body politic

splendors fling,

English language.

pression that he too will find

nation's

and

all the earth

•

it is

Club

during

matter

to

the

fact,

not

The Prospect of Compromise

Mills, who is keying his atti¬

exhibiting

"Wall Street Republican" Douglas

Representative

over

intran¬

so

compromise

an

years

of gold;

support through

gives the impression that

"arithmetic" budgetary test will be

popular, than of his fellow-

circling

And the whole world send back the song

his

from

is

schism with
on

shall

Its ancient

aid,

doctrinaire

and

(He

Senator

of

ever

Comes round the age

i

forbearance

sigence

How

gives the impression that

well'gain

he may

all long.

we

is

—

larly

impression

our

for which

"By prophet bards foretold,

anti-irresponsibility posture, Sen¬

successful

no

that the fine international

be further manifested in reality

peace

When with the

now

addition to the appeal of

ator Byrd

great joy

a

people".

prayer

may

bring about the

of

news

that first

on

glorious will be days when:

feels

continuing recipiency of the pub¬

Chairman

in

writer

assured.

interview

economy

McChesney Martin, Jr., vet¬
technique

solid

London

our

good

you

As the

the entire globe.

over

to all the

feeling shown here

con¬

symbolized the radiance which

night, "I bring

which

support,

for

policy

extensions

answer

An

reinforced

liam

Reserve

this

indispensable

considered

be

tude

(per his

week's

This

Christmas

past and present.

wooing of the public—along with

publicly recognized "sound" Wil¬
eran

line-up

of them touched the button

one

which will

in¬

were

These children sang

the fields of Bethlehem

over

by

up

privately,

propitious time.

Nevertheless,

recalcitrant

behind

(a

Economist).

more

retreat

York

this

irresponsibility, the President fled
strategic

Devel¬

Federal Reserve

"unprecedented

by

justifiably, to the charge of fiscal
in

Economic

New

an

front"

banking

reduce

York's

for

the

of

inflation?")

monetary

Club just two
same

Administration's

finance

plan

Bank

Presi¬

dent, in view of the prospect for
a

of Commerce,

opment and the

showing the po¬

on

Labor-Management Relations, the
Committee

Strategic Cover

Committee

Long Island

program.

spirit of Christ sheds

Angel

again by the OECD—in the face

In

and

songs,

Children

added.

was

on

lighted several smaller trees representing the

.

justified. Such total restriction to
savings would prevent the nation's

participate in the

judgment offered from abroad

our

feature

new

from the United Nations School

vited to

one

with 7,000 lights. At the formal lighting

year a

we

and

offers

run

this

ceremony

spectacular trees is always the

Rockefeller Plaza in New York City—a 67-

balance.")

phase,

Byrd

deficit

et

consistently winning ever-wid¬

ening support, including the Pres¬

One of the most
in the famed

the

big cities all

the country.

recommending pro-inflation budg¬

of

the President's proposal

Truly,
is

long

win him

may

f963 PROSPECTS

of
had

we

reason,

prospect

Another

am

kind

if

deficit

a

what

books into

our

something

be

may

of

the

in

the

is

I

Christmas

good humor.

rare

lighted Christmas trees brighten the

in rural communities, small towns and

scene

We have to decide

.

for

better

("What

us.

.

.

and

want,

committal response to

plum,

facing

recession.

litical quips, tacked onto his non¬

questioning

that the

only question properly at issue is
as

enough to keep matters in control.
cause

tenet of

a

that

as

and

carols resound

show

well

may

at no other time of

as

Tired shoppers with heavy packages take the

year.

that he has

increasing the prospect of another
inflationary

the

A spirit of

is here.

season

to pervade the air

seems

jostling of the crowds with

mail advocating

any

tax

economy

good will

across

possible to

degree

the

be

which will be

way

maximum

stimulate

all-black-or-white rule for limit¬

ing the Treasury's borrowings
the

a

will

financed

be

to

in

financed

"Throughout
international

in

career

effective

Again the joyous Christmas

Byrd's

Senator

nomics.

any

system, the

banking

Doctor said:

Money
my

debt moneiiza-

of avoiding

tance

politics

"that

Kennedy,

use!

the Tax Frontier.

on

be highly

may

deficit

Mr.

the

that

"watchdog of the Treasury" image

[Martin] will agree," said

that he
A

"conservative" Sec¬

his

as

is impressed with

one

thought

Thursday, December 20, 1962

.

to

left

managers.

the

,

CHRISTMAS: WORLD WIDE

pump-priming be keyed to budg¬
et-balancing

.

Stone

Air

Assistant

Force,

and

became

Vice-President

He has been

years

in

engaged in the

municipal bond business for
25

&

1946, following service

over

with several underwrit¬

ing and brokerage firms, all in the
New York

area.

Volume

196

Number

6222

.

.

The Commercial and Financial Chronicle

.

(2541)
the

Postwar Developments and

the

already

of

core

creased

by

Philadelphia, Pa.

only

alone

In

fact,

worked

have

economy

in¬

problems with discouraging and encouraging investment implications

force has increased
by 5.8 million.

not to
Mr.

be

necessarily dangerous

Willis

explains why the

long

as

avoid

we

1960's predicted growth

in the

force in the younger age categories
presents a potential
and a possible danger; and

ment; another third
remain

opportunity

factors

that

examine

to

will be

determining

the

vironment

of

This

several

important in

economic

the

middle

1960s.

tant

to

They

long-

Richard B. Willis

give

will

favorable

materially

be

war

In 1945, we were emerging
15-year period encompas¬

sing the worst depression within
an

aborted recovery

largest scale

in

our

was

in¬

war

history.

of

that

adequate

and

obsolete.

rebuilding

A

and

presents

problems,

like

problem

out

worn

mam-

durables

there

and

was

were

waiting

tre¬

a

deferred demand.

long

were

There

lists

for

delivery.

(4)

the

be

past

marriages

were

deferred

many

family

and

to

set

was

formation

burgeon.

supply to the total population
low and destined to remain
at least 15 years.
find

(6)

was

for

so

Our problem

was

enough workers.
Private

debt

been
gross

national product was at the lowest

figure.

The

expansion

potential

tremendous.

the

out

in

of

the

it

had

balance

in

encompassing

years,

in

relation

supply and there
on

anything

us.

We

we

desirable.

were

felt

We

to

were

be

talked

few

free to

do

socially

about

the

the civilized world. We could

ex¬

port

sell

we

couldn't

(10) During this 15-year period,
minds

could

not

up

be

had

been

new

ideas

active,
which

immediately

im¬

plemented.

(11)

Finally

hand,

six

past

had

of

rapidly growing

there

quarterly

have

favorable

force

including

we
of

government

'

of the

situation, I am simply
going to point out that the danger
lies in the fact that

building
while

to

there

At

the

$26.0

are

have

term

present
of

while

us

only $6.0 billion of short-

assets

this

ratio

that

a

abroad.

to

interest
the

rates

we

long

it

in

govern¬

absorbed, projections

rate

not

of

be

rate

will

family

full

is

political

employment.

that

the

tre¬
for

pressure

Another

aspect

1970

of migration, the
metropolitan areas

of

will be

about

people, equal to
tion in

1950.

our

•

,j?

total popula¬

the

investment

have been eliminated

en¬

h

on

ness

likely to decline if his¬

(3) We
problems

as

worth

by busi¬

also

may

in the

expect

field

of

munici¬

(4) On

favorable

dustries which
in

rapid
age

would

side,

in¬

to

seem

be

position to benefit from the

a

increase

groups

other

was

are

consumer

in

the

15-24

automobiles

year

and

durables, textiles,

have

predominantly

private.

1945, there

As

has

placed

public.
been

has

crease

will

year-end

The

To Admit Three

All of the in¬

ATLANTA, Ga.—Robinson

local

or

net

debt

phrey

by

approximate

dollars,

the

York

predominantly

York

dangerous,

should

be

noted

although

that

it

was

ners

present level of debt

unbearable.
can't

we

war

freedom

debt.

of

running
It

is

We

action.

have

We

in N. Y.

out

of

good

Atlanta, will also become part¬
in the firm.

Gibson

we are

ability

Co.,

making

on

should

pression

into

a

it

might

reaction

touch

involving

a

of

has
the

also

Mr.

of

action

is

Gibson

in

OUR

SAN

FRANCISCO

Dealers,
of the

liqui¬

and

is

a

Nashville

OFFICE

stricted.
HAS

BEEN

In

the

1960's,

the

feel

impact

17%

profits

had been depressed
by price con¬




going to

are

of

the

baby boom. While the
lation is expected

ELECTED

CHAIRMAN

the

15-19

will increase

TO

total popu¬

to rise by only

year

by 44%

OF THE

age

vs.

EXECUTIVE

COMMITTEE

postwar

.

I

SUCCEED

•»

compared with 20% in the

as

1950's,

Roy L. Shurtleff

group

26%.

The

A

FOUNDER

WHO

IS

RETIRING

AND

HAS

BEEN

NAMED

20-24 year age group will increase
as

decline

compared
of

3%

in

with
the

an

possibilities; they

If

we can

young

a

In¬

HONORARY CHAIRMAN

OF THE

EXECUTIVE COMMITTEE

catas¬

are

not

a

potential

possible danger.

successfully absorb these

people into the ranks of the

employed and make

them,

a

ordained to

are

This represents

opportunity and

actual

1950's.

cluding the possibility of
trophe these projections

new

corporate

we

our

consumers

economy could take

of

as

a

the

the

of

past
the

committee.

past

was

National Association of Securities

a

a

A. E. PONTING
OF

in

securities

it

re¬

served

Investment

Chairman

ports of goods and tourist travel.
freedom

and

Road.

Association

was

capital

on

Effective

southern regional Chairman of the

de¬

off

—

dissolved,

Hillsbofo

Webster

municipal

Probably

distinguished from

as

recession,

get

be

my

danger of the situation is
we

4106

Bankers
and

dependent

will

Governor

asset

your

discharge it.

to

the real

but

Tenn.

Robert C. Webster and Jo Gibson,
Jr. will join Cherokee Securities

borrowers.

Mr.

This is true,

my debt and

exports in the form of dollars, im¬

City.

1, Richard C. Lewis, of

January 1, the firm of Webster &

be

mistakes.

chain

Exchange, will make

NASHVILLE,

less

may

just impossible to lend this

if

membership in the New

a

Stock

Join Cherokee

Aren't these debts offset by as¬

that

partnership

postwar

amount of money without

sets?

to

Bourne, who will

Webster & Gibson

again

have spent $200 billion

we

Mr.

savings plus $500 billion of

private

new

the

post¬

'over

In

New

means

the

all

1960's.

period,

just

haVe

'period
the

It

the

Charleston, and Sidney M. Smith,

ex¬

1930's.
not

Bourne

On Jan.

it
of

is

E.

of

Hum¬

Haverty

Exchange, will admit

his headquarters

ceeded only in the late 1920's and
The

Rhoades

members

Dec. 27.

acquire

relationship

of private debt to disposable
per¬
sonal income is high, it is not nec¬

essarily

Co.,

Stock

James
on

present

&

Building,

one

private again.
While

Philadelphia, Pa.

Humphrey

the

reverse

private

Total

government.

in

taking place in

been

Trust Co.,

Robinson

$200 billion of money and

the postwar period.

a

re¬

result

a

money"

process

that

so

by

By

slight liquidation of private debt

was

sufficiently

was a mas¬

in the 1929-45 period.

hands of the

us

talk by Mr. Willis at a Con¬
Foundation Investment Policy,
the Provident Tradesmens

a

on

sponsored
Bank and

1929

might be forced

restrictions

that

period of consolidation may be
quired.

As

♦From

in

lifted

unlikely.

solved,

action.

we discussed
earlier,
long-term secular trend.

suggests

is

is

of

cycle

above the secular trend

of

sive increase in Federal debt and
a

is

the

freedom

long-term

During the past twenty years, it
may

"money makes the

debt structure

net

the end of

some

pal finance.

less
a

the

ference

The

some

precedent.

is

cycle, which

go."

mare

approaching the time when

unemployment increased,

any

banks, it has the effect

have seen,

we

in

through

have

There

borrowing

increasing the money supply.

in

signif¬

largement of the work force.

tory is

is from

t,

Implications

net

debt-

prime

a

put to work and to the

are

war

(1) One support to inflation will

seems

ings

extent that part of the

j .*

■,

.

icance of these projections?

(2) If

is

and

that
t'

Investment
is

million

■■■.,

'1'""

What

150

ex¬

factory business activity.
It is
through this mechanism that sav¬

birth

suggests

simply

requisite for any period of satis¬

formation

and

am

stands between the short
business

trillion

because

population
in

This

responsive

as

reached, juvenile de¬

fall.

A

mechanism

low short+

very

problem

is possible that

invoke

So

continues,

return

term

are

billion

short-term claims against

to

the

will

claims against them

our

long-term.

time,

foreigners

demand claims against

up

be

In the 1948-62 period,
increase in the labor
absorbed

was

to

I

We

making

a

"near

people

predicting trouble in

years.

structure.

say

about

these

the return

movements.

Rather than discuss the pros and

us

the

cannot be

periods

balance

con¬

ment, construction, trade, finance
and
service
industries.
If
they

trade.

1|2 years in which

a

and capital

occur.

here.

dreaming

most of

military expenditures and grants

53%

(9) We possessed the only major
unimpaired industrial capacity in

men's

in the

balance

other

only

have

to

"dollar gap."

anything

employed?

coming

few words about the present debt

the

going

we

Conclusion
not

am

Jobs

(8) We held 60% of the world's
claims

of

period!

are

Structure

sector

years
are

Debt

This could prolong
it did in the 1930's.

as

pecting less buoyancy in our econ¬
omy than in the past fifteen years.

Problems of Providing Future

about the problem of "hot money."

gold

private

to be less favorable?

1945-55

have had

we

period, had

to

history

gold

depression

probably

Finally, I would like to

wiped

national product. We talked

gross

and

of

the. highest

1930-1933

expanded

point

been

first,

easily soluble since in

17

the

Our

(7) The money supply, although
one-third

again

On

been

Unless

had

liquidated and in relation to

was

discuss

surface, this would

unfavorable

an

we

(5) The ratio of available labor

to

increasing

they only been available in

months, there have been only

are

There

is

prob¬

mention

payments

On the
to

seem

to

of

international
drain.

cons

Consumers

mendous

more

seem

mendous

would

our

expansion

job lay ahead.
(3)

It

1960s. I shall outline

these

payments,

(2) Our industrial plant
mouth

all

are

factors.

204

the

the

a

belabored

we

two months in which

memories,

the

latter

a

Where

that

ences.

and

Had

be

to

a

helpful in illustrating the differ¬

our

the

to absorb

these

solve them.
I

thp^.pow prevailing will be

a

of

discreetly refrain from trying to

conditions at the close of the

from

in

briefly their significance and
linquency will rise

very

the

period. A comparison of the

(1)

during

time.

assume

reversal

three

different from the preceding post¬

with

of

considered

than

these

this

assurance1

war

period

each

that

lems for the

we

they

Yet

was

shall

of

make

that

per¬

familiar with the reversal of each

or

1960s with any

is

force

slowly

ditions

I

only

about

a

history of postwar developments,

the next year.

can

the

postwar boom, how

was

extended

an

Rather

to

statement

fully

work force in the 1960's when

ignite

factors

business in the

The

expand.

In short, there

problem at

general

next month

taxes.

have been unable to ab¬

fect combination of circumstances

what

happens

were set to

(12)

employed

unemployed.

we

sorb

profits

excess

prosperity.

term investors

than

and

;

was

to

impor¬

more

trols

en¬

be

may

If

work

like

would

t)ie labor

by government, and the final third

labor

why he expects less buoyancy in the
economy than in the past 15 years.

I

years,

million,

depression.

a

Dur¬

years.

Only one-third of this group, 2.0
found
private
employ¬

debt,
disposable income which is judged

so

only 7 % in 33

companies

Present

by

ing the past six

creased

Also examined is the
composition of the present

dation of debt.
a

I

Production
declined

man-hours

total

our

6%.

have

Philadelphia banking officer rigorously scrutinizes some of the post¬
favorable developments which have reversed themselves into

of private debt to

Casualty

insurance

4%.

war

ratio

finance.

consumer

view the situation with less relish.

in

and the

and

increased 80% since
1947-49, total
industrial
employment
has
in¬
workers

By Richard B. Willis,* Assistant Vice-President, Provident

for the future.

college textbooks, tobacco, liquor

repre¬

unemployment.

Although industrial production has

Significance to Investors
Tradesjnens Bank and Trust Co.,

which

group

sents

5

Blyth a Co.. Inc.

on

life.

This large increase in
potential
workers is occurring,

however, in

I

past

Bond

President
Club.

The Commercial and Financial Chronicle
6

In the

negotiated issue category

the Light, Gas

Tax-Exempt Bond Market

of

of

10 for the offering
of

issues

two

bonds

totaling

this

$160,545,000 will be used to retire

to Christmas

closer

come

and

cember inventories had grown

to

disdained

had

investors

reflects

19,

a

December 20 (Thursday)
Arizona State
Brookhaven

School

group

Brothers, Blyth & CoInc.,

Celina

2.97%

period more through lack
market leadership than

bond

1962 was reached
mid-November when our yield

in

deterioration of tech¬
nical factors having to do with the
through

any

Oakland

Snohomish

The city engaged

long-term

for

Index stood at 3.265%,
It

Treas¬

the

market

ury

issues, was generally easy dur¬

municipal

ing early December' and all phases
of the bond market followed queue

somewhat

this

during

December

the

This

sessions.

•

ment has touched off
mand

for

tax

continued

the

to

a

quite

market

that

of

forces

to

Inventories Not

Unwieldy

may

with

remain

perhaps

as

us

Dealer

we

Swelled Price

lized around the

Level

Had

the

and municipal
than

has

it

using
of

volume

state

new

quarter of 1962

Dec.

market would

our

or

at present.

3 points lower than

to keep pace

ord J rate

set

with the

during

the

tive

3

maintain

level market.

rather

a

as
an

It is

inventory

figure

a

inevitable

norm

is

beyond
market

safely
rep¬

Large Memphis Offering

has

tended

Moving Closer

gradually upward. These frequent
are

the

chronic

The volume

result

jected

for

of

the

quarter

The

pro¬

has

of

include

.

the

C.

•

J.

&

Weeks,

Wertheim

Co., Bache & Co., Clark, Dodge

1964

duPont

I.

to

and

Dominick,

&vCo.> Dick &
E.

Hutton &

F.

3.40%

1990, initial, in¬

in

vestor demand has been moderate

with

the

count

present

1964-1985
1965-1989

S.D.

1,175,000

1964-2001

carried

and were sold

coupon

These

will

the

Service

and

be-

and

a

at.

a

V •;'V

•'

bonds-

thereon

of enthusiastic

often

careless

vestor interest.
sue" calendar

age

bidding for certain

issues by dealers who

3%

.

the

"

interest

payable

Tax.

The

is

tax

by the City

apposed'
on

than

in

uled

Were the new is¬

heavier

has.

in¬

appraising

bottled gas, water service and tel¬

on

recently

an

tentatively

scheduled

sealed bid flotations through Jan¬

aver¬

been

and

sched¬

uary

the

ephone service within the
rate

000,000.

MARKET ON REPRESENTATIVE SERIAL ISSUES
Rate

j

State

Citrus

corpo¬

Oklahoma

Maturity

Bid

Asked

each

of

received

payments
of

$250

such

the

by

monthly

the

seller

utility service from

3.25%

3.10%

the purchaser of such utility serv¬

-

33/4%

1981-1982

3.05%

2.90%

ice, and at the rate of 2 V2 % of the

-

3%

1981-1982

3.05%

2.90%

payments

31/4%

1981-1982

3.00%

2.85%

$250.

33/8%

1974-1975

2.70%

2.55%

-2.90%

1981-1982

3.00%

2.85%

Housing Auth. (N.Y., N. Y.) -3y2%
Angeles, California
3%%

1981-1982

3.10%

2.95%

ous

1981-1982

3.30%

3.15%

chase

3V4%

1981

3.10%

2.95%

the

3 V2 %

1981

3.10%

2.90%

Co.

-

__L

Connecticut, State___

Jersey Ifwy. Autli., Gtd
York, State__,

New

Pennsylvania,

-

State

-

Delaware, State-New

-

Baltimore,

Maryland—.

^Cincinnati, Ohio

-

(U.T.)____

-

Philadelphia, Pennsylvania
_____

;

1964-1983

1,500,000

1965-1984

9:00

1,075,000
2,500,000

1964-1977

2:00 p.m.

15,350,000

1965-1988

15,000,000

Okla.—

City,

The

City plans to

Louisiana (Baton Rouge)

Mayrlard, Mass.

of

19,

1962

Atlantic
and

State

Pa.

bonds

Coast

pur¬

owned

Line

by

improvements

to

School

Public

St.

3.25%

3.10%

property

31/4%

3.25%

3.10%

improvements.

3%

1980

3.19%

3.15%

Index

=

2.957%

Convention

new

ESTABLISHED

1894k

MUNICIPAL BONDS

CORPORATE BONDS
LOCAL STOCKS

V

2.9231%.

This bid compared
very

2.9238%

a

Weld

Inc;

in

Co.,

Halsey,

seven

interest

2.982%,
bond

In

other
cost

made

issue.
-

net

made

was

syndicate.

were

JAckson 1-0316

jointly by Morgan

favorably with the

interest

the

Stuart

bids,

&

1963-1982

this

ranging

3,540,000

1963-1990

194,200,000

Lade

——

on

Brothers,

Redevelophftent

8,500,000

-1965-2002

2:00 p.m.

1964-1983

8:00 p.m.

January 14 (Monday)

•

Burlington Township, N. J.___

;

1,800,000

January 15 (Tuesday)

Aldine Indep. Sch. Dist., Texas—_

7:00 p.m.

1,700,0001

Antelope Valley Joint Union High
:—

1,500,000

1964-1983

9:00

City Sch. Dist., Ohio__:_

7,850,000

1964-1980

Noon

Ewing Township Sch. Dist., N. J;__

3,303,000

1964-1989

Phoenix, Ariz.

2,000,000.

School

Calif.-

District,

_____

...

.

a.m.

8:00 p.m.

___.- —

,

1,970,000

1964-1983

Calif

1,000,000

1964-1973

Suffolk County, Water Auth., N. Y.

5,500,000

#197, Minn.

1,190,000

1966-1986

2:00 p.m.

1964-2001

Santa

Barbara, Calif.

Santa Monica,

West St. Paul IndrSD

St. Louis Sch.

10:00

a.m.

1:00 p.m.

January 16 (Wednesday)

V

1964-1983

1,572,600

Sch. Dist.* N. Y.—

3:00 p.m.

10,740,000

Dist., Mo

January 17 (Thursday)
Jefferson Par. Sewerage D.

Metropolitan

1.500,000

1964-1983

2:00 p.m.

15,000,000

#8, La.

Seattle, Wash.
,

1966-2002

____

January 21 (Monday)

Y

Gallatin County S. D. No. 7, Mont.

,

2,348,680

—

Pomona, Calif.

•'

1,100,000

—

. ———
—

January 22 (Tuesday)
37,000,000

Oregon (State of)__

January 23 (Wednesday)
East
,

Carroll

Consolidated

Parish

School District No.

1,200,000

1, La

Hampton, Va.__

_______

196&-1983

4,500,000

1964-1983

9:30a.m.
Noon

January 24 (Thursday)
Jefferson

Parish

District

Road

&

4,250,000

Lafayette Parish, La._

1964-1983

1,500,000

Garbage District, La.

1965-1988

2:0'0 p.m.
2:00 p.m.

_______

10:00 a.m.

______

—-

January 29 (Tuesday)
Cpelousas, La

,___

2,700,000

yield

page

January 39 (Wednesday)

v

Wickliffe

City Sch. Dist., Ohio____

to

popular
to

a.m.

7:00 p.m

Co.,

2.9275%

Reoffered

Continued

10:30

1,500.000

•-Auth., Okla.

cost

White,

addition,-there

from

for

bid

runner-up

by

Noon

1964-1902

[Expected to be underwritten by a syndicate managed by Lehman
Blyth & Co., Inc., Kuhn, Loeb & Co. and Equitable Securities Corp.]

(Curtis

net interest cost of

a

1963-2002

1,100,000

Memphis, Tenn.

Oklahoma

a.m.

January 10 (Thursday)

v

Guaranty Trust Co. and Bankers

of

ATLANTA 3, GEORGIA

Center

(1963-1982) bonds to the syn¬

which

RHODES-RIAVERTY BLDG.

$3,000,000

The
Georgia
State
Hospital
Authority awarded $6,500,000 rev¬

Trust Co. at

10:00

__

Huntington U. F. S. D. No. 1, N. Y.

Hall) in downtown Tampa.

dicate managed

Noon

1964rf088

——

Terrebonne Parish, La

street

some

Over

1964-1983

19,000,000

will be expended to construct the

as

a.m.

Building

Mary Parish, La.__—._V

the

1981

well

11:00

Railroad

1981

as

1965-1988

1,690,000V 1963-1982

—

Authority, Pa.

of

31/2 %

Hixon

AND




certain

a.m.

1,075,000
1

___

ceeds of the issue to finance vari¬

improvements, including

11:00

1964-1983

January 9 (Wednesday)
Local SD, Ohio

Jackson Township

the pro¬

use

a.m.

15,000,000

—

Philadelphia School District, Pa.__

Johnstown City

enue

STATE

excess

-

*No apparent availability.

d

in

-

^Chicago, Illinois.-.
New York, New York
Dec.

received

10:00 a.m.

4,500,000

Dist., Calif.

College

Mobile Co. Bd. of Sch Comm., Ala.

Columbus

first

8:00 p.m.

1984-1983-

Parish Wide S. D., La.

Junior

The tax has been collected by the
the

1,215,000

N. J.

Freeport, N. Y.____—_______

of Tampa.

3V2% .1982

New

Los

of the City

Noon

1964-1986

January 8 (Tuesday)
Caddo Par.,

City since 1946 at the rate of 10%

is presently less, than $275,-

on

California,

limits

1,400,000

January 7 (Monday)
Cinnaminson Township S. D.,

every

purchase of electricity, metered'or

of

a.m.

January 4 (Friday)

solely

proportions.

total

p.m.

11:00

5,361,000

Arthur, Texas

Sylvania City Sch. Dist., Ohio^___

3.60%

thus far not built up to formidable

The

8:00

1964-1983

January 3 (Thursday)

Y :v'

too

are

1,000,000

Upper Darby Township, Pa

.

new

-

January 2 (Wednesday)

proceeds of the Utilities

levied

and

2,600,000

So. Dakota Board of Regents,

ac¬

1991

The

maturities

yield. -^V

in

balance

$6,590,000.

1992

from

issues

new

first

^

Noon
2:00 p.m.
2:00 p.m.

2,900,000

111.

Elgin,

Co. Scaled to yield from 1.70% in

4

median

8:00 pm.

(Thursday)

Hammond Sanitary District, Ind.__

a

the account

members

;

num¬

the

market

the

deviations

be

may

resentation.

of

it

1963-1976

3,104,000
December 27

Co.rBear, Stearns & Co.,

Merle-Smith

feeling that the

our

3.3009%.

& Co., Inc., Dominick &

inventory

as

aberrations

line

on

repre¬

higher than the $500,000,000

However, there have been
erous

this

frequently

too

up

relapse.

;vY/

&

pointed out,

moderate

a

lies

which

high

often

standards

but

played

shortage of tax exempts has

helped

but

load,

rela'-

a

have

we

of

Corp.,

Kidder, Peafoody & Co.

Hornblower

Francis

present

sents

rec¬

first

quarters to the extent that

by

Boston

group

Devine &

The

$518,183,000

was

First

major

successful

19.

As

Last quarter financing

failed

standards.

List

ipal offerings

during the last

likely be 2

recently stabi¬

Blue List total of state and munic¬

issues been greater

been

Blue

Other

$500 000,030 level'

(Wednesday)

Kearny, N.J.„

(1964-1992)

revenue

the

headed by

inventory has been sub¬

two weeks and has

Volume

Low

to

terest cost, came from

stantially reduced during the past

intp 196!3;

December 26

Im¬

runrpf-up bid, a 3.323% net in¬

1

meld

Obligation' Capital

interest cost

net

that constructive end.

has

which

Florida sold $ 10,000,000

Shields & Co. and associates at

Federal

1,865,000

Wash.—

The City

came to market.

will

organize

2:00 p.m.

5,405,000

Sch.

Everett

only

bonds

unrestrainedly

and

hotW

provement

a

1965-1983

1,404,000

.

Special

flotation

the

sense,

Alaska

SD,

Mich

County,

competitive than

sizeable long-term Treasury issue

latent de¬

exempts

present

and

develop¬

1964-1982
1963-1982
1963-1992

11:00 a.m.
Noon
11:00 a.m.
11:00 a.m.
11:00 a.m.

Thursday Dec. 13 two issues

in

broader

1964-1986

2,000,000

_____

__J_

Ind.

County,

Dist. No. 2,

Port

of

1963-1991

1,698,000

a.m.

these

buy

'

On

of Tampa,

a

to

reception has been

to be in fair

seem

balance and because,

11

fair/'

fu¬

near

so-called technical

the

factors

market

investor

tend

will

prices

around

10

positive

bond

banks

and

issues was more

that state and

us

bonds

of

the? previous week, but the overall

,

higher in the

since

ture

arrested

was

turned

market

the

and

lethargy

to

appears

with

year

dealers

mar¬

point occurred thj® first
in January when the yield

week

approximately
selling at
competitive bidding. Bidding by
this

$160,000,000

ket's low

markets,

The leader of all bond

The

went to 2.903%.

Index

municipal bond market per se.

until

The market's

week ago.

a

point for

high

10:00

1,283,000

N. Y.____

Chattanooga, Tenn

Securities Corp.

provement of about a quarter of White, Weld & Co. its financial
market aver¬
a
point over the last week. The advisor.
from
yield Index for 20 year high grade ;.W
Recent Awards
the year's high levels reached dur¬
general obligation bonds currently
ing November. The tax exempt
This week marked the last im¬
averages
at
2.957%
as
against
borid market eased off during this
portant underwriting period of
of

District No.- 1,

City Sch. Dist., Ohio

back close to one point

late fall

1965-2002

Smithtown Unified

&

Juneau-Douglas

degree that had set
ages

v

1,000,000

College, Ariz.—__

•

Kuhn, Loeb & Co. and Equitable

im¬

market

a

following tabulations we list the bond issues of
$1,000,000 or more for which specific sale dates have been set.

.

underwriting

large

a

as

involved will be managed by Leh¬
man

of December

Chronicle's Index, as

callable

bonds

1/1/1967.

on

The

and Financial

Commercial

The

During early De¬

industry.

whole

High Prices Indicated

municipal

and

state

entire

bond

bidding would more consis¬

case,

of Santa has inspirited

lient spirit

outstanding

that the ebul¬ tently reflect investor interest.

Day it would appear
the,

Thursday, December 20, 1962

.

In' the

amount,

Of

$194,200,000.

we

.

Larger Issues Scheduled For Sale

and Water Division

Memphis, Tennessee has desig¬

nated January

DONALD BY MACKEY
D.

As

.

(2542)

35

1,800,000

February 1 (Friday)
Calleguas Mun. Water Dist., Calif.

4,500,000

Miami, Fla. _i__^

3,125,000

New

1,800,000

Canaan,

Conn.__

—

Volume

Number 6222

196

.

.

(2543)

Commercial and Financial Chronicle

The

.

done

Current, Cooking and

nothing but

increased

net

Per share

go up.

in

each

and

year

to

$2.26

number

of

another

(on

much

a

shares)

in

With

By Dr. Ira U. Cobleigh, Economist

in

stocks

growth

the

utility

industry

Lighting Company.

—

wordy "growth," has been so

herent

v
Plant

r

bandied about in Wall Street that,

Expansion

aecommociate

To

current

examination

now

This

The

market

fundamental

A

;

in

the

LILCO

common

In

growth,; growth rate, and
over 9 % annually
has
ex¬

that

one

all this

New

the

appointed

may

Ostrander,

City,

has

office,

Chicago

Knowles, 3rd,

both mem¬

office,

a

Walter

member of the

Dealer

member

of

the

Department,

a

Sales

and

William H. S'teen, a member of the

ap¬

Institutional
have

those

been

Sales

Department,

Assistant

appointed

In addition,
Vice- Vice-Presidents.
David F. Hunt, a James O. Johnson, Jr. was ap¬

Assistant

are:

of

Municipal

the

pointed

De¬

Loomis,

R.

John

partment;

earns-

York

as

Presidents

sustained member

with- such?a

it

that

the

are

Department.

Municipal Department,, William L.

pointed the following officers:

in¬

values

E.

Corporation, 20

Place, New York

announced

has

and

timely and rewarding.

prove

utility

of

Boston

First

mood' Exchange

traditional investment equities, am

of the most
Long Island

of one

past and the prospects

of the

appraisal

authentic

the

favoring

now

and

1961;

gain is assured for 1962.

*

An

In

Appoints Officers

larger

They
Sales

of the

bers

of the decade, from $1.26 in

1952

Presidents.

First Boston

every

7

Manager

a

in

the

Sales

John P. Heiner

Department,- and

a

member of the Institutional Sales was appointed a Manager in the
Government Department. Charles
and Department; Frederick S. Owen,B. Hinshaw was appointed- an As¬
dling! The company selected for erty additions and improvements? can easily justify the selection of- also I a member of the Institutional
a
Department;
Prentice
K; sistant Manager in the Govern¬
compact review,, today, how-- in the past 10 years,; and will its common stock by investors who Sales
ment Department.
ever
documents
and
illustrates spend about $57 million annually stress both dividend income and' Smith, a member of the Corporate

it

stock,

applied

to

almost

anything,

a

can

mean

dwin¬

except

accurately and attrac¬

Long

ever

"growth"

as

tively

almost- any other, major, LILCO' has

as

market
has

equity you might cite. -It
its

served

territory,

and

next

over

70%

virtue

less

than

ten

continuous expansion in plant,

a

has

required

earnings,
trebled

its

decade.

quite

Unfortunately

the

in

revenues

last

industrial,

Lighting

Island

Long

is

in

back

a company.

^

Burgeoning Service Area

Trading Department; and Herbert

financing.

of

addition,

'

;

If

utility

a

First,

ought

we

Suffolk

and

and

the

Queens
York

(a

City)—a

individual'

states

La

Branche

bers

of the

showed too big an earned surplus,, change,

of

New

for

be

&

Wood

&

Co.,

Jan.

1

mem-

,

will

Assistant

lesser

a

in

ex¬

There have been six

Suffolk

now

num¬

in

200 %

over

Land- which, since

settlement by

the white

been devoted to

stock

had

man,

agriculture (Long

ket

been

years,

swiftly converted to housing de¬

benefited1

the

proved

to

$200

pending

the

on

is

acre

an

now

an acre,.de¬

velocity

of

rounding home, industrial

sur¬
mu¬

or

its

of

utilities

Long

to

both.

terrain,

In

electric

Lighting

electricity, it

you
com¬

and

has

about

business

50%,

industrial,

now serves

electric

and

of

the

7%-

total

last

revenues

than

more

for

commercial

40%,
In

revenues.

electric

12

months,

increased

have

the

over

similar

preceding period; and-broadened
of

use

appliances and

tioning

doubling
used

air condi¬

resulted

has

the

in

amount

almost

of

current

by the average customer in

the past ten years-.

Long

Island

has

was

has

an

of

heat with gas.

its

In

the past two years, over 80% of all
new

homes built in the

gas for space

available.

hot

water

area

heating, where it

Gas
are,

for

of

cooking

course,

space

tomers

heating.

now

revenues

Total

exceed

used

Island

several
to

cus¬

355,000.

Gas

ing

over

As

mentioned

given

been

opportunities to subscribe
stock,

attractive

at

price.

market

below

stockholdings, original and

These
added

performed' well'.

have

to,

Quotations of LLT common, listed
the NYSE

on

(adjusted for share

increases)' have risen from a low
of

14 %

in 1952 to

stock yields-

about

this basis,

regarded
A

net of

On

currently over-priced.




enues

have

every area.

than

—

in Puerto Rico

are

$4

is under

~

excessive

for

pronounced

a

Authority

Aque¬

are

charac¬

eral and State income taxation. These

all drinking water on the
rigid standards of

low: the average charge to

Further,

the

yield

should be considered in
the

years,

record.

Long

increased

In

the

of

3.2%

the light

past

ten

Island' Lighting

has

its cash

dividend

seven

and

support

the

increases,

have

GOVERNMENT

sound investments, at current

provide
viduals

prices,

attractive return to indi¬
and institutions. A copy of
an

the Authority's

is available

on

latest annual report
request.

DEVELOPMENT BANK

FOR PUERTO RICO
Fiscal Agent

for the Commonwealth of Puerto Rico

1311 Ponce de Leon Avenue
San Juan, Puerto

Rico

well

fully exempt from Fed¬

with

utility

growth

a

.

The bonds of the Puerto Rico

supply is constant and abundant.

Rates

'

,

duct and Sewer

the U. S. Public Health Service. And
the

service,

sewer

secured and

quadrupled.

Water everywhere

and

month.

Both gross rev¬

and number of water customers

more

residential customers for both water

multiple of 21' times earnings is

the preceed- dimes", and the earnings, to justify

year.

growth in

island meets the

teristics.

of

creation in 1945 shows accelerating

is pure

projected
$2.35.

Aque¬

Authority since its

the

the stock should not be

as

duct and Sewer

and

on

$1.60

times

21

share

3.2%

of

dividend

indicated

The record of the Puerto-Rico

1961 high of

a

Currently selling at 50, this

59%.

of

seventeen years

have

have

additional

such

gas

Long

treated.

they

discounts,

jand

impor¬

of

common

Lighting

earlier,

not

for the 12 months ended

$3.2 million

currently.

holders

term

well

been

was

Sept. 30, 1962 totalled $45,833,000,
up

capital'.

From the Investor's View

Long

tant, but the big upswing has been
in

invested

rate matters pending'

no

per

now

on

before the Commission,

at

customers

fair

eminently

capitalization.; The com-;

on

pany

1962

87,000

been

1961, this overall -refiiriT .was

sells

over

recognized the

permitting the company a rea¬

ural

and

has

York

early and eager exponent of nat¬
gas,

capitali¬

total

of

of Long Island Lighting for

common

Lighting

39%

'

matters

clone

accounting

and

equity;

gas

about 650,000 customers with resi¬
dential

National Bank Building.

rapid addition to plant, and in rate

and'prosper;

progress

Island

Phil'adel->

ten-./

*

Smith,

Philadelphia,

the

outstanding repre-*;

now

New

need

For

naturally expect the
supplying

pany

firm's

the

in

In ' the

has

stock

common

about

6.1%
vibrant

a

of

office

"rights" have

company

sonable return

Revenues

such

phia

Rates and Regulation

.

Expansion in Facilities and

In

Vice-

manager

The Public Service Commission

in

nicipal expansion.

would

Assistant

II

higher mar¬

a

zation.

which sold twenty years ago

$3,000 to $15,090'

Grant S.

L. Monroe

ratio; and the 8,860,000 shares- o£

industrial parks; and outlying raw

$50

office,

past!

the

handsomely.

process,

velopments, shopping centers and

at

of

with eachsuccessive-

advantage of these

sent

worth

firm

Exchange

Barney & Co. Mr. Morris is sales;

and Parker

appointed

will be¬

III

Stockholders who took

common

land

were

Morris

offerings

during

commanding

price.

has,

post-war

v

Boston

Stock

W.

partner in the New York

separate-coin-'

subscription

shareholders

Island potatoes are world famous)

in the

.

the

a

come

.

are- issue

andL'inclu.strial plants

years.

members of the Exchange.

In

Barker

Both

Sales

Frederick

fre¬

quite

ex¬

has

Republic1 Aviation and Sperry

fifteen

partnership.

to

a

!

admit Department.

Thomas- E<

and

Burke

the Institutional

is

present long term debt of $271

a

el-even years,

and

are

IX

He

PHILADELPHIA, Pa.—On Jan. 1,

million, and there is $62 million1
inpreferred stock outstanding.'

primarily

industrial

2650-—up

ex¬

G.

Murray

Vice-President.

;

Smith, Barney Co.

Long Island Lighting is no ex¬

Huge defense plants of Grumman,

over

Manager

Thompson was appointed an

member of

Stock Ex¬

York

New

on

eron

12$

To Be Partner in

ception. Bond issues have resulted

to

ber

Assistant

In
was

quency, to go to the investment

scientific and space age industries.

in Nassau

an

Taylor

markets for added funds.

mon

the area,

has

James

So,

roaringly

a

territory

pansion, especially in electronics,

in

public

reductions.

utility serving

a

panding

broad

a

rate

(2T

region

rapid

would

there

clamor

residential

have

this

a

of

2,200,000

over

Although

residential,,
perienced

part

total

of

population).

Counties

section

Rockaway

population

Island

includes all

area

Nassau

County

about

talk

Long

'Lighting's service
of

to

-served.

W.

in the Government Department.

•

territory

Department.

Daniel

In the Philadelphia office, Cam¬

earnings, and plow it Broadway, New York City,

property.

member of the Cor¬

a

Trading

appointed

To Admit Two

lion's

the

retain

Tietjen,

porate

utility,, unlike an

a

can't

share of its

old.All this,

lot

a

has

its net worth,

managed,

La Branch, Wood

of present plant is
years

It

profits.

and

on

well

G.

America',

in

systems

and

•

gain in capital.

Today,

years.

is

of the most mod¬

one

utility

ern

four

it

on prop¬ proves

$460 million

re¬

warded its shareholders, by
of

the

for

Lighting '<

Island

pended

45 Wall Street

New York 5, N. Y.

8

The Commercial and Financial Chronicle

(2544)

Selected Stocks—In various cate¬

FIRMS

available

memorandum

a

wath

Industry

Report

to Pan

particular reference

with

and

Airways

World

American

Braniff Airways—H. Hentz & Co.,

York 5, N. Y.

72 Wall Street, New

available

Also

is

analysis

an

of

Deere & Company.

Apparel Industry

Review with

—

Bobbie

to

Raalte

Brooks, Munsingwear, Van

Schaffner

Hart

and

Marx—

&

Wall Street, New

Bache & Co., 36

York 5, N. Y.

stock market valuation—Canadian
Gas and Energy
320

Investments, Ltd.,

Ont.,

Toronto,

Street,

Bay

Canada.

Canadian Corpora¬

57

on

tions— Charles

King

61

Co.,

&

Steel

Canadian

Shares—Analysis

-—Wills, Bickle & Company Ltd.,

King Street, West, Toronto 1,

Ont., Canada. '
—

Analysis of

Fahnestock &

—

Co., 65

York

Competitive Competence—Key to
Witter

Dean

&

Study

—

Co.,

—

Mont¬

45

Street, San Francisco

gomery

6,

Calif.

Watling,

Lerchen

Review—

—

&

Co.,

Ford

Building, Detroit 26, Mich.
Electric Utility Stocks of the Gulf
South

Analytical brochure

—

cussing Central Louisiana

dis¬

Electric

Co., Central and South West Corp.,
Gulf

States

South

Utilities

Utilities,

Company

—

Co.,

cular

ISouthern

and

Howard,

Carondelet

Weil,

La-

St., New

Orleans

issues listed

York 6,

Securi¬

N. Y.
Economic Review—Bul¬

Park

&

Company,

135 South La Salle

Largest

U.

Corporations—

S.

Current

statistical

&

Co.,

data

50

S.

F.

—

Congress

St.,

2, Mass.

Corporation—

Analysis—Laird, Bissell & Meeds,
120

Broadway, New York 5, N. Y.

American
dum

Telephone—Memoran¬

F.

—

Ristine

P.

&

Ingersoll

Economies—Bulletin—Arnold and

Inc., 30 Broad St.,

New York 4, N. Y.

Oil

Insurance

on

Com¬

up-to-date

an

the

between

used

compari¬
industrial

listed

in

the

Folder

Traders

—

Data

on

50

companies with high trading vol¬
—

Canadian

Adelaide

Street,

Forecaster, 238
West,

Toronto,

Ont., Canada.

ly

report

ment

investors—Govern¬

to

Development

Puerto

San

Rico,

Bank

Juan,

for

Puerto

Union

Securities

Manhattan

Plaza,

&

Co.,
New

'

I '

1

Chase

York
■

5,

—

pool,

•

Alstyne, Noel & Co., 40 Wall St.,

j N.

New York 5

Atlantic

Refining

Company—

&

Reynolds

—

New

Broadway,
Also

Y.

N.

Y.

analyses

of

York

available

120

Co.,

C. Allyn & Co.,

122 South La

Street, Chicago 3, 111.
Power

&

are

Consolidation Edison

5,

Company of

New York and Suburban Propane

Street, j
Que., Canada.

&

Com¬

Mallory—Analysis—Butcher

Sherrerd,

Walnut Street,

1500

Puerto

Rico

Authority

Midland Ross Corp.

—

Bulletin-

Puerto

Annual

—

Rico

Resources

Report

Water

Authority, San Juan, Puerto Rico.
Revival?

industry
Kennedy,
York

—

Discussion

in

"Investor's

&

Company—
issue

current

Wall

44

Regan

Street,

&

New

5, N. Y.

(

Secondary Offerings for the first
months

of

1962

—

Report—

Reader"

Pierce,

Merrill

—

Fenner

Smith

&

Incorporated, 70 Pine Street, New
York

Y. Also

N.

5,

issue

in the

comments

are

Salle

same

Joseph

on

Street, Chicago 4, 111. Also

available is

memorandum

a

Si&ndard Packaging.

on

report

a

Syntex Corp.

on

Monroe Auto

Equipment Company

—Analysis—Fulton,
land 14,

Reid

Co.,

&

Building,

Ohio

East

Inc.,

Cleve¬

Ohio.

Montana Dakota

Utilities—RevieW

2

Broadway, New York 4, N. Y.,

Also

availably

of

reviews

are

Southern Natural Gas and

a

and

chart

Fabric Company—Report

—Parrish

Brocure

—

Schweickart & Co., 29

proadway, New York 6, N. Y.

&

Co.,

Wall Street,

40

Life

Accident

and

In¬

Company—Analysis—The

surance

Company

Incorporated,
Street, Chicago

4, 111.

Chase Manhattan

Bank—Report—

Laird, Bissell & Meeds, 120 Broad¬

Salle

La

&

Street,:

Chicago 3, 111.
Inc.—Analysis—Shields &

Company,
York

Wall

44

Street,

New

Y.

5, N

Textron

New

Memorandum

—

Bullard

&

Smyth,

Filor,

—

Broadway,

26

York, 4, N. Y.

Toro Manufacturing

Memoran¬

—

dum—J. M. Dain & Co., Inc., 110

Minneapolis 2,

Minn.

Mohawk

Niagara

Analysis

Gas

&

Writet-

Peters,

—

Inc.—

&

Power

Corp.—

Analysis—Walston & Co., Inc., 74
Street,

Also

Oil

available

New

N.

Y.

comments

Consumer

are

Van

Raalte,

Grumman

and

Standard

5,

Corp.—Re¬

Industrial

Bank

Co.,

Building,

Providence 3, R. I.
Continental
randum

F.

—

Hutton

Memo¬

&

Com¬

Incorporated, 1 Chase Man¬

hattan
DISC

Plaza, New York 5, N. Y.
Memorandum

—

King,

Libaire,

—

Stout

Eisele

&

Co.,

50

&

Broadway New York 4, N. Y.
Diamond National

Bregman,

Aircraft

Cummings

available

Easson

.—

Ltd.—

Mines

Isard, Robertson,

Co., Limited, 217 Bay St.,

Washington Water Power—Memo¬
randum—J. W.

Sparks & Co., 120

Broadway, New York 5, N. Y.
Westinghouse Electric—Bulletin—
Uhlmann
Trade

&

Co.,

Building,
'

Missouri,

r-

■.

.

.

of

Board

Inc.,

5/-

City

Kansas

jVy W'

"f

Westinghouse Electric—Memoran- Y

300

Park

&

Co., Incorporated,

Avenue, New York 22,

N.Y.

Two V.-Ps. for

Woodcock, Moyer
PHILADELPHIA,
Jan.

Charles

1

Toronto

Pa.

—

Effective

Gachot

J.

A.

and Frank J. Murray,

Jr.

Jr. will be¬

come

Moyer,

123

1, Ont., Canada.

the

Stock

-

French,

&

Broad

South
of

Philadelphia
ton

Fricke

Wood¬

of

Vice-Presidents

cock,

Street,

j

and

York

New

Baltimore-WashingMr.

Exchanges.

Mur¬

is Manager of the firm's mu¬

ray

nicipal department.

Oshawa Wholesale—Memorandum

&

Co.,

comments

are

67 Wall

Street, New York 5, N.Y.

Pauley

Petroleum

—Mitchum,

4
on

Schafer,

To Be Somers,

Inc.—Analysis

Jones

Templeton,

&

Collins & Young

.Y

Inc., 650 South Spring Street, Los
Effective

Angeles 14, Calif.
Pittston

Company—Report—Har¬

ris,,. Upham & Co., 120 Broadway,.

Comment—

—

Albany Street, New York 6, N. Y.
Also

New

—Granbery, Marache & Co., Inc.,

Telephone

E.

—

Allen &

—

Street,

4, N. Y.

members

Copper

Discussion

Investment

Broad

30

Inc.,

Kollsman.

Opemiska

Acceptance

Michael

—

York

Analysis

—

on

York

Christensen Corp., 724 Seventeenth

Street, Denver 2, Colo.

Corp.

: v:

Wall

New York 5, N. Y.

Consolidated

pany

Reason's (Srretmrjs

South

39

New York 5.N. Y.

231 South La Salle

Inc.,

Securities Review and Forecast—

Co.,

dum—Evans

analysis of Celanese.
Narrow

Illinois

Co., Incorporated,

Standard.

Company,

National Bank Building, Dallas 1,

port

&

Inter¬

National

and

ing

able is

National

,

,

Rolnick Hat—Memorandum

Byer

Broadway, New York 5, N. Y.

Printing,

Silver

Universal Publishing & Distribut¬

of

Analysis of the

Lubetkin,

—

Hall

F.

Street, Boston 9, Mass. Also avail¬

Dickinson

-

Resources

Prod¬

Colby & Company Inc., 85 State

Becton

Texas.

Water

Universal Oil

on

South Sixth Street,

analysis of Plough Inc.

an

New

St.

244

West, Montreal 1,

Philadelphia 2, Pa. Also available
is

W.

Texaco

Paper

Limited,

Corporation
James

P. R.

Plaza,

Telex—Memorandum—Leason

Industries—Memorandum—

Salle

Manhattan

national

Webber,

4, N. Y.

A.

West

5, N. Y. Also available are

comments

Memorandum

Jackson
&
Curtis, 25 Broad Street, New York

MSL

3223

ucts, Burlington Industries, Whirl¬

Dallas Rupe & Son, Inc., Republic

Rico.

120

Dillon,

811 West Seventh St.,

Industries

Litton

—Paine,

Analysis—

—

Company,

Chase

York

Angeles 17, Calif.

National. Fuel Gas Company

Haas, Koch

Eastman

Incl,

1

&

Jackson

Curtis
Publishing
and
Averages, both as to yield and: Cola,
market performance
over
a
23- American Seating.
year period — National Quotation
E. J. Brach—Memorandum—Sin¬
Bureau,
Inc., 46 Front Street,
cere and Company, 208 South La
New York 4. N. Y

nine

—

Los

Corporation—

Rutner,

—

—Auchincloss, Parker & Red path,

1963

Study

Analysis

Y.

N.

Inc.

Standard Oil Company of Indiana

pany—Analysis—Royal Securities

Dow-Jones

Puerto Rican Securities—Quarter¬

York,

Mart

Memoran¬

—

Co., 1431 Broad¬

—Analysis—Hornblower & Weeks,

Aircraft

Kaman

&

Sixth Street, Los Angeles 5, Calif.

N. Y.

Magnin
Company,
International
Averages and the 35 over-thecounter industrial stocks used in. Silver, Hewitt Robins Inc., Rail¬
the i National
Quotation Bureau roads, MagpavoxuCompany, Pepsi

Investment Securities Outlook for
—

Corporation—Anal¬

New York 4,

Maclaren

of California.

Lynch,
—

New

way,

of North America and Stand¬

pany

ard

N. Y.

memoranda

are

Rand,

67

Co.,

Gas.

Outlook for the Common Market

Over-the-Counter Index

Com¬

Bearing

Street, New York 5, N. Y.

Interchemical

Gray,
Chemical

Analysis

r

n.y.

stocks

Street, Chicago

3, 111.

Inc.,

New York 22,

Avenue,

and

Ball

Hoover

Manufacturing

dum—Richter

ysis—Hardy & Co., 25 Broad St.,

Incorporated—

Andy Gard—Memorandum—Van

letin—Martial

Boston

*

Ltd., 149 Broadway, New

Mexican

100

cir¬

the Tokyo

on

Exchange—Daiwa

ties Co.,

Rail

Active

N.Y.

*

Analysis—Bacon, Whipple & Co.,

way,

12, La.

ume

on

8

Street, New York 4, N. Y.

Industries

ACF

Co.,

&

Broad Street, New York 4,

Stocks—-Statistical

Japanese

Broadway, New York 5, N. Y.

Cordova

Also available

Middle

bouisse, Friedrichs and Company,

50

New

Nippon Musical In¬

on

Scss

37 Wall

Noyes

,

Economic Conditions

211

—

New

struments Manufacturing Co.

son

investment selection

of

Co.

Also available are

6, N. Y;

comments

—

Broadway,

Ill

Inc.,

showing

Broadway, New York 6, N. Y.

Review

Securities

S. Bleichroeder,

Chemical Industry
outlook

Market

Moseley

Broadway, New York 6, N. Y.

44

Japanese

to

reference

120

Co.,

Speedee

Allied

Yamaichi

500

Canadian Common Stocks—Folder
of data

Mitsukoshi Ltd.

Stock

Canada's Junior Oils—A guide to

is

available

—

61
York 6, N. Y.
an
analysis of

New

Broadway,
Also

York

reference

particular

Nomura

Analysis—

&

Lynch,

&

19, Pa.

Analysis—

—

Deetjen

Leonard

dum—Moore,

Union Trust Building, Pittsburgh

Aviation.

teen—Hemphill,

Market — Review
Securities Co., Ltd.,

Japanese

Corporation

Season All Industries—Memoran¬

Media

Metro

pany—Analysis—Schrijver & Co.,

*

—

Hertz

Thursday, December 20, 1962

.

Commonwealth

on

McGee,

Kerr

Emanuel,

—

particular

Hanover

Air Transport Industry

on

comments

.

Prophet Co. and Automatic Can¬

LITERATURE:

FOLLOWING

is

Manufacturing.

Vending

PLEASED

WILL BE

MENTIONED

THE

PARTIES

INTERESTED

SEND

TO

THE

THAT

UNDERSTOOD

IS

and North American

Echlin

AND RECOMMENDATIONS
IT

Oil,

Street, N. W., Atlanta 1, Ga. Also

INVESTMENT LITERATURE

are

gories—Courts & Co., 11 Marietta

DEALER-BROKER

.

New York

5, N. Y.

Industrial

Power

Report—S.

D.

of

Jan.

1,

the

firm

name

Somers, Schafer & Collins, 120

Broadway, New York City, mem¬
bers

New York

the

of

Stock Ex¬

change, will be changed to Somers,

Products

Fuller

&

Co.—

26

Co.,

Schafer, Collins & Young. On that
date

W.

George

Young,

member

Diners

Club

Sutro &

!Ufsf|rs

San

ta Alt

Inc.

Francisco

4, Calif.

Electric

general partner in the firm, and

dum

Crichton,

★

Review—L.
120

Harris

are

Intertype

comments

Corp.

and

Southern Nitrogen Co.

randum

—

Company,

Inc.,

660

Seventeenth

Street, Denver 2, Colo.
Great

Atlantic

&

Rhoades

&

New York 5,

Co.,

42

Pacific

Wall

Report

Tea

Street,

N. Y. Also available

&

F.

&

Exchange,

Ruth M.

ited

Electric Corp.—

Rothschild

&

will become

Torgerson will be a

Standard

—

ORDER CLERK

Corporation—

Oppenheimer,

Newborg

STANY

member

with

high

production record would like

5, N. Y.

to

Rollins Broadcasting Inc.—Memo¬

change firm.

randum

42

Nathan,

—

Broadway,

N.Y.

Blechman

&

York

4,

New

\

New York

&

—

Memorandum—

Co.,

5, N. Y.

120

Broadway,

with

Box B

Stock

Ex¬

1213,

Commercial & Financial
Chronicle

,

Schlumberger

Pershing

connect

25

Park Place,

New York 7, N.

Y.

a

lim¬

partner.

SENIOR

Co.,

Neu, 120 Broadway, New York

Co.,

Company—Report—Carl M. Loeb,

Cherashore

Broadway, New York 5, N. Y.

Rockwell

&

Bosworth, Sullivan &

Memoran¬

the

38, N. Y.

Rochester Gas

Co., 30 Broad Street, New York 4,

Gateway Sporting Goods—Memo¬

Troster, Singer & Co.

—

—

Cundey, Inc., 170 Broadway, New

Co.—Analysis—Orvis Brothers &

on




Industries

York

Manufacturing

N. Y. Also available

★

Analysis—

—

Co., 460 Montgomery St.,

Emerson

★

of

Renwell

and

Broadway, New York 4, N. Y.

Grumman Aircraft.

Number

196

Volume

6222

.

.

.

The Commercial and Financial Chronicle

Steel

Production

Electric

The State of

commercial

Output

(2545)

banks

continued

expand,

to

prices

average

were

Retail

; "Total

Trade

Food

Price

Auto

Business

increased

banks

Production

Index

weeks

rise

Failures

commodity Price index

member

the

over

in

required
declined.

on

was

excess

Member

Bank

re-

bank

borrowings from (the Federal Rericultural

employment in Novem-

remained at the levels of the

ber

early autumn while

and

summer

The

further.

rose

time

and

deposits at commercial

stock

prices

expand.

show

clearings
increase

an

and

and

in-

upon

chief

serves

were

crease

in

there

was

were

December

pared

; the

by

Board of

de-

in

the

contained

monthly

report

Federal

4%

" withholding

some

livestock from the' markets.
industrial

commodity price

pre-

Reserve

Governors, as follows:

Industrial Production

level

supplied

float

and

by
by

an

■

.

sorbed largely through

an

ab-

outflow

both

U

Security Markets

-

"After falling to or below their

credit,

Government

S
'

'

that

cities

1

for

120%

the

of

1957-59

average

industries

well

as

products

possible

clearings

'■

'

'

to

will

for

obtain

be

9.9%

totals stand at $33,411,623,875
against $30,410,061,949 for the
same week in 1961. Our comparative summary for some of the
principal money centers follows:
week End.

■,—

Decv15-

(ooo omitted)—x

1962c

t

*

"fi

1,355,067

1,374,222

—

i.4

1,130,000

1,128,000

+

0.2

839,098

832,013

+

141%

at

<

1957-59

announcement

through the first half, Steel

am

remained at

average,

offer to buy

and it's not expected

between

months.

four

other

Automakers,
facturers,

stable from

Production

507,291

+

users

their

inventories

steadying

high

May-June

.persistent
.spring

rate.

Ceed

Products in best demand

Continued

V

Following

through

increases

and

the

output

summer,

of

business equipment changed
in

GRACE LINE INC.

little
Steel

October

ingot

and

November.

production

5%

about

rose

UNITED

STATES

GOVERNMENT

INSURED*

in

November, but .changes in out¬
put of most other materials Were
small.

GRA£%

MERCHANT

Construction

which

at

was

November to

a

annual

rate

of

lowing

a

level

record

a

declined

October,

in

$7,000,000 4.20% SS SANTA MARIA SERIES

seasonally adjusted

sharp

billion.

rise

BONDS

$7,000,000 4.20% SS SANTA MARIANA SERIES

in

somewhat

$62

MARINE

$7,000,000 4.20% SS SANTA MAGDALENA SERIES

"New construction put in place,

in

$7,000,000 4.20% SS SANTA MERCEDES SERIES

Fol¬

October,

Due December 1,1987

public construction declined. Resi¬
dential and other types of private
construction changed

little.

Interest

payable June 1 and December 1

Employment
*

i "Seasonally
in

ment

adjusted

nonfarm

Principal and interest insured by the United States of America under Title XI of the
Act, 1936, as amended, which expressly provides that "The faith
of the United States is
solemnly pledged (o the payment of interest on and the unpaid
balance of the
principal amount of each mortgage and loan insured under this title."

employ¬

Merchant Marine

establishments

continued

to

vember.

Employment

change little in No¬
increased

further in State and local govern¬

1

ment and in the service industries

Price

but declined in construction and in
the

metal

and

metal-fabricating

industries.

The

workweek

increased,

average

'

■

*

•

.,

stantial

gains

in

primary

sub¬

up

somewhat

from

metals

was

October

.

i

....

.

...

\

'

Copies of the offering Circular may be obtained in any State in which this
announcement is circulated
from only such of the undersigned or other
dealers or brokers as may lawfully offer. these securities in such State.

and transportation equipment. The

unemployment rate, at 5.8%,

'

100%

(plus accrued interest from date of delivery)

factory

with

but

unchanged from August and Sep¬

Merrill

tember.

"Retail

sales

November and
than

in

store

sales

Incorporated

nearly 2%

rose
were

September.

2%%

in

level,

widespread

were

nondurable
eries
risen

and

of

<

goods

new

First National

a

other

among

stores.

Deliv¬

which

record

in

total sales of durable goods stores

between mid-November and mid-

December, to about the level
ago.

Owing

partly

to

of

de¬

Lehman Brothers

Glore, Forgan 8C Co.

Corporation

Salomon Brothers 8C Hutzler

Incorporated

.

Stone 8C Webster Securities

Laird 8i

Company,

Corporation
a

among( livestock and meats,




The First Boston

Kidder, Peabody 8C Co.

F. Eberstadt 8C Co.

Commodity Prices
"The wholesale commodity
price
index declined somewhat further

year

of New York

Blyth 8C Co., Inc.

unchanged.

creases

Morgan Guaranty Trust Company

had

rate

October, declined moderately but
were

City Bank

New York

sales increases

autos,

sharply to

Company

Department

they did not quite reach the Sep¬
tember

Chemical Bank New York Trust

The Chase Manhattan Bank

higher

sharply, although

rose

Paine, Webber, Jackson & Curtis

Lynch, Pierce, Fenner 8i Smith

Distribution

at

.

Hallgarten 8C Co.

Dean Witter 8C Co.

Ladenburg, Thalmann 8C Co.

R. W. Pressprich & Co.

: Oppenheimer & Co.
,

Smith, Barney 8i Co.
Incorporated

.

White, Weld 8C Co.

Corporation

a

/

ex-

November's.

$28,000,000

•

market

Although some users have asked
that deliveries be withheld until
after Jan. 1 because of yearend inventory taxes, many steelmakers
expect their December shipments
to be as large as last month's and

December 19,1962

August to November,

after having declined 4% from the

the

who

w*se trigger a letdown.

3.7

NEW ISSUE

of

manu-

other

depleted

have
are

appliance

and

durable goods was

consumer

weaken

had weather and the holidays,

the advanced level of the preced¬

ing

to

now and January despite

no circumstances to be construed as an
offer to sell, or as a solicitation of
of these securities. The offering is made only by the offering Circular.

any

mag-

The market is stronger than it
has been at any time since April,

is under

of

a

0.9

525,845

Kansas city

:

-

This

assemblies,

1963
of

azine said this week.

-

"Auto

start

uptrend that should last

changed

little.

the

States

business

and

assurance

above those of the corresponding time when cutbacks in construcweek last year. Our preliminary tion and canmaking would other-

Chicago____

U'/

ended

note

reasonable

those for final 1

as

materials

land

'■

indi-

strong

a

with

New York- sis.540.362 $16,929,639 +15.4 most say their bookings will

around 2.85%.

^ially further and time deposits at mained large. In mid-December,
:

week

is

it

was

of

the

United

dex of hidustriS production
and non-Government, increased.
"Common stock prices rose fur- Phi!adeelphia
unchanged fromthe^Octobei level The m0ney SUpply r0Se substan" ther and the V°lume °f trading re" Boston--

Indexes for most major groups of

country,

the

of

which

currency.

sPring lows, yields on State and
seasonaliy adjusted continued to local government bonds increased
grQw in November
but less rap- somewhat between mid-Novemidly than in the preceding months
ber and mid-December and those
The increase in loans was smalleri on corporate and Treasury issues
reflecting in part repayments of changed little. Rates on 3-month
security loans. Bank holdings of Treasury bills fluctuated narrowly

in—

the

cate

were

weekly

bank

of

Saturday, Dec. 15, clearings for all

of

c0Iri'merciai

cities

eminent securities and

:"

«Total

telegraphic advices from the

Reserve purchases of U. S. Gov-

Bank Credit and Reserves

securities
"Tbp rirpliminarv November

of

The

remained stable.

mid-

economic

other

are

figures

Federal

below the

peak reached in September when

.

These

Preliminary

ago.

will

with

decline; they

i

velopments

year

week

compared

compiled by the Chronicle, based

Com-

December.

a

this

prices of foodstuffs continued to serve were reduced somewhat. Re-

further be-

rose

mid-November

tween

supply

money

banks continued to
mon

retail sales

and

income

personal

On Strong Note

Steelmakers will finish the year

Bank Clearings Increased 9.9%
Above 1961 Week's Volume

The

reserves

larger than usual, and

peak of December 1961."

four

ending December 12.

serves

.

of '

reserves

'

production and nonag-

Steelmakers to Finish Year
^

Carloadings

TRADE and INDUSTRY

Industrial

midway be-

tween the low of last June and the

:

9

G. H. Walker 8C Co.

are

all

on page

36

10

V

(2546)

The Commercial and Financial Chronicle

deep concern, about any

Short and Long Run Tax

cit

already

chronic.

Cut and Reform Prospects

A

Tax

outlays

problems to be faced and solved before there

aiid

million

in

1950

Dr. Harriss surmises there will be
reform will

the

as

to what the

near

come

at the minimum twice

decisions for the long run carried over from

spending

total

spent

forthcoming January 1, 1963 rise in payroll taxes with major

per

expenditures
•In

October^

•months of
and

It

tax

,

passed

tax

new

a

7

around

eral

in

the

C. Lowell Harriss

depreciation;
go

complai'nts

business

of

allowed

deductions

to

this

for

type of expense have been inade¬

Changes

taxation

t h e

in

certain

from

of

ment

travel

on

other changes were made.

whole,
the

however,

the

of

part

by Presi¬

advanced

program

dent

of

On the

large

a

Kennedy in 1961

not in

was

in the allocation

all

and

to date is small in relation to what

American

have.

pledged to

Kennedy

broad scale,

a

in

substantial

He

has

not

the

if

to

and presumably

in

amounts,

1963.

yet revealed his pro¬

too

for

great

the Treas¬

even

ury,to know today what it will be

trying

get

to

tive

will

in

Congressional

also

knowable
which

enact

to

degree

have

un¬

events

occur.

Under

balance

of

an

upon

to

yet

system

to

depend

re¬

initia¬

Congressional

and

sponse

our

Congress

March.

next

the

to

of

mises to

make

get

tax changes

any

Congress.

proved by

Need

reform

ap¬

to

seems

me

im¬

sonal

income

enacted

were

ure;

rates

those

are

during World War II. The

effective

progression

in

steep,

tax

of

because

part

compressed

higher-rates

as

a

were

rates

is

brackets

war

justifiably
Others

certain

ranted.

the

gressive

made to ap¬
more

real

rates.

burden

exemption.
as

ago

it

as

The

only

compared

existed

(4)
the

in

the

appeared),

with the tax
era

splitting"
•

been

has
for

reduces

progression.

married
the

/




seem

war¬

could

be

served

more

Unsatisfactory performance

17

years

"income
couples

steepness

of

tax

cut

and

tually,

it

feet

but

inescapable fact that
is

economy

well than

is

we

is

should like.

high.

too

less

Unem¬

National

possible.

lead

can

If

tax

higher

to

em¬

ployment and real income, and to

larger

deficit

national

longer

less

than

tem

must

would

of

trends

boom,

when

huge.

is

less

dangers of
any

be

in '

however,

rightly

the.

Senator
cut

of

Byrd

spending

Congress

that. decisions
should

precede

cisions to cut taxes.
this

Action will

on

any

(2)

Long-Run
omy

Stimulation

Growth.

If

the

flourishing

were

vs.

econ¬

without

inflation, this second point would
be

of

negligible importance.

Un¬

cannot be called exuberant.

ognizing
that

this

tax

sibility in itself adds to the

case

boost

to

not

fact,

and

reduction

the
the

give

a

stimulating

a

is

economy,

convincing

duction?

agreeing

car*

arm,"

Rec¬

there

for tax

reason

re¬

•
■

saving,

7 cents

dollar

logically favor

Problems to Be Expected

in

faced

be

and

law.

be

new

can

a

I shall discuss five.

Budgetary Deficits.

country enters
be

not

only

heavier
II.

than

deficit

in

The

deficit

in

World

sense

million

be

may

influence

must

Year

budget has

been

This

that

agree

would

generally

reduction

which

also stimulate business

raise

employment

(The
would

tary
be

Congress,
not

in

magnitude

policy.)

only

will

patterns

have

Per

and

tions,

of

1963

the

dollar

and

be

condi¬
increase

income
of

masses

probably

which

the

of

will

consumers

effective

most

in

helping business/quickly.
Yet
be

those

changes

recommended

iriust be

gress

the

short-run

business

not

are

have

of

we

must

been

told

And for

consider

growth.

in

necessarily

best for the years ahead.

future

can

the

culties of

overcome.

tical

problems

such

changes

stood by
to

the

depend
Inside

the

of

the

ef¬

outside

but

even

the

certain

seem

future.

that

and

The

to

—

develop

President

which

in

the

believes

policies,

in¬

cluding those of taxation, should
,

long

-

run

economic

growth.
1

Foundation, Growth of Federal
Domestic Spending
Programs, 1947-1963
(New

York,

1962).

reform

well

as

not

include
reduc¬

as

involving

be

of

gov-

But

thing specific,

consensus

.

no

There

are

equally.
rates go

of

symmetry.

•

inclined

■

on

•

■

Existing

another

In¬

Rates

some

than others.

system

has

The

become

rates which

capital
six

over

gains

to

77%,

at
a

Corporation

taxed at 30%

also

to

many

large

and

apply

un¬

huge

a

on

over

assets

is

25%.

death

range

of

earnings
52%.

go

people

There

discriminations,
some

small,

in

are

treated

un¬

equally, their interests differ.
the extent that

a

its members will

(Eveh

group

To

is favored,

try to hold

on

to

pro¬

There is

Few

lack

a

groups

seem

fight for higher taxes
If

the

Treasury leads

it

will

probably find

out much

itself with

support, even from tax¬

who might benefit.

<5) Lack of Agreement

ing

*

•-

Pro¬

on

As 1963 approaches bring¬

grams.

hope for tax reform, one

some

looks around for reasonably com¬

plete, well-documented
support

the

programs

of

vain, but it will not turn
which

qualifies.

The job of

to
a

is

get

tax reform

much

;

*

on a

broad

inevitably difficult. To try
large group to agree on

a

reform

produce endless frustrations.

The

a

up

•-

general program of tax

will

to

sizable

The search may not be in

groups.

25
are

prescription of what is taxed.

When

reform.

seeking to remove favoritism^,

having

months

transfers

on

3%

Congress,

in

standards; there is

any

to

others.

inequality, for the highest scale

times.

are

possibility

The personal income tax

on

from

Each

people, and

from 20% to 91%,

by

of

details.):Every

on

tably slows action.

can

discriminatory.

highly

rate

more

tax

Federal

range

some

as

ever, will create opposition. And
each element of opposition inevi¬

particular feature

of someone's tax.

responsible

doubt of their desire for

types of tax

effective-

of

with

a

of

posal to raise someone's tax, how¬

worker

y.
Dealing

well

as

no

frequently

or

loss

ness.

(3)

leave

both

under-.

every

quickly
much

statements

•

dent's party, however, there is no

business.

without

-

among the members of the Presi¬

operations

and

favored.

now

tration,"
,

who is not close

change

difficulty, of course, is not

get

a

few

to agree

group

on one or

things of common interest.

agreement

such

Though

may

be

helpful, it is not enough. The great
hope of 1963 is for action on some¬

thing
for

than details. We hope

more

major

the

long

of true modernization.

journey
One

on

progress

the

of

greatest

.

is

needs

advantages. To the extent that the

probably

members of

taxation of business. It is business

more

than

those hurt
to get

Tax

tax

busi¬

Will

prac¬

employee in the country

the

desires

governmental

mone¬

however, there will

disquiet,

—

encourage

upon

and

and

short

needs

(relative.)

some

fact.

a

some

officials of the Kennedy Adminis¬

are

The

cannot

actual

system
and

and

their economy is not grow¬
ing rapidly enough to satisfy the

also

and

of

administering

of

anyone

ernment

precise

any

combination,

or -■

some

again

taxation

-

families

is

Past

with the

familiar

working out

easily

Americans

time

of

th,e

over

Under-taxation

increases

sons

Con¬

of

Nevertheless, the diffi¬

problems.

owned

which

for

all

one

leaders

The

businesses,

revenue

today's

cuts

spendable

great

of

Not

features

per¬

involved.

re¬

short-

are

would

the

statesmanlike

tutelage to understand the issues

will affect

than will

all,

of

some

some

which

increases?

in

one

signifi- < tions? The reductions which thosfe
cantly different for the longer who are overtaxed can
expect wrill
run.
To me it seems that the
depend somewhat upon elimina¬
"average man" needs no great tion of the undertaxation of
change for

re¬

of

more

power

under

tax

must

that

could

fects

loss,

forces

with

Some

stimulating

the

enlarge the budget deficit

run.

duction
run

the

year

deficit,

would

tax

duction?"

tax

exceptions.

Economists

of

its

$7,-

over

year's

after

in

in

rate).

next

legislation.

finances.

budget

(annual

War

substan¬

a

Federal
the

and

only taxes

during

tial

broadest

As the

unemployment

There will also be

"What type of tax

ask,

others'.

1963, there will
not

is» accepted,v one

of

propose

tax .' system' involve

• groups.

,

equalities, Including "Loopholes."

line

then

Unfortunately, troublesome
must

this

argument

Considering Tax Reform

problems

that

others

tax

•»

Assuming

by

absolute

might

so

in¬

are

Treasury

undesirable

Every tax change involves some- : payers
Five

when,

issues

"balanced" program,,i.e.,

present

pattern of tax

one

agreement

is this: Will the

the

of !

of

tax

/

involve

dollar

economist

an

complex

complicated

nesses

short,

can

which

the

on

per

per

getting

matched

indi-

more

one

features

many

<4) A "Balanced" Program. One
big unknown in the 1963 outlook
a

Busi¬

save

on

members of Congress
exceedingly difficult task

con¬

upper-bracket

and

uncertain,

no

The

con¬

of

investment.

for

by

some,
though
not
believe, changes that reduce revenue

us

mass

program,

Short-run

of

reductions

the

not

in

case.

Tax

are

And

volved.

that

out

will probably add,

certainly

slower.

be

"shot

Today, this is the

In

The stronger

view, the less probable that
shall get tax reduction

we

to

de¬

of

law

unbelievably

many

rate of growth

a

many

on

in.

willing¬

business

"

:

remaining

The

expert

law.

income.

In

may

as

nesses
viduals

the

of

face an

of

that

say

demand

is' aggravated

to experts.

be

consumption

inadequate

received.

desirable.

bias

concerns

•

"underconsumption,"

funds

details

use

93%

hardly

/to -provide

ness

to

the

attention.

command

for

average, about

the

not.

is-

this

comprpmises must be time

-

out,

than

working

magnitudes of the results of many

Ameri¬

year

involve

revenue

a

of the

of

about

can

it represents

sumers

large

powerful

a

income

buying. One

centrated

*

such

in and

year

.the-average

as'^high

sys¬

exaggerate

we

deficits.' Perhaps

case,

will

yields

than

j ority

ma

of

which

will

significance, especially the dollar

even

savings.

possible,

sustained. "The

our

into

is

changes

complexity of innumerable
features,. The meaning and the

and

convert

loss

.

reve¬

the

reduction

incomes

of

mutually

total

on

for

consuming. ; It

part.

changes

the

would

7%, along with
will pot. finance

spending

■

Perhaps

pos¬

for tax reform.

tax

the

on

vast I

income

Moreover,

best, the deficits would
•—or

•

even

unless

business

be

What

present

changed.

are

*

-/

will

•

deficits

mean

;

the

of

which

our

•

out of

extra effort, on busi¬

on

reduction

The

on

however?

run,

•

cans,"

appears

taxes.

system

revenue

years

than

income

ef-

net

some

larger

pay

the

less

risk

a

be

which

tax

work

more

be

can

.

play

will

much

easier

especially

can

which

Even- ; their

pass.

have

because

to

about
A

months

the

on

rapid growth, then this

more

capital,

and

estates

;

.the

as

significantly below what fortunately, however, business

reasonably

changes

performing

•

to

expected

economy;

will

initially

be

can

the

weeks

V'

„...

.

stimulate

Finally, there is

economy.

sad

our

also

important

A

.

good scale.

of the

pro¬

(before most of the inflation

which

than

cases

burdens

The desire for fairness in

taxation

few

of

has

Inflation

cut the real value of the personal

relief,

heavier

fully.

meas¬

rapidly. Inflation has in effect in¬
creased

"loopholes."

called

produce

and incentive and

reform.

ness,

year- tax

the;

members

800

ply at lower levels and to rise

ahead.

in

with the highly influential

sluggish business,

(1) Wartime rates remain. Per¬

influence

agree

perhaps

are

Reform

perative.
;

reform.

men

would * emphasize

reduced?

a r e

Some

(1)
tax

tax

Somef

solved before there

Tax

for

for

need

taxes

for.

Such <iijiestipning may have! sub- * relatively high proportion

toward

v."

fl

_

Beyond any question, the need
for

if

reduction

detailed

"Growth-oriented"

become' even

This is the existence oi many spe¬

tax
The

were
more

power

compro¬

many

,,

deficits

limits

the

more

one

V'

Given the
nue

consciously

for

Many

exclusive.

the

energy

press

proposals will

we

entrepreneurship,

of taxes

to

likely

are

and

emphasis.

the

more

Tax

muster

can

rapidly,

more

us

whatever time

these

one

capital, for business.

'

more,

on

of

rest

another

or

or

changes

any

chance of adoption.

a

of the

use

we

support

months. To help

seek

to

to

in¬

say,

to

access

And they are

still

up

12

grow

freedom

got¬

cial provisions.

legislation, the President must

ordinarily

bill
with

(3) Inequalities. Something else
adds

and

are

problem

a

tax

rates.

ployment

probably

resources—

levies

from

income is

otherwise,

total

same

posals. Uncertainties, international
anyone,

Very high

of capital, labor,

productive

collected

has

for tax reduction

press

on

ought

economy

President

high

high which

are

which would be less of

in

law.

The total of modernization made

the

of

only the fact that

re-

variety

a

effects

-go

not

larger

used

undesirable effects—distortions

entertain¬

and

and

expenses,

taxes

of tax give rise to a variety

uniform

trictions

to

sources

tighter

country,

up

year.

creates need for action.

the

far

very

next

burdens

tax

rates

should

the

typical

$2 billion to

over

bill

tax

per

are sev¬

employment

add

is not

It

total

computing

outside

which,

salary,

Distorting

rates.

provisions

income

total

(2)

libera lized

quate.

These

will

alone

drastically

that

Will

payroll

e.,

times heavier for the

1949.

the

remove

still

are

employer and worker than

in

rules

i.

burdens

impose

to have

seem,

and

And last but by no means

dollar of wage or

limita¬

Treasury

new

estate

excises

Korean

likely to

(World War

wartime

employment,

taxes

July

of

us.

least,

Moreover,

more

-

Government

ten out of control.

stantial

machinery and
equip ment.

for

and

per

investment

is

rate

the

above

The

with

tions, for new

the

II. level.

subject to

many

,

fourth

one

War

small

a

corporation

than 3 times that of the 1930's and

gift tax rates remain. Most of the

pro¬

credit,

cent
•

the United

urging,

States Congress

vides

18

legislative consideration

Treasury

law.

after almost

1962

The

with

producers'

-

to

for,

ought

$28,000 million

year \ on

Most

think,

and

consumption—than

next 9

$36,000 mil¬

equipment.

I

to

which have

do

have little

groups

some

desire

no

near

emphasis

recommend

economy

Note

.compares

of about

durable

1963.

of

thing,

the

the

saving
less

might

that

increase,

such

would

in

requires,

more

boosting

Almost $36,-

the

favor

which

Thursday, December 20, 1962

.

necessarily

income

vestment—and

$115,-

other than defense.
in

the

large

as

of

this increase

lion

public could reasonably expect to

He foresees temporary cuts

obtain.

how

helpful tax cuts but doubts

some

relatively

from

to

raise

growth

run

much per year, has been for pur¬
poses

tax law.

a new

million

000

troublesome

the

be

can

risen

have

to

those

to

.

future./Raising the rate of long-

Foundation

-

which

not

are

as

most

v

^

leading economist concludes that the outlook for tax reform is

discouraging. Discussion probes the need for

same

auUarently

and

policies

growth

-

000 million in 1963.1
A

The

re¬

defi¬

a

study of Federal spending shows
$43,000

University, New York City

large

;•

recent

total

By C. Lowell Harriss,* Professor of Economics, Columbia

tax

which will add to

duction

.

a

group are burdened

are

can

other

taxpayers

be expected to try

Congress to grant relief.

The consequences for tax

lation

are

numerous.

For

legis¬
one

which
for

is

a

new

the

preating

approach to the

basic

most

organization
income.

Does

taxing business help it to operate
more

efficiently and

tively?

No.

more

effec¬

Nevertheless,

t

the

I

Volume

United

States

taxes

Number

continues

business very
such

196

6222

require

The Commercial and Financial Chronicle

.

(2547)

out the fact which is

tax

to

heavily. Lightening

will

.

.

business

Mr. Achesoil's Criticism

tion, hardly

littlejconcerted

even

national arrangements, it has

influence has been almost

come

due to the

Of Britain Criticized

ac¬

sustained ef¬

a

■

fort to get the business community
to

devise

of well

The

and

public whose views

reform

their

are

diversity

than

much for what he said
in

for

their

for

but for not

Einzig agrees

critical

for

of

source

specific,

will

outlook

for

therefore,

1963,

a

dividuals

and

is

reform

in

discouraging.

they

as

in¬

taxes—on

probably

on

cor¬

This will be to the good.

porations.

of

sense

discouragement

from the apprehension that

comes

will

fall short of

the best

his

which the

public could reasonably

expect to obtain.
What might

be best

possible.

There

different

elements.

on

be

is

soon

as

probably
the

The

first

reduction

in

1,

to

months, Congress
would

have

choose
natives

be

for the

in

of

cause

tainly

the

not

reduction

fect

in

of

is

"about

no

Britain

any

storm

of

sible.
of

of

what

the

effect

Nevertheless,
the

made

long
as

eventual

is

major

soon

goals
of

only
do

run

pos-'

as

clearer

modifications

ef¬

future should

into

Only with

best

Cer¬

desirable

into

near

for
be

be¬

go

go

decisions
to

only

Much

decided in the

need

outlines

*An

be

by Dr. Harriss before the
University
Tax
Conference,
City, N. Y.

York

'

"

I

supporters

into

self

of

Kidder,

and President of

&

Co.,

Stueb-

Peabody

&

Co.

Kidder, Peabody

Inc.,

had

friend

It

indeed

is

at
that

he

tions

British

of

What is

even a

he

not

did

with

why,

strictures
ceived
In

in

re¬

the

June.

Mr.

the

Stuebner

Midwest

Governor

Bankers

'Directors

Rohm

of

Hospital,

&

vestment
Utilities

the

of

Co.

is

the

In¬

Association

Chicago,
is

a

of

Board

Passavant

Village of

also

Haas

of

population,

best

her

territory

because

and

Swiss

the

to

Me¬

and

a

Kenil-

Director

of

Co.r American In¬
of

Illinois,

United

Co., Moog Servocontrols,

Inc.




the

frien(js

^rue
United

wko turn

States

0f

Britain
not

are

blind eye towards de-

a

velopments which inexorably

un-

dermine

but

Britain's * greatness,

those who
our

jn

are

willing to criticize

weajc Sp0ts. But such

or(jer to

criticism

be acceptable

and ef-

worker puts in a really hard day's

fective

structive

is therefore prosperous.

because Mr. Acheson's critical

What Acheson Could Have Said
what

instead

kne

of

indulging

criticism

w00iy

the

on

the

British

and

vague

of hostile abuse,

jnstead

Had

criticized the

in office since the

ecessors

their

for

border-

failure

to

what

precisely in his opinion is wrong

trade

unionists

without

to

and

be

to

friendly,

the

point.'

marks do not fulfill these

that

ments

war,

resist

has

they

are

so

con-

is

It

re-

requireutterly

unhelpful,

^

and

check the demoralising influence TT' „
of giving' everything to British
V dJl

did not tell
people

Acheson

jyj-r

British Government, and its pred-

pity that Mr. Acheson,

a

in

those

work for his pay, and the country

more

al-

deter-

iorate much further,

insisting

m

IrffvTvi/Y
xLlb Lj IIC, IN UfcJl
A

with

it.

An

criticism

outspoken

getting

on

anything

n

,

.

in

weight} coming
from

come

an

as

state of affairs to

it would have

impartial and

thoritative quarter. The trouble is
the
not

British

critioi7e^H

unions

trade

^ares

d

+n

about

their

majeste combined
If only

!•('

Wall

Street,

New

he

the

Mr. Maudsley is

denartment

dlcPte department,
i

an+inn

SuraQfllP N^lTllTiack

£ deterioration was gather.

Rosemary E

wnn^ntllTri fh_ir ^11in^rpc
U^'** m0me"t^ f'fjf" S?

f

thanks

to

the

...

action. But now,

take

to

ernment

Mr. Acheson had pointed

provisions

of

ad-

way,

have

>

New York City, members of

the New York

Stock Exchange.

at¬

been

9,000,000 Shares of Common Stock
(par value 50 Japanese Yen

re¬

French

450,000 American Shares

told

that

Yet

(a Japanese Company)

that

were

authoritative

an

no

axe

his

why

reason

heeded—indeed

pro¬

American

Depositary Receipts

may

be exchanged for European Depositary Receipts

British

on

defects

The

by

Honda Motor Co., Ltd.

a

least as

strictures

his

salutary effect

opinion.

first

many

at

were

called for correction
out

us

those dished out by Mr.

as

a

the

after

decline
He

Britain's

of

account

War.

duced

share)

Represented by

economist

Siegfried in his book Eng¬

World

per

had

pointed

outside

to grind.

Price $15% Per Americah

criticisms
they

Share

(representing 20 shares of Common Stock)

must

followed

gold

the

creating the
of

suspension

in

standard

conviction

his

1931—was

that

sooner

Britain would work

or

out her

business

a

from

the

because, of

ot

a

the

copy

are

offered

only

is

neither

an

ment

Prospectus describing these securities and the
may be obtained within any State from any
regularly distribute it within such State. The securi¬

of

a

Company

Underwriter who may
ties

precisely

is

Upon request,

by

offer

means
to

sell

of the Prospectus, and this
nor

solicitation of

a

any

announce¬

offer to buy.

similar expression of

Acheson's

Mr.

jected

by

British

stric¬

public opinion.

Goldman, Sachs & Co.

The Nikko Securities Co., Ltd.

Evidently Mr. Acheson forgot all
about
of

the

1940

finding
with

a

experience of 1931 and

Kuhn, Loeb & Co.

British

Incorporated

when

the

themselves

people,

confronted

it would be idle to deny

meantime
"We

good"

Carl M. Loeb, Rhoades & Co.

Kleinwort, Benson Limited

the
have

attitude,

Welfare
never

has

that in the
State
had

and

it

debased

so

the

Paine, Webber, Jackson & Curtis

right

to

assume

that

in

Paribas Corporation
Dean Witter & Co.

Wertheim & Co.
December 20, 1962.

British character, Mr. Acheson has
no

Hornblower & Weeks

really major crisis, showed

themselves at their best. Although

the

Bache & Co.

face
V

I

Versfelt

*
'
versie.11
"ecomd a limited partner in

reasons

Britain has

York

«tuob"
.^ foreign ^agUe JN ammaCK
^hrntt'^^vfehThat^mn- T° Admlt

and

and

in

t of f0relgn holders of

th

Qn

dishonesty.

sacrilele

w

40

City, members of the New York

Manager of the firm's stock syn-

that

words but m action,

f to be outspoken about he

hlasnhemv

.

.

Everybody in public would amount,.incy
state them knows the fact but to
to

nf

expressed from time to

+1-

Co.,

Stock Exchange.

nriUnic™

Untl1 recently criticism of that
kind

ever

outsnoken

end. That is

ever.

ronontiv

twu

suffioientlv

nearlv

Hardly' anybody

than

now more

are

? home.
ucntlclzTeTd nearly sufficiently

at

an

the kind of criticism Britain needs

au-

tures that they are scornfully re¬

Stock

America, President of the

He

size

situation

right spirit.

the

economic

faith
Erwin A. Stuebner

worth.

its

once

come

convinced that his

would

unflattering

Dall-

of

had

and

opinion,

am

1931

Andre

',„.v It

who

Trustee

international influence that

an

basic

con¬

salvation.;

11,
An¬

morial

to be

try

explain

in his

absence of

of

her

any-

financial

opinion.

that in his conclusion he express¬

meeting

a

of

Switzerland

do

international

greater pity is that

tact

to

declined, I

ed

vestment

antagonize

public

even

more

tempted

later

Exchange

"miracle'

recovery.

the

the

is entirely out of porportion to the

;

.

the

of

low

as

to

support it will be possible to

she

entirely

the
long

a

Behind

structive. Had he chosen his words

the

an¬

of

tactlessly

so

to

bound

was

choose

the most pro-American sec¬

even

company's

last

a

accepted^
pities

should

his remarks

word

that

that

Barring-

member

as

thousand

a

Acheson

Mr.

ton, 111., at the

died

rearm,

before

of

having

them.

about

be-

up

for

atmosphere for the British revival

manufacture^

a

begin to

free

edifice

the

without

facade

recovered

Germany

long

result

has

to the surface.

on

have played a part in

business forms

stream

in

nresti°e

the

to

gladly

expert who had

Inc.,

J.

qualities will not

crisis

enjoyed'over^Tere, friendly and LeT^TresponSy
advice
his part
thdr truly Pmtlerian
would have been

of

drew

in Britain

upon

constructive

Directors

places

other

Acheson

Mr.

owino-

and

were

He

major

he

of

1962.

Britain's

that

unfortunate, for until

looked

Board

Dec.

Market

the dav of nis speecn Mr Acpeson
tne aay of hU sneech Mr. Acheson
was

the

held

West

economic

Several topics warrant¬

another

underrating Britain's strength. All
this is most

The

nual

a

Britain's

of

Common

forestalled

elected to

of

aroused

Gladwyn, Mr. Ache-

recalled

was

Uarco

States

enemies, from Philip II to Hitler,

painful

in the investment

partner

a

the

Lord

as

Acheson.

CHICAGO, 111.—Erwin A.
firm

has

of

between

United

longer,

home truth

Named Director

ner,

a

wholly

land's Crisis gave a disturbing and

address

York

New

and

thing

cover

return,
0 A 0.1111L 1 cLTlRGrS
obviously intended to support, 0£ tke attitude of British industrial his criticism would have greatly
are annoyed by the
unintelligently iabor which is at the root of all strengthened those who realize On Jan. 1 Lorrin C.
Maudsley
offensive way in which he tried
Britain's post-War difficulties, that Britain's economic salvation and
John
Spohler will become
to help them. Mr. Macmillan himwould have carried considerable lies
in bringing this deplorable partners in Van Alstyne, Noel &

the

can

details

made from year to year.

New

of being "vague

time

only to

entire

the

influence,

even

needs strictures from

the

of

in

cracks

to

son

run.

could

could

1963.

the-

that

and

protest in Britain. Even

staunch

entry

out,"

relationship

and

in

that

separate Power

a

played

exists

Point

West

as

remark

Acheson

Dean

at

special

to

longer

the

Mr.

Britain's role

to

alter¬

complexities.

rate

gradually.

the

if

by

public

desirable

1963,

all

probably

the

from

everything

enacted

for

opportunity

an

open

would

power

During these

and

carefully

effect

purpose

(2)

as

which

into

purchasing

few months.

Note

taxes

go

The

1963.

boost

should

much

as

payroll

automatically

Jan.

least

twice

be

rise

will

a

two

possible. The size

as

debatable.

be

be

The

(1)

temporary

a

im¬

seems

would

individuals to go into effect

just

what is at fault instead

England—The

speech

such

would

her

ing critique are given ds examples of what should have been said.

made

tax

It will reduce

reform

Britain

the borderline of hostile abuse."

on

world.

so

to

but

possible

the

.from

selfishness

unions, he would have rend-

Britain

undeservedly

and, as in the past, can profit from them if they point

exactly

LONDON,

stand now, a new law seems prob¬

The

trade

small

:

On the basis of conditions

able.

Dr.

resulting

production

trying "to be constructive"

even

inadquate expansion of

short-sighted
•

difficulty and delay.

V,Prospects
The

con¬

constitute

said.

her friends

public

backing

he

what

out

changes

:•

disparaging, Dr. Einzig rebukes the former Secretary of State not

agreement. And the lack of strong
crete

''

1

entirely

dered immense service not

In finding Dean Acheson's recent remarks about Britain

on

marked

more

V-

' :,

■

program

a

Treasury and the Congress
a

V

By Paul Einzig

thought out tax reform.

will find
tax

support

v;"^ '' .1".

>..■c

•>.;

ditional support by various inter-

to him that the decline of Britain's

leadership. Up to the present time
there has been

surely known

11

12

I

Financial Chronicle

The Commercial and

(2548)
■

.■

...

-v

'

•

'

.

.

.

"

'

accumulation

*

second

in

■

Economists See Vigorous

gains in
and government outlays

half."--

cutback in

gained

months,

these

During

consumer

will .be cancelled

Reduced

1963 if Taxes Are

total

overall GNP inspending; industrial
production decline in year's first half followed by strong Recovery
leaving the yearly average unchanged; investment off 3% at $74.3
billion; interest rates the same or slightly lower; and another record
year in total construction despite weakness in residential building,
annual

survey

assuming no tax cut —are 2%

1963.

1963,

for

outlook

business

The

—

than

more

second

quarter' 6f

last half."

1

the

during

consolidation

of

i

first half adjustment to

a

imbalance

the

current

order receipts

of the

;

cast

calls
rate

of 1963.'. Slowed spend¬

and

billion

$360

a

.

of. expenditure

second

reaching

of

for

to

re¬

consumer

7 ;
dura¬

in

weakness

"Continued

production ;but stability in
nondurables and mining."
A/7.,
bles

1963

final

(6)

Total

Construction;

New

high. "

Continued

quarter. ;This. would indicate that
the advance will be slow at first,

..

■

.

Survey respondents predict an¬
other

the, second half

and then; ; during

and

7. 7

spending."

lat(e

the

quarter

$369

begin

should

an¬

in

picking 7up to $362 billion

the

for.

for

between

and shipments,

flect, higher capital

spending. The median fore¬

sumer

rl 962,

*'The economy will be in a pe¬

;

Most

:

-

.

.

will

components

goods

decline in the FRB." y" 7 *

a

"After

Up

Spending:

Consumer
.

nual

rise in the

and then resume

1963

riod

total

high volume year for

the annual sur¬

by F. W. Dodge Corporation,

1963; begin to pick up.

of

.

.

.

erately good.

Responding to

•

cause

In total, construction in 7 1963. ' After ; a
(8) Unemployment: Worsening
ing by business and to some ex¬ next year should see an increase strong $62 billion (median) esti¬
in the year ahead
per cent un¬
tent by consumers will set stage
of 2.6% over 1962, with a median mate for the final quarter of this
employed to average 5.9, with
for more growth."
estimate for total consumption of year^ activity is expected to settle
peak of 6.0% during second quar¬

leading economists, is only moder-

vey

quarter

the

through

Private, nonfarm starts

.

.

.

.

7 ' 77V:

r

.;

remain at
1962 7 level

to

economy

fourth

first part

nation's

of the

200

.

Comments,

;/.

.

about

totaling 1,325,000.

according to a composite opinion
of

.7

"Expect

durable

(2) •' investment

-

new

1

\

Comments

economists expect
production*
„':a quarter-by-quarter rise in con7

.

to $565 billion; 2.5% gain in consumer

crease

output.

unchanged

.

"A cutback in the more volatile

income tax."

on

(3)

be

time

of write-off

shortening

2.6%. '

.

'

^

rulings:

tax

new

equipment;

credit

governnient. spending
will restore the upward trend in

Some of the average

1353.

two

(1)

along

should

strength

by

of

In

and

sumer

significantly uplifted if income taxes are reduced early in
expectations turned up on Dodge's 16th

would be

7'Same

continued expansion pf con¬

with

1962.

.

the year, a turn¬

about in investment outlays,

opinion of 209 economists polled by F. W. Dodge Corp.
majority of economists indicated, however, that their forecast

The

i

the latter part of

of

consensus

a.

business investment spending.

1963 according to the

prospects are moderately good for

Business
;/

by

at

be

will

117

year
from

ventory

individual sectors of the economy.

1962

Thursday, December 20,

.

between

balance

"Delicate

ter.

..

..

back

The 50%
$362 to $368

$365 billion for the year.

the

about

!to

billion

$61.0

mark fob the first two quarters

of;
Wholesale prices
i 963. Construction will then begin
;
government, and universities — steady through most of the year maladjustments visible, and any billion.rising in the third quarter, reach¬
letdown likely to me mild. Latter
do
not expect a
recession next at 101.
Consumer prices, led
Virtually all the respondents
part of year could be strong if see continued expansion in serv¬ ing a $62 billion rate during the
year, but neither do they predict by cost of services, edging up 1%
closing three months. The median
taxes are cut."
.7
\
.7'
any
real buoyancy in the econ¬ to 106.5.
ices and nondurables, but opinion
A; ,';.
"The possible reduction of Fed¬ is split, on the durables category. yearly total for 1963 is $61.0 bil¬
omy.
National output is expected
(10) Interest Rates: About the
lion (just a shade over the esti¬
to top out in the fourth quarter
eral taxes will play an important Some
warn
of a decline, while
same
or
slightly lower
the
mated $60.7 billion total for 1962),
of 1962—the first half of 1963 is
role in the 1963 economic picture. others point to consumer liquidity
almost unanimous opinion of the
with
the
50%
limits extending
likely to be a period of no change
a
negative decision from and the (potential for .credit ex¬
economists polled..
:
from $60 to $63 billion.
7; y7 7
—a
moderate recovery will get
Washington on lower taxes- will pansion 7 as favoring higher du¬
Tne consensus showed a general
underway in the second half to
Details of Replies
have a depressing effect on the rable goods purchases next year.
economists

these

business,

from

—

(9) Prices:

.

serious

No

recession.

and

pause

limits

extend

deci¬

Those

who

from

.

.

.

.

.

.

.

,

...

the

National

Gross

raise

full

Product for

to $565, million, 2%

year

above 1962. The economists

favor

Dodge

by

"mark time,"

"stall,"

"dead

ter," Tand "sideways'77tq
opening mbnths oi'

the

numbered

polled

such

terms

utilities

cen¬

movement in the second

upward
half, few

The

■

the

that

note, however,

majority

of

the

be

their

that

econo¬

significantly

taxes

A

stated

that

if

in

they favored

across-the-board

an

reduction

tax

in

1953, but owing to its uncertainty
built

few

Their

their

composite

taken

the

on

therefore

may

their

as

forecasts.

opinion

outlook

business
be

into

it

estimate

late

organizations.

—

•

7

7

•

-

full text of the F.. W. Dodge

of

1

followed

by

estimates

of

(1)

first

Nationa] Product:

A

...

rise

to

billion

for

$560

billion

quarters of

1963.

$572 billion in the

fourth quarter.

2%

over

two

the

A total of $565

...

full

1963,

year

up

(2) Investment: Declining t6 $73
A

.

for

year

;(3)

off

3%

at

Consumer

first,

Y

economists

the

median

estimates

by

the

using

range"— the range within which
middle

the

half

This will

fall.

give

estimate

In some cases the median

the year

for

This

will differ from the

quarterly figures.

of the

average

results

the

from

that

fact

billion.

picking

.

.

slowly

.

steam

up

year

to $365

billion.

(4) Government Spending: $124

the

.

.

throughout the
of

rising steadily

.

year

fastest

...

at

plus

rising category

spending.

the

in

.the

index

first

six

Production:

No

yearly. average

117),

but

months

a

drop

followed

in
by

Total

tinued
new

1963.

include the

to

the

quotations from

forecasts.

(1)

Con¬

high volume of $61 billion

.

sharply,

.

.

o

due t:

the

As

figures

a

without much growth.

important, even

that

quarter
billion

1962

in

fourth,

a

low

of

to

Then

$73

quartef

quickening

a

business

low

out.

ruled

be

downturn
The

pectation in

average

next

reach

of

2.2%

1962, with all the gain taking

over

place

second

the

in

fourth

will

quarter

vances

to $565

$572

50%

of

rate
until

1963.

2.7%

the

by

from

final

50%

quarter

1962 level.

the

opinion

was

range

of

Fairly

shown in the

which' extends

$71.1 to $78.4 billion.

to

mates

for

include

a

numerical

esti¬

(that

durable equipment,

producers'

inventories.

and

show

that

expected to

gether

quarter

1963.

Median estimates

on: new

construction
are

$44

respectively

is,

the

billion

Inventory accumulation for
year

estimated

was

plies

each side of the median)

extends from $560 to

Retail sales in the

sales."

continued heavy car

..

provide

at

pacity,

in

squeeze

on-

profits

ca¬

sector."- /,77;.-7 :7

not

out

previous

of

Such

line

a

with

dispersion is
estimates

of

cause

in

The numerical estimates of GNP

projects

up

components show that the absence

it- appears

of

tions

Public

weakness

in

residential building.

(7) Housing Starts: Down 4% in




net

expansion in the first two

quarters

pulling

will
and

be

next

business

in

year.

Declining

the

tugging

result
among

of

a

the

an

adjustment of inventories but
will

no

be

"Inventory
first

half,

extensive

liquida¬

required."

liquidation

1963,

replaced

./

during
by

in¬

activities

■

next

a net stimulus to
although to a con¬

will act

year

the

as

economy,

-

7

,

.

boost to spend¬

mid-year."

"A11

*

,

.

in

expansion

struction

total

con¬

anticipated, "centered

is

utilities, public works, defense

dential

nonresi¬

other

and

building."

"Look

7

"

" 7 "

continued

for

7

:

•

.

public

Speeding: Plus spending, a slowing Of housing
(other than public). starts, a very
-.'7 7 . ..
,
conservative industrial, office, and
up" is-the unanimous

•

"Up, up;

/

'

-

opinion of the

gard to the trend

median forecast reaches

four :

lion

50%

The,

later..

quarters

the

for

estimate

median

$126 bil¬

is

year

rather narrow
extending $121.5 to

range

a

$125.7 billion.

7

7

.

.

,

commercial

(7)

•

of the mainstays for

1963

7

ments."

;

picture,

not

optimistic

for

7

government

of

level

high

spending."

1963 will call

in

probable

:

•

7'

;

or

..

.

without tax cut."

the

index

of

see

a

low point

Reserve

industrial

Board's

production

From the 1962 final quarter

1963.
index

of

the median

119

forecast

dips to 117.0, then to 116.0.
verses

and

itself

in

rebounds

memories

to

the third
120.0

It re¬

quarter

during the

time

for

a

call

for

forecasts

a

as

con¬

decline in the annual rate

1,380,000 units during the final

quarter

1,300,000 in

and

1962

of

of

first. quarter;

the

next. year.

starts' should

Housing

activity

economic
ance

the

of

advances

and

oyer

1,300,000

to

Yet
from

to

the

the succeeding
.yearly rate

the

1,325,000—a drop

current

the

of

1,400,000.

temporary

particularly

drew

frequent

economists
these

v..'

sized

local

indi¬

overbuilding

of apartments' —
mention.
Most

voicing

factors,

year.

1963 runs from

High vacancy rates as an

cation

bal¬

the median
1,320,000, 1,350,000,

stand at

4.1%

of

then turn
in general

as

year

1,359,0007 in

quarters.

.7

are

about the number

The 50% range for

Federal

construc¬

economists

the

Peak 1962 rates will re¬

for 1963.

should

Production:

Industrial

(5)

.

expected

"No cut in nondefense
—with

legis¬

4%

nonfarm housing starts

of private

main

•

-

;

t

7

around to lead the rise

"Defense needs and social

lation

'

tion

of

"One

—

.

Starts: Down

In contrast to the total

tinued

Comments

'

in 19637
■

program."*

Housing

median

will coming., in the second quarter, of

sales .will also create the-need for

years. '

put-in-place

offsetting

cutback

some

investment

y7y;:77Y/- :7'7;7

"Construction

7

housing

public

(4) Government

5.4%.;-

in

sales, ample

the

installations,

a

a

...

in

in

The economists
"Slowdown

private -

declines in con¬

.

ing beginning about

$1.5

Comments

shift downward
housing and a large

Income tax cuts

will offset slight

should

in-

however,

change

especially with

.

"Rising services and soft goods
durables.

will

mix

The

be siderably lesser extent than this
■
7.
.77.. !/7 ;
of year."

will

durables

on.

primarily, because

Down and up.

7

re¬

highly

a

quarter of 1962 should be very

penditures

range

total

in

are

liquid position.

for

durables,

•

The middle billion.

of the

"Consumers

sumer

Y

V

increase

spending."

figures

closely to¬

move

stages.

.outlays

the

in

gradual increase

support

consumer

through the decline and

—

recovery

$29

final

will

—particularly in construction and
in
military
establish¬
components increases

These

three

the

and

by

for the year

construction,

producers'

on

77' y '7 7y

7';

categories of

new

—

and

covered
on

three

when it ad¬

$7 billion.
25%

the

investment

for

\y

:

7? $124 billion with

.

.

Thik year we asked the econo¬
mists

are

A.

economists in re¬
in governnient
The median forecast for the
spending. 1 From $120 billion for
is $74.3 billion, a decline of the final quarter
of
1962, the

billion

the

billion and then

billion,

range

The

$560 billion-

re-echo

and

echo

half.

1962

at

third quarter of 1963

to

billion

$565

increase

year—an

ex¬

Gross' National

that

will

Product

to

a

77;

"Construction will in total aver¬
renewed vigor in spend¬ age be about the same as in 1963.

"Slowly rising personal income

of
re¬

spending, boosting the total to $77

from

seems

entice

ing."

in investment

is expected

covery

is

slip

will

the

second

the

next year.

the

And more

of

,

in

billion

from,.$76

The

forecast

investment

total

but only a tax cut will

economy,

ex-' Sustained

is

1963.

in

economists'7 median

stability

brief and shal¬

a

component,

recovery' later

wide

indicate,

general

see

most

the

always

GNP

building

Comments.

strength

basic

the

will pro-,
to the ■y 777.77 >'77

spending

"Consumer

stimulating for the economy.. Ex-,

pected to contract and then stage'

diverse

2.2%.

Up

Investment,
volatile

residential

in

*

vide

:';;-77.',,, A A:77* last

(2) Investment: Off 2.7%.

year

Gross National P r

$570 billion.

Construction:

construction

give

to

We have also

replies in order to add depth
numercial

to

re¬

many

$10

by

weakness

—-

strong recovery.

•(6)

order

increase of

Industrial

;(5)
change
(FRB

averaging the quarterly estimates,

GNP—estimated

billion in 1963

5.5%,

actual calculation rather than

in

1

indica¬

some

divergence of opinions.

tion of the

billion."

estimates

the

of

1963

for

increase

least

at

billioif in

•

GNP

taxes,

corporates
would

the 7 "50%

and

average

Total

.

$74.3

2.5% for the

up

.

later

.

Spending: A

quarter-by-quarter rise
at

.

1,

.

sharp rebound to $77 billion in

the closing three months.

.

.

April

1963, b^ $6-$7 billion in personal

economists

from 1962.

billion in the spring quarter.

reduction * effective

a

incorne; taxes and $l-$2

yearly figures only.

■

,

assume

we

numerical

included selected

Gross

the

»

hand,

If,

1963.

past, we have sum¬

spondents who preferred

detailed dis¬

more

a

Holding at just
in

tl,ie

summarized below,

cussion of the replies,

other

the

by

are

reduction during

the

.;v:7 tax

reduced.
1963

tax

on

yearly figures have been obtained

Median

their

under impact of tax

year

no

business prospects if taxes are not

economists

in

gains in hard

see

in 1963 confine in 1963, which will be offset by
optimism to the second half. gains in the nonresidential cate¬
gories. Public construction, it was
Comments
felt, will be up sharply.

v

firms, -26

do

goods v spending

speed-up

the

of

1963.

the7econo-

of

highs."

new

recession;

in

As

income

early

majority

large

rnists

raised

reduced

are

real

marized

would

forecasts

indicators to

"No

key eco¬

and

Corporation Survey follows:

mists replying to the survey indi¬
cated

insurance

and

colleges

research

expect the rise to be vigorous.
It is important to

and nomic

manufacturing

the

accelerate

will

sion

105

contrary

a

universities, cut and increased defense spend¬
three from goverement, and the ing."
77! '
"
remaining 27 from consulting and
"The projection above assumes

1963. • Al¬

though they look for' an

total,

while

economy

year

companies, 48 were from

financial

describe from

the

Of

209.

represented

as

this

respondents

Survey

concern

however,

rather

than

over

empha¬
national

supply-demand imbalance. Others
closing months.
The 50% limits
saw
rising family formation profor this quarter extend from 117.0
t.n

122 0.

Averagp

figure

for

the

Continued

on

vage

35

Volume

Number

19S

6222

.

.

The Commercial and Financial Chronicle

.

(2549)

President in 1954.

Connecticut Brevities
Aetna

Life

This

Company,

Insurance

building

new

Hartford, has begun construction

business

of

Stock

and

\

is

of

the New York

is

held

also

the

in

his

associate

an

American

Exchange.

V

■

He

member

telephone

The Milwaukee

on

Exchange

name.

contain

will

equipment.

$6,000,000 addition to its home

a

offices

Company's seat

Y:;

Stock

;

=; ■■■,■;./ ■

THE SECURITY I LIKE BEST...
Continued from

office

1958

wing completed in

General Time Corporation, Thom-

of the

aston, has added to its Stromberg

Baumann, manager of the
company's municipal department,
joined The Milwaukee Company

Division

in

building.

■.will parallel

a

the

at

the

.

The

The

wing

new

opposite

•main building.
(thus be in

end

will

company

to represent

appears

consolidation
fices

the main

within

nesses

V

.

Stratford,

contract
for

received

vehicles

re-entry

the

for

data

The

-•

is

designed

the

public

symbols.

Air

to

to

these

'

,:

,

aid

ballistic

tal

tern.

missile

weapon

known

been carried

II,

Mark

as

out

Division,

Mass., under
million.

accustom

Mr.
kee

.4 .V ;

;

has

addition
as

keep

Inc.,

vY.',-'

additional

■

riew

This

Bethel.

Controls

■

The

robot

by

Corp.

200

commands

is

ardous operations. The new

tain

sion for future
.

officials
start

the first floor and the
for

fabri¬

Mr.

MILWAUKEE,
Franke

Wis.

—

elected

was

will

*

missile

systems,,

support

numbers

He

-

A.

•

the

v--;y"y
became

associated

service

of the

The

and

u

,

Milwaukee

de¬

bond

National

Marine

Exchange Bank.

in the

years

"

'

Company

its home office at 207

.

has

East "Mich¬

igan Street, and maintains offices
ten

other

cities,

including

St.

Y

As

Bailey Joins

AND

constitutes

and

tron beam machine
cut

weld.

and

The

cutter-welder is

an

ization

with

C.

bach,

•

brhjd

Bailey

Pollak

Broad

has
&

Street,
of

line and

TERY,

'

Y

Y 1

.t

rot

joined,,y^uepT
30

York

City,

New York

search

it

Richard

Bailey

E.

was

the

number

of

and

components.

parts

trical circuits of
ature devices fit

than

larger

Hamilton
work

can

of

the

and many

ramics

some
on

was

metallic

no

as

'

man

ce¬

President

Company recently held

.

a

responsible
new

ing

in

steel

area

headquarters

Norwalk.

and

The

masonry

$2

Mr.

build¬

years

a

He

four-story

building

product

T.

L.

Call

Franke

analysis

office

Institute.

of

Stanford

started

in

Brussat

a

veteran

of

and

established

a

••

OsY'YfvYS

1927

with

other Connecticut

•MEMBERS

ended

last

six

from

years

the

for

fiscal

year

April 30, 1957 to $13,400,000

the

fiscal

1962.

Net

fiscal

cents

June

income after taxes
fourfold

1957

from

cents per share

seven

or

ended

year

than

better

•

NEW

Y0«K STOCK

to

$562,000

or

31

New Haven

2-9377

•

8

fiscal 1963 net income of 80 cents

share and yielding 5%, is rea-

per

sonably priced and offers

fiscal

not available

are

1962

because

concerns'

merged

^




imm

;

TL.lJ.iYL.

Centennial Film

ported

Shoup Voting Machine
on

a

calendar

re¬

basis

year

during the past and Filtors' fiscal

ended

previous

make

accurately

all

-current

June

are

years

necessarily
the

June

on

30,

fiscal

be

'is

esti¬
or

80

estimated sales

$33,000,000
net

which

compared
income

of

tells

Amer¬

film

story of commer¬

United States,

premiered in several ma¬

jor cities in January.
The

17!/2-minute, 16-mm. sound

color

and

motion

picture

is

most

ambitious

tion's

14-year film program.

Prints

of

in

the

"Banking

the

Associa¬

!

in Action"

will be made available to all banks
which

are

members of The Amer¬

ican Bankers

the

Public

School
the

should

local bank.

I

;•:: r

Becton, Dickinson
Promissory Notes due 1982

Vice-

Securities

Co.

EXCHANGE

CO.

Association, through

Relations

officials

film

$9,000,000

F. EBERSTADT &

the

cial banking in the
will be

the

group.

$1,500,000

1962

first

of

consolidated

income

net

cents per share on

fiscal

the

year

management

around

about

ending

year

organizations
one

Thus

a new

Bankers'[ Association

ican

not

are

conclusive.

1963-will

Fiscal ;1963
mated

direct
results

difficult to

and

complete ' business
under

30,

comparisonswith

"Banking in Action,"

(

December 18, 1962
*

.

\

.

ABA

"XTpTtT

the

of

year.

Since

.

7-2669

capital

,

^

good

a

-

outstanding.-'' Comparable

fiscal

with

7, Conn.

S'tock

at 10 times estimated

or

.

earnings figures

CE-

selling

currently

the American

on

Exchange

signed for the private placement of the above Notes
an institution
purchasing them for investment.

Hartford: JAckson

cash

holdings

shabe !in 1961, adjusted potential jfor long-term
present number'of common gains. rf -.mn Y

shares'

for

BATTERY

stock,

common

around

with

&

total

RAMIC's diversified activities, the

Company in 1941.
Executive

largest

1

per

to the

Frankfurt Laboratories.

Teletype: 203 772-0938

■Y-pj
SSSSS&3.

the

$6,697,000

of

Edgar,

the

waived

In view of the brilliant outlook

Arrangements have been completed by the under¬

Chas. W. Scranton

pisf;
J

1964.

storage

on

of

762,400 shares until April 30,

of

Stanley Works

New York: REctor

I

largest

several

53.3%

or

capitaliza-

growth of

Economics Division in Geneva and

Connecticut Light & Power

209 Church Street

N.

sixth

and

Southern New England Telephone
and

lilf*

Be-

GENERAL BAT-

tion,

com-

manage-

AND

three

Technical

Corporation.

-fc

!|p |

products

as

35

stock

common

<'i'i'i>':*:'fliT-Vi:k:'r"i¥i:iYi"i:i

★

§

Re¬

! to the Director of European Oper¬
tute

enlarged

The

regarded

890,000 shares

owns

the

Karl

elected

★

s

at

•'

..

firm trading markets in

1

of

Vice-

is

He

I

ment

of-

1960,

annual rate of

an

share.

per

highly

Vice-President.

old headquarters across the strebt.

Barden

pany's

Vice-

as

Robert C.

The Milwaukee

-tir

cents

'

•

in the investment business.

was

presently at

40

elected John

Treasurer,

eventually displace the company's

.

that

econo¬

acquisitions

Richer & Co., which merged with

will

T£T

for

to

Vice-President and Sec¬

and

Assistant

the

beginning of construction of
million

retary

ground¬

marking

and

as

-

Executive

Van

Backus

Joseph

are

elected Chair¬

also

as

President,

*

ceremony

was

of the Board.

F,. Baumann

,

by

meeting,

Mr. Franke succeeds Mr.

The directors

Southern New England Telephone

breaking

announced

was

Johnson, who

materials

"

Joseph T. Johnson

directors'

annual

Johnson.

The

non-metals such

*

it

cutter-welder

and' glass.'
*

firm's

micromini¬

thin wafers

prior

senior industrial

a

ations of Battelle Memorial Insti¬

elec¬

fingernail.

a

Harold A. Franke

made

first

were

GENERAL

in

of

and

Earlier, Mr. Bailey was assistant

circuits

Complete

Standard
all

of

been

have

shares

an¬

Vafik'n Associates and head df the

size and

which
the

for further accelerated

Jennison,

head

was

Services

search

weight,

ments,

sales

overall

microminiature electronic devices,

reducing the

greatly

a

broadened

the

year

Southwest

at

were

cash

- of
$797,000 compared with $9,692,000
current liabilities. Dividend pay-

Stock

Department,

and

of the latest techniques aimed

organ-

strong sales force.

a

$124,000

Exchange, in the Institutional Re¬

ily for fabricating and assembling
one

$14,lll,000,rY including

battery producer, doubled its net

rose

:

Richardson,

New

the

mist

designed primar¬

well diversified

a

the

he

combination

CORPORATION

fore the merger,

sified

both

way

BATTERY

aggressively managed

dustry Group at Investors Diver¬

elec¬

can

that

three

the

of

GENERAL

CERAMIC

now

for

Mr.

Hartford, has developed

result

a

merger,

for

■

Director of Institutional Research.

East

Mercury

BATTERY. AND

CORPORATION

their

*

Aircraft Corporation,

the

re-

capsule and will be utilized

space

Applied Sciences and Defense In¬
United

Filtors'

GENERAL

CERAMIC

dividends

nounced, by

.The Hamilton Standard division of

in

used

were

other

On June 30, 1962 current assets
of

considerably

members

as

fkaip

better

of

sales of
' Y Y ■

about $26,000,000.
<

viously, he spent 2T

of

Company, 207 East

shock

was

share,

per

on

have

Leo

Harold

severe

outstanding,

stockholders

■*'.

President

withstand

types presently used.

lays

re-

conditions,

vibration

shares

also

products

for

companies
cents

30,
the

adjusted to the present number

ana

equipment,

can

environmental

and

use

missiles,

aircraft

(?

its

among

lays which

for

guided

For

income

net

year

research and development staff, a

persons.
*

major

fiscal

the constituent
$1,185,000 or 65

The Milwaukee Company's
trading department in 1954. Pre¬

f

but

employ

to

most

30,

Elects Officers

square

scale,

cor¬

department.

•

Auerbach, Pollak

with provi¬

small

' Y

Vice-President

Brussat

con¬

company

'

•

with

in

facilities

support

Michigan Street, at the investment

a

•

a

year.

Paul.

and

the

on

300

used

The Milwaukee

eventually ; plans
many as

6,000

space

floor will be

up¬

expansion. Pullman

said

out

elected

same

machining departments will

Milwaukee Co.

plant,

design, will

approximately

.feet of factory

Pre¬

haz¬

industrially for repetitive
of fc'olonial brick

finance

L. C.

used

or

and

feet.

sq.

an

of

'

over

'

for production.

remember

can

>17,000

provide

military specifications

in

1961

micro-

year ended June

$30,775,000.

fered to the public in June

operations

an

developed

1929.

and

relays, made according

were

is expected to be launched in 1964.

cating rocketry payloads, assembly

company

"Unimate",

robot

Consolidated

.

factory in Bethel,

and

subminiature

1962

since

partment

cision

of

subsidiary

a

will, manufacture

industrial

company

to

for the fiscal

Division,

in the Gemini space capsule which

investment

per

.Connecticut,
;

■

planned

a

the

quality

51 cents per share be-

or

000 or seven cents per share on
fire loss insurance recovery. Sales

-

largest manufacturer of high

miniature

'

non-recurring gain of $130,-

served

story building will be completely

tion

new

of

geared to the needs of the missile

occupy

a

manufacturing

part

to

Pullman, Inc., has begun construc¬
of

its

to

and aerospace industries. The two-

$29
'

in

the

.

,

a

sales representative until 1956

was

program

unart-

<

organized

Company in 1948 and

a

as

•,

Middletown, is constructing

facilities

De¬

exceeding

* ;•< *

Unimation

was

since

ever

Backus joined the Milwau¬

porate

an

'

^

Inc.

fore

The company's Filtors
the

•

Company

air-conditioned

contract

;nounced

Company,

Company.

Inc.,

Wilmington,

previously

a

&

when he became head of the

by the corpora¬

tion's Research and Advance

velopment

Chicago and with

1924 to 1929 he; was associ¬

Raymond Engineering Laboratory,

sys-

Development of this re-entry

vehicle,

Re¬

Mr. Call has been with The Mil¬

rities

Force's Minuteman intercontinen¬

'

Federal

ated with the Second Ward Secu¬

equip¬

;

years.

From

unfamiliar

-

19

company

Stromberg

processing

in

he had been

the

Stuart

waukee

electronic

of

ment in their efforts to

generation

a new

clock
of

users

a

amounting to $39,566,000

production of

of

has

processing.

"MIC"

Avco Corporation's Lycoming Di¬

vision,

data

result

a

as

with

$919,000

revenues

presently at the rate of about $1,250,000.
:

ground

ments from banks and other, busi¬

building. *

^

for

up

checks and state¬ c.

on

Previously

Bank

serve

Halsey,

odd in.ap¬

are

1954.

associated

Ink

clock. .Magnetic, ink

increasingly

of¬

company

product

(Magnetic

have been showing

pearance,

step toward

a

all

of

equipment

"MIC"

characters, which

throughout the city and this action
:

time

a

Character)

in future years.
presently leasing quarters

quadrangle

Aetna is

I

line

position to complete

a

Mr.

*

.

rental

annual

gross

2

page

,

*'■'*.

*

13

Committee.

desiring to
inquire

at

show

their

The Commercial and Financial Chronicle
14

will have

Rules
Competitive Bond issue

ity to the

Treasury Sets Bidding
For

to

bonds

the

investing public."

made public Dec.

Treasury

17

regulations governing the

of

bonds

bidding
the

sale

upon a

among
Four

will

regulations

18.

of Dec.

Douglas Dillon said
the Treasury will, in the first

that

bonds at competitive

offering

of

bidding,

require

bona fide re-

a

investing public. This is in accord
regulation which states:

the

be a condition of

it shall

notice,

that, if accepted by the

bid

each

specified in the public

so

the

of

Secretary

Treasury,

the

(1) The bonds cannot

NOTICES

investment

or

be taken

Stock

COMPANY

making
all

a s soc

has

after

quarterly dividend of $.45
share on the Common Stock
has been declared, payable Jan'
uary 25, 1963, to stockholders

bonds from the

r

be

investors

of record at the close of business

members of

e

been

ate

d

Fardw,ell, Treasurer

se¬

40

prior

years

December 17, 1962. '

with

the

Government obligations look more

Mr. Arnold

equity market appears

is

maturities

distant

income

bearing

reasons

for the sharp recovery in

market

stock

the

the severe setbacks of last

Investment

on

the

of

mem¬

a

Governors,

Traders

Associa¬

re-offering

likely
that

the

offering

is

through

order

in

is

evident

long-term

of

bonds

bidding

com¬

get

to

of these bonds into the hands

further
since

the

narrow

the

could

existing spread

floating

would

latter

investor

ultimate

the

of

It

supply

of

increased

be

the

under

this plan.

This should not, however, mean

spring

the

that

Government

long-term

bond market will be crowded with

offerings

Treasury

so

that yields

available

bonds

best

the

will

go

up

in

yields of long Governments is

the

of

of equities

purchase

psychology

be caused by

to

NOTICES

continue.

to

This trend

spreads

technical recovery to a renewal

a

hedge against inflation.

DIVIDEND

yield

decreasing

on

tion of Philadelphia and the Mid¬

NOTICES

of

from

inflation

DIVIDEND

from

and summer run all the way

day Club of Philadelphia.

bidder, and purchasers

attractive at this time.

The

obligations.

the

common

securities, makes the

fixed

of

Associa¬

Securities

Board

the

from

away

especially from the

bond market,
most

member of

a

taken some of the atten¬

investors

of

tion, The Bond Club of Philadel¬
the

ac¬

tion

Ripley & Co., Inc.

Philadelphia

Federal

petitive

Rising

Again

phia, of which he is also

bonds

are

to have

Eugene T. Arnold

those of

than have

the

considerably improved

tion of the

to

Co. was associated with Harri-

man,

rapidly

more

ap¬

more

The

and

because

bonds

Government

Fears

bonds

mainly

corporate yields have gone down

maturities

these

into

corporate

on

•

the more favored ones. Ex¬

Inflation

for the

y

the

the

■-

changes from selected tax-exempt

of

of

yields

Governments,

:• ',/v-

.

continuing

be

to

among

ac¬

ber

successful

Narrowing of the spread between

as

and

1969, 1971 and 1972 maturities still

States will be borne solely by the

Checks will be mailed.

letup

a

banks

Government

term

pear

joining W. H.

(except

the

to

Attractive

concerned.
y

making commitments

long-term fixed income bear¬

Treasury Bond Yields More

Commitments in the intermedi¬

Newbold's Son

competing underwrit¬

Liability

(3)

v„

could

it

being ob¬

Treasury

signs of

no

corporations,
....

United

January 4, 1963.

New York,

t

past

ing groups).

all

to

open

show
as

foreign funds are

now

and

underwriter must

per

bills

of

better yields

ing securities.

are

curities indus-

obtain

to

A

H. R.

a

in

being reported.

&

opportunity

The

(2)

purchases

advices,

extreme shakeout

tained by those investors who are

according to

And,

issues.

liquid

obligations

in

awhile.

that there is

market but

interested in

of

some

the

carry

quite

mean

an

bond

result

of

more

because

term

bonds

t

members.

on

i

bit

a

the

being replaced with the most

vestment

syndicate

the

among

issues

tive in the in¬

public at the re-offering price, is
distributed

in

in

seen

going to be

in

bought

been

This does not

like

about

longer

Eugene

Arnold is

the investing

to

bonds

the

of

have

might

these obligations up to
that would be higher than
on

levels

on

demand for the most liquid Gov¬

Exchange and other leading far

that

dissolved and the unsold bonds are

Common Dividend No. 225

H.

W.

—

1517 Locust

exchanges,

good faith effort to sell

a

since

being

are

announced

members

accounts until the syndicate,

completed

the

to

syndicate

yields

be

switches

ernment

the investing public at. with them,
established re-offering price.
Mr.
Arnold

an

adjustments for

particular trend coming out of

these

which

levels

reported that there is

It is

minor reaction from current

a

in portfolios so

There is nonetheless

Pa.

Newbold's Son & Co.,

unable to sell all of the

been

bonds

be

few exchanges

a

now

PHILADELPHIA,

underwriter

the

and

made

will

year

maturities

N

'v-r '

not take down the bonds for
their own investment or trading

ELEVATOR

appropriate.

Newbold's Son
■

good faith re-offering has

a

the

time.

a

may

OTIS

deemed

are

quite

are

being made

that the necessary

competitive

Arnold Joins

underwriter's own
trading accounts

the

for

Individual
DIVIDEND

at

Street, members of the New York

down

has

a

by the

made:

been

in

now

still

place of those that are being sold.

specific case as to whether
bona fide re-offering has been

until
"When

tions

public.
cited

are

is

bidding whenever market condi¬

in any
a

There

regula¬

no

/relevant to the judg¬
which it will have to make

ment

the

offering of all of the bonds to
with

criteria

Treasury

offering of bonds

Treasury as

Secretary

the

these

position to proceed with the first

is to obtain

the investing

be

published in the Federal Register

of

publication

tions,

inventing public."

objective of the

possible interest in
distribution
of the bonds

and

The

the

broadest

the

in November
tentative draft of the regu¬

CHIPPENDALE, JR.

T.

with them when the terms of the

bona fide re-

Secretary Dillon said,

by the Department

JOHN

BY

any

arrangements made

re-offering become known.

Treasury
establishing this requirement,

in

from

withdraw

to

Secretary DilJon said that, with

offering to the
The

right

such previous

the

investors

give

must

but

GOVERNMENTS

of in¬

investors prior to

from

terest

s :

of

may,

,

bidder will make a

competitive bidding,

at

together with a sample invitation
for bids. Comments were solicited

lations.

Thursday, December 20, 1962

.

.

Our Reporter on

States.

obtain indications

course,

governing impending sale of $250 r
billion long-term bonds via the auction method. The winning under¬
writing syndicate must make a "bona fide reoffering of all of the

underwriting liabil¬

no

Uriited

Underwriters

(4)

releases regulations

The Treasury

The

.

(2550)

a

as

This new
supposed

is

the fear that the

A modest firming

sharply.

that should be expected

the most

it

since

seems

though

as

easy

continue to be

rates will

money

Federal Government will continue

©
United Shoe

Consecutive

RAILWAY COMPANY

Machinery

of

declared

has

37J/>

Directors

dividend

a

of

per share on the
stock
and
62V$

cents

Preferred

Dividend

CO., Inc.

The

Board

Preferred Dividends:
Directors

Paper Board Company,
day declared the following

At

per

share

stock,

mon

1963

10,

January

of

holders

the Com¬
payable

on

both

to

stock¬

December

record

24,1962.
Treasurer

share on Common Stock.
per share on the 4.696
Cumulative Preferred Stock.

December

The Common Stock

$25
on

par

of

on

on

Stock

was

the
'

year

dian funds
to

the 4.6% Cumulative

on

on

in

payable

respect of
in Cana-

of

record

at

3:30

January 7, 1963.

T.

Secretary

F.

the

ex¬

lead

only

to

thing

one

Bogota, New Jersey

Therefore,

the

more

all.

the

Directors

good with
taxes

in

continue

will

without

or

the

and

a

be

to

reduction

beliefs

it

that

might not be adverse to buy

PACIFIC

December 12, 1962, declared
a

c

having

not, seems to

or

effect

an

far

also

the

on

though the in¬
income

fixed

so

bearing

POWER

obligations has not been

cents

of the

/Company's
stock.

paid
15,

upon

It

by check
1963, to

holders

on

ber 21,

January

common

of

record

close of business

on

be

stock¬
at

the

Decem¬

1962.
D.

L.

BELL

Treasurer

San Francisco, Calif.

a

Quarterly dividends of $1.25 per share on the 5% preferred
stock, $1.13 per share on the 4.52% serial preferred stock,
$1.54 per share on the 6.16% serial preferred stock, $1.41
per share on the 5.64% serial preferred stock, $1.75 per
share on the 7.00% serial preferred stock, $1.50
per share
on the 6.00% serial preferred stock, $1.25
per share on the
5.00% serial preferred stock, $1.35 per share on the 5.40%
serial preferred stock, and 24 cents per share on the common
stock

of Pacific

Power

&

Light Company have been de¬

clared for payment January 10, 1963, to stockholders
record at the close of business December 26, 1962.

jp, •

• and JjjJt




To Admit Two

a

of

December 12, 1962

noticeable

more

effect

on

if

especially

securities,

&

New York

City,

other

leading

will

1

Broadway,

Stock. Exchange

York

New

2

members of the

admit

exchanges,
Thomas

E.

on

and

Jan.

Feeley

and Laurence C. Keating to part¬

nership. Mr. Feeley is Manager of

Syndicate department;

firm's

Keating

Mr.

institutional
bond

is

Manager

sales

of

the

corporate

and

department.

these

there

Lamson Bros.

should be very large offerings of

order

to

sell

ultimate

the

force

of

able

to

hold

on

bejng

bonds

in

securities

to

Government

long-term

In

PORTLAND', OREGON

Co.,

Goodbody

part of buyers of bonds could have„

capital

common

This dividend will

that

is evident nonetheless

growing amount of concern on the

Dividend Notice

the

De

Goodbody & Co.

the
Better Bond Yields in Prospect

of 25

year

share

per

on

too marked.

& LIGHT COMPANY

cash dividend for the fourth

quarter

admit Eustace

will

2

few

a

stocks, whether it be for

purposes

bond market, even

on

Jan.

favorable

prediction that business

whole

a

be

COMMON STOCK

or

Stock Exchange

of the New York

Cordova, Jr. to partnership.

fluence

Board

City, members

Street, New York

action of the equity market, along

hedge

Company

The

Cyril de Cordova & Bro., 25 Broad

inflation, which is the

exacting tax of them

common

Pacific Gas and Electric

No. 188

To Admit to Firm

/•

Toronto, December 10, 1962.

December 11, 1962

DIVIDEND NOTICE

Cyril de Cordova

on

most

as

Turner,
Secretary

gained

a

that continued deficits of the

with

By order of the Board.

March 15,

is

It

namely from experi¬

way,

and that is

February 28, 1963,

shareholders

p.m.

value Preferred Stock is payable
1963 to stockholders of

declared

1962,

Quentin J. Kennedy

DIVIDEND

policy of the monetary author¬

budgets

balance.

fact

known

pensive

budget

today a final divi¬
seventy-five cents per
the
Ordinary Capital

record February 28, 1963

12, 1962

Board

ence,

of

share

dividend is payable

January 15, 1963 to stockholders of rec¬
ord at the close of business December
The dividend

of

dend

28, 1962.

Frederick A. Stevens,

the

of

of

out

Directors held

quarterly

dividends:
50£ per

cents

meeting

a

that

well

—oOo—

i

of Federal
Inc. has this

of

the

1963/1964 will be

as

heavily

Notice

that

1962/1963 fiscal period as

the

for

well

BOARD

FEDERAL PAPER

believed

is

It

Quarterly Dividend

Board

report very large budget defi¬

cits.

Common &

The

ities for the foreseeable future.

CANADIAN PACIFIC

Corporation
230lh

the

to

these

investor

inflation

would

be

it

words,

appears

for
as

CHICAGO,

111.—Lamson Bros.

Co., 141 West Jackson

&

Boulevard,

the

though

time

the

to move

much further and there could

York

and

Midwest Stock Exchanges on

the economy.

bond market is not going
up

not

gain too much of a foot¬

other

To Admit Partner

that the

so

Jan.

of

members

the

New

1 will admit George

to

of

manager
rl

a

F. Sutherland

partnership. Mr. Sutherland is
q r

tm

c

r

i

+

the

firm's

research

Number 6222

196

Volume

.

.

The Commercial and Financial Chronicle

.

(2551)

though

The Market... And You
X

WALLACE

BY

industries

some

STREETE

How

Many

-

FROM WASHINGTON

Succeed

Years ago,

when the stock market
a

points

in

the

trials,

the

drop,

day's decline of five

But today a

Tuesday's

is

motion

termed
the

at

or

side¬

a

worst

a

This
especially

drifting to lower levels.

reaction

in

change

noticeable at
tors

tions:

the

on

be

to

hit

by the

million

currently

are

the

of

future

Securities

National

of mutual

series

funds, also predicts that

cautious

as

prelim¬

a

inary estimate for Bell's 1963 pay¬
:

" .:

;

First signs of the seers
a

dends

indicate

generally optimistic tone.

prognosticators
and

promise

right

come

out

whol^ new series of

a

for

records

Few

sectors

most

the

of

ing
$1.01

should

wealth Edison to
One

be

expected
if

course

as

assume

we

that:

(1) Income tax cuts
porate
Jan.

well

as

are

sub¬

retroactive

as

spending

tinues

at

and civilian

(3)

Wages

areas.

raised to

are

be

Chemicals

plagued

Metals
mestic

and

pro¬

1963.

face

much

the

same

re¬

import

for

sight
for

Jan.

slowly
but

March

signal

Steel

and

a

demand

February
in

surge

and

sched¬
makers

improving

January

ments

curbs

1.

April

ship¬

orders

could

for

merely

rash of inventory-build¬

a

for

new

contract

wage

expected to show

moderate

a

rise.

for

waiting

the

stock

market

direct

more

is

stimuli.

It doesn't want to back off into

to be

are

$5.90 this year.

spark

a

put

compared

$6.20

at

moderate

also

overall

in

advance

sight

profits.

corporate

taxes),

(after

placed

is

at

$25.9 billion compared with an
(5 > Price levels are maintained estimated $25.4 billion this year.
prevent deflation.
Total corporate dividends are ex¬

the

It appears

course.

own

market

stock

pected
from

do

solid rise.

a

not

necessarily

with

They

those

at

of

presented

are

author

time coin¬

any

the
as

"Chronicle."

those

neither

the

to

right

the

nor

left, but would rather rest awhile
after its 100 point plus

rally of the

last six weeks.

Optimism

dominant

the analysts who threaten

among

More

to outnumber the active

rate income,

investors

million share level.

3.5

the
is

still

might

it

away,

that

Christmas

few

a

Although

indicates

calendar

as

1963

parties

well

far

as

as

This

in

further

A

1961.

1

Despite

To Admit Dryfoos

tax-loss

selling is

Much

the

of

is

now

the

of

part

for

1963

and

its

der

is

the

about

he

is

he

If

avidly

stocks

Chrysler,

Motors,

as

cars,

and

.most active list nearly every
The

former

pair

cupied prominent spots

lately.

another

of

ses¬

have

A

also

helped

be

banner

this

year

for

How

major

investment
excellent

an

sees

1963.

Securities

for

new car

calculation

unit

eric Donner,

output to
of

the benefits

Fred¬

a

the

major

the Dow-Jones in¬
expected eventually

are

should

also

record year.

done

by

recent

story in the Satur¬

Evening

Alsop

porting

Post

Chairles

and

by

Stewart

Bartlett

pur¬

to

tell

wanted

to

give

bases in

Britain, Italy and Turkey

how

Stevenson

up

missile

our

in return for Russia's withdrawal

discussion.

There

nedy

knew

consider¬

not

seems

something

story before it

Strangely
the

enough

author

time.

his

of

There

the

is

closeness

The

York

New

of

Stock

Mr.

about

nedy.

question

House

White

of

sidered

met

the

He is
He

that

on

Milton

date

J.

Saul

Bomback

Golkin
will

and

become

Vice-Presidents pf Divine & Fishman

Inc.

and the firm

be

name

will

Fishman, Inc.

changed

to

Golkin, Divine

&

wants

Nobody

question

these

may

escape

and its

Kennedy has given it

changing

Cuba.

word

be

refused

to

enjoy

another

near

The National S. & R.




positions

to

up

impression
our

the

that

in

the

blockade

to

on

to

immune

to

The

Italy

changed

his

went

and

with

did

bases in

our

Turkey

mind

along

Even Commerce

Hodges'

and

the

but

finally

prevailing

to

satisfaction

get

ambassador.

In

has

praised

highly

this

work at the United

that

certainly

The original

with

fiasco.

due.

that

the

It

whole

and

the council.

to

was

show

belligerent

as

in

purpose

then

that

he

the

as

He is

leaking

embarrass

an

fairly

It

was

appeaser,

of

it

Stevenson

advised

to

not

the

first

of

if1

the

discussion

has been

stories

of

that he

was

U. N.
in

Mr.

office
one

being
on

an

the

come

and

the way out of the

long

to

when

there

of those leak stories that

Kennedy
a

resign
any

large

in

his

and

good.

He

was

is neither

an

offer to sell nor a> solicitation of an offer
offer is made only by the Prospectus.

to

failed

to

outlook
the

stem

for

Keene

of

buy

any

of

14, 1962

Packaging Associates

Tuesday's market.
The
firm

market

needs

currently

Common Stock

a

jolt to get it off dead-center.

Possibly the

would be

cure

a

(Par Value $.10

per

Share)

tax

cut, but the Street has tilted with
windmill

too

often

in

headache

vere

when

a

the
se¬

Price

Congress

$4.00

per

Share

has refused to act.
Another

sign

of

the

trading

Copies of the Prospectus

lethargy: November industrial
output

rose

month,

but

the Underwriters

for the fourth straight

release

of

the

as

may

be obtained in any State from such of
lawfully offer the securities in such State.

may

news

the weekend had little effect

stock

Rising

prices.

probably

impact

Hardy & Co.

industrial-activity

on

also

have

stock

little

will

direct

movements,

al¬

!>

IV.

I

will

be

it won't

do

among

the

the most for¬

the

150,000 Shares

'63

for

continue

opponent to Mr. Kennedy

fight

news.

downdrift

even

involv¬

Stevenson has

following

"Liberals."
midable

Stevenson

up,

object of

appeaser

Kennedy had not been
very

was

been

Sooner or

these incidents

time
forced

Stevenson

is

because

not

was

later,

is

have

down

he

says

ing Cuba at thpt time.

This

its

was

rest

team.

our

much

so

to

to be

on

it

particularly

a

seems

knocked

the

upon

support,

vicious story because
involved.

was

Pigs

of

withdraw

to

air

of

he

Bay

prevailed

Administration

promise

Nations, praise

was

for

He

he

Stevenson's

story having to do

Stevenson

responsible

incident,

seems

Secretary Luther

bright

was

the discomfiture of his U. N.

claimed.

story

not

somewhat

bad

or

President.

mystery is why Mr. Ken¬
seems

Market

seems

good

Mr.

that the story

say

the market.

Immunized

give

untrue.

of

Stevenson

,

giving up

Britain,

.these Shares. The

'

I

Kennedy's

the

the
announcement

not
con¬

Kennedy has steadfastly

December

ex¬

parts and components

would

Mr.

that

displeasing

And Mr.

He leaves the very definite

favor

was

This

and

young

It is evident Bartlett

days.

consequent blight¬

to

visits

story that he

a

to

recession

a

a

to

Stevenson the business would not

nedy

Co.

&

him

social

on

with

disapproval.

as

Ken¬

frequently

wealth.

have written

was

that

at

He -introduced

the

had

Bartlett

is reasoned, and therefore, not fit

Golkin, Bomback

don't

President

and

the

published.

was

authenticity by saying there

Stevenson

Exchange

ambas¬

you

stories

no

to

Jacqueline

over

the

Golkin,

sec¬

the slightest doubt President Ken¬

The

To Be

as

of roving

family gatherings.

v,

all-time high of 735 by

that

An

on

auto

be

view.

partnership.

margin.

high?

answer

over

are

pected to be wide-spread. Suppli¬
of

to

be

con¬

Department

in which

spot

Although National

well under G. M.'s 7

million,

million

company
year

& Research Corp. holds

its estimates for

ers

nar¬

But the belief is growing that

this

in 1963.

autos in

.6.6

the

into

But barring

past, only to wind up with
•

had

position
a

was

removed

was

in the State

oc¬

the list

on

predictions

by

more

week

should

They

even

cars

to

Dryfbos

seen

probably hold to

trading limits well

modest

a

what

ought to top the Big Board's

sion.

turndown

average

he is buying 1963

General

Ford

was

comfortable

a

the

the

proved to

Bowles

won¬

and

auto

bought

as

Nations

China

The spade work in effecting

The

waiting for?
he

by

be

Stevenson.

will be dissolved effective Dec. 26;

Today's market
.

is

follow

forcasters

ing effect

so-called

Where

investor.

to

Jan. 1 will admit John M.

on

market will

in 1963

"

continue

Exchange,

firm

economy

hopes for better times.
Boardrooms

the

down

He

man

in¬

of

hear much of him these
days.

ex¬

would

United

ond

This
as

a

profit-taking.

trading taking place

geared

New York City, members of

the New York Stock

fairly widespread belief that the

dustrials

undoubtedly over, and certainly
good

turned

leading

optimism,

long-term

National's

to top the

the

of

the

Instead,

cerned.

had

and,

Security Council deliberations

Divine & Fishman

first quarter.

Trading Geared to 1963

gain

for 1963.

readjustment,

Most

to

year.

vote.

moved

percentage

upward this year after leveling off

most investors

concerned.

are

admitted
this

House.

Bowles

displeasure

right insofar

sador,

man

China

White

effec¬
a

Chester
the

to

widely

was

and

White

long considered

this, it

he

curred

•

row

New Year

out

loyally and

that Red

large percent of gross national

a

the

be

before taxes and de¬

preciation, is expected to become

daily volume hangs around the

as

significantly, total corpo¬

product.

still

is

pected

because

appeaser as he

"recognized Red China"

only.]

Filor, Bullard & Smyth, 26 Broad¬

$15.8 billion in '62.

is

of the

billion

$16.2

to

rise

isn't

an

was

because of

And

Filor, Bullard

way,

these days as though it wishes to
look

to

it

frequently

from Cuba has aroused

'

follows its

He

were

total

profits, and

Meanwhile,

policy,

year's

Next

are

carried

tively.

able

cide

+■■

National's economists

enough fuel around to

[The views expressed in this article

Telephone's estimated earn¬

ings

always

day

Meanwhile

utilities

other

most

genial

a

that

one

Nations. ! It

House

de¬

mands.

major correction but there doesn't
of

such

man

ing

seen

estimated $1.60

United

efforts

he is considered
has

by

uled

is

able

an

amazing

will
mar¬

Oils should be helped

stricter

and

being made to blast him out of the

problem with the

same

Stevenson

fellow

plant

oil, mainly the do¬

companies,

Adlai

prices, but

and

ducers sometime in

by

some

(4) Costs are lowered tp fatten

to

to

equipment

new

seem

a

outlays.

consumer

is

year.

Profits

boost

oils, airlines,

aerospace,

expected

BY
CARLISLE BARGERON

1963's

in

equipment, air¬

downward pressure on

as earn¬

with

con¬

high level, especially

a

defense

Paso

expected to sag to $1.30

are

this

are

Government

El

Its dividend

next year from an

to

1, 1963.

(2)
in

cor¬

$1.20 from $1.08.

falling to $1 from $1.23

as

ings

(both

individual)

and

stantial

of

matter

a

Common¬

and

exception:

major

from

Boston Edison to

$1.29

from

Electric

$1.10

to

go

this year,

becoming clearer that new highs Natural Gas.
can

higher divi¬

sees

American

utilities.

$1.32

But the implications are

economy.

also

likely for most other lead¬

Power

succeed

sults likely.

' ;'A:•'

economy.

National

and

are

and

sheet

balance

with $3.75

up

to

take dead aim at

seers

Telephone's

investment

this

path,

company's

out.

General Optimism

likely

market: Industrial

those

as

will boost its probably start to boost profit
Shunning the gins for the more efficient

dividend next year.

predic¬

year-end

state

most

chemicals and textiles.

of the $500

managers

American Telephone

come

of

flood

is

time when inves¬

a

about

are

usual

Dividend Prospects

National,

reduction similar to

loss

increased.

a

dive, or even a plunge.

a

ways

called

was

dividends of

that

add

craft

indus¬

Dow-Jones

change

economists

these firms may also be

Ahead of the News

...

analysts

picking these industries

witnessed

hold

now

promise for 1963.

more

15

Kleiner, Bell & Co.

rrbmination.

16

The Commercial and Financial Chronicle

(2552)

search

Cut in Federal
Tax Levies Is Essential

An Early
'

•

«

>

.•

and

must

and

technology.
step

We

Rejects Increased Government
Spending

economic

growth

Exactly one month later, to the same

-

possible

Kennedy seconds former President

consumption and

of

this Nation

Less than a month ago

possessed
weapons

both the will and the
to meet any threat to the

be

we

The

b

This economy

d oned.

a n

lion

$30-40 bil¬
producing

are

we

grounds .of

on

and

moment.

a

The

final

v;
best

and

deterrents

the

and

initiative

which

their
and

by

.imposed

are

present tax system-^-and this

our

long run, that

today. Business earnings could be

Administration pledged

will

$7-8 billion higher than they are

summer

deter-

today. Utilization of existing plant

corporate income taxes to be en¬

be

not

mined

by

military
d i p

1

or

Pres. J. F.

will

It

be* affected

by i the decisions of Finance Min¬
.

isters

well

as

fense

Foreign and De¬

as

and

fiscal

of

weapons

well..

as

monetary

military

as

all

above

weapons—and

deploy¬

the

Ministers—by

ment

the

by

accept
5%

well

the strength of our de¬

as

fenses.' V

v

■

America's rise to world

leader¬

such as

or more,

is

for

need

no

with

growth that keeps

capacity out of use.
Economic

The
York

rate

insured

of

economic

unprecedented

our

growth.

Interrupted

during the decade of the thirties,
the

vigorous

expansion

continued for

economic

tion

has

But

ford

health

been

damentally

for

15 years

all

efficiency of free institutions.

The

i.

than

more

the power of freedom and

see

the

our

demonstrated'for

thereafter. It
to

of

resumed in 1940 and

economy was

of

is

and

this

now

Na¬
fun¬

sound.

be satisfied,

to pause.

to look back

On

our

depend

growth

increases

slower
as

the

strength and

strength

of

of New
go

share
we

do

better

even

The

currency.

industrialized

dependent

are

the

their

to

short,

struggling economies. In

a

and

prosperous

America is not

for

20

growing

only of importance

to Americans—it
man

of

is,

as

nations

the spokes¬
in

the

Or¬

exerts too

—that it siphons out of the

cial incentives for personal

investment
In

the

whole

l'evel

one

In

the

actual and

our

gap

potential

taking

em¬

action,

two

years

most

have

growth will

reason

be

to be

duce

to

seek
solu¬

narrow

automation, ,to

the work

week,

re¬

to shut out

prices

raise

under-capacity

on

feating

these

it.

There

economy,

the

meet its

a

•

not
"

(1)

as¬

Employment

must

been

sonal

income,

increased

Profits,

per¬

living standards—




make

tax
not

are

lost

reve¬

possible

directly to

a

They

goal

our

of

special

provisions

lightens

the

tax

few only at the cost of

heavier burden

and1 channels

undue

an

into

energy

more

efforts

valuable

to

cer¬

ac¬

profitable than other

inhibits

ficiency,

tion
can

improve
and

also put us in a better

to

necessary,

growth

well

as

and

American

technical

and must expand

civilian

following

the
...

and

ef¬

considerably

as

Reve¬
*

do

large

the job required.

amount

Early

ac¬

various

-

exclusions

part

of overcoming the

as a means

oppressively

high

rates

brackets—and

duction

in

those

on

confidence in America—in

ability to meet

large

tax

a

Too,

cut, of course, could

mitments and reach

goals.

The

ment

in

growth

that

too

late

to

be

the

too

cut

greater
little

effective.

v

or
;

(2)

Second,

must

increase

tion

well

as

as

are

consump¬

investment.

as

equitable

new

Those

Surely

on

every

that

income,

year

after-tax

since

income

could and should be greater, pro¬

viding

stronger

products

of

markets

American

consumers'

We

goods,

re¬

capacity,

plants
men

use
are

for

the

industry.

purchase
more

hired

of

instead

merely

particular

to

to

could

restrict

minimize

problem.

On the

and," financial' authorities

—have

urged

order to

tract

to

us

expand

gold

cut taxes

our economy,

capital

more

far

—

from threatening to withdraw

in

atr

increase

and

confidence in the future.
But what
about

cans

concerns

tax

a

the deficit in

in

most Amerir

cut, I know, is not
balance of pay¬

our

deficit in

the

When

Budget.

Fed¬

our

announced

I

April of 1961 that this kind of

comprehensive tax .reform would
follow
I

had

the bill

hoped

this

enacted

to

year,

in

it

present

an

re¬

But it has been necessary to aug¬

accom¬

rates not

widely

more

this

is

more

ment

sharply

balanced budget.

a

our

nuclear and

will

in

of bill must meet

confident that the

due

course

increase

times the amount of taxes
cut.

Profit

margins

invest and
for

creased.

the

There

will

con¬

terest in taking

be

will

constitute

increases

im¬

which

ex¬

all

have

of

and

in

we

found

agriculture.

We

shall

postpone

<

in

industry

therefore,

our

tax

cut

cut into essential national
programs.

neither

plans

This Administration is

new

in¬

security and survival—and

to

America's

I think

we are

its

eco¬

we can

af¬

to do both.

Our true

em¬

protect

also determined to step up

ford

will be aided by full

nor

security-

determined

problems, more¬

re¬

•

in¬

growth.

the

occurred

Administration, the

jobs and new products for long-

over,

oul

mainder having gone to fight the

nomic growth.

economic

na¬

These

be

risks, in increas¬

Other national

our

' meeting

practically
'

ing productivity, in creating new
term

up

servicing the

and

obligations to veterans.

recession

actually

will

be

of

our

supply of internal

investment

cost

debt

under this

proved—and both the incentive to
funds

creased

tional

en¬

national product by several

gross

in

step

penditure increases, let me stress,

the three tests which

are

am

would

actment of the right bill next year

more

their

than

atmosphere of

both counts.

right kind

Con¬

still spending between

have

But

bill

tax

new

of their after-tax

they

1950.

the

private

years

the

sharp

measures,

properly make the

—and I

tax

a

payments

two

space—to meet the in¬

future

is

of

last

efforts

the

revenues—but

the

foolish

more

our

balance

in

improve¬

it clear that nothing

makes
be

economic

our

substantial

our

position

our

com¬

hole-closing

result in inflation and insufficient

danger

economic

our

forces—to

applicable.

recession.

tools

help our international accounts.

ventional

added

against

position, if

panied by base-broadening, loop¬

only lower but also

in¬

a

in

rates,

tion could give us extra leverage,

results, and important

and

concessions have been justified in

upper

!

„

sufficiently early date

sufficiently

a

educa-' When

training.

any

These-

and

It will

monetary

use

a

both

abroad

keep capital here at home.

undertakings.- All

our

Service.

nue

from

capital

will

.the ^contrary," European governrnental

on

types of less productive

this

ex¬

First, it should reduce net

92-94%

"

Government

responsibilities to

meet
-

taxes by a

ex¬

number of ways by

Federal

circumstances,

t|hree tests:

sumers

sist economic growth. We can and

has

of

program

tied

more

is

legislation enacted next

should

year

can

while inflation has been arrested.

by 1.3 million jobs.

a

steps

recover

thus

tivity

Federal

'

useful role

draw

exports—and

climate

in the dollar in the long run"rests

special

a

opera¬

which

'
are

in

self-de¬

all

are

expedients

only restrict the

can

11%

to

or

But

tional

risen

tax

dis¬

present rate of

tempted

and

tions—to resist

which

has

most

Under these
new

to

activity.

our

short-sighted

made great strides. Our gross na¬

product

tain

tives and opportunities for private

surance

satisfied with

pand
we

the

economy,

not to rush into

at

do not take action, those

have

tions.

last

the

Government's

boils

widening

a

business

we

Western

Underutilization

risk-taking.

aid

But, most importantly, confidence

avoid tax liabilities. It makes

expenditures.

of doing nothing, and

risking

of

profits

Paradox of Record Iliglis and

and

will

economic

new

tax

These

of

facilities

invest¬

new

efficient productive

more

modi¬

or

It distorts economic judg¬

amount

effort,

expand imports,

ment in

eral

therefore,

ployment—or

of vital importance to
world.

many.

ments

will

balance

our

While rising demand

the

of

a

placing

of

short, to increase demand and

lift

vain effort to obtain full capacity

this week,

private

share

a

is true of

same

of payments.

to

a

on

appropriate limits.

The

re¬

preferences

load

within
-

taxpayer and the Internal

imports,

stressed

large

too

economy

and

drag on growth

a

will

tax

many

patchwork

present tax system

heavy

abroad—along

productivity

long-needed

of greater growth. For the present

five

last

level

remarkably

help keep both prices and wages

ditures, but to expand the incen¬

tion

Development

our

the

being

not

general

been

increased

done

ganization for Economic Coopera¬
and

that

years

of

with

has

it

growth in output, profits and

who

sale

evidence

accumu¬

the

—both at home and

ments but

years.

choice,

down to

primary commodities, and for aid

the

lated

the

about

our resources

are

stable; and increased competition

complicating the work of both the

than

last five

Our

If

for

us

talking

am

.

their

upon

I

also

infla¬

en-»

larger cut in present rates.
are

But

has

cessive increases in public expen¬

deflation. The devel¬

countries

arm,

temporary complaint.

prices

must

tire economy to a new and higher

to

us

shot in the

mere

of

and

prevent

to

a

some

present

our

reduc¬

and

increase, if that

an

utilized;

progress—this
can

the Federal level, to raise our en¬

look

Free World

oping

continued

and

leadership and

our

to 'ease

bill

equity

.

in

between

unity,

countries

its

of

economy

trade

our

conviction that—proud

are

thereby

and

economy

>

tax

the■

of

and

;

■

■

a

means

only needed to

the

giving

about

the

seen

depressed

relief. And I know you,

my

talking

the

broadening

privileges.

power—that it reduces the finan¬

York, of thousands forced

on

I

This

.

of

fication

imminent. Nor

were

ad¬

tax

new

both

simplicity of

a

'■"*'

base and the elimination

appropriate

more

the

system.

forms,

a

personal and business" purchasing

unemployed

of

and

cut,

tax

thereby

can

=

the

improve

actment

Nation

the

have

You

recession

a

about

temporary

or

which would be

people roaming the streets

young

others, the spread of Free World
confidence in

both been

in

chronically

upstate,'

areas

income

personal

than

whole.

a

as

in

here

tragedy of

to

with

—and

average

employment have

and

New

-

persistently higher

national

the

Nation's

leading nation cannot af¬

a

to

the

of

unemploy¬

*

"quickie"
if

Third,

(3)

Sought

talking

and

undertake

capital.

.more

nue

problems. For in this state

than

else

Club

not

to

pay—

middle

brackets, who

tax

am

am

•

is, of course, familiar

these

the

good

out of work and

good men

ment has been

thing

be satisfied

to

us

rate of

a

War has reflected

than any¬

I

the

cause

resources-

oppose

manpower.;

certain to spend

in

1 d

o u

irresponsible

necessary.

fully

lower

•

take-home

encouraged

should

in

effective

become

the

would

as

and

per¬

ditional efforts and enabled to in-

'

No "Quickie" Tax Cut

have had

we

"

1963.

itself last

in

are

those

for

across-the-board, west

an

and

acted

unemployment rate of

an

ship in the century since the Civil
more

not

We need

well.

as

in 60 of thedast 61 months. There

strength of this Nation's economy
as

rise

would

alone.

moves

be

could

higher—and if it were,

Kennedy

atic

o m

equipment

and

to

those

I

to recommend

corporate income

as

sh

were

next

reduce

ad¬

pay¬

tionary; and I would not hesitate

operating

reasons,

must

additional

upper

-be

top-to-bottom cut in personal and

much
investment

security

well

as

brackets, who

private

to.

these

bill

taxes—for-

income

private

on

of

tax

sonal

to reduce

and business is

burden

all

'"For

strengthening demand among con¬
sumers

then

tions

make

employment.

year's

re?

or

balance of

our

scramble for men and

after taxes would be at least 15%

at full

I

confident,

am

inflationary spiral

an

requirements

to

thus increase both profits and the

we were

'

operating close to capacity levels?

existing capacity and

higher today if

trade

number

-with little unemployment—or if q
sudden- change
in- our military

incentive to invest. In fact, profits

of

means

will

to
a

ments. If the economy today were

fully effec¬

which

new

workers—fa¬

expenditures.

I

versely affect

need

demand

measures

of

use

worth

we

will not,

vive

which

taxes

.

consumer

these

more

..OAT

'

income

provide

—

adjustment

government

It

allow¬

reduction in

the

areas

:n •; ;.' No Inflation-Threat

parts of our

10 %

a

tive—demand

this

say more on

/

-

national

.

done

revision

billion. Now

increase

make

maximum

with

spent

efficiency. I shall
in

the

years.

is capable of pro¬

than

more

—

been

have

we

ducing without strain

the

in

But

better

for the last 5V2

be

not

than

better

doing

pursued :

will

justified

essential

$2.5

some

than, can be

spend a penny .more

have

of

through the liber¬

in tax

step

corporate

If

We

depreciation

.amounted to

government is to retain the con-

For

years.

do

must

and

can

two

much

course we

have

a

up.

last

the

even

made will not

the

beyond

look

quarter, or the last quarter,

first

the

both

of

ances—two

to

and

productive plant

surplus

in

expansion—and reduce

through the 1962 investment

alization

course

a

demoralize

fidence; of the people, it must not

need

must

we

such

but

—

soon

replacement

plants

new

the

indus¬

encourage

for retrained

cilitate

lia¬
the

our

taix, credit and

than

? rapidly

more

of

jobs

tax

of

labor

has

It will

areas.

location

this

steps

stimulate

equipment.

this

be

also

government and the economy.

quarter.

But

or

given

necessary

setting new records, Most
this

are

next

have-

penditures

quarter are up—and the prospects
are
for further expansion in the

The

free men.
we

all

and

Federal' ex¬

increasing

by

would

could

It

expansion.

done

of the economic indicators for

next

of

security

gains

it

that

world

the

reminded

for

business

to

.

expansion of

in part

payments situation today places
limits on our use of those tools

remarks.

President's

of the

course

which

fetters

reduce

modernization,

of

with New York State in the

aimed at Governor Rockefeller, is made

private

in

major

and

bility

tools—but our balance

monetary

trial

government

taken

to

year

investment "de¬

this::■.could be done

past,

economic growth
An oblique disparaging statistical comparison, apparently

progress.

make

to

by the increased use of credit and

nothing or taking action to raise our

doing

is

the

cut

our

and

investment

of

the

But

already

provide

help

depressed

and

farms

also

must

rates

availability

capital.

signifi¬

private spending. In the

hold back

but one

reduction "versus" avoidance of further debt

not to be tax

mand—to

tax

will

It

ployment.

jobs for those compelled to leave

high.

are

■

increase

an

Thursday, December 20, 1962

.

to increase incentives

cut

the

.

investment increases

off,

profits

Corporate

cant kind of Federal action aiding

business audience, President
Elsenhower's call for tax cuts to
provide wider purchasing power for all groups and to create business
Incentives.
In only one respect dov they differ.
President
Kennedy pledged to keep Government spending at its present level
with the exception of national defense, space and debt interest cost.
His predecessor, however, wanted tax cuts coupled to declining, or
at least constant expenditures, in the next two years.
The deficit
is blamed on our economy's growth pace and restrictive tax structure and not on "wild-eyed spenders"; and our true choice is said

and

be

-

Kennedy,* President of the United States

laid

of

ment of our natural resources.

But the most direct and

By Hon. John F.

can

develop¬

the

up

.

choice is not between

tax

reduction,

and

the

on

avoidance

the
of

one

hand,

large Fed-

deficits

eral

Number

196

Volume

other.

the

on

6222

is

It

.

.

The Commercial and Financial Chronicle

.

present

level,

will

be

note¬

^

increasingly clear that no matter
what

MUTUAL

worthy effort in expenditure con¬
trol.

long

is in power, so

party

needs

security

national

our

as

hampered

keep rising, an economy

by restrictive tax rates will never

enough

produce
the

ance

budget—just

the

but

spenders

eyed

caused

not

are

that

is

decade

last

deficits

jobs

or

Surely the lesson

enough profits.
of

as

enough

produce

never

to bal¬
it will

revenue

budget

wild-

by

slow

by

sions—and

any

recession

new

other

economies,

reduction

in

will reflect
million

in

savings

the

of

the

from

expected to

cutting down

that

rates

tax

too

are

high today

and tax revenues are too low—and

the soundest way to raise revenues
in

the

of

long

is

run

to

cut

European countries

this

rates

The experience of a number

now.

has borne

out.

This
with

borne this out.

the

duction

can

1954

has

employment
the

pave

The

can
re¬

of cut¬

purpose

incur

to

a

budgetary deficit, but to achieve
the

more

expanding

prosperous,

which will bring

economy

budg¬

a

etary surplus.
I

repeat:

not between
a

deficit and

tax-cut

a

budgetary surplus. It is between
kinds

two

deficit of

of

inertia,

result of

sulting, from
the

boost

of

transition,

is

achieve?

weakness—the

tax

si'uture-

a

The first type of

sign

a

re¬

increase

economy,

budget surplus.
deficit

tem¬

a

of

waste

second

and

reflects

an

investment in the future.

and

non-es¬

tightening

logistics,

plus

or

Other

and
basis.

non-competitive

v

agencies

cost

on a

doing

are

actions

certain portions of this

on

year's

tax, farm,

other

bills,

could

Congressional

delayed

or

postal

still

and

rate

economies

more

have been achieved.

In

heads of government departments

agencies to hold Federal

ployment
thorized

under

by

priations;

the

Congressional
absorb

to

efficiency

em¬

levels;

au¬

appro¬

through

substantial

a

Nevertheless,
the

House

to achieve

and

Means

Committee pointed out this week,
the size of the deficit is to be

re¬

garded with concern—and tax

re¬

duction

his

be

accompanied, in

words, by "increased control of

the

is

must

rises

in

expenditures."

precisely the

course

That

intend

we

amount

fewer

of

to

be

same

done

by

people; and to refrain from

spending
that

work

any

appropriated

were

funds

unnecessary

the

by

At

the

in

Budget
be

as

tax

our

is presented to the Con¬

program
gress

time

same

January,

for

fiscal

presented.

the
1964

Federal
will

Defense

and

also
space

expenditures will necessarily rise
in

to

order

which

It should also be noted that the

Federal debt,
Gross

our

been

as

steadily
the

Product,

people

by

took

total

this

office.

increase

of

the

only 2%—com¬

8%

increase

to

an

in

the

already

authorized

been

Congress with the
and

gratifying

parties.
the
I
of

all

also

its

tional

current

by

in

have
of

state

the

na¬

risen

at

than

more

New

gov¬

for

recent

York

State

example,

have

at

years
a

year.

when government pay

and

the

domestic

in

pressures

demand

aid is

thus

for

the

At

a

rate

time

scales have

necessarily risen—when
and

our popu¬

are

growing,

services

debt

domestic

today

360%

only

in 1946—

was

local

and

over

is
debt

and

for

Federal

tanqe to

financial

state and

ments,

the

actually

Federal

example,

is

it

and




within

the

ment

show

in

was

budget
surplus.

a

employment,

the

glamour.

For those Wall

Streeters, to whom "glamour"
awkward

an

often

unusual

the

term,

stocks

such

referred

were

to

was

having

as

We

is

this

Federal

Elec¬

and

found

the

among

younger

element within the Financial Dis¬
trict.

Indeed,

ment

invest¬

counselor, looking back
with

crowned

career

a

veteran

a

on

complained

"I'm too old to make

in

He

this

kind

of

market."

was

that

largely

stock

a

ignored

market

the

oldtime

reduction

underestimate
the

makes

both

appropriate

which

will

one

proach.

Oct.

be

A

high

next year.
the

Congress

ob¬

will

to wait
tion

on

the

market

Board,

"In

order

dramatic

threat

a

to

the

ap¬

states¬

of

will

na¬

a

sudden

its

and

security is

creeping and complex threat to
economic vitality. This Nation
afford

can
can

but

afford
we

ing.

on

taxes—we

temporary

a

cannot afford

For

the

economy

free

men.

to

deficit—
do noth¬

We

of

free

and

less

the
shall

hope
not

nations

shall

before

York, Dec.

President

the

14,

Economic

1962.

I.
the

of

Club

of

re¬

New

Pure

prices

of

of

Clark

dock

of

Scudder,

Fund,

Inc.

long-term

that

directors

into
be

to

Scudder.

commitments

rela¬

was

in

the
had

we

assets.

And

has

what

ended it

of

California,

good

Affiliated

our

a

though

such

felt that

we

tary,

Unilever,

Northern

At

the

Telephone

Hill

Dow

Pacific

Fund

excessive

So

it

had

cash

moreover

in

at

relation

Oct.

31,

its

of

net

to

1961,

preceding fiscal

14.8%

year,

assets

&

$9

counsel,

The

for

its

as

the

Scudder

$80

anced

last

Fund

million.

funds

and

Apr. 30, 1962—when the

ket

literally

the

abyss,

this

to

creased

was

Telegraph,

has

Both
are

it

was

General

Finance,

Eagan & Griffin
The investment firm
Masterson
to

name

&

Co.

Eagan

has

$8.83

1961

to

last

the

at

year.

$6.92

at

end

receivables

so

The Funds
Fund

of the

74

But

the

net

asset value

of

should

terim

report

fiscal

eral
the

Boeing,

same

high-qual¬

to

pleasing

Gas, Mercantile Stores,

ket

in

the

late

summer,"

spring

the

"brought

prices

early

reasonable,

invested
our

a

and

us

therefore

substantial

reserves.

vestments

and

to

We made

increased

portion
new

in¬

existing

holdings in the oil and oil service

and

Oct.

raw

classified

materials)

and

transportation industry

i

Fund

31

as

in

fuel

the

(service);

of

change.
a

Frank

C.

former partner,

business

at

member

the Ameri¬
Stock Ex¬

Masterson,

Jr.,

retired from the

the end

of November.

Schwabacher & Co.

re¬

total

$17,922,782,
This

a

net

$13.50

or

share

SAN

gomery

&

Street,

Co.,

100

members

New

York

Exchanges,

on

Calif.—

FRANCISCO,

Schwabacher

Stock

with

compares

$21,581,047 and $18.03

and

Pacific
on

Mont¬
of

Jan.

the

Coast

1

will

admit Gene A. Frantz to partner¬

31, 1961.

ship. Mr. Frantz is manager of the
From

May

to

1

in

ments

Oct.

Oil,

Crown

Tire

&

Oil

31,

new

Coca-Cola,

1962,

firm's municipal bond department.

invest¬

Continental

Zellerbach, Firestone

Rubber, Gimbels, Macy's,

Atlantic

of

&

Pacific Tea Co.,

Ideal

Cement,

Products,

Tennessee
Texas

Gas

Ele¬

Standard

Swift

Gas

Na¬

Otis

Roebuck,

California,

&

Co.,

Transmission,

Transmission,

Union Oil of California and F. W.
Wool worth.
riod

it

Over

the

eliminated

Steel,

same

pe¬

Allegheny-

American

American

Home

Photocopy

Equipment, Walter E. Heller and
Interstate

Department
tf:

Oct.

At

31,

Stores.

:|:

A

Incorporated

of

amounted
a

1962, total net assets

share.

sets

of

share,

to

Income

$121,625,051,

This

a year

or

Fund
or

$8.69

with

selected
income

possibilities. Sold only through registered
investment dealers. Ask your dealer for
prospectus or mail this ad to

free

per

CALVIN

«

Oct. 31,

mutual fund owning stocks
investment
quality and

Fund reports that

ONE

WALL

^STREET,_NEW YORK 5
CF

Name.

end of the fiscal year,

total net assets amounted to $883,-

EULLOCK, LTD.

Established 1894

earlier.

Investors Stock
at

for

as¬

$10.04

compares

$126,751,112,

supply industry, the chemical

(both

fin,

To Admit Partner

:|:

Stock

many

stocks to levels that seemed
be

*

on

share.

notes,

of

Shamrock

mar¬

and

company

the

Gas,

ports that at the completion of its

Products,

decline in the

,

Gas, United Carbon.
:l:

Oct.

C

In

Illinois

Ludlum

stockholders.
"The sharp

of

in¬

next

extremely

Gen¬

Electronics.

Northern

Oil &

the

period it sold Arkansas

Sears,

in

company

Louisiana

vator,

the

year

Frito-Lay,

Telephone &

Dairy

fiscal

share,

a

the

year

tional

of

a

$11.80

can

bought

City,

Eagan and W.

Joseph C. Eagan '4

Corp.,

of

the

make

Trinity

Joseph

31

During the final quarter of the
last

the

address,

Edmund Grif¬

$9.58

was

Oct.

on

con¬

at

partnership of

earlier.'

Hertz

ity portfolio since the end of Oc¬
tober

Report-

year

with

compared

Great

rebound

stocks of the Affiliated

be

under

reports that at the

fiscal

17,

business

Place, New

r

in¬

close

effec¬

Dec.

at

amounted to 9.2%,
obviously is bullish.

declined

end

the

changed its

Griffin,

&

C.

Frank

of

same

Affiliated

and

Firm Name Now

tinued
and

net

share

per

offered

will

cash

of

bal¬

are

sold at net asset value.

Midland.

year's

years.

assets

The

so,

Even

investment

tional Biscuit and Archer-Daniels-

Net

used

three

tive

Beneficial

had

figure

15V2%.

value

mar¬

the brink

on

has

Southern

International

Commonwealth made

Six months later—that is to say
on

portfolio in

a

million,

Na¬

Motors,

in

the equivalent.

or

31.

just

Chemical,
time

same

Commonwealth

Affiliated

to

Dec.

Proprie¬

and

Zenith,

growth stocks had this char¬

acteristic.
The

a

been

year

Jersey, Union Oil of
Broken

of

advisor

adding to holdings of

was

Standard

This

judgment,

our

prospects may be, and
many

of

as

Haydock, which has

over

in

buying? Well, during the

Colonial

valuation of its long-term pros¬

promising

is

merger

are

stocks at attractive prices.

common

end

stock is not

a

good investment, in

a

Hay-

Haydock

merge

The

consummated

pe¬

prices

stock

our

emphasized in

as

Stevens
of

and

proposal of their respective boards
of

ment

opportunities to make

as

we

stocks,

our

last year,

year

Fund, Inc. have approved

gener¬

While

particularly

1%

a

:!••

York

if its market price reflects too full

and

Kennedy's

Dutch,

flatly

says

lower

Hughes,

the

of these

because,

was

report

of
fail

and prevail.
of

R.

electronics, where

than

industry
*Text

decline,

small,

field of

our

their faith—and, God willing, free
men

ends

Harry

Chairman

Albert

many

tively

to

strength

rests

of

regarded

Alluding to

total investment in them

we

free
all

reduce

to

out

the subject of

up

popular growth stocks

owned

surely equally capable of meeting
our

is

year

ally declined the most.

asset

capable of marshalling these
meet

(fiscal

2nd,

the

from

perfect. But

to

which

reversal,

and

Standard of Jer¬

as

share

a

#

President, make this point:

own

his

if the possible is not

the

qualities

a

report

31), takes

satisfied.

fully

determination

and

Fund,

interesting twenty-ninth

growth and glamour.

pos¬

enacting such legislation.

Everyone will have

Affiliated
riods

per

not

No

annual

are

$13.40

Scudder, Stevens & Clark invest¬

seemed

I

in

its

course,

Royal

eliminating
Affiliated

earlier.

year

of

the

assets
or

excess

were

and

face

Texaco,

of

net

Oil, Amerada, Continental, Cities

Pacific.

bellwether issues.

with

a

category,

assets

sible
do

30.2%

giant oils

couple

a

a
bread-and-butter man,
the kind of fellow who had strong

misgivings about

to

16.3%

consider¬

of years ago:

money

*

fuel-and-raw

issues

31

$16.52

of

such

Their strongest supporters were

to| be

and

Stockholders

equities had reached levels which

Reduction

re¬

Service and Phillips.

Space.

close of the

Tax

Fund

earlier.

&

from

this

assets

is the rise in

employ¬

setting which

tax

materials

In

in¬

power

."

.

percentage

total

and

in

striking feature of the

year

*

Afford

Can

It

the

light

sey,

Age of Nucleonics

tronics and

earnings.
*

*

$90,003,088,

portfolio

a

tenth

67%.
si:

Thus,

felt that the prices of many other

has

*

share, against $101,595,446 of

per

holdings

our

(service).

Affiliated

growth characteristics in

for

period

same

*

$978,-

share.

per

Mutual

Oct.

on

amounted to

electric

while state

1952,

government

over

increased

govern¬

cash

year

reduced

we

dustry

invest¬

have

actually lower today

local

marks

their

overwhelm¬

an

to

assis-

increasing—next
at

the

companies which could be'said

pects,

local

Federal

civilian

than

prosper

outlays

last

of

community for the equities

in¬

private

by 300%. In fact, if it were

not

and

year's Federal budget, which will
hold

state

creased

manship

task. During

years,

and

of

-

rate of 9%. Expen¬

roughly 10%

lation

com¬

State and local

the

Government,
risen

while

longer view,

a

debt

higher than it

total

expenditures have risen

annual

ditures

13%

stacles
on

But

approxi¬

level.

easy

rate

year.

ernment
at the

at

expenditures

average
a

Taking

Federal

be required
an

government

71/2%

the

both

slightly.

held

nine

past

civilian

of

of

expenditures

be

This is not

an

rise

other

will

mately

the

overwhelming

support

tell you now that the

bined

the

by

Fixed interest charges

debt

can

ernments.

own

security, and which have largely

was

the

to

debacle

sentiment

Last

in

was

the

their

for

ing

has

since

reduced

Administration
year

proportion

a

National

programs

demanded

are

American

out

carry

spring there
ment

prior

years

market

Prankard,

Congress.

would

to follow.

stock

increase in produc¬

an

tivity which will enable the

pared

Chairman Mills

as

Ways

several

part of the Federal pay increase;

gross debt of state and local gov¬

of

For

able success,

addition, I have directed all

and

*

Emphasis On Values

And had it not been for ad¬

verse

POTTER

share.

ports that at the end of the fiscal

the

Federal debt

With Mills

Agrees

down

reducing purchases made

tax-cut designed'to

a

and

revenue-

revenues and

economy—or

deficit

porary

chronic

the unwanted

as

inadequate

restricted

a

deficits—a

Defense,

of

installations,

procurement

a year

duplication and

on

closing

overhead,

greater

practical choice is

our

systems.

$3 billion

Department

sential

to full

way

is not

now

is

reason

budget—and tax

employment.
ting taxes

in

And the

full

only

balance

experience

own

reduction

tax

that

the

same.

country's

obsolete

weapons

save

in

paradoxical truth

million

of

$19.93

a

cost, reduction program

a

C.

or

per

were

earlier assets

year

Loomis-Sayles

of

Secretary McNamara is under¬

taking

In short,

a

$600

least

concellation

would break all deficit records.

it is

costs

storage

unworkable

JOSEPH

$300

over

grain stocks—and

at

BY

postal deficit. It

savings of

a

surplus feed

or

A

million

$750

a

the

17

245,534, equal to $15.27

FUNDS

730,731,

This budget will reflect, among

eco¬

nomic growth and periodic reces¬

(2553)

Address.

18

will

suggested. The Stock Market

Paul T. Babson Foresees
-|-v

-|—v

.

.

have

-

and the year will provide less ex-

"J

jrpi

•

violent price swings

the

without

CORNER
|

Stock

Grace Line Inc.

returning to the market

buyers are expected to be

r

L;

A

gain compared to 7%

speech delivered at the She¬

a

Plaza, Boston, December 18,

ments.

are

Steel.
reach

w/y

Wty.

"Cost

Busi¬

in

will

trend

upward

be

with

about

gree.

Mr. Bab-

son's

forecast

based

is

marily

following impor¬

components:
Product:

lion.

We
a

dicated

total

of

around

$578

billion—a

41V %

some

billion

$554

of

compared with the

as

7% gain shown in 1962 over 1961.
"Automobiles:
other

bile

We

forecast

good year for

Our

industry.

an¬

the automo¬

i.2

million

compared with 6.9 mil¬

as

million

-

its

farm

cash

relatively
7

cents

for

remain

qui^e with an automatic

same

We

do

will

going

per¬

up

the

about

run

prospects

Trade

ap¬

little better as we enter the

new

yqar.

spectacular. We

dollars

billion
lion
duce

exports and $16.5 bil¬

for

of

each, to about $22

imports. This should pro¬
'favorable balance of trade'

a

the neighborhood of about 5 ¥2

a

forecast total

ingot production of
lion

with

compared

will

lective

and

price

but

of

last

spring.

from

imported
aluminum

and

for

no

increase

well

as

total

a

profits,

and

tinue

as

their
total

with

pillar of support for the national
1963.

in

record

We

forecast

a

of

around 62.5

new

construction.

high

billion for total

will

Payments

year-to-year

con¬

trend

6%

about

payments'

reaching

"The

1

is

1963

Market, in general,

be

with

"In

the

rather dull
only

changes either

Housing (starts are likely to be a

minor

price,

down.

up or

Stock

affair

Market,

ex¬

pect the irrational price gyrations

higher. On the whole,

of 1962 will have

to

a

good

year

building with costs continuing
edge

and real estate values

up,

stock

when

blamed

4.20%

and
%

believe

that

returning

be

be¬

we

of

range

-•

.

thought that there

they believed that people should

been'

stock
to

the

year.

In terms

forecast

60-75

about

buyers
market

for

a

the

ed was'beneath their

to

company's

subsidized

and

Atlantic

be

the. U.

S.

called

loafers when I

receipt

ships, net after

construction-differen¬

of

estimated

is

subsidy,

insured

amended.

States of

XI

Title

under

Merchant

Marine

be

to

;
./,%■'
bonds are

.cards,,
first

the

of

Act, ,1936,

mean

Production

120,

we

about
year

which

expect

125

a

with

about

at

now

stands

at

high next fall of
for

average

122,

as

the

compared

with 118 in 1962.

''Labor

look

and

forward

sell."

obligations of the

union

can

demands

which will emphasize 'fringe ben¬

efits' and perhaps a shorter work
week

more

vigorously than sub¬

stantial wage increases. However,

'wage increases' will

general

pattern

of

moderate

boom and
nomic
to

in




still

labor

be

the

settle¬

Business

year

improvement

levels.

Will

and

vessel,'constituting

ferred

under

"The

bonds

the

T

,.

...

,

redeemable

are

from
for

104.25%

the

down, to

start

,

—

to

York,

owned
&

of

100%, and

N.

is

Y.,

a

and,

with

Sq.,

of

No

scheduled

regularly

and mail

sengers

trade

on

routes

a

or

the

Pacific

the

Panama

Coast

of

Venezuela,

and

will

one.

the

hand

have

have

Coast

is

cent

They will not

of salary

measured
-

gross?

turn it

earn

No

a

Their

profit

worth

month.

every

here.

work

unless they

How

No

much

pay!

business—no

less

than

to

Mitchel,

avaricious

Schreiber,

impatient

more

now

v

-

-''%

than

the

people

of

and

the

capitalism,

fortunate

have worked
a
profession,

broadening

others

to

been

not

to

,

sense,
economics
of

sound

have

enough

bring the

and

try

tq

wisdom,/common

in

as

has

as

their lot.

been

also, have the great

will

They

privilege of meeting many, other
men
whose word. is. their bond;
will

buy

or

worth

dollars

sell millions of

of

securities

over

wire without giving
it a
thought,
and who
never
welched on a
"trade" in their

a

telephone

lives,

even,

if it meant a loss that
,

people in many other lines of

endeavor would

will -see

they

tomers,

broaden

shoulders

older and they
named

accept. They will

among; their

friends

they

as

cus¬

their
grow

will eventually be

executors

of

estates,

and

guardians for the children of
friends
and
clients.
They will

the

the

have

widow

pleasure
to

say

hearing

of

them,

time George met you,

a

"The first
he told me,

'Louise, I trust that man,', and he
had occasion to doubt it.

tional

will become

being the firm.

a

limited partner in

are

only four big emo¬

why people do any-

*

thing: "The first is self preserva¬

>

understand
the

the

strength

of

he

is

gone.

You

take care

securities for me. I know |
nothing about them."
of

my

they

reasons

tion,'the'second

Now

and talk

They will finally understand

that there

Watts & Co., 20 Broad Street, New

to

customers;

will learn to listen
less.

1

stories,

boring

and

To Admit Partners
Jan.

be students

of human nature. They will listen

Mitchel, Schreiber

York City, members of the New
Construction, York Stock Exchange, will admit

are

.

they mingle socially.

money,

nincompoop that

their, employer.

guess

are

J ohn Kemper to

Admit Schroeder

recognition, the

Industrial Production, Corporate
James L. Atherton and Steven H. third
romance
(sex),
and
the
Earnings and Dividend Payments. Wood to general
partnership. Both fourth greed. They will observe
Political influences—on balance—' are
members of the Exchange. On -these motivations and they will
will be on the
inflationary side. the same date Patricia B. Klubnik gradually
begin
to
know and

erably

light

make

made

Mexico, -first, make sales that

Expenditures,

Tax cuts—if any—will be consid¬

:

subjects

obligation

few

go

have done

you

thatris all anyone

never

highs—by On
in

a

along and tells them he's

a

for

to

These

not going to

are

security expert.

get

Columbia, and Netherlands West

New

forecast

them

office with their

will

investors.

who

comes
a

an

They

to the first

over

Canal,

North

for

clock

a

can

And this will leave, them with the

who

punch

see

and who

Central America and South Amer¬

ica,

will

No

pelople

Haiti/the Pacific Coast of South
via

sales¬

country, here's what

beautifying

out

pas¬

Atlantic, Pacific Coasts and

America

good busi¬

a

will need self, discipline.

presence.

number of

between

generation,

present

check, every.week for acting busy,,

(liner)

freight, *

carrying

this

one

them.

26

ships, is engaged in the operation
services

'

-

whom

who

Learn

they will have to do.

wholly-

fleet

a

in

men

subsidiary of W. R. Grace

Co.,

other

earn

They

Hanover

3

Will

he

tics, finance, economics; and many
with

was no

the top ranks of investment

no

eco¬

studying

and they have "guts" enough
a place for themselves in

ness,^

at

accrued interest in each Case.
Line

the

for

You

if any of them want

sinking fund at par, plus

Grace

What

Is

As

1920, \ as

Act,

\

amended.

Here

stay close

New

my.

-

being. They will

when

comes

American

first pre¬

a

mortgage

ship

Mortgage'

Ship

will

Capital

Trade,

a

recession. Most

margins—are

got

they

to help

They/will learn what it is to
become better informed on poll-

house

Moqdy's manuals and there

Index.

'indicators'

current

Retail

no

I

when

or

peace' and' satisfaction

do.

can

describing

apartment

They will have to

"Conclusion: 1963 will be

small

Employment
to

Industrial

and

take this

place where

only

your best+^and

mortgage, bonds, secured ,by
..

/

man's own conscience

a

the-

that;

giveri

was

•

about 590-725 for the Dow-

Jones

Reserve Board Index of Industrial

ca¬

first preferred-ship mortgage on

the

of 425

'durables'. In terms of the Federal

find'

his

real-estate, and said, "Go out and

would Indies.

which

stocks

he,

won't

right,

human

learn that

hundred prospect

somecirculars

business

as

two

can

for this dubious

yous" for the times that

is' the

be secured, -six months
training course in those
the particular
days. I've been training every day
vessel', by a loan agreement of the since June
.30, 1925 when I started
company and, after completion, by
in this business..
company

industrial

than

of

salesman

or

they

were

another

boy.

a

"whip¬

a

registered

went far out of their way

we

until completion of

'non¬

better

stack

a

addition, each series

In

will be general

gain of around 3% with

doing

was

incidentally,

reer,-

they

book-stuffed

When this writer began

-

the United

by

America

Standard & Poor's average

lines

of

,

tial

"thank

get paid regularly,

bunch

a

they

Nor will they expect too many

there

all the fringes. (This

Coast of South America. The total

•

seriously.

pension when they got old¬

a

and

er,

that

which

their

often be selected

selling job.

a

be

and

They will learn

and

But

will

they

people need

boy"

honor.

.

to

mistakes,

errors

representative

they

dignity.

afraid

were

security in

no

have

anything,

Then
these

for

some

ping

them

cause

commit.

not

that

something he need¬

man

Others
was

Pacific

the

and

Coast

a

in They wanted to

servicje

between

1964

"sold"

be

To sell

the

in

placed

scheduled

over¬

durable'

did

that

passenger/
cargo-container vessels which are
combination

cedes,

moderate

a

mis-educated

well

so

•

that will be costly to

for

sometimes

something

degrading about selling. They had

not

salutory effect major
in 1963. We U. S.

many

was

subject,

bonds

portion

a

the

on

Grace Line
of its

by

issued

finance

v

,

questioned

should only buy What they wanted.

prices

of market averages, we

Production,

lieve, will show

the

during the coming

Industrial Output

"Industrial

on

a

will

holding relatively firm.

all

clients.

shares of the cost of the SS Santa

of

we

little lower unit costs will average

for

errors

their

series;

great complexity

will

vironment
make

Maria

New

Bond

likely to

in

of /wouldn't enter into the sales field.
Surveys have been made which

to

1963

the

a

lack of

own

today, and a man's simple
approach to
an
enigmatic en-

categorically that they

stating

to

of life

Yet, we find many of the others

Magdalena, SS Santa Mariana, SS
Santa
Maria
and, Santa
Mer¬

a new

all-time high.

heading.

are

it is

what

learn

indicate that many college seniors,

being

are

will

They

coun¬

make mistakes and not develop

series;

Magdalena

Santa

Santa

Inc.

.

they

.

as men.

knowledge,

where

weak-

own

investment

as

sellors, and

such

begin to grow

guilt complex. Their

regular redemption prices ranging

"Dividend

strong

a

rela¬

mean

times for most

prosperous

industries.

plastics will

Building will again be

rise

high' record

'new

above 1962—again

economy

consisting

.

.

tively

continue.

new

set

Competition

steel,

from

as

will

will

compared with 1962.

by 5-7%
This

be some se¬

advances

Earnings

"Corporate

5-6%.

repetition of the steel price

no

fiasco

probably

981

some

across-the-board

broad

Corporate Profits

102-104 mil¬

million this year—a gain of

There

and

efficiency

Those

of

acts

many

their

study

like heroes.

and try .to- improve their

nesses,

Santa.Mariana series; 4.20%

4.20%
4.20%

a

tons

four separate,
bonds, of $7,-

EJxports, arid imports $38,000,000.
%% %
up by around
a half
Each series
of the

be

billion,
^he European Common
little better next year than it has -Market will
pose added competi¬
in 1962 but, the increase will not
tive problems for U. S. producers.
be

each,

witness

know

%'

■

.

they

as

the part of the

professions

will

people

see

specialized,, and at least, appear to

cost of these four

in 1962.

as

pear

in

believe,

with

performance

will

>"Foreign

summer.

"Steel.

\

income

Prices

lion.

hour boost scheduled

per

next

will

by

haps 1 % —to a total of some 36 bil¬

billion

industry

'

-

■

1962

peat

in 1962. The labor situation in the

automobile

aided

be

"Agriculture will just about re¬

should

1.25

and

cars

will

bil¬

240

billion increase in consumer

trucks

lion

around

to

lines

All

the 1962 figures

over

billion

credit.

estiip^s., .call

for 6.5 million cars and

trucks

insured

of

series

000,000

.

.

are

Santa Mercedes series.

probable.

seems

highs in personal income and

2-3

to

gain

gain

232

new

rise from this year's in¬

a

3-4%

a

of

National

'■Gross
forecast

Composite

"Retail Trade promises to show
Paul T. Babson

the

for

outlook

gain of only

the

in

1%

in the fall.

up
a

year

Being issued

the

choose

will

They

kindness. They will

sixteen

medicine, science, law etc. have

as

Career

as a

They

so-called

of

After

variety, of degrees.

a

who

plus

100%

at

1987,

1,

with

Bonds,

The four series of insured

the

tant business

full

Wholesale Index

pri¬

on

the

Dec.

.

Marine

accrued interest.
r

relatively

remain

firming

some

For

de¬

modest

in

are

steady in the first half of the year

but

-

due

States

Merchant

Insured

benefit

education.

percentage of their par¬
ents, they come out into the world

Grace Line
Government

$28,000,000

United

Inc.

•

Com¬

year.

of

total

(now

wholesale,

at

to

expected

business

Index

the

of

end

prices,

modity

the

1963

.

-

under great stress act

greater

the offering of a

have announced

between

average

Living

of

the

by

to

York,

New

Curtis,.

&

Jackson

higher

and Paine, Webber, -years of sacrifice on

Smith Inc.

&

is expected to rise to 108.5

106.0)

predicted that
basic

should

of the labor force.

and 6%

5%

d

Service

ness

continue

will

past President
United

employment

lion, but the ratio of unemployed

Paul T.

Babson,
a n

/

%.

.

mortals.

and age, young people

the

have

Pierce, Fenner

by Merrill Lynch,

high of over 70 mil¬

new

underwriting group managed,

An

in

Railroads* and

on

Total
a

strike'

'big

Principal

threats

Greater Boston' Chamber of Com¬

founder

%

=

The Qualifications

/

;

1962 over 1961.

in

before the Executives Club of the

merce,

-■

•_

.

fession of security salesmanship

*

In this day

raton

'

Security Salesmanship

prospects for principal sectors of the economy and assures a 4'/2%

In

'

-

This, is the concluding article in a series dealing with the pro-

y.

during 1963 and DJIA to range between 590-725. Forecast assesses
GNP

1

BY JOHN DUTTON

'

"

record

new

Thursday, December 20, 1962

Service founder predicts modest improvement next

Business

dustries.

.

I

accompanied by 5 to 7% gain in total corporate earnings to a
high assuring relatively prosperous times for most in¬

year

.

,

,

United

.

SECURITY SALESMAN'S

much more 'sensible' year

a

Better Business lrena ^^-f^ sieepiess

_

Financial Chronicle

The Commercial and

(2554)

weaknesses

all

of

us

and
poor

LIMA, Ohio—John A. Kemper
Company,
members

Midwest Stock Exchanges, on
1

to

will

&

206 West High Street,
of the New York and

admit

Jan.

Ralph C. Schroeder

partnership in the firm.
I

Volume

6222

Number

196

.

.

The Commercial

.

and Financial

Chronicle

(2555)

cial finance company

PUBLIC UTILITY

for $36 mil¬

lion. The transaction
in that it

ELY

unusual

was

counter to the rather

ran

well-established

OWEN

BY

19

panies to set

trend

their

up

for

com¬

financ¬

own

ing firms, if for no other reason

William J. Drake,* Executive Vice-President,

•„

Union Electric
Union Electric

supplies electricity

to the St. Louis

metropolitan

area

(which accounts for about three-

tricity

quarters of-its revenues)

-

bined load being nearly 46,000 kw.

to

as

and

Fort

Madison, Iowa. Natural

gas

5%

of

contribute about

and heating

Subsidiaries

revenues.

Missouri Power &

Edison,.-and, Union
in"

terest

Colliery;

also has

company

the

and

in¬

40%

a.

wholesale

Electric

company,

are

Light, Missouri

.

the

well

as

Alton, Illinois and Keokuk

Inc.,

4,000

lions.
also

Electric

being

In

1961

tion of about

has

areai

popula¬

a

2,184*000 and is well

;

costs,
also

other

excellent,

Volume
the

temperatures

metals,

electrical

rubber

and

Industrial
about

autos,

equipment,
contribute

customers

one-third of the

company's

'

:

System generating capability at

year

:

over

<

good gains despite strikes in sev-"" complete,

Earnings

at

$2.40-$2.45

for

were

that

1961

peak

two-thirds

load

ofa total

steam

rate

and

rate

of

figures

Since

added

year/' the;

War

World

fatuous

II.

Next

Taum ' Sauk

;

The

pumped storage 350,000 kw hydro

net

was

plant will be completed, 90 miles

provement

southwest of St; Louis.

The

mile-long underground tunnel will
connect

the

an

powerhouse,

tion

the

reservoir

upper

whose

with

combina¬

pump-turbogenerators
most

built

powerful

are

to

date,

capable of handling 5 million tons
water

of

The

plant has received nationwide

attention

and

have

neers

visited

also

the

except

it will

nance,

mainte¬

the

company

in

year

a

Fully

for

save

$600,000

some

steam plant

a

capacity.

same

automated

tax

J.

Drake

esti¬

Some

year.

labor

1962-66

years

con¬

struction budgeted at $319 million
of which $62 million was allocated
for 1962. About half of this amount

will be generated

internally, with

ko

financing antic¬

stock

common

ipated
work

until

1964.

started

was

Preliminary
the

on

to

kw unit scheduled for installation

in

1966 and three additional units

of the

size

same

to

be

by the early 1970s.
The

Sauk

efficiency

plants
about

past

decade,

fuel

remaining
million

per

has
20%

the

with

about

btu.

The

made
St.

increased
the

over

price

the

of

same

company

is

new

to

connect
new

tie

transmission

facili¬

will

Taum

|

Sauk

line

Meramec;
Meramec

tie

another

with

will

the

with

Electric

Energy

Inc.
ap¬

plying computer techniques to

The
with
the

company

other

is

promotion

of

electric

have, passed

modernizing
of

part
in

the

new

place ;in

in

space

industry.

the

taken-

the

To

and

commer-

dry

fishing

cleaning

boats

and

a

users.

independent

finance

business
born

were

upon

and

in

becoming increasingly

was

financing! of first

year on

gages

$40 million apartment house and

ment

commercial development near the

park, and sites
ed

to

begin

s'ports

civil

stadium.

banks,

office

Large

other

on

lines

their activities at

commercial

large

and

diversify

unpreceden

an

emphasis wds

ed rate. Growth

being

financing.
the

on

company

For

one

Pacific

than

more

mobile

financing

other, in
to be

as,^to-

declined.

An¬

smaller "Midwest¬

of the

one

finance

with

municipal

square

redevelopment

Over

programs.

increased

had

feet of industrial plant

pansion

was

built

services

and

ex¬

funds

rendered

in

service

and
as

conjunction

with their funds, now was able to

nationwide

encompass

in

each

except in

cently

1958; the

increased

since

year

rate

to

$1.92.

*

income and that

exemption will continue for

;

years.

Union

Electric

around

about
ratio

4%,

-

has

-.

.

v

48 V2

to
-

implement
and

projects
worth¬

purpose.

Naturally,

instal-.

the

the

of

big

a

priep

tag items—home air conditioning

Companies

.

_

This
of

the

loan

yield

in

the

companies,

well

finance
the

as

and

also

known

as

companies,

as

finance

failing off of

a

On

will

Jan.
be

2, Francis L.
admitted

to

Elmendorf

limited

part^

Manhattan
members

Plaza, New York City,

of

Exchange.

the

New York

Stock

to

growth
the

in

there

outfits.

was

regional

services

and

The

a

chip

the

well

as

sales
of

fi¬

mam-

they

feel

that

consider

modus

then

and

most

broughtwith

its

as

'

•

The

Captive

In my

■'

1,

Finance

of

captive

finance

com¬

decided spurt

a

complex

by

and

problems

-

finance subsidiary

a

capital require¬

ever

an

cor¬

wholly

a

growing need

for qualified personnel.
It

has

been

time

and

demonstrated

again
the

requires

a

home

up

time

function

subsidiary

investment
field

and

of

the

parent

com¬

is prohibitive for most

pany,

in

personnel.

full operating staff,

a

independent

to

finance

large

office

Setting

that

from

cost

a

com¬

stand¬

point and the lack of experienced
personnel.

Resultantly, it is felt that

even

if the newly created captive lures

enough outside personnel to

away

staff the
be

operation,.they must still

trained

along

lines

company

in .company

and

policy.

Experi-

ehce has shown that it is difficult
the

subsidiary

to

really

moving in less than five

get

years

of

operation.
Manufacturers

is

wisdom

in

Khayyam's

the

take

credit

learning that

are

of

Omar

of

"Ah,

lot

a

cash,

and

that

poem,

let

the

go;"

*Frrm
cial

talk

a

Annual

Finance

Natiorial

Inc.,

Industry

Commercial

York

New

Drake

Mr.

by

Convention

of

the

the

atl

Commer¬

by the
Conference,

sponsored

Finance

City.

Field

report last year, I pointed

out that the formation and devel¬

opment

the parent

tremendous

18th

earn¬

ings for all financing companies.
•

of

on

before

captive

a

molding,

increased

needed

Later,

the

estab¬

companies

about creating

set

new

packaging and placing it where it
was

from

poration finds itself with

there

operandi of finance

material

investigate

not

finance

go

line
The

do

available

company.

marginal

as

companies.

manufacturing

Hardy & Co. to
Admit Two

from the impressive records shown

Sears

by

Montgomery

Ward,

Roebuck,

Spiegel,

Inc.

stores,

over

tential
certain
were

the

alerted

come

the

contained

had

will

Broad

25

Street,

City, members of the

admit

Exchange

Edmund

on

Dietz

Jan.

po¬

credit

and

Harold

D.

Picker

to

and

partnership.

be¬

earning

in

manufacturers,

intrigued.

Co.,

&

York

New York Stock
1

country

to

Hardy
New

,

We noted then that, department

Re-

coverage

of
of

instalment

The

Return

likewise,

-

.

Swing of the

Stearns Officer
Of Hayden
On

Pendulum

marked

techniques

commercial financing

ing.

con¬

Stone

acquire commercial fi¬

and factoring

sultantly,

they

pro¬

merger

automobile instalment paper, pro¬
ceeded

companies

manufacturers

services

for

with

customers

for

nancing
blue

handling

of

grams

gtnd Ford Motors.

industry. Small

instalment

companies having

,

tco

are

some manu¬

proceeded

organized

continuation

a

acquisition

consumer

approximates 20.

noted

year

movement

earnings

companies of

facturers

by the captive finance companies

Expand. Into

Commercial Financing

;

Wertheim to Admit

finance

panies had taken

Consumer and Installment Finance

been selling

and. 1 price

ex¬

is

few

a

services, does not

economic

partial

a

management,

demands

ignore.

many

com¬

company,' which

legitimate

year's dividends will be non-tax¬
as

takeout

backward

a

to

a

while

estimated that at least 40% of this

able

is

customer

re¬

It

proper¬

■:non-mortgage

having

1954,

was

apart¬

conceivable collateral of the

every

have '• in¬

•»

as

finance

and

to

Finance

panies—both

market):

expanded

plore the possibilities of utilizing

in the metropolitan area last year.

payments

it

corporate cap¬

on

corporation

properly

ago.

technian-

finance

that

.

executives

added

an

advice

business

The

a year

sales

when application is made for its

announced

or

well

Today,

an¬

establishing

conflicting problems for

personnel

$7,000,000

to

$1,000,000 from

companies of taking money

mercial

Million

four

and

from

The drain

the

captive finance

after careful

or

refrain

therm

companies

reported that commercial financ¬

raw
•

alysis

^f>e midwest, considered ments

consumer

ern

doubled

fi¬

homes.

along

constructed,

development,

as

dispose of

subsidiaries,

lished

or

Coast, commercial financing busi¬
ness

type financing of mobile and shell

buildings and luxury motor-hotels
were

land

com¬

that

take

to

credit field has widened

commitments to builders and their

and

center

feeling "

more,

their business unique to the point

continued

resources,

programs.

second mort¬

buildings, industrial

ties,

to be acquir¬

were

a

or

office buildings,

on

that

inadequate for the employment of

ment

Construction

tunnels.

expected to start this

was

industry

either

nur¬

last year.

enclosed

the

cerns

financing
they

area was completed
systems, heating equipment, back¬
A $30 million riverfront financing and equipment leasing,
yard swimming pools, etc.
Thr
memorial park is being built, with import and export financing and
finance companies unabashed
railroad
tracks along
the fiver ingenious types of financing re¬
the formation of the captive sale?
lating
to ' interim'
real
estate

gram

a' widespread

great for most manufacturing

and

a

nancing, rediscounting, equipment

the

alleys;

tre¬

financing
of industrial

volume

mendous

$654 million pro¬

a

have

factoring have been added

express¬

laundry

since that time,: factoring

changes

receivable

counts

city of

decades

growing segments of ac¬

being: rapidly

nership in Wertheim & Co.:, 1 Chase
step

utilities




ac¬

etc.

keeping

electric

may, that

the

equipment■ torola, rjn days to come, and will

presses;

hotels, motels, stores, restau¬

ing

'

:...

in the two

course,

both

manufacturer

longer be ignored.;

no

/There 'is

parent

up

Of

that could
'

ital,

Growing New Financing Outlets

„■J

is

progress

Another

the

Concerning

work.

industry in 1942.

nance

Progress is also being made in

counting, clerical work,

definitive

next

steam plant, and a third will

in

completed.:

recently

voltage

One

in

Louis.

creased

planning to spend (like many
other utilities) larger amounts for

ties,

of 1958.

1960-62, ;but

Considerable

their

liberalized

from

new

now

high

Plant is

Dividend

company's addition of

generating

in

from

billiori

$2.32

nier and Dean Neil Jacoby in

completed

"

~

im¬

an

of

Professor Raymond Saul-

noted by

flow, through

uses

savings

earnings

Sioux

Steam Plant with the first 500,000

the 5.3%

on.

volume

1942

decline next year after the Taum. tremendous

a

the

return

?truction contributed substantially

costs.
Over

of

6% in 1961,

over

This certainly is a far cry

ccn-. the

"pay-as-

the

growing

William

the. billion, and may reach $19 billion.

at

year, .seems,

depreciation. Interest during con-",

The

million compared

$67 million for

with

it.

rate

company

way,

cost will be $50
with

foreign engi¬

many

plant

for

direction daily.

ir/ each

a

lfkely, with normal weather
dititions.

A massive

gains

7%

or

to

of

for

advantages

customers,: and

panies will follow the lead of Mo¬

tured

last

of

continued

building machinery, machine

which

the

over

fi¬

mobile

15-

some '

20%

made in 1953-4

continued

6%

large-scale

companies, finding that the auto¬

of

generatihg capacity^ has now been

from

in

Major

2,290,000 kw

was

with

compared

economics

produce income for their

total

the

up

this

compared with $1.24 in 1952.,

Major gains

their specialty. They noted

as

added

sub¬

commercial

programs

equipment,

volume will be

doubled in the past decade, being

estimated

in the fi¬

companies

business handle the financ¬

host of other capital assets which

while the net gain in the four mates range higher. Conservative¬
2,-t following years was small. How¬ ly speaking, an over-all. volume
054,000. The fourth unit at Mer- ever, in the past four years earn¬ for both commercial financing and
amec
Plant added 347,000 kw so
ings have increased at a better factoring will be in excess of $18
the end of

push their

cial

is

estimate

that

share have about

per

let

and

the

financing

most

rants "and bowling

the

major industries.

of

companies

nance

not

shown

industrial

tools, printing

for; this
are

The

sidiaries

for

factoring.

year

eral

ics

nance

Cognizance is taken

you-earn" financing programs for

:

■

commer¬

ures

have

customers

be better to stick to their electron¬

road

a

and

vailed in the summer, but sales to

year

.

by

industry

weather conditions also pre-' While the fig¬

industrial

products.

paper

revenues.
'•"*

and

ailoys, glass,

ferro

machinery,
and

carbides

each

soar

reported

we

air-conditioning load. In 1962 ad¬

of

handled

finance

financing

verse

chemicals, steel, nonferrous

to

the' cial

reduced

mining and refining, oil refining,
manufacture

business

the' billion for

diversified. Industries include lead

other

of

commercial

sum-' both

below-normal

hand,

mer

unit

on

sale

that, the wide-spread coverage and

that of the previous one. Last
year

but

the

thought it would

operations of the finance company

'4'

Meramec

new

manufac¬

on

ing

substantially to lower; total, volume
some
$16
and hydro conditions of

contributed

were

service

the

stated that they

is:

churches,

in

buildings. v;':''> ;t>v-v'/;'.

fuel

The

installed

•

alleys, restaurants and office continues

ing

its

'

heating

space

the

commenting

of the shift of consumer-instalment finance
companies into commercial

Gold Medal-

or

last year's $16 billion.

over

in

financing; of the expansion of lease financing for capital assets, and
of the swing away from trend to set
up captive financing companies.

.

banks, supermarkets, stores, bowl¬

from which it obtains about 7% of

electricity.

,15 to 20% increase

com¬

qualified

had

homes

for either Bronze

power

Energy

/

Over

heating,-the

all

Spokesman for commercial financing
industry details rapidly develop¬
ing growth in customary and new financing areas. Mr. Drake estimates that industry's volume for this
year may reach $19 billion-—a

,

using elec¬

customers

for

officials, of

The
turer

heating. At the end of 1961 there
3,500

just to meet competition.

.?

Commercial Finance Conference, Inc., Neiv York
City

Company

were

than

National

However, the pendulum seems to
have

swung

full

arc

Dec.

31

John

P.

and

is

now

tary

of

Inc., 25

Hayden,

Stone

City,

sales financing subsidiary of Mo¬

Stock Exchange and

torola, Inc., sold out to

exchanges.

a commer¬

Co.,

members of the New York

returning. In July of this year the

field

widened tremendously.

&

Broad Street, New York

and factor¬

credit

Stearns will

become Vice-President and Secre¬

other leading

1

20

The Commercial and Financial Chronicle

(2556)

NEWS ABOUT

the

of

man

k

nounced

Banking

Dec.

he

The

Toledo,

Consolidations

New Branches

•

Revised

New Officers, etc.

•

of Allegany

Trust Company

County

Wellsville,

in

of the

and

of Jamestown.

C.
Norton,
James
J.
C. Gallie, T. O'Brien and Raymond T. O'Keefe

17 that Walston

Dec.

Rex

M. White, Jr., were

Mextorf

J.

Nicko

Starting with the new year, re¬

may

ing

Schmidt

Henrick

bank's

capital

Haven's

costs under the

plan.

new

the

to

surplus which will bring total
capital

of New York.

pany

Vice-President

Bank

Straub

Joseph

Woll

W.

The

New

Vice-President

a

*

President.

Trustees

of

has announced the

Clarence

of

ment

H.

The

%-

./

• *

■•••

'-;..

Bank,

Brooklyn, N. Y. named Robert L.
Gordon

Vice-President.

a

*

*

Brooklyn,

N.

Y.

election of Earl Herbst
Vice-President

Second

as

David

and

:!:

in the trust

is

in

of

Mr. Nor¬

'the personal

estate group,

while Mr.

Nati&nal

Brook

West

Hempstead,

elected

Joseph

H.

Mv.

Y.

Eisenberg

*

H.

*

Security

National

Long Island, reported
dividend

would

be

of

stock

submitted

for
an¬

sents

both

dend

held

dividend
The

1961

a

in

divi¬

stock

a

2%

dividend,

which

has

be

paid

Feb.

15

stock¬

to

*

:!:

Department

to

of

the

Nassau

Capital

1947,

1956.

Sec¬

a

1952

of

of

consisting

the

same

*

and

trust

clay B. Baekey, S. Jervis Brinton,

1929,

and

sistant

McLaren

Cashier

J.

of

each,

126,684

in

the

Trust

Dec.

application

Company

Gloversville,

the

National

and

Trust

on

*

National

12

to

of

he

1950,

N.

or

I

*

of

merge

Y.,

and

Bank

Albany,

after Dec.

19.

*

Shawmut

to

Newark,

William

mell,

William

J.

*

also

T.

Knickerbocker

2

Ave.,

It is the bank's
the

Brook¬

119th office

Metropolitan: New
its

and

York

in Brooklyn.

12th

of

Assistant

President.




Vice-

Davis, Pres.,
of

election

the

Stickney,

Krumholtz

dent,

Vice-Presi¬

as

election

John

G.

J.

Saal,

of

Carl

and

Furson

Vice Presi¬

Second

as

the

as

Assistant Treasurers.
SH

Hi

Hi

Comptroller of the Currency

has issued

on

Dec.

proval from

10,

received

N. Y. State

South
Bank

from

$3,765,180

Frank V.
Vice-President.
John C. Sans was elected a VicePresident and Trust Officer and
Charles F. Nowlin a Vice-Presi¬
Senior

a

dent.

consisting

of

188,259 shares of the

$20 each, to $3,845,180 consist¬

value

par

same

the

same

day

the

Banking

Fin-

M.

Board

announced^

Directors Dec.

of

the transfer of $5,-

authorized

12

Savings

and

111.,

Chicago,

000,000 from undivided profits ac¬
count

I to

transfer

The

surplus.

$37,-

raises the surplus account to

capital
art

in

capital

combined

brings

National

The

17.

Bank,

The

Bank

capital of the Bank

$180,000, and its surplus $120,000.
Officers

Nevins
H.

of

the

McBride,

r o

Bank

Carl

President;

Harris

Trust

V.

A.

sis

T.

si:

Erickson,

Comptroller of the Currency,
J.

James

The

Saxon

the

proved

on

Dec.

application

Citizens

to

National

12

ap¬

Hill,

after Dec.

Bank

of Flint

effective

Va.

Vice-Presidents

Assistant

C.

of

Ilill,

Roy .C.
Demmon, land Robert C. Hawley.

Sivright,

A.

promoted to

Preston T. Luney was

buying

department

in

department.

investment

Tyrrell

elected

Mich.,

Miller,

Vice-President;

Jr.,

Morford

McClellan

Department
of

Vice-President

R.

and

elected

was

Auditor.

and

Farkas, Harry K. May, John J. L.
M.

Frederick

Prattsburgh

State

Bank

into

John

Bullock

R.

Si:

elected

was

to

consoli¬

The First Na¬

and

Mexico,

tional Bank of Anthony,
New

Cruces,

Las

County,

Ana

Dona

New

Anthony,

Mexico, effective on or after

Dec. 19.
Hi

Hi

California,

of

Bank

San

Francisco,

Calif.,

Robert

Mcand

J.

Tebbetts,

L.

A.,

N.

appointed

Hubert I.
Payne

Irving' Johnson,

Daniel,

Assistant

J.

Johnston,

Robert

Terence E.

Murphy,

Renaud, Donald T.

Sheldon

appointed

Officers.

Trust

Andrew Griffin,

Robert W. John¬

Thomas

and

named

D. Walsh

were

Assistant Cashiers.
A. Hilkert and Eugene

Richard
F.

were

G.

and

Miesner

M.

Arnold

William

became

McKelligan

Assistant

Comptrollers.
D. Crawford,

Donald

Robert G.

and

Ingersoll

Ward

Funston,

Ij). Newell are new Assis¬

Roger

Officers.

Trust

The

United

Hi

and

Vice-President

Carruthers
Senior

California Bank, Los

Calif, elected Arthur S.

Angeles,

Trust

Officer.

Philip

W.

R. J.
O'Donnell, John O. Pieksen, G. W.
Post, I. C. Quildsland, R. S. Sim¬

Burge,

Roland R. Bonamici, Stephen R.

Johnson,

approved the merger

H:

V

National Bank of

Hi

The National Bank of Detroit, De¬

troit,

r

Hi

Ht

First

The

tant

-

si!

i".

*

H:

or

on

19.

date

Fred¬

William R. Hodg¬

Ernst,

John

of

structure

capital

proved the application to

ston

Jr.

merge

Front Royal, Front Royal, Va. and

First National Bank

Braddock,
Robert
H.

include Edward K. Banker,

the

V

•

David

W.

liam S. Morrison,
New

at

James

Presidents

Hiram F. Bright, and Wil¬

Long,

Manager,

:H

-

A. AuBuchon, Ralph

Norville

Albert

Vice

:!:

The

banking

>j

Comptroller of the Currency
J. Saxon on Dec. 12,^ap¬

The

12 that

of

■

will have an

North Main St.,

initial

■

Vice-Presidents.
to

Heinsen,

son,

and

217

Edward

are

Texas

Tejnple, Temple,

bank, to be located

new

sji

Manager

and

International

Harris

the

Cashier; Francis B.

Kruckel, Jr., Assist¬

to-organize the

approval

Savings

and

also announced Dec.

Bank

rick

Executive

Vice-President

g a n,

J.

are:

granted preliminary

The

Vice-

Kielmann,

President and
B

J.

N.

announced Dec.

Saxon

to $85,000,000.

I surplus

The

$27,300,000

with

and

700,000,

Promoted

to

J.

13 that he has

$750,000.

si:

Trust

the

business

officially opened for business

Flint

value.

On

Falle

elected

the

H:

H:

Comptroller of the Currency

Texas.*y;. '.-v...>• < ,;

H:

H:

Vice-President.

ap¬

Banking

par

Bank,
that

Bank,

elected

Texas,

Wolfe

National Bank of

National Bank, Chi¬

Harris

'

■

National

H:

The

*

*

Mercantile

The

111.

South Dakota.

Falls, Sioux Falls,

.v

department.

commence

Theodore

Department to increase its Capital
Stock

si:

Drovers

The

certificate of authority

a

Central Trust Co., Rochester,

Y.,

Batsakis

Peter

Vice-President.

Vice-President

ant Vice-President.
The

Chi¬

Bank,

Lambert W. Bredehoft, was named

si:

mons

Wallace E. Frazier,

been

and W. V. Taylor have

elected Vice-Presidents.

Richir»?, Her¬

Central Trust Company Rochester,

the

N.

First National Bank of Cincinnati,

Dyke,

Ohio.

promoted to Assistant Vice-Presi¬

Y.

under

the

Trust Company

The Board
Federal

Bank

Mr.

Senior

as

dent, the election of Ferdinand W.

is

York, opened on Dec. 17 an office

and

Hoffmann

L.

announced

John

Chase Manhattan Bank, New

The

announced

O'Connor,

Vice-Presidents.

Dec.
*

Com¬

Trust

J.

N.

was

1956.

a

Mer¬

&

Farmers

Wessington Springs,
Dakota into The National
of
South
Dakota,
Sioux

James

H:

elected

111.,

cago,

nerup a

'

,18 the election of Peter Cnrt-

Lakes

title

Central

Rochester, N. Y.

of

Governors

Reserve

System

of

had

al¬

*

Oren

Board

of

Directors

the

ready given their approval.

Boston, Mass. has promoted Nigel
Godwin

Dec.

Lakes,

*

si*.

Union

Franklin

ap¬

Fulton

Commercial

Company

Albany, N. Y.

Fidelity

The

Franklin

in

Hi

National

Archer

The

South

Presho,

Bank,

and

chants Bank,

The

total of $315,000,000.

a

cago,
'

:!:

was

*

on

South Dakota; Farmers &

Platte,

$150,000,000,

capital stock

Hi

to

of

value.

par

*

Saxon

si:

As¬

an

Weber,

Vice-Presidents.

The

appointed

was

Justin

F.

and

promoted to Assistant Vice-Presi¬

from

i24,200

and

Jr., George Barker, Jr., Walter J.

invest¬

O'Keefe joined the bank in

the

Comptroller of the Currency

County,

a

Earlier

ing of 192,259 shares of the

proved

an

appointed Chair¬

bank's

the

the

Trust

Stock

consisting

$633,420

James

in

1958.

committees.

ment

area

shares of the par value of $5

The

of

ir.f

appointed

in

in

this year he was

N.

its

$621,000

The

was

Cashier

Dec. 7 gave

on

Company, Glen Cove, N. Y. to in¬

shares

1929,

Vice-President

man

1944,

joined

who

O'Brien,
in

Vice-President in

ond

ir.<

Banking

approval

The

Mr.

lyn.

*

State of New York

crease

Assist¬

Vice-President

Vice-President

and

1953

at

holders of record Jan. 15.

The

an

preliminary approval of

Comptroller of the Currency,

would

appointed

was

E.

William C. Schenck, Jr., Frank

dent in 1955 and to Vice-President

2%

1962.

stock

received

repre¬

abeyance, and

for

He

Mr.

dividend

proposed

the Bank's
$165,000,000

to

account

Fischer,

M.

Anson

Ferguson,

pany,

joined the bank in

Assistant

an

meeting Jan. 15.

The

the

of

Bank

4%

a

approval at the stockholders'
nual

Norton

Assistant

President

Essex

&

is

mortgage loan department.

bank

*

Maass,

O'Keefe

Mr.

group.

head of the bank's real estate and

a
r

Herman
the

custody

ant Personal Trust Officer in

Director.

R.

department.

charge

and

1928.

*

Meadow

Bank,

W.

Secretary.

as
H:

The

the

Newark

Delfosse, Rudolph C. Hilsky, Bar¬

Mr. Norton and Mr. O'Brien are

Mr.

Swanson

to

it

York,

New

Bank,

announced Dec. 18.

was

Bank,

announced

to

raising

account,

plus

$5,000,000

profits to the sur¬

si:

F.

trust

Savings

from undivided

Chi¬

of

Bank

transferred

111.

cago,

Bank, Newark, N. J. elected John

Donald C. Norton

ton

*

Ridge

Bay

National

Bank,

Merchants

&

Farmers

The

First

The

ap¬

the application to merge

H:

O'Brien heads the investment and

The

Hoak

6

Dec.

Saxon ion

J.

proved

*

or

as

/•

-

Brooklyn u Savings

'

National

The

Manhattan

* -v.

Lloyd

L.

H:

Comptroller of the Currency,

Vice-Presi¬

Senior

elected

were

surplus

appoint¬

Lancton

Comptroller.
'>

Vice-

The

Union Square Savings Bank, New
York

Jr.,
Of¬

Trust

and

ficer and Ralph B. Sperry a

*

*

of

Board

The

Russell

and

,

si:

❖

Dallas,

Conn., elected Hoyt O. Perry,

a

Vice-President.

Linsley an

|

Bridgeport,

Co.,

Trust

City

Bank, Elkhart,

dents.

*

*

Trust Co.,

Vice-Presidents.

Dakota;

Vice-President.

Minnix

and

Froehle

Merchants

Ind. elected Edward B.

Executive

a

H:

The First National

Z.

Tuohy

Joseph
H:

elected

*

H:

elected

was

Cashier.

Broad Street

York

III

and Maureen M. Smith was
Vice - President
and

tary

organ¬

ization &ince 1954.

The

Ford

Richards

F.

Vice-Presi¬

elected

elected Vice-President and Secre¬

having

that

with

Indianapolis,

Co.,

J.

elected

and Frank R.

MacKay

were

dents.

Chemical

of

Trust,

York

New

associated

been

James J. O'Brien

Raymond T. O'Keefe

National

Vice-President.

M.

James

formerly Assist¬

Mr. Kluger was
ant

Trust

&

Ind.

Fahey, Jr., Senior Vice-Presidents.

Com¬

Trust

and

Bank

National

Bank

George F. Barbour and Joseph F.

Sterling

the

of

Conn, elected

Stamford,

necticut,

Kluger has been elected

Vice-President

Bank, St.

Owen H.
William T. Price,
elected

Minn,

Paul,

James

*

si:

Fletcher

American

The

*

*

Hi

American National

The

The

of $7,300,000.
SI*.

of Con¬

Citizens Bank and

new

a

*

*

The State National Bank
Conrad E.

surplus to

and

Scott, Assistant Treasurers.

a

$150,000

of

transfer

the

propose

Bank of Clare*

changed its title
Trust Co.

(Clare, Mich., has

directors

dividend,

H:

Hi

Citizens State

from $2,-

account

stock

Director.

a

the

increase

650,000 to $2,800,000. At the time
of

high
*

record:

of

service

normal

charged

T.

James

and

action

elected

sjs

The

to

will

This

at any of The First
13 offices without

account

being

Parkhurst,

G.

Richard

retary;

65

over

women

Martin,

Co.,
Roblee B.

Trust

&

Bank

Mich,

5.66%

a

14.

Dec.

ar.<d maintain a check¬

open

New

Sec-

Assistant

Harrison,

and

men

or

26 to shareholders of

Dec.

Conn.

shares pres¬

over-all
The dividend is payable

increase.

*

1963.

tired

were

appointees to the staff are

New

Sheldon

in

be

First New Haven

National Bank, New Haven,

Vice-Presidents.

Assistant

named

will

Connecticut

of

offered by The

Armitage

President, and Arthur L.
and

citizens'-

held,

Detroit,

17%

each

for

ently

checking accounts for "senior

dividend—one

stock

a

share

Free

Vice-

of

post

the

to

advanced

been promoted to Senior
Vice-Presidents of the Chase

W. S'purr, have

Gregory

Rhodes,

Jr. and Henry

Donald

announced

The Bank of New York

declared

*

Si.

*

*

Hi

Detroit

The

I.

Robert

dept.;

Credit

L.

Noel

division;

ing

the bank's directors

immediately,

is

dept.; Rodney

meeting which followed

At their

Clymer State Bank into the Bank

Capitalizations

Kaylor, Bank Investment
C. Linton, Market¬

D. Dean

phio, ^shareholders, at a

Peterson,
Simion,
account from
132,500 to 140,000 Operations division; and Robert
outstanding $20 par value shares. W. Van Auken, City division.

National Bank of Boliver into The
First

Co.,

Trust

20, 1962

Thursday, December

.

special meeting Dec. 10 authorized
an
increase in the bank's capital

approved the mergers of the First

BANKS AND BANKERS

Citizens

Ohio

an¬

had

Board

that

12

.

.

Root, New York State

Robert

J.

enlarged
Su¬

perintendent of Banks and Chair¬

The

$

pointed

J|S

of

Nolan

Manager

been

the

Jefferson-Erie

The Ohio Citizens Trust

Toledo, Ohio.

R.

Clifford

Strek,

and

Edward

C.

Weall

ap¬

newly

office

of

Company,

I

Van
were

To Be Roney
DETROIT,

dents.

has

of

bert

Eight

new

Assistant

were

elected:

George

Wire

Transfer

dept.;

Broucek,

Michigan

Samuel Cerbus,

Cashiers
A.

Athos,

William M.|

division;

Purchasing dept.;

Roney

members

Mich.—William

Co.,

&
of

Partner

the

Buhl
New

York

Detroit Stock Exchanges, on

will admit James
1 imifori

C.

Building,
and

Jan. 1

S. Gilmore, Jr.,

nartnprchin

Volume

196

Number

6222

.

,

The Commercial and Financial Chronicle

.

(2557)

number

As We See It

Continued

from

1

page

erect

the

do

of

and

21

individuals, to

maintain;

profit could

because

never

repay
something" (that is some- Nations" published in the "1C
thing different from simply year of our Declaration of
hing
e exPense to any individual
getting out of the way) to in- Independence:
ov small "u™ber °f lndmdvigorate industry and trade
"it is thus that every systh°Ugh 11
fr?qUently
snH to Hiropf
Hi.
much more than to repay
ana +r» direct it in fbo
it in the
way it tern which endeavors, either
^
should go. That is the essence
by extraordinary encourageS0C e

BANK AND INSURANCE

STOCKS

This Week —Bank Stocks

"als>

wott

i

•

i

j

,

of

the

President's

that "we

assertion

not afford to do

can

"°|bl"g- ,,No with °.1S,e!®n
half familiar °ne * what the

ments to draw towards

ticular

a

par-

species of industry

a

greater share of the capital of

.

,

Not

,

,,

Can
anyone
imagine the
author of these sentences ap.

% ;tfmulate

—

nowHaying
all

enterprise

regulations, accelerating, the progress of
encouragement of monop- the society towards real

olistic

the

labor

'••on

i

subsidization

ture

and

the

activities, wealth

of

like sort.

a

and

agricul- diminishes

half-hundred

other activities of

tion

the

Chief

have

to

nual

mind

set

primarily upon tax reduction
4-u
4-1
+U
rather than the tax
41

+

reform

and

instead of increas¬
an¬

All
erence

fore

of

or

bein<*

7 '
taken

.

...

-

systems either of pref-

those

now

such

ideas

completely

,Ub

vuxupieiery

the obvious and

away,

as

being given out by

the political powers that be.
It is, of
course, easy

to

that

say

changed

conditions

mi hm

few of

here in this

us

today realize and fully underthat
that

all
ail

J
is

thi*
this

wholly

l°n& as "e aoes no^ vl°late the
law® °f justice> is laft Per"

fectly free to
...

.

his

pursue

own

•

,

,

neces-

hrino rnndifHati™

^

ui*

nation

founded and in the

was

pursuit of which
be the

grown to

have

we

of the

envy

world, including the socialists
pommnnicfc mkn
communists who

and the

devotees

tho

cnerishecl by the tree world,

1
trines

just

such

are

doc-

those the New Fron-

as

r7m eTa f elLr°
nreach 11/
thi
preaching and as those the

f

h n«

implicitly

expressly

or

So far into the
the

popular

avows

background of

mind

rudiments of the
our

have

the

teachings of

founding fathers receded

that it appears

well,

even

on

pain of repetition, to lay out
again and again the beliefs
that

we

as

sacred

when

a

in

attempting

whinh

hp

(it)

to

earlier

growth

days

and

s

emC111

a

taken

were

for

been completed by F. Eberstadt &

must

ork' for the Private

w

'

piacement

with

Insurance

Co.

merable delusions, and for the promissory
P^per performance of which
wisdom

or

knnwl

human wisdom or knowl

^-dge could ever be sufficient,

working

capital,

as

suitable to the interest of the
scc'etyAnd

then:

"According

to

gaged
ture

ever

been able to

ex-

.

...

,

.

sale

blood

nomic

tuted

of

the

theory
the

broad

which

basis

of

the

years

consti-

duties of great importance, in-

^on,

common

understand-

first, the duty of

pro-

we

so

much has been said

throughout
are

the

the
i

words

world.
,

.

taken

Here

independent

societies;




Life

from

Also, California has several major

As is shown in the

accompanying table, the deposit growth of

First National of Miami has been favorable.

here.

It is evident that the less spectacular
growth in earnings per
is due to the dilution resulting from stock sales.

share
Dec.

The capital account is
deposits, but the low payout should allow for growth

[As

13, 1962, the directors voted to declare

payable to stockholders of record
This

institution is bound to
-

Ja'h.

on

ls

a

of

20% stock dividend

22, 1963.J
,

hasbeten fav°ra/e over th,e past decade the slower increase

indicative of a trend but

seems to be more of a temporary
over

Years

the preceding years,
Per Share-

Ended

-(Millions)

3l!

Book

Net Oper.

Divs.

Value

Earnings

Paid

High

Price Range

Assets

Depos.

Capital*

$402

$368

$26

$35.06

$4.02

$1.60

107

61

I960.

374

341

25

33.35

3.41

1.60

68

58

1959

360

317

24

32.15

2.94

1.60

63

43

1958

331

307

19

31.24

3.39

1.55

46

38

1957—

298

278

14

28.54

3.63

1.00

45i/2

38

Dec.

1961

*Excludes

Low

reserves.

POPULATION
Miami

DATA

—% Increase Over the Previous Decade-

Population

City

State

United States

1930

110,637

274.1

51.6

16.1

1940

172,172

55.6

29.2

7.2

1950

249,276

44.8

46.1

14.5

1960

291,688

17.0

78.7

18.5

TREND

OF

BANK

Miami

DEBITS
% Increase Over Previous Year

(in Thousands)

Miami

1953

$4,601,816

13.4

6.8

use

1954

5,187,480

12.7

2.4

These

1955

It is

en¬

for

337 Cities

20.1

11.4

7,393,014

18.7

9.1

1957

8,453,502

14.3

6.1

1958—____

9,140,857

8.1

1.7

1959—

10,156,378

15.0

11.7

1960

10,698,080

1.7

4.3

1961

utiliza-

6,229,691

1956

surgeons and exami-

surgeor/s

0

delay in view of the spectacular growth

of

10,965,716

2.5

4.4

_

_

knives,

ber

of

justice

the
or

society

from in-

oppression of

every

dentists and veterinarians,

The company has four operating

sec-

administration of justice; and,

1

National and Grindlays

Bank Limited

domestic^

CHASE MANHATTAN

outside the United States, the lat-

being

ter

located

Rico,

Puerto

in

Panama,

Head Office

Canada,

Brazil,

26

,

.

&

Co.,

jan.

ADEN

•

KENYA

Stock Exchange, will admit San-

it

can

dra
never

any

be

for

the

interest

individual,

or

of

and

the Government in
•

UGANDA

ZANZIBAR

Rudel

to

Cariyn

general partnership
r.

cohn

to

small partnership in the firm.

limited

Members

Members

New

York

American

Stock

Exchange

Stock

Exchange

120 BROADWAY, NEW

City, members of the New York

which

to

120 Broadway, New York

institutions

Request

Laird, Bissell 8 Meeds
Bankers

X, John H. Kaplan

on

Telex Nos.122368-9

John KciplEin tO Admit
Ef£ective

Report

MINERVA LONDON

,

BANK

BISHOPSGATE, LONDON, E.C.2

Telegraphic Address

lie works and certain public

„

Adam Smith's the "Wealth of

Naturally the depos¬

correspondent business is conducted with foreign banks—particu¬

pro-

were

in

larly Latin America.

stethoscopes, and many other

_

when

growth

population

a

Miami; therefore, competition is not the problem it is oil the
physical location of the bank, a substantial

clinical thermometers,, elas-

gloves,

the

lectin, the society from the

performing the "miracles" of thirdly, the duty of erecting
growth and prosperity about and maintaining certain pubwhich

and

other member of it, or the France and Mexico.
political, duty of establishing an exact
^

our

gram, economic and
in

eco-

of

a

of products

collection

is

Florida has had

era

commercial banks and competition is
strong. Fortunately, Florida
has no other banks of size equal to that of the First
National Bank

include hypodermic syringes and

for

.

,

pression to these ideas better ondly, the duty of protecting,
than or even as well as the as far as
possible, every memfounder

yield and price/earnings ratios.

1982.

by the medical profession.

know, violence and invasion of other panies,

give

are

primarily in the manufac¬

and

'■

bank

population increase.

finance

to

successor

the

Although the current market for the bank's shares is full, they
selling somewhat in line with California banks in regard to

the sovereign has only three needles, laboratory and diagnostic
duties to attend to; three products and apparatus products

ings:

has

ir„

ship established in 1897.

nation

Lood.r

and

of

its of this bank have reflected this
growth. On a percentage basis
the growth of Florida in this decade should be
among the greatest
of any state, according to most estimates of

was

tic bandages,

as we

In the post World War II

expansion of certain manufactur-

gible to

No one, so far

York

$9,000,000
due

growth

growth exceeding most of the other 49 states.

comPar,y as additional

deed, but plain and intelli-

tho

well ordered group of affiliates.

Proceeds from the sale will be
used by the

in full

Dir.., From

New

of

notes,

granted and actually realized
measure.

a

It would

National, in spite of branch banking restric¬

importance to the

Florida.

tbe du,ty of superintending ing facilities.
Becton,
Dickinson,
headquar¬
tbe lnd"sti7 of Private Peo- tered at East
~ ~ Rutherford, N.
J.,
P ' a
directing it toincorporated in New Jersey
to
partner¬
wards/he employments most in 1906

,

ployment

the

in

people held most the system of natural liberty,

our

both

duty,

Perloim which he (it) must
alw£iys be exposed to innu-

either

now

J. HldUCiUg

^
» ^he government) is Becton, Dickinson & Co. have ancompletely discharged from a nounced that arrangements have

u1]rnan

President himself

FinanclUQl'

°^er of ™en- The sovereign

f

of

Of

prohibit branch¬

now

throughout the state.

Although the trend in bank

bring both his industry and BGCtOn
DickmSOn
caPltal 'nto competition with -DCCUUI1, JJItKIIlbOn
those of any other man, or PNVcltC

this

tions, has

Florida laws

banks

with Florida, which should

inconsistent with the basic

which

follow that the First

recently " debds

system "until

„hprishpa

affiliated

grow

'nteres,t h s own way and to

upon

are

ti'rhfe-*^'continue its outstanding development.

of "the

foreign to and, indeed, quite

philosophy

ing but there

+4?

these changes must of

tested

largest in the state of Florida.

low relative to

abandonment

*

18.9x

,

Miami, the population
being in the vicinity of one million. The
largest bank in the city, is the First National Bank which is also the

the
+u„+

Jas T/e

country

P/E Ratio

2.06%

have

since

r,

Yield

$4.10

West Coast. Due to the

enough

restraint, therethus

ueiI1£

condone

need simple system of natural lib}d
obvious answer is
erty establishes itself of its that the
changes are not such
disheartening that so °wn accord. Every man, as that
reqUjre compiete

is

stand

ment

Est. Earns. (1<)(>2)

$1.60

One of the principal cities in the
country is
of the metropolitan area

can

it be
imagined that our founding fathers would for a mo-

'

,

which is the most
urgent
of the day.
It

easily

produce of its land and
,

Executive
his

greatness;

ing, the real value of the

Even in the matter of taxa¬ labor.
seems

nomic activities of the

people?
purpose which it means to To ask such a
questi0n is to
the promote. It retards, instead of
answer it. No more

—

over-extended
the

reality subversive of the great

heavy hand mn

a

business

programs

Dividend

$77

the society than what would
proving action by any govern-3
spokesmen naturally
go to it, or, by ex- ment
designed
and even the President himtraordinary restraints, i force growth or to increase
employself have been
saying can for from a
particular species of ment
that is except by rea. moment doubt that
nothing industry some* share of the
moving arbitrary obstacles or
is further from White House
capital which would otheravoiding policies or programs
plans than a withdrawal from wise be
employed in it, is in which interfere with the eco-

semi-Socialistic

Recent Price

Worthy of Approval

Administration

the

FIRST NATIONAL BANK OF MIAMI

Telephone:

Branches in
INDIA • PAKISTAN • CEYLON •

ADEN

•

SOMALIA

•

BURMA

EAST AFRICA

AND THE RHODESIAS

Bell

YORK 5, N. Y.

BArclay 7-3500

Teletype 212

571-1170

Specialists in Bank Stocks

/

22

(2558)

/-

The Commercial and Financial Chronicle

'

current tune is beginning to sound

COMMENTARY...

like the

old, familiar one of

promise and appeasement.
Stevenson doesn't stop

R. LEFKOE

BY M.

.

.

Thursday, December 20, 1962

.

■

Post article

Invests in Mutual Fund

com¬

If Mr.

denying the

violently, he could

so

well be forced into the posi¬

very

tion of having to deny all his cur¬

he

Did

crisis?
-

put America on the defensive for¬

didn't he advocate "a

or

.

v". A"'-.':'

.

Originated only two weeks ago

son's

stand

Presi¬

tion,

in

discussions which preceded

matter

the

description

behind-the-scenes

the

of

version

Post's

the

Post's

Evening

Saturday

the

by

of

fact

"Did

is

that

descrip¬

(a

substantiated

dent

Stevenson

istic of his general attitude to the

offered

ticipants

have

tentative

answers

been

specific

the

during

position

and

know

has said that Stevenson

eventually

the

as

foreign

Munich"

"a

"soft"

Stevenson's

approach

has

the Post article

best

evidence

reported, want "to trade the Turk¬

was

the

council arguing for

of

this,
to

failure

Oct.
Still An Enigma

22.

while

If,

the neutral nations

it

first,"

solved. But what is

the

answer

suspicion

his

of

defense

be soft

never

the

could

to

Dictatorship

appease¬

ficial

saying:

by

world

on

com¬

His approach to the issue

past demonstrates that he
favor

never

longer need to pretend the

existence of

distinction between

a

ownership

government
of

means

of

the current

in

one

the

wouldj have

compromise

His mistake during

policy.

continue

to

the

after

playing

leader

switched to
to

ular

"hard"

a

election and

"soft"
the

of

approaching

an

crisis

Cuban

the most recent

was

music

band

had

melody, due

Congressional

groundswell of

a

opinion

calling

for

action.

however,

is

eactly

what

On Oct. 22,

the Post leveled

such

no

its accusations at

Barry Qoldwater.

as

the magazine would

case,

have been

But

laughed off the stands.
is laughing now.

one

drawal
in

all

of

offensive

observers,

antine

could

lifted."

be

Only

his Nov.

to

defense

own

lend

substance

only

to

the

"peace at any price" attitude at¬
tributed to him by the Post story.
On

television
stated:

son

doesn't

last

week, Steven¬

"What

the

article

is that I opposed

say

.

.

.

20

nuclear

that

using the UN

as

mediator of

a

best,

no

reached

months

Stevenson
the

quarantine."

(Italics

ir

a rt r*

,

A

ri o

r

was

matum

to

night via

a

well

the

of

musical

on

a

television broadcast to
missile

bases would be operational by the

following Tuesday at the
Consequently,
pointed

as

latest.

the Post article

out, if Khrushchev could

delay

an armed showdown for just
few days, "we would be looking
down the gun barrel of a
fully
a

operational Soviet missile complex
a

miles from

shores."

Oct.

h&s

a

new

What

made

house

information"

of

traded

pected

this

to

their

that, only

President

most

a

distinct

had

recent

startling

branded

acts

Thus,

of

"deliberate

President

sion to change

was

than
more

Cuba

deception."

Kennedy's

deci¬

the, tune by lifting

the Cuban quarantine
more

on

the
than

word
even

on

of

nothing
a

the

benefit, .from

to

formation

"Chip" in "My Three

child actors—by a Cali¬

do all

fornia

which

law

calamities

such child stars

Protection
acted

"Law

The

For

Minor Actors,"

Of

in

befell

that

Jackie Coogan.

as

California

The

prevents

now

provides

1939,

en¬

organization is called, is

new

available

service

a

ment ;in: Eaton

the-minute

on

data

listed

with

late-breaking
ment

a

cards

the

f

u

file

on

of

This

S.

R.

supple¬

will

corporate

will

data

issued

be

The

quarterly basis.

a

to

cards will contain information es-i

sential

to

including

investment

decisions,

earnings, capitalization,

price
such

as

recent

and

ranges,

acquisi¬

mergers,

tions, and other developments.
The
able

information
to

Feb.

the

to

will

t

service

The

begin operations

is
on

u r e

data

directly

confrontation could easily have

faire Adlai is that the President's

from

F.

R.

participating corporations in
the

nation

mail,

telephone.

totaled

teletype,

any

wire,

and

Information is updated

that

their

enables

com¬

relations

public

representatives to file information
with F. R. S.

as

it breaks.

F. R. S.

&

Co.,

New

York,

and

Calif., have announced that they

49th

are

located

Street,

at

40

York.

New

Branch offices will be established
around the

country

as

required.

fering

of

150,000

of Keene

$4

shares

shares

common

Packaging Associates at

share.

a

Of

the

total,

75,000

being sold for the

are

and

75,000

for

the

R.

The

S.

F.

a

corporation for

an

listing is $386 annually.

R.

S.

service is

being of¬

Upon completion of

the company

will

of

350,000 shares of common

of

con¬

stock.

'

Loeb, Rhoades

•

com¬

To Admit Weil

:

Net proceeds to be

Carl

the

will

company

plant

received by

be

used

and

for

accounts

working

ark

and

Packaging, of 947 New¬

Ave.,

Elizabeth,

designer

and

N.

is

J.,

manufacturer

semi-rigid vinyl plastic

metics.

as

Many

re-usable

of

cases

other

for

Products also include

implement

kits,

a

and

hair

dryer

New York

Jan.

on

1

will

City,
Stock

admit

Weil to partnership.

Shad To Be V.-P.
Of E. F. Hutton
will

become

1 John S. R. Shade
a

E. F. Hutton &
ap¬

cos¬

are

purposes.

rated,
New

1

Vice-President

of

Company Incorpo¬

Chase Manhattan Plaza,

York

City, members of the

New York Stock

Exchange.

plastic tool
travel

bags,

checkholders and accessories such
as

A.

Effective Jan.
cases

small home

the

Frank

of

containers for packaging such con¬

products

Exchange,

York

New

of the

receiv¬

capital

other corporate purposes.
Keene

Street,

members

for

expansion, purchase of
financing
increased

able,

M. Loeb, Rhoades & Co., 42

Wall

hoods

and

plastic

aprons.

Merrill Lynch to
Name V.-Ps.

The company proposes to manu¬

"premiuiW'

by business
and

boxes for gifts

As of Dec.

27, William R. Lilliott,

to employees

Richard B.

Meyer, and Neil S. See

concerns

customers such

as

plastic at¬

will be elected Vice-Presidents of

tache cases, cosmetic cases, liquor

Merrill

boxes and

Smith

itors

new

*

on

to

sist

fered to brokers and financial ed¬

at; $69 annually.

profit

62 cents
the 275,000 shares then
equal

account

of selling stockholders.

facture
The cost to

net

and

the

making the initial public of¬

are

and

headquarters

share

for

present financing the sole capital¬

Kleiner, Bell & Co., Beverly Hills,

pliances, electric shavers and

F.

keep

ization

Hardy

wire"

or

$2,069,102

outstanding.

Common Offered

sumer

system

(unaudited)

$170,522,

was
a

S.

personal

by

sales

Net

Associates

with periodic checks and an "open

most

adept instrumentalists of foreign
policy could follow.

will

eight months ended Aug. 31, 1962,

inventories

East

growth

whose

with the rise in the costs of

Keene Packaging

equipment,

4 of next year.

panies

12, a
college education from
now

education.

public

Financial Reporting Service

visit,

but

earnings,

Stanley,

provide

court-approved and that the court

pany

avail¬

be

investing

brokers.

of

actor's

young

also

pace

corpora¬

any

F.

news

which

brokers

Howard Stock

&

Fund, which they expect will not
only produce capital growth for

be

to

give them up-tp-

tion

They

offer.

funds

in¬

this

Financial Reporting Service, as
the

risk

for this purpose an invest¬

chose

funds

for such actors must

contracts

of

management

professional
mutual

growth,

reduction

diversification,

all

that

of the

advantage

taking

source.

"liar"

The most ironic aspect of L'af-




include

credits

ex¬

tain

recollec¬

Khrushchev's statements
as

are

mel¬

month before, the

publicly

securities

investors

and

corporate research specialists ob¬

those attempting to follow the
was

Publicly

corporations,

brokers,

stocks

on

the counter.

over

owned

part

even more

whose

try to protect the balance
of his estate against inflation by

which

as

it

however,, felt

wise to

and

un¬

intro¬

Stanley's parents,

above),

(shown

Bonds—a fixed

Savings

S.

the set of the

on

Hollywood movies and TV

financial

22

Such

our

been

had

tempo

value security.

sive years as

find

for the

the

change in tune

ulti¬

Monday

the nation that the Cuban

the

in the song book.

even

tion

Russia

all

could

band

score

in

Sons," has his income protected—

'

-

information service for

new

listed' securities

through

added.)

ody—one which supposedly wasn't

score

his

naval

our

before

switched abruptly to

when

aware

be

or

Furthermore,

delivered

■

_•

-

I have

.

of
to

U.

de¬

regular investment

Fund

"My Three Sons"

actor

prudent investment.

a

cision being a

Stock

a

Stanley's case, the courts'

shares

delivers

Howard

the young

many

Unlisted Stocks

scheduled

Consequently,

ever

weeks

many

debate.

President

is

agreement

without
of

know that,

IL28

will
.

retary of Defense to lift

performance,

at

the

.

&

in

benefit
In

as

& Howard, Inc.,

personally

Eaton

management

shows, in addition to four succes¬

this afternoon instructed the Sec¬

used."

90

of

Cuba

withdrawn in 30 days.

members

international disputes

at

"I have to¬

all

in

now

of Eaton

Stanley,

events

bombers

investment

TV show at Desilu Studios.

Khrushchev

the

Even the most zealous advocates

later,

conference, the

press

d

Fred MacMurray

sales,

ing machinery of the UN had been

of

a s e

he

day been informed by Chairman

until the peace-mak¬

war

quar¬

(Italics

month

a

invasion of Cuba at the risk of

an

weapons

before the

President announced:
Stevenson's

"with¬

for the

Cuba, under the supervision of

U.N.

added.)

Stevenson's Position

served

(right), President of the Bostonb

They will have achieved their ul¬

brokers that will

President Kennedy's

called

book

song

a

child's income be set aside for his

firm

New Service for

portion, of the

may

SUME? asks Charles F. Eaton, Jr.,

ownership without property rights.

telephone

the reaction would have been had

In such

private

require that

STANLEY LIVINGSTON, I PRE¬

pop¬

positive

A "New Note"

man

the

of

production and

'

a

collectivists

exceptions,

no
no

see

with Soviet Russia.

This,

understand

to

duced to the financial community.
point in time, Stevenson The primary objective of the serv¬
would have been in tune with of¬ ice to act as a "central clearing

Stevenson's record shows that he

in

Road

If Americans fail

At that

^Neither the public nor the
in any large numbers has

munism.

it

as

of it.

come

conclu¬

question

sador to the United Nations is not

the

was

approve

Post, virtually nothing

sively is the fact that our Ambas¬

could

herewith

Kenne¬

article had appeared

an

similar to

dis¬

even more

turbing than the failure of anyone

to

air

America

if

come

reproduced

of timate goal for the United States
abor¬ —an absolute dictatorship!

the

President

before

mystery

press

course,

following its policy of—"let's

As of the moment, the

ment.

being

should have appeared.

of Pigs invasion only 18

of L'affair Adlai still remains un¬

above

cre¬

dy's "get out—or else" speech on

peasement?

to

have

may

hundreds

patriots during

months

ap¬

The

provide

the

for

of

etc.,

tive Bay

he, in effect, enter the President's
strategy

foreign policy.

Cuban

Did

bases"?

America's

cover,

missile

British

Cuban

misunderstanding

absence

ated, the paragraph in question is

will

action."

and

that their

low

of

for the

paragraph of last week's column.

that

long been followed as the essence

Italian

inadvert¬

were

a

tion to the alternative of military

bases

••;-•

*

words

To clear up any

in

nally preferred "political negotia¬

ish,

says" anymore.

*

ently omitted from the concluding

of the most interesting as¬

One

not Stevenson origi¬

Did he, as

Several

pects of this whole affair is that

military force. How¬

to whether or

what he

care

of

won't

Stevenson the
principles which differentiate
proposal is not only a free
society from a slave society,
possible, but probable.
and to realize that principles al¬

the question still remains as

ever,

He has long

America's

idea

the

made such

supported his decision to quaran¬
tine Cuba by

didn't he?" and

or

have

current; riddle,

:-t-

authoritatively whether he

Cuba,

participants,

of

array

the

how¬

will

Thus, while we may never

policy.

Kennedy, one of the

President

inter¬

compromise

of

originally wanted

glittering

with

leading proponent of nego¬

a

tiation

top-level debates?

character¬

struggle

cornerstone

question: Exactly what was Adlai
Stevenson's

is

national communism.

numerous

the

to

world's

free

Many par¬

of the whole country.

himself)

really
;

by

ade Cuba,

Kennedy's decision to block¬
this guessing game al¬
ready has engaged the attention

he

By that time,

Americans

most

of Steven¬

Cuba

on

effect,

denials.

ever,

answered

Apostle of Compromise
The

rent

dealings with Russia.

in her

ever

Cuban

Munich" during the recent

box

golf ball kits, utilizing

heat

sealing techniques.

New

Lynch, Pierce, Fenner &
Incorporated, 70

York

City.

Pine

St.,

Volume

Number 6222

196

.

.

i

The Commercial and Financial Chronicle

.

that

Impending Changes Facing

large

(2559)

balances

customer's

in

are

best

own

likely will have

they

Continued

of

and

agencies.
careful

its regulatory

estimates

The

ambitious

sume

support

vigorous

business by

the

also

as-

continued

but

existing

of

management

savings and loan associations.
"One

of

be

be

to

for

best

the

estimates

managing

high

directors

boards

sume

that

such growth

able,

then

sit

it

happen

to

of

back

and

to

as¬

is inevit¬

the part of management,

on

deposits.

lianks

commercial

wnat

will
wil'

nanus

do about the indicated strong demand for home mortgage funds m

the

is

'60s

difficult

to

estimate.

':
undoubtedly could
greatly increase their savings volu

•n/r

Many

t

,

..

and their mortgage holdings

ume

if

i

banks

they

desired and if laws and

so

regulations

amended to

were

courage this growth."

Actually
report
and

serves

suggests to

significant

en-

.

of the very

us one

"impending"

changes

in commercial banks. This is

growing
savings

deposits

the

importance of time

funds for

less

as

and

forces

and

alter

events

the

not

now

strength

and

that

expect

may

will

banks

liabilfty

side

sheet

commercial

eventually

savin^s

at

'

become

least

the

on

their

of

wp

balance

V

'

•This

impending change disturbs
that

reason

bankers

have

may

for

a

real

no

validity. Many commercial bankers

believe

banks

they

because

mand

are

commercial

they

accept

de-

deposits. They conclude that

unless demand deposits constitute
the bulk of their

funds, they will

nit

be commercial

be,

however,

that

bank

is

cause

of the way

vests

its

a

commercial

funds

bank

be-

it loans and inrather

than

the

it obtains them. I would"

way

fer

banks. It may

commercial

a

pre-

personally to decide whether

a;bank is

a

the

of

basis

commercial bank
its

le

in

_

total

on

service

bank

a

more

that

would

If

is

to

instinctively

when

financial problem, J
it is
a
commercial

a

say

bank, without regard to the

com-

ponent parts of its balance sheet.
Just

in

there

case

doubt

as

to

tance

of

"

the

is

some

declining impor"

X=ABCD

I ;

,'

B=the

v

expand the money

estimate

bank
have
the

would
their

want
more

must

vj

be

to

customers

in

money

the

that if they

I

hence ABG=total

bank,

v;

D=the

and

success,

achieve
least

they

will

equal

probably

to,

than, that of the
Bankers who

economy.

I

desires

minimize

to

their

hard

their

com-

capitalistic,

free

a

increasing number of increasing-

so-

enterprise

ciety is to make

a

ly talented security analysts and

profit, and

as

its

to

a

vival,

neglected

long

de-

the

Y..;-

bank

chances

by

increase the

on

sur-

both

intelligently for current
can

now

wealth

time

the

at

than

see

that survival

alone

quires

review of markets,

man-

agement, competition and other
out growth does not maximize the factors than credit rating, trust
enough; that survival with-

objective,

hence

demand the best of

that

our

growth

does

not

cannot

departments

accumulating

are

or

knowledge, experience, and judg-

be

talents

ment that not only will help the

achieved without profit; and th

loan officers, but will be market-

profit

able to business firms,

cannot

vrY;

the

on

taking

on

be

earned

one

without

hand and risk

the other.

.YY
Y;;:
Why S&L Assns. Grew
"

-

;:,YV

Looking back,

we

see

how th-

savings and loan business grew
working so rapidly.
Commercial bankers

total

were more

appropriate

available equities. In either case
the equities had to be studied.
gain. We Since the -analysis-of-equities-re-

in-

can

officers believed these

growth and day to day
opportunities to risk their capital

particular bank's

a

value

run

service

"-'v

have

and

were

unwilling

to

meet

this

But

is

just another

tration of the

in commercial banking—

change

namely, the trend toward
and

illus¬

big impending

one

complete

more

better

and

profitebTe"serrice*to

more

thebusiness

communi+y

home

*

a

,

in its area, but it still must con-

meet

counts,

mands

home

Decline of Unit Banking

mortgage

because

strictions

cash

the in-

not fight

and

firm—including banks—in

ness

their wealth in their checking ac-

recognize people's

balances should

will

mortgage loan derpand because
As checking accounts provide
vince people that it is in their they thought mortgages were too less and less funds, because peohigher
best
interest to hold a part of risky, or they were unable to pie abhor idle cash, and as tradi-

overall growth rate at

an

in

want

deposits of

Quite obviously
crease

abie

customers,

efforts;

portion of this total

do promote time and

savings, they will have consider-

of

deposits

area

confident

am

wealth
served

area

mand

their time and savi
And

firms

would have somewhat more
confidence in this impending
change if more banks made fuller
1 ^ve always believed that the use of the talents in their own
only worthy objective of a busi- organization. Here I refer to the

their

profit

people

and promote

promote

s,

the

capita wealth,

total

the

if

that

by

C=the % of, their wealth

however, and

one,

business

for such consultation,

pay

munity.

is not

per

AB=the

a?ubt }£?* *ms cnan^

impending

an
m

given

hence

t doubt that this chanse is

S ?? y*

served

area

monetary

,sudd1v

any

bank

cash, and hence carry

authorities to

of

A=the population of the

higher '

a

when

gladly

ers' attitudes towards their banks,

have put too high

bank

e0_

largerWQuld force the which in
cash glances,
turn

as

of such

loan

legal

de-

tional banking operations

re-

fewer and fewer

wholly unreasonable

loan to value ratios and loan

ma-

of automation and

munications,

require

people, because
improved corn-

the

character

very

evitable, but should, seek out ways
Let's look now to an altogether turities.
As a result, demands and appearance of banks will
to help . them accomplish their different type of change that hsoved over to the savings and change. Loan officers, credit men,
objectives. Analysis of accounts seems to be impeding. \^e see loan business, which had a higher financial counsellors, security anthus should have as its purpose on the horizon a possible eqd to regard-for mortgages and which alysts, economists, savings.and innot the determination of the mini- unit banking, perhaps even to our had much more freedom in meet- vestment officers, business develmum balances necessary to pay dual banking system. The pres- ing borrower needs as to down opment specialists—there are the
service
excess

rendered,

but

rather

amount that should, in

sure

ing

for

liberalized branch-

more

each year, so much so

grows

payment and maturity.

Meeting

the demand in turn enabled

sav-

in recent yars that bills seem ings and loan associations to outcertain to be introduced in the bid the banks for savings.
next session of Congress to auv
thorize branching by national
rrAdit fiPid
banks even in states that do not
permit branching for state char- f"
nf
of
lending, we are
tered banks. In a state like Ari- „ .
facing an impending change. More
zona this change may not seem
and more banks are fighting back
to be of much significance, but —as some of them always have—
bankers will nevertheless be in- and the free ride, so to speak, for
duct, neither can a bank hope fr* terested in it. After all, many of
W1C
uuc, b«. w ^caA, iui
grow and prosper on the idle, un- -the proponents of branch banking what we economists cal t e nonnecessary cash balances of its cus- think in terms of nation-wide, or ; banking.mtermedaries may soon
tomers, who can in today's mar>^ at least Federal Reserve District■
over*

cus*omers own best interest,
be invested in a savings account
or a time certificate.
The way
some banks now treat their checking account customers is strangely
like the merchant who would not
give his customers back the correct change unless they asked for
it- ^ust as a successful store canhot be built on that type, of con-

markets meet their liquidity needs wide,

branching. Such

a

major

In the more traditional areas c '

*and earn some return at the same ; change in banking structure does lending, commercial banks have
time.
•/ '•
;
not seem likely to occur in the done much better. In fact, many

to

it

turn

businessmen

less

or

they have

industry.

have

rnmrmin-

where X=the total demand de-

pay

slt

to

and

interested

lncluding corporate

Measurers-might

,

and

commerce

could

the

have

we

'

.

the

Commercial Bank?,

commercial

many^

and

more

service,

major change in bank-

us a

.

i

demand d

on

for
What Is A

.

-

if banks

course,

interest

Un¬

direction of this development

banks

be

denosit building in

posits
Of

possible

best

23

investment research people in
much profit as possible. To be trust
departments.
More
and
worthy,:.this objective must be a more, as all of us know but someWe use a formula at Indiana to iong run one> jn which the most times do not fully realize, trust
emphasize this point to our stu- profitable result of all is survival, investments are equity investdens of banking. The formula goes For the past two or three dec- ments or else creditor obligations
like this:
ades, however, too many bankers purchased because the investment

of

sources

commercial banks.

foreseen

benefits

will

denositor and to the

.

Promoting Time-Savings Accounts

business.

.

,

quoting from thia
double, purpose,

my

depositors

the

successful

T

.

-gard for

"Wha?

I suspect

future will be genujne service

depression, when either the objectives of monetary policy or
Pe°Pie>s desires to hold cash, or
are radically changed can
we exPect much rise in demand

far different at-

a

studying

that demand deposits will steadily
represent a declining and not a
constant or rising proportion of
our total wealth. Only in war or

and wait for

The growth est,-

assumes

titude

would

officers

their

mated

for the

ways

too

large

in

success

lnAC—ho -more carefully, and on this basis
inescapable conclusion must be
^ would predict that the key to

from page 1

vironment

Operations

that

their

interests, before

holding such balances.

Present Banking

.

Thus I believe

pending

banking is
attitude
ward

one

of the hn-

in

commercial

changes
on

completely changed

a

the part of bankers to-

their checking account cus-

tomers.

And if I

treasurer

or

a

wealthy individual

I would want to be

with

a

corporate

were a

doing business

bank that could show

how to expedite

my money

me

trans-

STor^a momekt^s Liv'M °f
mom t as to why if Would
.

.

lsnt llkely'

legislative

efforts

or

influence.
""J11

*

"

number

to

belittle

Significant

"

messengers*

and

proof

transit clerks, bookkeepers and
tellers. No longer can a successful banker say*- as one did not too
many years ago' that
always be plenty of

"there wiU

dumb-bell
jobs in a bank — and plenty of
dumb-bells to fill them."
in

Yes, the big impending change
commercial
banking is that

commercial

banks

camir

about

are

to

enter an era of maximum service

to American business, as providers
abandoning
their traditional role
of checking account

accepting

services, and

their

fully

opportuni-

^a^na

abHi^,

the highest

financial

viousjy

cessors.

i

Changes in the basic laws af~
fecting banking will not be made
3ust because some bankers want
them, and I say this without any
intention to criticize banking's

banker's

T

have scared their predeThey have used their engenuity to figure out how they
could accept these risks.
Term
loans to under - capitalized firms
in brand new industries, loans on
assigned accounts, and loans secured by warehouse receipts but
no warehouse, are but three ex-

possibilities that will come to out-

Jmagnitxide

t

obtain

can

of

resources

which

bankers

competing

b

effec-

while

basic

them

for

tively

and quite ob-

changes in the structure of bank.

are

talked

0*

impending

really

not inevitable

proved

or

they

not

are

certainly

and

'imminent.

Im-

and
*

im"

management

""

remember

total

volume

will

always

__

amount

the

believe

is

supply.

Second,

propriate

____

limited

be

monetary

an

what

on

—are

is

money
an

ap-

supply depends

how

people—including

that

authorities

appropriate

money

primarily

to

much

wealth

business

public is well served, or believes
it is well served, by the present
cessfully for time and savings de- structure of banking, bankers who
posits that it had all the funds it advocate new legislation will have
needed to meet loan demands, in- difficulty in getting the necessary
liquid assets; and most of all,

my

a

bank that was competing

eluding

R
-

-n

do believe that one significant
change will grow out of this

service,

•-

rge Balances favor

of

bankers

the form of cash. Third, most peo-

epositors

changed

pie—including corporate treasur-

Of course, a large balance is not

course

who

suggests

want

the

do

such

that

structure

ers—do

not

want

any

more

cash

idle if it in fact does purchase

p

serve

bank,

areas

(i'.e., checking account balances)

needed

than necessary to serve

whether directly in the form of

of

payment

for

their

as

means

business

used

service

from

unused credit

the

a

an

out-

service to business, and especial!"

to

*




line,

recon-

service.

This in turn suggests that

who do not want the
structure changed will also do
bankers

R. W.

Pressprich
t

TV) AuYYllt

business firms that have real

job in the area they financial problems,
is making,
that people in neighboring and will continue to make, comwill want that same kind of mercial bankers the most competent financial advisors in their

community. The role previously
transactions.
Fourth, technology cilement of the payroll account,
played in this area by the investis .rapidly reducing the amount of rapid clearing of
checks, and the their best to provide the service ment bankers will continue to
cash needed to serve as means of like, or indirectly in the form of the
public wants, and thus to decline, relatively. The time will
payment, as clearly evident by financial service to the commun- convince
their public
that
no
come, very likely, when commerthe increasing velocity of money, ity. To the extent banks can con- change is necessary. Because of cial banks* can readily charge a
.Putting the four together, the vince checking account customers this dual effort to provide the consultant's fee for their service,
or

by Professor Edwards at
of the Arizona

Convention

Commercial bankers continu*

standing

must

Annual

.

Consultants

This

_

♦An address

the

Bankers Association.

Banks as tee-Gnarging financial

votes.

my own.

firms

willing and able to hold in

so sue-

ttt

ttt

VV

•

VV

.

X I lvvIlU.

Ty»
I•

u

^

On Jan. 1, Walter W. Friend, Jr.,
will become a partner in R. W.
Pressprich & Co., 80 Pine Street,
New York City, members of the
New York Stock Exchange. Mr.
Friend is in the firm's research
department specializing in municipals.

24

The Commercial and

(2560)

Financial Chronicle

.

.

.

Thursday, December 20, 1962

ADDITIONS

* INDICATES

in

Now

Securities

Registration

in

Registration statements filed with
last issue of the "Chron¬
icle" are now carried separately at the end
of this section "Securities Now in Registra¬
NOTE

—

Fla., Md., N. Y.,

of

debt.

Amerel

alongside
and in the index, re¬
flect the expectations of the underwriter but
are not, in general, firm offering dates.
Also shown under the caption "Effective
the

company's

those issues which became
week and were offered pub¬

Registrations"

are

this

effective

in parenthesis

name,

licly.

ABC

work¬

Office—3500 N. W. 71st St., Miami. Under¬
writer—Givens, Marx & Co., Inc., Miami. Note—The SEC
has issued an order temporarily suspending this issue.

ing capital.

L.

A.

filed 100,000 common. Price—$4.50. Busi¬
ness—Sale of processed flat rolled strip steel. Proceeds
—For debt repayment, equipment, and working capital.
Office—126—02 Northern Blvd., Corona, N. Y.
Under¬
March 29, 1962

writer—Bernard

Abbott
June 29,

L.

Madoff, N. Y.

Fund,

Realty

Inc.

debt

Price—$10.

and management. Pro¬

repayment and general'corporate pur¬

poses.
Office—292 Madison Ave.,
Morris Cohon & Co. and Street &

N. Y. Underwriters—
Co., Inc., N. Y.

Accounting Corp. of America
Dec.
5, 1962 ("Reg. A'') 300,000 common.
Price—$1.
Business—Operation of an electronic data processing
serviqe. Proceeds—For expansion, equipment and work¬
ing capital. Office — 37 Brighton Ave., Boston.
writer—Walker, Wachtel & Co., Inc., Boston.

Under¬

Aerosystems Technology Corp. (12/26-28)
Aug. 29, 1962 filed 165,000 common. Price—$3. Busihess
—Company has been engaged in experimentation on
aerodynamic concepts and holds ten U. S. Patents relat¬
to advanced vertical lift vehicles and systems for
achieving controlled vertical flight. Proceeds—For addi¬
ing

tional

development, plant fa¬
cilities and other corporate purposes. Office—Route 15,
Sparta, N. J. Underwriter—Chase Securities Corp.,N. Y.
equipment, research

Aiken

and

Price—$10.
estate

investment.

Office—423

American

Finance

debentures

nated

ceeds—For the retirement of debentures, and

trust.

plans to qualify as a
Proceeds—For investment.

American

Gas

Co.

(1/14-18)

March 26, 1962 filed $1,685,000 of
ordinated debentures due Sept.

6J/2% convertible sub¬
1, 1977; also 275,000
common. Price
For debentures, at par; for stock, by
amendment. Business—Transportation, distribution and
sale of natural gas. Proceeds—For debt repayment and
expansion. Office — 546 S. 24th Ave., Omaha. Under¬
writer—Crutteriden, Podesta & Miller, Chicago.
—

American

Options Corp.
April 11, 1962 ("Reg. A") 60,000 common. Price—$5.
Business—Company plans to sell "puts and calls" and
may act as a broker-dealer.
Proceeds—For general cor¬
porate purposes. Office—120 Broadway, N. Y. Under¬
writer—Provost Securities. Inc., N. Y.
American

Pacific

Fund, Inc.

July 9, 1962 filed 94,500

common.

Business—An

open-end

health,

in

life,

Honolulu.

Underwriter—American

delphia,

Co. Address—American Plan

Underwriter

—

Clayton

Securities

Corp.,

Boston. Offering—Indefinite.

and

the purchase of American

Underwriter

Properties, Inc.
1962 filed $5,000,000 of

conv. subord. deben¬
Business—Company and
subsidiaries conduct a general real estate business with
emphasis on land development and home construction
par.

American
Feb.

Southwest

in

over-the-counter securities

common.

Price—$2.50.

29, 1962

$1,020

of

one

per

("Reg. A") $294,000 7% conv. subord. de¬
1972 and 29,400 common to be offered in
$1,000 debenture and 100 shares.
Price—

unit.

products.

Business—Manufacture of amplifiers and

Office—1570

derwriter—John

R.

W.

Boland

-

Proceeds

and

new

Blancke, Linden, N. J. Un¬
& Co., Inc., New York. Of¬

fering—Expected in January.

S$. ^ I Sij C m JHj Hi

a

ESTABLISHED

¥

r(jc., J^nc.

1942

Members of New York Security Dealers Association
39

Broadway, New York 6, N. Y.

Dlgby 4-2370

and

R. J. HENDERSON & CO..

Proceeds—For

working capital.

Mass.

TWX: 212-571-0320

Direct Wires

reduction

of

bank

loans,

Office—349 Lincoln St., Hingham,

Underwriter—None.

Arden

Philadelphia

for
on

pre¬

stock and 205,105 common shares being offered
subscription by stockholders of the respective classes

the basis of

date for both

one

of

Price—$1.50.

Misti-Cone

humidi¬

Inc.

filed 51,200 common. Price—By amendment
(max. $6). Business—Manufacture of home aquariums,
and supplies.
Proceeds—For moving expenses, equip¬
ment, debt repayment and working capital. AddressRoute 46,
Pine Brook, N. J.
Underwriter—Divine &
Fishman, Inc., N. Y.
Inc.

Dec. 28, 1961 filed 50,000 common.

—Design,

manufacture

Price—$4.

installation

and

Business

electrical,

of

hydraulic and mechanical systems, controls
control and automatically operate indus¬
trial machinery and processes.
Proceeds — For general
corporate purposes. Office—3601 Merrick Rd., Seaford,
N. Y. Underwriter—S. Schramm & Co., Inc., N. Y.
pneumatic,

and devices to

Automatic Merchandising, Inc.
May 24, 1962 filed 225,000 common, of which 125,000 are
be offered by company and 100,000 by stockholders.
Price—By amendment (max. $6). Business—Company
to

operates, owns, services and leases coin-operated auto¬
vending machines.
Proceeds—For debt repay¬
inventories, equipment and working capital. Of¬

matic

ment,

fice—217

N. Willow Ave., Tampa.
Allyn & Co., Chicago.
Bank "Adanim"

Underwriter—A. C.

Mortgages & Loan Ltd.

Dec. 29, 1961 filed $556,000 of 6% cumulative
dividend participating dollar-linked shares.
Business

amendment.

Proceeds—For

—

A

mortgage

preference

Price—-By

lending

company.

Address—
108 Achad Haam St., Tel-Aviv, Israel. Underwriter—
Adanim American Israel Investment Co., Inc.
Basic

29,

general

corporate

purposes.

Properties, Inc.
1962 filed 400,000 class A common. Price—By
(max. $12). Business—Real estate invest¬

amendment

ment.

Proceeds—For debt repayment, acquisition of a
building and other corporate purposes. Office—521 Fifth
Ave., N. Y. Underwriter—Hornblower & Weeks, N. Y.

Corp.
$1,400,000 of 6% conv. subord. deben¬
tures, due
1975
(series A).
Price—By
amendment.
Business—Design, development, and manufacture of me¬
chanical,
electromechanical
and
electronic precision
equipment for U. S. armed forces. Proceeds—For pre¬
payment of loans.
Office—112-03 14th Ave., College
Point, N. Y. Underwriter—Carl M. Loeb, Rhoades &
Co., New York.
Belock Instrument Corp.
Nov. 23, 1962 filed

$752,400 of 6% conv. subord. deben¬

tures, due 1975 (series B) and

an

unspecified number of

by subscription in units
(7,524) consisting of $100 of debentures and an un¬
specified number of shares, on the basis of one unit for
each 130 common held.
Price—By amendment' (max.
shares

to

be

offered

Business—Design, development, and manufacture
mechanical, electromechanical and electronic precision
equipment for U. S. armed forces. Proceeds—For pre¬
payment of loans.
Office—112-03 14th Ave., College
Point, N. Y. Underwriter—None.
$210).

of

Bene^ Cosmetics,

Inc.

March 2,

1962 ("Reg. A") 100,000 common. Price — $3.
Business—Importation, sale and distribution of Italian
cosmetics. Proceeds — For advertising, inventory and
working capital. Office—114 W. 13th St., N. Y. Under¬
Securities, Inc., N. Y.

new

Big Top Stores, Inc.
26, 1962 filed 86,000 common. Price—$3.50. Busi¬
ness—Operation of five retail toy, stationery and variety
Nov.

stores,' and the servicing of franchised dealers. Proceeds
expansion, additional inventory, and working cap¬
ital. Office—832 Scarsdale Ave., S'carsdale, N. Y. Under¬

—For

writer—P.

share for each

10 held.

Record

offerings is Nov. 21 and the rights expira¬

J.

Gruber

Blue Magic Co.

16,

1962 filed

ness—Manufacture

starch

for

&

Co., Inc., N. Y.

of Ohio, Inc.

100,000
of

household

common.

liquid
use.

,

Price—$4.

Busi¬

starch, a rinse, and spray
Proceeds—For equipment,

plant expansion and working capital.

Office—901 Flor¬

Ave., Lima, Ohio. Underwriter—Hallowell, Sulz¬
berger, Jenks, Kirkland & Co., Philadelphia. Offering'—

ence

Indefinite.

Nov.

ferred

INC.. Los Angeles

Aquariums

Brewer

Farms Co.

May 23, 1962 filed 49,993 shares of $3 cumulative

to

WOODCOCK, MOVER. FRICKE & FRENCH, INC.,




Inc.
Sept. 28, 1962 filed 35,000 common. Price—By amend¬
ment
(max. $30). Business—Design, manufacture ahd
installation of large microwave antennas and antenna
components.

sale

equipment, inventories and work¬
ing capital.
Office—668 Jenks Ave., St. Paul, Minn.
Underwriter—Pewters, Donnelly & Jansen, Inc., St.
Paul, Minn.

July

Antenna Systems,

new

and

Proceeds—For

writer—Granite

accessory equipment for musical instruments.
—For inventory, equipment, debt repayment

QUOTED
for Banks, Brokers, Institutions

Busi¬

Ampeg Co., Inc.

units

ISSUES
BOUGHT-SOLD

Price—$11.

Inc.

1962 filed 400,000

bentures due

««NEW

common.

ness—Development, construction and management of
real estate properties.
Proceeds—For construction, debt
repayment and working capital.
Office—173 First St.,
Macon, Ga. Underwriter—Nusouth Growth Stock Sales
Corp., 4101 Steam Mill Rd., Columbus, Ga.
Oct.

specializing in

Realty Trust

Busi¬
Proceeds—For
investment. Office—800 Hartford Bldg., Dallas. Under¬
writers—Kidder, Peabody & Co., N. Y. and Rauscher,
Pierce & Co., Inc., Dallas. Offering—Indefinite.

East,

Business—Manufacture
fiers.

common

ness—A real estate investment company.

Americana

....

Bldg., Westbury, L. I., New

Bear, Stearns & Co., New York.

—

12, 1962 filed 1,000,000

Nov. 13,

1962

Atmosphere Control, Inc.
May 28, 1962 ("Reg. A") 2p0,000 common.

Fidelity Fire Insurance

Offering—Expected in January.

All-State

Price—At

share.

Price—By amendment. Business—Pro¬
servicing of physical damage insurance on
automobiles, trucks and mobile homes. Proceeds—To fi¬

York.

Publishing

Co., Inc.
("Reg. A") 103,000 common.
Price—$2.
Business—Publishing of a bowling magazine. Proceeds
—For general corporate purposes.
Office—14 W. 55th
St., N. Y. Underwriter—Dana Securities Co., Inc., 80
Wall St., N. Y. Note—This letter will be withdrawn.
29,

Nov. 23, 1962 filed

30, 1962
convertible debentures
1982, and 155,000 common (of which 120,000 will be
by company and 35,000 by a stockholder). The se¬
curities will be offered in units of one $20 debenture

nance

Proceeds—For debt re¬

1900 W. Slauson Ave., Los Angeles.

Management

due

duction

1977.

Pacific

sold

one

dairy products.
—

Belock Instrument

and

due

insurance.
Ave.,

Kalakaua

Corp.
filed $3,100,000

doors, and other aluminum products.
Proceeds—For working capital, and other corporate pur¬
poses. Office—20th Street and Allegheny Avenue, Phila¬

tures

special¬

company

acqident

Plan

storm windows and

April 24,

and

Office—1523

May 26, 1961 filed 180,000 common, of which 90,000 will
be sold for company and 90,000 for stockholders. Price—
By amendment. Business — Manufacture of aluminum

Pa.

Price—Net asset value.

management

casualty

investment.

Ascot

Jan.

June

Corp. (same address).
American

Corp.

additional

capital funds. Office—1472 Broadway, N. Y. Underwriter
—Myron A. Lomasney & Co., New York. Offering—Jan.
•

preferred $52; for common
Manufacture, purchase and sale of ice

Automatic Controls,

automobile insurance brokers. Pro¬

are

—

and other

Underwriter—None.

'

Inc.

due

1972, 75,000 common, and 25,000
warrants, to be offered in units of one $200 debenture,
30 shares, and 10 warrants. Price—$500 per unit. Busi¬
ness—Company and its subsidiaries are primarily en¬
gaged in the automobile sale finance business. One ad¬
ditional subsidiary is a Maryland savings and loan asso¬

March
Master

St., Indianapolis.
Inc., N. Y., and Crut-

Co.,

Co.,

REVISE!)

Dec. 5, 1962

& Miller, Chicago.

tenden, Podesta

Address—Florence, S. C. Underwriter—None.
Air

be

Market

E.

Underwriters—Reynolds &

Proceeds—For

Business—Company
investment

to

common,

Corp.

Fidelity

izing

Savings Trust

Aug. 22, 1962 filed 100,000 shares of beneficial interest.
real

and

June 4, 1962 filed 500,000 common. Price—$11. Business
—A small business investment company. Proceeds—For

ciation and two

1962 filed 380,000 class A common.

Business—Real estate ownership
ceeds—For

90,000'

offered
consisting of one $100 debenture and 10 shares.
Price—$100 per unit. Business—Manufacture of standard
and special industrial aircraft and missile fasteners. Pro¬
ceeds—For debt repayment, equipment and other cor¬
porate purposes. Office—Lawson Blvd., Oceanside, L. I.
N. Y. Underwriter—S. D. Fuller & Co., N. Y.
debentures

nated

April 21, 1961 filed $500,000 of 6% convertible subordi¬

Steel Corp.

S.

(1/2-4)

Mfg. Corp.

1961 filed $900,000 of 6% convertible subordi¬

15,

American

debt repayment and

Proceeds—For

forms.

American Bolt & Screw

in units

Inc.

Business Forms,

July 27, 1962 ("Reg. A") 51,500 common. Price—$3.50.
Business—Manufacture, design and development of busi¬
ness

velopment and mining. Proceeds—For diamond drilling,
construction, exploration and
general corporate ex¬
penses.
Office — 80 Richmond St., W., Toronto. Under¬
writer—E. A. Manning, Ltd., Toronto.
•

$13. Business

payment. Office

Mining Co. Ltd.

July 31, 1961 filed 400,000 common shares. Price—500.
Business—The company is engaged in exploration, de¬

Dec.

ITEMS

tion date Feb. 15. Price—For

cream

be named.

To

the SEC since the

tion." Dates shown

and Ky. Proceeds—For repayment
Park Ave., N. Y. Underwriters—

Office—230

•

ISSUE

PREVIOUS

SINCE

29,

(J. W.)

1962

Co., Inc.

("Reg.

Business—Distribution
and

A")
of

120,000 common. Price—$2.
automatic dispensing, cooling

ice-making equipment through a lease service pro¬
Proceeds—For debt repayment and working capi¬
Office—3650—51st Ave., Sacramento, Calif. Under¬

gram.

tal.

writer—Mason Brothers, Oakland.

Volume

Brinkmann
March

Number

196

6222

.

.

.

The Commercial and Financial Chronicle

•

Inc.

Instruments,

26,

instruments.

facture

Proceeds—For research and develop¬

equipment, debt repayment and other corporate
purposes. Office—115 Cutter Mill Rd., Great Neck, N. Y.
Underwriter—D. B. Marron & Co., N. Y.

Guidance

Toys,

Inc.
100,000 common,

are

ceeds—For

working15 capital.

N.

Bronx,

Y.-

Office—1125

Underwriter—J.

1962 filed 1,015,564 capital shares to be offered
subscription by stockholders on the basis of four new
snares for each
share held on Feb. 14, 1962. Price—25
tints. Business—Manufacture and sale of overhead trol¬
June 22,
for

.

Close

Williston

R.

New York. Offering—Indefinite.

Carriers, Inc.

ley conveyers, vertical tray lift systems, floor and overhead tow systems, etc. Proceeds—For working capital.
Office
Kirk Blvd., Greenville, S. C. Underwriter—

(1/2-4)

May 23, 1962 filed
of which 70,000
to be offered by company and 30,000 by stockholders.
Price—By amendment (max. $12.50). Business—Design,
manufacture and sale of plastic educational toys.
Pro¬

April 2, 1962 filed 225,000 common. Price — By amend¬
ment (max. $10).
Business-—Design,-manufacture and
Proceeds—For a proposed ac¬
quisition of another toy company. Office—200 Fifth Ave.,
N. Y. Underwriter—Milton D. Blauner & Co., Inc., N. Y.
Offering:—Temporarily postponed.
*
Cable

Inc.

of

Child

L. Corp.

sale of various type toys.

v

Industries,

1961 filed

women's, misses' and junior sportswear, co¬
ordinates, and dresses. Proceeds—For debt repayment,
equipment and working capital. Office—2025 McKinley
St., Hollywood, Fla. Underwriter — Clayton Securities
Corp., Boston, Mass.
V;

ment,

Buddy

29,

300,000 class A common, of which
225.000 are to be offered by the company and
75,000 by
stockholders.
Price—$5. Business—Design and manu¬

1962 filed 100,000 common, of which 77,420
shares are to be offered by the company and 22,580
shares by stockholders.
Price —By amendment (max.
$7.75). Business — Importing and distribution of scien¬
tific

Hill

Chestnut

Nov.

(2561)

&

Ave.,
Beane,

1

Distributor—Associates Management, Inc., Fort Worth. >

—

Caldwell

Publishing Corp.
June 13, 1962 filed 100,000 common. Price—$3.50. Busi¬
ness—Company plans to publish classics. Proceeds—For
general corporate purposes. Office—339 W. 51st St., N. Y.
Underwriter—S. B. Cantor Co., N. Y.

Circle K Food

Cambridge Fund of California, inc.
Sept. 28, 1961 filed 280,000 common. Price—By amend¬

Nov.
to

Long Beach, Calif. Underwriter—To be named.

Cambridge Mills Inc.
July 27, 1962 filed 110,000 common. Price—$3.50. Busi¬
ness—Design and manufacture of infants' nylon "stretch"
Proceeds—For

debt

repayment, working capital
and general corporate purposes. Office—725 Broadway
N. Y. Underwriter—Alskor Securities Co., N. Y.
wear.

,

Cameo Lingerie,

Inc.

Feb. 12,

1962 filed 200,000 common, of which 120,000 are
to be offered by the company and 80,000 by stockhold¬
ers.
Price—$5. Business—Manufactuer of women's and
children's tailored panties.
Proceeds—For debt repay¬
ment, inventory and working capital.
Office—Fajardo.
Puerto Rico. Underwriter
Schweickart & Co., N. Y.
—

Offering—Temporarily postpone^.

may

Underwriters—White, Weld &, Co.,:,Inc., and
Brothers, New York. Note —* This registration

b.e withdrawn and then refiled.

Canaveral Hills Enterprises,

Inc.
Price—$5. Business
—Company was formed to own and operate a country
club and golf course, swimming pool and cabana club,
near
.Cape Canaveral,/Fla.,: - and develop real estate,
erect homes, apartment houses, motels, etc. -Proceeds—
For debt repayment and expansion. Office—309 Ainsley
.

Underwriter—Willis E. Burnside &

Offering—Expected in early Jan.

Co., Inc., New York.
Career

Academy, Inc.

29,

1962 filed

100,000

common.

corporate purposes.

general

Office—135 W.-Wells St.,
& Fishman, Chicago.

Underwriter—Divine

Milwaukee.

Offering—Expected in January.
.

...

Cedar Lake Public Service Corp.

^

Price—$100. Business
a public utility and
furnish - water
and
sewage
disposal services in and
around Cedar Lake, Ind. Proceeds — To construct S
sewage disposal system. Address — R.R. N. 3, Box 28,
Cedar Lake, Ind; Underwriter—None.

March 20, 1962 filed 9,964 common.
—

-

Company plans

Center

to

qualify

as

Star Gold

Mines, Inc.
April 10, 1962 ("Reg. A") 2,000,000 common. Price—15c.
Business—For exploration," development and production
of mineral deposits;
Proceeds — For mining expenses.
Address—Box 469, Wallace, Idaho.
Underwriters—Pennaluna & Co. and Standard Securities, Inc., Spokane,
Wash. Offering—Expected in early 1963.
Central Maine Raceways,

Inc.

Underwriter—None.

Central Mutual Fund,

;

,

•

y

*

Inc.

20,

asset

corporate

Office—904

purposes.

Clark

&

Underwriter—Eppler,

Corp.

.

Semiconductor

.

Guerin

,

Aug. 22,, 1962

filed $153,045 of 5% subord. debentures
due 1967 and 166,500 common shares to be offered in
units of $170.05 of debentures and 185 shares.
Priced—
$220 per unit Business—Production of very high fre¬
quency power transistors.
Proceeds—For debt repay¬
ment

other

and

corporate purposes. Office
Ave., Clark, N. J. Underwriter—None.
Coastal

—

Walnut

materials

capital.

and

components.

Proceeds—For working

Mississippi Chemical Corp., parent, will receive

the proceeds from the sale of the class C stock. Address
—Yazoo City, Miss.
Underwriter—Mississippi Chemical

Corp., Yazoo City, Miss., will acf a$ underwriter for
Collins

Radio

the

Co.

^

(1/9)

'Li.?

Sept. 21, 1962 filed $12,500,000 conv. subordinated de¬
bentures, due Jan. 1, 1963. Price—By amendment. Busi¬
ness—Design, development, and manufacture of special¬
radio communications equipment, and aircraft and
flight control devices. Proceeds—For repayment of bank
ized

loans. Office—5225 "C"

Ave., N. E., Cedar Rapids, Iowa.
Peabody & Co., Inc., and White,
Weld & Co., Inc., New York.

Under writers^—Kidder,

Colonial

Board

28, 1962 filed 164,000 common, of which 115,000
offered by the company and 49,000 by stock¬
holders.
Price—By amendment (max. $15). Business—
Manufacture of shopboard and boxboard. Proceeds—For
expansion, equipment and debt repayment. Office—615
Parker St., Manchester, Conn. Underwriter—Putnam &
Co., Hartford, Conn.
7
77
;7 7";''7:
7^"/;
to be

Colorado

Sept. 20,

'■

Columbia

27,

Gas

common.

Office—Creede, Colo.

—None.

Nov.

•

■

Underwriter
■■,;:;77;;777,/!'7 /7.

System, Inc.

(1/3/63)

1962 filed $25,000,000 of debentures,

due 1988.
outstanding 5%% debentures, due
1984, and increase working capital.
Office—120 East
41st St., New York. Underwriters—(Competitive). Prob¬
able bidders:. Halsey, Stuart & Co. Inc.; Merrill Lynch,
Pierce, Fenner & Smith Inc.-White, Weld & Co. (joint¬
ly); Morgan Stanley & Co.-First Boston Corp. (jointly).
Bids—Expected Jan. 3, 1963 (11 a.m. EST).

Proceeds—To redeem

Commercial Life

Insurance Co. of Missouri

Nov, 26,

1962 ("Reg. A") 46,000 common to be offered
for subscription by stockholders on the basis of one share
for each 3.36

common

Business—Sale

shares held. Price—At-the-market.

of

health, accident, life and hospital in¬
surance.
Proceeds—For working capital.
Office—3570
Lindell Blvd., St. Louis. Underwriter—Edward D. Jones
& Co., St. Louis.
•

Computer Concepts

Inc.'

(12/24-28)

29, 1961 filed 20,000 class A common. Price — $25.
Business—Development and sale of advanced program¬
ming systems, for solution of business problems by the
use of digital computers. Proceeds — For general cor¬
porate purposes. Office—1012 14th St., N. W., Washing¬
ton, D.

value

other

Co., N. Y.

Offering—Expected in January.
Consolidated Vending Corp.
April 2, 1962 filed 70,000 common. Price—$5.75. Business
—Operation of vending machines. Proceeds—For debt

repayment, working capital and other corporate purposes.
Office—129 S. State St., Dover, Del. Underwriter—Dana
Securities Co., Inc., N, :Y. Note—This
registration will
withdrawn.

Lens Guild, Inc.
Sept. 19, 1962 ("Reg. A") 75,000 class "A" common.
Price—$4. Business—Manufacture and sale of a patented
contact
lens.
Proceed[s—For moving expenses, re¬
search, inventory,
advertising and working : capital.
Office—360 Main St. E.,
Rochester, N. Y. UnderwriterJohn J. DeGolger Co.,
Inc., Rochester, N. Y.

ControlDyne,

Inc.
24, 1961 filed 150,000 common. Price—$1.15. Busi¬
ness—Development and production of electronic testing
and training devices. Proceeds
For expansion and
working capital. Office—9340 James Ave., S., Minne¬

Oct.

—

apolis.

Underwriter—To

C. Underwriter—Doft &

Co., N. Y.

Jan. 24, 1962 filed 157,500 common,
to be bffered by the company and

be

named.

formerly was named Control
—Indefinitely postponed.

Note—This

Dynamics,

Inc.

firm

Offering

Corporate Funding Corp.
>
April 26, 1962 ("Reg. A") 75,000 class A common. Price
$4. Business — A financial investment and holding
Proceeds—For expansion and working capital.
Broadway. N. Y. Underwriter—R. F. Dowd

company.

Office—39
&

Co., Inc., N. Y. Offering—Indefinitely postponed.
Cosnat

26,

Corp.

1962

—The

filed

$1,250,000

debentures due

manufacture

records.

Proceeds

and

6%

of

convertible

sub¬

1977. Price—At par. Business
distribution
of
phonograph

For the repayment of
debt, and
working capital. Office—315 W. 47th St., N. Y. Under¬
Alstyne, Noel & Co., N. Y. Note—This firm
was known
formerly as the Cosnat Record Distributing
Corp. Offering—Indefinitely postponed.
—

writer—Van

Cotter & Co.

Nov. 21, 1962 filed $3,000,000 of 6% subordinated
notes,
series I. Price—At par. Business—A
cooperative whole¬
saler of
hardware and related items.
Proceeds—For

working capital. Office—2740 N. Clybourn Ave., Chicago.
Underwriter—None.
Creative Ventures Corp.
May 28, 1962 filed 150,000 common and warrants to pur¬
chase 30,000 additional shares, to be offered in units of
share and

one

warrant. Price—$2.25 per unit. Busi¬
guidance and interim. financing con¬
Company may also act as a broker-dealer and un¬
one

ness—A .corporate
cern.

derwriter.

N.

Proceeds—For investment.

Y.

Office—733

Underwriter—Hampstead

Investing

Third

Corp.,

New York.

Credit
Jan.

26,

Department, Inc.

1962

filed

due

1974

bentures

$1,200,320
and

of

54,560

7%

subord.

conv.

de¬

shares to be
offered in 2,728 units, each consisting of $440 of deben¬
tures

and

20

Business—A
debt

common

consumer

shares.

M

Kahn

Offering—Expected in January.
D. C. Transit

Price—$550

Office—1775

Bernard

—

common

per

sales finance company.

repayment.

Underwriter

Price—$1. Busi¬
Proceeds—For exploration and

mining.

expenses.

Proceeds—For

debt repayment,
an
acquisition
corporate purposes. Office — 1012 Baltimore
Ave., Kansas City, Mo. Underwriter—Blair &

and

-—For

Imperial Mining Co.

1962 filed 200,000

operating

ment.

Ave.,

Co.

March

are

debentures, at par; for stock, by amendment
(max. $9). Business—Renting of cars, trucks and equip¬

ordinated

Chemical

Corp.
Sept. 24, 1962 filed 40,000 class A, 39,239 outstanding
class C, and 20,000 class D shares. Price—$35. Business
—Manufacture of anhydrous ammonia and other fertil¬
izer

Price—For

May

Computer Control Co., Inc.

1962 filed 100,000 capital shares. Price—Net
(max. $14) plus a 2% sales commission.
Business—A mutual fund specializing in life insurance
stocks.
Proceeds—For investment.
Office—110 North
Aug.

other

Dec.

1962 filed 450,000 common,' Price—$1. Business
'—Company conducts
commercial parimutuel harness
racing meets. Proceeds—For debt repayment, purchase
of land, and raceway improvements; 'Office—33 Court

•Oct. 26,

St., Auburn, Maine.

and

Proceeds—For

stores.

grocery

Ave., El Paso.
Turner, Inc., Dallas.

ness—General

•

Price—By amend¬
ment (max. $3.25). Business — Operation of technical
schools.
Proceeds—For debt repayment, expansion and

June

drive-in

Magoffin

"77■

May 10, 1962 filed 100,000 common.

Bldg., Miami, Fla.

retail

expansion

:k.

7

of

tion

•

Price—By amend¬
(max. $21.50). Business—Manufacture of equip¬
ment used in the petroleum and processing industries.
Company also makes forged metal products used in the
aviation, missile and atomic, industries. Proceeds—For
selling stockholders. Address—P. O. Box 1212j Houston,

ment

Lehman

by company and 32,000 by stockholders.
amendment (max. $6.25). Business—Opera¬

stock.

Cameron Iron Works, Inc.
Sept. 14, 1962 filed 280,000 common.

Texas.

offered

be

Price—By

ment. Business—General real estate. Proceeds—Debt re¬

payment and working capital; Office—324 E. Bixby Rd.,

Stores, Inc. (1/14-18)
1962 filed 96,000 common, of which 64,000 are

28,

Consolidated Leasing Corp. of America
April 27, 1962 filed $1,01)0,000 of 6%% subord. deben¬
tures due 1977
(with warrants), and 99,000 common.

Contact

/Church Builders, Inc.
Feb. 6,1961 filed 50,000 shares of common stock, series 2.
Price—$5.50 per share. Business—A closed-end diver ¬
sified management investment company. Proceeds—For
investment. Office—501 Bailey Ave., Fort Worth, Texas.

None.

25

Systems, Inc.

&

unit.

Proceeds

Broadway, N.
Co., Inc., N.

;

Y.
Y.

,

1

'

^

April 30, 1962 filed $6,250,000 of 6%% conv. subord. de¬
bentures due 1977 and five-year warrants to purchase
an aggregate of
187,500 class A shares, to be offered for
subscription by holders of class A and class B stock in
units consisting of $100 of debentures and three war¬
rants.
Price—$100 per unit. Business—Operation of a
public transit system in Washington, D. C.; a new sub¬
sidiary to construct housing projects in Washington,
D. C.

Proceeds—For construction and general corporate
Office—3600 M St., N. W., Washington, D. C.

purposes.

Underwriter—None.
Data

Corp of America
1962 filed 105,000 common. Price—$1.25. Busi¬
ness—Development of specialized data processing appli¬
cations and the furnishing of data
processing services.
Proceeds—For training of personnel, advertising and
sales promotion, and working capital. Office—44 Beaver
St., New York. Underwriter—A. D. Gilhart & Co., Inc.,
Oct. 29,

New York. Offering—In

early January.

Data Systems Devices of

Boston, Inc.
April 26, 1962 filed 200,000 common. Price—$5. Business
—Company plans to design, develop and produce elec¬
tronic and electro-mechanical devices,
including printers
for electronic computers.

Proceeds—For product devel¬
plant and equipment and working capital.
Western
Ave.,
Boston.
UnderwriterSchmidt, Sharp, McCabe & Co., Inc., Denver.

opment,

new

Office—342

of which 62,500 are
95,000 by stockhold¬
ers. Price—By amendment. Business—Design and manu¬
facture of digital equipment. Proceeds—For debt re¬
payment. Office—983 Concord St., Framingham. Mass.
Underwriter—Kidder, Peabody & Co., N. Y. Offering—
Indefinitely postponed.

stockholders.

paints. Proceeds—For general corOffice—Santurce, P. R. Underwriter—
Arnold Malkan Investment Growth of Puerto Rico, Inc.,

Conso Products, Inc..
Sept. 27, 1962 filed 125,000 common. Price—By amend¬
ment (max. $10). Business—Manufacture of home fur¬
nishing trimmings and accessories. Proceeds—For ma¬
chinery and working capital. Office—27 W. 23d St., N. Y.

Deuterium Corp.
Sept. 28, 1962 filed 120,000 common with attached war¬
rants to purchase an additional 120,000 shares to be ofered for subscription by holders of its stock and deben-

Santurce, P. R.

Underwriter—H. Hentz & Co., N. Y.

East

St., "Jacksonville,

111. ~ Underwriter—CN

Agency,

Inc., same address.
Chemical
June

29,

Coating Corp.

1962 filed 70,000 common. Price—$5. Business

—Company plans to operate a painting contracting busi¬
ness

and manufacture

Dorate

purposes.




Offering—Jan.

Delta

Sept.

Bowling Corp.

28,

1962

filed

100,000

common, of which 50,000
by company and 50,000 by
Price—$3. Business—Leasing and operat¬
ing of bowling centers. Proceeds—For expansion, equip¬

shares

are

to

be

offered

ment and

working capital. Office—230 Park Ave., N. Y.
Underwriter—Provost Securities, Inc., N. Y.

Continued

on

page

26

26

The Commercial and Financial Chronicle .'.

(2562)

Pennsylvania Investment Co.
filed 450,000 common. Price—By amend¬
ment (max. $16). Business—A small business investment
company.
Proceeds—For general corporate purposes.
Office
3
Penn
Center Plaza,
Philadelhia. Under¬
writers—Drexel & Co., Philadelphia find Kidder, Peabody & Co., N. Y.

:

March 16, 1962

(of one share and one warrant) on the
basis of 3 units for each 5% prior preferred share held
2
units for each 5% preferred A stock held and 40
tures

units

in

—

non-interest bear¬
ing subordinated debentures held. At the same time, the
company will offer the securities to the public. PriceTo subscribers, $20; to public, $22.25. Business
Com¬
pany plans to erect a small size production and experi¬
mental plant for the limited manufacture of deuterium
and deuterium oxide, and to establish and equip a §^n~
eral research laboratory. Proceeds—For working capital,
construction, equipment and other corporate purposes.
Office—360 Lexington Ave., N. Y. Underwriter—None.
units for each $1,200

Diamond
Feb. 27,

face amount of

Dust Co.,

Inc.

Proceeds—For equipment,
expansion, research and working capital. Office—368
Passaic Ave., Caldwell, N. J.
Underwriter — Richard
Bruce & Co. Inc., N. Y. Offering—Expected in January.
tope and gaseous materials.

Electro-Temp Systems, ln<L
Oct. 18, 1962 ("Reg. A") 160,000 common. Price

Price—$3. Business

Business—Sale

diamond powder and compound.
Proceeds—For
debt repayment, additional personnel,
advertising and working caiptal.
Office 77 Searing
AVe., Mineola, N. Y. Underwriter—Magnus & Co., N. Y.
Offering—Indefinitely postponed.
Diamond Mills Corp.

,

.

Co.,

Philadelphia.

—S. C.

Estate Trust

Real

to

1962 filed 1,000,000 shares of beneficial inter¬
est.
Price—$10.
Business—A real
estate investment
trust. Proceeds—For investment. Office—500 Fifth Ave.,
Underwriter—Bacon, Johnson Realty Management

Co., Inc. (same address). Offering—Expected in Jan.
Diversified

Realty Investors
June 28, 1962 filed 1,900,000 certificates of interest. Price
—$1 per interest.
Business—A real estate investment
trust.
Proceeds—For investment.
Office—19 E. First
South, Salt Lake City.
In"
Salt Lake City.

waukee.
Everbest Engineering Corp.
April 2, 1962 filed 100,000 class A shares. Price-4$2.40.
and sale of long-lived electric

Business—Manufacture

lamps. Proceeds—New product development, inventories
and working capital. Office—41 E. Twelfth St., N. Y.
Underwriter—Planned Investing Corp., N. Y.
•

Fabco, Inc.
July 20, 1962 ("Reg. A") 200,000 common.

withdrawn.

of crushed

granite, lime rock, and agricultural limestone.
Proceeds—For
loan repayment,
and working capital.
Office—11 N. Main St., Ocala, Fla. Underwriter—Courts
& Co., Atlanta, Ga. Offering—Expected in January.

Fastpak, Inc.

devices

418,680 common to be offered for
subscription by stockholders on the basis of two new
shares for each three held. Price—By amendment (max.
$1.25). Business—Research, development and construc¬
tion of experimental helicopters. Proceeds—To obtain
19,

1962 filed

certification

Place, Freeport, N. Y. Underwriter — Arnold
Malkan & Co., Inc., N. Y. Note—This registration will
be withdrawn.

Fedco

of which 17,500 are to
and 2,500 by a shareholder. Price
—By amendment (max. $15).
Business—Design and
manufacture of tools, dies, molds, beryllium castings and
be offered by company

the distribution of

Donmoor-lsaacson, Inc.

home

Feb. 26, 1962 filed
to be offered by

150,000 common, of which 50,000 are
the company and 100,000 by stock¬
holders. Price—By amendment (max. $12). BusinessDesign and manufacture of boys knit shirts, sweaters,
and pajamas. Proceeds—Fqr working capital. Office—

N. Y.

Underwriter—Goodbody

&

ers

Co.,

Corp.
6, 1962 filed 150,000 common. Price—By amendment
(max. $9). Business — Manufacture of various types of

First American

Oct.

1962

27,

1961

ceeds—For

Co., Inc.,

ness—Manufacture

of

electronic

for

devices

filed 2,770,000

medical

and

vehicles

marine

shares.

Price—$1.

investment company. Pro¬
Office—1295 Northern Blvd.,

Price—By
I

Realty

amendment

(max.

$14).

estate investment trust. Proceeds

Proceeds—For

—

Business—A

real

To acquire the 55

Public

payment.

Room

working capital, equipment and debt re¬
Office—2222 S. Centinela Ave., Los Angeles.

Underwriter—None.

Eastern Camera & Photo Corp.
March 28 1962 filed $500,000 of 6% conv. subord. deben¬
tures due 1972 and

50,000 common shares (of which 25,000 will be sold by the company and 25,000 by stock¬
holders). The securities are to be offered in units of one
$100

debenture

and

10

shares.

Price—By amendment.

Investments, Inc.

28,

1962

filed

class

80,000

B

common.

Price—$5.
Proceeds—

For

working capital and debt repayment
Office—1301
E. Morehead St., Charlotte, N. C. Underwriter—None.
.

Garden State Small Business Investment Co.
Oct. 27,

1961 filed 330,000

common.

—A small business investment

Price—-$3. Business
Proceeds—For

company.

investment. Office—1180 Raymond Blvd.,

Newark, N. J.

Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
Offering—Temporarily postponed.
•
Geigher Pipe Supply Inc.
Sept. 28, 1962 filed 60,000 class A common, of which 50,000 are to be offered by company and 10,000
by stock¬
holders.
Price—$9.50.
Business—Sale of steel pipes,
valves and fittings.
Proceeds—For inventory. Office—

4124 N.

Broadway, St. Louis. Underwriter—Midland Se¬

City, Mo. Offering—Indefinite.

General

Design Corp.
April 25, 1962 ("Reg. A") 65,000 common. Price—$3.
Business—Design and development of new products for
various
industries.
Proceeds—For
debt
repayment,
equipment and working capital. Office—1252 W. Peachtree St., N. W., Atlanta, Ga. Underwriter — Robert M.
Harris & Co., Inc., Philadelphia. Note—The SEC has is¬
sued an order temporarily suspending this issue.

Genesco

Inc.

(1/9/63)

Dec.

7, 1962 filed 185,000 shares of cumulative convert¬
ible preferred (no par). Price — By amendment (max.
$100). Business—Manufacture of various types of foot¬
and apparel. Proceeds

wear

working

capital.

—•

Address—111

For debt repayment and
7th Ave., North, Nash¬

Glasco Pacific, Inc.
July 12, 1962 filed 250,000 class A and 250,000

shares to be offered in units of
mon

share.

plans

to

Price—$5.05

manufacture

wardrobe

mirror

per

flat

doors

and

one

class A and

common
one

com¬

unit. Business—Company
glass mirrors and sliding
related

products.

Proceeds

Square Bldg., in downtown Cleveland. Office—
1840, Union Commerce Bldg., Cleveland. Under¬
writers—Harriman Ripley & Co., Inc., New York and
Hayden, Miller & Co., Cleveland.
Florida Bancgrowth,

Inc.

March 16, 1962 filed 200,000 common. Price—By amend¬
ment
(max. $15). Business—An investment company

specializing in bank stocks.

Proceeds—For investment.

Office—3356 Atlantic Blvd., Pompano
derwriter— DempseyZ-Tegeler &
This offering was postponed.

equipment, inventory and working capital. Office
—1299 N. First Street, San Jose, Calif. Underwriter—
Birr, Wilson & Co., Inc., San Francisco. Note—This reg¬
istration will be withdrawn.

c" .7 Glensder Corp.

1

March

23, 1962 filed 150,000 common, of which 60,000
are to
be offered by the company and 90,000 by the
company's parent, Glen Modes, Inc. Price—By amend¬
ment (max. $7). Business—Design, production and sale
of women's fashion accessories, and sportswear. Proceeds
—For general corporate purposes. Office — 417 Fifth
Ave., N. Y. Underwriter—Sprayregen, Haft & Co., N. Y.
Offering—Indefinitely postponed.
Global Construction Devices, Inc.
1962 filed 100,000 common. Price—$10.

June 29.,

Busi¬

ness—Manufacture, sale and lease of steel supports and
oeams

used in

construction.

Proceeds—For debt repay¬

expansion, research, and inventory. Office—545
Lane, Teaneck, N. J.
Underwriters—Winslow,
Cohu & Stetson and Laird, Bissell & Meeds, N. Y.

Cedar

Gold Leaf Pharmacal Co.,

Inc.
1962 filed 80,000 common. Price—$4. Busi¬
ness—Manufacture, development and sale of pharmaceu¬
tical and veterinarian products. Proceeds—For advertis¬
ing, research, debt repayment and working capital.
Office—36 Lawton St., New Rochelle, N. Y. Underwriter
March

13,

—Droulia
•

&

Gotham

Co., N. Y.

Educational

Equipment Co. Inc.

Dec. 4, 1962 filed 75,000 common. Price—By amendment

(max. $6). Business—Design, manufacture, and market¬
ing of items used in educational institutions such as
chalk

boards, exhibit cases, etc. Proceeds—For general
corporate purposes. Office — 91 Weymar) Ave., New

Rochelle, N. Y. Underwriter—Federman, Stonehill & Co.,
New York. Offering—Expected in mid-February.
Gotham

Investment Corp.
21, 1961 filed 100,000 common. Price—$6. Business
—Real estate investment. Proceeds—For working capi¬
tal and other corporate .purposes. Office — 1707 H St.,
N. W., Washington, D. C. Underwriter—Rouse, Brewer,
Becker & Bryant. Inc., Washington, D. C.
Nov.

Underwriter—None.

Nov. 29, 1962 filed 880,000 shares of beneficial interest.

and

purposes.

capital

business

investment.

First Union

electro-mechanical

2,750,000

amendment

small

Manhasset, N. Y.

Busi¬

Fund
June

ment,

Israel Mutual Fund

filed

Price—By

Business—A

New York.

Price—$1.

Underwriter—None.

First New York Capital Fund, Inc.

stereophonic and monaural phonograph records for label
record companies. Proceeds—For equipment and work¬
ing capital. Office — 900 Passaic Ave., East Newark,

Dynapower Systems Corp.
Sept. 28, 1962 filed 750,000 common.

Office—3600 W.

shares of beneficial In¬
(max. $10). Business—
primarily in equity
type securities of Israeli companies. Proceeds—For in¬
vestment. Office—141 Milk St., Boston. Underwriter—
Paine, Webber, Jackson & Curtis, Boston. Offering—Ex¬
pected in February or March.

—manufacturing, labeling and packaging of long playing,

&

payable.

A mutual fund which plans to invest

Dynamic L. P. Industries, Inc.
1962 filed 75,000 common. Price—$4. Business

Burnside

15,

terest.

June 21,

B.

reduction of accounts

and

Aug.

lights for industrial and commercial use. Proceeds—For
the selling stockholder. Office — 2321 Hudson Blvd.,
North Bergen, N. J. Underwriter—Auchincloss, Parker
& Redpath, New York. Offering—Expected in January.

Underwriter—Mortimer

recession offer to stockhold¬

Fidelity Mining Investments Ltd.
30, 1961 filed 800,000 common. Price—By amend¬
ment. Business—Exploration and testing of mining prop¬
erties. Proceeds—For general corporate purposes. Office
—62 Richmond
St., Toronto. Underwriter—<ph V. Kirby
& Associates, Ltd., Toronto.

Duro-Test

J.

a

Nov.

Dec

N.

plastic, metal and glass products for

Proceeds—For

use.

Pratt Ave., Chicago.

New York. Offering—Expected in January.
•

Corp.

Oct. 29, 1962 filed 20,000 common,

of

Broadway,

by others. Proceeds—For debt
general corporate purposes. Office—8

and

Benson

models, train service personnel, repay
debt, etc. Address—Municipal Airport, Danbury, Conn.
Underwriter—None. Note—The SEC has questioned the
accuracy and adequacy of this statement.

1115

manufactured

repayment

toys and games. Proceeds-—For selling stockholders. Of¬
fice—2885 Jerome Ave., Bronx, N. Y. Underwriter—Mc¬
Donnell & Co., New York. Offering—Indefinite.

—For

Nov. 30, 1961 filed 125,000 common. Price—$5. Business
—The distribution of nuts, bolts and other fastening

Helicopters, Inc.

Forst (Alex) &
Sons, Inc.
I
March 23, 1962 filed 125,000 common. Price—By amend¬
(max. $15).
Business—Wholesale distribution of

ment

ville, Tenn. Underwriter—Blyth & Co., Inc., New York.

Price—$1.50.
Business—Manufacture of insulated water closet tanks,
fiberglass gravel stop and laundry tubs. Proceeds—For
debt repayment, equipment, and working capital.
Ad¬
dress—Stillwater, Minn.
Underwriter—Pewters, Don¬
nelly & Jansen, Inc., St. Paul. Note—This letter was

Underwriter—Realty Securities-

debt repayment and other corporate purposes.
Office—
100 W. 10th St.,
Wilmington, Del. Underwriter—None.

curities Co., Inc., Kansas

Equity Funding Corp. of America
March 29, 1962 filed 240,000 common. Price—By amend¬
ment
(max. $6.50). Business—A holding company for
firms selling life insurance and mutual funds. Proceeds
—For new sales offices, advances to subsidiaries and
working capital. Office—5150 Wilshire Blvd., Los An¬
geles.
Underwriter—Wisconsin-Continental, Inc., Mil¬

Sept. 27, 1962 filed 100,000 common. Price—By amend¬
ment
(max. $6.75).
Business—Mining and processing

April

expire Dec. 29. Price—$7. Business—Sale of individual

insurance, pension trust and group variable an¬
nuity contracts. Proceeds — For expansion and capital
funds. Office—2480 16th St., N. W., Washington, D. C.

Dixie Lime & Stone Co.

Doman

BurnS| & Co., Inc., N. Y. Offering—In late Dec.

life

March 8,

N. Y.

N. Y. Underwriter

Underwriter—None.

Collateral Corp.

13,

Diversified

refrigera¬

Aug.

Offering—In¬

1962 filed 77,050 common. Price—By amend¬
ment (max. $11.75).
Business—A real estate investment
company. Proceeds—For investment. Office—8397 N. E.
Second Ave., Miami, Fla. Underwriter—Karen Securities
Corp., N. Y.
June

$1.

Equity Annuity Life Insurance Co.
21, 1962 filed 150,000 common being offered for
subscription by stockholders on the basis of IV2 new
shares for each share held of record Dec. 11, with rights

,

definitely postponed.
Diversified

industrial

10, 1962 filed 169,420 common to be offered for
subscription
by stockholders.
Price—By amendment
(max. $2). Business—Company owns and licenses carton
pouring spout patents and die patents. Proceeds—For

Business—Retailing of mutual fund shares.
—

payment, equipment, inventory and working capital. Of-

120,000 are
stockhold¬
ers.
Price—By amendment.
Business—Manufacture of
women's nylon hosiery.
Proceeds—For debt repayment
and working capital. Office—417 Fifth Ave., N. Y.
Un¬
&

and

May

and equipment. Proceeds—For debt re¬

fice-^-150-49 Hillside Ave., Jamaica,

1962 filed 200,000 common, of which
the company and 80,000 by

derwriter—Drexel

commercial

of

tion machinery

be offered by

to

common.
Price—$5.
development toward improve¬

and

centrifuge technology for separation of iso¬

ment of gas

.

„

1962 filed 102,000 common.

Electro-Nucleonics, Inc.
24, 1962 ("Reg. A") 29,525

Sept.

Business—Research

-—Production of graded

Jan. 23,

Floseal Corp.

Eastern

from page 25

Continued

Thursday, December 20, 1962

.

Beach, Fla.

Un¬

Co., Inc., St. Louis. Note

Business—Operation of retail camera stores and depart¬
ment store concessions.
Company also processes black
and white film
and repairs photographic equipment.
Proceeds—For debt repayment and working capital. Of¬
fice—68 W. Columbia St., Hempstead, N. Y. Underwrit¬
ers—Edwards & Hanley. Hempstead, L. I., and Street &
Co., Inc., New York. Note—This registration is expected

Park, Fla. Underwriter—To be named.

—

writer—To be named.

Great Continental Real Estate Investment Trust

Aug. 3, 1961 filed 300,000 shares of beneficial interest.
Price—$10. Business—Real estate. Proceeds—For invest¬
ment. Office—530 St. Paul Place, Baltimore. Underwriter
—To be named. Note—This firm formerly was known as

June

to be withdrawn.

Gourmet Food Products, Inc.
May 25, 1962 filed 28,113 common. Price—$3.50. Busi¬
ness
Growing, purchasing, distributing and selling
whole potatoes and processing and selling of prepared
potato products. Proceeds—For the selling stockholders.
Office—915 Southeast 10th Ave., Portland, Ore. Under¬




Florida

Jal Alai, Inc.
28, 1962 filed 400,000 common. Price—$5. Busi¬
ness
Operation of Jai Alai games and pari-mutuel
betting. Proceeds—For rent, purchase of leased quarters,
building improvements, working capital. Office—Fern
—

1

Continental Real Estate Investment Trust.
Great

Eastern

Insurance

Co.f

April 13, 1962 filed 381,600 common. Price—By amend¬
ment (max. $5). Business—Company plans to write cer¬
tain types of fire and casualty insurance. Proceeds—For

; Volume

196

Number 6222

.

.

.

The Commercial and Financial Chronicle

general corporate purposes.

Office—116 John St., N. Y.
Underwriters—Emanuel, Deetjen & Co., and Zuckerman,
Greater
28

Underwriter—Morris

Cohon

&

Co.,

•

New York.

capital.

Office—35

Engel

To

St., Hicksville,
Beane, New York.

I.

Co.

(12/24-28)

tory,
Oak

Ore.

Underwriter—

Investment Trust

May 18, 1962 filed 1,000,000 shares of beneficial interest
and eight-year stock purchase warrants to be offered in
units consisting of one share and one warrant. Price—
$10 per unit. Business—A real estate investment trust.
Proceeds—For
working
capital.
Address—Honolulu,

field, principally in pleasure boating. Pro¬
ceeds—For
debt
repayment, advertising, inventories,
new
products and working capital.
Office—3181 N.
Elston Ave., Chicago. Underwriter — R. A. Holman &
Co., Inc., N. Y.

Co.. Inc.. N. Y.

Business—Real

Office—40 Beaver

purposes

•

St., Albany, N.

Litton

estate. Proceeds
repayment.

Engineering Corp.
120,000 common. Price—By amend¬
(max. $14). Business—Development and produc¬

of equipment

of

for

various

y. Underwriter—None.

Imminent.

Discount Centers, Inc.
1962 filed 125,000 common. Price—By amend¬
ment (max. $5). Business—Operation of discount stores.

11, 1962 ("Reg. A")

Business

ment,

135,000 common. Price
distribution

and

Manufacture

—

Inc.

promotion

sales

Office—312

Mt.

Intelectron

Aug. 7, 1962 ("Reg. A") 75,000 common, of which 69,000

of

—

other corporate purposes.
Ave., Newark, N. J. Under¬

and

Pleasant

applicable to certain specialized and affiliated areas, pf
communication. Proceeds—For general corporate pur¬

offered

for

the

account

of

ment

and

Francisco.

working

capital.

Underwriter—L.

the

com¬

Palou, San
Co., Inc., N. Y.

Office—2176
H.

Wright

poses.
■

None.

Office—171 E. 77th St., New York. Underwriter—
:

'

(

Hill Street Co.
Oct.

16,

International Systems

,

1961 filed 2,265,138

common

to be

offered

for

subscription by stockholders of Union Bank of Califor¬
nia

on

a

share-for-share basis.

management
vestment.

investment

Price—$3.

company.

Business—A

Proceeds—For

Office—760 S. Hill St., Los Angeles.

in¬

Under¬

writer—None.
Eiillsboro

Associates, Inc.
1962 filed $1,000,000 of 4% cum. income deben¬
tures due 1982 and 15,000 capital shares to be offered in
units consisting of 10 shares or one $500 debenture and
five shares. Price—$1,000 per unit. Business—Company
plans to purchase the Hillsboro Club, a social and rec¬
reational organization.
Proceeds—For working capital,

Nov. 27,

debt

repayment, and property improvement.
Office—
Blvd., Fort Lauderdale, Fla. Underwriter

1776 E. Sunrise

•—None.

Hollingsworth Solderless Terminal Co.
Feb. 27, 1962 ("Reg. A") 75,000 common. Price — $4.
Business—Manufacture, sale and development of solderless terminals and other wire terminating products. Pro¬
ceeds—For debt repayment, equipment, advertising and
working capital. Address—J?. O. Box 430, Phoenixville,




Goldman,

(Tuesday)
Equip. Trust Ctfs.

—J—
(Kuhn,

Loeb

New York Telephone

$35,000,000

Inc.)

Co.,

&

...Bonds

Co.—

(Bids to be received) $70,000,000

January 9,

1963

(Wednesday)
Debentures

Collins Radio Co
(Kidder,

Peabody

&

White,

Co., Inc., and
$12,500,000

Weld

Ss

Inc.)

Co.,

Denver & Rio Grande Western RR.___Eq. Tr. Ctfs,
(Bids

12

$4,500,000

MT)

noon

I

——.Preferred

Genesco, Inc.

185,000 shares

(Blyth & Co., Inc.)

:

'v

January 11, 1963

Research Corp.

manufacture of mechanical, electro¬
equipment for government
agencies and the military. Proceeds—For equipment,
debt repayment and working capital. Office—Engineer's
Hill, Plainview, L. I., N. Y. Underwriter—Leib, Skloot &
Co., Inc., Clifton, N. J. Offering—Indefinite.
and

and

electronic

International Terrazzo Co., Inc.
Nov. 8,
1962 ("Reg. A") 75,000 common.

(Friday)

(Peter

the installation of marble and tile.

(Cruttenden,

Gas

Podesta

•

/:

K

Food

&

&

Podesta

Miller)

$1,685,000

Inc..——Common

Stores,

96,000 shares

Guerln & Turner, Inc.)

(Eppler,

Debentures

(Tillie) Foods, Inc.—

$2,250,000

(Van Alstyne, Noel & Co.)

Logos Options, Ltd..

—

Bullard

(Filor,

shares

275,000

Miller)

————-—Debentures

Co.

(Cruttenden,

Circle

Smyth)

&

250,000

Capital Stock
shares

(Tuesday)

January 15, 1963
Illinois

Office—826 E. 62nd St., Brooklyn, N. Y.
Underwriter—Jay Gould & Co., Inc., Ill W. 57th St.,

Russotto

&

Co.)

$250,000

January

(Tuesday)
Co. of Md._Debs»

1963

22,

Chesapeake & Potomac Telephone
(Bids to be received)

Texas

Eastern

$50,000,000

(Wednesday)
Corp.——Debentures

Transmission

(Dillon, Read & Co., Inc.)

;

(First

$25,000,000

(Monday)

January 28, 1963

Nippon Electric Co.,

Ltd——'—American Shs*

and Daiwa Securities Co.,
400,000 A. D. S.

Boston Corp.

Ltd.)

(Tuesday)

January 29, 1963
(Bids

12

noon

investment
on page

28

EST)

$25,000,000

(Monday)

February 4, 1963

Putnam Management Co., Inc
—Common
(Paine, Webber, Jackson ,& Curtis and Kidder,
Peabody &
Co., Inc.)
150,000 shares

(Tuesday)

February 5, 1963

Co. of

(Bids to

be

Pennsylvania—..Debentures
received)

February 6, 1963
Laclede Gas Co
(Bids

$50,000,000

(Wednesday)
...Debentures
—

to

be

received)

$10,000,000

......Preferred

Laclede Gas Co.

M'errill Lynch, Pierce, Fenner &
and Reinholdt & Gardner) 200.000 shares

Brothers;

Smith Inc.;

Equity
'
filed 1,605,100 shares of beneficial interest.

—Bonds

Dallas Power & Light Co—

(Lehman

New York.

Continued

—Common

Industries, Inc.—.

Price—$2.

Proceeds—For debt

Price—(max. $10). Business—A real estate

Bonds

Power .Co.————-■
(Bids
10
a.m.
CST)
$35,000,000

purposes.

Interstate

'

(Monday)

American Gas Co.--————————..Common
American

Bell Telephone

repayment, equipment, working capital and other corpo¬

March 30, 1962

-Class A

$900,000

:

-

,

January 14, 1963

■

Co.)

&

Morgan

Business—Manufacture and installation of terrazzo, and

rate

$375,000

)

Natural Gas & Oil Producing Co.—

shaie, to be offered in units, each consisting of one share
and one warrant. Price—$4 per unit Business—Design,
mechanical

Inc.

(General Securities Co.,

■

Mai eh 30, 1962 filed 110,000 class A common and 9-month
warrants to purchase 110,000 class A shares at $4 per

development

(Thursday)

_—A———-Cap. Slis.

Servotronics, InCi

January 23, 1963

Corp.

Dec.

Business—Manufacture of dental equipment. Proceedsr—
For debt repayment, advetrising, research and develop¬

be

Co.)

&

$1.

Price—$2.

to

' i

..Common

Dodge & Co.,
and
215,444 shares

Clark,

Corp.

electro¬

/debt repay¬

10, 1962 filed 100,000 common. Price—$3. Business
—Company plans to engage in the research and develop¬
ment of devices for the hard of hearing and equipment

are

•'. v

■

(Monday)

January 8, 1963

writer—Gold-$lovin Co.. Inc.. N. Y.

and 6,000 shares for the underwriter.

$25,000,000

:

(Costello,

Inc., New York.

pany

Debentures

EST)

General American Transportation

Tabach

mechanical rotating devices. Proceeds—For

shares

Brothers;

Components, Inc.

inventory, expansion, debt repayment and
working capital. Office—>6400 MacCorkle Ave., S. W.,
St. Albans, W. Va.
Underwriter—Willard
Securities,
Co.,

$120,000

use

I

Instrument

June

Proceeds—For

Manufacturing

-.Common

Ltd.)

Co.,

a.m.

.

Sachs

materials.

Underwriter—Tucker, Anthony & R. L. Day. Offering-

7,

Hek

-Common

$1,500,000

Corp.)

Industries, Inc.-———...

(Lehman

Lewis

in testing the physical char¬
Proceeds—For selling
stockholders. Office—2500 Washington St... Canton. Mass.
tion

com¬

Heck's

June

11

'

■

Irsstron

ment

debt

and

Units

£900,000

(Thursday)

Januray 7, 1963

plant and working capital. Office—1401 S. Post
Rd,, Houston. Underwriter—None.

acteristics

Price—$1£.

1963

'•

new

holders

general corporate

Securities

January 10, 1963

March 26, 1962 filed

held.

Co.)

System, Inc.__

(Bids

Corp.

Development Corp.
March 28, 1962 filed 23,300 shares of 5%
convertible
preference stock to be offered for subscription by stock¬

—For

January 3,

1962 filed 100,000 common. Price—$5. Business

23,

the marine

Heartland

mon

&

Industries, Inc.——..

Columbia Gas

Instr-O-Matics, Inc.
;
.
Sept. 28, 1962 filed 32,000 class A c<?mttion. Price-tr-By
amendment (max. $10). Business — Company develops,
manufactures and sells electronic equipment for use in

\

preferred share for each 10

(Wednesday)

Fuller

(Martin-Warren

—Research, engineering, manufacturing and marketing
in the field of electronic information handling and auto¬
mation systems.
Proceeds—For new products, inven¬

pedic works for children and operates an advertising
for sale of TV and radio spot time. Proceeds—
Fox- working capital. Office—170 Varick St., N. Y. Un¬
derwriter—Van Alstyne, Noel & Co., N. Y. Offering—•

one

$495,000

expansion, and investment.; Of¬

Financial

Infotronics
Oct.

ar'icy

basis of

——Common

Corp.)

Air Conditioning Corp

St., Chicago. Underwriter—A. C. Allvn & Co., Chicago.
registration will be withdrawn.

Harwyn Publishing Corp.

on

i

$855;000

Note—Th'.s

Jan. 29, 1962 filed 300,000 class A common. Price — By
amendment. Business — Publishes illustrated encyclo¬

Underwriter—White. Weld &

Hill

D.

(Clayton

Jamoco

common. Price—$15. Busi¬
ness—A small business investment company. Proceeds—
For general corporate purposes. Office—208 S. La Salle

Harley Products, Inc.
28, 1962 filed 75,000 common. Price—$4. Busi¬
ness—Design, production and distribution of belts and
related products. Proceeds—For sales promotion, expan¬
sion, inventory, and debt repayment. Office—476 Broad¬
way, N. Y. Underwriter—To be named.

Hawaii.

Chestnut

Industry Capital Corp.
Dec. 26, 1961 filed 500,000

March

Real Estate

(S.

disability, and group credit life and disability

D.

P.

Securities

January 2, 1963

Toy Corp.
May 1, 1962 filed 490,000 common, of which 250,000 will
be offered by company and 240,000 by stockholders. Price
—By amendment (max. $20). Business—Manufacture of
toys and related products. Proceeds — For debt repay¬
ment and general corporate purposes. Office — 184-10
Jamaica Ave., Hollis, Long Island. N. Y. Underwriter—
White, Weld & Co., Inc., N. Y. Offering — Indefinitely
postponed.

108,144 capital shares.
Price—By
$15). Business—Manufacture of short¬
wave radio transmitting and receiving equipment, com¬
pany also engages in long-range engineering projects for
U. S. armed forces. Proceeds—For selling stockholders.
Office—4401
W. Fifth Ave.,
Chicago.
Underwriter—
Paine, Webber, Jackson & Curtis, Chicago.

Hawaii

shares

108,144

Inc.)

American Bolt & Screw Mfg. Corp.

Ideal

amendment (max.

■Indefinite.

Co.,

(Wednesday)

(Chase

istration will be withdrawn.

filed

1962

&

Ferman

December 26

Corp.
Aug. 23, 1962 filed 300,000 common. Price—$4. Busi¬
ness—Company plans to furnish equity capital to busi¬
ness
concerns,
make loans and
assist in arranging
mergers and corporate financing.
Proceeds—For work¬
ing capital and other corporate purposes.
Office—200
W. 57th St., N. Y. Underwriters—J. J. LeCort Associates,
Inc. and Harris, Clare & Co., Inc., N. Y. Note—This reg¬

plant and other corporate purposes. Address—Hal¬
landale, Fla. Underwriter—To be named.

27,

L.

Aerosystems Technology Corp

Offering—Indefinite.

Liberty St., S. E. Salem,
Oregon Underwriters, Inc., Salem.

new

Hailicrafters

named.

be

fice—250

purchase 25,000 common at $1 per share to be offered in
units consisting of a $10 debenture, 8 common shares and
one warrant. Price—$18 per unit. Business—Extraction,
processing and sale of rock and sand. Proceeds—For a

Nov.

Curtis)

&

Corp.——j—...——-—Units

(Robert

insurance. Proceeds—For

March 30, 1962 filed $250,000 of 8% subordinated deben¬
tures due 1977, 200,000 common and 6-year warrants to

•

Jackson

30,

health and

Co.

Sand

Kaiser-Nelson

Oct. 25, 1962 filed 1,130,000 common to be offered for
subscription by stockholders on a share-for-share basis.
Price—$4.
Business—Sale of ordinary life, individual

Gulf Atlantic Utilities, Inc. ...
July 30, 1962 filed 90,000 corhmon. Price—By amendment
(max. $10). Business — A management and operating
company for subsidiaries which own water treatment
and sewerage disposal plants, and water distribution and
sewage collections systems. Proceeds—For debt repay¬
ment, expansion and working capital. Office—2738 Malinda Blvd., Jacksonville, Fla. Underwriter—Pierce, Carrison, Wulbern, Inc., Jacksonville. Offering—Indefinite.
Rock &

—-—-—-Capital Slock

Webber,

ICOA Life Insurance Co.

Offering—Indefinite.

Hallandale

i—*.——Class A
$500,000

—

toys, hobby lines and sporting
Proceeds—For debt repayment, inventory

N. Y. Underwriter—J. R. Williston &

(Paine,

nated debentures due

and retail distribution of

working

Hallicrafters Co.

Y.

1962 filed $1,600,000 of convertible subordi¬
1977 and 250,000 copnmon shares.
Price
By amendment (max. $6 per common share).
Business—Construction of homes and apartments on land
which company has acquired in Southern Calif. Proceeds
—For debt repayment and other
corporate purposes.
Office—15855 Edna PI., Irwindale, Calif. Underwriter—

Bros., Inc.
y
April 25, 1962 filed 150,000 common, of which 50,000 are
to be offered by company and 100,000 by stockholders.
Price—By amendment (max. $7). Business—Wholesale

(Monday)

(Doft & Co.)

Hunsaker Corp. '

March

Greenman

equipment.

■

24

Computer Concepts Inc.—

corporate purposes. Office—42 W. 48th St., N. Y. Under¬
writer—Sunshine Securities, Inc., Rego Park, N.

27

NEW ISSUE CALENDAR
December

76,500 common. Price—$3.75.
Business—Purchase of cultured pearls in Japan and
their distribution in the U. S. Proceeds—For general

219,150 class A common. Price—By
amendment
(max.
$14).
Business—Operation of
16
supermarkets in the Los Angeles area.
Proceeds—For
selling stockholders.
Office—17602 Bellflower Blvd.,

and

Co., Philadelphia. Offer¬

Ltd.
Nov. 29, 1961 ("Reg. A")

McCoy's Markets, Inc.

Calif.

&

Honora,

1962 filed

Bellflower,

Underwriter—Harrison

Pa.

ing—Temporarily postponed.

Smith & Co., N. Y.

June

(2563)

March 5,

1963 (Tuesday)
Bell Telephone Co

Northwestern

(Bids

tp

be

received)

$40,000,000

Debentures

28

The Commercial and

(2564)

Continued

from

27

page

ment and working

'

r

Financial Chronicle

capital. Office—Jenni'ngs Bldg., P. O.

.

.

Thursday, December 20, 1962

Proceeds—For debt repayment, inventory,

shows.

radio

.

Box

N. Y. Underwriter—Van Alstyne, Noel & Co., N.

Y,

Offering—Indefinite.
Investment

Vegas Properties Trust
Oct. 29, 1962 filed 500,000 shares of beneficial interest.
Price—$10.
Business—A real estate investment trust.
Proceeds—For investment.
Office—4933 Paradise Rd.,

Management Corp.

by stockholders on a 2-for-l share
Unsubscribed shares will be offered to the public.
scription

basis.

Price
Business
—Manager and distributor for Western Industrial Shares,
inc., a mutual fund. Proceeds—For debt repayment and
general corporate purposes. Office—818 17th St., Denver.

Las

stockholders, $2.50;/ to the public, $3.50.

Lee-Norse

—A

real

investment trust. Proceeds

estate

struction

and

$10. Business

—

Office

investment.

For con¬

—

3315

—

lona

Manufacturing Co.

appliances and electric motors.

&

Fuller

withdrawn.

and

Air

Feb.

sure
new

28,

Kaiser-Nelson

(12/24-28)

Corp.

March 29,

1962 filed $750,000 of 6%% convertible sub¬
ordinated debentures due Nov. 30, 1974 and 26,250 com¬
mon
to be offered in units of one $200 debenture and
seven
shares.
Price—$228.
Business—Reclamation? of
metallics from steel slag; mining of sand and gravel;
and
dismantling and salvage of industrial buildings.
Proceeds—For new plants, debt repayment and working
capital. Office—-6272 Canal Rd„ Cleveland. Underwriter
—Robert L. Ferman & Co., Iric.^ Midmi,' Fla.
Kavanau

March

29,

Luck's, Inc.

1962 filed 145,500 common, of which 72,750 are
by company and 72,500 by stockholders.
Price—By amendment (max. $9). Business—Canning and
marketing of processed foods. Proceeds — For general
corporate purposes. Address — Seagrove, N. C. Under¬
writers—J. C. Wheat & Co., Richmond, Va., and Allied
Securities Corp., Greensboro, N. C.
to

filed

50,000

estate

investment.

Proceeds—For

offered

Lunar Films, Inc.
'
Aug. 31, 1961 filed 125,000 common. Price—$5.75. Busi¬
ness—The production of television films. Proceeds—For
filming and production and working capital. Office—

shares 6% cum. preferred
and four-year common stock purchase warrants to be
offered in units consisting of one preferred and one
warrant.
Price—By amendment (max. $101 per unit).
Business—Real

5,

be

Madison

543

debt

Ave., N. Y. Underwriter—To be named.
formerly was named Lunar Enter¬

Note—This

Office—30 E. 42nd St.,
N. Y. Underwriter—Hayden, Stone &
Co., N. Y. Note—
This registration will be withdrawn,

firm

prises,

repayment and working capital.

Offering—Postponed.

Inc.

Mac-Allan

June 28,

Co.,

Inc.

Feb. 23, 1962 filed 130,260 of class A common, of which
65,130 are to be offered by the company and 65,130

March 30, 1962 filed 542,000 common, of which 205,000
to be offered by company and 317,000 by stockhold¬

by stockholders. Price—$5. Business—Sale and distribu¬

are

jewelry, ladies' handbags, and accesso¬
ries. Proceeds
For working capital. Office — 1650
Broadway, Kansas City, Mo
Underwriter—George K
Baum & Co., Kansas City. Offering—Indefinitely post¬

Price—By amendment (max. $24). Business—Manu¬
facture, design, and distribution of plastic toys. Proceeds
—For general corporate purposes. Office—912
Sycamore

&

St., Cincinnati, Ohio. Underwriter—Kuhn, Loeb & Co.,

poned.

Assembly Service, Inc.
April 27, 19$2 filed 100,000 common. Price—$2.25. Busi¬
ness—Assembling of packages for shipment to post of¬

Kingsberry Homes Corp.
j
April 9, 1962 filed 140,000 shares of capital stock of
which 100,000 will be offered by corqpany and 40,000
by stockholders. Price—By amendment (max. $17.50).

fices.

Business—Manufacture of prefabricated homes. Proceeds

Ave. of the

named.

a new plant. Office—1725 S. Gault
Ave., Ft. Payne,
Underwriters—The Robinson
Humphrey Co., Inc.,

Atlanta, and J. C. Bradford & Co., Nashville. Offering—
Indefinitely postponed.
J

King-Stevenson Gas & Oil Co.
Nov. 26, 1962 filed $1,526,200 of 6J/2% conv. subord. de¬
bentures, due 1977, to be offered by subscription by
common
stockholders at the rate of $100 of debentures
for each 30 shares held of record Nov. 15.

general corporate
Bank

purposes.

Bldg, Denver, Colo.

Kraft

(John)

Office—2200 First National

Underwriter—None.

Sesame Corp.

May 24, 1962 filed $225,000 of 6% conv. subord. deben¬
tures, due 1972, and 150,000 common to be offered in
units

consisting

Price—$900
bution

able,

of

per

of

a

$300

unit.
seed.

sesame

debenture

and

200

shares.

Business—Processing and distri¬
Proceeds—For

accounts

receiv¬

inventories, plant expansion and working capital.
N. Main St., Paris, Texas.
UnderwritersCo., and Leason & Co., Inc., Chicago.

Office—2301

John A. Dawson &

Kreedman

Realty & Construction Corp.

Price—By

amendment

(max.

$27).

Business-

Construction and operation of office
buildings. Proceeds
—For
debt
repayment.
Office—9350
Wilshire
Blvd.,

Beverly Hills, Calif. Underwriter—Lee Higginson Corp.,
Offering—Indefinitely postponed.

New York.

Kwik-Kold, Inc.
29, 1962 ("Reg. A")

March

65,000

will

holders.

patented

be

Price

sold
—

$3.

for

Business

cooling packages.




100,000

company
—

and

—130

common

35,000

Manufacture

Proceeds—For

of

which

for

stock¬

of

certain

debt

repay¬

Fulton

Federal

Bldg.,

Atlanta.

Underwriter—

None.

>

'

•

.

i

.

f

metal

miniature

manufacture of

and

bellows

and

other

miniature

products. Proceeds—For debt repayment, re¬
search and development and working capital. Office—
12

Rochelle

Underwriter-

J.

Ave., Rochelle Park, N.
Co., New York.

Medical
Oct.
—A

Industries

Fund,

Inc.

23, 1961 filed 25,000 common. Price—$10. Business
closed - end investment company which plans to

become

For investment in the
growth situations. Office

open-end.
Proceeds
industry and capital

medical

—

—677

Lafayette St., Denver. Underwriter
sociates, Inc., Denver.

Medical As¬

—

Medical Video Corp.

13, 1961 filed 250,000 common. Price

Nov.
ness

Proceeds

For

—

-

City, Calif.
Corp., Los Angeles. *
Merco

to

—

electronic

$1. Busi¬

equipment.

corporate purposes.
Office
Underwriter — Financial Equity
^
•
<

general

—Studio

Nov.

medical

of

Manufacture

—

Enterprises,

Inc.

which 33,000 are
by I company and 71,000 by stockholders.
amendment (max. $5.50). Business—Sale* of

5, 1962 filed 104,000 common, of
offered

be

Price—By

phonograph records to, and* the providing of merchan¬
dising services to retail record department. Proceedsr*—
For
general corporate purposes.
Office—750 "Stewart
Ave., Garden City, L. I., N. Y. Underwriter—J. R. Williston & Beane, N. Y. Offering—Indefinite.
<
Food

Met

March

Corp.

1962 filed $1,000,000 of convertible subordi¬
1977. Price — By amend¬
Business—Distribution of food and related prod¬

30,

nated debentures due Nov. 1,
ment.

and
other
retail
stores
in
Metropolitan area. Proceeds—For general
corporate purposes. Office—345 Underhill Blvd., Syosset,
N
y. Underwriter—Brand, Grumet & Siegel, Inc., N. Y.
ucts

to

supermarkets

Offering—Indefinite.

v

;

1

" ;•>.

Metropolitan Acceptance Corp.
Oec.

2, 1961 filed $300,000 of 6% subordinated convert¬
1967 and 60,000 common shares to be offered
20 common

ibles due

In units consisting of $100 of debentures and

shares. Price—$150
Western

per

unit. Business—Financing of re¬
working capital. Office—5422

Proceeds—For

sales.

Ave.,

Md. Underwriter—To

Chase,

Chevy

named.

be

-

Technical

Midwest

Development Corp.

26, 1962 filed 561.500 common to be offered for
subscription by stockholders on the basis of one share
for each two shares held. Price—By amendment (max.
Feb.

$7). Business — A closed-end management investment
company. Proceeds — For general corporate purposes.
Office
2615 First National Bank Bldg., Minneapolis.
—

Underwriter—None.

Modern

Oct.

Business

Laboratories, Inc.
("Reg. A") 97,000

—

of

Manufacture

equipment.

*

,

common.
Price—$3.
cosmetics.
Proceeds — For

1962

29,

Office—837 W. North Ave., Pittsburgh.
Pittsburgh.

Un¬

derwriter—A. J. Davis Co.,

Manchester Insurance Management & Investment
l

Corp.
1962 filed 272,941 common. Price—$3.50. Busi¬
ness—Writing
of
casualty
insurance,
adjustment
of
claims, financing of insurance premiums, and the mak¬
ing of investments. Proceeds—For expansion, loan re¬

Monarch

Plastics

>

Nov. 28,

payment

and

Manchester
&

other

purposes.
Office—9929
Underwriter—Troster, Singer

corporate

Rd., St. Louis.

Co., N. Y.

Manhattan Drug Co., Inc.
March 29, 1962 filed 72,000 common, of which 58,000 are
to be offered by company and14,000 by stockholder's.

Price—$3.50.

Business—Manufacture,
packaging
and
proprietary drug products. Proceeds—
new products, debt repayment and work¬
ing capital.
Office—156 Tillary St., Brooklyn, N
Y.
Underwriter—Dana Securities Co., Inc., N. Y. Note—This
registration will be withdrawn.
of

6aie

For

April 19, 1962 filed $5,000,000 of conv. subord. deben¬
tures due 1982 and 200,000 common shares to be
offered
in units consisting of $25 of debentures and one common
share.

payment of loans, and general corporate purposes. Office

Price—At par.

Business—Company is engaged in operating gas and oil
properties, supervising drilling on its leases and man¬
aging exploration programs for investors. Proceeds—For

Office
Americas, N. Y. Underwriter—To be
Offering—Indefinitely postponed.

Management Investment Corp.
Aug. 29, 1962 filed 2,000 common (with attached war¬
rants). Price—$500. Business—Company plans to fur¬
nish equity capital to firms in the atomic, space and
missile fields, and provide advisory and management
counseling services on a fee basis.
Proceeds—For re¬

-

Inc.

May 28, 1962 filed 150,000 shares of 8% convertible cu¬
preferred stock. Price—$3. Business—Design

Proceeds—For general corporate purposes.

—145

Ala.

Price—By amend¬

1962 filed 253„875 common.

(max.

mulative

tail

Mail

—For

;

Co., New York. Offering—Indefinite.

—

New York.

*

.

Corp.

$15). Business—Contract stevedoring and
related operations.
Proceeds—For selling stockholders.
Office—39 Broadway, N. Y. Underwriter—Bear, Stearns

ment

tion of costume

ers.

.

(John W.)

the New York

_

Kenner Products Co.

withdrawn.

was

McGrath

Charles Plohn &

23, 1962 filed 130,000 common. Price—$10. Business
holding company whose subsidiaries in¬
the lives of all types of animals. Proceeds—To form
subsidiaries. Office—26 Piatt St., N. Y. Underwriter

Dec.

Corp.

1962

Clanton & Co., Inc.,

•
Logos Options, Ltd. (1/14-18)
April 11, 1962 filed 250,000 capital shares. Price — By
amendment (max. $10). Business—A diversified closedend investment company. Proceeds—For investment. Of¬
fice—26 Broadway, N. Y. Underwriter—-Filor, Bullard &
Smyth, N. Y. Note—This company formerly was named
Logos Financial, Ltd.

—

•

working

—Shearson, Hammill & Co., N. Y. Offering—Indefinite.

1962 ("Reg. A") 40,000 common. Price — $3.
Business—Design, installation and maintenance of heat¬
ing, plumbing and' air conditioning systems. Proceeds—
For inventory, equipment and other corporate purposes.
Office
954 Jamaica Ave., Brooklyn. N. Y.
Under¬
writer—Martin-Warren Co., Ltd., New York.
Feb.

tion

—An insurance

(1/2-4)

Conditioning Corp.

a

one

Livestock Financial Corp.

Inc., N. Y.

Jamoco

stockholder. The securities will be offered in units
$100 debenture and 10 common shares, except
$700,000 of debentures and 70,000 shares may
be offered separately.
Price—For debentures, at par;
for common, $10.
Business—Operation of discount de¬
partment stores selling a wide variety of merchandise.
Proceeds—For
expansion.
Office—135-21
38th Ave.,
Flushing, N. Y. Underwriters—Sterling, Grace & Co.,
and Norton, Fox & Co., Inc., N. Y. Note—This registra¬
by

Mechmetal-Tronics

ville, N. C. Underwriter—Smith,
Greensboro, N. C.

Business
machines
and the production of teaching programs. Proceeds—
For expansion, new facilities and working capital. Office
—315 Central Park W., N. Y. Underwriter—R. F. Dowd

Inc.

22, 1962 filed $1,500,000 of 6% conv. subord. de¬
bentures
due
1972; also 150,000 common shares, of
which 80,000 will be offered by the company and 70,000
March

Inc.

processing forms. Proceeds—For debt repayment
capital. Address—P. O. Box 168, Leaks-

data

-

Jan. 30, 1962 filed 100,000 common. Price—$3.
—Industrial designing, the design of teaching

•

Foods,

A") 150,000 common. Price—$2.
Business—Manufacture of various types of business and

Jaap Penraat Associates, Inc.

& Co.,

•

(Tillie)

Litho-Web, Inc.
Oct. 26, 1962
("Reg.

St., Manchesterr Conn. Underwriter — S. D.
Co., New York. Note-L-This registration was

—Regent

Lewis

—Processing, canning, bottling and selling of fruits and
vegetables. Proceeds—For debt repayment and working
capital. Office—Fresno Ave. & Charter Way, Stockton,
Calif. Underwriter—Van Alstyne, Noel & Co., N. Y.

products and working capital. Office

new

Price—By amend¬

(max. $20).

ordinated debentures due 1982. Price—At par. Business

I

26, 1962 filed 140,000 common, of which 125,000 are
to be offered by the company and 15,000 shares by a
stockholder. Price—By amendment. Business—Manufac¬
ture of household electric

Co.

(1/14-18)
April 9, 1962 filed $2,250,000 of 5%% convertible sub¬
•

Jan.

Proceeds—For

Nevada

Co., Los Angeles.

Masters

that up to

postponed.

Connecticut

Ave., N. W., Washington, D. C. Underwriter—None,
•

of

Business—Production of a coal min¬
ing machine. Proceeds—For selling stockholders. Office
—751 Lincoln Ave., Charleroi, Pa. Underwriter—Moore,
Leonard & Lynch, Pittsburgh. Offering — Temporarily

Realty Trust

May 31, 1962 filed 200,000 shares. Price

Co.

,

May 25, 1962 filed 272,000 common.
ment

0

of

Underwriter—Securities

Vegas.

(same address).

Underwriter—None.
Investors

Keon &

Las

May 10, 1962 filed 100,000 common to be offered for sub¬

—To

working capital and other corporate purposes. Office—
9641 Heather Rd., Beverly Hills, Calif.
Underwriter—

withdrawn.

Proceeds—For investment. Office—450 Seventh

company.
Ave.,

638, Moberly, Mo. Underwriter—John W. Flynn
& Co., Santa Barbara, Calif. Note—This letter will be

various

equipment,

Marshall Press,

May 29,

common.

Price—$3.75.

Busi¬

ness—Graphic design and printing. Proceeds—For pub¬
lishing a sales catalogue, developing a national sales
and working capital.
Office—812 Greenwich St.,
N./Y. Underwriter—To be named. Offering—Indefinitely
Master Artists

1962

Corp.

("Reg. A")

Business—Manufacture
bossed

and

I'

Corp.
Nov. 26, 1962 ("Reg. A") 65,000 capital shares. Price—
$1. Business—Production and distribution of recorded

Price—$2.

140,000 common.
sale

of

letters, em¬

plastic

sign faces, quantity ?igns and boat windshields.
purchase of land and building, moving

Proceeds—For
expenses,

Stuebner
Sauve

equipment and working capital. Office—5606
Airline Rd., Houston.
Underwriter—W. R.

Co., N. Y.

Montebello

Liquors,

Inc.

April 5, 1962 filed 160,000 common. Price—By amend¬
ment (max. $5). Business—Blending, bottling and mar¬
keting of alcoholic beverages. Proceeds—For equipment,
inventories, advertising- and working capital. Office—
Bank St. & Central Ave., Baltimore. Underwriters-

and Morris Cohon & Co.,
Temporarily postponed.
Street & Co.,

•

Multronics,

N. Y. Offering—

Inc.

1962 ("Reg. A") 100,000 capital shares.

Business—Production of electronic parts and

staff

postponed.

28,

Jan. 5,

Inc.

1962 filed 60,000

May

and

the furnishing

Price—$3.

components

of consulting services in the radio-

engineering field. Proceeds—For debt repayment, equip¬
ment, and working capital. Office—2000 P St., N. W.4
Washington, D. C. Underwriter — Switzer
Co.. Inc.,
Silver Spring, Md. Note—This letter was withdrawn. '
Municipal Investment Trust Fund, Series B
April 28, 1961 filed $15,000,000 (15,000 units) of interests.
Price
To be supplied by amendment. Business —The
fund will invest in tax-exempt bonds of states, bounties,
—

I

v

,

■

1

Volume

196

Number

6222

.

.

The Commercial and Financial Chronicle

.

municipalities and territories of the U. S.

Proceeds—For

Underwriter—S.

investment.

Ill Broadway,

pected in early April.

Sponsor—Ira Haupt & Co.,

New York. Offering—Indefinite.
Music

—Company acts

common.

representative

as

Price—$1.

Business

of

and

National Central

Life

Insurance Co. ;

->V'

V./

,.-;v

V; 'rfcik'

Directories, Inc.

March 29, 1962 filed 100,000 common. Price—By amend¬
ment (max. $15).-Business—Research and development

100,000 common. Price—$2.75,
Business—Compilation and publication of regional classi¬
fied telephone directories. Proceeds—For
general cor-^
porate purposes. Office—3306 Lancaster Ave., Philadel¬

Underwriter—Crichton,

New

Cundy, Inc.,

Yoijk. Note—This letter will be withdrawn.

Manufacturing Co., Inc.

Nov. 29,

.

?

Manufacture

common. Price—$8.75.
Busi¬
galvanized chain link fence,
welded;.concrete reinforcing fabric, gates and related
products. Proceeds—For construction of a plant in Ire¬
land, and working capital. Office—4301 46th, St., Bladensburg, Md. Underwriter—Netherlands Securities Co.,
—

of

to

' ; y\

withdrawn.

was

Orr

(J. Herbert)

Enterprises, Inc.
May 1, 1962 filed 285,000 common. Price—$10.50. Busi¬
ness—Company's subsidiaries manufacture cartridge tape
recorders arid programs therefor and men's and boys'
dress trousers.
Proceeds—For debt repayment, adver-

*

tising

working

and

capital.

Ala.

Address—Opelika,

Underwriter—None.

■{'V

Outlet

Mining Co., Inc.
1962 filed 900,000 common. Price—$1. Business
—Mining. Proceeds—For equipment and working capi¬
tal. Address—Creede, Colo. Underwriter—None.
Feb. 28,

Inc.
'

National Security Life Insurance Co., Inc.
Nov.- 28, -1962 filed 590,075 common to be offered for
subscription by common stockholders-of record Oct. 15,
on a share-for-share basis.
Price—By amendment (max.
$2). Business—Writing of participating and non-partici¬
pating ordinary life insurance. Proceeds — To expand
operations. Office—6225 University Ave., Madison,. Wis.

...

Pak*Well Paper Industries, Inc.
March 30, 1962 filed 150,000 class A common.

.

Underwriter—None.

•

»

amendment

*

Security Life Insurance Co. 1962 filed 100,000 common, of which 80,000
offered by company , and 20,000 * by stock¬
Pride—$17.50, Business—A life, i accident and

Pan American

23,

holders.

health

—

130

Proceeds

,

insurance

Office

Proceeds—For investment.
N.,E. Albuquerque,- N. M.
named.
•'

—

company.

corporate

Alvarado,

Underwriter—To

be

v

tures due

1972.

pictures.

bution

of the

—70

capital.
Office—1270
Underwriter—None.

Americas, N. Y.

National

Uni-Pac, Inc.

To

coin

operated

purposes.

vending

machines.- Proceeds—For

J

Gas

Oil

&

Sept. 7, 1962 filed

Producing Co.

180,000 class A

This

common.

&

Morgan & Co., N. Y.

•

Nippon Electric Co. Ltd.

(1/28-31/63)

•

20,

1962

filed

Chemical

200,000

amendment (max. $15).

class

A

Co.,

Business—Manufacture,

—

purposes.




Co., Inc., N. Y.
Perma-Bilt

Office—601 W. 26th St., N. Y.

Offering—Temporarily postponed.

Enterprises, Inc.

was

withdrawn.

B.

expansion, advertising,
Office—150 Broadway, N. Y. Un-.

was

Coburn

Associates, Inc., N. Y. Note—
V ~

withdrawn.'

■

Potomac Real Estate Investment Trust

investment trust.

'.*/''■•

•

Poulsen

Proceeds—For investment. Office—880

Insurance Co. of America

Aug. 27, 1962 filed 100,000 common. Price—By amend¬
ment (max. $10). Business—Writing of group and fran¬
chise

forms

of

accident, sickness and life insurance in
debt repayment and expan¬
Office—Executive Plaza, Park Ridge, 111. Under¬

Proceeds—Fo!r

the Midwest.

sion.

writer—A. C.
tion

Allyn & Co., Chicago. Note—This registra¬

withdrawn.

was

Powell Petroleum, Inc.
r
Sept. 28, 1962 filed 100,000 common. Price—$5. Proceeds
—To drill for and operate oil wells.
Office—418 Mar¬
ket St., Shreveport, La. Underwriter—None.

Prescott-Lancaster Corp.
March

30, 1962 filed 150,000 common. Price—$5. Business
—Real estate. Proceeds—For purchase of mortgages, and
working capital. Office—18 Lancaster Rd., Union, NV J.
Underwriter—To be named.

Prince Georges Country Club,

Inc.

,

15, 1962 filed 500 common to be offered for sub¬
scription by stockholders on the basis of one new share
for each share held of record F6b. 18, 1962. Price—$1,000.
Proceeds—For debt repayment, construction of a swim¬
ming pool, and other improvements. Address—Landover,
Prince Georges County, Md. Underwriter—None.

Publishers Co., Inc.
Aug. 29v;1962 filed $3,500,000 of 6% subord conv. debentures^ue i977 to be offered by the Company and 25,000
outstanding common shares to be sold by stockholders.
Price—For debentures, par; for stock—by amendment
$10).

(max.

publishing.

Business—Book

Proceeds—

Company will use its proceeds for the purchase of two
printing firms; to redeem outstanding 6% notes; for

working capital,
—1106

and other corporate purposes. Office
Ave., Washington, D. C.
Under¬
Co., Inc., Philadelphia."

Connecticut

writer—Roth

&

• Putnam
Management Co., Inc. (2/4-8)
Aug. 22, 1962 filed 150,000 common (non-voting). Price
—By amendment (max. $14). Business—An investment

and

selling

stockholders.

distributor of mutual funds.

Office—60

Proceeds—For

St., Boston.
Underwriters—Paine, Webber, Jackson & Curtis, Bos¬
ton, and Kidder, Peabody & Co., Inc., N. Y.

Congress

Quick-N-Clean Corp. of Minnesota, Inc.
1, 1962 ("Reg. A") 205,000 common. Price—$1.15.
Business—Company plans to open a chain of coin oper¬
ated dry cleaning stores. Proceeds—Advertising, expan¬
sion and working capital. Office—712 Fir St., Brainerd,
Minn.
Underwriter—Northwest Securities, Inc., Detroit
Lakes, Minn..

Permeator

Dec. 14, and the rights expiration date Jan. 3, 1963.
Price—$5. Business—Manufacture, use and sale of, a
patented tool, "Permeator," used in completion of oil
and gas wells. Proceeds—For general corporate purposes.

& Co., New York.

Business—A small

Y. Underwriter—Irving Weis
/

.

Petro-Capital Corp.
28,
1962 filed

Marcn

R. E. D. M. Corp.
June 29, 1962 filed 125,000 common, of
be offered for the company and 75,000

which 50,000 will
for certain stock¬
Price—By amendment (max. $6). Business—En¬
gaged in manufacturing, engineering and research under
Defense Department contracts; also manufactures ball
point pens, pbints, mechanical pencils and desk sets.
Proceeds—For equipment and working capital. Office—
Little Falls, Passaic County, N. J. Underwriter—To be

holders.

named.
Radar

Relay, Inc.

1, 1962 filed 100,000 common, of which 75,000 will
be sold by company and 25,000 by a stockholder. Price
—By amendment (max. $10).
Business—Design and
manufacture of electronic monitoring and warning sys¬
Oct.

and

tems,

integrally

business

Price—$11.
company.
Pro¬

common.

investment

For

—

Santa Monica, Calif.—Underwriter—White, Weld & Co.
Inc., New York. Offering—Indefinite.

Real

Properties Corp. of America

27,

1962 filed 300,000 class A shares.
(max. $16). Business—Company

amendment
tain
gage

Price—By
owns

cer¬

real

estate, general insurance agency and a mort¬
servicing company. Proceeds—For debt repayment.

Office —745

Fifth

Underwriter

Ave., N. Y.

Heller & Co., N. Y. Note—This

—

Stanley

registration will be with¬

drawn and then refiled.

Recreation
Nov.

23,

1962

Industries,

("Reg. A")

Business—Sale of travel
For
411

capital
W.

7th

Russotto &

556,700

lighted switches. Proceeds

product improvement and development, working capital,
other corporate purposes.
Office—1631 10th St.,

and

April

Office—445 Park Ave., N.

process¬

distribution of natural and synthetic essential
oils, flavor, essences, etc., to food and drug industries.
Proceeds
For debt repayment,
working capital and
other corporate

.

Price—By

ing and

taxes and loans and

is

Inc.

shares.

payment of income

Corp.
May 18, 1962 filed 300,000 common being offered for
subscription by stockholders of National Petroleum
Corp., Ltd., parent, on the basis of one share for each
15 National shares held. Record date for the offering

.

equipment. Proceeds—For expan¬
sion. Address—Tokyo, Japan. Underwriters—First Bos¬
ton Corp., and Daiwa Securities
Co., Ltd., New York.
March

Office — 2301 Pennsylvania Ave., Philadelphia.
Malkan & Co., Inc., N. Y. Note—
registration will be withdrawn.

istration

electronic

&

Office

Underwriter—

May 28, 1962 filed 230,000 common. Price—By amend¬
(max. $8). Business—Merchandising, sale and con¬
struction of homes. Proceeds—For acquisition and devel¬
opment of land, and other corporate purposes. Office—
319 MacArthur Blvd., San Leandro, Calif. Underwriter—
Robert A. Martin Associates, Inc., N. Y. Note—This reg¬

7, 1962 filed 400,000 American Depositary Shares,
representing 10,000,000 pommon. Price—By amendment
(max. $22.50). Business—Manufacture of telecommunica¬

Oil

;Freeport, L. I., N. Y.

ment

Dec.

Essential

Price—$10.

holding and development com-

capital. Office—Woodbridge-Carteret Road,
Port Reading, N. J. Underwriter—Mortimer B. Burnside

A.) C. MacPherson & Co., Toronto.

Norda

estate

for working
~

Business—Exploration,
develop¬
mining. Proceeds—General corporate purposes.
Office—90 Industry St., Toronto, Canada. Underwriter—

•

N, Main St.,

Proceeds—For

Price—50c.

and

real

Pellegrino Aggregate Technico, Inc.

ment and

tions

Realty & Development Corp.

12, ,1962 filed 400,000 class A stock.

Aug. 10, 1961 filed 130,000 class A common shares. Price
—$5. Business—The manufacture of building materials.

New Campbell Island Mines Ltd.
Oct. 13, 1961 filed 475,000 common, of which 400,000 are
to be offered by the company and 75,000
by a stock¬
holder.

derwriter—J.

This letter

Proceeds—For

capital.

Oct.

Underwriter—Arnold

*

Underwriter—Peter

y

poses.

(1/11)

Price—$5.
Business—Production of natural gas and oil.
Proceeds
—For drilling expenses, working capital and other cor¬
porate purposes. .. Office—Tekoil Bldg., Oklahoma City.

Price—$5.

common.

be named.

'

:y v

Natural

equipment, and other
Under¬

repayment,

Office—39 Broadway, N. Y.

Parkway Laboratories, Inc.
6, 1961 filed 160,000 common. Price—$5. Business
—Manufacture of drugs and pharmaceuticals.
Proceeds
—For an acquisition, research and other corporate pur-

-debt repayment, equipment and working capital. Office
—15 Peachtree St., Atlanta. Underwriter—None. Note—
This registration will be withdrawn.
•' v v —
•

debt

Dec.

•

July 31, 1962 filed 85,000 common. Price—By amend¬
ment
(max. $4);
Business—Company plans to sell or
lease

of mutual funds.

adviser

Proceeds—For general corporate purposes.

pany.

„

..working

and

For

Business—A

Business—Production of
Proceeds—For production and distri¬

expenses

>

subord. deben¬

Price—At par.

motion

Ave.

March
conv.

Co., N. Y. Offering

Beryllium Corp.

writer—To be named.
PanAm

National Telepix, Inc.
July 30, 1962 filed $150,000 of 6Y2%

&

Feb. 28, 1962 filed 100,000 common. Price—$5. Business
j —Company plans to mine for beryl ore in Argentina.

be

to

du Pont

—Expected in January.

National

are

I.

.

,

March

Price—By

Business—Manufacture of en¬
velopes, packaging materials of various kinds, wrapping
paper, stationery, and school supplies.
Proceeds—For
selling stockholders.
Office—198 W. Alameda, Denver.
(max. $13).

Underwriter—Francis

'

y..y,v-:

-

...

60,000

Oct.

Corp. '
Nov. 9, 1962 filed $8,000,000 of installment certificates,
series 20, and 410,000 common shares.
Price—For cer¬
tificates, $1,000; for common, $1.15. Business—A mort¬
gage loan company. Proceeds—For investment and other
corporate purposes. < Office—113 S. Hydraulic, Wichita,

Agency,
V V
■-

Sponsor—John

Inc.

Optech,

*

Mortgage

Mortgage

111.

Underwriters—Stone, Ackerman & Co., Inc., and
Heritage Equity Corp., N. Y. Note — This registration

Office—13 S. Broadway, Red Lodge, Mont.
Un¬
derwriter—Security Brokerage Co., Billings, Mont.

; y y ../ :

Office—Chicago,

N.. J.

life and disability
Proceeds—For general corporate pur¬

/,

interest-bearing obli¬

,

establish and operate a

(same address).

representing

units

26, 1961 filed 100,000 common. Price—$3. Business
—Research, development and fabrication, of materials
used in optical electronics.
Proceeds—For equipment
and working capital.
Office—246 Main St., Chatham,

be withdrawn.

Kan.: "Underwriter—National

,

Dec.

poses.

National

of

Price—By amendment.

Nuveen & Co., 135 So. La Salle St., Chicago.

;

y •

1962 filed 4,750,000 common, Price—$1. Busi¬
ness—Company plans to engage in cemetery develop¬
ment and

investment.

For

11,

insurance concern.

$15,000,000

filed

gations of states, counties, and municipalities of the U;S.,
and political subdivisions thereof which are believed
to be exempted from Federal Income taxes. Proceeds—

National Memorial Estates
Oct.

Tax-Exempt Bond Fund, Series 4

1961

17,

Business—The Fund will invest in

Equipment & Plastics Corp.

This registration will

A")

Business—Company through its subsidiaries engages in '
the sale ' of life, accident and health, and group and
disability benefits insurance; trading in over-the-counter
market; underwriting of new security issues and sale

using radioactive tracers; precision radio¬

fractional interests in the Fund.

pansion and working capital. Address — Portage,' Pa.
Underwriter—Cortlandt Investing Corp., N. Y. Note—

Fishman, Inc., Chicago. Offering—Indefinite.

Bonifant St., Silver Spring, Md. Underwriter—None.

Nuveen

Sept. 28, 1961 tiled 105,000 common,- Price—$5,* Business
—Operation, of a cleaning and pressing plant and affili¬
ated stores.
Proceeds—For- debt repayment,: store ex¬

For debt repayment and general corporate purposes. Of¬
fice—232 E. Ohio St., Chicago. Underwriter—Divine &

July 6, 1962 filed 1,000,000 shares of beneficial interest.
Price—By amendment (max. $5). Business—A real estate

Oct.

v

Inc., N./.Y.; Offering—Expected in February.
National

Offering—Indefinite.

Playboy Clubs International, Inc.
May 28, 1962 filed 270,000 common. Price-J-By amend¬
ment. (max. $7). Business—Company is engaged in the
ownership and franchising of Playboy Clubs. Proceeds—

ment, expansion and working capital. Address—P. O.
Box 10901, Pittsburgh. Underwriter—Johnston, Lemon &
Co.. Washington, D. C.

•

'

1962 filed 100,000

ness

r

general corporate purposes.
Office—6130
Lane, Dallas.
Underwriter—McDonnell & Co.,

York.

activity measurement; production of radioactive isotopes
and the furnishing of consulting and radiation measure¬
ment services.
Proceeds—For equipment, debt repay-

.

-

National Fence

;

Cherashore,

contracts

on

New

and working

Nuclear Science & Engineering Corp.

/

29

ceeds—For

•
Polequity Corp.
Aug. 29, 1962 ("Reg.

Inc.

("Reg. A") 80,000 common. Price—$3.75.
Business—Acquisition of second-trust notes secured by
real estate property.
Proceeds—For general corporate
purposes.
Office—922 You St., N. W., Washington, D.C.
Underwriter—Clarence E. Shaw & Co., Washington, D.C.

March 29, 1962 ("Reg. A")

phia.

29,

June 25, .1962

Proceeds—For general corporate purposes.
Ad-,
McGee St., Kansas City, Mo. Underwriter—

To be named.

Offering—Ex¬

Sherry

Northwest Securities Investors,

dress—2632

Ci National

Co., N. Y.

Hills. Calif.

Dec./7 filed 125,000 .common; Price —- By amendment
(max. $15). Business—Writing of health and accident in¬
surance.

&

•

Ltd.
1962 filed 375,000 capital shares, of which
100,000 are to be offered by company and 275,000 by
stockholders.
Price—By amendment (max. $6). Busi¬
ness—Acquisition and development of oil and natural
gas
properties.
Proceeds—For drilling expenses and
working capital. Office — 5455 Wilshire Blvd., Los An¬
geles.
Underwriter—Gregory-Massari;
Inc.,
Beverly
March

artists, musicians,
plans to engage in the music publishing busi¬
ness.
Proceeds—For1 debt repayment, public relations,
Acquisition of musical properties, and working capital.
Office—545 Fifth Ave., N. Y. -• Underwriter—Associated
Securities Co., 545 Fifth Ave., N. Y.

etc.

Fuller

D.

Nordon Corp.,

Royalty Corp.

July 27, 1962 filed 150,000

■

(2565)

Inc.

75,000 common. Price

and

—

$2.

entertainment. Proceeds—

investment, and working capital. Office—
St., Los Angeles. Underwriter — Costello,
Co.,.Beverly Hills, Calif.
Continued

on

page

30

30

(2566)

Continued

from

The Commercial and Financial Chronicle

Seaboard

29

page

Life

Insurance Co.

of America

June
•

Red-O-Lter

29, 1962 filed 256,097 common being offered for
subscription by stockholders on the basis of one new

Corp.

Aug. 27, 1962 filed 50,000 class A common. Price—$6.50.
of electrical supplies and equip¬

share

To

commercial

to

ment

finance

Crosse

&

Co.,

Paoral

industrial

and

inventories

additional

users.

New York.

Inc.,

I

Cartni'C

receiv¬

Proceeds—For purchase of

building, debt repayment,
reserves, and other corporate purposes. Office—1451 N.
Bayshore Dr., Miami. Underwriter—None.

Underwriter—

Offering—Imminent.

a

r*<*

•

2, 1962
("Reg. A*")
90,000 common.
Price—$2.
Business—Company plans to engage in factoring and
l accounts receivable financing. Proceeds—For working
Oct,

Office—32 Broadway, N. Y.
Co., Inc., N. Y.

capital.

for

expire Dec. 31

Proceeds—

accounts

and

Courtland Ave., N. Y.

Office—577

ables.

each

5 held of record Oct. 1, with rights to
(period may be extended). Price—$9.25.
Business—Writing of life, accident and health insurance.

Business—Distribution

Security Aluminum Corp.

Jan. 26, 1962 filed 165,000 common. Price—$6. Business
—Manufacture of aluminum sliding windows and doors.
Proceeds—For

equipment, moving expenses and work¬
ing capital. Office—503 E. Pine Ave., Compton, Calif.
Underwriter
Vickers, MacPherson & Warwick, Inc.,

Underwriter—Ed¬

ward H.Stern &

—

Regulators, Inc.
Jan.

New York. Note-—This registration was withdrawn.

1962 filed 75,000 common, of which 50,000 are
by the company and 25,000 by Electronic
Specialty Co., parent. Price—$5. Business—Design and
manufacture of regulating and control devices used in
29,

Selective

be offered

to

electric

tne

electronic

and

fields.

Proceeds—For

Feb.
are

debt

and working capital. Office—455 W. Main
St., Wyckoff, N. J. Underwriter—Myron A. Lomasney &
Co., N. Y. Note—This registration will be withdrawn

ate,

Selective

Price—$10. Business
engaged in selling "puts" and ''calls."
Proceeds—For working capital.
Office—130 N. Virginia
St., Reno, Nev. Underwriter—None.

nix.

Laboratories, inc.
Feb. 27, 1962 filed 105,000 common. Price—$3.50. Busi¬
ness
Operation of a laboratory for contractual re¬
and engineering in the chemical
expansion of facilities, debt repay¬
capital. Office—396-406 Adams St.,
Newark, N. J. Underwriter—Keene & Co., Inc., N. Y.

working

common

sell 80

construction.
writer—R.

21,

Business

home

sites.

Olive

A

securities

W.

51st

New York.

St.,

broker-dealer.

Offering—Imminent.

Richmond

a

building.

Price—$10.

Proceeds—For

con¬

Office—565

Fifth Ave., N. Y.
registration was with¬

Note—This
«

Under¬

—

^

;vv

\

For

—

$3.

pre¬

capital. Office — 190 Gruner Rd., Cheektowaga, N. Y.
Underwriter—General Securities Co., Inc., N. Y.
Shaker

:

Oct.

Corp.

19, 1962 filed 215,000 shares of beneficial interest.
A

real

investment

Proceeds—For

investment

and

—

estate

trust.

working capital. Office
—1956 Union Commerce Bldg., Cleveland, Ohio. Under-

and general corporate purposes. Office—220
i
writer—McDonald & Co., Cleveland. Offering—In Jan.
St., N. W., Washington, D. C. Underwriter—Hirschel
Co., Silver Spring, Md. Offer ing—Indefinite. Note*—
;/>•' Signalite Inp.
The SEC has challenged the
accuracy and adequacy
Jan. 29, 1962 filed 126,000 common. Price—$4.50. Busi¬
of this registration statement.
ness—Manufacture, sale and development of glow lamps
Roma Lee Corp.
for use as indicators and circuit components. Proceeds—
Sept. 26, 1962 filed 100,000 common. Price—$5. Busi¬
For debt repayment, equipment and working capital.
ness—Design, manufacture,, and distribution of girls'
Office—1933 Heck Ave., Neptune, N. J. Underwriter—
blouses, sportswear, and coordinates.
Proceeds—For
Milton D. Blauner & Co., N. Y. Offering—Postponed.
debt repayment. Office—112 W. 34th St., N. Y. Under¬
writer—Winslow, Cohu & Stetson Inc., N. Y. Offering—
Southeastern Towing & Transportation Co., Inc.

repayment
K
&

Indefinite.

Nov.

and

Price

prints

film.

—

By

color,

Proceeds

—

amendment.

and
For

black

Business

and

white

equipment and

working

capital.

Stonehill &

Ruby

N

Y.

Underwriter

—

Nov.

Silver

1962

Underwriter—McDonnell & Co., Inc., New York. Offer¬

ing—Expected in January.

corporate purposes. Address—Box 1088, Wallace, Idaho.
Underwriter—Pennaluna & Co., Spokane, Wash.

Sperti

Mills, Inc.
Sept. 28, 1962 filed 312,500 common. Price—By amend¬
ment
(max. $12).
Business—Manufacture of athletic
clothing, knitted underwear, children's sleepwear and

Price—By

Proceeds—For bond retirement and plant
Address—Alexander City, Ala. Underwriter
—Hornblower & Weeks, N. Y.
Note — This company
formerly was called Russell Manufacturing Co. Offering

Office—730

Price—$12.50. Busi¬
company.
Proceeds
Montgomery St., San
Francisco.
Underwriter—Cantor, Fitzgerald & Co., Inc.,
Beverly Hills, (Calif.
small

business

common.

investment

Office—400

Scripps-Howard

Broadcasting Co.

March 20, 1962 filed 375,000 common.
Price—By amend¬
ment (max. $20).
Business—Company owns and

oper¬

ates

TV, radio and FM broadcasting stations. Proceeds
—For selling stockholders. Office—1121 Union
Central
Bldg., Cincinnati. Underwriter--First Boston Corp., N. Y.

Offering—Indefinitely postponed.
Seaboard Land

Thayer

writer—North

Ave.,

American

(same address).




j

/

Silver

Spring,

Seaboard

Md.

Securities

Under¬

Corp.,

drug

Grand

Proceeds—For plant and equipment, working capi-

tal and

other corporate purposes.

Pinconning, Mich.

Office—300 Horn Rd.,

Fluid

Controls, Corp.

filed 90,000 common. Price—By amend¬
(max. $7.50). Business—Manufacture of fluid con¬
trol equipment used in missiles, helicopters and aircraft.
Proceeds—For
selling stockholders
Address—Bridge¬
port, Conn. Underwriters—Stroud & Co.,
ington, Colket & Co., Philadelphia.

Inc. and Pen-

Teaching Systems, Inc.
1, 1962 ("Reg. A") 50,000 common. Price—$2. Busi¬
ness—Production and sale of educational audio-visual
June

teaching aids. Proceeds—For equipment, promotion and
advertising and working capital.
Office—1650 Broad¬
way, N. Y.
Underwriter—Creative Ventures Corp., 733
Third Ave., N. Y.
Corp.

loans

and

Financial Corp.
March 29, 1962 filed
315,000 class A shares of which
218,000 are to be offered by the company and 97,000 by
the

stockholders.

Price—$6. Business—Commercial fi¬
Proceeds—For debt repayment. Office
Ave., N. Y. Underwriter—Mortimer B.
Burnside & Co., Inc., N. Y.

nance

—95

company.

Madison

Straiton

the

ties

Fund, Inc.
1962 filed 500,000

new

for

Price—$20. Busi¬

mutual fund which plans to offer investors

shares

of

the

Fund

Cranwood

Tennessee Gas Transmission Co.

filed $50,000,000 of first mortgage pipe line
Price—By amendment.^ Proceeds
and construction. Office—Ten¬

Oct. 11, 1962

bonds due Dec. 1, 1982.
—For debt repayment,

Underwriters—Stone & Webster

Bldg., Houston.

Corp.; White, Weld & Co.; Halsey Stuart
Co. Inc. Offering—Expected sometime in January.
Texas

&

Inc.

Plastics,

July 27, 1962 filed 313,108 common. Price—$3.50. Busi¬
ness—Operation of a plant producing plastic film and
packaging products.
Proceeds—For working capital.?

Underwriter—Crow, Brourman &

Address—Elsa, Texas.

;

; (u

'

.

•

Top Dollar Stores, Inc.
/
May 1, 1962 filed 200,000 common, of which 100,000 are
to be offered by company and 100,000 by stockholders.
Price—$5. Business—Operation of a chain of self-serv¬
ice retail stores selling clothing, housewares, etc.
Pro¬
ceeds—For expansion, equipment and working capital.
Office—2220 Florida Ave., Jasper, Ala.
Underwriter-

Philips, Appel & Walden, 115 Broadway, N. Y.
—Temporarily postponed.
Tourist

Offering

Industry Development Corp. Ltd.

of 7% senior debenture
Business—Company was
organized by the State of Israel to furnish financing to
tourist
enterprises.
Proceeds—For
general corporae
purposes.
Address—Jerusalem, Israel.
Underwriter—■
American-Israel Basic Economy Corp., N. Y.
Aug.

3,

1962

$5,000,000

filed

stock due 1962.

Price—At par.

Town & Country

Associates

1962 filed 64% limited partnership interests and
$506,325 of 5% subordinated promissory notes due 1973
to be offered in units of one interest and $7,850 of notes.
Nov. 5,

Price—$8,750 per unit. Business—A limited partnership
plans to construct a shopping center, an office

which

building and related facilities at Springfield, 111. Pro¬
ceeds—For
general corporate purposes.
Office—59 E.
Van Buren St., Chicago.
Underwriter—None.
Transarizona

Resources,

Inc.

May 28, 1962 filed 500,000 capital shares. Price—$1.50.
Business—Exploration, development and production of
the Lake Shore copper deposit near Casa Grande, Ariz.
Proceeds—For equipment, exploration and working cap¬
ital.

Office—201

E.

4th

St., Casa Grande, Ariz. Under¬

writer—None.

Turbodyne Corp.
■».
March 2, 1962 filed 127,500 common. Price—$5. Business
—Research, development and production and overhaul¬
ing of gas turbine engines. Proceeds—For debt repay¬
ment, research and development, a new plant and work¬
ing capital. Office — 1346 Connecticut Avenue, N. W.,
Washington, D. C. Underwriter—Sandkuhl & Co., Inc.,
N. Y.
Ultrasonic Laboratories, Inc.

29, 1962 filed 67,200 common. Price—$3.50. Busi¬
ness—Design, engineering and manufacture of special¬
ized products primarily in the field of contamination
control. Company also acts as sales agents and distrib¬
utors of allied equipment in the fields of contamination
control and ultrasonics.
Proceeds—For debt repayment,

equipment,

advertising and other corporate purposes.
Ave., Rahway, N. J. Underwriter

Office—1695 Elizabeth
—None.

United Camera Exchange,
common.

opportunity of exchanging their

income tax

Office—19201

capital.

working

Nov.

Underwriter—None.

Stratford

ness—A

July 25, 1962 filed 200,000 class A common. Price—By
amendment (max. $2.50).
Business—Ownership and de¬
velopment of real estate. Proceeds—For working capital.
Office—912

mill.
•

March 20,

Co.

of

Sterling Copper Corp.
\
Aug. 2, 1962 filed 850,000 common. Price—$1. Business
—Company plans to operate a non-ferrous rod and tube

San Francisco Capital
Corp.

investment.

Business—Manufacture

St., Hoboken, N. J. Underwriter—
Blair & Co., New York.
Offering—Expected in January.

—Expected sometime in January.

—For

amendment.

products, electrical and electronic devices and
precision machinery. Proceeds—For the purchase of cer¬
tain patents, repayment of
debt, and working capital.

cloth.

ness—A

Inc.

and food

expansion.

April 23, 1962 filed 60,000

Products,

Nov. 29, 1961 filed 230,000 common of which 200,000 are
to be offered by the company ana 30,000 by stockholders.

Russell

cotton

100,000 common. Price—$3.
operation of towing boats.

Life Insurance of California
28, 1962 filed 800 capital shares.
Price—$2,500.
Business—Company plans to engage in writing life and
disability insurance in California. Proceeds—For capital
and
surplus.
Office—510 S. Spring St., Los Angeles.

Federman,

Mines, Inc.
("Reg. A") 2,400,000 common. Price—12%
cents. Business—Exploration and
development of mineral
deposits. Proceeds—For debt repayment and general
Jan. 2,

and

Sovereign

Co., N. Y. Offering—Indefinitely postponed.

Ave.,

("Reg. A")

working capital. Office—3300 N. W. North River Drive,
Miami, Fla. Underwriter—Irwin Karp & Co., Inc., 68
William St., N. Y.
/

Develops
photographic

7th

1961

Proceeds—For debt repayment, conversion of a boat, and

—

Office—245

29,

Business—Construction

Photo

Corp.
Nov. 29, 1961 filed 300,000 common, of which 100,000
are to be offered
by the company and 200,000 by stock¬
holders.

—

Blvd., Beverly Hills, Calif.

Chatkin, Inc., N. Y.

Properties

Price—$15. Business

Dec. 21, 1961 filed 142,858 common. Price—$7. Business
—A real estate investment company. Proceeds—For debt

Royaltone

leasehold improvements and

expansion. Office—217 E. Eight St., Los Angeles, Calif.
Underwriter
Costello, Russotto & Co., 9301 Wilshire

Securities

cision control components and associated products. Pro¬
ceeds — For debt repayment, equipment and working

Price—$5.

Proceeds

ceeds—For debt repayment,

nessee

(1/10/63)
March 30, 1962 filed 125,000 capital shares. Price

Business—Design, development and manufacture of
common.

•

Industries, Inc. (1/15/63)
March 29, 1962 ("Reg. A") 125,000 common. Price—$2.
Business—Manufacture and sale of women's wear. Pro¬
Tabach

Inc., Cleveland.

class A common.

investment.

Servotronics, Inc.

Office—'
Y. Underwriter—Richard Gray Co.,

N.

of

estate

drawn.

working capital and other corporate purposed.
237

Properties Corp.

1962 filed 200,000

Underwriter—None.

Gray &

Co., Inc.
("Reg. A") 60,000

ing—Indefinite.

Tenna

Proceeds—For

St., St. Louis.
Warren Co., St. Louis.

1962
—

for

Office—3615

L.

Richard
June

land

of

acres

Sentinel

struction

in units
—

erect

Maiden Lane, New York.
New York, Offer¬

Office—9

purposes.

Parkway, Warrensville Heights, Ohio. Underwriters—•
Westheimer & Co., Cincinnati, and Hartzmark & Co-

Business—Real

purchase 1,250 class 'A shares to be
consisting of four shares and one war¬
Price
$32 per unit.
Business — Company will
and operate a luxury hotel and resort facilities,

rant.

any

Underwriter—None.

May 1,

three-

and

to

warrants

year

offered

and

125,000 class A

porate

Underwriter—S. C. Burns & Co., Inc.,

Sept. 28, 1962 filed 122,000 common. Price—By amend¬
ment (max. $11). Business—Manufacture of automobile
antennas and radios. Proceeds—For repayment of bank

•

Corp. pf Missouri

1962 filed

Superior Commercial Corp.
15, 1962 filed 200,000 class A common, of which
100,000 are to be offered by the company and 100,000 by
stockholders.
Price—$1.50.
Business—Cbmpany buys
and holds second mortgages. Proceeds—For general cor¬

Calif. Underwriter—None.

development

and

1962

Sept. 10, 1962 filed 250,000 capital shares. Price — $5.
Business—-Company plans to sell life and disability in¬
surance. Proceeds—For organizational expenses and other
corporate purposes. Office—225 Bush St., San Francisco,

Proceeds—For

ment

27,

and

Sentinel Life Insurance Co.

—

field.

Resort

Remaining 94,822

—

is

Resin Research

Nov.

held.

unsub¬
public,
$6; to stockholders, $5. Business—Company plans to en¬
gage in
the consumer finance, mortgage, general fi¬
nance
and related businesses. Proceeds
For general
corporate purposes. Office—830 N. Central Ave., Phoe¬

Remitco, Inc.

search,

Life

C share of

scribed shares will be offered publicly. Price—To

Nov. 19, 1962 filed 952,000 common.

—Company

of which 405,000
holders of the A,
Co., an affili¬
the basis of 4 company shares for each class A or

B share and two-thirds share fdr each class

then refiled.

Thursday, December 20,

Nov.

Tactair

1962 filed 500,000 common,
be offered for subscription by

on

.

ment

28,

to

.

March 29, 1962

Corp.

B and C stock of Selective Life Insurance

repayment

and

Financial

.

individual

securi¬

without

incurring Federal
liability. Office—15 William St., New York.

Dealer-Manager—J. R. Williston & Beane,- N. Y. Note
—This company formerly was named Stratton
Realty &
Construction Fund, Inc. Offering—Indefinite.

Inc.

29, 1962 ("Reg. A") 100,000 common.
Price—$3.
Business—Operation of retail stores selling and trading
Nov.

films and other photographic equipment. Com¬
sells radios, tape recorders, dictating and
photocopying machines, and provides a film developing
and printing service.
Proceeds—For new stores and
camera concessions.
Office—25 W. 43rd St., N. Y. Un¬
cameras,
pany

also

derwriter—Ingram, Lambert & Stephen, Inc., N. Y.

Volume

U.

Cold

S.

Number 6222

196

Storage of

.

.

The Commercial and Financial Chronicle

.

Underwriter

Hawaii, Inc.

other commodities. Proceeds

and

—

For a

poses.

—2300

writer

*

.

Venride
Nov.

1962 filed $4,500,000 of 6.5%

26,

debt

convertible

sub¬

*.

Underwriter—To

'

stock

on

A

the

basis

shares

of

held.

$500

debentures for

Price—$509

per

unit.

each

Office—241

'Workman Electronic

Products, Inc. 25, 1962 filed 140,000 common. Price—$3. Business
—Manufacture, development and assembling of precise
electronic replacement components for radio, TV and

due

bentures

:

Price—95%

1973.

of

Mountain, Inc.
March 30, 1962 ("Reg. A") 100,000 common. Price—$3.
Business—Operation of underground cold storage facil¬
ities. Proceeds—Expansion, debt repayment and working
capital.
Address—Box 594, Fayetteville, Ark.
Under¬
writer
Don D. Anderson & Co.,
Inc., Oklahoma City.
Offering—Expected sometime in January.

Issues Filed With SEC

de¬
amount.

This Week

Office—

Steamship Corp.

Proceeds—For the

purchase of vessels, and working capital., Office—71 Saint Joseph St., Mobile, Ala.
Under¬
writer—Shields & Co., Inc., N. Y. (mgr.).
Offering—
'Temporarily postponed.
\
/
1

N.

#

"

Oct.

29; 1962 filed 50,000 common, of which 37,500 are to
by - company -and 12,500 by a stockholder.
Price—$10. - Business—Manufacture of etched aluminum

"

offered

be

foil; the company also produces and leases automatic
winding machines used in the manufacture of eapacitators.; Proceeds—For loan repayment, equipment, plant
expansion and working capital. Office—65 Honeck St.,
Englewood, N. J. Underwriter—Hemphill, Noyes & Co.,
New York. Offering—Indefinitely postponed.

,

:

i

.

,

Western

Empire Real Estate Investments

fice—1755 Gilpin St., Denver, Colo.
Western

be

.

—

—

'

3243 Wilshire

Kidder, Peabody &

.

Wheeler &
'

x

Underwriter—Western

Securities,

•'

Inc.-

July 30, 1962. filed 80,000 common. Price—$12.50. Busi¬
ness—Acquisition of leases and production of oil and gas.
Proceeds
For repayment of
dejot and other corporate
—

Office—Thompson Bldg., Tulsa.
—R. J. Edwards, Inc., Oklahoma City.
;
purposes.

1

White

Photo

Offset, Inc.

Underwriter

equipment

working capital.

and

Office—142 W.
Corp.,

26th St., N. Y. Underwriter — K-Pac Securities
New York- Offering—Expected in January.
Widman

(L.

F.),

Inc.

filed 162,000 common, of which 102,000 are
offered by the company and 60,000 by stockholders. Price—$3. Business—Operates a chain of retail

Oct. 27, 1961

to
'

be

drug stores. Proceeds—Expansion,

equipment and work^
Pa.
Y.

ing capital. Office—738 Bellefonte Ave., Lock Haven,
Underwriter—Godfrey, Hamilton, Taylor & Co., N.
Wiener Shoes

Inc.

April 2, 1962 filed 80,000 common. Price — By amend¬
ment (max. $11). Business—Operation of a chain of shoe
stores
Proceeds—For debt repayment, expansion and
working capital. Office — 808 Dakin St., New Orleans.




Business—A

Grace

Line

$28,000,000

Inc.

4.20% U. S. Government Insured Mer¬
chant Marine Bonds, due Dec.
1, 1987, offered at par and
accrued interest, by Merrill
of

Lynch, Pierce, Fenner &
Inc., and Paine, Webber, Jackson & Curtis, New
(Issue was not registered with SEC.)
a

share by Auchin-

Packaging Associates
common offered at

300,000

Co., New York, is the princi¬

pal underwriter.

ATTENTION UNDERWRITERS!
Do you have

Our

nationwide

and

.■••V'.v-

international

air

:

'

if K. M. P. Inc. --'U
Dec. 5, 1962 ("Reg. A") 200

to
re¬

common.

—2422

Spring,

!

/■'.v*i

Price—$200. Busi¬
ness—For construction of a building on Southlawn Lane,
Rockville, Md.
Proceeds—For debt repayment. Office

St.,

Silver

Md.

Underwriter—

None.

if Kabeyun, Inc.
Doc. 7, 1962 ("Reg. A") 900 common.
nses—Operation

an

issue you're planning to register?
News Department would like

Corporation

to know about

it

so

that

we

can

prepare

item

an

similar to those you'll find hereunder.
Would

write

telephone

you

us

at 25 Park

us

at

REctor

2-9570

or

Place, New York 7, N. Y.

of

a

Prospective Offerings
Bell

Telephone Co. of Pennsylvania (2/5/63)
3, 1962 it was reported that this A, T. & T., subsidi¬
plans to sell $50,000,000 of debentures in February.
Office—1835
Arch
St., Philadelphia,
Underwriters—
(Competitive), Probable bidders: First Boston Corp.;
Halsey, Stuart & Co. Inc.; Morgan Stanley & Co.; White,
Weld & Co.-Eastman Dillon, Union Securities & Co.

Dec.

Price—At-the-

common.

Kuhn, Loeb & Co., Inc., N. Y.

Darrow

parent, at $5

share, on the basis of one new share for each 15 Na¬
tional shares held of record Dec.
14, with rights to expire
Jan. 3, 1963. Irving Weis &
a

unit.

imburse company's treasury for freight car construction.
St. La Salle St., Chicago,
Underwriter—

'

being offered for subscription by stock¬

common

holders.^ National Petroleum Corp. Ltd.,

Proceeds—For

Business—Supplying of railroad freight cars
and shippers for their use. Proceeds—To

For debt repayment.

V

July 13, 1962 filed 100,000 common. Price—$3.50. Busi¬
ness—Photo-offset printing. Proceeds — For debt repay¬

ment,

center.

Office—135

Inc.,

' 'v..-'-'
Ryan,

service

ment.

Proceeds—For completion of a motel
capital. Office—290. N. University Ave.,

Provo, : Utah.
Provo, Utah,,'

by
v

one

railroads

Inr

related businesses.

working

of

per

derwriter—None..

Oct. 29, 1962 ("Reg. A")
175,000 common. Price—$1.
/ Business—Operation of motels, hotels, restaurants and
and

share

per

Securities, Inc., N. Y.

if General American Transportation Corp. (1/8)
Dec. 14, 1962 filed $35,000,000 of equipment trust cer¬
tificates due Jan. 15, 1983 (series 60). Price—By amend¬

Co., New York. Offering—Indefinite.
TprvpI

Co.

$7.50

Securities, Inc., Nashville.

150,000

freight forwarder. Proceeds—To reimburse treasury, and
increase working capital. Address—Wilton, Conn. Un¬

(max. $42). Business—

Blvd., Los Angeles. Underwriter

at

31, 1972 and 150 preferred shares to

units

if Emery Air Freight Corp.
Dec. 6, 1962 ("Reg. A") 7,900

Underwriter—None.

Proceeds—For debt repayment; Office

in

Price—$1,100

market.

Price—By amendment

Insurance

offered

International, Inc.
66,667 common offered at $6 per share by Crosse & Co.,
Idc., and Street & Co., Inc., New York.

$1,000 debenture and one
Business—Operation of a
equipment, and
working capital.
Office—232 Produce Bldg., Philadel¬
phia. Underwriter—None.

The making of loans secured by first Mens on real estate.

Wi^cfapii

offered

truck

19, 1962 filed 371,700 capital shares of which 175,000
to be offered by the company .and 196,750 by stock¬

holders,

Underwriter—Broadwall

share.

Feb.
are

Y.

bentures due Dec.

Co.

Pioneer

Life

common

Standard American

★ Del-Ex Terminals
Dec. 7, 1962 ("Reg. A") $150,000 of 7% subordinated de¬

Sept. 26,^ 1962 filed 600,000 shares of beneficial interest.
Price—$4. Business—Company plans to qualify as a real
estate investment trust. Proceeds—For investment. Oi.

A

Econo-Car

if Castle Hospitality Services, Inc.
Dec. 14, 1962 filed $500,000 of 8% debentures due 1969.
Price—At par
($1,000).
Business—Company plans to
offer management and consultant servicers to motels, and
furnish them with equipment.
Proceeds—For general
corporate purposes. Office—1068 S. Ocean Blvd., Pompano Beach, Fla.
Underwriter—None.

.

.

Wellington Electronics, Inc.

Educational

class

Keene

★ C-Thru Products, Inc.
Dec. 13, 1962 ("Reg. A") 90,000 common.
Price—$1.50.Business—Design and manufacture of flexible re-usable
vinyl packages. Proceeds—For debt repayment; sale pro¬
motion;
equipment; research and development, and
working capital. Office — 2401 Pacific St., Brooklyn,

ment. ~ Busihess—iThe

•

60,000

$4 per share by Hardy & Co.,
York, and Kleiner, Bell & Co., Beverly Hills, Calif.
Permeator Corp.
r

Aug. 29, 1961 filed 1,743,000 common. Price—By amendcarrying of liner-type cargoes.

'

de«

were

New

2117*N.Wayne, Chicago. Underwriter--Nqne.
Waterman

statements

Kay Foods Corp.
88,000 class A common offered at $7
closs, Parker & Redpath, New York.

carpets, furniture, floors, etc., and the manufacture and
'sale of cleaning equipment and materials. Proceeds—For

and other corporate purposes.

following registration

clared effective this week by the SEC.
Offering
details, where available, will be carried in the
Monday issue of the "Chronicle

York.

Business—Sale of franchises for on-location cleaning of

debt repayment

•,

Effective Registrations
The

Smith

"

1

Underwriter—

—

subord.

principal

Seattle.

.v-

American

Zero

Y.

Wade, Wenger ServiceMaster Co.
23, 1962 filed $250,000 of 7% conv.

Bldg.,

Business-

Oct.

Business
Proceeds
repayment, equipment and working capital.
Church St., N. Y. Underwriter—Leonard B-

Nov.

Securities

,

100

berry & Co., St. Petersburg, Fla.

named.

be

office—511

(with attached warrants)
subscription by stockholders of class

for

Inc.

Stern & Co., N.

Price—$1.
acquisition of property
and
plant of
Tungsten Mountain Mining Co. Proceeds—For debt re¬
payment, working capital and other corporate purposes,
None.

offered

5, 1962 filed 150,000 common. Price—$3.
r—Operation of coin-operated children's rides.
—For

,

★ Tungsten Mountain Operating Corp.
Dec. 3|
1962 ("Reg. A") 300,000 common.

Business—For

use.
Proceeds—For
debt
repayment,
in¬
ventory, research, and other corporate purposes. Office
-—Packinghouse Rd., Sarasota, Fla. Underwriter—Hens-

Under¬
Lincoln, Neb.

—

Angeles.

be named.

industrial

Bldg„ Dallas.

First Nebraska Securities Corp.,

Valu-Rack, Inc.
May 4, 1962 filed 200,000 common, of which 100,000 are
ito be offered by company and 100,000 by stockholders.
Price
$5. Business
Wholesale distribution and retail
merchandising of health and beauty aids, housewares,
kitchenwares, wearing apparel and other goods.
Pro¬
ceeds—For debt repayment.
Office—2925 S. San Pedro
Los

pur¬

estate. Proceeds—For debt repayment and realty
acquisitions* Office—10 East 40th St., N. Y. Underwriter
—S. E. Securities, Inc„ 10 East 40th
Street, New York.
Note—This registration will be withdrawn.

and other corporate purposes. Office

Offering—Temporarily postpdned.

St.,

Pro¬

corporate

Real

\

National Bank

Republic

equipment.

be

class

.

—

test

other

A

unit.

expenses

and

and,

equipment, inventories, debt repayment
working capital. Office—Canal St., Lancaster, N. H.
Underwriter—None;
./.■'./'V.V
and

to

Business—Manufacture of urethane,
Proceeds—For
equipment,
working
capital,

foams..

devices

repayment

Wolf Corp.

Jan.

Feb. 14, 1962 filed 250,000 class A and 250,000 common to
be offered in units of one ^hare of each class. Prtce-rr

leasehold

debt

Price—$2.25.

Proceeds—For

ordinated debentures due 1977

*

per

Inc.

Office—1005 First Ave., Asbury Park, N. J. Under¬

writer—To

Aug. 28, 1962 filed 1,500,000 common, price—$1. Busi¬
ness—Company plans to establish or acquire control of
other companies, principally those in life insurance field.
Proceeds—For general corporate purposes. Office—318
JN. 3t. Paul St., Dallas. Underwriter—None..

$5:05

Electronics,

measuring

ceeds—For

Corp.

Urethane of Texas, Inc.

Winslow

electronic

Fund, Inc.

April 11, 1961 filed 2,500,000 shares of stock. Price—$10
per share. Business—A new mutual fund. Proceeds—For
investment. Office—20 W. 9th Street, Kansas( City, Mo.
Underwriter—Waddell & Reed, Inc.# Kansas City, Mo.

Capital

\

Dec. 26, 1961 filed 125,UU0 common. Price—$4. Business
—Design and manufacture of precision electrical and

Ltd.^ 32 Merchant St., Honolulu.

Universal

Business—Metal working and
machinery; wookworking
and bowling alley
installation, maintenance and repair.

•

Ualena St.,

United Variable Annuities

Thompson Manufacturing Co., Inc.
1, 1962 ("Reg. A") 80,000 common.

Dec.

drawn.

warehouse, and working capital. Office — 3140
Honolulu. Underwriter—Loyalty Enterprises,

new

x

31

Co., New Orleans. Note—This registration will be with¬

—

foods

Howard, Weil, Labouisse, Friedrichs &

—

*

20, 1962 ("Reg, A") 20,0001 common. Price — $10.
Business
Operation of a cold storage warehouse for

Nov.

frozen

(2567)

Price—$100.

Busi-

boys' summer camp. Proceeds—
Address—Alton Bay, N. H. Under¬

writer—None.

ary

(jointly).
way,

Bids—Expected
New York.

Bethlehem
Dec.

Steel

Feb. 5,

1963

at

Broad¬

195

Co.

3,

1962, Arthur B. Homer, Chairman, announced
that the company will embark on a $750,000,000 capital
improvements program to be completed over the next
three years.
He said that approximately two-thirds of
the financing for the program will be generated inter¬
nally and the balance secured externally. Mr. Homer
added that this would not be required in. the immediate
future. Office—25 Broadway, New York. Underwriters
—To be named. The last public sale of securities in May,
1955, was handled by Kuhn, Loeb & Co., and Smith,
Barney & Co., New York.

Biologies International Inc.
15, 1962 it was reported that this company plans
file' a registration statement covering 125,000 com*
mon
shares. Price—$3. Business—Company plans
to

Aug.
to

breed
poses.

and

supply animals for biological research pur¬
Proceeds—For general corporate purposes. Office
Bergenline Ave., North Bergen, N. J. Under¬

if Litton Industries, Inc. (1/7-11)
Dec. 18, 1962 filed 215,444 common. Price—By amend¬
ment / (max. $70.) Business—Manufacture of electronic
systems,
business
machines, nuclear powered sub¬
marines, and ships. Proceeds—For selling stockholders.
Office—336 N. Foothill Rd., Beverly Hills, Calif. Undewriters—Lehman Brothers; Clark, Dodge & Co., and
Goldmans Sachs & Co., New York.

—7520

if Petrolane Gas Service, Inc.
Dec. 18, 1962 filed 100,000 common. Price—By amend¬
ment
(max. $30.) Business—Sale and distribution of
liquified petroleum gas. Proceeds—To reimburse treas¬
ury for the acquisition of other companies, debt repaybent, and working capital. Office—1696 E. Hill St., /Sig¬
nal Hill, Calif. Underwriter—Dean Witter & Co., Los

Foothill

Angeles.

writer—To

be

California
Oct.
to

named.
Electric

29, 1962 it

raise

new

was

money

Power

Co.

reported that this company plans
in the third or fourth quarter of

1963. A spokesman for the company stated that the util¬

ity is thinking of selling 380,600 common shares, al¬
though a final decision has not been made. Office—2885

Blvd., San Bernardino. Underwriter — Merrill
Lynch, Pierce, Fenner & Smith Inc., New York.
Central

Illinois

Light Co.

Nov. 5, 1962 it was reported that this company plans to

sell about $9,400,000 of first mortgage bonds in the first
quarter of 1963. Proceeds—To redeem a like amount of
i

Continued

on

page

32

32

The Commercial and Financial Chronicle

(2568)

Continued

from

May

competitive
bidding by Halsey, Stuart & Co. Inc.
Other bidders
were: First Boston Corp.; Kidder, Peabody & Co.; East¬
man
Dillon. Union Securities & Co.; Merrill Lynch,
Pierce. Fenner & Smith Inc.-Stone & Webster Securities
March 14, 1960 was won at

Illinois Public

Central

Business—Development and operation of shopping cen¬

purchase up to $6,000,000 convertible debentures of
Major Realty Corp., an affiliate. Office—223 East Alleg¬
hany Ave., Philadelphia. Underwriter—To be named.
The last rights offering in December 1957 was under¬

Service Co.

Eastman Dillon, Union Securities
York. Offering—Indefinitely postponed.

written

New

by

Co.,

&

General Aniline & Film Corp.
Oct. 22, 1962, President Kennedy signed a bill au¬
thorizing the Government to sell its holdings of 540,894
On

Underwriters—(Competitive). Prob¬

Securities & Co.Equitable Securities Corp. (jointly); Blyth & Co.-Kidder
Peabody & Co.-Merrill Lynch, Pierce, Fenner &
Smith Inc. (jointly); Halsey, Stuart & Co Inc.; Salomon
Brothers & Hutzler; First Boston Corp.; Lehman Broth¬
ers-Bear, Stearns & Co. (jointly).
Chesapeake & Potomac Telephone Co. of Md.
(1/22/63)
/
'
Nov 28 1962 this A. T. & T. subsidiary announced plans
to sell $50,000,000 of debentures due Jan. 1, 2002. Pro¬
ceeds
To refund $25,000,000 of 514% debentures due
Jan. 1, 1996, repay loans, and expand facilities. Office—
320 St. Paul Place, Baltimore, Md. Underwriters—(Com¬
petitive). Probable bidders: First Boston Coip.-Meriill
Lynch Pierce, Fenner & Smith Inc. (jointly), Halsey,
Stuart & Co. Inc.; Morgan Stanley & Co.; White, Weld
& Co. Bids—Expected Jan. 22, 1963 at 195 Broadway,
Eastman Dillon, Union

bidders:

able

outstanding 6% preferred stock

ters. Proceeds—To retire

and

10

Springfield, 111.

rights on a l-for-10 basis. Price—-By amendment.

tion

1962 it was reported that this company plans
to issue about $10,000,000 of first mortgage bonds in
1963. Proceeds—For construction. Office—607 E. Adams
St.,

the

class

A

2,050,000 class B shares, representing 98%

and

The stock, now

voting control of the company.

the

of

held

by the Attorney General, was seized in 1942 as a
asset. No date has been set for the offering

German
which

not

need

registered with the

be

from the sale will be used to reimburse
zens

of

for losses of life

Business—Company

II.

SEC. Proceeds
American citi¬

and property during World War

is

leading

a

producer

domestic

dyestuffs, chemicals and photographic materials. Of¬
W. 50th St., New York. Underwriters—(Com¬

fice—111

_

petitive). Probable bidders: Bache & Co.; Blyth & Co.First Boston
Corp. (jointly); Lehman Brothers-Kuhn,
Loeb & Co.-Glore, Forgan & Co. (jointly).
Gulf States Utilities

Office—285 Liberty Ave., Beaumont, Tex. Underwriters
—(Competitive). Probable bidders: Salomon Brothers &
Dillon, Union Securities & Co. (joint¬
ly); Stone & Webster Securities Corp.; Halsey, Stuart &
Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.White, Weld & Co. (jointly); Lehman Brothers. Offer¬
ing—Temporarily postponed.

Station Co.

28, 1962 it was reported that this company will
issue $48-$50 million of first mortgage bonds in May
1963. Proceeds—To refund outstanding 3Vs% and 2%%
maturing July

1,

Hutzler-Eastman

1963. Office—210 S. Canal St.,

Underwriters — (Competitive). Probable bid¬
ders: Kuhn, Loeb & Co.; Halsey, Stuart & Co. Inc.; Kid¬
der, Peabody & Co.
Chicago.

Highway Trailer Industries, Inc.
Sept. 10, 1962 it was reported that this company plans
to raise some $2,500,000 by a rights offering to stock¬

Community Public Service Co.

reported that this company plans
of first mortgage bonds in
June 1963. Office—408 W. 7th St., Fort Worth, Tex. Un¬
derwriters
(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; Salomon Brothers & Hutzler; Stone &
Oct.

it

1962

29,

was

holders. Authorized stock now consists of 2,000,000

$5,000,000

about

issue

to

(

Co.

Connecticut Light & Power

reported that the company is con¬
sidering the issuance of about $22,500,000 of bonds in
1963 or 1964. Proceeds—For construction. Address—Sel1962 it

10,

$1.25

shares of which 714,086 shares are out*
standing. Business—Manufacture of truck trailers, cargo
containers, telephone and power line construction equip¬
ment, etc. Proceeds—To help form a new finance com¬
pany subsidiary. Office—250 Park Ave., N. Y. Under¬
writers—To be named. The last financing by the com¬
pany
was
underwritten
by Allen &
Co., and Van
Alstyne, Noel & Co.. New York City.
par

—

Webster Securities Corp.

Dec.

$16;000,000 of first mortgage bonds due 1992. Pro¬
a like amount of 51/4% bondsi due 1989.

ceeds—To retire

Chicago Union

was

common

Illinois Power Co.

(1/15/62)

St., Berlin, Conn. Underwriters—To be named. The
last public
offering of bonds on Jan. 20, 1960 was
handled by Morgan Stanley & Co.-Putnam & Co.-Chas.

Nov. 28, 1962 it was reported that this utility expects to

W. Scranton & Co.-Estabrook

Office

den

& Co.

sell

(jointly).

Consumers Power Co.

Sept. 4, 1962, Robert P. Briggs, Executive Vice-Presi¬
dent, announced thit the company had postponed until
mid-1963 its plan to sell additional securities because of
"larger than anticipated internal generation of cash, sub¬
stantial refunds from
natural gas suppliers and
the
increased use of bank credit." Earlier, the company re¬
ported that it expected to sell about $40,000,000 of secu¬
rities, probably bonds, in the fourth quarter.
Office—
212 West Michigan Ave., Jackson, Mich. Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; White, Weld & Co.-Shields & Co. (jointly); Harriman
Ripley & Co. Inc.-First Boston Corp. (jointly);
Morgan Stanley & Co.
Dallas

Power

&

(1/29/63)
this subsidiary of
Texas Utilities Co., plans to sell $25,000,000 of first mort¬
gage bonds due 1993. Proceeds—To redeem $20,000,000
of 5%% bonds due 1989, and for other corporate pur¬
poses. Office—1506 Commerce St., Dallas. Underwriters
—(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; Salomon Brothers & Hutzler-Equitable Securities
Corp. (jointly); Eastman Dillon, Union Securities & Co.;
Kidder, Peabody & Co.-Blyth & Co., Inc.-Merrill Lynch,
Pierce, Fenner & Smith Inc. (jointly); First Boston
Corp.; Lehman Brothers. Bids—Jan. 29, 1963 (12 noon
Dec.

10,

1962

it

that

reported

Power &

Light Co. >
March 9, 1962 it was reported that the company has post¬
poned until early Spring of 1963 its plan to issue addi¬
tional common stock,
The offering would be made to
r

stockholders first

on

the basis of

each 10 shares held. Based

on

the number of shares out¬

common

one

share for

standing on Dec. 31, 1961, the sale would involve about
418,536 shares. Proceeds—For construction. Office—600
Market

St., Wilmington, Del. Underwriters—(Competi¬
tive). Probable bidders: Carl M. Loeb, Rhoades & Co.;
C.

Langley & Co.-Union Securities Co. (jointly);
Lehman Brothers; First Boston Corp.; White, Weld &
Co.-Shields
Merrill

& Co. (jointly); Kidder, Peabody & Co.Lynch, Pierce, Fenner & Smith Inc. (jointly).

Denver & Rio Grande Western RR.
Dec.

500

South

27th

(10 a.m. CST) in Room 2075, 231 So. La Salle St.,
Chicago. Information Meeting—Jan. 10, 1963 (2:15 p.m.
CST) at Morgan Guaranty Trust Co., 60 Liberty St.,
New York.
Interstate

Power

Oct.

10, 1962 it was reported that the company plans to
$8,000,000 of first mortgage bonds and $4,000,000 of
common stock in late May,
1963. Office—1000 Main St.,
Dubuque, Iowa. Underwriters—(Competitive). Probable
bidders: Merrill Lynch,
Pierce, Fenner & Smith Inc.Kidder, Peabody & Co. (jointly); Halsey, Stuart & Co.
Inc.; Salomon Brothers & Hutzler; White, Weld & Co.

vsell

•

Iowa

Public

Service

Co.

Nov. 5, 1962 it was reported that this
company
sell $16,000,000 of bonds in the third
quarter

plans to
of 1963.
Address—Orpheum-Electric Bldg., Sioux City, Iowa. Un¬
derwriters—(Competitive).
Probable bidders:
Kidder,
Peabody & Co.-Blyth & Co. Inc. (jointly); Eastman Dil¬
lon, Union Securities & Co.; Equitable Securities Corp.;
White, Weld & Co.; First Boston Corp.

10,

1962

it

reported

was

that

this

(1/9/63)
road

plans

to

sell $4,500,000 of equipment trust certificates in
January.
Office—1531 Stout St., Denver. Underwriters—(Competi¬

tive). Probable bidders: Halsey, Stuart & Co. Inc.; Salo¬
Brothers & Hutzler. Bids—Jan. 9 (12 noon MT) at
company's office.

mon

Eastern

Oct.

9, 1962 the ICC authorized the company to issue
100,000 common. Price—By amendment (min. $5). Busi¬
common

eastern states from Vermont

carrier operating in nine

to

Virginia. Proceeds—For
working capital, debt repayment and advances to sub¬
sidiaries.

Office

Moonachie

Ave., Carlstadt,
Underwriter—Allen & Co., New York.
—




Jamaica, N.

construction.

Y.

sale of bonds

on

Other bidders

N.
„

J.

Office

—

Underwriters—To

May 3, 1956

was

be

161-20

89th

named.

Ave.,

The

were:

Co.;

Japan Development Bank
July 3, 1962 it was reported that the Japanese Finance
Ministry has authorized the bank to issue an additional
$22,500,000 of bonds in the U. S.
It is expected that a
major portion of this financing will be completed by
March

31, 1963. Business—The bank

was incorporated in
Japanese Government financial institution to
supply long-term -funds to Japanese industry for the
promotion of economic reconstruction and industrial de¬
velopment. Office—Tokyo, Japan. Underwriters — First

1951

as

a

Dillon, Read & Co. Inc.; Smith, Barney &

Co., Inc., N. Y.

'

-

Kentucky Utilities Co.

Aug.'fl, 1962 it
sell

was reported that this utility plans to
approximately $15,000,000 of 30-year first mortgage

bonds, in the first quarter of 1963. Office—120 So. Lime¬
stone St., Lexington, Ky.
Underwriters—(Competitive).
Probable

bidders:

(2/6/63)

writers—Lehman Brothers;
ner

Merrill Lynch, Pierce, Fen¬
Inc., New York, and Reinholdt & Gardner,

& Smith

St. Louis.
•

Laclede Gas Co.

(2/6/63)
1, 1962 the company announced plans to sell $10,000,000 of 20-year sinking fund debentures. Proceeds—•
To repay
bank loans.
Office—1017 Olive Street, St.

Nov.

Louis.

Underwriters—(Competitive).

Halsey,

Stuart

&

Probable bidders:

Co.

Inc.; Lehman Brothers; Merrill
Lynch, Pierce, Fenner & Smith Inc.-Reinholdt & Gard¬
ner
(jointly); Stone & Webster Securities Corp.; First
Boston Corp.; Eastman Dillon, Union Securities & Co.
Bids—Expected Feb. 6, 1963. Information Meeting—Jan,
31, 1963 (11 a.m.) at 16 Wall St., New York.

Laguna
Dec.

Niguel Corp.
11, 1962, Gerald W. Blakeley, President, stated that

the

company is "seriously considering" the issuance of
about $10,000,000 of debentures to redeem its 60-cent

cumulative class A stock. Mr.
dends

must

be

paid

from

the company has to earn

interest

on

debentures

Blakeley said class A divi¬

after-tax

earnings, meaning

12% of gross revenue, whereas

is

expense item, so the com¬
only 6% to provide the same
Business—Acquisition, development and manage¬
ment of real properties. Office — 32802 Pacific Coast
Hwy., So., Laguna, Calif. Underwriter—To be named.
The last financing for the
company was handled by
Paine, Webber, Jackson & Curtis, Boston,
1

would have to

an

earn

return.

Michigan Consolidated Gas Co.
On Oct.
to

24, 1962 it was reported that this company plans
$22,000,000 of first mortgage bonds in the

sell about

third quarter of 1963. Proceeds—For construction. Office
—415 Clifford

St., Detroit. Underwriters—(Competitive).
bidders: Halsey, Stuart & Co. Inc.; Blyth &

Probable

Co., Inc.; White, Weld & Co.-Lehman Brothers (jointly).

Michigan Wisconsin Pipe Line Co.
24, 1962 it was reported that this company plans
to sell about $22,000,000 of first mortgage bonds in the
Oct.

third quarter of 1963. Proceeds—For construction. Office
—500

Griswold St., Detroit. Underwriters—(Competi¬
tive). Probable bidders: Halsey, Stuart & Co. Inc.; First
Boston

Corp.; Blyth & Co.' Inc.

-

Mitsubishi Electric Mfg, Co.
Oct.

24, 1962 it was reported that the Japanese Finance
Ministry had authorized the company to sell $10,000,000
of convertible bonds in the U. S. by March
31, 1963. It is
expected that the bonds would mature in 15 years and
bear interest of 6.5%. No decision has yet

been made as
whether the issue will be sold publicly or privately.
Business—Production of electric machinery. Proceeds—
For
expansion.

to

Office—Tokyo, Japan.
Kidder, Peabody & Co., New York.
New York
Nov. 15,

Underwriter—

Telephone Co. (1/8/63)

1962 it

was

reported that this A. T. & T., sub¬

sidiary plans to sell $70,000,000 of first mortgage bonds
in January. Proceeds—To repay bank loans. Office—140
West

St., New York. Underwriters — (Competitive).
bidders: Halsey, Stuart & Co. Inc.; Morgan
Stanley & Co, Bids—Expected Jan. 8, 1963.

• Nippon Telegraph & Telephone Public Corp.
Dec. 19, 1962, it was reported that the
company plans to
sell $20,000,000 of bonds in the United States in- the fis¬
cal year April 1, 1963 to March
31, 1964. The financing
program is subject to approval by the Japanese Diet.
Business
Nippon Telegraph, wholly-owned by the
Japanese Government, furnishes domestic telephone and
telegraph services, without competition, in Japan. Pro¬
ceeds—For
expansion. Office—Tokyo, Japan. Under¬
writers—Dillon, Read & Co.; First Boston Corp., and
Smith, Barney & Co., New York.
—

•

Blyth & Co., Inc.;H Halsey, Stuart &

Northern

Dec.

Illinois

17, 1962 it

Gas

Co.

reported that the company plans to
sell $40,000,000 of first mortgage bonds sometime in 1963.
Office—615

was

Eastern

Ave., Bellwood, 111. Underwriters—
on July 14, 1960, was
handled by
First Boston Corp. Other bidders were:
Halsey, Stuart & Co., Inc.; Blyth & Co.,, Inc-Equitable
Securities Corp. (jointly); Glore, Forgan & Co. <
To be named. The last sale of bonds

Northern

last

made by Blyth & Co.

Halsey, Stuart & Co. Inc.; Kidder,
White, Weld & Co.
The last several
issues of preferred were sold privately. The last sale
of common on May
9, 1956 was made through Blyth &
Co., Inc.
Peabody &

Boston Corp.;

Freight Ways, Inc.

ness—A motor vehicle

Supply Co.
20, 1962 it was reported that this utility plans
to sell $3,000,000 of mortgage bonds and
$2,000,000 of
preferred and common stocks. Proceeds—For debt re¬
March

payment, and

Laclede Gas Co.

Nov. 1, 1963 the company announced
plans to sell 200,000
shares of preferred stock (par $25). Proceeds—To
repay
bank loans. Office—1017 Olive
Street, St. Louis. Under¬

Probable

Co.

Jamaica Water

Delaware

W.

first

of

mortgage bonds in January.
Street, Decatur, 111.
Under¬
writers—To be named. The last sale of bonds on May 21,
1958 was made through First Boston Corp. Other bidders
were:
Halsey,1 Stuart & Co. Inc.; White, Weld & Co.Merrill Lynch, Pierce, Fenner &
Smith, Inc. (jointly);
Eastman Dillon, Union Securities & Co.; Harriman Rip¬
ley & Co., Inc.-Glore, Forgan & Co. (jointly). Bids—Jan.
—-

15

Light Co.

was

EST).

,

"

$35,000,000

Thursday, December 20, 1962

Inc.; Kidder, Peabody & Co.-White, Weld & Co.
(jointly); Eastman Dillon, Union Securities & Co.-Mer¬
Lynch, Pierce, Fenner & Smith Inc. (jointly).

pany

5, 1962 it was reported that this company plans to

sell

Nov.

bonds

Co.

Oct.

New York.

.

rill

which will be offered to stockholders through subscrip¬
(

Corp. (jointly).

July

company to
convertible preferred stock

issue 756.000 shares of a new

314% bonds maturing April 1, 1963. Office—300 Liberty
St
Peoria, 111.
Underwriters—To be named. The last
issue of bonds on

Inc.
stockholders authorized

1962

11,

.

Co.

Food Fair Properties,

31

page

.

Feb.

Natural

28, 1962 it

Gas Co.

that the company's 1962
program will require about
$40,000,000 of
financing to be obtained entirely from long
short term borrowing. Office—2223 Dodge St., Omaha,
was

reported

expansion
external
or

Neb.

Underwriter—To

bentures

be

named.

The

Nov.

16, 1960 was handled
basis by Blyth & Co., Inc., N. Y.
on

Northwestern Bell Telephone Co.

last
on

sale
a

of

de¬

negotiated

(3/5/63)

Dec. 3, 1962 it was reported that this A. T. &

T., subsidi¬
plans to sell $40,000,000 of debentures to mature not
than 40 years after date of issuance. Office—100
So. 19th St., Omaha, Neb. Underwriters—(Competitive).
Probable bidders: Halsey, Stuart & Co. Inc.; Morgan
Stanley & Co.; First Boston Corp.-Eastman Dillon,
Union Securities & Co. Bids—Expected March 5, 1963
ary

later

at

195

Broadway, New York.

Oklahoma

Gas

Aug. 1, 1962 it

&

Electric

Co.

reported that this company plans to
$12,000,000 of 30-year first mortgage bonds, in the
second quarter of 1963.
Office—321 No. Harvey St,
was

sell

Oklahoma City.
bidders: Merrill

Underwriters—(Competitive). Probable
Lynch, Pierce, Fenner & Smith Inc.White, Weld & Co. (jointly); Halsey, Stuart & Co. Inc.;
Lehman Brothers-Blyth & Co. Inc. (jointly); First Bos-

Number 6222

196

Volume

Equitable

Pacific
Nov.

28,

1962

reported1 that the

it was

plans

company

Corp.,

plans

offices

Carolina

Gas

Eastman

Brothers

&

Southwestern

1963.

Power

(jointly);

Halsey,

free

interest

as

tion

Will Invest Here

part

of

the

argument

foreign exchange value
inflation

domestic

rate-determination;
induce

the

in

runup

rise in stocks will

causes

Ponting Chairman;
Shurtleff Retiring

a

dent

Ponting, Senior Vice-Presi¬
in San Francisco of Blyth &

statement

plant

by

Professor

Ritter

come

with
with

These

new.

results

rising consumption and

published in the Commercial and

not

Financial

unemployment.

Aug.

Chronicle

23,

stressed

Thursday,

on

the

need

that

mentment

change
kets

he

prime,

at

least

prime
nomic

a

Co.,

Inc.,

and

endorse¬

Economic

Advisors.
Ritter's

America is

appeal

economic

for

is

an

His

one.

growth

appropriate.

in

The basis

for the value of the dollar through
time

is

what
mestic

tion

not

it

gold backing, but

can

or

in short

dollar,

Although

buy.

inflation

increase the

the

its

will

foreign

its

on

do¬

infla¬

periods of time

purchasing
basic

power

long

strength is not dependent
but

rising American

on

of

term

produc¬

on

rates

have clearly

increased capital




re¬

is

ap¬

hot

The

heard

thesis

domestic

cut

stance

of

that

interest

that

clear

high

tendency to

our

In

us

the

drastically

wait

circum¬

lower stock

economy

has been

that

real

company

after

com¬

has decided to hold off
issues

and

investment

to

spending.

justify

on

dangerous to
ture

help

'Babson

earnings

rising

stock

all too

interest

situation

clear pattern

rates,

reveals
of rising

declining

values, declines in

pew

stock

issues and

joined Louis

1914, Mr.

the

Co.,

growth—will

this

of

type

John

the

became

D.

Harti?an,

He started his career

Blyth

New

Roy Shurtleff

been elected

chairman of the

in

member

a

has

executive committee,

according, to

following

announcement

L.

Shurtleff,

of

the

the

He succeeds Roy

one

of the founders

firm, who is retiring.

Mr.

Shurtleff, who celebrated his 75th

earlier

been

named

this

year, •

has

Chairman

Honorary

office.
office

York

Inc.

Flomenhaft
&

in

has

Co.,

formed

Incorpo¬

rated, with offices at 63 Wall St.,
York

New

securities
haft
of

was

City,

to

business.

Ponting, who joined Blyth

Mr.

Forms Firm

engage

Mr.

in

a

Flomen¬

formerly Vice-President

Flomenhaft, Seidler & Co., Inc.

University

To Admit
New
New
Jan.

&

Kennedy, 39

manager

California in

the

to

1935

He
of

on

became

1936,

of

a

Committee

1950,

Vice-President in

Ponting has been

Rheem

pany

of the Exec¬
in

a

and

1958.

Director

Manufacturing

Com¬

since 1938, Northrop Corpo¬

and Ampex
City, members of the ration since 1954,
York
Stock
Exchange, on Corporation since 1960, and is a

York

1,

will

admit

Katherine

Watson to limited partnership.

S.

Regent of the University of San
Francisco.

He

was

a

a

department and re¬

of

the

buying depart¬

Mr. Shurtleff

was

named

a

Vice-

President and Director in 1926, a
Vice-Chairman
1959 upon

Blyth
his

elected

was

1957,

in

and

of

Chairman

Committee.

Executive

the

in

the death of Charles R.
Until

retirement, he supervised ac¬
Pacific

tivities of the company's 16
Coast offices.

Blyth's San Francisco

office is

located in the Russ Building.

The

main office in New York is at

14

Wall Street.

the
sales

of that office

member

Blyth &

establish

ment.

Form Southwood

of the San Francisco of¬

President in charge

the

joined

company's

activities
He

Ber¬

fice in 1927 and was elected Vice-

Mr.

Broadway,

Coast.

Pacific

Senior

'

of

underwriting

utive

Kennedy

graduating from the

head of

is

keley,

in

Stern

after

1921

and

salesman

a

as

turned to S'an Francisco in 1938 as

Ponting

A. E.

of the company.

Administration

Flomenhaft

in¬

Blyth

of

firm

of the Executive Committee.

L.

which

nationwide

banking

national sales

meeting of the board of directors

GENOVESE

Economics,

L. Flomenhaft

Leonard

Shurt¬

the small company

Francisco

San

ex¬

is

It

in

Francisco

San

Dean G. Witter, George
and

Co., Inc.

ex¬

i

Stern

present

in

April,

vestment

which

and

Institute of

Business

Leib

later

financial struc¬

C.

In

formed

an

FRANK

Co.

&

later became sales manager of

problem.

Professor of

Sloss

but

money

with

much

"University of Cali¬

fornia in Berkeley he

with

market,

economic

and

tion from the

over

gradua¬

upon

&

markets

our

when

the

revaluations.

change

ago

years

the

We

prices in the future.
Our

bull

50

commenced

from

postpone

so

need increased corporate
order

rate

speculative
for

career

seeking

for

wonder

in

really

abodt

funds

not

investment

Shurtleff's

Mr.

America

of

beginning in 1942.

banking

E.

birthday

to, there should be little

security

much

so

Association

for three years

leff, together with the late Charles

have

we

Associa¬

Group in 1941

Governor of the Investment

a

Bankers'

R. Blyth,

capital gain.

a

California

of

1912.

prices,

policies.

attuned

pany

nationwide,

a

savings deposits

yields.

prices than tne

dis¬

and

cashing

of

flows

money

are

looks

off

go

we

to the

on

taking home

present

our

hold stocks and made

an

Secularly, American productiv¬
depends

do.

this,

tivity.

ity

use

it

stock

expectation

that he would

before

most

seems

interest

higher

worthwhile

and

concern

of

in and

exchange value of the dollar

It

respected authorities

President's Council

Professor
earnest

more

Frank C. Genovese

Professor Raymond J. Saulnier

as

abondon

must control

view has

late of the

that

judgment

foresee

underwriters

tributors of securities

tremely doubtful that tampering,
growth, with interest rates—a
process so

matters

we

the

policy.

ment of such

these
seems

best

eco¬

T^his

into

prefer

or

the

that

economists

for

appeal

propriate, it

consid¬

eration of

his

foreigners

could

American

case

invest-

and

other

most

search

be

must

and

influence

decisions

While

mar¬

the

be

can

we

lean to the conclusion that they

in foreign ex¬

the

Fed

sure

directly

very

dollar

the

and

interest rates, both short and long,

situation

of

how

the

If

run.

they

in

be

to

funds to invest in the market

with

best

asks

ac¬

cepted,
the

deflation

While Professor Ritter properly

now

widely

domestic

for

examining the

thesis,

with

gold., Quite the

E.

they would hasten to buy Ameri¬

Europe capital here.

can

A

short

predicts

a

lose

appears

thought

Editqr, Commercial and Financial plant and the replacement of old
Chronicle:

to

opposite

He points out gold does

high; deplores tampering with

are

and

in-flow of

an

country

issiie with Dr. RittePs paper

dollar,1 investors will forego investing

interest rates

Investment Bankers'

the

A.

long

San Francisco.

investment and. growth

the dollar is tied to the thesis

that

so

of

and

of

in stocks

rights offering to stockholders, in the second quarter
1963.
Office—2015 Forest Ave., Great Bend, Kan.
Underwriter—To be named. The last rights offering in
January, 1957, was underwritten by Dean Witter & Co.

a

economy.Wm>h:/*'

When Europe

Co., Inc.

Aug. 1, 1962 it was reported that the company plans to
sell approximately $5,000,000 of common stock through

3, 1962, A. J. Wagner, Chairman, stated that the
Authority plans to issue $50,000,000 of short- or long-

about the

not determine the value of our

Western Light & Telephone

Tennessee Valley Authority

foreign exchange value of the dollar.

Stuart & Co. Inc.

sey,

Oct.

Another

the

Dillon, Union Securities & Co.; Equitable Securities
Corp.; Kidder, Peabody & Co.; First Boston Corp.; Hal¬

man

$14,000,000 by sale of first mortgage bonds in Feb.
March, 1963. Proceeds—For construction. Office—
720 Mercantile Dallas Bldg., Dallas.
Underwriter—Dil¬
lon, Read & Co., Inc., New York.

Contends Rise in Stock

Fourth

Washington Gas Light Co.
Aug. 1, 1962 it was reported that this company plans to
$12,000,000 of 25-year bonds, in the second quarter
of 1963.
Office—1100 H. St., N. W., Washington, D. C.
Underwriters—(Competitive):
Probable bidders: East¬

or

of the-

East

sell

Public Service Co.

decreased

Office—139

1963.

ner
&
Smith Inc.-Kidder, Peabody & Co.
(jointly);
Equitable Securities Corp.; White, Weld & Co.; Kidder,
Peabody & Co.

raise

i**,' •

bonds in

mortgage

St., Cincinnati. Underwriters— (Competitive). Probable
bidders: Halsey, Stuart & Co. Inc.; Blyth & Co. Inc.First Boston Corp. (jointly); Merrill Lynch, Pierce, Fen¬

Nov. 28, 1962 it was reported that the company plans to

Co.

21,

first

Stuart & Co. Inc;

Southwestern

Bldg., Hous¬
Dillon, Read & Co., Inc.,

—

Light, Heat & Power Co.
1962 it was reported that this subsidiary of
Cincinnati Gas & Electric Co., plans to sell $5,000,000 of

Co.

Hutzler

&

Address—Texas Eastern

Texas. Underwriter

Union

Nov.

ers—(Competitive).
Pierce, Fenner & Smith Inc.-Eastman Dillon, Union Se¬
curities & Co. (jointly); Kuhn, Loeb & Co.-Blyth & Co
Brothers

1,

exploration for and production of oiil

gas

New York.

St., Shreveport, La. Underwrit¬
Probable bidders: Merrill Lynch,

Inc.-Salomon

construction.

ton

Office—428 Travis

LETTER TO THE EDITOR:

on

For

Dillon,

Hutzler

Electric

natural

and, through a subsidiary, operates a
refinery and natural gas processing plants. Proceeds—

Nov. 5, 1962 it was reported that this company plans to
sell $16,000,000 of first mortgage bonds in the fall of

Aug. 1, 1962 it was reported; that the company plans a
rights offering to stockholders of approximately $8,500,-

Dr. Genovese of Babson Institute takes

and

Union Gas Co.

Southern

(1/23/63)

owns and operates pipeline systems for the trans¬
portation of natural gas and clean petroleum products.

offering of preferred stock in April 1959 was
by Snow, Sweeny & Co., Inc., N. Y., and A. C.
Allyn & Co., Chicago.

'

Electric &

Corp.;

Corp.

reported that this firm plans to sell
of debentures in January. Business—Com¬
was

It is also active in

rights

pansion. Office—1530 Chestnut St., Philadelphia. Under¬
South

Boston

—

1962 it

pany

and 70 Pine St., New
(Competitive). Probable bidders:

handled

writer—To be named,
i

RR.; re¬

Richmond, Va.,

St.,

Eastern Transmission

Texas

Aug. 15, 1962 it was reported that this utility plans a
rights offering of *$10,000,000 of convertible preferred
stock in the first quarter of 1963. Office—1507 Pacific
Ave., Dallas. Underwriters — To be named. The last

personnel consult¬
major cities. Proceeds—For ex¬

35

at

Canal

Co.-Salomon

v

nationwide network of franchised

ants with

Charlotte Air Line

&

Union Securities
(jointly); Halsey,
Stuart & Co. Inc.; Kidder, Peabody & Co.-White, Weld
& Co. (jointly),
&

Nov. 20, 1962 it was announced that the company plans
its first public offering of stock. Business—Operation of
a

of Atlanta

bonds

First

refund

Inc.

Snelling & Snelling,

$25,000,000

on

York. Underwriters

sell

to

Dec. 4,

and

$10,000,000 of
outstanding 5%
bonds, series H. due Feb. 1, 1990. Office—600 S. Main,
Tulsa, Okla. Underwriters — (Competitive). Probable
bidders: Glore, Forgan & Co.; White, Weld & Co.-Shields
& Co. (jointly); Blyth & Co. Inc.; Equitable Securities
Corp.-Eastman Dillon, Union Securities & Co. (jointly);
Halsey, Stuart & Co., Inc. Bids — Expected in late
January.
Proceeds---To

1993.

competitive bidding $45,000,000 of \xk% bonds due Feb.
1, 1987. The issue was won by a group jointly managed
by Chase Manhattan Bank; Morgan Guaranty Trust Co.
of New York; Chemical Bank New York Trust
Co.; C.
J. Devine & Co.; and the First National Bank of Chicago.

imburse the treasury for capital expenditures and pro¬
for additional capital expenditures. Offices—14th

if Public Service Co. of Oklahoma
Dec. 17, 1963 it was reported that this subsidiary of Cen¬
South' West

in the spring of 1961
Proceeds—For
Office—Knoxville, Tenn. Underwriters—
named.
On Jan. 24, 1962 the Authority sold at

be

To

vide

of maturing bonds. Office—9th and Hamilton
Sts., Allentown, Pa. Underwriters—To be named. The
last sale of bonds on Nov. 29, 1961 was won at com¬
petitive bidding by White, Weld & Co., and Kidder,
Peabody & Co.
Other bidders were Halsey, Stuart &
Co. Inc.; First Boston Corp.-Drexel & Co. (jointly).

due

securities

term

Railway Co.

15

33

construction.

3%%

000,000

-

Main

The last

1962 it

28,

vote Jan.

Pennsylvania Power & Light Co.
Jack K. Busby, President and C. E. Oakes,
Chairman, stated that the company will require about
$93,000,000 in debt financing in the period 1962 to 1970.
Proceeds—For construction and the retirement of $17,-

&

Office—328

was reported that stockholders are to
authorizing the company to issue $50,000,000 of general mortgage bonds. Proceeds—To acquire
stock of Central of Ceorgia Ry.; retire first mortgage

Nov.

Feb. 20, 1962.

tral

common

Southern

mortgage bonds in June 1963.
Proceeds—To repay outstanding loans. Office—920 S. W.
Sixth Ave., Portland, Ore. Underwriters—(Competitive).
Probable bidders:
Lehman Brothers-Bear, Stearns
&
Co.-Salomon
Brothers
&
Hutzler
(jointly);
Halsey,
Stuart & Co. Inc.; Blyth & Co.-White, Weld & Co. (joint¬
ly); Eastman Dillon, Union Securities & Co.-Kidder,
Peabody & Co. (jointly).
to issue $30,000,000 of first

bonds

stock.

St., Columbia,
rights offer¬
ing in February, 1958, was underwritten by Kidder,
Peabody & Co., N. Y. Offering—Expected in the first
quarter of 1963.

Light Co.

&

Power

(2569)

Underwriter—To be named.

S. C.

Securities

fy ]■■■

Corp.

of

000

Inc.-Eastman Dillon,

ton Corp.; Harriman Ripley & Co.,
Union Securities & Co. (jointly);

Chronicle

The Commercial and Financial

.

Chairman of

I

And Young
As of Jan. 1,
will
48

be

Wall

Street,

to engage
as

in

members

Stock

Southwood & Young
with offices at

formed

New York

City,

securities business
of the New York

a

Exchange. Partners will be
Leonard

Clarence Southwood and

Young, general partners, and Mar¬

jory

C.

Southwood and

Young, limited partners.

Joan S.

34

The Commercial and Financial Chronicle

(2570)

Indications of Current

The

following statistical tabulations

latest week

Business Activity

week

or

or

Latest
AMERICAN
Steel

IRON

ingots

Index

of

castings

and

production

tons)

(net

based

Dec.

weekly

average

on

42

Dec.

output—daily

condensate

and

gallons

Year

Ago

Ago

1,832,000

1,858,000

1,782,000

15

99!7

98.3

2,200,000

95.7

118.1

each)'
stills—daily average

(bbls.

average

of
Dec.

7

7,334,860

7,313,460

7,339,810

7,252,660

Dec.

7

8,401,000
30,894,000

8,479,000

8,364,000

8,291,000

7

3,285,000

7

14,202,000

13,181,000

5,553,000

5,147,000

primary aluminum in the U. S.
(in short tons)—Month of October
Stocks of aluminum (short tons) end of Oct.

6,265,000

Finished

(bbls.)

gasoline

Kerosene

(bbls.)'

Distillate

fuel

Residual

Unfinished

Dec.

178,883,000
35,550,000

177,008,000

169,257,000

178,750,000

Dec.

7

51,919,000

51,772,000

53,993,000

7

86,632,000

85,503,000

85,967,000

537,392

562,254

586,286

508,847

471,119

518,523

512,939

Total

U.

construction

S.

Dec.

and

State

$406,400,000

$437,700,000

$446,300,000

$393,000,000

13

204,500,000

168,100,000

240,300,000

206,000,000

Dec.

13

201,900,000

269,600,000

206,000,000

187,000,000

177,900,000

145,000,000

construction

Federal

13

-Dec.

construction

Private

Public

municipal

Dec.
■-———~——Dec.

—

13

166,800,000

203,800,000

13

35,100,000

65,800,000

28,100,000

42,000,000

other

and

coal

Bituminous

Dec.

8

7,690,000

*8,895,000

8,750,000

8,614,000

-Dec.

8

405,000

414,000

390,000

356,000

(tons)

lignite

AVERAGE—100

SYSTEM—1957-50

212

8

168

125

Electric
FAILURES

(COMMERCIAL

——Dec.
INDUSTRIAL)

AND

—

DUN

Finished

steel

Pig iron

(per gross

Scrap steel

252

13

291

306

(per gross

PRICES

Dec.

ton)

(E.

ton)

$63.43

$25.50

10

6.196c

$63.43

$25.50

12

30.600c

30.600c

30.600c

12

28.500c

28.525c

28.450c

10.000c

10.000c

1,587

*73

80

418

*457
*32

40

269

244

32

35

32

.

.

'

institutional——

54

62

52

*59

45

Not Avail.

Not Avail.

165

*800

603

146

*156

130

88

*99

76

58

61

service—

and

buildings—^

Not Avail.

1
systems-

water
:

—

.

:

——

57

54

40

Not Avail.

*159

119

30

34

32'

exports of Pennsylvania anthracite
•
(net
tons)
■
To North and Central America (net tons).

227,768

173,370

141,112'

91,613

81,587

101,046

To

124,637

89,889

38,218

33

157

11,485

1,737

1,415

114,663

*121,078

120,068

137,975

154,470

141,201

129,071

126,950

122,446

116,465

121,224

77,646

enterprises

other

public
(BUREAU OF MINES)—

EXPORTS

October:

Month of

U.

development

and

S.

12

10.000c

10.250c

Dec.

12

9.800c

9.800c

9.800c

10.050c

12

12.000c

12.000c

12.000c

12.500c

Dec.

12

11.500c

11.500c

11.500c

12.000c

Dec!

12

22.500c

22.500c

24.000c

24.000c

Dec.

12

109.750c

110.250c

110.375c

121.500c

Dec.

18

90.31

89.98

89.96

85.65

Dec.

18

88.54

88.40

88.13

85.85

Dec.

18;.!

92.50 uiO _/

92.35

92.50

89.78

Copper production in U. S. A.—
Crude (tons of 2,000 pounds)
Refined (tons of 2,000 pounds)

18

90.48

90.34

87.86

Delivered

(East

St.

at

at

Louis)

(primary pig, 99.5% )

tin

York)

(New

DAILY

PRICES

BOND

at

at

Government Bonds

S.

AVERAGES:

Aaa

-.

Aa

1

A

-Dec. 18

Baa

Public

Group

88.27

Industrials

S.

87.59

83.28

82.90

85.46

;

80.93

Group

18

85.33

85.20

84.30

83.28

Dec.

Group

BOND

MOODY'S

.88.13

Dec.

,

Utilities

.90.20

83.28

D£<?(118

Railroad

18

90.20

89.92

89.92

18

90.20

90.34

90.34

87.32

Dec.

18

3.69

3.72

3.72

4.17

•

i;

Bonds

Dec.

18

4.52

4.53

4.55

4.72

Aaa

Dec.

18

4.24

4.25

4.24

4.43:

Aa

Dec.

18

4.38

4.39

4.40

4.57i

Dec.

18

4.54

4.55

4.59

4.75

Average

corporate

!

A

Dec.

18

4.92

4.92

4.95

5.11

.Dec.

18

4.76

4.77

4.84

18
18

-Dec.

:

Railroad
Public

Group

-

Utilities

Industrials
MOODY'S

Orders

received

Unfilled

orders

at

FOR

373.3

8

362,148

344,456

320,004

351,763

Stocks

8

354,714

324,169

355,229

338,958

Produced

8

96

87

96

95

8

456,670

452,005

454,490

497,784

122.82

118.83

119.61)

114.04

MEM¬

————-Nov.

23

573,760

768,100

833,030

555,020

:

Other

sales

Total

Other transactions
Total

initiated

sales

Other

sales

Total

Total

—

sales

round-lot

Total

for

transactions

*67,700

97,100

*115.400

169,000

*115,200

163,200

.,—

170,000

—

*

158,000

2,599,530

3,054,090

3,367,630

3,887,120

2,549,350

23

573,980

835,910

820,640

23

106.600

100,520

169,100

393,700
70,200

13

440,160

673,850

602,120

296,040

23

546,760

774,370

771,220

366,240

1,080,355

1,300,570

1,137,106

993,702

129,615

223,600

222,940

141,300

809,834

1.070.219

1,048,016

813,439

Industrials

939,449

1,293,819

1,270,956

954,739

Railroads

222,100

181,400

116

110

112

139

*113

134

3.45

3.61

2.96

1,994,330

2,452,430

150,000'

*157,000

*141,900

123,500

(bales)

Shipped

1,878,670

23

*106,900

222,800

206,400

...

:

—

Average=l <><)—

SYSTEM—1957-59

SERVE

RE¬

SALES—FEDERAL

STORE

DEPARTMENT

Month of November:

Adjusted for seasonal variation
Without seasonal adjustment

—

the floor—

on

purchases

Short

341,200

317,800

60,900

1

_

Produced

13
23
-Nov. 23

L

*237,900

*232,600

V

Y

'

(tons)

(bales) October 31
(bales)

Stocks

Nov.

:

sales

348,200

(tons)

Nov.

„.

96,700

*99,500

101,000

.

346,800
.

Nov.

—

;

753,000

1.824,500

Linters—

floor—

,

sales-

2,098,200

*513,100
*999,900

-—

October 31!

(tons)

Produced

-Nov, 23

.

October 31——

(tons)

Hulls—

-Nov.

purchases-

the

*1.053,200

1,909,700

31

(tons)

Shipped

-Nov. 23

off

14,317,954

1,656,100
746,300

—

__—

October

(tons)

Nov.

_

Nov.
initiated

14,524,000

Meal—

and

Nov.

!

sales

sales

transactions

Short

(tons)

(tons)

Shipped

2,622,090

Total

at

Stocks,

(tons)

mills

Received

Stocks

3,945,970

sales

14,723,000

PROD¬
COMMERCE—Month of
SEED

,

Dec.

OF

OF
COM¬
bales) as of Dec. 1

(DEPT.

Seed—

364.0

3,379,250

,

Cotton

Dec., 14

ACCOUNT

11,686,710

12,062,828

COTTON

OF

UCTS—DEPT.

Cake

__

ft

account

purchases

Nov.

23

4,224,435

5,515,730

5,903,716

4,009,492

Short

sales

slov.

23

809,975

1.092.220

1,225,070

766,520

Other

sales

\Tov.

23

4,343,599

4,704,226

3,103,809

.Nov.

23

3,128,664
3,938,639

5,435,819

5,929,296

Banks

November:

of

STOCKS—Month

COMMON

YIELD—100

AVERAGE

WEIGHTED

MOODY'S

Utilities

members—

of

(125)—

5.03

(not

incl.

Tel.'& Tel.)

Amer.

(24)—

4.80'

3.49

2.74

3.36

(15)_

2.83

3.62

.

.

2.44

2.78

1.98

3.41

3.60

2.93'

$1,284,739

$1,500,557

$1,248,103

104,219
475,863
182,916
273,207
540,000

123,255
563,143
201,310
327,685
616,899

101,364
441,200
173,561
302,558'
509,768

$2,860,944

$3,332,849

$2,776,554

11,333,418

!

(10)

sales

DEALERS

EXCHANGE
Odd-lot

sales

Number

—

AND

dealers

(customers'

shares

N.

ON

EXCHANGE

SECURITIES

by

of

SPECIALISTS

Y.

purchases)—T
Nov.

Number

of

(.

by

dealers

(customers'

orders—customers'

total

23

1,240,210

1,614,777

Nov.

purchases

23

$58,445,650

$72,450,606

1,901,957
$86,925,232

1,788,886
$100,161,226

sales)—
Nov.

1,564,527

23

1,873,813

1,886,869

2,106,910

Customers'

short

sales

Nov.

23

24,599

41,217

125,392

10,222

Customers'

other

sales

Nov!

23

1,539,928

1,981,518

23

$69,581,830

$94,652,304

$95,988,582

Nov.

23

591,270

684,880

769,300

591,230

.

9,874.626
' 9,425,559
22,616,647

21,025;501

omitted):

!_'.
1

banks!

savings

I

LOAN

(000's

:

Individuals

••

-

1,876,647

Nov.

1,832,596
$83,555,086

Sept.

NONFARM
BANK

IN

HOME

—

of

Savings and loan associations
Insurance companies —'
Banks and trust companies
Mutual

sales

S.

U.

OF

BOARD—Month

COMMISSION

Dollar value
Odd-lot

FINANCING

ESTATE

AREAS

STOCK

~

(200)

Average

REAL

STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODDLOT

Insurance

5.78

3.29

(25)—

3,870>329-

Total

Dollar value

Round-lot
Number

sales
of

sales

Short sales
Other

lending institutions-

Miscellaneous

Total

-

—

\iov.

23

Ixov.

23

591,270

684" 8 80

769~300

59T230

-Nov.

sales

Round-lot purchases by dealers—Number of shares

23

285,250

418,450

552,180

474,540

MANUFACTURING ASSOCIATION,

RUBBER

of October:

INC.—Month

Passenger

(Number of)—

Tires

& Motorcycle

Shipments
TOTAL

ROUND-LOT

EXCHANGE
FOR

Total

STOCK

AND

ACCOUNT

SALES

ROUND-LOT

OF

MEMBERS

ON

THE

N.

Y.

STOCK TRANSACTIONS

Total

Tractor

(SHARES):
1,215,700

23

18,072,590

Nov.

~~

sales

23

™Nov.

sales

23

19,288,290

1,718,130
23,091,070
24,809,200

2,590,340

909,970

23,372,230
25,962,570

17,292,430

U.

S.

DEPT.

18,202,400

OF

ii

100.4

100.6

97.6

All

commodities

on

delivered basis at centers where

other

than

farm

and

foods

"""*Pec.

11

Dec!

11

*97.4

98.8

101.0

:

—^--ZZIII!!"""!""""

Meats

*100.7

101.4

98.5

*98.3

99.5

100.7

100.7

100.7

Tread




(Number of)—

Production

Inventory

of Monthly Investment Plan.

freight from East St. Louis exceeds one-half cent

a

pound,

a

jPrime Western zinc

Truck

and

Not

available

978,667
.

Inventory

—

267,513

.

921,961
.

"

•

...

3,534,267

2,973,849

3,434,559

—

3,560,134

8,963,366

9,095,955

52,703,000
50,667,000
13,692,000

—

3,107,962

.9,289,787

J—

(pounds)
(pounds)

—

—

—

(pounds)

Bus

Production

277,66(1

277,648

44,436,000
44,537,000
16,002,000

49.907,000'
46,713,000.
14,508,000

3,881,367

(Camelback)—

Rubber

Shipments

9,598,216
9,818,648

275,690

Motorcycle, Truck and Bus
Tubes

Shipments

tN"mbef of orders not reported since introduction

308^959
327,678

1,012,975

Production

*100.4

22,707,929

—

Inventory
£>ec

11,298,512

—

-

Shipments—
I:.

commodities-

—

(Number of)—

—

——

Inventory
Passenger,

1

—

Implement Tires

Production

Inner

PRICES, NEW SERIES
LABOR—(1957-59=100):
Commodity Group—

—-

_

Shipments--Nov.

Farm
products
Processed foods

.

Inventory

round-lot sales—

WHOLESALE

All

Production

STOCK

Short sales
Other

.

by dealers—

shares—Total

'

COMMERCE):

OF

gross

AND

SEED

368.8

2,570,100

Total

COTTON

370.3

-

;Other

(500-lb.

MERCE)

18

4.62
'

23

Other

PRODUCTION

COTTON

4.61

of period

end

..

running bales

1,

4.42

BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
of specialists in stocks in which registered—
purchases
Nov.

Total

(.DEPT.

GINNING

COTTON

4.39

Transactions

Short

2,000

Dec.

TRANSACTIONS

ROUND-LOT

of

Dec.

(tons)

pounds)

2,000

stocks at end of period (tons
pounds)^—r
.
'
:-

Dec.

AVERAGE—100

of

(tons

U.S.A.

4.39

OIL, PAINT AN® DRUG REPORTER PRICE INDEX—
1949

(

'

October:

ASSOCIATION:

(tons)

Month of November:

Refined copper

4.42

activity

of

In

433'

fabricators—

to

4.40

(tons)

Percentage

tons)—

(net

Crushed

INDEX

PAI'ERBOARD

Production

Asia

4.40

Group

Group

COMMODITY

NATIONAL

To

4.92

Dec.
Dec.

Baa

To

Europe- (net tons) ——
South America (net tons)

December

AVERAGES:

DAILY

•

87.18

Dec.

YIELD

Government

Y>

COPPER INSTITUTE—For

_

corporate

Average

tniH
sold

♦1,854

412

Dec!

MOODY'S

:

18

1,545

241

Dec.

Straits

U.

87

385

28

Not Avail.

(St. Louis) at

Aluminum

U.

472

*91
429

72

Dec.

Zinc

*520

.

(delivered)

Lead

IZinc

112

*46

All

28.250c

*134

.

Conservation

30.600c

Dec!

26

39

$34.50

Dec.

62

24

26

-

COAL

at

72

69

—

l:—

service

Public

$66.44

$23.50

54

.82

86

buildings

Water-;

6.196c

-

at
York) at

(New

6.196c

$63.43

Dec.

refinery

Export

6.196c

10

J. QUOTATIONS):

M.

A

10

Dec.

:

89'

56

•

408

——_——

—»

and

and

Sewer

91
-

v

63

facilities

Military

54

494

Highways-—

294

•

>'

82

buildings

Sewer

lb.)

(per

Electrolytic copper—
Domestic refinery
Lead

16,695,000

303

——-—

nonresidential

Other

16,469,000

COMPOSITE PRICES:

IRON AGE

METAL

17,005,000

&

Dec.

BRADSTREET, INC

18,009,000

15

312

•

telegraph—

Administrative

(in 000 kwh.)

output

228

322

124

construction

Hospital

216

196

217

23

Educational

Dec.

237'.!..

■

—

public utilities
private—

Industrial

EDISON ELECTRIC INSTITUTE:

424

212

recreational--.———

and

Nonresidential

INDEX—FEDERAL RESERVE

SALES

STORE

221

r'.Yw 454

454
242

institutional-

and

Residential

Pennsylvania anthracite (tons)
DEPARTMENT

,

and garages
buildings-—

utilities

Other
All

948

245

90

Telephone and

OF MINES):

BUREAU

S.

(U.

::!'

and warehouses

construction

Public

Public

OUTPUT

COAL

—--—.

Miscellaneous
Farm

105t

,

'

buildings

Social

388

.

1,021

244

Hospital

CONSTRUCTION—ENGINEERING

Ill

1,010

Educationalw^w——;

NEWS-RECORD:

1,563

*366

111
—

2,053"

*1,681

367

Religious

563,031

8

1,589

:—.

Stores, restaurants,
Other nonresidential

.

8

5,190
-3,603

*2,158

•:

-

——

Commercial

OF AMERICAN RAILROADS:

,

3,721
2,067

buildings

Eldustrial

Office

*5,715
*3.861

5,266

buildings

Nonresidential

•

83,119,000

„Dec.
(no. of cars)—Dec.

255,650

_—

47,524,000

Dec.

167,293

148,268

(nonfarm)_
New
housing units——
Additions and alterations-.

169,118,000

at

176,185

148,120

construction

Residential

35,084,000

at

185,190

construction

new

Private

175,062,000

37,433,000

(bbls.)

ENGINEERING

CIVIL

7

35,094,000
166,401,000

at

freight loaded (number of cars)
freight received from connections

Revenue

181,747,000

7

(bbls.)

oil

Oils

ASSOCIATION
Revenue

7

Dec.

(bbls.)

Total

Nonhousekeeping":

-Dec.

at

oil

fuel

at

.

Ago

BUILDING CONSTRUCTION—U. S. DEPT. OF
1
LABOR—Month of November (in millions):

14,735,000

5,407,000

7

Year

Month

of

Production

3,031,000

output

Previous

MINES)—

OF

(BUREAU

ALUMINUM

29,766,000

3,244,000

30,733,000
3,375,000
13,793,000

30,065,000

7

Gasoline

(bbls.)

to

runs

1962

of that date:

are as

Month

(bbls.)
Dec.
Kerosene output (bbls.)
Dec.
Distillate fuel oil output (bbls.)
Dec.
Residual fuel oil output (bbls.)
Dec.
Stocks at refineries, bulk terminals, in transit, in pipe lines

Crude

of quotations,
Latest

INSTITUTE:

PETROLEUM

oil

Crude

Month

Week

production

1957-1959

for

AMERICAN

15

Previous

Week

INSTITUTE:

STEEL

&

Thursday, December 20,

.

production and other figures for the
either for the

cover

that date, or, in cases

on

.

Dates shown in first column are

month available.

month ended

.

Tires

(Number

of)—

'

1,709,652

(pounds)
!_

1,333,372

1,510,152

1,557,447

1,225,748

1,331,338'

3,342,564

3,462,797

3,169,947

.

The Commercial and Financial Chronicle

Number 6222

196

Volume

(2571)

bids

numerous

Economists See

Vigorous

Tax-Exempt Bond Market

1963 if Taxes Are Reduced

Continued from page

coupons,
Continued

increase

12

from page

viding the balance

the demand

on

Ifinal

side.

CP!
Comments

"(Higher
of

tions

of

reported

1.0%

the

over

mid-1962.

for

105.2

indica¬

of

$2,390,000

Friday

unusual

was a very

0L9%

the median forecast for

This

is

a

strange

very

circum¬

stance and memory fails us as to
apart¬ the" fourth quarter of 1962. The
the last time we1 experienced an
weakness in 50%" range of the forecasts is
issueless weekday.
homes point to fairly small, running from '106.3

single

of

lower

level

residential

of

1

struction in 1963.''

"Single, unit
ing"

will

of

particularly

-

hous¬

probably

as

Although
pressed

cits, most looked to

"I

am

feels
that

importance
have

we

the fact

of

depleted our stock

main

steady

through most of 1963. During the
third

WPf

the

of .1962

quarter

in family formation Stood at 100.3, and the median es¬
begin to stabilize residential timate is put at 100.6 for the final
construction but it will take time quarter.
No change from that

""Increases

this

in

excesses

Unemployment:

■■■

A question was added this year

nual

unemployment, and the replies
that unemployment will

say

late

in

when, in the closing three
months wholesale prices will edge
to
y-v'- up to 101.0. The year-to-year gain,
whether by a comparison of an¬

More

-rp v

come.

on

until

expected

1963

(8)
■

level' is

sec¬

tor."

tinue

be

to

the

throughout

major

a

ment

a

as

labor

force

£>

problem

e

the

tinue

upward

that;

but

prices

ing the third quarter of 1962. The
median

steadily to

to

during

com¬
con¬

pressure

on

competi¬

severe

capacity in most
the ability

excess

industries

peak

a

of

6.0

second

quarter of

tapers

off

to

1963

5.$%

the

and

extends

Respondents

5.5

point '• to

manufacturing

cutting, and automation

holding
rate.

.

In

relation

forecast

uct,

of

the

to

Gross

the

jobs

new

normal

to

in

growth

ab-

unemployment in 1963 will
higher

a

labor

force

percentage
in

than

Wholesale

rise may
,

■>

tax cut

a

"The

aver¬

Many

early in 196$ Could

by

the

over the

rising

.

will

rate

year

number
in

decline
durable

of

necessity
tion

of

ahead
young

to

produc¬

the

goods,

hold

by

down

the

produc¬

costs, and by the continuing

squeeze on profits."

"Unemployment
continue at present
of

increases

tax

reform

centives
ment

profit

to

level because

greater profit in¬

and

create

to

of

larger

employ¬

will

reform

incentives

not

be

level

'frictional'

increases in

tax

declining profits,

A very

Tne

will

index

be¬

labor

and

force,

greater

larger

create

can

wholesale

in

small

f

there

be

prices

implicit in fig¬
price

consumer

probably continue its

its

on

the winning

Salomon

Brothers

"

economists

to

compare

the

level of interest rates in 1963 with
Of

1982.

Will

rates

12%

Only

think

be

that

higher

44%

answered

and

another

of

interest

next

"about the

43%

said

the

year;

same"

"slightly

Inc.,

Inc.,

Fidelity

American Securities Corp.,

Ryan, Inc.
2.8$%

Co.,

Shelby

and

Park,

Sealed to yield from

3.40%

to

for

various

pons, today's balance is

Monday's

other

cou¬

$4,545,000.

important

sale

$2,000,000 Tulsa County,
Oklahoma
general
obligation
(1966-1988) bonds. This issue was

bought by the First National Bank
Trust

and

bidding
cost
a.

of Oklahoma

alone,

at

2.907%

net

net

a

City

interest

The second bid,

2.8969%.

of

from

Co.

interest

cost,

came

Phelps, Fenn & Co. and

Reoifered

to

ance

asso¬

from

yield

3.16%, the present bal¬
is $1,210,000.
to

kig

A

Bank, Wichita.
offered

at

National

The securities

prices

were numer¬

issues offered for

ous

(Limited

Profit

to

ance in account about

Intense

yield

Com¬

Housing

First National

at

net

a

interest

The runner-up
interest

net

made

by

the

1 Other

table

Securities

successful

by Equi¬

Corporation

bidder

for

was

$5,000,-

000 Davidson County (Nashville),

Tennessee School
bonds,

and Road

(1964-

designating

cost

of

members

National

bid,

count. In

other

2.891%.

bids,

from

cost

form

2%%

and

demand

investor

coupons,

has been moderate with the pres¬
ent balance

$2,160,000.

of

ranging
to

Other members
ful

were

of

in

issues have been in
mand during

were made up

following
County,

interest

Bank

success¬

American

Na¬

Nashville,

of

Chelan

Washington PUD

5s

at

bid, up %s; Chesapeake Bay

ginia

5%s

Florida

107%

at

107

State

bid,

IV*;

up

Turnpike

4%s

at

%s; Grant County,

bid, up

at 97%s up

3%s

PUD

The

104%s

at

Highway 3%s
%s; Illinois Toil High¬

4%s at 111V4 up 1 % ;• Indiana

way

Toll

Harris Trust and

First

Company,
tional

Road

3VaS

8914

at

up

Kansas Turnpike 3%s at 8514

%;

Pennsylvania

at 97% bid, up

27/ss

93

at

Turnpike

%;
up

3.f0s

-%; Texas Turnpike

bid,

Tri-Ddm

1;

up

up 1; Ken¬

tucky Turnpike 4.80s at 108% bid
up

1; Maryland Expressway 4%s

at 10714 bid up % and Oklahoma
Humphrey
Company,
Cumberland Securities Corpora¬ Turnpike 43As at 107 bid up %s.

Robinson

-

tion, Citizens & Southern National
Bank

of

and

Atlanta

Mid-

the

South Securities Company. Scaled

ance

coupons,

Ripley & Company, inc. submitted
the better bid, a 3.473% net in¬
terest
cost, for $25,000,000 Port
New

York

3.48%

Authority Consoli¬

interest

net

from

the

sey,

Stuart

group

cost,

came

headed by Hal¬
Company,

&

&

include

Smith,

Lehman

Company,

Barney

Brothers,

Goldman, Sachs & Company, Sal¬
Brothers

&

&

quoted

point or

a

The

Commercial and

Financial

Bond

Revenue

Yield

Index averages out, at 3.52% as of
Dec.
a

19.

A week ago it averaged

yield.' This gain of

3,678%

of

a

point

graphically

indicates

the unusual demand for the longterm

closed-end

sues.

The

tax

Index

yield

composite

exempt

represents
from

23

long-term revenue bonds
market's offered side.

is¬

the

active
at

the

Private Placement Planned

The

Atlantic

City

plans

Expressway
issue

to

800,000 for constructing
between

Camden

a

and

$46,-

toll road
Atlantic

City. It is reported that Lehman
Brothers is expected to handle
direct

with

placement

a

investors.

Hutzier, R. W.

Company,

&

of

;y.;

Commission

Major members of the winning

dollar

V*

The Composite Gain

Inc.,

& Company.

other
up

more.

Glore, Forgan
Si Company and Ladenberg, Thai-

syndicate

were

Chronicle

headed jointly by
Blyth & Company and Narrimart

of

the

of

issues

the present bal¬

syndicate

The

Most

1.70% to 3.10% for

is $2,400,000.

Rothschild

&

to IVa points as the

exemplifies:

Up IV2; Illinois Toll

2.968%, for

of the

particular de¬

Savings Bank, J. C. Bradford & Project 3.05s at 95 bid

Salomon Brothers & Hutzier, Kid¬

Devine

and

bridge

the past week. Gains

Washington

Memphis, The Northern

Trust company,

Bankers

Bank

toll

road,

six

include First National

group

Bank

a

the

toll

ac¬

this well regarded issue.

Pressprich

J.

yield

for

Bridge and Tunnel District, Vir¬

run¬

Company, Inc.

2.897%

Co.,

C.

to

bid

This

addition, there

omon

Co J,

Bank,
Pea-

Kidder,

116

2.8939% net interest

a

Stuart &

sey,

and

Trust

Brothers,

net

a

cost, which was made by the Hal¬

a

Guaranty Trust
Co., Smith, Barney & Co., Halsey,
Stuart, & Co., Inc., Continental
Illinois National Bank and Trust
Mellon

include

Savings

body & Company. C. J. Devine Si
Company and White, Weld &

Drexel Si Company,

include

members

and

tunnel, and public utility revenue

Trust Co., Morgan

Co.

Lehman

Bidding

day morning. The competing bid,

3.481%

of

group

Bank

Rising in Unison

of

3.5861%, was
Chase Manhattan

major

Manhattan

major
Trust

The

dated Term (1993) bonds Wednes¬

bid, designating

cost

are

from

City Bank

cost

Harris

$5,000,000.

The syndicate headed

public bid¬

panies, due 1964-2012) bonds was
purchased by the group headed
by the

Chase

2% to 3.20%, with the present bal¬

to yield from

Day

Tuesday there

the

bid

came

associates.

2%%

Stockyards

and

various
On

and

Co.,

ner-up

Southwest
Co

2.595%

a

second

Scaled' to

Co.,

&

&

Union

compared favorably With the

Company,

L.

F.

Paribas

Corporation, A.
G. Becker &
Company, Inc., W. E. Hutton &
Company, W. H. Morton & Com¬
Continued stability in the
Mercantile Trust Co., St.
Louis, pany, Inc., Shearson, Hammill & CHICAGO—The Investment An¬
money markets was seen by many
Stone & Webster Securities
Corp., Company, Dominick & Dominick,
of the economists as one factor
alysts Society of Chicago is hold¬
First National
Bank of Oregon, J. C. Bradford & Company, Elbuoying Up business capital out¬
ing its annual forecast forum to¬
Roosevelt & Cross, Ira Haupf & dredge & Company, Inc., Geo. B.
lays, generally, and construction
day at the La Salle Hotel. Subject
Gibbons &
lower"

in

interest

rates

next

year.

der, Peabody Si Co., Phelps, Fenn

&

Co., White, Weld & Co., W. H.
Morton & Co., Inc., Shields & Co.,

Michigan Corp., Clark, Dodge &
Co., Inc., Estabrook & Co., George

Comments

B.

Gibbons

&

Co., Inc., Hayden,
"Easy money policy will prevail
Stone Si Co., Shearson, Hartimill
during 1963. Discipline of balance
& Co., Francis I. duPont & Co. and
of payments will play some part.
No

major

change

in

interest

F. S. Smithers & Co.
Scaled

rates."

"Conflicting
balance.

Forecast Forum

Co., Kean, Taylor & Co., First of

particular.

More

forces

about

courageous

im¬
debt

1964 to
a

a

3% %

dollar price of 99% for
coupon

in

2012,

initial

orders for the bonds

cause

of the

of

the

forum

will

be

"Factors

Vice-President of the Continental

since

1.60%

and

the

re¬

ception for these bonds by inves¬

their

yield from

Inc.

3.44 -f %,

approximately

in

to

amounted to
policy and heed to
short-ferm rates firm be¬ $12,000,000. One dealer-bank order

management

Company,

Bacon, Stevenson
&
Company.
Affecting the Stock Market in the
Reoffered at a dollar price of 98%
Year
Ahead."
Robert P.
Mayo,
With a 3%% coupon and yielding

tors is

keep

employment potentials."

Wells

Co.,

Co., Paribas Corp., A. C. Allyn &

Davis

from

2.80%

interest

Cuilom

Company

2.61% net interest cost

a

1.50%

Co., Carl M. Loeb, Khoades &

First

The

cost.

Company.

&

winning

The survey questionnaire asked
the

&

Christensen,

1988)

Inc.,

&

Trust Co., Newark, Allan Blair &

mann

"

The Northern Trust

are

Walston

Hutzier, Ladenbefg, Tftalmann

Bank account.

/

of the winning

Co, First National Bank, St. Louis,

&

(10) Interest Rates: More of the
same.

syndicate

Barney

net interest cost.

include

group

of

interest

Other

the

services."

customary climb."

until

force,

potentials."

brought
until

expected

labor

in

"Unemployment
cause

•;

/

-

people in the labor force, by the

expected

Smith,

Other members of

Blyth

associates.

ac¬

runner-up

3.344%

upward

creep

believe

stated.

that

Comments

up

the

was
a

bid,

and

the successful bidder at
net

aecouht

the

net

Con¬

result."

not

strength

the

of

1962.

unemployment

held

by

a

The

prices

respondents

be

tion

"Do

ure

improve the outlook significantly.
,

will

under the forecast

respondents emphasized, however,
that

levels.

to hold thenf down.

our

labor force. The concensus is that

age

Co.

bid of

2.00%

drift

forecast

1962, at .2%, will be too modest to
sorb

prices

"In the face of

Prod¬

National

implies that economic growth in
provide enough

higher

as

will

prices

due to higher costs of

cost

composite

unemployment

the

on

current

near

sumer

factors

as

Lynch,

will be under ding. The largest general obliga¬
unemployment
upward pressure while overca¬ tion flotation of the Week, $21,,*•'
New York,
New York
pacity in many areas will tend 820,000

the

up

^

along

general

sluggishness,

by Merrill

headed

count

the

to

interest cost of 3.3349%.

ciates.

"Wholesale

6.0%.

to

costs

these

pass

Comments

in the final

from

will

then

quarter. For this period, the 50%
range

made

was

Pierce, Fenner & Smith at

limit

prices.

reach

estimate rises

headed

(1976-

revenue

best

2.992% net interest cost,

a

Other members

involved

half of 1%.

a

respondents

1

^ era

dur-^ tion and

5.6%

group

quar¬

mented that rising costs will

Ac¬

unemploy¬

averaged

of final

or

ters, is less than

cent of the civilian

per

averages

con¬

ahead.

year

tual figures show that

bonds

levels

current

at

will

to overcome

System

1992)

&

agreed that

are

Water

wholesale prices are likely to re¬

stimulators."

construction

quar¬

'

The economists

•

of the observers who

one

the

small

defi¬

Monday of the current week

• the sale of $5,000,000 Tucson, Ari¬
zona

arising

pressures

*

On

ex¬

renewed

of

from continued government

start in 1963."

per

fears

some

'

•

respondents

some

of

dollars terly advances.

"Hess starts but higher

of

in

of the country."

many areas

v'■ 'y•

result: inflationary

a

situation

"overbuilt"

the

107.5 for the fourth quarter

to

196$.

residential

construction

deqline,

con¬

and

(1966-

from the First Boston Corp.

came

Last

Second

bonds.

setting

presently remains in syndicate.

ments in some areas,

prices

1983)

106.8.

at

a

over

waii general improvement

This would day in that there were no issues,
small or large, offered for sale.
four quarter rise Of

put

represent

vacancy ratios,
overbuilding of

balance

a

for various

3.10%

with

jointly by Bankers Triist

Company

HaL

cost, for $9,000,000 Honolulu,

the

In

quarter of 1963 the median
is

to

1.55%

from

6

headed

35

presently difficult
members

control

a gauge

70%

of

Illinois

National

Bank

and

Trust

Company of Chicago will be mod¬
erator.

30% are with¬
Ernest T. Baughman, Vice-Pres¬
sales. This 30% has ident of the Federal Reserve Bank

bonds while

held for group

been gold.

of Chicago,
on

will address the group
1963." Donald

"The Economy in

Visit From St. Nick
took all of the $10,000,000 bonds
C. Miller, Vice-President of the
The City of Richmond* Virginia, .Continental Bank, will speak on
offset monetary maturing from 1998 to 2012; As
Almost all the economists ease
and
sluggish
demand for we go to press, a balance of $7,- an infrequent borrower and a "Federal Financial Policies and
polled expect a steady rise in the funds. In the average, rates are 590,000 remains in account.
city which carries the highest Interest Rates"; and William W.
consumer price index next year.
The Bank of America N.T. & credit
rating, made its annual Tongue, economist for Jewel Tea
likely to be lower during the first
The
median
forecast , for
the half of the year and firming dur¬ S.A. and associates submitted the Christmas visit to the market on Co., will speak on "Profits and

(9)

Prices:

wholesale

CPI

slightly;

up

steady.

second quarter of 1963

-

is 106.2, an
%




problem

balance of payments

about

ing the last six months."

best

bid,

a

r2.9874%-net

interest

Wednesday.

This

offering

xtrew

the Sock

Market."

t

36

The Commercial and Financial Chronicle

(2572)

and INDUSTRY

The State of TRADE
Continued

from

,

needs and

immediate

reflect

Oidqrs

and bars.

types of sheets

Keeps Steady Pace

nvrWc

Uov,L,

Truck Tonnage Drops

tempting to hold down inventories
0f semifinished material to mini-

Prospects

Bright January

bright mize taxes

yearend holdings.
Steel's price composite on No. 1
on

will
probably be 10% higher than De- heavy melting
Shipments

reported.

$26

cember's.
Automakers

substantial
.

.

.

they'll

say

want

indicate

and

tonnages

the

ago

composite

March

m

fhp

ocrainct

1

T

tones

against

tne

pos-

$24;

at

was

a

at $34.33.

year ago,

_

.

,

Sees Year's Auto-Truck Output

Ward's Automotive Reports said
year_in December for a strike that production of passenger cars
they feared might come at the end and trucks in the U. S. during 1962
is certain, to exceed 8,150,000 units,

reflecting a 22.7% gain over 1961
negotiations—which may begin as and standing as second-best year
early as January on ah informal on record.
basis—many
mills expect first
The statistical agency said pasRegardless of the trend in labor

quarter shipments to be 10 to 15%

senger car output last week

higher than this quarter's. Reason:
More users will be back in the

scheduled at 175,766 units,

the basis

market, buying steel on
of current

consurnption and boost-

ing inventories moderately to meet

expanding needs.
The

big

hedging and

start

consuming in-

dormant

are

in

come

automakers

steel

that

dustries

will

push

when

March,

during

the winter start ordering.

next year

imports

invoked,

products
about

we'll

are

million

2

some

curtailed,

be

may

chances

of

still

tons

but

import
than

more

The

latest

involves
from

dumping

welded

West

complaint

standard

pipe

Germany, Great Brit¬

ain, and Belgium-Luxembourg. In

equivalent to 27.5%

were

mestic

mill

products.
wire

shipments

During the

rod

of

of

do-

those

period,

same

imports equaled 62% of

domestic

mill

4

1

Steel Output Dips
Two Weeks in

American

Last

stitute,
ended

Iron

senger

Dec.

ing

had

the

for

15, 1962,

Steel

In-

week

1,832,000

was

The week to week output

dipped 1.0%
for the

Data

Dec.

15,

1962

tons

shows

\veek

ended

production

a

compared to last

output

Production

Jan.

weeks ago.

of

15

this

(*101.5%),

to

94,555,000

1.3% above the

or

16,

1961

period.

1,949,131
For

production

Week

Ending

Dec. 15

District-

1962

--

....

_

_

Dec. 8
;

1962

above

expected

6,925,000,

tion

is

units,

.

!

_

since

earlier.

year

a

volume
the

1961.

to

due

de¬

The

cur¬

in

which

25%?

the

showed

both

op

hit

region.

ter¬

were

Cleveland

decreases

in

belt

snow

Lakes

hard

Particularly
minals

the

Great

eastern

area,

of

about

year-to-year and

a

week-to-week basis.

„_L_

the

of

week

taled

freight

revenue

ended

537,392

December

in

8

conducted

by the ATA De¬

for

survey

showed

week

from

a

minais

1961

14

level.

three

at

tonnage

gains

six

localities,

of

a

in

ter-

reflected

of

excess

10%?,

registered
than

more

year

Truck

centers

points

of

creases

that

at

last

tonnage

points reflecting decreases

the

while

increased

ago

year

with 20

10%?

de¬
from

ago.

of American Railroads announced,

This
or

preceding
while 23

fic

11

metropolitan

storms

many

week

reported decreases.

areas

snow

in

of

week

registered increased tonnage,

areas

depressed traf¬

the

areas,

week-to-

findings follow tne pattern

generally

which

has
in

season!

Editor's

declining

been

tonnage

found

previous

this

at

years.

industry

decrease of 24,862

was a

loadings represented

crease

de-

a

corresponding

but

an

increase

3.8%?

above

week

of

in

19,774

the

1961,

cars

or

corresponding

week in 1960.

last

and

year

the

week of this year,

one

Dec.

total).
1,761

in

1,

or

more

or

highway
in

1962

that

This

was

on

1957-1959.




the

the

(which

week's
an

con¬

average

from dim to

year

compara¬

tie

the

tinued

the

week

will

it

wants

to

clear:

are

resist

ing

it's

best

the

that

be

to
as

of

strike

is

not

USWA.

In¬

feeling

without

by
can

strike

a

resulting unsettling of both

a

industry and the
if

Even

violently

the

economy.

industry

against

fewer

against 29,

as

24

While considerably

manufacturers

and

retail¬

succumbed than in the similar

ers

week

last

other lines held

year,

their

to

1961

Geographically,
week's downturn
three

dropped to
53,

from

21

the

dip

a

the

East

43

48,

Pacific

from

where

from

58

At¬

casualties

down to

to

the

South

where

Central,

and

was

of

concentrated

was

regions—-the

States

North

levels.

most

there

64..

Tolls

changed only fractionally in other

reacts

Kaiser-type

a

or

in commercial service with

against 25.

differences

settled

against 49.

as

as

growing

a

sides

48

hand, there

or

attempt

the

a

contractors fell to

wholesaling at 26

lantic

stead,

129

little change in manufacturing

in

both

con¬

from

On the other

mortality, at 47

the

or

107

to*

construction

ahy softening of attitude by either

industry

year ago.

retailers

in

Steelworkers

steel

down

from 62.

biggest single factor argu¬
a

a

among

earlier, and ihe toll among

close

against

of

under

in¬

any

America.
The

losses

It will also

any

United

toll

not

has been discussed by Kaiser Steel
and

The

is

to productivity such

wages

with

last week and 275

of

that

strongly

relatively

were

their last year's level

Casualties

advance

in labor costs.

oppose

31.

demands

in

industry

crease

week but

ceding
close to

was

of

Output for the

first

million
cent

slightly

ingot tons.

upturn,

Until the

forecasts

98

over

for

re¬

1963

in the range of 93 to 97 mil¬

lion

tons.

There

is

outside

an

chance the total will top 100 mil¬
lion
tons.
This
would
require

greater

momentum

at

this

time.

than
But

be

can

it

is

not

entirely out of the question.
A

production

million

93

tons

total

would

weeks
or

normal year;

million

100

considered

the fifth in

and

100

of

corresponding
were

61

period

cor¬

steel

industry thinking.

and

more

the

lion

represents

1962

is

this

year's

is

change

a

in

More and

considered

a

realistic

tions,

an

1960.
rail¬

week

com¬

also

likely

to

continuing

discounted

labor

areas.

Year-to-year trends

were

also mixed.

Be¬

impending labor negotia¬

inventory buildup and

a

resulting period of liquidation are
inevitable, The Iron Age said.
On

the

basis

of

an

inventory
buildup of from five to six million
tons,

production

from 52

basis.

This

assessing

in

the

1962

it

later

situation, although

prices,

stated general prices increases ap¬

to

pear

under

be

of

out

the

market

current

question

conditions.

In

possibility.
users

are

fact,

are

steel

some

planning their inventory

words, the buildup will be heavier
most likely to be in¬

These

principally

are

flat-rolled,

galvanized

and

cold-

to

54

is

likely

million

industry is likely to

spend heavily

capital improve¬

on

ments through

make

1963.

New

depre¬

guidelines and the need to
and

improve

heavy

capital

distributed

cording

by

the

to

tons in

the

electric

light

15

moved lower.

index

continued

comparable
remained

For

The Daily Wholesale Commodity

Price

Index

the

Edison

was

that

of

Electric

1,004,000,000
the

previous

kwh.,

7.9%?

or

week.

day

of

273.62

declining

Wholesale

For

the

street,
18

to

It

compared

with

the

ago.

year

Index

Price

This

Lower
second

Week

consecutive

Wholesale

the

Inc.,

Food

edged down

$5.92.

Price

Dec.

on

Inching 0.3%

$5.94 in the

a

index

below

preceding week,

remained

considerably

for

week,

from

294

Dun

&

were

306

in

a

week

Hams and eggs were down con¬

siderably
week

declines

for

similar

week

higher

pre-war

toll stood

at 270.

week.

were

barley, beef,
steers.

An

foodstuffs

were

wheat, rye, cats,

—

and

cocoa

rises

price

hogs

—*

too

were

slight to offset the declines.
The

Dun

wholesale

per

&

food

the

sum

pound of 31

meats

in

Bradstreet,

price
total
raw

general

cost-of-living
is

to

index
of the

Inc.
rep¬

price

foodstuffs and

use.

index.

trend of food

sale level.

show

It is not

Its
the

a

chief

general

Those

prices at the whole¬
-

Lagging Pace in Yule Purchases
Consumer

large and small casualties
the

of

this

cost

also

more

7% fewer businesses failed than in

during

and

bellies, sugar,

function
even

sharply from the 351 in 1960. Some
when the

corn,

oil

up

cottonseed

resents

Inc.

appreciably lower
the

wholesale

in

and

chalked

earlier,

Bradstreet,

fractionally

when it stood at $5.97.

ago

year

quoted
A

consecutive

last year and were off

dipped

a

Food

the

dropped to 252 in the week ended

the

the similar

on

however,

recorded

Dec.

week earlier but

a

Nevember.

favorably,

270.08

to

Monday,

on

equal number

Second Week

second

Both

dipped

exceeded the 267.92

but- their

run

it

year's

level.

Commercial and industrial fail¬

1939

last

lower than oh the comparable day

Drop in Business Failures

the

of

level,

ac¬

parable 1961

than

short

its

above

month-ago

far

moved

Although

18,009,000,(j)00 kwh.,

Output

Casualties

markets,

items

the

1,314,000,000

13

commodity

es¬

above the total output of the com¬

reported

other

Index, compiled by Dun & Bradenergy

week's total of 17,005,000,000 kwh.,

ures,

was

was

above

the

de¬

steers

wholesale

many

as

week,

electric

industry for the week

to

Institute.
kwh

of

Saturday, Dec.

timated at

as

higher

Output

and power
ended

In

at

Fractionally

amount

Brad-

appreciable

price for

downturn.

quotations

programs

Last Year

The

&

largely responsible for the week's

v-'%A% AY ■AA:
Up 7.9% Over

'

An

the

Dun

products

inevitable.

A'AAA %

Inc.
in

17, from 270.19

steel

costs

reported

(1930-32^100)

rolled sheets.

cut

Monday,

a

buildup with this in mind. In other

ciation

commodity
price index slipped to 270.08 this

about

However, selective increases

two-week rise, the

a

wholesale

general

street,

The Iron Age

the comparable

Dips in Latest Week

Following

cline

steel

in

25

Wholesale Commodity Price Index

was,

early settlement.

an

On

climb from

week last year.

on a more-or-

proved to be important in reach¬

Dec.

parallel

1962 in pattern of production.

above the

systems originating this type
in

1963

of

Class I U. S.

less

tons.

figure of around 100 mil¬

tons

cause

in

informal discussions

pro¬

vehicle for

a

row

a

million

also

increase

an

This provides

gram.

and

of 98 to

be

This

of

differ vastly.

may

picture is the human relations

where production varied between

piggyback loadings
48

negotiation

Another factor in the steel labor

is likely to

year

were

over-all

1961

of

Electric

a

corresponding period of 1961, and
139,735 cars or 27.1% above the

traffic

econ¬

week

increase

of 109,195 cars or 20.0%

There

re¬

requirement of the economy.

Cumulative
for

Recent gains in the

match this year's

revenue

14.0% above the

cars or

cars or

Optimism in Steel Outlook

have changed the outlook for

seen

reported

cars

(piggyback)

included

preceding

follow:

14,315

were

highway trailers
tainers

new

were

Loadings by commodity groups

of

and

tively bright.

of 25,639 cars or 4.5% below

the

road
based

The

of $100,-

excess

fell to 26 from 45 in the pre¬

000

The

not available this week.

are

ported.
next

The

shipments

The steel industry has raised its

omy

113

99.7

extremely

negotiate.

creased.

sights for 1963, The Iron Age

cars

113

98.3

union

notice

a

with liabilities in

$100,000 declined to 226 from 249
is

outlook

far

in products

Note:

weekly changes in lumber

More

4.4% below the preceding week,

totaled 655,666 cars

96

submit

ing

Compared with the immediately

to¬

the Association

cars,

week.

84

break the year,

or

May 1 date when either party may

The

87

86

of

this

clear

weekly survey of 34 metropolitan

orders

88

101

-

labor

pattern

and

These findings are based on the

areas

period

cloudy, The Iron Age stated.

report also reflects depressed

Drop 4.5% Below Year Ago

86

109

for

weekly

truck tonnage

year-to-year

the

production,

Freight Car Loadings

30.6% above the 1960

111

„

production

thel

weeks,

is colored by the unusually

crease

The

3,355

112

-

production

highest

or

95

Louis

Western

weekly

Truck produc-

expected to total at about

1,250,000

158

of

any

96

110

"Index

for

week

102

Total

reach

responding

143

Southern

highest

except 1955.

year

to

car

86

Cleveland

Cincinnati

an¬

previous week

shown

has

critical

the

be

However, these points

recent

While

passenger

88

Detroit

Chicago

fourth-

83

--

-

Pittsburgh

St,

in

produced.

1962,

is

ended

_

made.

were

peak

cars were

entire

There

"Index of Ingot
Production for

Coast__.

corre¬

Associations

trailing volume of

In the period last

previous

follows:

Youngstown

making

car

quarter output was in 1955, when

loaded with

Buffalo

will

through pared with the corresponding week

year

The

East

December

U830.216 cars

The

Institute
compares
the
Index of Ingot Production
by Dis¬
tricts for the last two weeks as

North

pas¬

for the week ended Dec. 8, as corn-

amounted

1-Dec.

of

2,000,000 upits for the first

^ear'

2,220,000

(-118.1%?).

Dec.
tons

two

latest week

decline of 16.7%?
years

for

fourth-quarter

above

C:'99.7%) in the week ending

Dec. 8.

that output

cars

Loading

tons (*98.3%), as against 1,858.000

tons

may

above 640.000 .units,, boom¬

range

Year

and

production

the

-v

According to data compiled by
the

'In

survey

second

a

The second half of the

will

The

of this year.

from

Ward's said

Fractionally for

16.7% From

holiday

however.

put,

Row and is Down

a

3.6%

was

in

volume

by

The Iron Age said.

Truck tonnage was 2.0%?

nounced.

war-time 1951.

shipments.

.

not

Prove factors in the industry s out-

the first nine months of this year,

imports of welded pipe and tubing

and

year

Christmas

the

time in history.

export.

we

peak

overtime work and the imminence

If antidumping laws

port balance.
are

in the import-ex¬

this

week

any

8

less than that of the

rent

followed

Thursday, December 20, 1962

.

output of from 43 to 47 mil¬

and could make

the

in

week of 1961, the Ameri¬

Trucking

can

was

a

half,

half

.

Four regions had fewer
exceeded since 1955. This will also
partment of Research and Trans¬ contract, should it tie wages to pro¬
failures; three had more; and two
be a rise of 4.0% from 169,008 cars
port Economics.
The report re¬ ductivity, one settlement never¬ had about the same number as in
made last week and 6.4% above flects
tonnage handled at more theless creates its own pressure 1961.
'
165,219 cars made in the corre- than 400 truck terminals of com¬
for further peaceful agreements.
Forty-eight
Canadian
failures
sponding week a year ago—the mon
carriers of
general freight This applies even though the terms were
reported, advancing from 41
peak 1961 week,
throughout the country.
under dispute and the atmosphere a week
ago and registering a steep
Bad weather, the strain of heavy
The
terminal

of

Steelmakers expect no improvement

for

Dec.

fourth quarter of

They started building earlier last

of June

the

Level

istrong upturn in traffic during the

,lilftMQr,

22-7% Ahead of 1961

sibility of an August steel strike.

below

However,
.

.

,

ended

3.6% Below

tonnage

truck

week

33 cents to

was up

ton last week. A month

a gross

they'll start building inven-

that

Intercity

Mills are at¬ sponding

poured last week.

March.

Prospects for January are
Steel

Last Year's

a

likelv before

first

lion tons.

U. S. steel ingot production this

are

corresponding week

year

/

rush character. That week is pxpected to be about the
situation will prevail until there's same as the 1,853,000 tons that
a
stiffening in mill promises, not Steel
estimated
the
industry
mainly of

the

in

53

1960.

Weekly Steel Production

9

page

_

„

and
in

pared with 58 one year ago

.

blizzards,
and

big

buying,

freezing

newspaper

battered

by

temperatures,
strikes, failed

>

Volume

Number 6222

196 I

.

.

(2573)

The Commercial and Financial Chronicle

.

A.

get into high gear in the week
After

to

a

last

to

week

volume

and

their

last

year's

below

slipped

level.

the

In

NOTES

NSTA

weather,

the

deep

furs

ing

did

not

live
for

Although

season.

moVed unevenly,
registered

were

Christmas

the

home

good gains

some

for

goods

The

OF

Club

Bond

officers for

Louisville

of

installed

has

the

following

new

Toys,

long

front

led in the

The

tail

.

trade

dollar
the

from

above

in

3%

a

reported
below

collected

Bradstreet, Inc.
varied

mates

levels

1961

centages:

—1

to

North Central 0 to

+4 to

Jack A. Moss

President: Jack A. Moss, The Kentucky Co.,

succeeding A. J.

Department

Vice-President: Tyrus R. Davis, The

Bankers Bond Co.

country-wide basis
the

Federal

dex
of

reported

2%

for

Board's

of

ended

week

Dec.

The year-to-year

1961.

two weeks ago

drop.

same

period

ended

the

Dec.

WASHINGTON, D. C.—Merrill M. Cohen, President of the Minne¬
Chairman of the
of Securities

Board

of Governors

stayed unchanged over the

sponding

period

According
in

sales
week

ended

less than the

This

is

the

8,

Big Six

Re¬

No.

7

'(Florida, Georgia, South

5%

Zoltan

of Merrill Lynch,

Pierce,

and

>

McHenry

Minnesota

Eddie
&

of

mm

&

A.

folk;

10

the Chicago Board of Trade have

Chairman

21:

Chairman:

of

Vice-

Mr. Cohen succeeds

&

Dominick, New York,

of 4,800

ed):

Directors:

(to

serve

years—five to be elect¬

Ralph

H.

John

Brown,

L.

Georgas, Alfred H. Gruetzmacher,
Joseph

J.

Kane,

Schultz,

Jr.

and

stein;

(to

Clarence

W.

years),

two

and

James

P.

Reich-

mann.

Combs, III,
Ralph

E.

Appeals: Earle M.

Committee
for

has

been

business conduct

He

has

and

member

a

will

assume

committee.
one

his

son,

a

He

the

of

NASD's

since

Board

Chairman of the national

as

joined the Dain firm in 1935, is

practicing attorney in Minneapolis.

post at a

new

of

two

Other officers named by the NASD

Board were: Vice-Chair¬

Hudson B. Lemkau, partner, Morgan Stanley &

Co., New

Director.

,7; V

'

7'"

\

Wallace H.

25th term as Executive

named to his

was

'.7

Joseph

Forty-one

Arbitration:

years)

Iver

(to

men

M.

of

of

new

the

Securities

district committee¬

National
Dealers

Association
have

been

Alaska

and

Hawaii,

the

new

committeemen will begin serving
three-year

terms

in

January.

piring. Chosen from the 13 NASD

North

districts

Dakota

and

one

year) Donald R. Ryan.




embracing

the

New

U.

S.,

Washington)

firm

Robert

since

its

Swiss

in the banking

associated with the
of

Switzerland,

Corporation

York,

his

the

Agency

later

and

Before

with

J.

Corpo¬

present

asso¬

Geneva representa¬

was

tive for Bache & Co.

~

The investment banking firm of
L. F. Rothschild & Co., established
in 1899, has its main New York

office

at

120

Broadway,

branch offices in

with

Chicago, Boston,
Can¬

ada, and Geneva, Switzerland,

Exchange Open
Dec. 24 & 31
New

York

Stock

Exchange

has issued the following statement
in

to

answer

questions

concern¬

ing its plans for Dec. 24:
The

Board

holiday

on

decided

it

Exchange
the

&

Pennsyl¬

and

a

part

Richard O. Smith

Co.,

Thomas

Inc.,

Gribbel, II,

John

of

will

Thomas

Lynch,

Schwabacher

M.
&

Cahn,

Jr.,

of

Co., Ira B. Mac-

of

Equitable

Wesley

M.

Bishop

of

New

13

(Maine,

Massachusetts,

to

make

by

Monday,

Exchange's
the

on

rules
fourth

day after the trade day

day"

will

transactions,

also

be

how¬

possible

on

Dec.

26, 27 and 28, to effect de¬

liveries

on

the following business

days; "cash sales," with delivery
the

any

same

day

Dec. 31.

of

day,
the

Gains

are

are

calendar year

on

including

established for

income tax purposes
the

possible

year,

according to

when the

pro¬

ceeds become available.

Hampshire, Rhode Island and

Vermont) Thomas C. Eayrs, Jr., of
Stone & Webster Corp.;

S. Whit¬

Bradley of Eaton & Howard,
and

Edward

N.

McMillan,

Jr., of Merrill Lynch, Pierce Fen¬
ner

day

Wednesday, Thursday and Friday,

on

and

business

round-lot transac¬

The

Securities

Col, all of New

of

to

that day.

considerably

final

settlement

"Next
ever,

Co., Inc., and Stuart M. Beringer

of P. W. Brooks &

keep

"regular way" transaction.

a

part of New Jersey) Herbert

William

on

pace

delivery

open.

in

^ork

to

31, when the Exchange will

business

(Connecticut, New

of

special

available

be

"regular way"
for

a

Monday, the 24th, this

the

Pittsburgh.

Inc.,

desirable

the

on

be

III, of Moore, Leonard & Lynch,

a

is

facilities

may

lessened

after

possibility

Monday, Dec. 24, has

Although

activity

require

Philadelphia;

Governors,

investing public

Jr.,

Sener,

(Delaware,

and

No. 12

of

the

closing the Exchange for

be

&

edu¬

Previously he had

was

Bank

of

Inc.;

serve

(to

and

became

years

Bank

Elkins, Morris, Stokes & Co., all

ney

(Alaska, Idaho, Montana,
Dakota,
Oregon,
South

Westerbec;

Swiss

Dec.

elected, by districts:

No.

Stern,

Union

tions

1

Those

B.

eight

spent

Legg & Co., Baltimore.

West Virginia

Co.,

No.

elected, succeeding an equal num¬

for

W.

Smith, Bishop & Co., Syracuse.
NEW COMMITTEEMEN APPOINTED

H.

Martin

he

representative.

W, L. Cameron of Hopper, Soliday

York;

ber whose terms of office are ex¬

E.

and

Corp., Sidney G. Duffy of Blyth

and

William

Carolina

Treasurer, Robert W. Fleming, Executive Vice-President, Folger,

J.

Lee

Columbia,

of

Culley

Nolan, Fleming & Co., Incorporated, Washington, D. C.

Rothschild

considering

R. Anderson of Distributors Group,

Washington,

when

Columbus

Corp., of Virginia, Nor¬

Stroud

and

Brook, Richard J. Sennott, Thomas
Spencer,

of

meeting to be held in mid-

January.

men,

the

1957,

&

Joseph J, Drowinski,
Holzman,

Milek and Richard W. Rose.

serve

Cohen

married

Fulton,

Committee of

&

York, and Merl McHenry, partner, J. Barth & Co., San Francisco;

Nominating Committee: William

Jr.

head of the self-regulatory associatipn

as

January, 1961, and this year served

Silver-

for

serve

William

Merrill D. Guild.

Enk^,

Avery Rockefeller, Jr., partner, Dominick

securities dealers.

Mr.

with

G. Powell Davis of In¬

11

vania,

Wallace H. Fulton

Gardiner B. Van Ness,

Couglin;

for three

&

Kentucky)

First

of

of New Jersey)

Jr.; Second Vice-Chairman: James
J.

J.

Harrison

of

North

and

No.

voted upon at the annual election

born

was

Co.,

Brown

and

(District

of John C.

Fleming

Wolfer

Co., Harlan, Ky.; and Ned K.

Virginia)

Robert W.

business

cated in Switzerland and has been

The

Davis

Maryland,

111.—The members of

Jan.

&

Corp., Columbus.

following slate to (be

European

headquarters at Geneva.

of

Kenneth
J.

K.

(Ohio

vestment

held

Blair

and

of

Barthelmas

Receives Slate

will

charge of L. F. Roths¬

Co's

Dean

Teach

Co., Cincinnati; Thomas P. Dupree

Chicago Trade Bd.

be

William

Jr.,

9

No.

to

of

Gordon

Chicago;

Gilbert

well

circles,

Wis¬

and

Hays

K.

Co.,

Iowa,

Allyn & Co., and Donald T.

No.

down for the latest reported week.

the Board: Bernard P. Carey;

Indiana,

Co., Inc., Muncie.

edly contributed to the sales let¬

received the

Inc., Jackson¬

(Illinois,

Brown,

g

is

Rochester, N. Y., Montreal,

8

C.

all

urday, Dec. 8, 1962, and undoubt¬

CHICAGO,

Smith

Fletcher of

Merl

&

with

part of Tennessee)

and

A.

Sat¬

a.m.

a

Columbia;

Inc.,

Witter

Hudson B. Lemkau

child

ration.

consin)

store

Merrill M. Cohen

financial

continue in

ciation he

of Dallas.

No.

prior week

2

Rader

ville.

strike by the printers

commenced

C.

and

Inc.,

Salkay

ending Dec. 1. The New York City
newspapers

Albert E.

Co.,

Fenner

period in 1961.

cline recorded for the

&

in

all

Co.,

percentage de¬

same

known

field and

(Texas) Robert R. Gilbert,

Michigan,

were

of

Phil E. Pearce of G. H. Crawford

City for the

Dec.
same

Co., New

Stansel

Wolfer,

who

McCulley of First Southwest Co.,

corre¬

Federal

York

New

Arthur

part

Keenan

Co., Birmingham.

Carolina and

sales

department

Arkansas,
a

Mr.

Herbert W. Wolfer

in

of the National Association'

Dealers, Inc., the association announced.

1961.

the

to

System,

serve

in

Corp.,

a

effective

Henry Schroder Banking

1

figure

1962,

Kansas

Arthur J.

and

&

part¬

Jan. 1, 1963.

Mr.

Hickman,

apolis securities firm of J. M. Dain & Co., Inc., will be the 1963

four-week

1,

general

&

had registered the

In

Co.,

ad¬

as

Bernet, Jr., of Schneider, Bernet

8, compared with the like period
in

&

L.

pro¬

for

mission

&

Anthony

of St. Denis J. Villere &

NASD Elects Officers for 1963

a

decline

overall

an

the

Bache

Norman

Heitner

(Alabama,

Orleans;

been

posed

Ne¬

Yates,

Tennessee)

No. 6

in¬

Missouri,

Louis;

5

Courts

taken from

as

Reserve

Switzerland,
has

Co.,

Louisiana, Mississippi and

Secretary: John S. Rankin, Almstedt Brothers.

Row
on

&

Oklahoma)

Jr., of Sanders

sales

Hogle

at

Geneva,

of

Harvey

and

repre¬

sentative

Lincoln.

Second

store

the firm's Eu¬
ropean

Smith

&

Herbert

Wolfer,

ner

of

of

2% Below Last
a

W.

Merrill

of

Fenner

(Kansas,
and

No.

Treasurer: Gilbert L. Pamplin, J. J. B. Hilliard & Son.

Week in

Neely

A.

St.

Warner, Stein Bros. & Boyce.

+4; South At¬

Level for

Writer

of First Nebraska Securities

+8.

Year's

announced

Calvin

City, Mo.; and Dale C. Tinstman

Tyrus R. Davis

Nationwide Department Store
Sales Remain

4

O'Brien

lantic +1 to -f 5; West South Cen¬

tral

of

Exchange

that

Wyoming)

George

J.

Woods,

Pacific

West

Stock

leading exchanges, have

Los

Forsyth

C.

Heitner

E.

—4;

+3;

and other

Co., Honolulu.

of Denver;

of

braska

East North Central —3 to +1; East

Central

W.

Ltd.,

all

No.

—2; New England ^4 to 0;

South

York

New

Albuquerque.

to

Dun

to

the

Guard

F.

and

Pierce,

Glade

by the following per¬
—8

Utah

Orville

Inc.,

comparable

Mountain

&

New York City, members of

way,

(Arizona, Colorado, New

Lynch,

Regional esti¬

from

Middle Atlantic —7 to —3;
—6 to

and

1%

by

Richard

L. F. Rothschild & Co., 120 Broad¬

Peters, Writer & Christensen, Inc.,

week

to

3

of

both

Co.,

Schwabacher

of

Bullock,

re¬

according

ago,

year

estimates

'.spot

of

volume

&

and

Alexander

automobiles

running

-

Crowell,

Mexico,

the

and

Co., Inc.,

.

push past 1961 volume.

total

ranged

&

cosmetics,

Co., San Francisco; Robert M.

No.

1963:

tainment items and small electricwares.

Admit Wolfer

Hawaii) JohnG. Hodge of Walston

Angeles;

LOUISVILLE

Rothschild to

(California, Nevada and

Weedon

CLUB

BOND

enter¬

home

2

and George W. Weedon of

high

the

to

up

Inc.,

Macy of

Preston E.

Fomon of E. F. Hutton &

perked up, but accessory buy¬

expectations

No.

&

interest in outerwear and

freeze,

and

Lynch,

Smith

&

Murphey Favre, Inc., Spokane.

urdays ago, retailers lost a round
early

Fenner

Seattle;

strong burst of activity two Sat¬

Merrill

of

Nathane

Pierce,

ended Wednesday, Dec. 12.

37

& Smith Inc.

Losses,

on

the other hand,

are

established for tax purposes in the
calendar year in

which sales take

place.

therefore,

be the final

lish

31,

Dec.

1962

would

day for sales to estab¬

tax

losses.

38

The Commercial and Financial Chronicle

(2574)

that

mind

Creatively Tapping

these

constantly

a

were

expanding

of

years

population.

.

.

Thursday, December 20, 1962

.

happened to the market for stocks

speakers

in 1962.

kinds of groups, and the develop¬

According to the New York Stock

The

extent

to

which

the

mes¬

Exchange 1962 Fact Book, the U)"

New Market for Stocks
Continued

like

from
of

number

result in
effort
and

and

Such

resources.

however

boats,

tween

free

a

may

sooner

glutted in the

is

it

is

the

product

market

vailing

cost

the

to

the

or

ready to

The

trend is accentuated

those

markets

only

the normal
also

but

deferred

for

one

de¬

have

may

reason

or

considerable period

a

of years.

also may well be aggravating the
situation

current

in

the

market

for

stocks.

Consequently

can

be

doubt

much

little

validity to

that

the

there

there

is

attempt

to

determine if the market for stocks

during 1962
almost

not have reached

may

saturation

a

point

and

that the advertising and merchan¬

industry

between

on

the

Of

American

theme

1951

"Own

and

1961

Your

Business"

Share

not

may

have been almost too successful.

People's Capitalism
The

1962

Fact

Book

published

by the New York Stock Exchange,

calling attention to

Exchange, mentions that
15, 1951
tional

including

a new

hibit

were

room

national

to

ginning of

most
the

be¬

nationwide effort to

a

people's

our

"Owning

American

Business"

sibly personally
appeal fell

not

was

be

be

financial
of

ability.

that

What

potential

This

the

was

market for

thoroughly has it

What

^stocks

of the essential

were some

at

the

the

of

start

market

of

for

1951?

In

1930 the population of the nation
123

million;

to

132

by

1940

million

over

some

words,

than

by

grown in

twenty
tal

of

to

the

a

and

Exchange

1952

an

Americans

In

other

some

had

In

are

not

New

has

too

only
York

stated

that,

estimated 6.5 million
owned

nation's publicly

1933,

-




earning

and

of World
to

a

125,685,298 shares in 1942.

can

from the examination

seen

of

few facts. In 1931 member firms

a

of the New York Stock

operated

total

a

of

Exchange

1,968

offices.

In 1950 these offices totalled

1,661

1961

such/ offices,

103%

over

1950.

reached in 1945 when

resentatives,

shares

—by

or

gain

a

reported

1951

the

by

Commerce.

of

example,

the

total

$40.1 billion

was

in

$279.3

was

in

present

as

and

1951

billion.

analysis

of

relative

share

these

extent

of

the

figure

The

further

figures

going to

the

by

different

the point of the

supports

groups,

huge

untapped

re¬

sources.

To

compensation

of

employees which aggregated $29.5
in

1933,

the

shares

of

of

twenty

trading

the

on

through

some

volume

listed

stocks

1930

New

in

Exchange,

about

was

for 1929

the

on

one-third

nine years of the

were

the

of

total

(1,124,800,410), and there
twenty in

hands.

Not

the

rate

1951.

from $3.2

billion

lion

1948

by

and

and

of

ex¬

issues

proceeded

at

a

be shown by

1951.

over

there

1931

1,318,729,621 shares, listed
New

by

York

1949

Stock

the

the

on

Exchange

comparable

and

figures

1,457 issues and 2,165,670,128

were

shares.

Here

again,

then,

there

is some evidence that the normal

annual

increment of demand for
that

in

was

existence

not being satisfied for

was

a num¬

first place, the

in

the

income

Farm

in the demand

(1933),

$16.0 billion in 1951,

The advent of
on

12

some

armed

them.

own

Worl d

War

II

period where with

a

million

in

persons

forces, and

great

the

disloca¬

were

other

things

yearly

totals

those

days.

giant

witnessed

of

and in almost all of its

the

in

JSfatonal

Income

component

was

pest-war

their

on

Finally,

business of

employees

as

that part going

compensation be¬

professional

demand

up

in

the

held compa¬

category

total¬

billion.
It might be
in retrospect, that the well
publicized
possibilities
of
the

actually

may

have taken place in the "Fifties".

event, the point is selfthat

the

market

beginning
ready

in
and

question of whether it

quickly

response

1951,

was

able,
was

answered

for

The

willing
by

the

given to the advertising

were

supply

during the

up new

of

con¬

either in

or

non-ex¬

1

It

probably

be said, there¬

can

that the securities

fore,

durng

the

1950-1951

industry

period

en¬

joyed the unprecedented prospect
of

having

which
had

a

market for

some

been

of

the

deferred

stocks

total
for

in

demand
20

years

and where other demand elements

due

were

at which

to
the

of

creasing.

industry generally.

start

Stock Turnover

the

accelerated

population

was

rate

for

people
In

of the

stocks

was

28,000,000,
to

it

will

be

markedly

awaiting market for stocks, it will

normal

be

the

profitable to
to

had
the

through

examine

which
been

twenty

1950,

a

built

further

deferred
up

years

for

from

keeping

in

Wall

of

shares

Exchange
tional

at

seen

successful

of

the

on

about

rose

advanced

about

country

from

200%.

1951

$138

some

Stock
Na¬

to

I960

billion,

or

49%, whereas the number

Registered

Representatives

170%

Main

Brokers'

offices

local

became

as

minded

the

as

and

such

offices,

local

scene,

folksy

and

New

York

Brokers,
the

"good

ket

for

stocks

other

words,

"Fifties"

was

the

demand,

backlog

which

had

of

at

the

market

abnormally large

but also
deferred

been

to

fill

demand

accruing

many years. How this was

an

increase

in

saw

America

ownership

i

share

from

to

over

or

rate

a

great

times

stocks

mon

1950 to 1960.

Stock Exchange points
"17 million Americans

that
now

for

This

1959,

taining

second

a

for

of

out

one

There

can

term

be

the

garding

merits

for the future
explains; now what

question

no

investment

the

of

re¬

long

approach

for

institutional investors, such

many

pension funds, trusts, founda¬
tions, endowment funds, and even
for a large body of individuals
as

seeking maximum continuity and
safety of income who are not at
all

concerned

not

to

like

interim price

all

and

now

be

with

However,

long-term

generalities,

never

the

was

for everyone, nor in prac¬

principle itself proved
blessing espe¬

unmixed

an

cially where it.was used by in¬
dividuals
not

whose

objectives

were

clearly defined at the outset.

Certainly
investors

so-called

from

1956

long-term

on

especially

not

were

contented

group

after the May-June 1062 decline in

prices,
lose

which

the

short

very

saw

gains

issues

many

fiye

of

of time.

space

in

years

This

performance only repeated the ex¬
perience of other eras and in¬
once more

observation

that

the truth of the

stock

any

can

buying stocks for investment for

a

million

a

now

overpriced," The

l'ong-term

the

on

idea

of

the expectation

that they were bound to be satis¬

factory
again

indefinitely

was

once

to be invalid.

proven

six adult

If the entire educational program

his share of

might be capsuled, it could be said

every

owns

American business. Two questions

was

come

this

exploited

so

ond, what

are

saturation

present

to mind. First,

market

for

stocks

thoroughly and,

sec¬

the chances that the

point,

in

circumstances

chandising techniques,

terms

of

and

mer¬

may

have

that

the

it

preached

validity

the

and

doctrine' of

applicability' to

everybody of the potentialities of
long*-term investment in common
stocks.

Time

and

shown that such

a

events

have

principle, how¬

useful in many instances

ever

not suitable

for

everyone,

was

nor

of

did it assure, even for those

course

been reached?

individuals and institutions where

Shareholder-Selling Campaign
The

answer

to the first of these

it

was

applicable, that substantial

losses

in

value

relatively simple. In the 11
years from 1951-19611 the securi¬
ties

results

would

not

be

experienced.

is

industry

operation
Stock

generally,

with

the

Exchange,

in

New

carried

co¬

York
on

an

aggressive and far reaching cam¬
paign of investor education

involving

the

expanded

mass

courses

plished and what it foreshadowed

from

These figures suggest that

immediately
how

income

sound dividend paying stocks.

are

represents

1.5

or

and

become

growth of 4.5 million since the last
in

investment

out

direct shareowners in public

corporations.

in

im¬

ning
for
children's
education,
providing for retirement and ob¬

dicated
A recent statement of the New

York

the

invariably the approach stressed
such things as investing for the
future, building an estate, plan¬

as

percentage increase

in the years from

and

now

stressing

ing techniques, was placed almost
exclusively on the merits of com¬

a

the

as

gain of about 160%,
nine

circum¬

the promotional and merchandis¬

an

almost

as

the

ran

a

6,500,000 (in 1952)
17 million at the present

time. This is a

become

portance of long-term investment
in common stocks. Emphasis, in

These

in

total of about

accom¬

I,

decisively

was

penetrated and exploited.
years

mar¬

in

the

of

such

life"

by

tice has the

capable that starting in 1951, and

to

Under

retirement,

answer

ines¬

part

stances, literally became salesmen
for

is

seems

being
had

investment,

conclusion

general

local gas station.

103%.

Population

type

themselves

the fellow who

as

about

Shareholders Rose Faster

in

community

old

brokers

fluctuations.

The

of

Street truly became

Exchange offices increased

Than

busi¬

ownership

Street.

rose

179,320,000 people,

listed

income

the

stocks.

common

and

approximately 18%,

or

level

a

but

rapidly in¬

examining in detail the and the securities industry found
techniques used by the securities itself in the position of
having to
industry in reaching this eagerly satisfy
not
only
the
current

1931

years

the fig¬

ex¬

Before

in

the

growth

the populaton of the

Americans

masses

Exchanges and the securities

stocks

in

the efforts of the securities

were

about

Deferred Demand

ous

extent

how

once

panding and the buying power of

demand

period,

same

Census

war years.

and promotion efforts of the vari¬

the

increases

related to

population

on

year."

$35.9

Sixties"

short

extreme
istent

for all types

goods which

sumer

said,

ciertainly

phenomenal

were

homes and satisfying first the pent

$417.5 billion,

stocks,

ures

re-es¬

tablishing families, setting

evident

these

in _shown in
the nation's population

early

(1946-1949)

years

devoted to the

minds

the

The totals for 1960, as an
illustration, show national income

parts.

any

billion

equation for stocks, continuing through 1961, the

strides

additional

In

of

total

7.1

was

changes in national income in the

stock

basic element

a

namely, the desire to
brought

in

and

economy

largely ignored by the ma¬
jority of people who had many

ling

If

through

Stock

In the

fact that all through the
years of
the
"Fifties"

and

1961, the

shares

—for. an increase of almost 200%!

climbed

ber of very good reasons.

tions in family life taking place
agriculture.
interesting, too, is the further everywhere, the market for stocks

to

of

such listed

example, between 1950 and 1960

in

prices, removed

notwithstanding
the
effect
of
post-war adjustments taking place
in

end

were

that

can

$26.0 bil¬

to

$17.8 billion in 1948 and still

held at

the

total of 1,278 issues, aggregating

$180 bil¬

jumped from $2.4 billion
to

the New York Stock Exchange.

At

The share going

billion in 1933 to $22.4

in

was

community in exploiting the then
existing market for stocks. For

the fact
a

This

Finally, in 1950, there

industry

number

Exchange

ad¬

are

and shares listed on the New York

Stock

170%

a

1951-1961

pansion

slow pace.

employed

were

be¬

a

during

gains, but the

the

there

securities

national income

in

1950 totalled 11,409

in the internal composition of the

relative to population

years,

mem¬

these

volume continue at

average

Exchange

did

only

direct stake in American

ness

total of 2.4 billion shares listed

which less than 300 million shares

changed

ability of all Americans having
a

store

such persons,

vance.
a

York

average,

Depress
to sion years with long term mass
unincorporated business and pro¬ unemployment and psychological
fessional
enterprises
advanced shock following the 1929 collapse

lion in

over

30,628

on

Stock

to $141 bil¬

rose

lion in 1948 and to

from

period

a

securities

illustrates

billion

1949,

in 1961

and

then

was,

of course, built around the desir¬

of

the salesmen of

ber firms, in

Here

explanatory leaflets and

bulletins used in nationwide direct
mail compaigns of one type or

only

there vpere

Registered Rep¬

New York Stock

turned

were

over.

average

1948 it had reached $223.5

billion

377,563,575

ment of

all

of

areas

but in

—

3,372

was

the

over

during the 1951-1961 period

1942

years

which the power

was

for

23% in

record to¬

represent

the

ti

national income

151

14%,

or

country

new

figures

authoritative

Stock

was

151,000,000 persons.

estimates,
"In

the

population

over

While

1940.

1951

years

some

28 million, or 23%,
in

produc¬

post-war

Department

was

1930, and 19 million,

higher

had

it

(or

7.3%); by 1950 the total
million,

the

and

of

from the National In¬

seen

"Fabulous

been penetrated?

characteristics

II,

ing $294.4 billion, and the amount
eyes
to
the
unincorporated business
effectively

market

stocks and how

risen

year

first

Depression

the figuer dropped

low of

and

ears

ready in terms of both desire and

was

II,

low

figures

S.

pos¬

profitable.

the

on

fertile

a

size

the

into

the

From

carried

was

meetings

length and breadth of the land another. This entire program

1931, foe

shares.

of

Share

Your

only desirable but could

of

sig¬

the message to the Ameri¬

capitalism
of

a

the

satisfy the demand for almost

come

stockholders

is

people that under

can

ex¬

of

it marks

as

and

the

everything

opened and that

This

nificant date

TV

theatre and

census

begun.

of

use

Radio, that

educa¬

announced—

was

the

Jan.

on

War

expansion

of

of

of shortages

years

employment

of that

the major public

program

his¬

some

torical dates in the record

Depression

The extent

i

dising approach of the securities

carry

and

years,
ca¬

through 1950.

U.

It is this latter influence which

was

next I year,

through

on,

was

the

in

increases

World

power

few

a

current

what

tion,

can

another fGr

a

then

The

576,765,412

was

untapped

which

stocks

be exploited due to the

enormous

case

to meet

upon

had

population

large

very

Great

during

Such

in the

there

then,

"Thirties," the

pre¬

market

which in

be called

years may

in

it

trading

pability factor from the period of
the

service

exception.

no

a

for

phenomenal

point

the then

at

prices.

for stocks is

been

that

sense

longer possible to

no

off the

mand

growth,
market

capability to satisfy de¬

diminished

where

not

1,124,800,41.0

was

Throughout the period from

been built up, through

later

become

of

1929

546 shares.

more

Untapped Market

They

financial

a

no

23 Ameri¬

every

in

shares and in 1930 it was 810,032,-

Business"

through 1949, the peak volume of

therefore,

economy,

or

take

out of

still

was

owned shares.

cans

of per capita in¬

out of effective demand.

sire

one

change

War

it

that early in 1952

Numerically,

markets

run

1950,

be¬

can

-

In

all

and

1930

than

simply cost too much in terms of
come.

despite

true

hun¬

grily desired by countless people,
the present level

adults. This
a 25%

16

every

in the total population

gain

cars

much

of

would suggest that

extravagant waste of

an

out

1

twin

forty-foot

obviously would

cruisers,

engine

Specifically this was about

nies."

3

page

sage, ''Own Your Share of Ameri¬

tal volume of trading on that Ex*-:

for

branch

ings,

a

use

of

greatly

media advertising,

in adult education centers,
office

community

meet¬

lecture bureau to provide

That

produced

more

are

indirect

equities

through

savings

accounts,

insurance

immediate
the

desired

one

a

and

the

hardly be denied when

out of
every six adults
shareholder and
countless

now

is

it
can

second

saturation

holders

such

pension

policies.

concern,

problem

point

things
Of

funds
more

however,
—

been

of
as

has

is
the

reached

/

Volume

if

and,

what

so,

6222

Number

196

done

be

can

i

been

market for

the

exploited

totally

impossible to

is,

i

of the basic

market

a

terms

of

have

effective

a

both the desire to
the financial

that
to

1962

there

figures it appears
106,715,000

are

adult

ipales and females in the country
of

whora.sorae

household

16,256,000,

incomes

of

the

were

$7,500

over

people where the

greatest increases in share

sWp

In the lower

ets there

the

was

owner-

marked decline

a

represented

in

with less than

individuals

by

$7,500

a year m in-

come.

Decline of Lower Income

shareowners

incomes

in

and

under

far

$3,000.

1959

over

cerned, in
of

the

$10,000

to

income

to $M00

The 1962 gains

largely

were

household

as

the

from $3 000

of

all

of

pattern

same

in

evidence

brackets

group,

21.5%

The

$7,-

and

this

1962

only

shareowners.
was

$5,000

in

whereas

constituted

household

had

between

seen,

incomes

aie

as

con-

categories

income

to $15,000, and $15,000

$25,000.

therefore,

It

evident,

seems

New

Techniques Needed
Along these lines, and support0(js an(j

we|j

g0

have

become

outmoded, and

for

kind of

some

stocks

bigger, than
available

the

starting

a

guide

taken

for

to

to

steps

1951)

exploit

The

By

phasize

the

long

of

interest

sible

in

to

the

story

aUetion

of the

Com-

Exchange

trading

DeoDiG

raia

buv and sell

term

which

hurt

less

n0

vestment

securities

profits

(and

short

no

than

term

long term

losses).

merchandising

call

attention

to

efforts
the

might

historical,

present and future, importance of

for

and

health of business,

is

that

showing share-

In 1959 the Census

showed that of

shareowners

total

those in the age bracket 21 to 34

of age accounted for 19.9%,

years

but in 1962

of

the

they

total.

in

creased

stabilizing
ities.

well

as

influences

Some

exerted

emphasis

group

35

44

to

percentages declined

(relative to
hrapkctq

the

who

will
do

the

strike

responsive

a

securities.

know

possibilities

appreciate

or

inherent

in

the

trading aspects of the market.

55•

...

•

•fi5

Df

ware

then

capable

9PP

nlripr

and

eonclu^dn

the

Also

that

from

1959

toes-

to

1962

i«he younger citizens and the older
ones

of

were

total

certainly not, in terms

shareowners,

increasing

ave^lpTn

resentative

of

this

in

issue

lnral

a

Alex

.

tour

of

rpn

Brown

&

&

NEW FIRMS
CHICAGO,

(

111.—Norville

the

army

ville

is

pr.

Co.,

&

Nor-

principal,

WALTON

Robert K.

Parkway

BEACH

Fla

Neal, 221 North

* Mr

—

Eglin

Neal has succeeded

to the business of Griffith & Neal

PHOENIX

Ariz—F

N

Planning

Corp., 1230 East Camelback Road

Offices

§T

are

PAUL

versified

nTesTt

Melvin C.

Minn

Canitoi

Investments

University Ave
SPOKANF

'

'•

w^h

ni-

Inc

1457

*'
t

—

York

Stock

Ex-

registered

as

Robert T.

Clark,

proprietor.
WASHINGTON

Corkery
consin

&

C.

D.

Gerard T

Associates,

Ave.,

N.

'

W.

Wis-

4706

Gerard

T.

Corkery is sole proprietor.

NEW BRANCHES

American Bank Building. He was

formerly with Black & Co., Inc.

FT. WAYNE, Ind.—J. B. Coburn

w^h

in

E.

Oregon

has
I.

John

become

Hagen

p

S.

connected
Co.,

&

Inc.,

Oregon—Phil in
staff

of

F

Mav

Associates, Inc., 134 East Berry,
Robert lister is Manager.

& Qo'> Inc" 618 Southwest Yam- NEENAH, Wis.-Bell &
hm

gt

He
&

with

previously

wag

Co., Inc.

Inc.}

310

North

Farrell,

Commercial

St.

Bernard S. Samuels is Manager,

rules which are not solely designed
restrict the growth of the industry, but which of even greater

SPARTANBURG, S. C. — Samuel SAN FRANCISCO, Calif. — Carl
D. Helfrich is now affiliated with Hanauer & Co., Russ Building,

economic significance will

Hayden,

assure

Stone

Inc.

Co.,

&

Mr.

James J. Peach is in charge,

expanding industry and a
Sweater psiticipation by the Amer—
ican public in the fruits of our
an

Peoples capitalism
&v<nhable through

.

they become
the securities

as

fTl-,

A n-fVirmir

~

X LAL/lvoI

United Kingdom with respect to
European Shares.

j

markets.

Each American

Pricinff stocks at Lower Level
...

_

..

triV rnmmunltv
®

.

10 AQIIllt.

_

T/.p

_an

Jan

"

®

1
fa

murVl

Tucker, Anthony & R. L. Day,

SLl

thSh

of the New York

Stock

Realistically

fLGt
!

shares, of

deposited

The

in

Mitsubishi

Euro-

common

Tokyo

Bank,

with

Ltd.

as

„

.

nrnn,c

...

,

-

„

+,

0

c-

,,

or1r>,

g

.

2% Sfi? .S'
/

located

in

Boston

..

-»

dRona
ir

fa

at

Street.

Xkinr ^ni^

r

a

nft i

_CaP"ar ^ap taj

expenditures for the year ending

,

prices)

factors

Honda MotOr CO.

*
$15,000,000, and ST company plans
the

QU^r0a OffprpH

to invest $1,967,000 in its subsid-

^kPt ifT

GffeotivP

stock

5

of

part

the

produrt^u^

IhG

tn

share

office, 120 Broadway. Mr. Apthorp

Pre<^nted demand if they will be
™
™ere pnfd ,at a *rac" 74 State
J* thelr simply yaluea: ^
e.urr?nt too high in
stocks are

® ripGd

will rep-

Exchange, on Jan. 1, will admit agent of Morgan Guaranty Trust
WiUiam °' APth°rP to general Co, of New York^ tte depositary,

stocks, tnrough partnership, and Anthony D.Mar^api a lza 1Qn control, down to shall to ximitecL partnership in the
evels where the shares of Amer- firm Mr. Marshall will make his
lcas largest aI}^ best ";anafied headquarters at the New York
would encounter un-

share

resent 20 shares; and each

.

pean

members

(p

;

-

.

the6 tadTng s^f°ed

community will

formerlv

was

....

t

BEVERLY HILLS, Calif. — Carl
Hanauer & Co., Bank of America
Building. Milford L. Stern is
Resident Manager,

Walston

n^ssage to the market for stocks.

the

with

was

following

Kadderly

thfi?

of

to enable a large
brtaging

the

PORTLAND,

controlp and

in

^

"ff

New

representatives:

the

agencies,

Horp

seems

of

obtaining

6ryilrr^ wSeas for1hose Gen'eraUy -^b"^" ^- value (exclusive of the
j.
brokerage busi which influence changes

to

and

TT

.

T

a

change, announced the association

iob
understand that-part of their job

millions of Americans

not

as

broker-trainee

a

recent

members
*.

by frequently

legitimate

on

this

on

He

as

supervision over the securities'in-

the

as

piace

among

profits

com-

the market by such trading aefiv-

in- chord

XbP

total v in

industry,

economy

this period

45 to 54 years, but the

years, and

nation's

phase and function of the market

shareownership
the

the

merce and

the

only 14.3%

were

During

<1959-1962)

in-

Promotional

to

by Eige.

md

^re

trading

stocks

an

where

potential saturation of the market

owners

on

em-

as

market

and

of

regulatory

would be desirable to start to tell
the

associated

St.

fjrm
a

.

PHILADELPHIA, Pa.-Bioren & Reiman Securities,'Radio Central
Co., Philadelphia and New York, Building. Roscoe L. Reiman is sole

it

be

question

various

of

pos-

evaluating the

answers

in

ownership,

stock

common

Clinton

before

Here the

—

persons

trading

goals

range

"

Kobn

undesirable and which

as

be

.mUnity-~WhiIecontinuing to

cost

may

Godbey,

A. Scally III, and James Donald
Watson.
1

short-term

Exchange

al-

yardstick that

G.

Henry W. de Luca, Jr., Bernhard

exerting

experiencing

Another

Herbert

A.

broad

market

today's

2q

.

105 West Adams St. Allan J

Milford

—

Vierling have been added to the

,

e m or

Government

do not penalize

stocks:

(1)

the

By

as

might

.

uc ure may

s

profits

the

that

losS€S

sizable decline,

'

COLO.

scale
and
more
equitable
tax
policies
which
do
not
regard

today

following program is outlined

perhaps

a

last

oorrimiociftn
,

emphasis has got to be

was

in

GntirG

,

Regulatory Agencies

rec-

which

one

.

(3)

be much

may

in-

having

than $7,500 had

ready undergone

the

s

completely new service at Fort Dix.

a

the

t

c a

a mar-

exist

does

,

,

the last ten years may

1962,

persons

of

1

Up

Hardin?

with

^

Co

qt

Keith M. Johnson and William G.

fn od^Tots L^rnolher

Uadins

.

proce(jures which worked

shar©ownership between 1959 and
less

fn

jng the contention that old meth-

short

of

approach

In addition

Advertising-Merchandising

seeking

among

investment

every-

the long-term

anymore than

second look at capital structures shorter term trading approach is
in relation to the number of pres- one already receiving considererd and prospective stockholders, able support in the community.

in

comes

interest

the

that

one

consider-

very

a

(and potentially it

example, in 1959, 25.6% of

total

&

*»

baa

ket

Shareholders

500,

and

ognizing that

For

assumed to be suitable for

readjustment

1

101Q

JL

™atlve of Alex-

fS

formerlv

Tulloch

r

able shift in emphasis as to ob- decade was entirely the answer staff of Peters, Writer & Christenjectives for investor comihitment for all concerned. The Exchange sen, Inc., 724 Seventeenth St.
and changes even in some phases itself has gone on record
NEWARK, N. J. —Frank Miceli

brack-

meorae

percentage of total shareown-

^rs

marked

a

qarm,Pl

Helfrich

~

Erickson,

for

betwe^ ^9 and

werp shown

1962.

was

or

annually and interestingly enough
these

denied,

Mainp

DENVER

' techniques

the

not

'

^NGOR,
s

followed during the past 10
but it years and will certainly require
does

se,

.

RANrnR

the securities industry than what

in advertising and merchandising

-

that

is

per

T7^*

^

supplemental to similar notices appearing elsewhere
rr
6

are

PERSONNEL

somewhat different approach by

a

new

..

These items

call

satisfy that

desire.
On

stocks,

T.

considerable care in making sure
different than hitherto and hence that this type of activity is not

with

is

stocks and

own

means

for

now

market to-

same

Lll0

;

activity,

to be m order. This calls for

seem

J_"l

39

exist

may

an

and as a consequence some educational efforts in this direction

ex-

•

111

______

demand

•,

through perhaps

potentially large

a

\T

OUIl0llL l\v3Wb

possessing :very well may be a demand quite

group

demand,

exist

and

shareholders

been

who constitute

it

effective

future

in large part in such

terms of de-

in

industry, howobligation to realize

an

in the market for stocks

have
,

That

market

that the

Consequently the

1961, is not the
day.

in

hitherto

who

persons

not

largely

which

stocks

isted from 1951

which is essentially

measured

for

(2575)

securities
has

ever,

investor

new

mand by new investors, as

context

meaning of the mar-

ket for stocks,

The

and

£

4.

market for stocks

firiality. The whole approach must
understood within the

the

of

been presented.

^

be

overexploitation

n g

market

of

with

answer

t i

s

saturation

stocks

1

The Commercial and Financial Chronicle

,

e x

Whether

course,

.

tain clear cut evidences of already

about it?

has

.

be

ic

to

demand

aemana.

An underwriting group managed
by Goldman, Sachs & Co. and

wrtes to the reme pertod,

^

Honda Motor Co., of Tokyo,
Japan, the successor to a business

established in 1946, is now the
largest manufacturer
of
twofore,
it.
seems
probable
that Business" does not mean either
pubiic offering of 9,000,000 com- wheeled motor vehicles in the
among certain age groups (as well that
you sh0uld own a particular
m,on shares (50 Yen par value) of world.
The company makes a
as
income categories as outlined
g^ok forever or that every per- tbe demand may not be very large.
Honda Motor Co., Ltd. represented number of motorcycles with
above),, the market for stocks had
rx>tentiallv interested in Bu^ ^uday it is a different demand,
by 450,000 American shares.
cylinder di^lacements of 50 c.c.
been
rather
fully exploited by iSL or ehould have
imposed of different elements,
to 305 c.c. Manufacturing opera1959 for one reason or another.
rn*ne tenm naSiicm
'
in the past and hence to meet
The American shares repre- tions are presently conducted at
their commitments.

^

^

w

Again, there-

_

.

_

have

In Next Decade

has

been

some

recognize

Your

that

fact

be

countless

num-

bers of potential new shareowners

adopting
do the

place for

for

greater, gains in
as

those

will

be

in

sible to

shareownership,
previous

witnessed,

course, for

growth.

the

decade,

allowing,

of

the rate of population

This thesis

seems

impos-

justify in the light of




cer-

one

in the prices
an

auction

neither
does

it

interested

reason

or

another

of stocks traded
market.

illegal
imply

nor

Trading

immoral,

churning

to collect commissions. '

at

methods,

quire

is

and

to

of

the

tapping the
can

be

as

this basis

Changing times

changed

techniques
next

new

10

years

as

York,

by

has

announced

Ltd.,

American

the

Depositary three modern plants in Japan.

share. American Depositary Receipts, may be exchanged for
European Depositary Receipts,
marking what is believed to be

constructing

Receipt for shares of a Japcompany. Cash dividends
Paid on the shares offered may be
converted into U. S. dollars with
respect to American Shares and

a

plant in

A

rnw

Belgium,

scheduled for completion early in
1963, for the assembly of two-

wheeled motor vehicles to be sold

re-

pean

hide field for the first time.

the

anese

intends to produce and market
a small four-wheeled truck and
models of a sports car with production scheduled for the Spring

in

market for stocks

rewarding

the last decade.

and

determination to

a

success on

years.

fruits

accounts

willingness
procedures

new

job. Its

10

on

nor

a

realistically face the challenge in

all in becoming financial experts,

really

Co.,

Receipts, are priced at $15% per wholly owned subsidiary is

justify the conclusion that the

po-

Securities

sented

effort,

who

not

Nikko

New

made in the securities industry to

are

The

it and satisfy it calls for imagina-

,

may

'

No one can mtelligently deny
that the market for stocks does
exlst' nor can
be arSued that

^ion,

American

of

New Breed of Investors
There

attempt

the

Share

_

Doubts Gams Will Be Repeated

There

to

"Own

those of

into

sterling

currency

of

the

of 1963.

1

;

It

40

The Commercial and Financial Chronicle

(2576)

,

.

Thursday, December 20, 1962

.

WASHINGTON AND YOU

COMING

behind-the-scenes interpretations

EVENTS

from the nation's capital

IN

WASHINGTON, D. C.—Morel and
it becomes

more

the

of

apparent that one

issues

biggest

facing

the

stantial

for

a

sub¬

personal and

in

cut

cor¬

income

poration

in

taxes

1963,

plus a major tax reform.
The
of

closed. That happens regardless of
the

88th

two

order

will be banged to
but it will take a

Jan. 9,

few weeks for it

to get

organized

Defense

they

would

mand

tax

a

the fate of the

ing

will

taxes

said

be

can

decision

ultimate

decided

be

not

it

but

be,

the

flatly

will

proposals concern¬

Congress, particularly the Senate,
is

deliberative

a

However, in all probability, fate

cut.

This, of

and

decided

be

by

under

the

their

the

of

committee

important

Thus

Nation

focused

eyes

tax

all

wiil
this

on

early

next

There

are

in

questions to be

many

before there is

answered

tion

The

taxes.

reduc¬

a

situation

tax

83%

high,

it

it is not

into

as some mem¬

dents

of

the

Section Feb.

Jan, 24, 1963

of

tax is

that

it

Roof

plough

kills

blacked

is

indication

that

New

has

fully

York

Association

of

Arkansas,

House

tee,

Chairman

Ways and

Senator

and

"I

the

of

Means

tax

cut.

will

doubt

because

he

going

The

to

push

average

man

Senate

Finance

cerning

They

Harry

understands

his take home pay will be a little
each pay day.

more

If

there

is

stantial tax
tion

get the

are

to

money

government

is

that

the

Committee,

tax

both

are

cut

proposals.
to

opposed

cut

a

can

budget.

balance

and

President

the

Kennedy
with

confer

and

get

is planning

both

Chairman

Charrrnan
other

gress in the

Byrd,

leaders

hope they

and

of

Con¬

adjust

can

not

another

1963

with

hearings

There could

if

the

The

If

in

can

afford

we

then

must

early

how

big

its
a

cut

a

all

of

rates by

and

rate

from

Economic

individual

8%

re¬

a

income

of present rates,

reduction

a

tax

for

advocating

of

to

that

readily be

Pentagon

a

reduc¬

would

willing to pull in its belt

be

little

a

tighter. However, that is unlikely.

military in the United States
far greater in¬

a

fluence

in

this

realized

by

many

country

than

the

expresses

its

during the next few

months.

The

CED

is

is

people.

Federal

infuse

economic

life

into

in

new

this

activity

country. In turn, this would raise
the

national

income,

maintains.

the

On

Com¬

the

other

hand, the Committee believes that
in the absence of such

in

the

tax

income of

rate

Federal

the

reductions
tax

income

an

increase

American

by

lower

about

-*■

.•

CED

will

be

given

$6

an

op¬

Many Unneeded Military

findings before Congressional

Facilities

committees.

The

Army, Navy and Air Force
projects

enough

scattered

the

the

United

The

Committee, like

States

Chamber

Commerce, believes there

throughout the 50 states to keep

be prompt action

members

Bar

Association

Re¬

gional Meeting.

higher

expenditures rather than

reduced tax rates. In other

words,

the economy grows, the United

as

States Government grows when it
does not

need

to

Trust Co. of Ga.

of

27

May

-

1,

1963

(Boston,

Before

Promotes Seven

the

of

some

their

out

work

a

tax

Administration

While

there

thought

differences.

own

is

division

a

between

regular

Commerce

the

of

Treasury

concerted
when

a

Administration

President

the

future

the

on

action

Kennedy
the

on

Cabinet

starts
subject

is

stir the imagination. What

to

one

decided

will

indirectly
United

affect

every

meeting

of the

directly
in

person

Vice-President.

was

named
B.

Humphries,
and

all

were

H.

Dennis

T.

Brown

George

promoted

Assistant

to

Vice-Presidents.
Robert M.

is

ancient

an

was

named

Mr.

Moore

Trust
in

has

been

with

the

Company since 1952. He is

to

have

cut

too.

taxes

your
,

in

IVJlr. Andrews is in the Corre¬
spondent

Mr.

Banking
banks

Deaver

New

in

is

Business

Mr.

adage,

and

V.

,

eat

it

Can

we

That

is

afford
the

Department,
the

S'tate

Manager
Division

Humphries

Mr.

tax cut in 1963?

big,

unanswered

[This column is intended
"behind the scene"

to

own

may

or

the

of

Association

Meeting

at

the Greenbrier.

Financial Analysts Federation an¬
nual

convention

the

at

Palmer

House.
June

19-21, 1963

Investment

(Chicago, III.)

Bankers

Association

Municipal Conference at the Pick-

22-26,

Springs,
National

(Colorado

1963

Colo.)

Security

Traders

Asso¬

ciation Annual Convention at the

CHRONICLE'S Special Pictorial

Supplement Oct. 17.

v-

is

Attention Brokers and Dealers

the

of

TRADING MARKETS
Manager

of

of the Factor¬

Botany Industries
Indian

Brown

represents

Department
is

the

in

Official

Films

Waste King
now

Liaison

Of¬
Our New

operations.

Chief

York

V

Atlanta Oak Flooring Company as
and

Mills

Electronics

the

Accountant.

Trust Department.

should

telephone number is

CAnal 6-4592

Mr. Belk for several years was

Treasurer

Head

Maxson

coincide with the "Chronicle's" He joined the bank in 1961 in the

views.]

Bankers

Governors

of

employed by Haskins and Sells,
reflect Certified Public Accountants, and

interpretation

from the nation's Capital and
may not

Bond

ficer for branch

question.

the

Sanford

bank's

Mr.
a

of

State of Florida.

.

Sulphur

Georgia.

1963—You

cake

(White

Broadmoor Hotel.

partment.

overworked, but cer¬ the Credit Division
tainly applicable to the President's ing Department.
can't

1963

Investment

Sept.

charge of the bank's Credit De¬

serving

8-11,

an

Assistant Trust Officer.

sometimes

plan

con¬

Congress Hotel.

Belk

Factoring Department.
There

Mutual

Springs, W. Va.)
Board

a

Board of

Edward

Sanford

or

the

States.

of

annual

May 12-15, 1963 (Chicago, III.)

Thomas

meetings.

big issue and

a

the

announced

Andrews, Frank M. Deaver, Jr., J.

that there will be

calling the signals
at

Labor

and

seems

Georgia

Directors.

Department, and the Departments
of

of

pany

following promotions following

Elijah F. Moore, Jr.

be

can

May

ATLANTA, Ga.—The Trust Com¬

grow.

there

Association

Savings Baijiks 43rd

ference at the Hotel Statler.

country, the
wouid

billion.

The

there

present tax struc¬

our

ture that favors higher and

convic¬

portunity to present its views and

have

bias in

a

contends

The tax issue is

tax reduc¬

proposed

would

discussed

be

con

47%.

The CED's Research and Policy

Committee

will

and

corporate

the

52%

a

1964.

probability

pro

other, it

Committee

duction

in

but possibly

year,

probably wields

is:

Development is

mittee

The

good doorstop, Stupid

National

all

higher-ups must get together and

should it be?

tions

'

tion

fairly

reduction

the

billion

$8

at

Mass.)

to

Contention

determine

tion

faced

to

in fiscal

one

CED's

Ways and Means Committee

para¬

afford

we

1963?

only

fiscal

larger

Can

in

close

of

new

effort

an

billions for for¬

taxes

are

war

inevitable

and

reduce

cold

differences, in

One of the things that the House

the bills of

the

assistance,

We

a

a

April

cut
The

to

they fall due?

mount question is:

the

if it DOES make

care

con¬

1963, unless and until the Ad¬

tax

crises ahead, and

deficit

ques¬

going

we

pay

as

with

continuing

to

sub¬

a

simple.

Therefore,

eign

be

cut, the simple

Where

is:

our

It

going to

Convention

Flood

ministration and Congress

applaud him for it

readily

(Dallas, Tex.)

April 17-21, 1963 (Syracuse, N. Y.)

—put it back in the safe!"

"get this country moving again."

no

don't

Commit¬

Administration
a

Con¬

Section April 25.

the

their

for

Hotel

CHRONICLE'S Special Pictorial

City

recorded

President Kennedy and his entire
is

the
,

(excepting the

press

out

-

numerous

every

of

April 3-4-5, 1963

comments of Rep. Wilbur D. Mills

Mills

There

City, Mo.)

Texas Group Investment Bankers

profits

any

Garden

tinental.

so

corporation to

a

7.

(Kansas

sociation Mid-Winter Party on the

the business.

daily

papers)

to

Question

Hotel.

reve¬

Federal

i

Big

Drake

Statler Hilton Hotel.

indi¬

have

government

cated.

of

Kansas City Security Traders As¬

together

complex

as

Association

yield

taxes

apparent

incentive

The

jjrf Congress and other stu¬

The

the

risk capital and
back

Midwinter

(Chicago, 111.)

Traders

an¬

corporate

income

of

is

Annual

Chicago annual winter dinner at

Oppose Tax Cut

Because the corporate

in

phases is complicated, but

some

bers,

Security

Byrd of Virginia, Chairman of the

year.

in

is

course,

28th

Jan. 21, 1963

be
and

The corporate tax is 52%.

nues.

Ways

where,

originate.

must

taxpayers

have

House

constitution,

legislation
the

the

Committee

Means

de¬

fat

billions

Federal

the

personal

about

(Baltimore, Md.)

CHRONICLE'S Special Pictorial

Byrd

Today

of the far reaching proposals will

and

the

ciation

outlays they could get

Mills

and

18, 1963

Dinner at the Southern Hotel.

subject.

the

body.

Jan.

If

equal

an

of

those

other

Our

soon.

all

off

of

Department.

make

that

billions

knows at this time what

one

White

The American people demand a

strong

fully.
No

the

at

power

Baltimore Security Traders Asso¬

trimmed

Congress, with a life

years,

on

party in

House.

Congress is the Kennedy Ad¬

new

ministration's proposal

INVESTMENT FIELD

LERNER & CO., Inc.
'•/.

Investment Securities

10 Post Office

Square, Boston 9, Mass.

Telephone
HUbbard 2-1990

Teletype
617

451-3438

to reduce taxes.

a

of

Congress

supporting

$50 billion plus military budget.

The

is

truth

stallations

closed

Kennedy's budget for fiscal

our

1964

military

and

Hill

whjch will be sent to Capitol
in January. There is some

the

speculation
the

the

local

gressmen

at

a

time

the

facility

community

citizens

put

President of the

and

the

pressure

United

installation




is

or

their

keep them when there is
that

ap¬

made.

are

military

tablished in

will

dent

jeopardizing

however,

a

country

be

tions,

Once

the

should

and

awaiting

Congress "justify", those installa¬
propriations

and

in¬

could

Both

Congress
be

the proposal

those

many

without

security.

of

on

es¬

area,

Con¬

on

the

States to
a

threat

may

be

new

with

in

interest

Presi¬

Washington

budget

will

not

to

remain

secret until the

"Rising

a

White

Equipment

that
seek

higher expenditures for 1964 than,
was sought in
1963, but that will
have

Major Pool

House

Carl Marks
FOREIGN SECURITIES
20 BROAD STREET

budget is released.

Outlays

to

Meet

TEL: HANOVER 2-0050

CED

has

raised

an

ex¬

tremely pertinent question that in

Co. Inc.

SPECIALISTS

Corporation
Bought—Sold—Quoted

NEW YORK 5, N. Y.

TELETYPE 212-571-1685

Rising

MILL, THOMPSON & CO., INC.

Expenditures"
The

•

&

,\

\

70 Wall

Street, New York 5, N. Y.

Tel. WH 4-4540

Tele. 212 571-1708