Full text of Commercial and Financial Chronicle : December 26, 1963, Vol. 198, No. 6328, Section 1

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

The COMMERCIAL and FINANCIAL

Reg. U. S. Pal. Off.

Volume

Number

198

entered

1

27 ,years

FINANCIAL FIELD

THE

IN

Price

7, N. Y., Thursday, December 26, 1963

50

.

.

it

ago,

the

was

Cents

great privilege to work

As

member

a

Vice-President and Director

By Dr. Pierre A. Rinfret,*

of Congress, I worked ivith him to bring about a pro¬
found but peaceful revolution. I

Business

cussion

-

:

.

,

ued

helped

"We

helped

their

'

-

■

Tennessee

./

in

as

we

done that

have

of private speculation,

place of city slums and

in America

built

ice

I have three conclusions:

will

there

extended the

we

the

scale, the time has

20 years ago

for

come, as

new

a

it

be

in

With

progress

for that one-third of mankind that

words,

among

the- other

day

greeted

the

will

who

General Assembly of the
are

many, we among

can

be

them,

was

since early 1961.

said and done in those

would

have

(Continued

on page

up

be

broad

a

Let

or

are

in ex¬

to be corrected.

prone

the outlook for
and

to forecast

therefore,

order,

need to ask ourselves the fundamental

we

basic

question which is "Will this recovery abort
In order to answer that question we need

in 1964?"

examine

to

how

why

and

of

these -postwar

sec¬

had business

have

we

An examination

contractions in the postwar period.

occurred

which

contractions

and

front

me

correction,

tures,

in the sec¬

new

V

;

look at each

us

take'the

we

one

of these factors as it now

is in

turn from these conclusions to an analy¬

American

position

that

inventories

are

work,

by

no

excessive and in fact the American economy

means

■

sis of the forces that are at work in the

downturn in private capital expendi¬

exists. Let's start off with inventories. In our

'Y;Y°:;

records established in

:

a

of the following: inventory

contraction in federal spending.

a

Let

Dr. P. A. Rinfret

forward

with

contractions has been

of the

each

caused by one or more

down in in¬

moving

that

in
the

year

moderate

see

the fourth quarter.

9)

under¬

The length of the recovery is

which must be

conclusion

of the

half

likely to

will

omy

days of the deep depres¬

happened

In
1964

be

half of the ^year the econ¬

ond

question,

no

rising

a

dustrial activity, but

however, that Franklin Roosevelt profited politically by
what

are

variations

on

sion;-What

our

of

relatively

a

country.

a

1948-49, 1953-54, 1957-58, and 1960-61, leads to
first

the

In

others, President Johnson

sharply disagree. There

be,

as

only significant to the extent that we build

half.

ond

appraisal of the accomplish¬

ments of the New Deal there

will

year

we

United Nations. With this

will

1964

flat first half and

by hunger and poverty and disease.''

these

factors

reject

current business recovery has been

that

1963; and third, the pattern for

of hope

era

in

long' as nine years.

as

business cycles are some magical
35, 40 or 45 months in length is a

way

higher than that of

5%

as

which have lasted as little as

that lasted

variable when
forecasting the economic outlook for 1964, the fact

second,

1964;

peri¬

will study the history of business

therefore,

would,

illustrate how I
what the

such thing as a regular or

first,

recession

no

economy

about

the

is still beset

and

such

number

to them.

me

one

logic that

cesses

excesses

the world

—hope and

conclusions

these

at

that have led

are

no

myth, not based on the history of this

comments on the out¬

would like to

I

This is not

of the United States.

you

and

year

The

by stating my conclusions, and after

look for 1964
I

en¬

rights of freedom to all our citizens.

came

one

I

of the great rivers,

If

periodic and regular cycle in the

a

business cycles

had

should

investments

I would like to start off my

consequence

on

1

cycles in the United States, you will see we have

$13 billion without, and $18-$20 billion with, a tax cut.

up

<

Valley and the lower Colorado,

curbed the

"Now,

odic cycle.

rise 8% over 1963;
spending to rise $5 billion; and consumer outlays

arrive

homes in the

responsible for posf-WW II recessions finds they

capital

federal

couraged the growth of cooperatives and trade unions,
we

Section

being treated these days to the

are

There is

true.

slowly but finish vigorously in the second half of 1964.
Dr. Rinfret states we are under—rather than over—inven¬
toried;

We

economic affairs

off

more

their soil and water, and electrify

harnessed the powers

"We
the

obtain

women

1964 to a $510-615 billion
cut and higher with it. Examination

present, and that at worst the economy will start

not

are

and

men

farmers to buy and improve their own

our

conserve

farms.

—

today.., I would like to start off by a dis¬
thej^currently popular theory of "peri¬

idea that that is

upward economic pace in

of factors

helped them obtain better wages.,

we

land, and

working

our

convincing analysis forecasts contin¬

consultant's

GNP level without a tax

of the nation that was then 'ill-housed,

and ill-clad and ill-nourished .'

jobs and

Sections

2

of

odicity."

'■

peaceful. revolution brought help and hope to

one-third

"We

In

Copy

a

economy

of Economics Department, Lionel D. Edie &,Co., IS. Y. C.

the

1839

Uptrend to Abort Itself in 1964

United States

of the

Congress

my ,very

closely with Franklin Delano Roosevelt.

"That

ESTABLISHED

.

| As We See It

EDIT0RIAL

"When

New York

6328

PUBLICATION

INFORMATIVE

MOST

AND

LEADING

THE

a

very

tight inventory situation even though
(Continued on page 10)

have been accumulat-

we

State,

IBA CONVENTION SUPPLEMENT: Section 2

U.S. Government,
Public

Housing,

State and

Municipal

Distributors

Chemical

York 8, N.Y.
•

Dealers

Y

Members
Members

•

,

17,

New

York

Stock

Exchange

Stock Exchange

American
Pacific

'

Agency ; '
Bonds and
Notes

Exchange

Coast

Municipal

Bona

Pivisin*

dale, Hollywood, Long Beach, Oceanside,

Y '--a

Pasadena, Pomona, Redlands, Riverside,
San

Diego,

Santa

FIRST NATIONAL CITY BANK

JEE^midwest stogk exchange

770-2661

Los Angeles

Offices in Corona del Mar, Encino, Glen-

members

■

Hope Street,

Members

Securities

DEPARTMENT

770-2541-

•

So.

California

Corporate & Municipal

CHEMICAL BANK NEW YORK TRUST COMPANY

P.O. Box 710, New

623

•

a-

NewYork
phones:

Lester, Ryons & Co.

Underwriters

'(AdC

^

jjjjT

Housing

Ml Uil El WELLS & COMPANY

Securities

BOND

Municipal
and Public

Whittier
Inquiries Invited

135 So. LaSalle Street

Bond Dept.

TWX: 212-571-1414

Y.

on

New

York

Correspondent

Y

Southern

California Securities

Teletype: 571-0830

Monica,

Santa

Ana,

—

*

■

■

Pershing & Co.

Chicago 3, ill. FRanklin 2-1166

THE

CHASE

MANHATTAN
BANK

91st Year
i ear
:*JLSt
X\.

Net Active Markets

Iv--'.'XXv.v//..

To

0

*

California's Diversified

Maintained

Dealers, Banks and Brokers

UNDERWRITER,
DISTRIBUTOR.

Orvis Brothers &(?>

Block Inquiries

Established 1872

DEALER




Canadian Securities
Invited

Commission Orders Executed On

Members New York Stock Exchange

Human Resources

CANADIAN

^

GEOLOGIST

BONDS & STOCKS
All

'

Canadian Exchanges

THIRTY

BROAD

STREET

CANADIAN DEPARTMENT

Teletype 212-571-1213

Doxi?no?i Securities

NEW YORK 4, NEW YORK

WM

illi

Direct Wires to Montreal and Toronto

WHitehal!

~

3-7500

Goodbody &
-

,

^'Y

;

,

'

•.

-

/

-

MEMBERS

'

-

r

2

BROADWAY
NEW YORK

'

'

'

NEW

Corporation

Co.

YORK STOCK EXCHANGE

40

Exchange Place, New York 5, N. Y.

1 NORTH LA SALLE ST.

.

Teletype 571-0880

CHICAGO

Area Code 212

WHitehall 4-8161
1

•

Bank of America
N.T. & S. A.

MUNICIPAL BOND
SAN

FRANCISCO

•

DEPARTMENT
LOS ANGELES

The Commercial and Financial Chronicle

.

.

Thursday, December 26,-1963

.

(2466)

2

'

■rv*
_

Coordination...
York

by-word of New

extremely

trading would be

give you, the bank,

tion, to
broker

best

the

dealer

or

service

Remember, when it's

in

NEW YORK

Exchange

Stock

American

,

;

York 4

60 Broad St., New

»

Chicago

•

Philadelphia

San Francisco

•

Wide

World

Los Angeles

•

*

»

1231, 32, 33, 34

—

Wire

of the market for

power

million to an estimated
$250 million in 1962 and is

$40

size of

Service

the

consecutive

ninth

this

of

rising

this

the

in

results

The

year.

ous

WEST VIRGINIA

an

trend.

$1,500,000 will be invested

About

BONDS

which

underlie

tures

the

obvi¬

are

40%

product line:

NORTH

CAROLIN

SOUTH

CAROLIN

in

alertness

held

be

do

and

by

better

a

pair

a

at

job

can

be expected to con¬

tinue

the

past rate

at

will have

Steiner, Rouse & Co.
Members
Members

and

While

others.

elec¬

main

the

constitute

motors

some

of

methods

other

ried out;

development of

power,

is

constantly

experiments

car¬

be¬

are now

ing made with gasoline motors.
Skil

Corporation is
in

panies

benefits

foreseeable
For

ings,

machinery

importance.

212 571-1425

wires

Direct

Market

operating

an

related

expenses

Detrex Chemical

relatively low; elec¬

tries.

price

that

ceeded

rise

of

Poor's

by

Industries

in¬

Midwest
Detroit

while Standard &

970%, or"31/2 times greater.
ing this

period,

same

of

$10,000

Life

City

of

in

Insurance

1051

United

York

QUOTED

—

Stock
Stock

Exchange

Exchange

Penobscot

Building

DETROIT 26, MICII.

Dur¬

invest¬

an

962-3855

313

Branch

States

OfficeBay

222-5012

City,

Mich.

the

in

Company

New

SOLD

Members

Index

Stock

Stock Index increased

Poor's Life

—

MORELAND & CO.

indus¬

1, 1951, Standard

Industrial

increased 270%

BOUGHT

ex¬

other

most

Since Jan.

life
far

of

has

of

branch offices

our

inventory,

stocks

surance

to

is of minor

tronic computers are becoming

have

would

increased in market value to over

$400,000

40 times.

or

United

Company is

result.

insurance

have

long

having

with

March

Life

States

where

can

efforts

the

Growth

Union Carbide to adapt improved

1952

Mr.

in sales from $19,000,000 in 1958 to

batteries to furnish power to port¬

man

with

$31,000,000 in 1963 has been made

able tools.

life

in the nation,

incorporated

been
4,

Insurance

oldest stock

company

innovate.

in

and

From

are

from

made

Exchange

St., New York 6, N. Y.

build¬

assets

standpoint, labor

cooperation

example,

investment in

obsolescence of

place and

been

Exchange

active

also

industries

other

Stock
Stock

American

Mobile, Ala.

mortgages, policy loans and cash,

ment
source

York.

New

19 Rector

dramatic impact

more

a

than

sales

on

tric

a

Chicago,

(Page 2)

with limited

of new

products

changes

Advisor,

Co.,

HAnover 2-0700

in mutual development with com¬

recognizing

market

the

Co.—Robert

New Orleans, La. - Birmingham, Ala.

&

prominent position in its

&

Bought—Sold——Quoted

increasing importance.

lower cost. Introduction

rw.

in

about

equals

earnings,

can

hands

of
a

industry results from a record of

call

set for 1964.

was

payout

that

tools

tools.

different

Skil's

111.

Hummer

(Page 2)

Investment
Blair

closely observed policy is that to income

The total line includes

live years.
150

$30 million

one-half of

of

products now marketed have
been introduced during the past

the

VIRGINIA

conservative

lenge for the future is to produce

annual

an

increase has
been
registered. Large-scale re¬
search and development expendi¬
for

share. The

per

has; been

dividend

will be about 13% above

in

net of $4

a

past estimates; in 1958 the goal

for
A

Wayne,

Insurance

Kiep,

William

Skil Corporation feels its chal¬

year,

year

andr

$2.30

or

company

ing its share of this market. Sales
last

MUNICIPAL

million,

sales target is $50,-

1988,

Skil is steadily increas¬

about 7%.

this year

in

000,000

in

Life

S.

J.

call

rate of

at

increasing

Telephone: 363-2000

Teletype: 212-571

of

The five year

paral¬

record

Partner,

Co., Chicago, 111.

per

projections

Company

U.

18.2

at

Corporation—Philip W. Hum¬

mer,

earnings of $1.60 per share.

and

the

for

tools which has
expanded from a postwar volume

Member

Associate

Boston

Louisiana Securities

$35 million in Scdes. in .1964,

for

will reach $31,000,000.

impressive

portable

Established 1920
*

earnings.£ Sales

lels the growth

CORPORATION

share.

Skil

of $1.40

earnings

1963

times

that

through

financed

been

current year
This

since

expansion

all

has

retained

Hanseatic

of

investment

an

selling

is

Corporation

an

tically
time

,

founded

electrically operated
named "skilsaw." Prac¬

saw

priced at 25 Vz,

Currently

with

1924

chain

Over-the-Counter

&

Corporation

$500

"Call HANSEATIC"

Skil

to

policy.

quality in its product line.
Skii

The Skil Corporation was

possible.

successful merchandising
A prerequisite, however,

ly

Chicago, III.

in

/

Their Selections

is the traditional concentration on

;

Hummer & Co.,

Partner, Wayne.

through coordiua-

aim,

our

PHILIP W. HUMMER

At Hanseatic it is

difficult.

Alabama &

Participants and

favoring a particular security.

participate and give their reasons for

**»

Over-the-Counter

it,

without

and advisory field from all sections of the country

in the investment

For

Corporation.

Hanseatic

t

trfC r'

This Week's

Forum

each week, a different group of experts

A continuous forum in which,
The

I Like Best...

The Security

'

113

1850,

on

In

ago.

years

'

RICHMOND,

VIRGINIA

to

willingness

excellent

through

possible

Effective Distribution

is

including electric

parts,

in

tors, needed for its tools.

Northern Ohio

ket has three

murch & co, inc.
York Stock Exchange

Hanna

Building

Cleveland

-

CH

Wire
&

to

L. F.

to

than

less

in

Ohio

this

Rothschild

Co., N.Y.C.

$2

mar¬

As

Canada.

in

result

a

in

efforts

current

have

inr

established

been

Underwriters-Dealers
Distributors

A

begin

1964

Corporate and Municipal

is

tralia

In

planned.
in

million

Foreign

1964,

York

Stock

Exchange

Pittsburgh

f.

New

Stock

Exchange

American

Stock

Union Trust
GRant

(Associate)

Bldg., Pittsburgh 19, Pa.

1-8700

Private

Exchange

Teletype

Wire

to

New

412
York

642-3080

City

ture
turn

foreign

on

favorable

sales,

than

over

9%

is

increase.

years

expansion

facilities

factory

home for

at

space

use

of

grow¬

ing domestic production.

99

WALL

STREET

The

Corporation is

most

a

at

Skil

important

factor in assessing the future.
NEW

YORK

5. N. Y.

president,

.

joined the

John

F.

dent in

He

Raw

—

Refined

—

Liquid

Exports—I mports—Futures

marketing
five

year

brought to

know-how

record

of

the

and
yearly

increase of
National

Gross

rise

a

desire

aided

in

period

has

force

in

in

the

na¬

for

protection

In 1952, the average
$5,300 and rose

was

Factors which

earnings,
sales,

are

beside

favorable

higher investment income.
of

teristics

is

an

the

of

significant charac¬

the

industry is that it

essential

provides

needed

one.

Insurance

protection.

An¬

other feature is that since most of

the

assets

consist

4-2727




fThis is under
as

a

no

do

The
and

a

mark

of

business

of

solicitation of an offer to

to

be construed

buy,

any

as

an

of fer

to

74th

Year

—

1963

cf

in

all

both

is
in

New

re¬

a

company

and

national

United

pating,

securities,

of

non

health.

Life

—

and

pension

ordi¬

accident

it

a

partici¬

participating,

-

Recently

plan field.

offers

policies

group

nary,

the

States

line

and

entered

profit

and

has

sharing

Of total premium in¬

approximately 90% is from

come,

domestic

87.5%

operations.

Of total

in¬

in force at 1962 year end,

surance

non-participating and

was

12.5%, participating. Ordinary in¬
43.6%

represented

surance

in

force

and

of

group,

56.4%.
In the decade

United

$134,490,000,

admitted

life

ten

States

whole.

dividual

In

was

for

sell,

or

security referred to lutein.)

8.7%

New York 16, N. Y.,

446%,

more

the

than

Dec.

its

new

1961

and

31,

compared

sales

insurance

In

United

industry

million—a
over

to

the

delivers

hungry

each

Crusade,
a

gift

overseas.

National

company

sales for

the

1962,

life

mail box:

rose

industry.

ending

years

Life

the

growth

insurance

150%

your

CARE Food

same

force

considerably

of

increase in

1962,

with

a

rate

total
the

this

in

in

In the last ten years,

enjoyed

as

to

as¬

$533,496,000 to $1,988,563,000.

rapid

near

sent

$56,070,000 to

while

insurance

period

has

$1

ending with 1962,

States Life's

sets increased from

from

As

package

of

as

in¬

exceeded

record
well

Quotation
Bureau
Incorporated

Over-the-Counter Quotations
Services for 50 Years

and

above

46 Front Street,
CHICAGO

Continued

on

Established 1913

a

t

circumstances

Our

are

exacting

quality

,

out

company

with

—

reserve

States,

domiciled

6, N. Y.

Telephone: WOrth 4-3033

prestige.

$157
'

'y

DIgby

to

states.

a

CO., INC.

PRINTING

130 Cedar St., New York

1889

companies,
United

the

insurnce

1962 to $11,400.

One

10%

annual sales increase is due large¬

billion ten

same

to

security.

and

job

Skil's

an

com¬

mortality rate, control of expenses

Spaulding,

charge of sales at Black &

Decker.

in

insurance

population and income, and

growth

The

yearly

billion,

insurance

attributed

have

leaving the position of vice-presi¬

SUGAR

the

in

increased

in

assets
a

only 36%.

tion's

in 1958 after

company

in

family policy

team

management

This is

whereas

Growth

and

life

$676

only $277

ago.

Product

is

record

company

Total

with

144%,

of
for¬

at

a

failed to show

exceeds

pared

risen

eign bases to permit wider

LAMB0RN & CO.,i Inc.

insurance

in

state

a

in

business

Only 25 legal

insurance

broad

Since 1890, total

surpass.

never

force

'

the

manufacturing

industry.

have

interesting concept of man¬

agement

can

to do

APPEAL

industry

outstanding company

an

that

life

a

first

is

growth which few other indus¬

re¬

with

a

then

more

is

decade ago.

50

The company

states, compared with 30

York,

attractive

an

growth

tries

domestic

of

compared

little under 8%.

An

sales

that

that

for

Life insurance has had

of total

this expansion is

of

50

vigorous

a

quirements and giving

real

of

indicated sales. An attractive fea¬

McKelvy & Company

all

president

as

developed

licensed

now

associated

became

licensed

select

and

sales

22%

is

insur¬

up

throughout

company

authorized

Blair &

approach

within

for $7.7

or

-searching

to

early

account

to

listing

Company

my

Mexico

in

William

Advisor.

investment,

joint venture in Aus¬

a

expected

are

Securities

and

in

factory

operation

individ¬

Co.. Chicago. III.

in

way.

small

con¬

a

CFA

United States Life Insurance

Germany, Belgium and Nor¬

will

the
has

considerations life

continual

Invest meat

plant in

West

country,

with

1,503

feet. Sales and service

square

offices

the

agencies

management team.

ROBERT J. KIEP,

Holland has been enlarged to 51,000

under

is

sales

is

and

appropriate institutions.

and

in building

experience
ance

a

successful

and

and

investment for

growing

A

year.

Market,

wide

OverT-the-

the

New York Stock Exchange

will account for 20% of total sales

the

in

The

Skil's.

to

uals

European market, foreign volume
in

considered

products

1959,

of

the

have

servative

principally

was

are a pos¬

candidates

traded

Counter

areas, con¬

million

volume

creased

Tele. 216-574-9180-81

1-5671

Private

15,

mo¬

Foreign sales of Skil amounted
and

of

is

stock

industrial and automotive.

sumer,

Member New

principal

Its

the

complementary

manufacturing virtually all

pany,

the

com¬

Acquisitions

if

line

a

fully integrated

a

sibility

%

keting ability.
Skil

mar¬

Belknap,

Raymond

page

19

New York 4, N. Y.
SAN FRANCISCO

6328 .'.

Number

198

Volume

The Commercial and Financial Chronicle

.

(2467)

3

CONTENTS
Thursday, December 26.

1963

tymv

Funds for Investment Goals

i....

By John A. Sieff,* Pension Fund Investment Department, Smith.

Profit-sharing plans

in two distinctly different

come

determining the type

there

of fund,

still

remains

problem

properly managing and financing it to mait diverse goals.
include

objectives
death,

particulars that

tackled in

are

investment

severance,

ether

simultaneously

satisfying

Goals

These and

Transportation., Co.

Reserve

long-term investment results compared to fixed income investments.

Natural

Gas

extent

;yf; "y;;.'.

important role, and Mr. Sieff explains to what

an

profit-sharing funds

advised to make

or

wish

if the

are

trustees

concerned

do

not

to

become

t'Xc'x

rather

though

surprising

t.iere

is

literature

on

sharing,
written

that

good

a

very

deal

the subject of

little

al-

because,

of

has

been

of

ferred

of

profit

where

stances

the

difficult

have

stock,

that

management

in-

should

use

be

sufficient

John Sieff

plans

for

benefits,

providing

there

is

been

have

deferred

orofit

that this has

early

paths.

of

Many

ing

the

Sea"s.

inclu

Roebuck

and

plans,

were

an

used whollv fcr investment in the

company's"

stock.

own

olan-;

attraction

of

the

cbv'ous

t"»e

and

is

INVESTMENT

BANKERS

includes

and

the

fol¬

New Year

•

Harris

J.

9

Industry.:—

Amyas

Ames 10

The SEC After the Special Study of Securities

Markets.—

William

World Bank's Role

L.

Cary 11

Borrower and Lender

as

George D. Woods 12
The Investment Potential

America

—

of

Benjamin

—

Singer, Bean
s.

Educated

an

Mack ie, Inc.

Willis 13

C.

the

view

The

adopted

one

the

fund

to

subject
selection

the

and

stock

of

same

the

same

holding

included

in

as

,

a

care

where a ser.ous

0*

Pr*ce

tne

company s

From

as

the

be

criteria

Indications
Market

.

.

Mutual

of

to

think

that

the

other

ing

approach

an

recognizing

the

sharing concept;

upon a
//

answer

to

Prospective

which,

Security

truly realistic appraisal of
on page

Spencer Trask & Co.
25

BROAD

1868

Stock

ST., NEW

YORK

4, N.

'

'

Y.

and

Published

and

Albany

Boston
Newark

>

TELETYPE 212-571-0785




';

Glens Falls

Schenectady

Worcester

Chicago

24

.

28
2

15

(The)

Market

16

...

6

...

You

Twice

32

Park

FINANCIAL
'

B.

DANA

Place, New York
D.

and

Weekly

WILLIAM

Reg.

COMPANY,

N.

?,

Y.

DANA

S.

Patent

Office

PUBLISHER
2-1)370

to

05*6

United

V

SEIBERT,

Treasurer

GEORGE

Thursday,

CHRONICLE

U.

KEetor

>

■

SEIBERT, President
WILLIAM

December

26,

J.

MORRISSEY,

Editor

19S3

Nuclear

Every, Thursday (general news and advertising issue>
and
every
Monday
(complete
statistical
issue — market
records'
quotation
corporation news, bank clearings, state and city news, etc. it. Oiher
Oilice:

South

135

La

Salle St.( Chicago 3^

111. (Phone STate 2-0613*

Copyright 1963 by William B. Dana Crmpany,

18

rights reserved. Reproduction in whole
written

permission is strictly

class postage

United

AND

States,

$80.00

per

countries

THURSDAY

U.

In

United

Union

other

per

per

S.

year;

ONLY

Possessions

in

part

Y.

<
issues

members

of

Canada

of

per

Pan

$83.00

year

)

American
per

year,

year.

EDITION

U.

and

Dominion

in

in

N.

RATES

EDITIONS < 104

Possessions

year;

$87.00

States,

$20.00

S.

or

prohibited.

New York,

paid at

SUBSCRIPTION
MONDAY
In

(52 issues

and

Dominion

members

of

Canada

per

of

year)

Pan

$21.50

American
per

year;

countries $23.50 per year.

«fi V. FRANKEL S CO.
INCORPORATED

Bank

and

Postage

Quotation

in

PUBLICATIONS

Record—•Monthly,

$45.00

extrai.

New

for

per

year

(Foreign

39

BROADWAY, NEW YORK 6

,

account

remittances
made

Nashville

FUND
CAMPAIGN

13

Industry

Bond

COMMERCIAL

Note—On

TELEPHONE HAnover 24300

HOSPITAL

13

Corner

OTHER

Exchange

UHlTEd

4

Offerings....

Salesman's

THURSDAY

York

14

Bankers

For Banks, Brokers and Dealers

The

other

New

11

Security I Like Best (The)

Union

Members

23
14

...

Governments—.;

Security

while

PREFERRED STOCKS

Founded

...

l

.1

on

Second

A

Activity

Securities

without

specialized in

7

17

...

Securities Now in Registration___

All

have

8

1

...

Reporter

the

arguments of the

Continued

32

market

two opposing viewpoints, is based

stocky represents a logical exten-

For many years we

Business

problem must, be found by adopt-

portfolio,

_____

Recommendalions

(Tlie).^

Banks and

Public; Utility

CLAUDE

I

You

Funds

News About

Our

Current

and

.

Observations

Zb

of

limitation
any

solely

Investment

Field.

Washington Ahead of the News

goodwill.

the

should

clue

be

20

...

Investment

the

1
10

Einzi?: "1964 Inflation Prospects for Countries
Abroad"
i-'.

movements and quite unconnected with the success of the
company s operat ons, could have
a negative effect on employee

a

Investing in the company's own
of the profit

extreme

may

deferred

more

this; approach

own

own

Dealer-Broker

Washington

pension trust, to which traditional

company's

even

Stocks...

Bookshelf

Coming Events in

severely reduced. Further, '/the
effect of fluctuations in t ie price
of the company's stocky which

investment concepts should be ap-

Under

becomes

.(Editorial)

Businessman's

Slate of Trade

is the

who

ease

portfolio

It

Insurance

of. investing

way

sharing

J

See

We

Tax-Exempt

contributions.

those

Regular Features

benefit payments, will have been

is

other approach

size

the

David

fur,d> and hence the size of the

this

profit sharing

stock

the

to

Primary Issues Pertaining to the Securities

the

that

effective

.10us'

s^oc^ -^e value of a share in the

large school of thought

a

believes

plied.

of

of AMERICA

Incoming President's Inaugural Address

Bank and

this view are

°

*n

employee part-

nership concept which is involved,

profit

Convention

ar-

setback has resulted in a number
lay-offs and early retirements
a tibie when, duetto the decline

Based

partly on the outstanding success
these

investment

decline in the price of the stock
have a marked effect on the total
value of tne fund, but tie very
circumstances which caused this
decline might well make the need
for the security of the fund even
greater. .It'is-possible to envisage

the

of

Gamble

&

Procter

most

devoted

-

stronger where the company's

sharing concept is

plans,

..

have

company's

!" j™
ing tie size of any one holding

developed along two

known

the

etrck is involved. Not only will

feature

divergent

not

does

•

traditional

,air

Stock

Own

,

in

fur"enl;

which

Investing in the Company's

there

is

issue

in¬

.

in

which

today's

lowing articles otifthe pages indicated:

As

The

£un(j

t ie

of

implication being

a

applied to this type of

interesting

the

faith

future.

•

to examine the policy

well

nual

to

growing

employees

own

deferred

quite

31

wholly invested in the company's

retirement

sion

There

company.

in

a

TWO

ASSOCIATION

argument

fund
is

in

the

An

L_.

proceedings, editorial and pictorial, of the 52nd An¬

questioned why their fund is not

creasing

of

stock

country

this

bv

the

is

among

need

12

Governor Signs Gifts of Securities

in

company

con¬

industry

of

the

dispute, particularly in

profit

cept

of

Promise?

or

Harold C. Woodward

results

Thus the concept

of

investing

company's

of

fund

employees' partnership

success

for

ac¬

sharing

the

perpetuated. This basic

the

ceptance

the

the

sharing funds.
With

i'und

a

the future

on

of those efforts.

de¬

growing

created

employees,

will denend

prob¬

lems

and

ment

about

ment

having

out of the profits resulting from
the combined efforts of manage-

profit

invest¬

and

Anniversary

More Articles in Section Two

'

SECTION
It' is

the

50th

/

involved

in detailed investment matters.

the

Mil

independent investment

advisor

•

(Due

Cobleigh

of mutual funds, bank-

pooled investment funds, corporate trustee

Observes

To Minors Legislation

Smaller

use

„Ira

Regulation: Dilemma

New Jersey

they should make up a portfolio and he does not neglect the

advantages and disadvantages of other investment media.

,

_

Federal

play

.

Changing the Tax Bill to Accomplish IG Growth
Goa*—1—j
..William H. Peterson

explains why he is strongly in favor o'f equities for most satisfactory
The latter do

Co

Uptrend

—J^-John A. Sieff

Overnite

by Mr. Sieff. The writer

manner

the Economic

1964——_ .Pierre A. Rinfret

•.

Managing Profit Sharing Funds for Investment

Those

be troublesome unless property handled

can

for

No Reason

To Abort Itself in

of

retirement,

and liquidity needs.

revenue

clear and instructive

a

deferred

There Is

After

styles.

the

...

©ear

J^eUi

Articles and News

Harney & Co-, Nete York City

,

■'

•

of

foreign

York

the

fluctuations

subscriptions

funds.

in

and

the

rate

of

advertisements

exchange,
must

WHitehall

3-6633

be

Teletype

212-571-0500
212-571-0501

The Commercial and Financial Chronicle

(2468)

4

enjoy

Co.

Overnite Transportation
short

A

report

record

'

.

'

■

last

trucking industry in the

attracted

has increasingly

decade

Traffic

the attention of investors.

and

industry's share of inter¬

and the

has steadily expand¬

state freight

10%

from

ed

25%

surged ahead

have

revenues

While

today.

almost

to

1947

in

in

public" since

market

considerable

popularity.

the last 3 or 4 years, however,

In

has

created

door

efficient

they have appeared less dynamic

and

costs -which

rising

The

re¬

selected for discus¬

company

sion

today,

formed

have

growth of earning power.
however,

has,

per¬

than

Overnite

is

pany

Transportation

largest

the

trucking

consistently

have

of

a

considerable

employee

contentment

contributed, to
to

non-union

this

with
nual

paid by Overnite

wages

the

about

same

unionized

companies

more

are

those

as

Overnite's

and

Overnite

An¬

status.

in

by

the area;

benefits

pension

Moreover,

generous.

has

are

paid

its

encouraged

em¬

and

over-

from

d i t io

c o n

n s,

costly to north¬

Traffic

Diversified
Overnite's

from Richmond and

Charleston

Wilmington,

and

Savannah;

with

the big

ties

Norfolk, Vir¬

serving the seaport

South,
of

of

extend

Richmond,

Atlanta

is well

Nashville. Traffic
and

not

industry

one

or

on

and

No

company.

single customer accounts for more
than 4%

of overall volume.

Over

50%

volume

is

com¬

of

about

today

general

of the company's drivers are

80%

not tied
work

down by restictive union

rules,

it enjoys far

flexibility,

operational
put

temporary

on

greater

and

can

dur¬

workers

ing periods of peak demand.
this

of

has

register,
the

paid

the

out

salaries

average,

each

of

cents

This

out

and

each

for

dollar,

figure

of

wages,

55 cents

consume

revenue

the

Overnite

All
cash

the

at

whereas throughout

and

industry

on

off

is

only

48

dollar.

gross

efficiency is further reflect¬

ed

in the operating ratio

as

(he

percentage of

(defined
to

expenses

Mr.

J.

President,

and
of

single

a

gross

Under

his

ratio
was

95.9%.

was

stantial

tribute

competence
Overnite
as

For

Overnite

82.7%.-This

only

to

since

it

sub¬

a

the

ratio

for

recently

as

1960.

was

incorporated

1247

carrying

founded

in

and

J.

Harwood

The company has con¬
its

efforts

and

in

rapidly

grown

nally,

business

a

by

by

Overnite

the

both

South

inter¬

acquisitions.

000

foot

square

operates

1,500

over

miles

transports

of

each

lina,

routes;

to

1,100

over

Carolina,

and

Geor¬

gia; with irregular routes in Ten¬
nessee.

About

originates
Overnite's
A

65%

and
own

feature

truck

127,-

a

facil-

warehouse

Common

/

of

all

traffic

terminates

on

lines.
of




the

Overnite

are

listed

and

The

growth

impressive

New

60

cents

has

record

with

operating-

this year.
in

year

from

57

cated
is

on

for

about

now

excellent

974,811

$3

1960

an

flow

long

common

is

term

debt

is

$2,-

ahead

stock.

11

the

piost

dustrial

rapidly/expanding
regions

States,

and

plants

being

the

one

in

because

the
of

established,

should

in-'

United
the

old

area,

continue

to

ible

administrative

could

agency,

been

six

pointed

an

dent

vice

second

appointed

in

1938

1949,

January,

vanced/to
dent.

Chase

in

In

1930,

president.
presi¬

senior

a

following
he

vice

International

//-',.

director

from

abuse

statute

own

might

well

the

the

out

purchase

be

chair¬

director

a

in
a

insider's

an

his

in

he

the

company,

of

crowd,

a

.

his

faith

is

member

a

Brasileiro,

tan's

associate

constitute

calling

for

activities,
real

a

,

in

Brazil.

the

is
the

Business

national

director

a

Council

for

Understanding

York),-and

a

voting

fictitiously

the

He

has

the

Split

Candidates,"

Service's

explains,

current

piece

"'When

these

of stock

kind

|blank,

makes

blank]

regularly
in

Week

market

of

governments

Thailand

for

and

for

the field

(New

trustee

of

Forecasts

week

out

re¬

our

con¬

straight-from-the-shoul-

prepare

international

for

sometimes

the

for

the

market—and

too

company

(was the double split in Chrysler
by

chance motivated by the

any

option-laden corporate officials?).

tivities
mains

the

of

advisors

of the

one

of

the

is

SEC

the

to

problems in

Broadway,

Goodbody

&

New

City, members of the

York
York

Jan.

1

thew

N.

Bagley,

G.
M.

Smoot,

Nilssen
to

Alfred

and

general

B.

Jr.,

on

E. Hogle.;

Henry

Kenneth

E.

any

control

are

N.

Mat¬

Chester

M

partnership,

partners'

of

Hogle & Co., which is being

dissolved.

flexible.
SEC

ing

prompted

regulators.

The

lack

is

It

not

any

of

with

needed

ad

laid

rules

hoc

down

Likewise is fed¬

through the applica¬
statutes in¬

is significant that

ment in the issue of

York

November 21
the

a

proposals

Self-regulation

of

for

last

21

(A.

company

at

creased

follows:

as

T.

&

been

as

proved

to

high-minded

the

reason

for

be

unattainable.

publishers
their

While this

statement

may

be

know

that

the

net

per

share

have

not

increased by

any

such percentage,

we

by

the

fact

has

this

crease

in

give

hands-off

has

would

been

the

period of
made

have

without

ment,

the
only

period.

same

total

40

over

It is because A. Wilfred

years.

May

such

In
in¬

never

state¬

a

qualification

a

as

to the effect of dilution of the per

share

earnings,

enormous

of

by

increase

ccmmon

riod, that I

number

same

writing to

am

the

of

reason

in the

shares in the

So,

please

tinue

your

keep

well

columns V

New

York

pe¬

you.

cen¬

con¬

Sahlman

Metropolitan Sees. Branch
POPLAR

BLUFF, Mo.

Metro¬

—

politan Securities Corporation has

management

b-high standard publi¬

and

>

City

And the

interest

evidenced

as

including
increased

been

a

true

earnings

dividend, the divi¬

33V3 % during the

fact,

literally

that,

new

North

their

to

year,

at the rate

opened

with

each

rose

income

where to draw the line uniformly.

cations,

in¬

equivalent

of almost 13% yearly."

attitude, the difficulty of knowing

si

have

T.)

rate

a

"During

earnings of the

years,

Harry

advertising

proclivities by the press itself has
The

leading New

City morning newspaper of

the

presently contemplat¬

legislative

to

write to you by reason of a state¬

regulating the advisors.

Handley,

Stevens^ to limited

partnership:- All
J. A.

Exchange

will admit James

Glass, Jr.
and

Stock

nettlesome

most

deal

by that agency.
eral

re¬

difficulty with regulation,by

flexibility

To Admit

still

ac¬

still

practice <as

same

especially

am

dend

Controlling the promotional

(Inciden¬
men

mutual fund salesmen.)

many

projected

Difficulties-

Some

the

New

the

net

main

Goodbody & Co.

the

has

Customers'

in

dis¬

now

whole

exemplary.

many

com¬

York

newspaper

this

while

problems

2

the

on

compounded

and

finance.

Co.,

quite

author

New

Exchange, in the

9%%

thirig'is bad for the

the

the

on

in

11

company

investment

der, clearly-worded, forecasts and

by

outstanding

of

listed

arid

do

years ago,

regular inbome

as

occasion

one

indulge

,

pretty

are

morning publica¬

leading

a

been

28

subscribers.

people study market

Inter¬

Panama

his

on

tally,

in

news¬

;'

investment

reporting

of

reports

he

capital gain dividend in a

continued

one

Stocks Split' is a good example of

individual,
of

honored

been

and

(Flaunting

rumored.

Stock

/'

.

considered

cited

of

just

or

are

column

a

example, several

a

was

split—

stock

scheduled

accompli,

conduct

renowned

Stock

the

of

as

reporters

who sometimes

regulated

disgrace,

Cargo Carriers, Inc., Minneapolis,
Minn.

a

Take the come-on through

ware.

and

board

policy

For

tion,

cen¬

measure

a

referring only to those

.

pany,

This kind of

Cain

>

in

'

caveat emptor—let the buyer be¬

exploitation

financial

not

am

awful.

in the mail,

or

large

a

mistakes

same

at

sports writer

a

•leading New York evening

event, the advisor indus¬

advertising

by

If

buy-sell-hold recommendations.")

Manhat¬

Chase'

your

is

newspapers,

writers who

desid¬

the

;

tered in

the

I

by

ditions, trends, specific stocks and

and

during

and/or the

agency

investor

in

papers,

Flexibility

ing

advisory council of Banco

on

col¬

your

would be laughbd out of existence.

la

to

serve

concretely

promotional

that

:

back

are

you

I missed

low ebb.

made

immediately

the

enterprise.

In any

the

BOX

Reporting

As you know, the state of finan¬

made

search

Corporation;

v

very

pro¬

eratum.

of

MAIL

/•■v--

pecially

in*

the

placing of his

not

against

supervisory

fait

and

*

May,:

again.

re¬

education

"Observations"

umn

acquisition of

in the

does

individual

Often

type

recom¬

company,

advisor's

out

try's

OUR

absence.

the "sucker"

on

particularly
flexible

a

%

glad that

am

the job

op¬

*

cial reporting in our country, es¬

money

/ mail
of

the

of

Bank;

president and

of

I

pre¬

grasping

sell

to

assumption

advisor's

but

Financial

Dear Mr.

by itself is

the

Chase Manhattan Overseas Bank¬

the

FROM

for

enterprising
:

in -investor

self protection.

recommend

rigid

purchase

stake

"28

Investment

affiliate

an

Manhattan

ad¬

presi¬
•

a

the

•-=

was

/; *
as

in

in 1955.

merger

1956,

served

vice

continuing

executive

,

.

also

mains

of

mail

pontjrol, the best, safeguard

Faulty

demonstrate

assis¬

to

vice

a

and

in

capacity

He

ap¬

merger

Chase-Manhattan
In

the

joined the Chase official

president
that

in

in

was

he

promoted

was

was

on

event,

any

the

both

and

-

in the absence: of
of

of the objection

bucket-shop, might well

president. Following the

Chase-Equitable

He

they

sell

York

assistant manager.

a

Z ; In

services

purchase

46

for

years

department,

as'

prior

a

relying

own

the-Equitable

foreign

Cain

regulation.

in

engaged

banking

after

he

of

vestment
Charles Cain, Jr.

Company of New

1929,

promotions.

advisory

us

Like

joined

and

1917,

coming

which

stocks

a

has

He

facets of the advisors'

the

•

international
years.

up,

to

clients.

-

Cain

the

of

periodical*

-

held
as

high tribunal's ruling thatj

vided

new

and

expanded, in its service
company

of

the

be compelled to make public

may

nouneed.

Mr.

been

interest

investment

mended

firm
a

Dahlberg,

serves

of

the

banking
has

Wendell

Because Overnite

has

great

investment

Edward
Potentials

•

circumstances, the

Federal Trade Commission, a flex¬

case,

Commission's

tion of the anti-fraud

only

Remedy

these

newspaper

portunity

on

annually.

there

A

Under

tinuing supervision

decision

unjustified—as

indi¬

Cash

to

not

are

advisors, pending

investment

vious

reign

0

and

1963.

«•

Capital

on

simply

revenue,

the

of

a

were

share basis,

ahead

-

Although disclosure

with

trade

per

handing

the

in

interested.

regulation.

con¬

sultant,

Except for 1957

financial ' position
and

in

a

in

cents

$1.80

of the

Manhat¬

non-recurring charges, net

rising,

year

in

Bureau

go

unobjectionable,

special

in

earnings have also improved each

the

to

as

work

there

Research

disclosure

York

1955 to $211/2

which

decision

a

again reminds

City,

member

rising steadily each

1959

certain

is

rate

Chase

De¬

Place,

Com¬

NYSE.

on

tered

best take under its wing the con¬

Co., 20 Ex¬

Mr.

1,010,353 shares

president

Kid¬

stock

quotation is 19 V2, and the

share.

been

interest

Transportation

outstanding
Current

well

common

Gains

the

re¬

International

Lar

Stock

the

There

pany.

ones

territory

&

of

may

in

points

day, in Virginia, North Caro¬
South

of

amazing variety of

an

commodities

regular

over

to

of

nature

Peabody

change

year.

,-//■ V

ity.

a

of

creation

the

Current

pieces of equipment; travels
3,000

in

a

Supreme .Court's

down

rule-making

recently
vice

The

man,

acquisition

and

million

Virginia

on

1935

Cochrane.
centrated

in

of

25

the

by

lines

Co/ and

Transportation

to

this

over

from $5.8 million in

Operating Area

trailer

The

which

Bank, has

Chase

revenues

Overnite

of

Corporation,

managerial "current dividend

91.2%

was

is

head

and

the years

of

operating

Overnite

in

Jr.,

executive

as

growth stimulated

Class

this

tired

Cain,

ficiency has been maintained, and

and

half)

and

guidance operating ef¬

Investors

(first

and

million

$21 Va

themselves

1962

the

is

company

large scale operation expected

taxes

in

^Cochrane,

Chairman,

the

truck

interest charges). For Class I
carriers

of

The

Charles

staff

expansion of the enterprise from

adjustments

II Southern

tex¬

He has shepherded the

capability.

ing

income

out¬

equity

Kidder, Peabody

tant vice

is

widely respected for his executive

and

—

stock

an

incites

Mr.

Harwood

founder

before non-operat¬

gross revenues

20%

about

Management

stockholders. Because Overnite is

modest

a

C. Cain, Jr. Joins

any

tile products.

plan,

find

promise

and

diversi¬

dependent

ADVISOR

CONTROL IN TRANSOM

the

Trust

fied

WILFRED. MAY

SEC's issuance of rules regulating

connecting

and

industrial inland ci¬

INVESTMENT

marking

financing,

operations

business under

purchase

and

emphasis

;

,

modities, and

attractive stock

only

common.

der,

South,

A.

by

rising trend

common

may

joined

resulting

and

ployees to become partners in the
an

stature

f

cities

degree,

removal

delays

truckers.

policy

has

standing,

con¬

by

the

to

weather

ginia,

management

of

amount

can't

and

virtually eliminates

snow

the-road

against Teamser Union affiliation.

Enlightened

of

70%

Also

operations

company

costs

solicit

don't

profitably.

fining
the

ern

voted

with

company

tan

em¬

attracted

earnings and dividends, and by

partment

Com¬

its

investors

Overnite's business is in less than

non-union

and

company,

ployees

Operator

Non-Union

less

of

runs

BY

growth.

truckload lots—a type of business

troublesome

Largest

which

Further,

miles.

300

winter

exceedingly well.

for

uneconomical

is

had

stricted

against railroad

competition,

"piggy-back"

railroads

competition

Acquisitions

in¬

trucking

door

-

nize the company

handle

with

to

-

need

Thursday, December 26/.1963

.

rate

Overnite's

tration,

marketwise; and some lines have

problems

pressing

a

.

compound¬

smaller towns and cities there,

in

average haul
is 195 miles. This tends to immu¬

decade, trucking shares gained

60

locations

plant

of

number

the

In the last half of the 1950-

1950.

the South, and the

of industry to

great

in¬

postwar

The major shift

truck¬

ing lines are still privately owned
about 40 have "gone

rapid

growth.

growth

year

earnings.

net

Those

facilities. Due to regional concen¬

of

most

hundred interstate

several

its

is

served

dustrial

a

sound management, a

cost

a

The

10%

be expected to further stim¬

ulate

Southern trucking company with a unique
controls, excellent labor relations and
expanding profitability.

a

on

growth,

for

in

ed,
may

By Dr. Ira U. Cobleigh, Economist

attractive

an

of around

.

ely.

a

branch

Main

office

Street

of

at

under

Judson

L.

320
:

the

Stok-

Volume

6328

Number

198

The Commercial and Financial Chronicle

.

.

.

the

Indeed,

Changing the Tax Bill to

(2469)

of

theory

very

pro-

One

point to be considered is the

lack of scientific evidence in sup-

Accomplish Its Growth Goal
N.

Y.

economics

U.

tax-reduction

federal

bill

three

on

present provisions providing
cates,

instead,

flattened

a

50% tax rate to

strongly

criticizes

different

the

grounds.

of

curve

He

graduation with

bill

and—particularly—middle

brackets.

tent

which

to

steepness in

He cites

the tax

rate

ism, and
all

of

the

Dr. Peterson

upper

case

t™.

income

and

handicaps

others,

among

economic

referred

are

happens to growth when the return

unsatisfactory level.

Much

of our

growth

through

fiscal

deficits,

of

income

and

be

if the

overcome

increased

government

is

for I think this bill is far-reaching :mand.

the

"theory

impact

nomic
well

growth,

cal

individual
'
1

'

our

stimulating

decan

gressional
of

of

;

of

the

of my

this

state¬

John

Culloch

the

in

Marshall

discussion

a

to

theory

destroy."

involves

tax

;'the

the

I believe

is

H.R. 8363. This

formation, of individual and
porate

1963,

of

Report

follows:
"In

past

supply

our

clear

and

ance.

demand

"the largest

the

sion, lies not in labor market im-

need

for

structure

to

ingly,

President;

reduction and

and

tax

private

pand
to

recom-

is

reform

to

purchasing

ex-

tax

power

which will

program

attack

the

problem

and" machines

provide

vigor

new

expansion

of

its

at

rates

weaken

men

additional

U.

S.

content and the
bill

with

return

you

and,

the

repeal

rate

ot tlie

included

the

structure

In

.

accord-

and

deficit

in-

the

diyidentf credit as

the

ever:

theory of growth

through deficits..
Position
Tn
In

hripf

criticizing

steepness

brief,

nrusitinn

70%

of

8363,

in

position, can

my

summed up in a

hp

be

single paragraph:
„

T^x reduction and rate reform
are

matters

favor

oi

tax

national

cutting

as

concern.

would

accomplished by H.R. 8363,
do not

the

favor,

among other

remaining

proposed

'S

(from 14% to

income)

wish

to

too

little

.point

the upper brackets

in H.R.

out

rate

that

relief

and much

jlt.tle in the middle

structure,

peal

of

that

the
nor

our

the

I

things,

in
too

brackets.

prime

economic

ins th

the underlying theory

22.38.




problem '

America's

growth, Further flatten-

'

t

would release caDi-

tal for investment.

testimony

my

This is why, in

before

the

and Means Committee last
I

supported

the

Ways

March,

Herlong-Baker

bill which would reduce the, basic

from

re-

of

in§ l"eir raies wouia leiease capi-

personal

pro-

sburces

{

tax

economic

.

...

yf'sJ?as

T'f

,

n
I

1

5

„

Frequently

both

to

period

the

tax

the

and

individuals and

down

r

income

20%,

42%

over

rate

top

to

15%

rates

of

corporations
a

five-year

•

Subscribe
less

from

apart

to

the'theory that

.progression

the

better.

it

is

of
income; it has
convinced, reduction

and

the

for

and

national

not

the

come

argued

ethical

considerations,

that

income.

only

rich

and

thereby

In

reduced
hence

for

the

everybody.

I

reduced

,

scientific

onlv
y

can

the rich, howevet,

,/,

Government

budgeting needs that

people that

ing the rich—foolishly, I

income

of

yields the Treas-

less than 1%

indeed

Ld

to hamper fi¬

managed

buTlde^s^an^^ob-creators

hkelv much

^ct yield lpng-terto

have

less

is arguable that rntes

it

add

may

,we

rev-

of what the Gov-

eminent spends.4

beyond 50%

somehow

taxation,

psychologically the
m®st productive, inventive, talented, and venturesome members
society—the people who
T ?
! l° g6t
We baV6

only about $1 billion annually,

ury
0r

50%

as

We are Pnmarily con.7

ccrned about. It is that in attack¬

—through '

progression^ beyond

taxable

other

income

poor—for

^

that

nancially and
+

,

talent to

produce and invest.

witting

,.

"di-

to

ways and means of out¬

the

tax

collector,

to

cut

back on their output, or to quit
work entirely. As the late Sum-

uity> rt is the secret of American ner Slichter of Harvard Univerprosperity. And yet we seem to s[ty remarked in 1942: "The tax
be killing off this tremendous history"of the United States in
force for socja] g0od for
njt+anPP

;n

tprmc

nf

relative

a

Federal

pittance in teims or federal rev
rev-

recent

has

vears

co+i™^i

a

sational.

lished that a11 the graduation—the fifth
71 PercentaSe points above the ]aws

md

bottom

personal

rate

20%—

of

yjeids but 15% while the bottom

rate'yields

85%

income tax

revenue.

of

the

for the

means

that

fiirlv

Communist

a

writing

was

the

of making

purpose

enterprise

sen-

lairiy Mars
sen

from

unworkable."

•

„

be sure, Federal

personal

This

•*

visitor

columnist

private

been

•

A

enue. For it has been well estab- would suspect
™

Pr°ducm= rates which Dan Throop
Smith, former special assistant
*° 'be Secretary of the Treasury

meant

of income

be satisfied by rate
progression,
Yet, Dan Throop Smith has noted

,

_

revenue

heeds are vast but this fact should

charf of. tax policy' has sald- that a flat 20% rate on all taxable - nc^blind us to the diminishing
are "ot only repressive but ap- income would stm yield 85% o£ rale of revenue return on high
'pcar to be excesslve
*b
aImost the present personal tax revenue, graduated rates, or to the necesf11 e"jhical extremes of equalitarstandards except those

even assuming no increase in ,n.

on

Smith's

raising

of

qUestion of ethics is indeed
duestion

tinent

a

as

tions

per-

does

-For

come

the
not

a

It

r

gives

vent to

no

dictiveness,

use

rec-

phrase—soaking'the
/

»

of

Scottish

^
,

to the

likelv

priJiple
p
c

of

the

eAdU

from all individuals the

same

of

their

you

or

income

are

at

amount

of

not commit

may

.

taxes have

folly

In such

Kuznets

of

honest

and

Graduation

is

not

same

time that every

groups."; Simon.
Harvard
University

man

property will hasten,
by carrying it out of the country,

to

Friedman

any

that

a

taxable

flat

rate

income

of

23.5%

presently

as

reported, defined, and with

pres-

ently allowable deductions would
nroduce

much

as

revenue

-is

^

..

in

observing

Income

that,

things, the top 5%

5

in

can

and

among

has in-

Guaranty Survey, July

1960.

Geoffrey H. Moore, "Secular Changes
Distribution
of
„„,„„UUOT
Income," .......
Arneri

the

Economic

R^v,e^- May^i952, p. 542^
6 (New
1953),
x^xvi°,m6i9,R635?rch'

for

nue

three

less

this

greater

a

important

reasons"

.

of

reported

^ax
to

taxable

income;

to

economic

be

graduation has
ali

We

are

based

logic.

upon sound
No proponent of
been

ever

able

fail

to

report

income

that

abilitv

to

nav

i^

sunDOsed

disincentives

to

production

Continued,

on page

pleased to announce that

has

been

appointed

•

strably scientific method

Manager of our Trading Department

appears

to be used to determine the height
nf

the

brackets
best

the

becomes

graduated

of

scalp

graduated
the

or

coverel

income

rate

result

of

rule

result ot rule

_

thp

.

,

"

Ramsay

McCulloch,
Taxation
and the Funding System, (1845), quoted

Members

New York Stock Exchange

ChU '

*

^

Co.

&
-

/.

■.?/'.

-

American Stock Exchange

Fifty Broadway. New York 4, N. Y.
v

^

Stonehill
Incorporated

of

f^ i962 Proceedings, National Tax As-

s°31john'

Federman,

At

structure

and

jnves(men, and hence to greater

xxxv,

to

aDlllty t0 Pay ^ supposed
mcrease than income.
No demon-

le-

gaHy should be reported; and leSS

Joseph Mathes

to

just how much faster, if at-

less

evasion, that is less incentive

'.

,

flat
reve-

avoidance, meaning less

/

,MeKCu?l0Cb observatl°"'

seems

pr0ve

,

the

ly schemes to reduce the amount

Groups

Morgan

Friedman,

rate would yield

protect it from confiscation/
,,

of

incentive to adopt legal but cost-

pp.

-who has"

Milton

conclusion

same

an

Adopt it

and you wffl effectually paralyze
industry and check accumulation,
at the

other
4

evii to be paltered with

consider

us

study, Shares of Upper

in his 1953

Savings,6

statesman.

"no doubt operated to

reached much the

dpUg should be firmly adhered to
prudent

revenue

upper income

Income

evdry

rC-

reduce income before taxes in the

or
.

.

^-

a

^without
is

injustice

Let

University of Chicago demon¬

American

pro-

there

and

compass,

Economist

of

or/their

sea

end

The Flat Rate Proposal

EcSte
8 American iLConomit neview, high ,argues" Dr.
nign
,e»
.

exacting

same

government's

of these needs—a flat rate.

strates

rate levels is

increase

to

needs.

revenue

to the

the

™ore/lkef to mcrease revenue produce as much revenue as the
than to reduce it As p^offrey H. currently highly progressive rate
°f *5® N ^
In
structure of 20% to 91%. Indeed,

Ram-

'

cardinal

From p~i5ent

means

acheiving

,

,

f

f

strongly suggests that

wisdom

economist John

.

...

e 1 0§lc 0 .ra.f ?ia

uf

dadtion

McCulloch who noted-3

say

+

Simon Kuznets

,

s.urely the history of Federal

graduation attests

of

capltal

Cites Geoffrey Moore and

;

Contrasts Tithing

'

different

the

'

rich.

-

elastlc ethic that the end .justifies
the means. For clearly there are

co°uld

J
used. ior

yui

•

blunter

a

sity for not succumbing to the

one

and vin-

envy

to-t0

reduc-

a

b°

It

rate

duct>011 and investment, and of

L-SnaK
nav

of

assumption, however,

's ™l le"ablc because ol
'
'"centives on pro-

Sato cSituW diSriJnTt recognizes ability to

result

a

xhis

is not tenable because of the ef-

ation

The

capita* f°fmation and hence of

the

credit

rof.

'

* °psy\ JAj«®

in H.R. 8363.

in

proposed

dividend

basic

man

income

individual

rate

vision,

' steepness

be

but

"™ au

income

.
v!
.
.
The middle and upper .
brackets

,

I

,

,

has

redistribu-

capital formation, but reduced in-

matters the maxim of obsta prin-

.

remaining

individual

taxable

I

there

are

ran

unmar-

.

you

the

tax rate progression

-

Summarized

mv

...

no

bill, and the third; Truly, as other witnesses have alpart with the theory involved in ready testified, the taxpayer in
planning the largest peace-time the middle bracket is the forgotten
in

income for the

b0 ine *eae*ai income tax raie
structure in its relatively bnet

rudder

Part I

statement into

proposed individual

tax

'taxable

progression

steep

me

tion
am

'its

in

Let

meant more .than mere

at this rate under

ried individual

property,

.

my

rate of 94%, and

decline

income.

tionately with a man's income
with good times and bad.

of^TWrtiefemerged d°

an upper

portion

effort."

Contrast this

that

total

words,

was

was

for

Individual Income Tax Rate

parts, the first two dealing

come

the

'

econ-

goes both to the

highest incomes

to

as

of

society—the in-

and

theory underlying

before

ingly, I divide
three

13,
our

Structure

This statement

the

high

additional

omy."1
t

Aug.

stress

and

~

rate

that

essence

progress of a free

for

of

said

so

very

the-forces

to

he

"are

the

centive

source

of the

address

which

thus

idle

And I stress

foUowtag this time from
President, pother 'lead

in

1962,

strengthen private mcent-

ives—a

for

...

major program of tax

a

rate

flattening the

his television

the

mending

Originally

marked

of

—the

tion

from the

sei\ices

and

higher

a

the maximum extent

SsCandlseiwiclse ""'aIcoSand

gopds

the Sixteenth

1913.

1926 the top rate

that

said

tax system is

of econoiriic growth."

expan-

Jan

on

our manpower

and ' to

resources

recent, years,

in

Congress

in

'a

share

Christian practice of tithing, with
the tithe at 10%, varying propor-

single barrier to full

employment of

high un-

periods of cyclical

in

to

meSsage

the preSent Federal

to

perform-

oi

source

employment rates
even

remains

danger

economic

The

.

.

tax

capabilities 24> 1863, I„ which "he

present

improved

an

growtn

ing the lead of the President in his

years,

in

on

ianism."2

economic

curred

^bich we" lTve" today, with the
Incentive ""A the thing. :It acis
50% level reached ~at but *$16 000 counts f6r enterprise and ingen-

based

throughout this statement, follow-

five,

Inadequate

.

has taken place

the

match
.

-stress

I

of balance- -with too little demand

the

of

has been consistently out

economy

to

cor-

hence

and

precisely measurable

-

the

incentive,

although the damage done is not

Economic

dent's
as

of potential capital

economic growth

W. H. Peterson

Presi¬

the

to

power

theory

best expressed

time is amply

one

virtually

^

Mc-

great amount

a

of destruction

was

over

history of the income

In

brought
it

power

involved^in

in

re-

noted in

who

Maryland

v.

under¬

brackets

cases

a-

+

into

move

and

graduated

A

•

affirm the wisdom of Chief Justice

I wish to look

lying

except

a

emergency.

three points, I wish to

ment, however

at

limitation

and

budget

T

-.Before I

purposes

of

in

sounder,

spending to achieve

extreme
,

payments. For'

made

control

Federal

balanced

balance of

our

be

its content, and At
A
x ~"J through firm Conu
^

criti¬

nature

should

an

eco-

being,

-

the

and

national

on our

rate

but 7%.

I believe that the bill

and

different

seen, for example, in the Judaeo-

has
™

spending

^

in its

at any

turbulence

of

one

in the

Amendment

and penalty tax rates" were rejected.

My interest in H.R. 8363 is broad; today

or

fpvpfinn

of

tax since passage of

an

needs,
bolster

to

nature

caprice

time

capacity is said to be

excess

used

are

unscientific

rates

what

profits is kept at

pay,

progressive taxation.

sheer

193P1

Keynes'

substantiation

net

on

due to its excessive cost which would
of

growth.

in

to

.

economic sta-

nrn„r««xro

for

seen

reduces

views,

to

Federal revenue

which

even

self-defeatingly

of

organizations

out of Government.

bilization, economic equalitarian-

studies showing ex¬

structure

ability

sacrifice,

benefits conferred,

More¬

affords too little relief in the

many

presumptions of equal-

on

The

contends that the present

by

evidence

of

ity

opposes

and

groups

conjecture,

pressures

makeshift and complex result with
but the simplicity of proportionality,

all economists. Sciappears
to.,/be

means

no

lacking

maximum

a

he favors restoration of the 4% dividend credit.

over,

,

proposed

the flow of investment funds.

encourage

/

.

demand type of tax-cut and advo¬

a

recognized

point

a

entifi'c

Administration, New York City.

professor

arbitrary

port of the theory of progression—
by

By Dr William H. Peterson,* Professor of Economics, Graduate
School of Business

thumb,

gression is vulnerable to criticism# conflicting

5

BOwling Green ^-1850

-

/

.

•

(Assoc.)

20

6

The Commercial and Financial Chronicle

(2470)

firm

Tax-Exempt Bond Market
t;

D, MACKEY

DONALD

BY

price

may

be the

As

and

of

look to next year and the

we

terment

through

Commercial and Fi¬

Whereas the
nancial

Chronicle's

of

the

on

Dec.

rather

active

pals

tion

yield

to

appear

of

be

months.

situa¬

heavy

than

more

Blue

The

little

24 total

Dec.

It

total

List

recent

lowing the

firm

tendency, fol¬

Price

market that had

easy

during

market

ing

$489,777,000.

This

anticipated by

pundits.

Most

bond

yields,

so-

Treasury,

in

the

corporate

In

only
is

sometime

caution

in

in

suggested

the

bond

as

two

might

structure

not

presently

in

the

The

likely

the

to

Nor

that

it

its

at

here within the

months,

est

rate

plemented

>

no

we

there

long-term
Should

favorable

•;

at

An

our

in

starter.

y'
the

dar of

new

The
issues

a

whole

tax

notes.

a

.

a

v

tax

now

from

wages

likely touch off

generate

months.

a

imponderables

to

few

degree

one

weeks

Sooner

or

later

or

a

or

few

the moment, so to

ple

calen¬

totals less

—

technical

compelling

-

—_

New Jersey Hwy.
Auth., Gtd.
New York, State____

______

Pennsylvania, State

ahead
that

manner

involved

in

,

—-

—

enough

to

support

a

Maturity

Rid

Asked

3.30%

3.15%

1981-1982

3.20%

1981-1982

3.15%

3.00%

3 y4%

1981-1982

3.10%

2.95%

3%%

1974-1975

2.90%

2.75 %

1981-1982

3.25%

1981-1982

3.20%

develop in

t i

e n

dustry relationships.
tudes

antithetical
business

character

the




New

There

flotations

issue

in

short

loan

slated

the

Kansas

Maine

for

offering

Jan.

out

January would
market

in

for

Harbor

Egg

drouth

fol¬

fi¬

of

The

Toledo-Lucas

Authority,

County Port

remains

Ohio,

to

negotiated by the syndicate
by

aged
We

Blyth

will

be

with

&

that

reoffered

regarding

early next

public

some

the

the

be

man¬

Company.

informed

are

to

made

be

Mathes Named

-

S.

of

trading

ment

Federman,

the

depart¬

of

Stonehill

&

Co., Inc., 50 Broadway, New York

City, members of the
Stock

New

Exchange.

,

City

1967-lS^A
_______T~

1,995,000

.9:00 a.m.
7:30 p.m.

1965-1989

%
1,900,000

;

9:00a.m.
r

1965-1990„

________

1967-1997

10:00 a.m.
10:30a.m.

________

1965-1989

1965-1978

11:00 a.m.

1966-2003

8:00 p.m.

140,255,000

1965-2004

2,000,000

Municipal

Borough

,

Sewage Disposal Authority, Pa._

Housing Authorities

.

Minnetonka S. D. 27S, Minn..._—

1,900,000

New

2,500,000

Orleans, La

^

—

-

1965-19,93

10:00

January 16 (Thursday)
Johnstown

Livonia
North

S.

St.

'

Mich

D.,

11,750,000

1967-1989

5,000.000

Paul-Maplewood. S.

D.

Minn.

622,

a.m.

v

Au¬

Water

v

.

1,000,000

/

8:00 p.m.

January 20 (Monday)
Dallas,

Texas

Ithaca

S: D.,

1:45 p.m.

12,000,000

___

!___

Fridley, Minn.

2,025,000

1965-1980

8:00 p.m.

Mich.2,450,000

1966-1993

8:00

p.m.

1,000,000

D.

S.

3, Minn

1,835,000

_

________

1,024,000

1964-2003

8:00 p.m.

1,000,000

1965-1984

7:30

1,062,000

Hospital

Dist.,

Mound

Idaho

1,200,000

Northfieid

D.
S.

277,
D.

659,

Minn.__R.__

St. Bernard Parish S. D. No.

1, La.

Shakopee S. D. 720, Minn.-

net
a

&

Hickman.
office

new

Building
of

A.

E.

under

Inc.

in

the

Bernet,

Vice-President.

has

the

1966-1989

1,200,000

11:00 a.m.

1,475,000

January 27 (Monday)
2,475,000

3,000,000

Calif
%

Duval

Co.

S.

D.

—_

January 28 (Tuesday)
1969-1981

—10,000,000

1, Fla

11:00 a.m.

opened

Tennessee

management
Jr.,

—

2,475,000

Palo Alto S. D.,

3.25%

1966-1978

1,100,000

Minn,.

Northfieid S. D. 659, Minn

3.40%

p.m.

8:00 p.m.

January 22 (Wednesday)
S.

York

'

1981

3.20%

—

1,003,000

Coldwater School District, Mich.__
Ford

f

Joseph Mathes has been appointed

3.10%

3.12%

_____—

1,270,000

Liberty Tp. Local S. D., Ohio

Stonehill & Co.

3.20%
3.35%

2:00 p.m.

Joplin School District, Mo.___'

1981

3.19%-

11:00 a.m.

2,000,000

Calif.__

D„

Schneider, Bernet Office

3.078%

1964-1983
1965-1984

L

Kootenai

By Federman,

HOUSTON, Tex.—^Schneider, Ber¬

1980

10:00 a.m.

Ebensburg Mun. Auth., Pa

3.10%'

=

1966-1988

January 21 (Tuesday)

3.20%

1981

1965-1984

1965-1974

January 15 (Wednesday)

Duluth

3.25%

-

11:00 a.m.

1,000,000

1,655,000

4,500.000

Saginaw, Mich.

soon.

10:00 a.m.

18.695,000

_%—

Inc.
year

2:00 p.m.

1965-1984

S.

___

issue

announcement

issue

—

H.

Reg.

thority, Pa.

Shortly

1964-1983

3,750,000

Authority.^.

(State of)

Greater

Authority Issue

Expected

1,478,000

1,545.000

4J—

Turnpike

Placentia

Jan.

to place

serve

2:00 p.m.
________

1,750,000

Housing

set

better balance

lowing the normal

Ohio

—

Calif

D.,

and

7

heavier schedule through¬

the

S.

Oakland, Calif.

with

15, looming in the king-size cate¬
gory. A

D. 8, La

District, N. J.

past

light

is

Public

$140,255,000

Un.

Greater

remainderment.

calendar

1965-1983

1,175,000

Orleans, La.

Clayton S. D., Mo._

weekv None appears likely for the
year's

1,650,000

January 14 (Tuesday)

notable

no

2:00 p.m.

1,285,000

__

La._,

Covina-Valley S. D., Calif

been

1965-2004

a.m.

1,000,000

Co., Texas

Langston University,- Okla

Light

have

11:00a.m.

January 11 (Saturday)

Business Relatively
■'

1967-1984

1:00 p.m.

8,000,000

Jefferson Par. Sew. Dist. 8-9,

Arcadia

Pending

10:00

1,950,000

Nev___.

D.,

likely to ^lip.

seems

3.30%

3%
December 24, 1963 Index

No apparent
availability.

S.

the

,___

*

Co.

Harris

less

of

mi

—

83, Minn.

S. D. 1, N. Y.

Unless atti¬

somewhat

become

1965-1984

1,000,000

'

in in¬

year

1,000,000

etc.,

Rye S. D., N. Y

■—

'

Clark

serviceable job for

during the past

11:00 a.m.

1964-1983

January 9 (Thursday)

a

—-

City..

Junction,

1, Wis

St. Mary Par. S.

denced

10:00 a.m.

10:30p.m.'

1965-1984

:

Co. San. D. 29, Calif.

Alfred Almond etc.,

industry

r e

1970-1984
1966-1984

2,990,000

Milton

&

here than has been evi¬

required

3.10%

,1981-1982

a.m.

11:00 a.m.

1,150,000

County, Fla.__

Los Angeles

profitable

3.10%

Delaware, State
2.90%
New Housing Auth.
(N. Y~~N, Y.) 3Y2%
Los Angeles, California
3%%
Baltimore, Maryland
3Y4%
•Cincinnati, Ohio
I-EIIII
3V2%
Philadelphia, Pennsylvania
3Y2%
•Chicago, Illinois
3V4%
York

Lee

fairly and equitably

while doing a

3.00%

3%

11:00

1965-4979

the

of

mood

manager

1982

1965-1978

' 1,600,000

D., Ohio

New Ulm Ind. S. D. No.

SERIAL ISSUES

31/2%
3%%

p.m.

15,000,000

LaFourche Par., La.___.___

Milton

speak, the sim¬

factors

4:00

7,865,000

hope that some¬

may

the

Authority, Ala.

their

the tax exempt bond market seem

'

(State of)—

Fairless S.

,

potentially

embraces

on

ing higher interest rates—but for

—

Connecticut, State

increasing

powerful

Rate

/

_

Calif

D.,

Fairhaven, Mass.

be widely

can

,

forces will combine in implement¬

exempt

forward

/

expansive

business

impact.

rise in European rates de¬

another in

high grade

California, State

,•

S.

may

might cut back

Calif.______

Mich.

nancing throughout the Holidays.

implied

market

some

the

defensive increase in rates here.

may

the
but

a

These

possible

be

in

and

relative monetary ease. More¬

MARKET ON
REPRESENTATIVE

New

1,510,000

3,945,000

Co.,
Unif.

Alaska

arithmetic

The

we may

the

the

the

bill

factors

and prices would

bond market looks to be in
pretty

shape.

as

of

reduction

veloping

develop to

bonds might

the

fornia

counterbalance the

resurgence

over,

borrow

more)

or

In

unexpectedly accelerated busi¬

ness

interest

present

present stimulation

Technically

revenue

downside

are

aspects

tax

a

combine

continue

capital

".

January's

there

that. partially

the

them

this procedure

($10,000,000,000

good

1966-1984

D.,

10:00a.m.

January 8 (Wednesday)

more

operations.

inflationary

that

normal

against

extent

municipal

1974-1989

S.

Alabama Highway

and

Examples in¬

coupon

factors for the market

ago,

may

of

many

lower

important

operations

Authorities

exempt bonds, particularly

should

the

banks
than

with

bonds

Current Price Structure

Ad¬

week

a

indications

more

in tax

1,210,000
2,315.000

Un.

S. D. No.

sought to sell them in
for

However,

than

more

Tax-Exempts %

commercial

their

1965-1985

Dist., Calif

buying

materialized

quite

;

large,

react

exempt bond market. The passage

mentioned

are

but

Factors That Might Upset

y

Potential Bank Buying of
•.

little

do

subject to periodic sinking

of

:

tem¬

—.

1965-1989

2,500,000

Orange

only the $80,000,000 State of Cali¬

ordinary exertion.

As

had

bonds

bonds
fund

likely to be im¬

seem

with

to

exert,

the

such

diverse.

new

Thus the low inter¬
of

close

off

be

partly due to the

was

could

owners

of the next

course

proclivities

ministration

_

(State of)_____________

the issuers. More leadership seems

bond

the

for higher interest rates

few

least

at

volve

fi¬

and

to

com¬

1965-1984

80,000,000

Oakland

10

distribution

general

investment.

bank

how

techni¬

has

revenue

potential leverage.

probable

will

the

to¬

point in this past

a

certain

exchange

desoite

economic

and

as

probabili¬

seem

developments

pressures

market

bonds for distribution and/or

buv

porarily reached their upside lim¬

a

money

traders

bonds- to

that

fact

more

generate

growth

does

European

nancial

1,050,000

El Rancho

powerful dealer banks pressed to

Holidays

shows the market in

This

week.

economy

future

near

favorable

ties.

buyers'

1,940,000

_______

Crookston Ind. S. D. No. 593, Minn.

over-capitalization.

a

never

IV2

case

the

that

one

ope-fouth of

bond

as

comparing

index

revenue

financial

dominating demand for
least

Calif

D.,

Citrus Jr. College

Better Days Ahead?

about

was

Chronicle's

yield

that

higher

neutralized.

seems

California

or

particularly telling

a

many

The

investment

the

for

while

in
year

yield

stay with today's market.

future,

factors

toward

appear

less

or

salient

influence

yields

S.

January 7 (Tuesday)

rea¬

over-

The average dealer kept

then, last year's late

and

pelled

antidote by most of the services.
The

in

calities

purchases

an

We have

average

market

This is

factor

Although

yields.

relationships

3.078% yield. A

our

dollars

day.

bond yield increases are not ruled

for

H.

Sheboygan, Wis.

due primarily to the
a

1966-1989

1,600,000

January 6 (Monday)
Fremont

devel¬

desperate

a

(Tuesday)

__

months.

bonds

1962

points higher than is the

significant increase in long-term
bond

yield

a

December

valence of thinking that rules out

out

Palomar Jr. College Dist., Calif

show

to

persisted for most of the past

index averaged out at 2.957%.

three

last

at

today

ago

weeks there has developed a pre¬

Treasury

involved

that

and

average

than two years.

more

However,

in

general obligation bonds currently

exemjpt categories all in¬

cluded, for

a

December 31

a

were

persuasively

Consequently,

A

indicated that high grade 20-year

at least calling for higher

tax

Time

the levels oj a year ago.

experts have been predict¬

or

and

had

November,

not been generally
bond

be

competition

presently more favorable than

are

calied

of

was

and the lim¬

able

were

industrv's

The

Bonds

on

Prices

prevailed

11:00 a.m.

averaging in the $500,000,000 area.

Bearjshness

This

dealers

could

,

No

2:00 p.m.

1966-1985

fluctuation

market

of

some

$500,000,000.

was

1964-1998

2,000,000

oped that the' overpowering

six

the Blue List totals were

year ago

dollar.

than

less

1.100,000

Redlands Unif. S. D.. Calif—.—

gen¬

aspects

one

(Monday)

the

011

The volume

shattering

December 30
Maysville, Ky.

justifiable profits for their efforts.

is

and

offerings has been averaging

around

up

in

volume

portends,

comparatively moderate. Yet very

favorable than l>as

case

reflect

must

its "" of

This

it

disappointing

record

propor¬

inventory
too

that

1963's market.

son

point in terms of

a

heavy

February.

the

more

the

been

relatively in¬

quiet and

erally

The calendar

parallel.

a

not

seems

generally

period, high grade munici¬

one-fourth
the

Currently

Thus in

yield at 3.078%.

average

late

dealers

few

showed the

24

reach

could, be

year

week ago, a

a

market's

sampling
spectrum

until

yield ' index

averaged at 3.093%

a

tions

week.

past

the

didn't

issues

the

approximately

was

breaking

record

new

the

year ago

in this respect.

then

December by showing bet¬

early

A

same

begun; in

strength

$425,000,000.

situation

the moder¬

market has confirmed
ate -trend

than

bond

municipal

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

Poor Year for Dealers

a

of

state

Thursday, December 26. 1963

.

Larger Issues Scheduled For Sale

case.

perhaps

The

as

.

I11

Was

It

'

'

temporarily

trend

.

resident
J'

January 29 (Wednesday)
Robbinsdale S. D. 281,

Minn.

4:00 p.m.

1,680,000

February 1 (Saturday)
Grossmont Union H. S.

D., Calif...

4,400,000

,

Volume

198

Number 6328

The Commercial and Financial

Chronicle

the

1964 Inflation

Prospects

"growth

seized

pert
in

opinion
Britain

must be

So

Measures being taken by France and

maintained.

the

hand

the

Italian government,

and

British

trade

union

British

long

It

such

as

a n

sion

at all costs,

They

are:

John

re¬

E.

conception

a

;■

.

Saylor, promoted to general

and

manager

assistant

pre¬

likely to resist infla¬
1964 Britain and Italy are

for

are

tion in

cf the

possibly

and

Germany,

Japan,

am-

therefore, that while

seems,

adding weight to the
upward rising price factors in the United Kingdom. The anxiousness

likely to yield to some degree. As

British

Government to maintain full employment at all
costs,
he adds, is well known to the labor
people who are only too

to

willing

take

ex p

Promotion of four key investment executives has been
announced
by the Prudential Insurance Co.

other

many

Economicv

achieved

France,

Government at every turn

to

in

as

by exhortation.

irres¬

ponsibility in honoring trade union contracts and in seeking to
barrass the

Prudential Insurance Promotes Four

opinion

public

ably be expected to be impressed

Dr.

of

and

7

vails, trade unions cannot reason¬

Germany, and possibly Japan,
strong posture against price inflation forcas will be

Einzig is dubious, however, about Italy and Great
following suit. He sees domestic political troubles tying

Britain

has

that

gardless of its inflationary effect.

By Paul Einzig

a

hysteria"

political opinion, ex¬

upon

countries.

Indicate that

(2471)

United

the

States

tween the two groups.

advantage of it.

they

half

somewhere

be

seem

be¬

way

The stiffen¬

ing of interest rates indicate some
LONDON.

Eng.

the

years

During

—

business

Britain

was

to

prevailing

that

recent
in

trend

This again
;

the

in

sion

of

wide

in

the

United

The

countries.
1962

scale,

was

and

on

so

reces¬

world¬

a

the

was

Wage

^

those

goods.

as

In

re¬

any

industry is
there is
in

in

Britain

whether

case,

it is
not

or

working to

capacity,
shortage of labor

acute

an

industries, especially in

many

that

resistance

the progress of

Problems

were- Southern

that followed. There

covery

prices of

rising trend degree of resistance but,

a

substantially similar

States and in the leading Western

European

means

England.

soon

as

John E. Saylor

threaten

will

treasurer in the

likely to be mitigated. On the

whole it

probable that the

seems

that

nearer

to

France

of

differences in degree but

employers

and

of

Britain

and

than

the

and

unwilling to resist excessive

wage

ups

downs of the

mies followed
It

,

this

will

1964.

the

direction.

same

probable,

seems

econo¬

however, that

the

France

longer

no

during

so

hand

one

and

have

we

Western

Germany

firmly determined to keep
tion
of

under control.

unsound

Wars

again

50's

After

finance

and

and

several

During

during

has

orthodoxy
President

de

Napoleon's

orgy
the

the

40's

tradition

for

reasserted

Gaulle

is

example

itself.

following

in

As

not

resisting

does

exceed

infla¬

an

between

French

conceded.

net

4%

the

the

expect

And John R.

result

achieve

pointed out

of

the

attempt

wages

concluding

long-term

do that are liable to get

both

worlds.

cession

In

be

of

basis

French

things would continue to

Government

firmly

to

tackling

inflation

w age

threatened

is

get

out

which

of control.

Likewise, Chancellor Erhard is

On

the

other

well

go

feel

the

assumption that

hand

trade

themselves

if

bound'

German

miracle.

whv

reasons

against

the

is

of

One

he

French

what

of

the

the

stands

firm

in

the

that

he

concession

in

pressure

is

actually

electric

do

do

not

by

as

Effective Jan. 2 John E.

assistant treasurer.

of

wants

that

to

agriculture
use

sphere

to

weapon

He

wants

tariff

concessions

in the

course

will become

a

barely

This

dried

Community

with

supply

its

on

of

sake

concerned

Delafield, 45 Wall Street, New

York

City,

members of

ard

rates,

wage

widening

the

for

the

Italy

extreme

Italy.

relaxation

we

the

of

resistance

of

to

inflation

has

domestic

political troubles

the

result

of

which

likely to continue during 1964.

are

the

In

been

have

case

In

of

case

Britain,

inflationary prospects
the

official

from

taking

handicap
which

are

of

due to

long

last

has

during

momentum

months.

been

Chancellor

re¬

the

of

Effective Jan. 2 Daniel J.

that

partners' in
44

Wall

Shields

Street,

with

the

additional

be

used

up

indicated

terfere

not

expect the exist¬

caoacitv of industry to
until the end of 1964,

his

intention

not

that

with

to

in¬

expansion

In

theory

there

why

reason

velop so,long
it

as

unused

some

is

should

be

inflation should

no

de¬

industry has still

capacity. In practice

dangerous

generalize.

industries,

Some

to
are

already

working to caoacity, while others
are

not.

ther
mand

for

working
met

This

increase

in

the

to

the

means

of

that

goods of

capacity
near

a

consumer

fur-,
de¬

industries
cannot

future

to

a

be
cor¬

responding increase in the output.




and

,

Before that, he was

Stock

members of the New York

BEACH, Fla.

Warfield,
ated

City,

York

has

Jr.

with

a security analyst with Ar¬
investment advisers in New York.

Manager

become

the

Bingham, Walter Branch

Robert L.

—

Goodbodv

of

manager

&

associ¬

Co.,

Palm

as

Beach

LA

JOLLA,

Walter

Calif.

&

opened

a

of

—

Hurry,
branch

Ivanhoe Avenue
tion

office, 401 South Country Road.

Exchange.

This advertisement is tint, and in
or

nn

circumstances is In If construed

as,

an

offering of

any

William

af these shares for sale in the Vnited Slates <if Interna
.

possessions thereof. .111 of these shares hating been sola this advertisement

,

Bingham,

Inc.,

office

at

appears as a matter

D.

nr

Carter.

in tin;

af record otd\<

B!)3,400 Shares

Shell 111 vestments Limited

in¬

able

instances

of

(Incorporated under the laws of Ontario)

the

cut in

any

HyVz% Cumulative Redeemable First Preferred Shares

accordance

(par value $20

in

WITH

the

which

Government

The

overtime in

are

offering of these first Preference Shares does
and

and

ployers' organizations

HXCIIANGK WARRANTS

su¬

reinforce wage demands.

The

sliare)

innumer¬

of the

one

per

spirit of the

art of sophistry is applied

preme

to

•'

nn

part

not represent

financing by Shell Investment* Limited

of the proceeds «f lite sale will he received hv Shell Investments Limited.

em¬

working

effort to persuade

an

the trade unions to moderate their

claims.

They

futile

on

fail

to

unless

flationary
rate

waste

breath

which

achieve

reinforced

by

idea

The

disin¬

of

down

employees

well, however,

any

is

wedded

costs.

to

at which

it

would

a

the

to

level

Government

avoid

cause

an

anything

increase

trade

aware

regard

of this and

are

Dominion Securities Corporation

Limited

Limited

(ireenshields

'

Incorporated

(iairdner he

Company

Limited

Midland-Osier Securities

Burns Bros, and Denton

Limited

Limited

can

also

Morgan, Ostigny & Hndon,

Limited
are

.Mel.cod,Young,Weir »V Company

\V. C. Bitfield & Company

Limited

Limited

/

Boyal Securities Corporation
Limited

-,

"T'einbcrton Securities

Boss, Knowles & Company Ltd.
*'

feel, there¬
to dis¬

Their

wage

encouraged

•

Wills, Bickle Ac Company
Limited

Limited

Llc'e.

Lastern Securities

Company

Houston. Willoufihby

Limited

only too

afford

exhortations.

demands

Wood, (itindy A Company

Limited

Cochran, Murray fcCo;

unions

fore, that they

A. K. Ames It Co.

in

unemployment.
The

'

Limited

longer discourages

no

demands,

determined

to

Ncsbill, Thomson and Company

/

the

Having brought

unemployment

wage

know

that the

maintaining full employ¬

ment at all

well

approximately 4.27'

their

at

or

Prire Sper share to yield

are

by threats of disinflationary

only too

is

to

measures,

measures.

that

their

exhortations

by

In addition to the abate a nation-Hide dottier
orftaniuition jHirticipatcd in this nffiritiii tthith included members
oj the hweslfnent tinders' Association of Canrula and certain members of the Toronto tlnd Montreal Stack Isxchangps.

have
7825

under the direc¬

Secondary O ffering

they have signed.

paper

just

in

be

is

Government

earlier.

reduction

letter

of

scrap

end

did

A

/

investment analyst, joined Prudential

specific

a

This

that

he

PALM

Company,

&

New

through

would

wages

Exchequer Maulding. by declaring

spare

;

senior

a

Named Branch

Murphy

and Junius W. Peake Will become

They also profess to be¬

doomed

ing

three-year association with the

a

differen¬

of

working week without

abstaining

action that would

any

the expansionary trend

at

gathering
cent

policy

however,

Ericsson,

nold Bernhard and Co.,

insist

now

wage

them

ap¬

*

Admit Partners

trade

Since, the

benefit

granting
lieve

other

relations and

mortgage loan

a

investment manager, joined the company's bond

an

1931, following

three years ago.

Shields & Co. to

as

in¬

<

employees

of

prices.

and

in

Pennsylvania Railroad.
Mr.

/•

the

joined Prudential

forward

came

they

the

catagories

counteracting the rising trend of
At

He

agreement only deals with stand¬

creases.

Britain

Young,

department

the New

York Stock Exchange.

long-term

demands.

new

tials

external

Economic

the

for

unions

on

European

Mr.

Prudential

happening in

power

agreement .when

wage

the

reduce

to

of the

Wilson had been associate director of bank

praiser in Detroit, Michigan, in 1947.>

partner in Delafield

He joined

1947.

dustry among others. The ink has

negotiations.

Round"

the

of

bargaining

'a

secure

from France

"Kennedy

any

as

is

trainee in

a

Mr.

Wulbern

territories

sphere

Saylor had been associate general manager of the treas¬

department prior to this promotion.

the

more.

agreements but ask for

tation *

the "• author

go well.

things

unions

determined to live up to his repu¬
as

re¬

on

wage

the

the

a,

conceded

the

increases

urer's

in the

manager

>

by

temptation to relax the reins

of

Mr.

by

bound

of orthodox financial control. The

any

Ericsson, promoted to investment

the worst

case

they would

V

s

department;

department.

To Admit Partner

&

agreements. Employers who

wage

of

a

stability of

of

means

is

2%.

futility

Delafield Co.

Govern¬

growth to

the

a.,
of

were

treasurers'

Percy S. Young, Jr., promoted to general investment manager

bond

weeks,

6%

recent article I

a

utter

to

of

even

p.

inflation

In

recent

increases

ment

be

:

On

demands.

John R. Ericsson

in the bond department;

Germany.

even

unable

are

A * Percy S. Young, Jr.

treasurer in the treasurer's
department;

Consequently,

marked

Bryan Wilson

Bryan Wilson, promoted to director of banking and assistant

,

trend in the United States will be

that

V

business recovery,

Limited

A- Company
,

8

The Commercial and Financial Chronicle

(2472)

unlisted

; ,-DEALER-BROKER

TO

National Securities

Emanuel,

&

New York, N. Y.

10005.

Motor

—Bulletin—De

Broad

30

Y.

N.

10004.

comments

are

on

Pabst

Market

York

Circular

—

Hanseatic

Broad

Street,

10005.
Canadian
Bank of

York,

Y.

N.

tional

New York,

' '

,

Review

;—

Co.,

—

*

Brewing—Analysis—W

Rayonier

Chemical,

hattan

Division,

Bank,

1

Chase

Growth

50

which

growth

—

&

Also

available

Goodbody

& Co., 42 Wall

York,

N.

is

Y.

review

a

of

Funk

&

tions

&

showing

Index

Industries

articles

tries,

Scott

on

and

of

corporations,
general

jects taken from

over

Averages

publications, 350 broker's reports,

Averages,

and

market

speeches'

societies
tive

—

Volume

mation

on

before

$30.

ling, Lerchen & Co., Ford Build¬

announced

Robert

Papercraft

over

Inc.,

46

Front

in

Card

December

issue

25-

are

articles

comments

on

the

Individual

Coil

York

issue

Trends

Lists 43 securities

in

Wall

Department

10005.

Street,
:

New

Exchange,
York,

N.

11

Y.

Stocks—Analysis—

Fahnestock

Co.,

New

York,

available is
'

&

N.
an

Y.

65

Broadway,

10006.

!

Toronto

ment

1,

Hecht,
125

N. Y.

—

Weingarten

Maiden

Lane,

Review
&

Co.,

New

—

Inc.,
"York,

10038.

Life Insurance
Stocks—Bulletin-

Ralph B. Leonard & Sons, Inc., 50
Broadway, New York, N.Y.I 0004.




Trotta,

New

York,

Comments

—

&

Products

Co.,

—

Wall

44

Development

Rico,

San

■

.

40

621

&

Co.
Co.

Spring

South

on

comments

Line,
Fe,

Also

Puerto

York,

available

N.

Y.

10004.

comments

are

on

Sulphur,

Joy

Manufac¬

City Products Corporation—Anal¬

ysis—Glore,

Delaware

analysis

of

&

Coast

Santa

&

Hudson, and

Atlas

Chemi

an

c a

1

Industries.

Review
with

La

Forecast

of suggested

for

Forgan

Salle

1964,

listed and

&

Co.,

Street,

135

York* Stock

New York, N. Y.
Power

Co.

&

City,

of the

members

Exchange,- will-

be changed'to Bigley & Co.

10006.

Light

'

Company-

New Hutton Branch

Analysis—S'chwabacher & Co., 100
Montgomery

Street,

San

cisco, Calif. 94104.

Fran¬

BEAUMONT, Tex.—E. F. Hutton
&

'

Electronics

Co., Inc. has opened a branch

office

in

under

Corp.—Re¬

port—Cortlandt Investing Corpo¬

the

the

Petroleum

Building

management of Daniel

D. Howell.

ration, 120 Wall Street, NeW York,

I

■

>'

.

7

-

.

10005.

—Henry

Swasey

&

—

Gellermann,

Bache & Co., 36 Wall

comments

&

Cable,

Now Corporation

Comments

Brothers-

Street, New

Belt,

Link

ness

&

as

E.

Oils.

and

—

P'etro-

Phillips

corporation. Officers are

a

M. ^Brothers,

President;

Feulner Deland,

Treasurer;

Dorothy

Celanese

Utah

CITY,

Co.,

Building, is now doing busi¬

leum

Also available

American Chain'

on

LAKE

SALT

CFC,

Dept

American Enka and International

M.

Irving H. Biele, Secretary.

-;-'v

•*'

:

;V

.

y;,

Edward D. Jones &

Fourth

Street,

•

.•

Bancshares

../,l

"y

Co., 101 North

St.

Louis,

Mo.

7

&

Stock

Exchange

exchanges,
M.

—

Townsend,
Land

Study

—

&

Building,

graph'

C

o r

Bodine,

&

their

1526

Chestnut

Waters

,

.

associated

bond

of

the

Trust

Fidelity
Company.-

-

and

•

with

Philadelphia
7

of

Merrill
Smith

Street,
Also

Coke

Vy

•

FOR NEW

Corp.

Corp.—Anal¬

Madison,
7

-

the

Crosby

T

Lincoln Securities

gaging

in

a

Oklahoma-

CITY,

Securities

Corp.

securities

is

'qffices Jn the Medical- Arts
Buiidingy Officers are-Basil' Sin-f
clair,
Chairman, v President and
Treasurer,

and

L.

J.

Neyland,

y Secretary.

SUBSCRIBERS

The COMMERCIAL and FINANCIAL

25 Park Place

Fill out the coupon

New York, N.

below and

we

-77

York,
are

N.;. Y.

Name

Address

-State

10005<
on

subscription offer to

the Commercial and Financial Chronicle without

Reader"—

comments-

Y. 10007

will send you complete

information regarding our special trial

Wis.

,

en¬

business

from

Firm

"Investor's

New

Mr.
were

—

Lynch, Pierce, Fenner &
Incorporated, -70
Pine

available

of

officers

OKLAHOMA

Max Factor—Discussion in current

issue

Mr., Hamilton

Corporation.

7 J Lincoln

department

/

Johnson

Alfred

Treasurer.

t—Purcell,

Equipment

Avenue,
.

was

Assistant

a

the

joining Reynolds & Co.,

municipal

Russell,
formerly

Hamilton,
and

of¬

as,

in

Clerk

and

E.

ysis—Bell & Farrell, Inc., 119 Mo¬
53703.

Street,

Treasurer

Johnson,.. 2nd,

C.

Che ster

Street, New

Hill, Thompson & Co.,
Tnc., 70 Wall Street, New York,
N. Y. 10005.

nona

associ¬

Philadelphia

representative

Mr.

—-

Maust Coal &

now

municipal bond department.
Prior to

Edward

Tele¬

p.—Analysis—W.

Roth—R ep or

Pool

is.

with

Graham & Co., 20 Exchange
Place,
New York, N. Y. 10005.

Report

that

announce

ated

York, N. Y. 10005.

Major

Op-

'

Telephone

Hutton & Co., 14 Wall

Kayser

lead¬

-

Philadel¬

phia, Pa. 19110.
International

other

De Haven &

Crouter

Title

and

Waters

the

Frito-Lay

are

fice,

Co.—Analysis—The Illi¬

Chicago, 111. 60604.

Boston

in

Excelsior

—

tion Corp. has, been formed with

Pa.—Reynolds President;

Co., members of the New York

registered

Company, Inc., 231 South La

Salle. Street,

.

,

Mass.

Waters With Reynolds Offices at 35 Congress St. Officers

James

,,;;.7:77

Trust

nois

7

—

Continental Illinois National Bank
&

BOSTON,

*

Analysis

—

Option Corp.

Formed,

Mich. 48226.

ing

;•

-■

Clayton

Excelsior

Penobscot Building, Detroit,

Chicago,

111.60609.
•

63102.

and

lists

South

are

Topeka

York

New

PHILADELPHIA,

issues

Seaboard

on

Atchison,

New

Ill

pany,

New

Dymo Industries,: Polaroid, Textron,
Consolidated
Electronics,

for

available

of

Securities

Inc.,

—Analysis—F. J. Winckler Com¬

Also

Co., 72 Wall Street, New York,
10005.

of

name

Broadway,

"York,

New

Street,

which appear attractive—H. Hentz

Y.

Bigley Co.

ysis—Yamaichi

s—-

Corp.—C omment

Freeport
Bonds—Comments

To Be

Hills,

Hemphill, Noyes & Co., 8 Hanover

turing and National Can.
Rail

Busi¬

of

Kastor, Bigley & Co., 14 Wall St.,

York, N. Y. 10005.

v-

■

Instrument

Richards

School

Columbia University.

Wolverine Aluminum Corporation

Chrysler
r

Bank

Juan,

Musical

di¬

a

Association

Tokyo Electric Power Co.—Anal¬

N. Y.

Co.,
,

Graduate

The

He is

the Alumni

of

as¬

vice-

Street, Los Angeles, Calif. 94114.

Govern¬

—

and

been

Effective Jan. 3 the firm

Inc.—Analysis— Warner

Voisin

Incorporated,

Ont.,

Rico.

N.
Insurance Stacks

Heller

—Analysis—Hill

'

ly report to investors

&

Radio Corp.

&

and

1930

has

Taylor

president since 1942.
rector

Beverly

Drive,

Vacuum

Sanf ord

ChicagQ

Puerto Rican Securities—-Quarter¬

Also

analysis of Zenith

Hochstin

Broadway,

Analysis

—

The

—Kleiner, Bell & Co., 315 South

are

Canada—Review

Canada.

Puerto

Industrial Gas

Instruments

10005.

—Bank of Nova Scotia, Economics

Corp.

Franklin

North

Taylor

sistant

.Street, Hempstead, N. Y.

Utah

Exchange Place, New York, N. Y.

Price

Eustace L.

Stevens—Report—Edwards
100

t

Corporation
in

1, Ont., Canada.

Hanly,

n

Shell

and

Rittmaster

Place, New York, N. Y. 10006.

Shareownership

Stock

Simpsons

of

Corp.

10006.

Carter

Around the World—2nd EditionNew

Street,

the

Smog Control and

Heli

on

same

Bay

&

Possible Tax-Selling Targets Over

partly depressed by tax-selling—

Also in

Ltd.—

Street, New York, N. Y. 10005.

Troster, Singer & Co., 74 Trinity

year.

an

Roadhouse

analyses

Ill

Stanley

Ex¬

per

Corp.

335

Fleetwood

N. Y.

Street.

The

—

Bros.,

are

Inc.,

Industry—Review—Calvin

—

P.

e

Lehman

&

Company Limited, 44 King Street,

Beverly

Bigelow

Counter

Mr.

Calif.

Acceptance

—Scheiman,

change, 11 Wall Street, New York,
N. Y. 10005—250 per copy, $2.00

"Exchange" Magazine

Also available is

Investments Ltd.

the

Bickle

m

joined

Lim¬

Canada

t

e s

1 Ont., Canada.

of

90013.

e

the

company.

of

Beckman

of

v

320

ness,

Ltd.,

in

Bullock, Ltd., 1 Wall Street, New

Business—Discus¬

Ltd.,

Sunset International Petroleum

able

Building, Cleveland 6, Ohio, York, N. Y. 10005.

Greeting

Company

Toronto

&

&

di¬

of

closed-end in-

—<

Corporation—Analytical brochure

Paper

Co., 206 F Colon¬

Company

Report

d, 510

McCuaig

and

a

—

Spring Street, Los Angeles,

New York 4, N. Y.

In¬

Steel

y—

Jones

Toronto, Ont., Canada. Also avail¬

Bureau

over

&

Ltd.

Bay St., Toronto,

J.

10005.

the

of

rectors

Wall

52

Express Compan

Analysis—Doherty

the-

-

used

yield

to

as

Gairdner

Atlantic

Folder

industrial

stocks

performance >

Bureau,

monthly
—

—

Quotation

both

Co.,

board

i

'

Hotels

ited—Analysis—Wills,

&

of

man

Calif.

Dow-Jones

35

of

chair¬

man,

Corporation—Detailed

by

Leh¬

-

analysis of Waddell & Reed Inc.

period—'National Quotation

year

infor¬

request

on

vestment Index

sion

Further

the weekly or

issues available

nade

analysts

1962 Annual Cumula¬

the

National

the

200 financial

and

industrial

counter

sub¬

the

analysis

an

Gas.

&

Wil¬

South

1

St., New York City has been

South

compari¬

listed

the

in

10005.

Templeton Incorporat

Broadway,

2

up-to-date

an

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of

indus¬

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Co.,

between

son

Corpora¬
Index

—

&

is

Wall

74

Analysis —Mite hum,

1964—Bulletin—

Ovcr-the-Counter Index

Consolidation Coal.

available

American

70

New York, N. Y. 160015.

10005.

Inc.,

Street, New York, N. Y.

future

St., ,New York, N. Y. 10005.
for

Inc.—Analysis

Co.,

tin—Georgeson

Merrill Lynch, Pierce,

Outlook

New

for

Smith Incorporated,

Pine

Television—Review—Carl

Street,

—

attractive

Color

M. Loeb, Rhoades

Stocks

Co.

Alabama Gas Corporation—Bulle¬

page

Plaza, New York, N. Y. 10015.

&

Aztec Oil

Fenner

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Chase Manhattan,

Reduction

Also

York,

Corporation,

liam

t-

ing, Detroit, Mich. 48226.

Seaway

Street, New York, N. Y.

10005.

appear

Industry—Brochure—

Petroleum

Air

>

New

a

15222.

—Walston

brochure highlighting issues

Investments^ of the World

Petroleum

Broadway,

120

101

t

N. Y. 100015.

vice-president of The Leh¬

a

man,

reportr—Arthurs, Lestrange & Co.,
2 Gateway Center, Pittsburgh, Pa,

Consolidated

Gypsum,

and Textron.

First Na¬

—

as

\7

Mathieson

City Bank, 55 Wall Street,

N. Y.

Montreal, Montreal, Que.,

Capital

position

The election of Eustace L. Taylor

New

Cigar, King Seeley Thermos, Olin

Oils—Review—L. F. Rothschild &

Economy

Canada.

financial

60

Corporation,

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of

New

—

N ames TaylorV.'-P.
Inc.

Broadway,

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Morrison

York, N. Y. 10005.

Stern,

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available

Bestwall

Industry—Analysis

Carrier

&

New

tries Inc., Perkin Elmer Corp. and

ganization,

Products—Comments

Control

Also

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&

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Air

Report

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Corporation, 120 Broad¬ -Broadway, New York, N. Y. 10005.

Research
way,

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Market

1964—

for

Economy

—

Wall

44

York, N. Y. 10005.

Street,
Forecast

Lubetkin, Regan &

—

—Herzfeld

American

CTS Corp.,.

Associated

issues

Kennedy,

LITERATURE:

FOLLOWING

THE

PARTIES

INTERESTED

SEND

WILL

MENTIONED

FIRMS

THE

THAT

Richardson Company,

Securities At A Discount—List of

AND RECOMMENDATIONS
UNDERSTOOD

&

Thursday, December 26, 1963

.

McCormick & Co., Unarco Indus-/-

172

IS

Schweickart

—

.

Co., 2 Broadway, New York, N. Y.
10004.1
; ?
' \

INVESTMENT LITERATURE'

IT

stocks

.

obligation.

Number 6328

198

Volume

World War

or

conflict is another

that titanic

far

and

re¬

substantial part
indirectly from

in

directly

political effect
President Johnson

what

than

most

no

better

may

do more

not

prove

tem¬

a

make much prognot undertake to assay, but ress against the suffering of
there are other aspects of this the unfortunate of the world
whole question of reducing, to is beyond this and all the
say
nothing of abolishing, other countries of the sopoverty and all the rest called advanced world. AUnnow

will be, we do necessary to

has to say

fortunately, the populations
of many of these so-called
by the public even if the backward countries a r e so
politicians had rather not give enormous that aid that can
them due consideration.
reasonably be supplied from

throughout the world, facets
which must not be overlooked

The President

of his address

in later sections

referred

the other day

hunger and the disease

that

in many
of the globe, and, by
rampant

now

are

the

the poverty,

to

sections

,

expressed

implication at least

alleviate

his determination to

untoward conditions,

these

without imposing

and to do so

foreign rule upon the people
thus assisted.. No one is likely
to
a

all this as

find fault with

toward which

ideal

noble

the

should,

far

so

strive. No one is

feasible,

as

likely to deny

past decades and past

that in

centuries more

own) have assumed, or at

nationals have as¬

least their

attitudes

picaresque

sumed,

backward

so-called

toward

peoples, particularly if they
happened to occupy territory
which had minerals or other
wealth.

forms of

has

There

steady

been

recent

in

growth

tap'r^ssion upon the miseries
of the peoples that attract the

attention and the sympathy of
the remainder of the world,
Whether or not we would
like it some other way, the
fact is that these poverty ridden and disease stricken peopies must in the final analysis
transform themselves . i n t o
productive beings to cope,
with their own needs. Technical help they need, but even
more they need the training
which would enable them to
make use of technical helpand with regret be it said—a

years

of

tered
more

tions

often

so

are

perhaps,

are,

a

serfs. The more

that

help

cure-all,/
more

than

these

their
very

their

from

without,

: but

People
to

ready
before
much

ourselves take

from

Nor

at

their

can

profit very

all by

liberation

proach

to

colonial masters.

Sometimes at least, as a

mat¬

of

the withdrawal

so-called, .re¬
definitely worsening

colonial powers,
sults

in

economic conditions, more
ness, more

economic

ill¬

poverty and more

privation in general

rather than less.

Aid Not

Whatever may

desirable

to

the world.

Sufficient

the

States,

act

Aldrich-Vreeland

which provided for the
creation of a Monetary Commis¬
1908,

study

to

sion

central banking in
and to submit a

countries

other

for

studied.

system

was

for

the

public,

there

was

that

central

a

the fear of one

Aldrich bill

had

to

years

ago,

the

build the existing

Nov.

our

denv

that

One

With Roose, Wade

Toledo

Trust

Charles E.

added

Building.

Review &
"

Issue-of

.

THE CHRONICLE

23rd

Will Be Published January
"ANNUAL REVIEW &

★ The 1964

OUTLOOK" Issue will present the

opinions and forecasts of the nation's banking and
on the probable course of
the nation's economy in
★ Get your

business perspective on

banking and corporation
1—What
f

ness

corporate leaders
the year ahead.

from the
country's industries.
general course of busi-

the new year's possibilities

leaders who manage the

the basic factors

are

underlying the

in 1964?

2—What

the major

are

in 1964?

3—What is

problems that the various
A

-

likely to happen to prices

industries face

v::"

and values of securities in

1964?

will the Administration's and Congress' foreign poli¬
domestic program have on business conditions in 1964?

4—What impact
cies and

You will find the answers to

The

these questions and many

"Annual Review & Outlook"
Chronicle featuring the opinions and
the

in

others

country's foremost Management

of the

help

are

interest

loathe to
in

these

★

Do not miss the

Issue of
forecasts

Executives.

opportunity to advertise your Firm, Corporation or
Corporatic
America's most competent busiAmerica's most competent^

mnosite cross-section of
Bank in this composite cross-section of
ness

and financial opinion

which will appear in the

concern

itself with

Regular advertising rates

;

for space

problems. What it does

imply is that the work whicli
cited

really "a journey of a thou-

miles."

The- problems

25 Park Place,
'

will prevail

in this issue

THE COMMERCIAL AND

by the President Ts

FINANCIAL CHRONICLE

New York 7,

REctor 2-9570

issue.

January 23rd i

deny that the United Nations
should

N. Y.

to

the

Wade & Company,

staff of Roose,

in 1912.

—

yj

■

23,

business.

The 1964

(as

Certainly it is not to

affairs.

be the most sand

Dec.

On

bill

DON'T MISS IT!

a

to

plan

defeated on this

issue in Congress

.

was

became law. On
16, 1914, the 12 Federal Re¬
Banks opened their doors
the

serve

do

system upon its

framework.

legal

thing

only

largely rehabilitated

take'much

these

to

remained

erected.

be

form

Fifty
that

doubt

little

banking system in

block remained TOLEDO, Ohio
central bank. The Andrews has been

was

and for Con¬

no

some

being

central banking system.

a

to center on some of

gress,

widespread

agreement with the Aldrich

incor¬

banks

regional

As

for

for

of

particulars of the new system.

1913,

were,

There

cur¬

the

central

a

flexible

"a

for

and the hew decentralized

porated in the future Act, discus¬

report' and

recommendations

by

and fall

summer

But, with agreement on

sions began
grew

the
de¬

studied intensively

need

system

and

themselves.

international strat- presented by vast hordes of




improving

*

repeats) some of the countries
with

the

of

out

of

the

second rency,"

the

Reserve Act

Federal

realistic ap¬

that have do with

as

is
Mere

a

all these matters

President Kennedy often said,
and
President Johnson now
now

ter of fact

it

is

United

and

1913.

of

of

were

Board

major stumbling

Can Be Done

addressed

have

of

since

central

banking system.

banking

well for the President to
set out goals in glowing terms.
It is more important that we

themselves

?; govern

they
if

be

is

It

affairs.

internal

as

to

the

years

the

recommendations to
enslavement or at the Congress. Early in 1911, the find¬
least interfering with ings of the Commission and its

the

Sreat deal, and not infre-

economic A Something

have

shall

deep suspi¬
possibly leading to

the clearer it becomes
mere
liberation from

worse.

we

fact is that a very substantial
degree of cooperation is
needed in this area also. These
PeoP'es have to be taught a

such develop¬

of

The

peoples will view every
as

80

of

function

banking

tral

expect that many of

All this is, of course, not
say that nothing can be
that
done or that nothing ought to
foreign restraints or foreign ks done to correct the situarule often leaves the state of tions to which many of the
affairs
bad as ever if not so-called advanced nations
ever,

them

step taken with
cion

than

He

system

Banks

Reserve

19. Congress in the

Dec.

on

country was again to have a cen¬

do
help

And

more

termination

the

Bank

any

can

we

help

themselves.
have to

progressed, how-

ments have

that

or

have

we

amenable to direct solu¬

f-ribal superstitions and the
'ike before broad help is poss'k'e-

but who had become

of

After

Senate

new

Committee.

regional

a

Federal, Reserve
bated

the

Banking

The powers of the future

banks.

Federal

passed

the

House

little

peoples—and for that matter
of many who nominally en-

full political freedom

given either to
to those in need

or

7837, had passed the House on

Glass,

the

of

Currency

usually long session of Congress,

be

ourselves

The bill,

and

in 1913 by Repre¬

Carter

proposed

Sept. 18 and, in what was an un¬

the impression

encoun¬

quently weaned away from

joyed

HR

Presi¬

Meanwhile
not

50 years ago.
signed

1913,

23,

the Federal Reserve Act.

dent has well said.
,

Dec.

President Woodrow Wilson

addition to their

of such colonial

"liberation"

On

probably

quite

and

to serve themselves. The health problems
which

bill prepared

sentative
Chairman

very

advance^ na- measurable
including willingness

(sometimes

t ions
our

peoples

fortunate

more

real'

outside makes little or no

for many a

us

step at the time, as the

must

would be

with

50th Anniversary

will have to be taken one

ney

really

off. And direct aid

in the amounts that

d

centuries, to come. The jour¬

from suffer¬

surcease

porary

aid

mere

does

often

and
at

that

fact

the

e

imagine

us can

^

objection was overcome in

This
a

difficult ques¬ ing, leaving the victims

more

tion. What the
of

of

no

advances

technological
sulting

and ill-c 1 o t h

than many

second egy in the face of communistic will be
and the incredible aggression, we had better face decade,
been

there

had

ill-housed,

Continued from page 1

9

Currency

Flexible

for

Need

Federal Reserve's

beings far more ill-fed,

human

As We See It

(2473)

Financial Chronicle

The Commercial and

...

The Commercial and Financial Chronicle

investment

net

10%

the

of

insurance

bank and

has

„

.

•

.

annual

,,

.

,,

ing inventories on

in 1962, work¬

Therefore, how

have

investment in¬

of the past decade. For the present year
will climb to roughly $2.50 per share compared

each year
come

10% stock dividend.
low proportion of earnings are paid out to stock¬
dividends, with distributions averaging 40% of

adjusted for the recent

in 1962,

relatively

A

with $2.12

holders

cash

as

Selected Statistics
Premiums

Admitted

Written

Assets

Expense

Policyholders'
Surplus

Profit,

Ratio

Margin

Ratio

+

1959

17.8

36.7

64.2

.

$16.7

$36.8

$61.6

_

%,

%

%

67.8

35.7

—3.5

35.2

0.5
5.7

■

(000,000+
1958___

64.3

...

.

_

1962
+

:

•

69.5

41.8

20.5

61.4

32.9

76.4

40.5

25.2

65.0

33.4

1.6

78.8

44.3

-23.2

65.1

35.4

—0.5

*

_

.

.

Per

Data

Share

Income

—1.78

*

for any month in

1.58

—.20

they
the first half of 1947. At

relative

sition

in

were

sales

to

as

remember, the

that time, you will

26.38

You

then ask what about

may

carrying the finished goods in¬

ers

The an¬

ventories for the retailer?

to a certain extent/is "yes";
are
backing inventories

swer,

,

retailers

the manufacturer,

to

of

level

rent

.82

36.94

39-24

.90

36.19

37-22

.77

4.19

.79

2.12

'—.40

"'Adjusted

for

2.55

2.08

.47

1961

hut the cur-

is

ufacturers

historically
never

is

moving; down

indicated

payment

of

i0%

%

-

1.72

stock dividend

manufacturing before there is

in

+

Head Office

BANK

M ■ISHOPSCATE, LONDON, I.CJ

and

INSURANCE

MINERVA LONDON

Let

turn to the second

me

caused

has

that

STOCKS

the Government In
ZANZIBA*

York

ADEN

•

■

CEYLON

SOMALIA

•

investment.

BURMA

EAST AFRICA

in

between

rise

lion.,
If

will

in-

1964,

as

for

+29%

primary nonferrous metals

-[-26%

tax

with

an

force

labor

of

not

since

that

position

has

they

been

aproved,

obligation of the Federal

Government to follow compengatory policies to stimulate and
the

expand

economy.

Anticipates Increased Federal
Spending
It

come

may

the

surprise, but

a

as

is that the

of the matter

fact

fiscal 1964 budget will probably
be about $4 to $5 billion higher
than the fiscal 1963 budget and
that the fiscal 1965 budget has
increases

built-in

about

of

$5 to

$6 billion over fiscal 1964.
As

anticipate
$4 to $5 billion

means we can

Federal

The

calendar

in

spending

and about $5 to $6

1963

there¬

matter,

practical

a

billion in

House

Ways

Minority Report on
Tax Cut makes quite clear
Means

and

that these increases have already
budget.

built into the

been

This

to

means

look

that

me

we

in

any

cut

or

even

should

+18%

stabilization in the coming year,

+ 22%

and

.

,

_

,

not

for

+12%
+40%

___

vehicle*™""!"

Motor

cut

it is the

nonelectrical

machinery

the

take

tax

a

the

compared to 1963:

&

no

is

faced

be

industries in calendar'1964.

Iron and steel

Electrical

there

the

key

expenditures

capital

bil¬

cut> by January 1.964 the Admin-

in

by

anticipated

year

$8

-

assume

you

1965

and

$6

/.

budg¬

government

the fiscal

spending

the increases

government

From this survey you can con-

elude that capital expenditures
1964 will be at an all-time

in

stabilization

on

spending

a

Federal

moderate downturn

or a

likely to be highly inaccurate.

are

for

spending

that those economic forecasts

based

capital

expend-

conducted its own capital
iture survey

this

for the past ten years
we

year

quarterly

pated

not

is

pattern

back

Getting

u From the first quarter of 1963
estimate

that

private

capital

ex-

have risen 10%.
do not believe that American
will

Penditures
we

conducted our industry will achieve the $41 bilWe send

mail-questionnaire to a sub-

ijon

level

that

we

of the economy
clude

As to the fourth quarter of 1963, We

of

a

ically we get between 85 and 90%
response to this survey, and this
year

we

have

These

American

Stock Exchange
Stock

Exchange

received the same

historically.

surveys

estimate

do

of

-

:

what

120

BROADWAY,

NEW YORK 5, N. Y.

Telephone: BArclay 7-8500
Bell

Teletype

212 571-1170

a

capital

expenditures will be in the forthdoes

but

this

because

year

make

changes

survey

in

industry
its

September,

last

indicated

to

original

my

area

which I think pre¬

recession

a

in

1964.

the

In

of inventories we look for no
_

liquidation, in capital investment
anticipate

we

an

increase in

8%

1963, and in Federal
Government spending a rise of
1964

over

about $5 billion is likely. Let me
turn

the consumer

to

now

plans,

does give a good
more

that

or

come

originally anticipated,
From

tQ
we

give

not

indication of the trend and
•

AND THE RHODESIAS




New

Members

Branches in

major

might know, Edie & Co. has

coming

Laird, Bissell 8 Meeds
Members

PAKISTAN

that

and

you

read

trouble quite as optimistic.

us

postwar period, namely, the

precise

Telex Nos. 22368-9

•

1965

cut,

Administration

the

noticeable effect on the in- record and that most of the in-, point, therefore, we do not think
ventory curve.
I therefore, con- creases are occurring in basic and you will have any downturn in
economic activity
elude from this analysis that the major industries.
'
in 1964 as a
American economy is not overThe overall results for the year result of a downturn in govern¬
inventoried, but rather that it is 1964 for capital expenditures are ment spending. :
under-inventoried.
quite optimistic, but the anticiIhave now covered three areas

response as

Telegraphic Addresi

UGANDA

for

is a

tax

no

is now instantial portion of American in- dicated by the U. S. Department
Consumer Confidence Is High In¬
dustry. This questionnaire is on 0f Commerce. We think, rather,
The consumer has been the/
the desk of our respondents the that the rate will be about $40.6 bulwark of strength in, the postfirst day after Labor Day.
Typ- billion, or $400 million less than war period. Economic cycles may
Primary Markets in

•

me

their

inven-

goods

advancing relative to sales

tories

and

in October, 1903.

Bank Limited

•

believe

is

increases of about

takes

some

National and Grindlays

to

there

indicated in-

trouble. paper & allied products..
six

any

it

of finished

months

and

area

+

1965. We be¬

whether there

on

If

the

position hinges im¬

fore, this

at the level which Food an(j beverages__.

contrary,

the

On

out

INDIA

in-

goods

finished

eleventh annual survey.

•KENYA

Let

ventories relative to sales of man-

19-16/

1.93

1.91

1964 to June 30,

cut.

in

is July

budget, which

all-manufac-

11%.

crease of

Are manufactur¬

manufacturers?

28-16

1.75

Bankers

The survey indicates increases
that are almost across the board,
The biggest increases are taking
place in manufacturing. Durable
goods manufacturing anticipates
a
15%
increase, non - durable
goods manufacturing a 6% in-

problem was one of inadequate— crease—so, that in
not excessive—inventories.
turing we have an

in the

31.25

.18

2.28

ADEN

half

and inventories at the retail level now are at the same po-

19-13

25.06 •:

.77

1960

+

with-

period,

postwar

of 1947,

area

1959

1962

the low-

exception of the second

the

Range

Value

Paid

Earnings

'

Price

Dividends Liquidating

Total

Investment

writing
Earnings

1958^

entire

that

Net

_

1965

Federal

rise

not

any

Under¬

1960
1961

fiscal

position is

the

by

will

,

industry intends to increase
capital spending in 1964 to an
all-time record rate of $42.1 billi'on» which would be 8% higher
than in 1963, when capital expenditures are officialy estimated
at $39.1 billion,

in

will ex-

level, it is

est it has been

has
Underwriting Results

Loss

or

year

today you will find

at the current

the

this

of

inventory-to-sales ratio

amine the

stocks—10% and

has increased in

spending

Government

,

not

In this way: if you

at retail

incurred in 1962 due to inadequate auto¬
mobile rates in California and numerous wind, and hail storm
losses. A 10% automobile rate increase on automobile liability
line in California effective February, 1963, and a sizable boost in
workmen's compensation rates in the same state are benefitting
this year's results. A moderate underwriting profit has been re¬
corded in each of the first three quarters of the year. For the
nine month period a profit margin of 1.1% was recorded on pre¬
mium volume of $35.8 million. Comparable figures in 1962 were—
2.4% and $32.4 million respectively. A small, underwriting profit
is forecast for the full year on a 10% rise in volume.
A conservative investment policy has been followed as pre¬
mium volume is relatively heavy in relation to the company's
capital funds, thereby creating a rather large underwriting risk
exposure. At the close of 1962 invested assets were divided ap¬
proximately as follows: bonds—60%, preferred
stocks—30%. Net investment income

Federal

statements

The Administration's

that

et

re¬

some

responsible public officials.

by

will

'

-

What does the survey show for
1964? °ur late-;t surve,y o£ caP'tal

which

going to
inventory correction for ?an

an

1964?

A small

I reconcile

can

are

we

balance

the

underwriting loss was

common

position

on

recent

and

a

take

we

about 1.2 million people and

rCapital Outlays to Rise 5%

eight quarters with the

has lasted

statement

for the com¬

in prospect for 1963.

spending

istration

inventory accumulation

an

Only

another profitable year

the face of

cently indicated facts

increase

caP^a* investment.

balance for the

eight quarters.

last

downtrend in private

the

dicated

Continued from page 1

pany's historically successful underwriting record.
one-quar¬
ter of the company's automobile business is private passenger.
An underwriting profit has been recorded in three of the past
four with

organization

that flies in

get

in pump-prim-

engage

our

will

careful control

over

will

we

will present a compensatory

Will Not Abort Itself in 1964

in

Federal Govern¬

what may appear to be a

we

geographical distribution

rather than personal lines which, with very
their California operations, primarily accounts

ages

will

ment

lieve that this

Why the Economic Uptrend

the

to

"Either/Or

see

the

or

ying. In

tax

compensation—13%, fire and related lines—23% and all
lines—23%. The company specializes in commercial cover¬

other

that

from

I

label is either

cut,

portantly

of risks.
coverages were written until 1950
when Pacific Indemnity entered the fire insurance field. The com¬
pany remains principally a casualty underwriter today with nearly
three-quarters of premium volume derived from those lines. Over¬

'

that

1,

of $41 per share.

ticipated year liquidating value

Only casualty insurance

represented 41% of volume

share this year, and is currently quoted @$33 bid.

present price, the stock provides a yield of 3% on its $1
dividend, and is selling at a discount of 20% from its an¬

At the

why

'64." The reason I have given it
tax

view of tax-loss carryforwards resulting from heavy

$39 and $30 per

states, the XMstrict, of
of premium volume is
still derived from California, with Texas second in importance
in size at 10%, Management is continuing the effort to achieve

all, automobile lines

experienced

of common stock outstanding are traded
the Over-the-Counter Market. The stock has traded between

in

The company is now licensed in all 50
Columbia and in Canada. However, 60%

men's

5.

turn

me

reason

The 870,000 shares

organized to write casualty insurance on the
West Coast in 1926. Operations were concentrated in that area
until 1955 when a program of growth through geographical dis¬
tribution was initiated. In that year 89% of total premium income
was derived from toe states of California, Washington and Oregon.

broader

effectively raising the dividend by
annual basis. Further dividend increases

Let

losses incurred in earlier years of rapidly
rising premium volume. There is likely to be at least a partial tax
burden on 1964 earnings if they prove to be anywhere near the
anticipated 1963 results.

Was

The company

"Either/Or in '64"

dividend

anticipated total earnings of $4 per share for 1983 will

The

Co. is one

1963.

share for

25 cent cash

a

projected for 1964.

and

1963

in

of the feW major and casualty irisurance companies that has been able to post a profit on its underWriting operations during the first nine months of the year. A
moderate underwriting profit for the full year combined with
sharply higher net investment income, which is running 21%
ahead of a year ago due to improved rental income from the new
home office building, is likely to result in total earnings near $4

a

Thursday, December 26, 1963

statutory underwriting

INDEMNITY CO.—

PACIFIC

per

.

thereby

share on an

be tax free in

-

.

Following the payment

years.

anticipated in view of the rise in net investment

are

Pacific Indemnity

recent

dividend in October,

declared,

been

in

income

stock

10 cents per

stocks : This Week — Insurance Stocks ;
y

,

(2474)

10

the

the

ter o{

first

ter

fourth

anticipate

a

5%

of

19(U

1964

increase

in

seasonally compensated annual rate of private capital expenditures, which would be from
$41 billion to $43 billion,
As you well know, economists
like to say that the rate of in-

spending
to

crease

will decrease—so I am say-

more

Cuba,

consumer

the

a

economic

and

cycles

but the consumer will

go,

very

confidence had reached

low

point.
of

resolution

the

Following the
Cuban
crisis,

the index of consumer
rose

Now

to

an

the

these

surveys

in

ing

to

you

that the

confidence

extremely high

most

important

level.

fact at

the present time is that this in¬

rata of in- dex is within 2 to 3%
each
of
the
periods,
1953-1954, crease in canital expenditures will it was after Cuba and
1957-58 and 1960-61 correctly in- decrease in 1964.
h
need to go into what
significantly

on

Just prior
the index of

money.

1962,

in

may

go

of where
I do not
the con-

'

economy.

V:j'/ ■;VA;'" '•
currently high level

the

With
of

confidence,

consumer

1964

in

under

billion

$13

about

of

the

we

will see a minimum in¬
consumer
spending in

think you
crease

1963

the

for

done

has

sumer

Number 6328

198

Volume

of no tax cut. If
to assume a tax cut ef¬

assumption
were

we

fective
would

the

in

early
say

we

year,

spending

consumer

billion, which
more than the $18

could rise about $20
be even

would

this year.

billion it increased

.

can

ing

consumer spending
thetremendously

of

year

of

because

confidence
part of the consumer;
level

high

of

'

dealt qualitatively

So far I have

for 1964.

the economic outlook

on

the
;"v

on

summarize it in
the figures. First we an¬

Now let me try to
terms of

national product
of between $610 billion and $615
billion in 1964, without a tax cut,
as
compared to $583 billion in
ticipate

gross

a

d

Second,

industrial

of

3%
to

1963.

1964,

in

on

at least 128 in

1964 if you assume mo

you

tax cut, the index

assume a

other

will

the

in

flatness

of

one

Stock

and

in

for

industrial

the

first

we

level

can

production.
months

six

Curing
the

of

year

the index of industrial

see

minutely

fluctuating

production

above and below

is

need

a n n o u

Fourth,

expect the

we

begin to

economy

ahead

strongly

move

in the second half of 1964

spending,

government
personal

inven¬

consumption

ex¬

penditures and capital investment
take hold.

think

we

By the end of the

will

you

dynamic, thrusting
In

summary,

again
has
it

that

this

see

year,

robust,

a

people

of

five-year-old

has

ton

been

appointed
President

situation

economy.

let

me

growth

Man¬

named

of

Research

De-

t

pa r

Assistant

named

Research

partment since

of 10

Trading Depart¬

1958.

Loewi

Co.'s
staff

&

Loewi

has

Department

Trading

has

Manager of

Pedersen joined

in

once

of

economy

ours

great propensity to surprise;

a

is

robust

a

dynamic economy.

that

only

it

economy,

It is

continues

to

is

a

.

1964 I believe that

free

enterprise

of

business

the

part¬

sheck

a

and

enemies,

a

and

strength to

our

confusion

Charles

of

ner

Smith/Bar¬

1, 1964, it was announced by
B.

senior part¬

Harding,

Smith, Barney & Co. The

partners of the present firm will
officers

be

to

directors

and

which

will

of

the

continue

member of the New York

a

Stock

Exchange

chairman:

president

of

of

the

Smith,

commenting
a

tion,

Mr.
the

I thank you.
*

An

address

Economic

Central

Forecast

National

Cleveland,

as

requires
be

more

a

structure

management

can

Seminar

Bank

of

at

the

Cleveland,

provided

by

Ohio.

the

of our

personnel, facilities, and services
will
that

be

unchanged,

there will be

we

believe

benefits

to

our

clients and staff by using the cor¬

To Be Partners in

porate

Jan.

A.

1

Maurice A.

Kolb,

Hallam, Robert

Norman

B.

Francis J,. Beck, William

gin

3rd,

and

Effective

John

C.

Smith,
H. Bur-

will

Korn

Charles

D.

member

Exchange
United

in

bers of the New York and
1 p

Phila-

Russell

J.

On

the

Sellers,

Smith,

year

founding
The firm,

New

York

other

It

distributor

municipal

ex¬

in

the

major

a

Sellers, Gladys D. Kolb and Vir¬

un¬

and

dealer

and corporate

HONOLULU,
business

is

Hawaii—Ralph

engaging
from

in

a

offices

S.

14.0 2

Kapiolani

Eoulevard

being dissolved.

firm

of RSA Securities.

name

of

the

fraction
in

of

typically

have

say

products
mand.

tential

smaller

is

the

and

expansion

past decade have been growing by
more

than

year,

will

million persons each

a

in

Windsor

that

is

only articulating

their

own

great

majority,

pursuit

of capital
wel

the

because

limitations. Such people
themselves

ask,

salesman,
fared

or

stewardship

profes¬

let

they

a

would

they

how

had

'

what

for

attempt

Stock

Well,

could

they

Fund

of $12

1958.

The

share

a

price

happened

bought

have

offering

the

at

would

Oct.

23.

have

on

sales charge of

r.

At

the

Oct.

in¬

8%. What

under

the

cents

realized
cents

in

vestment

By
year,

close

the

was

the

of

$12.03.

fiscal

year

That year,

capital

gains

dividends

of

per

18Vz

and

from

net

income.

end

from

distributed

was

value

serving for
their

of ;
to

and

time

a

La

investment

his

he

served

Man¬

as

Jolla

of lice.

business

agent

as

manager with the John

Life

Insurance

Han¬

Co., special¬

pension and

profit-shar¬

Securities, Inc., recently
anniversary;

mutual
more

all

parts of the U. S. and through¬

fund

shares

held

are

than 50,000 investors in

out the world.

;

V

/

N. Y. Sec. Dealers

/

Annual Dinner

$22.98 a

The

New

York

Association

/

Security Dealers

will

dinner

annual

hold

their

Friday

on

38th

March

13th in the Grand Ballroom of the

report3

$18.83 a
wi.h $833,-

or

This compares

share.

245,534

$15.27

and

Oct. 31

on

year

$1,139,497,358,

it

share

per

B. C. Morton Branch
TAMPA,,

a

Fla.—B.

ganization

earlier.

year

branch

Inc.

office

at

C. Morton Or¬

Has
812

opened
East

a

River

,

Drive

Series

Stocks

Growth

new

include

holdings

direction

of

Jr.

existing
Air¬

to

Additions

Belding.

the

under

Roof.

James

commitments in An¬
heuser-Busch and Foote, Cone &

reports

American

lines, Arlan's Department Stores,
Grolier and Winn-Dixie.
:,'t

Nation

■

'

VV,

,

Securities

Wide

-

i-

A

'

Co., Inc.

reports that at Nov. 30 net assets

$56,265,019, equal to $22.31

totaled
a

against

share,

at Aug.

31, 1963, was

Fund

*

$

$

and
Share value
$23.27.

$46,404,487

$20.89 a year earlier j

of the

end
31
or

reports that at the

initial quarter on

Oct.

net assets were $181.6 million,

$8.73

million,
earlier.

a

or

share,

against

$7.08 a

share,

.

/.V

..

$117.4
a

year

u

in¬

-

the

share,

1960

fiscal

was

$12.17

Vance, Sanders & Co., Inc.
sales

in

the

last

the fiscal year

million

months of

reports

months

of

that ended Oct. 31

amounted to $79.1

$74.4

six

first six
The f iscal

the

in

the year.

total

of

mutual

$153.5

fund

owning stocks selected
quality and income
possibilities. Sold only through registered
investment dealers. Ask your dealer for
free prospectus or mail this ad to
investment

CALVIN EULLOCK, LTD.
Established 1894

million/against

million
compared with $219.6 million for
the pfior fiscal year., Earnings, for

year-end

A

for

thereafter?

31,'-1959, net/ asset value

share

registered

a

v

price

cluded

has been

son,

Donald A. Anderson

u

Ander¬

by

with net

or

Fund

fiscal

the

ended

with

they could not do for

themselves.

Windsor

Mr.

its

■.•■■■■■

Puritan

them

ifornia.

re¬

with $14,845,036
share at the close of

its

of course,

unattainable

may

sional

For

philosophy.

is

agree

manyircases

in

Southern Cal¬

Group

previous fiscal year.

National

growth."

earnings

Investors, whose ranks over the

Secu-

ies

Waldorf-Astoria.

services

for

room

in

$13.50 per share, a

com¬

or

him

Group
ri t

observed its thirtieth

net assets were $21,-

or

a

Investors

po¬

successful

A.

;of

representing

cock

share/compared

smaller number of

a

over

Fund

Stock

$21,425,077,

of

and $18.16

fund

of

the

Diego, to

assist

izing in

earlier.

assets

port¬

the

an¬

Donald

San

experience,

a

the

markets

have/much

the

firms,

appreciation

is enhanced, since

results

it ended the Oct. 31 year

of

range

seasoning

By

with

good

has

Anderson,

Prior

re¬

Guardian Mutual Fund announces

relatively stable and growing de¬
folio

with

be

years."

year

firms

there

which

for

should

he

urities,

c

Inc.,

appointment

ager

be volatile from one year to

$17,922,782,

resources

broad

a

«

'■

nounced

years,

rec¬

growth-oriented program

31 fiscal yean

prac¬

established

these

performance

ports that at the close of the Oct.

hope to reduce risk exposure,

we

since

'■

Representative
with
DempseyTegeler & Co., for the past three

investor)

risk-taking
the

Commonwealth

large companies,

of

iv

a

The Funds Report

significant

fund's

the

variety

a

in

to

say

991,310, or $16.57 a share, against

to

Sie

as

Group

"

quest

others

many

might

investor:
a

the

of

ing plans and estate planning.

The

of

Group, Inc.,

Distributor

indi¬

as

have

on

be

every

investing

"By

23

securities
at

partners in Hecker & Co. which is




to

value

goes

Distributors

with

no-nonsense

(the

warded

million.

may

in

thct
a

;

Calif.—Miles

Burgess, Russ Building associated

be¬

secu¬

RSA Sees. Formed

Aoki

are

tical

per

ginia B. Milburn will become lim¬

Fund

that

on

ited partners in the firm.

AH

Windsor

Burgess ;

FRANCISCO,

of

com¬

companies

something

here

investor, the

field

another,' but

in the $100

are

sales of less than $100

rities, both domestic and foreign.

M.

26

million class.

a

Stock

leading

offices
is

by

same

Edna

billion and 13

a

fund

h i a-Baltimore-Washington

Stock, Exchanges.
date

mem¬

its

12

States.

&

Co., 1424 Walnut Street,

the

and

derwriter,

e

this

of

has

changes,

become general partners in Bioren

d

of

Barney.

of

Another

SAN

year,

Carbide

Union

M.,

B.

Eastman.

or¬

Barney & Co. celebrated the 90th

—

I.

Miles

realized

were

cited

is

what

say

ord of
may

$1 billion—companies such

Anderson Joins

(total resources:

people,

80

sales

Fund

fund

knows

year

a

annual

have

have

1

Dec.

anniversary

PHILADELPHIA, Pa.

of

ganization."
On

Bioren & Co.

plan

maangement

the

58

"We be¬

corporate form. While all

by Dr. Rinfret before the

six

vested,

growth of the firm and

formal

friends, ;

corpora¬

a

Harding said:

business

its

such

1964

partnership to

our

of

the' change

on

from

(up

common

share, in the

a

greater growth potential. The

"He

in which the fund is in¬

earlier)

products,

In

of

that

notes

panies with

Co. Incorporated.

&

Barney

lead¬

Mr. Harding has

elected
and

other

and

ing exchanges.

lieve

to

bulwark

a

It

companies

Co. Incorporated effective

&

Jan.

In

be

Windsor Fund provides
own diversifi¬

cation.

latest

prospective investor:

breakdown of its

a

$1.44

or

back up to $14.38.

businessman's risk in

the

line

small one,

$1,301,814,

of course, was distrib¬

long-term

terms,

large corporation and a

Man¬

$1,355,827,

previous fiscal year'.;

companies*/ designed for

Windsor

greater?"

dividing

precise

a

other

for

but

a

& Co.,

Street, New York City,

be conducted by

is

remaining v 35

the

of Smith, Barney

Broad

will

risk

to 13 Vz

million)

a

"

.

Oct. 31,

share of

a

vidual who is prepared to assume

Rorer,

million to $250

To Incorporate

our

will

draw

between

to

of

and

rose

the

of

was

capital gains

none,

the

known

potential

record

it is rather typical of scoies

of

Control Data,

as

great

the

to

skidded

$79.2

While, admittedly, it is difficult

and

from

again

once

economy

which

12

cause

empha¬
-

'

,:

Wellington

a

a

/

slump of the 1962

value

end

Windsor

Kodak,

I

.sis

uted. Dividends totaled 15 cents.

panies have sales of $250 million

confuse, and thwart those who do
not, believe in free enterprise.

have

and

Minnesota

lessen

the

No net

com¬

cents

year.

This compares with net of

,v

to work

of

was

Western

share value

problem

m a n

should

and

distributed

dividends

cents, but dividends
At

is

established record

Or

gains
and

cents.

long

large

Associates

Sanders

in

t

a s

an

smaller

,

Smith, Barney

a; been

confound,

have

Texaco,

All

E

and

success?

size

over

people.

econ-; board

an

which

to

announced

Pedersen

R.

the Loewi & Co.,
ment. Mr.

^

a

Machines,

Mining

De¬

^

also

been named Assistant

Co.,

associ¬

Research

1901.

William

Business

share

year,

International

as

and .companies, such

1959

has been

Liebman

Mr.

such

the

money

well-known

which

Loewi's

with

that

in

the

analyst with the

Bukowski

Mr.

the

investor

this

my

$17.13,

In the market

J possible

over

with

put

the

of

joined

1961.

since

ated

v

organization
senior

the

staff

a

A

Swentkofske

been

firm

of

I

panies,

Loewi's

Department has

people.

Loewi

in

been

Manager

Department.

Research

has

'
has

Bukowski

R.

should

M. R. Swentkofske

for

intelligent
;:

of

$11,417 distibruted gains shrank to

capital

confronted

ent

m

Ronald

of

distributions

gains and 15 Vz cents

cents.

way:,

search

the

term,

the

ager

states

company

this

the

"In

and

rectors

corporation

say

' *•

equal to $1.50

were

35 /cents

were

12

Di-

of

Board

income

stock.

lS61's close share value was

lofty

In its annual

people.

the

report,

by

firm's

the

At
a

the nagging problem of

up

million

18

97

were

dividends.

/

Co.-managed Windsor F u n d

sums

an

Assistant Vice

20

in

ap¬

The
Welling¬

Swentkof¬

R.

be

philosophic

a

there

33 cents from

the marketplace.

ney

in

tories,

of

to

rises

as

search

proach

nership
to

in

Marvin

that

flat trend.

a

year

For the fiscal year ended

Philosophy

and

Nearly everyone of the <9tfe in 10
Americans who invests in stocks

product;

national

gross

relatively unchanged

a

An Investment

has

early part of 1964 with modest in¬
creases

POTTER

&

Ex¬

change,

&

pattern

the

believe

we

be

an¬

percentage points.

three

Third,

advance

would

undoubtedly

If

tax cut.

of Loewi

Street, members of the New York

least

as

C.

agement

Co., Incorporated, 225 East Mason

1957-59 base will

a

1963 and

in

125

at

production

compared
The Index of Industrial

higher

Production
be

level

JOSEPH

BY

L.

President

Liebman,

Mr.

a

anticipate

we

latest

share, against $1.45 last

net

of six

3.5% of which would be volume,

-

:

Wis.—William

MILWAUKEE,

an

be price and

of which would

1%

MUTUAL FUNDS

*

Appointments

1964,

in

4.5%

about

of

increase

represent

would

This

*963.

the

Loewi Co. Staff

ske

to me is that we
look forward to another ris¬

The key thing

/V

(2475): 11

The Commercial and Financial Chronicle

.

.

.

9:>!l _NY6LA.

Y(lfiK 5
'

'

\ ;
Name.
Address.
TT

CF

The Commercial and Financial Chronicle
12

make him

pensive
burn

Dilemma
"v

>■'

■

double-checking done to make sure
that recent refunds were passed on to the customers. Mr. Wood¬
ward, a Republican, was recently reappointed to a five-year term
on the F. P. C.
His criticism centers on what he says has been the
tendency to go beyond what the law provides, such as prohibiting
intra-state sale of gas delivered in interstate pipes, and to make
decisions which from a long-run point of view stifle toe enterprise
and the profit incentive system, such as leasehold sale which is
not

third

the

am

Commission

to

Association

of

short two years

of

the

until

are
gen-

philosophy

is

to

of

point

industry

there

as

encourage

are

that

say

I

would

pattern of decisions which lays

to

forcing the industry

slowly and cautiously in-

move

agency

within the framework of the Na-

by tural

erected

was

stacle

Dissent

Tax

view,

my

the regulatory Ob-

on

this

early

course

barrier

another

summer

when the Commission spelled out

the method to be used in comput¬

ing the

Federal income taxes

be included

of

regulated

a

dated

when that

company

has joined in

company

tax

to

the cost of service

in

consoli¬

a

with

return

affiliates.

it did—rul¬

By taking the action

the filing of

series of booby traps in the path

a

Income

In

arising from

growth,

a

progress,

in¬

of

members

which

program

industry

which will inhibit it with

0ne

interested

economic advantage

aumin-

content itself with

should

that I have the

say

can

ing that the

stead of boldly and imaginatively
as it should.
The Commission,

regulatory

government

not

I

in

believe

a

believe

I

exists. Car-

further, I

return

no

Statutory Limits

of

speaking,

Broadly

dis¬

as many

are

regulatory

S|ep

not

the right toad,

on

are

the

wj]j

be

a

plunge

not

should

the

should

lded

and under dis-

open

We

we

believe

I

the

Matter

A

it

Sometimes

should.

the

'"My

me.

that the power

^0ubt

of

solidated

passed

tax

to

on

con¬

a

be

return > must

company's

a

rate

payers—I believe the Commission
stepped

across

line

a

set

which has

Congress,

by

up

never

com¬

mitted management judgments

to

administrative agency.

an

This

another

is

situation

where

could have

of

example

a

Commission

the

granted legitimate and

Act, must follow a
necessary
incentives ; to private
which will stimulate the
enterprise while at the same time
For a good many years the in¬
the courts.
A regulatory agency industry to even greater performdustry has looked hopefully to must abhor any action which goes a nee, not retard it by making it fully protecting the consumer rate
payer. Allowing the company the
the
Federal
Power
Commission
beyond the limits of its statutory fearful that its plans and pro-'
full
advantage provided by the
for understanding,
guidance and authority.
I know of no statute grams will come crashing down,

Commission
during this

its

laws

the

istering

between the two.

changes in the

enacted

as

Congress, and interpreted by

the

Gas

course

.

organization,
its methods of

leadership in moving toward the

its

operation,

which

beyond

where' they

arise

always

within

beensharp

in

have

putes within the Commission and

have

period,

Mistakes

by the regulators

that there

seems

one.

new

There

regulatory

in¬

problems

ciear-cut to

s0

eral

regulated. Disagreements

logically

of

those

not

other

the

of

some

so-

jurisdiction where there is strong

areas

come a

ourselves.

not

do

administration

of producer regulation,

years

resist the expediency of asserting

cussion.

the

during all of

is embarked on a sound coqrse of

kept, in

and

previous

the

I sincerely believe

Commission generally

the present

I do

from

and

However, the Commission's

regulatory

and

is,.a central question before

me

general

regulation \yhich will protect the

been made both

of

appointees

the

of the

to

rule,

going to

we

bring

run

prevails

endured

tricate

the

are

problem dustry and government.

the

now

iuti0ns

long way down

spite

from

shifted

of

the exceptions, and not

are

cases

this road—sometimes. I think, de¬

majority

since the

long

industry and its regulators. These

energy.

We have

has

the

which

which

the whole

the existence

for

purpose

aging

out

,

chaos

the consumer—who in

the long run represents

in

order

some

and

industry,

gas

this

of

will

and

of

progress

am

offers the best and surest hope for

public interest. I am not crying
to utilize this wonder source 'Wolf, but there are a few disputed

ways

of the
address the ING
America in ,the
member

natural

thus harm

sale in interstate commerce.

a

and

answer.

solution

adversely affect the

stability

the

of

and agrees with the

of cases,

to

backlog

commends the reduction made in the

cept of "area pricing,"

I believe may

future

with-

situation which

a

us.

only that I

of

programming

-

achieve incentive regulation? This
to

say

and

operations. How

,

dissents,

through

see

this sub-

on

struction

in full
agreement
with »other welcome, as I believe my col¬
members of the Commission that leagues on the Commission would
area pricing—while no panacea— welcome, suggestions and advice

I have attempted to

them

me

that

sure

subject, I will

places, in

and often

cases,

lecturing by

any

litigated

and

ject at this late date' would add

of regulation

edges

pattern.

whenever I

jurisdictional authority to regulate interstate sales of natural gas
in several regions which he details. He supports, however, the con¬

I

Thursday, December 26, 1963

.

little to this already over-exposed

in unexpected

up

spotlight

its

to

supplies of gas bought

rough

unrelated
out

the Commission for exceeding

scores

appliances

household

moralized,

since 1954, and I'm

ever

premium prices.

turn

D. C.

Commission, W ashington,

Commissioner Woodward

>

;

..

having to use his ex-

scarce

The

Commissioner, Federal Power

Harold C. Woodward,*

By

■•

■■

.

.

Promise?

or

at

for „littled,

his children pay

or

later by

it

Natural Gas Regulation:

>

.

.

(2476)

h ilosophy,
and its regulatory

which

confers

Utopian goal I have just described.

Harold C. Woodward

latory

agency

realistically

All have been

p

direction.

that there is

no

aware

problems haVe to be solved
Over

Is

Honeymoon

at

one

time.

a

on

write

to

tripped

regit-

a

its

by

new

a

jurisdictional

ing laws
of

case

;

mission,

'

Com-

Federal Power

the

findings

with

Natural

accordance

in

rate

about

Separate Return on Well-Mouth

In the

inadequate.

are

consolidated return does not harm

the

A

device.

own

legislation when it feels the exist-

that the

panacea,

power

-

the

example,

For

.

problem

of

Providing the incentive necessary

It does not bring

payer.

It

higher consumer rates.

simply does not operate to reduce
them.

Cities

Commission's

The

Serv¬

Company opinion (No. 396,
to natural gas
A Dissenting Member
issued July 15, 1963), to which I
is no longer a new Commission.
terpreted
by
the courts, 'must pipeline exploration and developThe Commission during the past
dissented, was based on the false
In fact, the press in recent weeks
represent the outer /limits of its ment activities is an area of dishas been carried away with the two years has faced up to many,of power. Due and proper regard of agreement
among many knowlT premise that r.s to industries reg¬
ulated by it, :,the
the most complex and basic regu¬
FPC has the
theme that the honeymoon is over.
principles of laws, for the legal edgeable people.
I believe that
authority to limit the effect of a
We have had time to study the latory problems of our generation,
process, and for the distribution of pipelines,
as we 1 as producers,

problems

industry's
solutions.

Two

directions

latory
then

Chair¬

ago

the regu¬

described

Swidler

man

the

hoped

he

would

Commission

new

seek

to

and

years

follow, and last year Commissioner
O'Connor

reported

mission's record

Today I

the

on

its

in

Com¬

first year.

going to take

am

new

a

tack, applying sandpaper to what
I consider some of the rough edges
of

regulation, looking

I

in¬

unanimous answers.

to defy

offer

cannot

at the

which sometimes

tricate problems
seem

tions to these problems.

"Instant"

—is

certainly

is

thing regulation

one

not.

hope to pro¬
and thinking in

However, I

voke

discussion

some

of the

cloudy, gray areas of

is

all

where

disagreement

and

not

V,"

'

the

[A'I

\:y„

others

numerous

solved in

must/

' '

be

reached

by the

regulate in, such

must

way as

a

enterprise, arid in

of its

some

ac¬

roadblocks rather than ad¬
the

common

the

of

cause

regulated, and that the public in¬
terest will suffer in the

long run.

for

Federal

regulation is recognized,

there is

While

subtle

a

need

the

will

initiative

vate

will

be

killed,

re¬

allocated

be

not

the

There is the

regulation, pri¬

danger that under

sources

in

inherent

danger

regulatory process.

in

black and white and where many

the most efficient manner, and the

find con¬

overall cost of service will be in¬

wise knowledgeable men

tradictory solutions.
We

that

start

can

all in harmony on the

we are

goal

creased.

pursuing. We want

we are

a

dynamic industry which will seek

out,

natural

gas'at

enough

to

business
tect

low enough

to pro¬

of this fuel.

more

of

and encourage

consumer

use

and

levels high
incentive to

price

provide

and

the

him to

supplies

abundant

distribute

sell

transport,

produce,

We

must, of course, take into account
the wise
ral

can

depleting natu¬

a

Sound

resource.

business

a

of

use

policies and

regulation

in

practices

achieve this goal to encourage

forceful

prosperous

warming

in the

our

years

homes in

to

come,

the. win¬

ter, cooling us in summer, cooking
our

food, heating

ing

our

tries,
other

water, light¬

our

patios, fueling

and

performing

miracles

breakthroughs

as

indus¬

numerous

technological

bring




our

about

new

The

;

Federal

have

bearing not only
the

natural

The

moving into
holds

the future of

on

whether

promise

industry, or whether

ing

down

a

but on

to

we. are

not

Commission

I

of

conceive

cannot

re-

any

sponsible regulatory official holding back

administering

on

law

a

just .because he personally did not

with it. Had I been

agree

the

framers

the

it

one

written

differently.

But

of

Gas

Natural

might have

Act,. I
of

of

parts

in

my

present position, charged with the

of

responsibility
that

statute,

I

administering

am

committed

it out fully

in

to

way

no

us

where
of

down

r.

will

we

the

era

it.

be-

lieve this,

lay¬

I

as

ber

see

If I did

I could not be

the

of

not
a

mem-

Power

Federal

Com¬

mission.

stalemate

a-;

presents

only

a

situation
choice

which

between

unsatisfactory solutions.
don't

I
we

I

are

caution

on

fact

that
now.

only that

the

we

are

walk¬

ing in a land of pitfalls and must
tread
the

phy,

carefully.

We

must

buy-now-pay-later
whereby

we

_

might

having

its

with

a

it were not
owner

common

unregulated and unrelated

an

petroleum business, should not be
done without persuasive reasons
based

sound

upon

rate

-

making

impose no confis¬
catory rates, which equitably bal¬
policies which

ance

ests,

consumer

the

consideration
action

and investor inter¬

which

and

take

fully

economic

national

upon

into

impact of such

the tuture ot tbe natural gas industry, and through it, on^ the

company's system into a rate re¬

\.
throughout the
At the root of regulation is eco¬
structure of the natural gas indus- nomic
policy. The problem of eco¬
tr»as. ». whole." My Strong views
nomic growth in the United States
011 this problem have not waned
is crucially important, and invest¬
duri»g ,he intervening 11 months,
ment
is
inseparably related to
but rather have been strength-.
economic growth.
ened- ,1 reiterated this stand in
G, Under the majority view, the
the Southern Natural opinion
consolidated return would not re¬
f 37t>) last Debruary, and I result
in
stimulating
investment
eniphas:zed the matter here, beand
growth, because it. has the
cause I believe that the treatment
effect of converting'non-jurisdicaccorded /pipeline production tional losses within the parent
properties has a strong bearing on
.

ese

avoid

philoso¬
achieve

repeat,

that the function

then,

Gas

Act

life^The

viewed

as

by

Supreme Court of the United

e

States,

says

that the Federal Pow¬

Commission

interstate

rates

must

and

regulate the
sales

of

ependent gat> producers, and
aie

The

inwe

doing so without reservation.
many

sociated

complex problems

with any such

Commission

encourage,

oVeraU public iriterest. We cannot
afford

t0

narrow

consider.

a(-;on j.0 matters of such long-run

significance.

economic
are

necessary

Incentives

not only to balance

:supply with demand but Uiso for
purpcse

to

down

a

costs

bringing

0f

minimum level.

supported

I he'd

persuasive reasons

by

policy.

based in sound

to

rather than discourage
of enterprise, for the benefit of the
„

atlon is one

fapts of regulatory

Natural

er

.

,

duction for ges consumers.

of the nation as a whole./ that the majority opinion was not

economy

is to regulate in such a way as

Area Pricing

roc?ucer
t

t

the main road

question

still

routinely granted to it

by the Commission if
for

which

allowance,

tax

a

be

reverberate

I

'

Agrees to

dilemma

the

of

Internal

Code. Depriving a com¬

Revenue
pany

expressed

the

policies.

of the Federal Power

dead-end street

face

would

of

1501

Section

in

■

of the letter of

law

which could hamper progress and

push

matter of serious concern to me.

au-

falling short

we

decisions

of

series

has

law

the

regulatory

a

out

subject to

of this nation,- carrying

is

big. question

which

strong

a

industry,

gas

the entire economy

are

Commis-

Power

decisions

sion'a

remain

to

industry

■

premise

with the

the

which

mandate of Congress as

thority. Jurisdiction is established

tions I felt that the decisions will

vance

as-

ice Gas

must be encouraged to explore for
new gas, and the Commission's
recent reversal of a long established 'pattern of incentive is a

Almost a year ago, in my dissent
to the Commission's opinion in the
by law, and remains as thus es- El Paso Natural Gas Company rate
tablished
until
changed by the, case (Opinion No. 366), I sr. id that
legal processes available through' ''without question a separate rate
Congress. Any reach for powers of return on well-mouth must be
beyond those which are clearly set allowed." -Failure to include an
forth by the statute, would repreadded increment for incentive,; I
sent a breach of public trust and raid,
"will not only have reendanger our whole concept of sounding effect on the parties in¬
utility regulation as practiced in colved but will produce unl'avorthis country.
'
able
repercussions which
will

made

to

set up

government,

our

opposition to the

my

matters

rather than discourage

encourage

law-making power between
of

attract capital

in-' to

as

sertion of Commission power over

ma¬

I believe the Commission

jority.

Act,

branches

compels

that I have not always agreed with
the solutions

Gas

the

dissents know

my

the

the

future. -Those

near

who have read

solu¬

instant

any

'''v

this

standards,

Washington

By

The

precise

intent

of Congress

the privilege of the
consolidated
return
to G an
af¬
in

granting

filiated group of
to encourage

their

businesses

overall

betterment

of

There

the

of

international
eliminate

tax

for

National

the
and

and

economy

any

doing such

corporations was

companies to expand

to

disadvantages

through subsidiaries.

interpretation by
clear de¬
privation of property without due
dis- svstem incentives for efficiency,
as-

regulation

temporary lower prices of imme¬

have been discussed, debated,

diate beneiit to the consumer, but

puted, contested, emphasized, be-

_

_

.,x

.

-

-

,,

must be bulIt ,nl° the regulatory
drive,

better

planning

of

Any 'contrary

con¬

a

regulatory agency is a

Continued

on page

22

Volume

6328

Number

198

;

The Commercial and Financial Chronicle

.

.

(2477) " 13

Bank of America

PUBLIC UTILITY

Our Reporter on

Advances Two

SECURITIES

ELY

OWEN

BY

SAN

FRANCISCO, Calif.

senior

t i

e x e c u

Two

—

have

v es

been

BY

JOHN

T.

CHIPPENDALE, JR.

elected to Bank of America's Man-

San Diego
San

Gas

Diego

annual

with
$100

Electric,

&

of

revenues

Gas & Electric Company

nearly

The

permanent financing postponed to
1964.

this

Early

refunded

the

year

the

of

shares

375,000

million, serves electricity and gas

pany

to

population of about 1.2 mil¬

$1.12 preferred stock through pri¬

in

vate

a

lion

San

Diego

Electricity

areas.

two-thirds of

about

adjacent

and

dontrib;utes

nearly one-third while reven¬

gas

from

ues

service

steam

are

negligible. Citrus fruits and grains
the

are

in

the

tries

principal
while

area

missile

and

manufacturing

important. Residential sales
of electric

contribute 43%

reven¬

49%, agricultural 3% and miscel¬
laneous

5%; residential and com¬

mercial business provide over 92%
of gas revenues.

/

-

in-'

growth with revenues

creasing from $36 million in 1953
to

million currently.

nearly $100

Share earnings in

increased

mated

from

of $1.28.

this

esti¬

an

and

year;

from; 80

present indicated ratb

The price of the common

stock during this period advanced
from

of

low

a

mate

high

to

13

approxi¬

an

in

40

of

of

each

past three years.
The

basis

of

the

is

for

On

the

long-rangeforecasts

of

increases in population and in the
of

use

electricity, it plans to spend
$714 million on additions to

some

electric

its

system ' during

pares

with gross electric plant of

$264

only
1962.

tal

million

the

at

com¬

of

end

For|the year 1963 total capi¬

expenditures

estimated

are

at

million, and for the two fol¬

$33

lowing

at

years

total of $63 mil¬

a

lion. The company plans to install
fourteen

electric

new

generating

units through 1980, arranging from

100,000

to

totaling

500,000

about

would

Four

3.3

each

and

million

atomic

be

The

has

company

with

steam

Edison

to

planned

Southern

build

California

and, operate

an

atomic power plant of nearly 400,000 kw
used

capacity,
part

as

1961

of

Marine

a

base.

Construction

begin

as

soon

as

agencies

tory

would

be

various

approved

which' would

plant,

and owned by a

to

regula¬

special

the

project

conversion

sea-water

a

Corps

is expected

have

Another

plans.

be

by San

The

financed

Diego.

dropped

to

has

be

Peak load in 1962
is

expected

will

be

ifornia
other

four

Power

in

further

Pool

1964.

750,000 kw.

set

to

210,000{

a

added
was

that

taken

electric

and

up

steps
Cal¬

a

with, three

utilities, thus

costs for
the

Sept. 1961

The

1962

construction

million

was

stock

the

6.11%

a

electric

in the

through

in

quirements
of

through

Oct.
are

in

the

in¬

allowed

was

In

base

was

1962
6.4%

and

department
division.

gas

a

$1,472,000 from

sub¬

a

Natural Gas.

cases of El Paso

San

Diego had not increased the rates
customers,

own

except for

automatic escalation.

the company belives it is
retain

the

cost of

but

gas,

it may

order the money refunded

to

Diego's customers,

San

and in

this connection has ordered
eral

rate

investigation.

hearing conference
for Dec.

a

at

$2.15

$2.05

there is

no

company's
earnings
in

share

a

A

pre¬

The

present

are

rate

the

schedule,

expected to continue

has

been

40-35).

was

the current dividend
the stock
times




with

bank

Chairman

and

oP the

Sutherland, named head of

business
has

relationships

overall

bank's

major

client

for the

and/

corres¬

pondent bank relationships,

around

20.

public relations.

has

&

Co., Inc., 211

Street.

gress

associated

become

Mr.

Law

merly with Glore,
and

prior

thereto

representative
Sales

for¬

was

Forgant & Co.
was

a

Brqad

of

with

district
Street

Corporation.

Before

estate

assuming his present post

in charge of statewide real

was

and

Timeplan lending and

commercial

loan

a c

t i

California.

v

i t i

held

He

in

e s

this

responsibility at the San Francisco
Office

Head

banker

and

31

until

1955

from

Senior

named

was

eight

?pent

in Los Angeles offices before

years

moving to the head office in 1955.
Active
sional
land

business

in

and

organizations, Mr.

N.

Chamber of Commerce.

Mr. Baumhefner, as
overall

responsibility

activities
ment

as

and

well

as

cashier, has
for

bond

E.

He

formerly Roxboro representa¬
for

poration.

Carolina

Securities

the

in

other

funds

the

in

long-term

still

be

fluctuating

which

area

be

Government

on

in

line

is

consid¬

with

other

rates.

operations.

He

has

if

ket

the

which

to

offerings

floated

meet

would

competitive

capital market conditions.
pricing of

constructive

Over¬

offerings is not

new,

force

in

the

is¬

new

the

Cor¬

be

will

down

from

to

keep

time

these

competitive

low

rates

enough

Vice-

Joining the bank in San Fran¬
held

responsibilities

time

that

within

rates

/limit

the

with

range

be

to

not

appear

many' strong

too

that

yet

does

long-term

feelings

interest rates

do

very

moderately by such actions,

than

more

be

when,

and if they should take

as

place.
Future
It

authorities

are

to

near-term interest rates in

This most

tinue

petitive'

range

in
as

is

balance
that

so

gold

off the

holdings

which

deals

with

free

foreign

the

have

Central

exchange

been

Banks

centers,

monetary

in

other

together

in 1950

Francisco

of

worked

the

assistant to the cashier.

to

extent. This kind of pattern,

of

use

shortest

first

the

dollar

a

solution

our

is

tailoring

policy
with

are

and

measures

taken

been

Broadway,

York

City

of

Hirsch

a

gather¬

of

permanent
balance

or

his friends from

country, marking

his

anniversary with the invest¬
v

which

action

a

the

dollar

pay¬

Dec.

advanced within the company

messenger.

studying at New York Uni¬

will

holdings will be in

position.
in

our

will

office

handling

wide number of phases

mutual

trusts.

funds
-

While

business, he has
supervision

and
'

Reserve

Ar^V'

/✓

of

investment

Short-Term

on

The

new

raising and

money

indicates

no

expected

be

to

taken

longer be

gold

of

mainly through the sale of shortissues.

term

near-term

These

offerings

in

line

keeping these rates

side

with the monetary

that

so

itive

of

obligations1 would

policy

the firm

they will be compet¬
similar

with

on

be

other

in

rates

centers.

money

Statement

we

on

Aerospace Corp.
In

to

response

S. Smithers & Co., 45

quiries, F.
Wall

of in¬

number

a

:

City, has
relationship

Street, New York

clarified

business

its

Aerospace Leasing Corp., of

with

El Segundo,

Calif.

Leasing,
Nov.

dated

release

that

S.

F.

in

25,

press

a

1963,

an¬

Smithers

had

&

Charles

L.

aircraft

the

extended

line of credit.

a

Jr.,

Lea,

Smithers, stated

partner

a

that the

106-

old Wall Street firm had not

given the leasing company a line
of credit. Mr. Lea said that Smith¬
vhas

entered

with

into

arrange¬

an

leases

for

in

which

will be

placed

Aerospace

aircraft

by the investment firm with pri¬
vate investors,

essential

the

>

if such leases meet
criteria.

business

payments defi¬
are

F. S. Smithers & Co., a

determined
so

that

we

will be able to meet changing in¬

member

6f the New York Stock Exchange,

is

comprehensive

a

investment

conditions, banking firm whose services range
from the public underwriting of
should be a

monetary

if

there

worsening of the world economic

municipal

pattern because of inflation, boom

placement

bust

are

care

so

more secure

a

this problem

ternational

and

re¬

of the Treas¬

for the foreseeable future

ury

cut

The recent betterment

balance of

solve

and

eventually

defla¬

a

private
securities.
firm is active

to

bonds

the

equity

of

Additionally,
as

tion.

the

broker and

dealer,in securi¬

ties for others and for its own ac¬
Pressure

Co-Manager of the 1182

Broadway

the

Federal

funding operations

year

defensive currency and our

especially

Cooper joined Hirsch & Co.

in

coincides

management

;

ment

that

cit

specialized

also

Borrowing

basic

of

problem. We must take the

to

a

the

of

not

of

the company and

1940.

it

/

Emphasis

in

ing of his long-time associates in

in

debt management

money

A

which

will

far

so

kind

Cooper, .Co-Manager of the

made

the

program

ers

was

working along

our

down the flow of funds abroad

a

its

that

so

lines

ments

Hirsch & Co. Honors

as

depending

with the Federal Reserve System,

leasing company

However, these
bring about

23, 1923

all

they develop.

as

Also the Treasury,

Aerospace

gold holdings.

of the U. S. Chamber of Commerce.

firm.

maturities

conditions

upon

Co.

member of the finance committee

Mr.

securities

International

the

have

ment

con¬

sales

or

along the list from the longest to

nounced

commercial organizations and is a

the

purchases

Government

of

will

to

problem

is taken

our

give

possible

of payments

pressure

dollar' and

out

to

order

help

much

defense

40th

make

to

that the

means

com¬

of

around

likely

keep
a

40's and moved to the head office

honored by

to levels

up

the monetary

going

-

be

was

going

detrimental to the

be

Monetary Policy

is evident that

to

Co.,

as

time

same

Federal Reserve Banks

world

considered

&

much

as

the

or

balance

economy.

affected

Montary Fund when needed,

firm

at

of

will

Angeles Headquarters during the

New

would

in order

with

San

enough

our

efforts will be made to keep long-¬

and

up

in the Cashiers Department at Los

in

high

help

to

payments problem

interest

move

to

there

centers,

our

cisco in 1930, Mr. Baumhefner

to

similar rates in other free money

invest¬

been

have

along with

active

up

going to try to keep

are

short-term

opinions

many

short-term

that

rates

some

is

given

been

evident that the powers

seems

that

Board.

Despite

as

years.

as

a

market.

sue

President and cashier for the past

division

bond

new

priced

fav¬

a

the capital mar¬

being

are

seven

southern

It would be

passive policies

have

term rates from

versity and Columbia College, and

C,—Bedford

It.

to be ample enough

orable factor in

deposit

securities

government

in the investment

tive

time

yields

to

profes¬

Vice-President of the San

is

Francisco

while

representing McCar¬

ley & Co., Inc., of Asheville.

ered

Suther¬

He

now

within

rates

centers.

putlet

should

bonds

those

A

ago.

years

he

years,

last

on

With McCarley

prob¬

a

less

or

past

for the foreseeable future at least.

'

office of the New York Stock Ex¬

Con¬

with

money

an

around

>

change-member

BOSTON, Mass.—Johnstone R.

not

the

busi¬

Yale

Joins McDonnell Co.

of

is

near-term

same

that

development/advertising and

ness

he

ago,

year

a

responsibility

industry

an

line

seeking

be
Mr.

The latter fig¬

with

compares

in

keep

world

money

by

1182

re¬

care

announced

yields 3.5% and sells at
earnings.

average

rate of $1.28

to

bonds appear

re¬

Based on

it

but

much

too

committee.

He

selling

(approximate

around 36 Vg

range

ure

with

compared

material change in

stock

cently

17

estimated

up-trend during 1964.

an

1963

are

before. Assuming that

a year

ROXBORO,

loans,

the

5.

Love is

1963

was

gen¬

scheduled

was

Earnings for 1963

program

being taken

bank

Their election

the state commission has instituted

proceedings to determine whether

large

secu-

Vice- President and Cashier.

Hence

entitled

having ab¬

money,

sorbed the higher

l-for-9 rights

1962.

Baumhefner,

Vice-President four

to

Clair

D.

are

H.

n c e

January

pro¬

com¬

Clare

senting the settlement of old rate

its

bank's

charge of business relationships,

and

sidiary of Pacific Lighting repre¬

to

the

by

members

new

northern

recently received

company

refund of

was

offering

of

rate

A

return.

rate

on

financed

by sale of 500,000 shares of
mon

in

purchased gas and bolster

the return
for

Committee

The

able to ob¬

care

5%.,

diminishing

,'

'

of about $21

thus

by the commission to offset higher

viding for greater interchange of
power.

aging

Board of Directors.

of Rudolph A. Peterson, President of

cost

Rate of return at times

McDonnell

It

the

fuel;

take

below

in

crease

;

now

kw;

will

not

are

rate increase from the state

a

Law

unit

boiler

as

ity
kw

in

changes

steam plants with a total capabil¬

951,000

utilities

local Government

company

of

earnings

earnings dropped sharply be¬

tain

agency, but operated on a contract
basis

the

in

still

At *the

power

the fact that in

Government

more

of

possible, while

free

D. C. Sutherland

Sutherland, Senior Vice-President

fore the company was

land formerly

on

of its

The

the

mone¬

to indicate that

seems

of

here
C. H. Baumhefner

kw.

plants and six gas-turbine driven.

jointly

its

of

some

irregularity

used

gas

pow'er

conventional

four

plants,

kw

available for the purchase

short-term

in

been

international

our

tary needs,

efforts

permitted to adjust their electric

some

1964-80, which amount

to

has resulted from

for

trading

have

immediate past.

presenting

10

of

addition to

In

gas

California

the

of

they

line with

lem to the powers that be in their

cf

<

Some

reaches

the

so

output.

the

years

increase

an

generate about 90%

The

planning

growth.

rapid

million

customers, San Diego uses gas to

\

company

continued

distributing

much in

which

rities'is

ten-

a new

215

day.

a

extra cost.

to

dividends have improved
cents to the

cf

irregular, ,have

$1.16

for

daily,

gas

million

commission

for

$2.15

contract

the past decade,

somewhat

while

It recently signed

rates

has; enjoyed ex¬

fhe company
cellent

,1

f

.

ing.
of

gas

Counties

Southern

a

year

its

subsidiary of Pacific Light¬

Gas,

industrial

and

commercial

ues,

indus¬

aircraft

The U. S. Naval base

electronics.
is also

leading

shipbuilding,

are

and

products

farm

lower

of

from

markets

pretty

during

issue of 92

an

obtains

company

supply

capital

ranges

preferred.

The

to

money

placement of

cents

and

revenues

and
move

money

continue

com¬

on

Long Rates

u

The fact that the monetary

thorities .have

been

much

aggressive

their

actions

in

more

not

only to defend the dollar and our
gold
the

holdings

pattern

of

but

also

interest

to

keep

rates

count.

au¬

in

With

J. B. Maguire

BOSTOiST,

Mass.—Clement W.
with J. B. Ma-

Deasv is affiliated

The Commercial and Financial Chronicle

The!

NEWS ABOUT

the

for

structure

capital

remains the

converted bank

$270,650.69.

BANKS AND BANKERS ; -

National

Consolidations

New Branches

•

Revised Capitalizations

New Officers, etc.

•

changed

*

Bank,

City

National

The

First

New

York announced the promo-

tion

cf

E. Stuart Franckum and Robert
H. Northup Vice-Presidents.

John
••
•
and John C. Good- .The Comptroller of the Currency
Hashagen

D.

John

Heilshorn

James
T
-

Vice-Presidents.

New

Aires

conversion

the

proved

18
10

Dec.

on

ap—

the

of

first Bank and Trust Company,
York on Nov. 17 opened a Fords, Perth Amboy New Jersey,
branch
in Liniers, -Buenos into a National Banking AssociRation. The bank will be operated
Bank,

City

National

First

new

Saxon
^

J.
T

_7

.

-

...

...

...

management under

by its present

James

J.

of the
ol t e

nounced

Saxon

Currency
curre icy

Dec.

on

18

an-

preliminary approval of

applications to organize new Na-

^

flt Miami

Bankg in Flodd

tke

Andren has been elected

John H.

,

,

,

,$4,492,815.18.v

A'

New York.

pany,

V

.

.

isl and was'^mwinted anVs"
sfstLt Manage? of the Foreign
Dent
in
uepi. in

Vice-President

and has been

an
d i

1951

in

*

:

.

*

Bank of Auburn, Alabama, into a

European

Bank's

The

structure

capital

the

for

The, Philadelphia National Bank, converted bank remains the same,
a

announced

has

Pa,

$939,859.00.

major realignment of top man-

agement effectlve Jam 11. - •

The Comptroller of the Currency
James J. Saxon Dec. 20 announced
M-C.
Johnson,
and
George P.
preliminary approval of the apKappesser as Vice-Presidents of
piication to organize a new NaMorgan
Guaranty Trust Co. of
,tional
Bank
jn Arizona,
at
New York was announced Dec. 19
G. Morris Dorrance Jr., a Vice- Phoenix, with the title, Contiby Henry Alexander, chairman of President, was named President, nental National Bank, with an
the board.
\
J°hn McDowell, Executive Vice- initial capitalization of $3,595,000.
#
.,.
President, was named Vice-ChairCharles

of

have

Pross

and

McCabe

J.

Eugene

Presidents

Eckert,

John W
Vice-

Irving

Trust

the

York

New

-

.

The

'

Company, New

Trust

Frederic A. Potts, President,,
willy become chairman, a post
previously vacant. He will continue as Chief Executive Otiicer.

vehicles

depressing effects of the drop,

lft V9
"7T" few

days.

wha{

But

ahead?

V

)

evitable.iifudging

and

But

temporally

now

as rea-

selling

at price/earnings ratios of between 11 and 13.
'
"Plenty of Power" f.
Utilities are also attracting more
attention. Seldom the a market
leaders and lacking any semblance of glamor, the electric utilities in particular are drawing a

many

favorable

more

following

rinchoH

hnPn

could

consumption

onK

sonable risk ventures

u!

how

on

wm^r

if

^ com^i;Ca^Xd

^

foimer hopes have been dashed

Rev-

owing.

,

ne\

enues are expected to climb .next
Meanwhile the stock market year to $14.5 billion from $13.7

!

refusea
bf coerced mto ™ak'"g
definite
moves
until the

t

k

•

A high level of business activ-

any

have shown they can turn in profits sufficient to pay attractive
new records. Auto production apdividends,
pears poised for another 7 million i
Electric utility /stocks with
industrial

production

workers>

tory

earnings

and

fac-

have

set

higher than average profit gains
anticipated for 1964 include Amerinflation seem to be laying the *can Electric Power, Boston Edi-*
groundwork for higher investment son> Consolidated Edison, Conyear total. Evidence of higher interest rates and growing fears of

Power/ and Virginia
Electric Power. Gulf States Utilsumers

inequities.
-

Some Uneasy Signs

>

ities and Washington

uneasiness. Stock market leader- mendations.

Del.? has

Chief

made

been

Calif,

made

was

Dec.

on

.He

17.

/

Gas utilities are also expected
o show further gains in 64, but
e growth rate of most compames appears to be slowing from

rpke ann0uncement of the retire- ship Is admittedly weak in the
*
*
*
ment of Edwin E. Adams, Chair-waning days of 1963. Pre-ChnstJoseph W. Chinn, Jr., of The man of the Board of The Bank of
selling to establish tax profits
Wilmington Trust Co., W'ilming- California, N. A. San Francisco, has succeeded in shading a colorExecutive Officer. George P. Ed- will continue as a member of the
mon(jS)
wko
has
been
Chief Board of Directors. It was also

Water

Yet there are also signs of some Power are among recent recom-

man' a new Pos*bon-

ton,

'

'

rr

Irving

A.

elected

been
of

Company

M.

Richard

Ellwood,

S.

Richard

can hardly be classed as growth

profit selling with its

resultant

v

iU

Election

fmoJlons*/ It: wl11 be good-bye to
tax_loS3 and

The First National Bank of Jersey The bank will be operated by its year-end uncertainty is cleared ity and industrial production is
City, N. J. announced the promo- present management under -! the away, or at ieart oased/. The-buUs.^ted to keep demand for
tions of John S. Fennelly to Vice- title, Auburn National Bank of can flnd an abundance of good power growing without any let-up.
President
r
news in the many New Year fore- While late structures are often
Auburn.
President,
casts, f^
":v;; v.,—";' uncertain, the regulated utilities,
Philadelphia,

1956.

branches since

Acconiaiirxn

XT,

Vice-President in

a

the

of

charge

was elected
was eieuea

He
nt

1846
law.

Assistant

,

.

:

Companies like Reynolds, Philip

National

Fjrst

tide

—

p

,

Hopes for a tax-cut have been
Bank of coconut Grove
with an rekindled to the extent that some
initial capitalization of-$400,000 economists are already counting
aRd at Boynton Beach, with the ™ where the additional dispostm
<<First National Bank
of able income will go. But some of
Boynton Beach „ with an initial the older Wall Streeters are recapitalization of $500 000
minding their youngerrbrethren
,
■
'
'
- that even tax cuts are not inwith ■

the title, "First Bank and Trust
company,
National Association.":;
* .
'
a
Senior
Vice-President in the
'
•
v
.<The Comptroller of the Currency
international' division of Manu-.v The capital structuret-for the j
j Saxon on Dec „
facturers
Hanover
Trust
Com-' converted bank remains the same.
the conversion of the

'

'

'

A

,

Sreet the New Year with mixed Morris, P. Lorillard and American

*

*

~
;

Stock market followers will likely

at Key West.

Comntroller
Comptroller

WALLACE STREETE

Florida

its title to Florida First

National Bank

The

The

Thursday, December 26, 1963

.

at

Bank

West,

Key

West,

Key

ridge to

.

The Market... And You

same

BY

W.

.

(2478)

14

less market from recent hlstorlc the rapid increases of a few years

highs.

agov The industry wiU benefit;

,

The big question remains, of rem the removal of the long^A^La^°**^0UrlC I
Executive Officer, will continue announced that the Bank does not course, of the extent of selling s andmg^rate cases that have cost
of Albert M Braatz and Ellsworth
as
chairman, New Senior Vice- intend
to; fill
the
position
of t,o establish gains for '64. It is companies an aggregate of $400
J. Burns as Vice-Presidents.
Presidents are J. Sellers Bancroft, Chairman.
'
unlikely an expected retreat will milhon in refunds.
*
G. Burton Pearson, Jr., and Donald
r- «
*
•
turn into a rout, but some of the
On Recommended Lists
Eliot Averett, William R. Biggs, R. Welles.
The Comptroller of the Currency more pessimistic seers are raising
Electric equipment and elecJames
Carey
and
Gerald
L.
*
*
*
James J. Saxon on Dec. 17 an- this possibility. Underlying factors tronic manufacturers are drawing
Sheldon have been appointed Ex- The
Bank
of
Nokesville,
Inc., nounced preliminary approval of ^or a new r^se remain strong as many favorable year-end* recomecutive
Vice-Presidents
of
The Nokesville, Va., merged with the the application to organize a new
Gross National Product ap- mendations. G e n e ra 1 Electric,
,

*

*

^

of New

Bank

York,

•

The

Bank of Occoquan, Occoquan, Va.,

^

capital funds of the Commer-

cial Bank of North

America '

charter

under

'

*

s

New

The

of

of

Bank

National
Denver,

increased

through

the

by $3,-

sale

*'

'

—

«9 9rlftnnfteMnK0ni„rnennr)

of capital

bridge, Va.

of

jr,n7

$2,2.>0,000 ol debentures and 45,017
shares

rp,

^

The Comptroller of the
James

stock.

at

'

J.

nrnnnrl

Saxon

the

proved

on

a

Dock Savings Bank, New

elected

Dorothy H.

Hyland

application

ron

27

ap-

to

merge

Ohio, and The Mogadore Sav-

ings

Bank,

Mogadore,

Vice-President.

Ohio.

The

New

York

received

ap-

Merchandise

of

tion

Executives

two

to

committee.

B.

Clair

They

Sutherland,

managing

from

$150,000

shares
r„rtl

of

consisting

the

of

value

of

$100

<bqnn nftn

t

dnrps
shares ' nf
of

3 000
3,000

„

a

its

thp
the

enm«

nnr

same

par

value.

Senior

Clarence

and

Vice-President

seeking

H.

and

The Glen

to

❖

National

kins Glen,

title

❖

/•

„

New

The

and Trust

Bank

York

of

Wat-

changed its

National

Glen

Bank

prices
likelv

n

m

xr

t

a

busines3

for

capital of $150,000

r

4..

rj

Executive

Vice

-

Company,

xi*

w

and

Trust

Mass.

Boston,

the

nounced

Bank

an-

promotion

^Jichols

Cashier;,

Rukgaber,

Mary

Assistant

Love

Cashier;

Thomas B. Tinnon, Trust Officer.

John

of

were

.

'

enior

At

the

;
same

Schulz, Jr.,
President

was

and




Henrv

appointed

C.

Vice-

Comptroller,

and

depressed

at

direction will be
down

on

today's market.
o

rather

up

Electric

17

an-

as

|ell

General,

Francjsc0

with

an

.

initial

capi-

"The National

BankMonterey'
initial

County,

w?te

capitalization

of

operated
ment

by

under

The

its
the

National Bank.

bank

present

will

and

&' Howell,

title/First State
.

,

an

current

profit

/

great as other products, the long-'
outlook from leasing reve.11.

-1

O

1

•

Financial range

is said to be excellent. GE,

.

.

1S als0 expected to boost its appliance volume as family formations head upward. Utility equipment orders are recovering from
the 1962 drop and should help
sales totals in '64.
Zenith, termed an outstanding

yields; ranging up to consumer electronics stock in a
nearly 7%, the tobaccos are ex- recent study, is expected to boost
pected to take another pounding this
year's anticipated1 earning
when the U. S. Public'Health rate of $2.40 a share to as high as
Service releases its report on the $2 70 next year. Boasting a strong
...
...
o,
. ,
^i—
alleged dangers of smoking.
financial position, Zenith has incigarette

stocks

-are

gen-

creased its dividends for the last

six years and now pays at the
rate
$1-50 annually, including
are enjoying steady consumption a 30-cent extra.
,
gains and higher profits. The im[The views expressed in this article

selling"weil"'below

their

Marina del Key peaks but the tobacco companies

with an initial
$1,000,000 and at

Feliz area of Los Angeles,
with the title, Los Feliz National
with

the

Although

excellent

The

Bank,

powerful models for scien-

uses.

return from computers is not as

United

High-Yielding Tobaccos

Marina del Rey, erally

be Los

manage-

tific

Westing-

Ravtheon

^ ~

more

multitude

a

These include

iavodteTsuch
house

Indiana

Dec.

find

can

United Aircraft> Spiegel>
7

Comptroller of the Currency

Association.

'

time,

Bank.

talization 0f 5,000,000, and at Sal-

James J- Saxon °" Dec. 18 - ap- On Dec. 20 at
proved the conversion of the First with the title,
v:
®
.n state Bank, Jackson, South Car- National Bank,
ice- resi- olina, into a National Banking capitalization of

°

elertprl

dents

The

Dn vtlr

$1,250,000.

an(J Winthrop The

_a

stocks

nounced preliminary approval of

riPnteaNepJ,°fn^iJ^e"JreKi"
p„..

in

its title to

\Tnfl/Yttol

National

james J. Saxon

an

^
close to the record level of
$3.19 a share in 1959. The cornVany is widening its computer
activities and will soon announce

the theory that the more

T7i

ta

Presi-

ashier; Robert J. Pratt,
Street

ap

on

There are also plenty of other
and surplus of $150,000.
/
applications to organize new Na- stocks around for gloom seekers
Its officers are*
tional Banks in California, at San who prefer investments that are
Francisco, with? the title, Com- often shunned. These include the
G. N. Kent, Jr., President, R. F. monweaBh National Bank of San tobacco -stocks. Now selling at

Assistant

The State

*

The United States National Bank
San Diego, San Diego, Calif,

"changed

,

opened

14, with

Lawyer,

Company.

*

/•

newly organized First Na-

Arkansas

and

who come

'

of

,

ings

investors

Bargain-minded

Honal Bank & Trust Company of
*
*
Federation.
Mountain Home, Mountain Home, The Comptroller of the Currency
Dec.

'

Chi-

of

Cln f

The

America,

boost this marksare expected to
both year., next year. Eain-

J

belOW theil' hlStOHC hlghS.
are

Vice-President,

States

1,500

par

Bank

Vice-President.

proval to increase its capital stock

of

fu^Ure earnings possibilities.

are

Cashier.

111. named Roy W. Andersen

cago,
a

Corp.

Zenith are among those cited for

..

than

neur,

Radio

a

initial capitalization

Baumhefner,

c'v.

The Bank of Gouverneur, Gouver-

h

.

Dec.

First National Bank of Akron, AkThe Dry

.

"

'

York

Pr°aches the $600 billion mark.

South

of $315,000.
'
General Electric, which has
^The fact that the current mar- ranged between 71% and 86 this
f A'
•••'. •_
;'v:' ket has been dominated by se- year, is headed for near record
r.,
Bank of Amer,ca' ®a11 Fran- 2eCtivity is drawing more atten- sales and profits and likely to
Currency ciSCo, Calif., announced the elec- tion tn thp manv fssues still far boost both marks next vear Earn

Prince W;illiam, Wood-

Bank

.

650,000

title,

the

Nokesville, Inc., with, title The Colorado National Bank, with an
-

York have been

Colorado,

in

Bank

with

initial

tion of $1,500,000.

capitaliza-

^

pact of the Federal report cannot,

do not necessarily at any time coin-

with those of the "Chronicle."
are presented as those of the
author only.]

of course, be fully anticipated. Yet' c'de
much of the damage may already

have been discounted.

They

The Commercial and Financial Chronicle

Number 6328

198

Volume

regularly

SECURITY SALESMAN'S

(2479)

that

so

minded of their

they

are

re¬

liabilities in

case

CORNER

of

a

Investor

em¬

R.

Moseley
named

,

Sooner

know
For

will

she

while

a

verdict that

your

in

vest

securities. After

tive

begins to read

is

call

me

Then

,

mighty poor salesman when I had

one

that

about

think

of

in

take

she

on

glad
He

even

may

by

and

like

ment

the

old

an

boardroom.

"pro"

a

situation

investment

do not fit into her

him

went

bug;"

this

desire

gets

person

and

they

off

have

age

At

this

they have

crib them from

or

I

son

have

or

drive

to

to

if
'

When

ethical, in

individual

market,

securities.

or

Never

try

to talk- down to any

client, but by

all

means

power

the

dignity and unbiased position

of

in

your

retain

friendly and experienced ad¬

a

Some

salesmen

admit

that

afraid

are

amateur

an

of investments

might have infor¬

consult

—

of

some

pet,ideas. This is wrong.

own

Listen

to

student

mation that could counter
their

to upstage

any

and

—

try

never

who intel¬

person

ligently studies securities—wheth¬

they

er

tors.
a

price that

are

men

There

or

is

always

possibility that they

guess

—and

you

inves¬

women

too

sooner

great

second

can

later

or

they will. So ride along and help
them

to

make

the

fair

as

does

not

The

fellow

who

"buy for less." There

Who have

a

store

wants

are

those

to

If they go into

purchase

standard

a

article they haggle with the sales¬
If they are buying for their

man.

office
have
or

business they think they

or

to

obtain

they

trade.
that

lars

haven't

They

are

might
to

price concession

a

give

a

yieM
3.60

order

to

If

buy
at

and

that

-/■

/

The

it

might

human

on

an

it

is
a

ordinarily
•

.

desire

to

dividual
will

grab

•
a

nated.

The next

Monday

assassi¬
our

point

or

two

of¬

orders at prices
above

the




your

This

fictitious

quoting

related

not

reasonable

the

staff

of W. E. Hutton & Co., 75 Federal
Street.

He

formerly

was

with

Reynolds & Co.

HOW TO SELL SECURITIES
'

'

t

/

''

.

■

■

By JOHN DUTTON

This

60-page booklet

help

you

markup

increase

available exclusively from us

—

business through

your

modern,

—

is designed to
investment

proven

selling techniques. Its 25 chapters are full of practical and proven selling
and

promotional ideas. John Dutton drew it from the best of his popular

weekly

columns

in

Commercial and

The

Financial

Chronicle.

You'll

learn about

enjoy in order

conduct

his

business.

opportun¬

.

and

.

.

,

★ Obtaining

a

client list

★

The initial sales

★

The

final sale

★

competi¬

your

are

cannot

markets

change

valuable. You

special concessions to
the

bond

market

for

a

is

The

various

approach

make

or

In

anyone.

3.50%

a

yield

categories of investors

—

and their

3.50% yield.

a

particular kind of security,

are

public
Doe's

Roe's

money

their
a

prices

in

just

items

the

is

for

has

them

is

in

for

is not conducted that way.

until

own

tried to educate habitual
could

you

talk

out

of

to

—

securities

/'

you

and

to analyze

use

can

relative

the

attractiveness

vital

their

—

your

on

various

of

balance sheet items

a

ness

chiselers

told

you're

cut

awakening because this busi¬

If you

Techniques

,

that

to

rude

A

★

in

same

valuable

so

and

that

Anyone who thinks

securities

defined

are

potential

go

Richard

and

These

develop each of them to their maximum

the

you

evaluated—

all

are

account

dealer

of

not

money

business.

in

unless

sale

have

John

this

bargains

no

markets

auction

an

accounts.

how to

There

you

ran

THAT

a

Friday

do

business

THEM

THEY

TARGET

them

fill

can

In 1001 ways
more

this booklet

can

help

you

be

a

better salesman and run a

profitable selling operation. Your own copy will be rushed to you

immediately

receipt of

on

your

apply

to

they

their

order.

just

just be

orders
sure

10

and

as

long

are

as

SUBSCRIPTION
TODAY

3:30,

Gentlemen:

.

.

check with them

i>

(52

PLACE, NEW YORK 7, N. Y.

issues)

Plus

{

,

-

check for $20, please send me 12 months
of The Commercial and Financial Chronicle

AND WE

WILL RUSH YOU

FREE

a

copy

Securities"— a big
price.

of "How to Sell

saving of $6 over the single copy
I\ame

can

they

-

FINANCIAL CHRONICLE

Enclosed is my

The

their

completed

25 PARK

j

YOUR

not

they

Sometimes

you

to

j

ENTER

you

does

-

-v

COMMERCIAL &

THE

orders at prices

open

realistic.

G.T.C.

from

i

I

A

OFFERING

business.

week,

choose

AT

naturally

open
a

AS

PROPO¬

will^ find that

agency

is

days

place

USE

RETAIL

This

them

PRICES

THEIR

their, orders

CORRECT
PRICE.

with

THE

CAN

FOR

SALS and you

are

many

to

self.

and your work

five

fice had

Company;

&

H.

George

tors must do the same. Your time

market

was
clearly illustrated
Friday the market broke when

was

Stanley

—

joined

the only basis that he

on

trade

bargain

Kennedy

partner of

has

ity to trade with this type of in¬

the

President

Morgan,

Weeks;

a

Morgan,

Mass.

Pendergast

you

below

v

Saint Louis.

F.

BOSTON,

and

you

stock

and

your

But it does give you an

—QUOTE

or

&

Hornblower

ner,

Charles

so

price that is

a

dealer must

a

block of bonds

a

at

or

hassle you

a

markets

properly

expect to

sell

Inc.; Ralph Horn,blower, Jr., part¬

was

"up it"

trade,

can

into

as

or

but

limit,

Company,

&

Read

-

treated.

cut

dol-, they would not change. So if

charity

they give

or

a

where

trade.

a

to

words

they want them

basis.

usually
price

good

thousand

a

worthwhile

a

a

the kind of people

if you offer them
to

made

accounts. Mr. Tierney

Dillon,

Last year 1,667,were

cases

Joins W. E, Hut ton

Fred L. Heyes, Vice-Presi¬

dent,

institu¬

and

such

White, Weld & Com¬

pany;

will

formerly with White & Company,

can

slightly above

mean

fair

a

// the

congenital compulsion

to buy a bargain.
a

always

.

needy this year.
500

below-cost

and

principal it is

as

customer

well

markets,

to

or

you

get

the

to

securities

Bargain Hunters

individual

regis¬

a

his com¬

on

free

of

they will give the medically

care

In its

you

business

firm,

to
The

to

if

can-do

decisions

best

/:/''

possible.

Assisting Mr. Burr

mittee will be: Philip D. Baker, a

other

and

the Fund's 79 member vol¬

opinion, to QUOTE

is

to

visor.

as

The

distributed

In Your Business You

bargain

buyer,

a

my

you

the

service
tional

exchanges,

Representative

compul¬

ask

working

that

companies,

leading

field.
be

amount

Vice-Presi¬

Senior

Thilly is

dent of First National City Bank.

partner of
tered

will

untary hospitals according tp the

New

and

among

banking

raised

Mr.

D.

seller.

a

where

ness,

Exchange

money

by expecting the

always

below

busi¬

Stock

and

Thilly, Chairman of the Division.

Fourth

the

of

con¬

on some

this

hard

a

handled

price if. he. is

ideas,

about

members

Edward

North

vestment

appointment

today by John E.

announced

of

executives

from

privately-owned firms in the in¬

Manhattan

in

His

solicitation

of

by

goal

his

Hedge

half point

or

it

"news"

with

101

appeal

quota

argue

block of stock.

a

a

to

was

Fund

$3,000,000

seeking- the
tributions

their

reach

various stages of this

iearn something by listening when
comes

York

Co.,

Divi¬

Professional

to

Fund's

will

of people to try and chisel

buyer

others,' by all
that can't

Street,

the

H.

G.

Thdy

Company.

way—sans

Salesman's

are

best be

patiently

good

known

ever

sion

of

listen. There isn't any per-'

means

his

on

flagrant form

more

to

pursuit

&

attempt

the

of

of

partner

a

&

Friday

the

didn't

I

500

me

that

but dutifully placed

point,

a

bonds,

discour¬

listen

but

when

and

time

no

in

anyone

knowledge

approach

sound

investment.

under

merrily

There

time to read and study, you should

respect

buy

price

a

be

him.

portfolio.

intelligent

an

"stock

at

Naturally,

The

When

"O.K.

said:

had

for

associated

be¬

has

Tierney/ Jr.,

and

and The Bronx.

a

would

I

stocks

come

Jones

been

Invest¬

sion of the 84th anual United Hos¬

was

L.

has

the

of

Committee

Bankers

pital

John

Company,

Chairman

Walker

Telephone.

just

Respect Their Opinions

the

&

partner in F. S.

a

F.

partner of Smith, Bar¬

a

order; good for two days, and he

superficial approach

very

her

his

I

and

that

him

points

with

good ideas, but others based

to

then

three

Possibly she has

upon

months

buy

close.

around

some

told

to

certainly

was

business with him for

Telephone,"

she is starting to talk invest¬

now

I

three

never

just

publi¬

service

advisory

an

you

she

financial

a

Later

cation.

what

you

stock that

some

about

"Do

ask:

and

me

replied

phone
read

extremely successful

while she

a

.r*

Edward D. Jones & Co.

I had one

execute orders in stocks?" I

been doing

ask

duplicated

was

you

day she will call you on the tele¬

and;

this

country.

conserva¬

bit.

a

executed.

the

who

of these

none

course,

presume

from

should in¬

she

Of

in, business who buys tax exempts

abide by

ment

J. L. Tierney Joins

were

over

man

content

be

most

the

only

I

all

investing.

about

consult with you and

to

orders

doesn't

she

that

anything

closing.

into

run

who starts out

lady

old

admitting

by

will

later you

or

little

Burr,

Bushiness

(Concluding Article)

the

Peters

Hemphill,

Robert

& Company; and Frederick S.

ney

•

Types

Company;

Wonham,

ployed by a large NYSE member
;

&

Seebeck,

name

pen

registered representative

firm. ]

Noyes

Fund Drive

[John Dutton is the

DUTTON

JOHN

BY

Blancke Noyes, partner,

Burr Named in

lightning should strike.

15

..

YOUR FREE
Address

COPY OF "HOW TO SELL SECURITIES."

City....

Zone.

State.

16

The Commercial and Financial Chronicle

(2480)

Production

Steel

Electric

'

Retail

activity

Trade

expansion

ing

Production

INDUSTRY £*

Failures

Business

in

Clearings

of> the

picture

by

: ■
"The vacillation of retail sales

so

Chicago.

in

publication "Business

the

Kennedy on Nov. 22 stunned the
world and brought business and
economic

should

not

to

magni-(

iness,

of power

markably

siliency

A

in the

in

trend

as

October

in

all

almost

The

appliance, up

July.

//
little

were

Private

housing

advanced

8%

starts,

to

annual

the record high of last July.

justed

The

major factor in the

units, 22% above

in

November

estimated

at

747,000

the

output

not

737,000

and

7.6

assemblies

million,

the

for

only

second

"Slight increases
in

the

production

and farm

machinery

ity output

as

well.

levels,
the

of future

in

rose

increase

not

sharp

This

Interest Rates
In

as

term

too

impact

.

to

interest

present

ahead

little

of

last year, have

in

recent

changed

months.

In

Oc¬

tober, however, they advanced 2%
to surpass the record

mid-summer.

For

six

achieved
of

the

in
ten

months of 1963 for which data

are

available, retail sales have regis¬
tered declines, so the October ad¬
vance

was

most

welcome.

/ "Consumer purchases
able goods in October

of

dur¬
5%

higher than in September and
7% from

a

year ago.

000
and

units,
the

record.

edged

up

6%

up

October sales

of automobiles totaled
almost

from

a

770,-

year

ago

highest monthly total on
Buying of nondurables

up

above the

only 1%
same

to

month

a

level 4%

a

year ago.

Preliminary data indicate




slight

that

re¬

will

1963

St.

Louis_______

6.5%

for the

the

of

some

for

principal

money

at

be

%

in

+

5.5

won't get the

606,996

—

2.4

strike hedging

—

4.5

7.7

+

Dips Again for the
in

Row

a

Out¬

the

Above

Year-Ago Week

According to data compiled by
American

and

Iron

Steel

In¬

stitute^ production for the week
Dec.

21

(*107.5%)
tons

against

as

in

(* 109.3%)

ending week.
after

the

Dec.

It marked the

consecutive

ond

2,037,000

off 1.7%

from the previous week and more
the

is

same

Christmas

for

expected

holiday

week.

out-produced

this

Never¬

all

reached

107,016,000

through

Dec.

tons

21,

close

that

in

tons

The

tons

at

out

last

Jan.

1

There's

1963.

indication

the

year

108,500,000

tons

112.7 mil¬

1957.

in

the

firms,

/

.

What

ahead.

month's

of

all

—

on

par

a

slightly

or

/-'./>/ 4-';/

■

about

en¬

error

business?

1964

Forecasters

believe

will

it

be

substantially better than 1963's.
Demand for Steel

Continues Unabated

Iron

still

is

demand

he

and

going

up

in sight,

is not yet

peak

magazine reported.

Age

December shipments will be, up
from

November,
bring"

from

and

January

-

5

to 10%.

/
metalworking

.

national

The

weekly said that
predictions

the basis of

on

half

first

the

for

of

increase

another

'

of

production will increase to
to' 6%

5

current

rate.

stabilize

producers

other

durables

ordering briskly—De¬

last

the

businessmen

mistake

of

to

is

The

higher than the
level

then

will

It

off until the factors in the market

appli¬

automakers,

bookings/are

cember

127.

be

soared

it

joy.

about

?

and

are

,

with

./ /

become

or

nual

rate

first half
tons

at

an¬

an

tons.

million

106

If

predictions of 56 million
realized, this means that

are

of

rate

a

of

clear.

more

Current production is

tons/will

million

112

have

December shipments may equal

to

some

time in February or March.

reached

be

probably

—

exceed last month's.

or

Iron Age said some

Despite their holiday cutbacks,
steelmakers

will

tons this month

'

million tons in

8.5

vs.

production

Ingot

to

expected

about

produce

8.9 million ingot

November.

week ; is

this

less than the

be

mills

are re¬

predic¬

vising their first quarter
tions upward.

These

current orders

are

based on

coming in for

now

January and February delivery.//
A

2,-

section

cross

mills

of

shows

of

1,742,000

January orders are running from

the

just "better" to as much as 10 to

the week ended

17 and the high of 2,626,000
in

sort

would

index)

Instead

037,000 tons that Steel estimated

low

1963

occurred

to

consumer

Whom

net tons having

years' 98,144,000

every

of

/ ^

big ba»klags. >
Thanks

115.

record

1964,

manufacturers have

Machinery

theless, the steel industry has al¬
ready

books.

order

fat

have

carbuilders

Railroad

of
was

building projects.

a

,

Output last week

strong demand

unusually

in Midwest

ance

//'/

around

will

fore¬

are

plates and shapes to be used

'for

the

'

-

Structural fabricators

casting

in

maintained

Board's

serve

quarter in an all-out ef¬

normal levels.

14

weekly increases in

seven

row.

first

the

fort to boost dealer inventories to

in

record high

a

By July, said forecasters, output

Steel

to
in

cars

more

or

that

was

(as registered by the Federal Re¬

/•'

planning

are

uptrend

an

of the year.

registered

half, and

period.

it got then,, but it

broader base.

a

slip
The

were

was

second

artificial boost from

build two million

sec¬

weekly- decline

early part of 1963. It

Automakers"

2,003,000 tons

was

the

will have
/,

After

Cumulative

Year's

been in

was

936;133

1.0

11.0% Above Last Year and

6.9%

good in

as

probably be stronger than it

1,237,000

,+

Seven Consecutive Weeks,

Rising

least

steel de¬

will

592,650

Week

said

gains

1963

for

mid-July.

until

latter part

first

in

would

actually happened

plateau

the last three months. The market

-

1962

1,332,000

Output

Leaving

lion

indications,

will

mand

What

a

all

forecast

business

the

steady

holiday,

Steel magazine

year,

From

.

week

/

988,017

Second

of

the

of

until

the

they'll rebound after the first

1,544,567

City

Steel

the

but

1,475,612

Philadelphia

this

drop

the first quarter as it has
.

that

was

experts didn't expect

Good

because of the Christmas

$22,533,638

Boston

•"

shipments,/ and

will

$22,759,756

Chicago

put

orders,

up

forecasters

issue.

standard

The

'

.

109.3

107.5

Quarter Looks

Steel

today.

(000 omitted)

York—

115

production
based
on
aver¬
production for
1957-1959.

production

season

summary

1963

Dec. 21—•

108

Holidays to Curtail Steel Activity;

re¬

centers follows:
Week End.

of

weekly

age

V
comparative

Industry

♦Index

prior week ending Dec. 14,

1963.
Our

109

110

Total

shaping

most

Steel magazine said

its Dec. 23

downward

$36,621,070,098

over

106

than

better

expected,

164

/ 118 •/

106

;

Western

First

change

Christmas

healthy

week

ended

May

25,

unequalled in the past

was

industry poured last week.
the

In

market, only light

scrap

trading is expected over the holi¬

composite

price

Steel's

days.

on

few
near

possibly

a

advances

when

to

the

generally

and

in

patterns

long-term

business

rates

in
de¬

short-term

news

in

1963

of the earlier

some

un¬

certainty of the economic outlook.

psychological factors

reinforced

by

the

slight

were

shift

in

monetary policy. Security offer¬
ings in the capital markets re¬
mained

growth

large,
in

while

time

the

deposits

rate

of

showed

signs of slackening.
Interest rates

on

short-term ob¬
as

much

in the five month
period
late May 1963 as

following
they had in the

24

months.

The

busi¬

the

second

20%

than

better

Some major

their

placed

December.

for

steel

grade,

which had

users

orders

January

are

week.

put and

tons)

.

1957-59

that

output

for

week

ending .Aug.

24.

the

year's

(1,761,000
The latest

statement week's output was 6.9%
above the
in

the

year-ago

week.

Total

V

ingots

and

total

castings

output of

since

Jan.

topped the year-ago period with
total

who

of

107,016,000

will

net

1

the

Jan.

tion

of

1-Dec.

22,

96,429,000

1962

net

above

produc¬

tons.

latest week's index for the

year's

total

of 1%

below the index of 112.7 in

the

faltered

at

one-tenth

since

July

29

when

the

place

year's

cumulative output was then 12.3%

,11.5%

by

automakers

18.7

took

9,188,574

cars

they'll

year,

and

a

,

those

to

and built

steel

of

and

of

be

1955,

and, their sup¬

million tons of

turn

trucks,

The total

be

76

their

second

shipments of finished

higher
the
of

end

than

year,
over

atV

is

a

time

low.

seasonal

standard

structurals,
other

*/ •/:
months,

rebars,

tinplate,

pipe,

/

winter

these

products

are

line-

plates,
pipe,-and

in their slow

seasons/

/ '/''

// ' \/:'

But, at the same time, this un¬
the

derscores

automotive
lesser

depend¬

top-heavy
current

the

of

ence

demand,

market

and,

to

on

a

extent, appliances.

steel industry has its eyes

focused

auto sales for the first

indica¬

tion

of

down.

any
-

trend—either up

/

•

Car

or
.

.

Output One Million /

_

-

of

-

year

expected

this

109

than

consumption is normally at

1963

those of 1957.

This

quarter.

In

on

products in 1963 will
million tons—largest' since

With

a

higher

or

Any falloff in auto sales could
trucks. This quickly reverse the current mar¬
out 9,060,000 ket trend. For this reason, the

mill

steel

average

record breaking

and

biggest total.

prior week—a declining rate

of increase which has taken

for/22.2%

shipments will top

only

plier's

The

cumu¬

account

Automotive

a

tons

is 11.0%

buses,

parts—customers

steel'shipments to all markets, //

cars

(*112.6%), which

makers

trailers,

trucks,

automotive

when

Level Down

cumulative

autos,

and

in

keep

level for the year in the

average

when

about 16.9
to

the

hit

this first

history

tons

product

second

to

in

auto¬

be, the

will

will ship

S. mills

U.

last

Continues

highest

to

factors

mind, both positive and negative.

First, production is expected to,

the

to

Steel magazine predicted.

million
of

to

High

shipments

second
year,

1,874,000 tons produced

Cumulative

The

1955

Steel

Second

Shipments

Steel

Auto

weekly out¬

approximately 13.7%

was

Looking ahead, there are some

■

motive/industry

base period's average

1

No.

significant

the

lative

ligations advanced almost

previous

of

out

Last week's output was 7.5 per¬

and the rapid rise in stock
prices

dissipated

output

centage points above the

registered only small gains.

Better

in

larger, than

rates

prime

Aug. 17. Then followed 15 weekly

that

next

interest

was

the

from

an¬

movement.

in

there

decline

succeeding 18 weeks.

led

or

gain,

May 25 through the week ending

in

rates

at

1.6%

uninterrupted

an

lowest

rise

clined
rates

the

with

contrasts

1962,

is

Kennedy, the

remain

levels

it

guardedly

in

upward

The

These

were

of

far

118

They

sec¬

assassination

interest

predict
rates

months

but

level of last July.
Retail
sales, although running about 5%

the

months has

past ten

Manufacturers' sales increased 1%
record

of

of

alysts

the

a

rise

Aug.

the long-

assess

the

year ago.

below

in most

performance

goods in October totaled about 8%

slightly

122

preliminary totals for the

veal

tons

1963./Although

of President John F.

backlog of orders for all durable

remained

115

Southern

in the week

week-to-week

week's

New

October.

Our

latest

up

Gains

90
120

already coming in with supple¬
heavy
two
mental buys, just as occurred in
years
and last equalled in
tors of the U. S. money and capital
melting, used in steelmaking held
mid-March, 1960. Except for July last week at
/
'
markets
$27 a gross ton for December.//v'/./,,v■ ,/•„
during
the
first
ten
13

a recovery from
the low levels of last summer. The

in

5.9%

November,

rose

month, continuing

rose

$39,009,259,778

which

Interest rates

early to

a

un¬

1963

of

also

of

to

rose

Register

still

than

rate

93
113

_

So Erroneous

Errors Be

Business this year is

96

155

volume

week.

will

months

"Sales

dollar

—the highest since the

the

reduce

to

orders for steel climbed during the

more

in

from 5.5% in the preceding month.

production

so

expansion

of the labor force in

Util¬

that of the preceding month.

of

different basis.

the

employment.

October, although

was

months

some

on a

and

"New orders for durable goods,
indicator

in

year-ago

employment, it has not been suf¬

mining output declined slightly.

an

total was

107

,

97

Chicago

and

./"'■ /

May All

•»

ending Dec.

ficient

other

fractionally while

rose

this

When these figures

years

economy

of industrial

goods and

consumer

most

for
one

Despite the upward trend of the

1955.

reported

were

of

the

to

record 7.9 million units of

in

record

a

1959,, but

certain

reported

were

to

year

was

The

ago.

'

111

Detroit

722,548,628 in the 1962 week.

1,876,000

year

a

since

exceeded

earlier

units, respectively, bringing total
auto

be

of

rate

figure

pbriod

cannot

is

December

and

October

in

increase

9%

a

October

however,

seasonally ad¬

a

pass

was

during

seasonally ad¬

a

justed annual rate of $66.4 billion.

output of the nation's factor¬

automobile production. Car

construc¬

new

101

Pittsburgh

ending Dec. 21 compared to $37,-

ended

changed

October, equaling

ies, mines and utilities rose to sur¬

advance

//

.

Expenditures for
tion

to

declined

house

new

a

planning

those

of

in

slightly.

sales,

healthy.

were

the

were

However, the

percentage

substantial and

cases

planning

were

from 20.2% in

increases, which

some cases were

21.5%

Approximately

to purchase a major

employment

and

indicated

in

A

households

the

of

to

activity has

production,

orders

showed

in

as

invest

been

3.4%

rose

above

New

the
succeeding
compared with 8.4% in

mid-July.

//,

business

good

year

planning to buy new

were

year

up¬

:

/ "Over-all

new

the

and

21,

nation's house¬

the

of

automobiles

activity to. be re¬

sumed.

the

in

mid-October,

in

holds

re¬

a

economy

themselves

reassert

sales

sampling by the Census Bu¬

that ,8.9%

underestimate,

many

ing strengths
ward

jolts,

compiled

clearings,

latest statement week

Kansas

permit the basic underly¬

should

in

'

reau

demonstrated

withstand

-

reflected

ahead.

resiliency of the American econ¬

to

buying plans and is likely to

be

has been smooth and re¬
swift. , This, together

with the previously

omy

revealed in the latest survey

transference

However, the

Bank

This

optimism.

consumer

some

of

interruption in the pace of bus¬

an

However, the persist¬
contributed

95

Coast

Buffalo

published'by the Chronicle, in the

from

resulted

boosts.

was

indicate

figures

preliminary

and

share of this
inilitary

A large

year.

East

tons)

Dec. 14

Cincinnati

ent rise in income has

without repercussions,

be

to

nature'and

this

of

event
tude

average

pay

expect an

reasonably

greater than
monthly rise so far
50%

was

increase

One

halt.

virtual

a-

also

this

United

the

in

activity

to

The gain

this year.

one

every

October,' the biggest month-toincrease in a year and a

half,

assassination of President

States

in

risen

which has

Dec. 21

; Youngstown
Cleveland

Advance

tons).

Week Ending

month

Review."

and Economic

hesitancy in personal in¬

month but

According to the Bank's Decem¬

"The

any

has not been due

far this year

come,

ber monthly

/■■,,/

•

to

of

Bank

First "National

the

November; declined

in

slightly.

monthly analysis of the economy

'Index of Ingot

North

(98.3

output

year's

<last

surpass

and be the largest
since that of 1957 (112.7 million

Production for

the

3.4%
Year-Ago Week
1

Above

sales

tail

contributed to

July,

ago

-

million

'•" ■ 1

.

year

; -

District

post-May rise in interest rates."
Bank

encouraging

-V;

the discount

in

the increase

rate

Commodity Price Index

An

•'

of Federal Reserve
Index

Price

Food

economy's progress, and prospects
unfolds from the end of the year

comparable

economic 'period.

of

the further firming
policy, includ¬

and

the

above

optimism encouraged by the

ness'

continued

Carloadings

The State of

TRADE and

-f

Output

Thursday, December 26, 1963

.

year's

million

demand

earlier in
production

tons

will far

Units

Higher Than in

Car and truck

U. S. during
output

1962

production in the:

1963 now leads 1962

by\ more

than

1,000,000

•

Volume

198

Number 6328

units, Ward's Automotive Reports

the

output last week, however,
although above almost all other
weeks

of

history—rwill

reflect

of

crease

a

49

756,063

above

in

first

totaled

Auto

weeks
cars

,

85,839

the

above the

day.

of

/for

cars

,7963

volving
there

12.8%

or

statistical

said

agency

semblies

from

last

the

weeks

week,

188,144

Intercity

164,997 units counted in the
Christmas period

'Above

reflected

in

General

cutback

a

time

work

of

from

as

The

GM

cutback,

temporary.

The

tinues

pected to set
output

will

and

entire

resume

of

is

GM

is

Christmas

Eve—the

first

automotive history
has

ducer

in

1963

that

this

made

One

GM

(Calif.>,

at

flects/ tonnage

Fremont

expected to

was

Economics.

port

plant,

bas^d

are

report

The

handled

at

resume

carriers

16 from

of

general

operations after being struck since

mon

Dec. 11 in issues arising from lack

10, Mountain States to

to

at

the plant

from

nearby Oakland last June.

Meanwhile,
which

for

Ford

time

a

rise

casualties

in

and six

since

area,

in

change

operation this week, assembled
at

cars

15

of

sites

16

Dec.

on

Chrysler Corp., nearing
erated

four

plants

that

on

American Motors Corp.,
sha

(Wis.),

the

week

Dec.

after

cantly,

reflected

on

io%-./ '

20.

Wednesday,
above

in

year's

extreme

the

of

areas

a

of

late

boost, to

chases.

in

attained

an

Compared with the immedately

pool tables.

tan

increased

their

reported

piled

production last week.

The

industry will reach

record tin

December

including .trucks,

unit

years

bringing

'

Lumber

past

Output

Below

9,000,000 units.
Last

put

week's

found

passenger

Corp.

GM

49.7%; Ford 28.7%

15.1%;
and

Lumber

out¬

car

American

Output
Loadings and Ton-Miles

Exceed Year-Ago
.

Loading

the

week

540,308

of

ended

This

was

It

14, totaled

decrease of 17,872 cars

a

the

below

,

loadings
of

sibove the

1962, and
1.3%

or

increase of 7,037

an

the

cars

by

1963,

proximately
crease

■,of

car-

traffic

I

reported
one

1,749

Dec.

7,

or

in

that
was

cars

week

increase of 3,798

above

the

1961

Cumulative

„

>

'•••/.

16,307
revenue

con¬

over-all

increase

1962

cars or

lacklustre

a

Consumers

of

the

and

1963

1962

225,123

228,871

Business

222,446

Failures

Continuing

'

224,434

trade

the latest

house¬

items

in

pace

zestfully

dollar

the

in

of

volume

re¬

in

ended

week

Wednesday-ending week

ranged from 7 to 11% higher than
a

earlier,

year

mates
1962

Incv

varied

levels

piggyback loadings

brought

again

the-

by

John

efforts

the

session

in

Down

>•'

uneven

commercial

in. the

from

257

able
1961

7%
in

week

in

the

Dun

1962

&

ran

and

Dec.

19

preceding week,
Bradstreet,

Inc.

below the compar¬

level

level of 285

below the

ended

of
as

249
well

prewar

and
as

the

easing

toll of 249

1939.

The

a

or

more

dipped to 29 from 37

week earlier and 35 from

a

Kennedy

Kennedy.

/
of

the

to

/V

year

and

are

exam¬

seniority system. Under their

pointed
to

to

be

not

ap¬

chairman¬

committee

memberships

or

of

length

so-called

leaders

by

but

of the

tives

The

bosses.

in

fact

body

conserva¬

fearful

are

"liberals"
whole

the

demands

if

that

Atlantic

will be changed and Congress

will

a

for corresponding period

up

mounted

Sales last week

to

according

Federal
week

to

the

Dec.

14

store
York

New

District

Reserve

ended

for

the

6.0%

rose

the current four-week

were

in

cumulative period

Nationwide

Department

week

were

Department

store

2.0%

the

Federal

dex

rose

week

Reserve

7.0%

ending

for

on

the

In

the

four-week

14,

1963, sales equalled

mained

year's

comparable

store

12

to

1962.

Sales Show
/

the

balance of

a

Mansfield

Democratic

of

Senate, in

leader

recent radio

a

interview with Re¬

publican Senator Keating of New
three

advanced

which

might well

proposals

speed

up

pro¬

cedures

in

it

responsive to the major¬

more

ity

will.

that

body

and

make

said: /"There

He

are

number of things that we can
I

think

would

we

up-date

and retain at the

a

do.

Con¬

time

same

for

example,

sideration.
that

the Pastore rule of

might be given

con¬

the

idea

I

think

also

Senator

each

has

right to

a

object to

unanimous consent

any

request should be curtailed dras¬

tically. And I think that we ought

something about the cloture
which

calls

flash

figure

revealed

for

York

New

pick

9.0%

plus

a

four-week

the

figure

one

two-thirds

and

en¬

it from

reduce

be

much

the

in

dure

Senate

proce¬

might really

speeded up. As the rule stands

today

Senator

a

speak

on

as

Senator

of

adopted,

were

long as

offered

amendment

would

require

tion

that

must

there

ate

debate limited

when

three hours of

be

surmise,

ques¬

Senate each

Mansfield's

Senator

unfin¬

strictly to the

the

before

^Senator

is before the Sen¬

business

ished

by

Island Democrat,

Rhode

Pastore,

and

rise

may

subject he desires
he wishes. A rules

any

second

day.
pro¬

posal to curtail the right of a in¬
dividual Senator to block unani¬
consent to the taking up of

mous

will

measure

vigorously

be

opposed, as much as the opposi¬

curtailing cloture has been

a

refusal

unanimous consent should be

effective

made
vote.

by majority

only

,/<

C.

Y.

N.

3.0%

dropped

can

these4 proposals

If

Mansfield

opposed. His idea is that

from

year's period.

No

for

and voting to

present and voting."

tion to

City's sales for the Dec. 21 ending

but

the rule

force

of
A

,

some,of the old traditions. I think,

any

9.0% Gain Over

however,

higher the New York

Shell Investments

Secondary Offered
Nesbitt,

3 to 4% last June 1.

Montreal,

•

set

broader

A

total

passing

piled

data

retail

the

by

of

,

Bureau

put

the

Dec.

7%

above

last

for the

department

parable

-week

est

four-week

gain of 3.0%.

14), the 12 department store dis¬

ment

tricts'

tail sales data

over

com¬

the

of

in¬

that

last

14-ending
the

com¬

year.

The

year-to-year contrast for the lat¬

ment

volume

encom¬

sales,

sales

from)

Ltd.,
have
completed a secondary offering in
Canada of 693,400 shares of Shell
Thompson

absence of the sales tax rise from

merce,

(adjusted)

-

Year-Ago

(Jan. 1 to Dec.

creased 4.0%

up

period.

year-ago

week's

period

dollar

were

Census, U. S. Department of Com¬

districts.

retail

14

Dec.

(re¬

leading

were

cumulative sales

period ended

unchanged

country's

in¬

statement

with

Dec.

a

compared

14

Dec.

fact,

City sales might have been in the

Board's

like period in

weeks

sales

Dec. 21 N. Y. C. Department Store

how

taken from

the

four

and
1

a year ago,

cor¬

-

sales

as

latest

the

down

14 ending

6.0% from the

up

responding period

Store

Level

area,^how¬

New York City department

flash

7% Above Last

same

Within

in.1962.

store sales for the Dec.

in

They

to the

the N. Y. Metropolitan

up

4-14.

com¬

4.0% since the beginning

up

of this year compared

from

4-13;

to

4-9

period

pared to last year's period.

East

Central

of

the

and television

Re¬

department

confined

sales

13.4%

Federal

the

System,

serve

week

South

of

two-thirds to three-fifths of thos6*

ago.

year

to 4-9; South Atlantic 4-8 to 4-12;

East North Central 4-10 to

Mike

Senator

Montana,

of those present

3.0%

4-5

live

can

matter

a

rule

rung

i

Now Mr.

to do

esti¬

Pacific

and

polic/.

met

are

concept 6f government

South

Central/West

As

germaneness

complete

Johnson,

eight billion dollars.

some

according

service

Mr.

foreign aid still has'

which in effect would make them

Jan.

comparable

it.

gress

his

the

would

man

a

re¬

Presidents,

bemoaning the cut,

York

House

the

President's

in

proce¬

•

\

Con¬

billion

a

Administration

the

with

De¬

begins in Jan¬

existing

The

two

foreign

our

says

of

will be made

which

liberals

ships

Central, and Mountain +3 to 4-7/

So far this year

Failures with liabilities of $100,000

the

the

in¬

current

have repeatedly cited it as wreck¬

fore

death

regarding accession

from

by the following per¬

country-wide basis

a n

F.

change

to

uary

the

to

tragic

termined

&

Dun

Regional

from

Sales Rise

Week

o n

course,

by

President

New England 0 to -f 4;

North

West

according to spot

collected

Bradstreet,

■

industrial failures turned down to
232

30.4%

week.

succession

ever,

Year's

Casualties

were-

above

to

total

The
tail

Middle

209,866

This Week

-

(which




'
Dec. 15

226,005

.,

Mr.

the

than

more

from

for

mean,

in

proposal.

cut

and

quest

the

lem is the question of Presidential

last

reports

of

the

for

Energy Data Unavailable

in the week

week's

a

electrics zoomed

entertainment

areas.

/ centages:

in

223,154
232,629

___

orders

Electric

railroad

highway

12.0%

or

orders

196,793

Shipments
New

levels,

Dec. 7

Dec. 14

and

S.

an

home

cor¬

more

1963

This

corresponding
an

in¬

an

the

loading

(piggyback)

included

total).

U.

Dec.-

figures

board ;feet

Latest

or

highway trailers
ended

of

'

originatingpiggyback weekly

with

tainers

ap¬

1962

of

moving at

are now

small

al¬

levels

gift shopping.

shipments

the

are

weeks indicated:

1961.

63'class

systems

cars

week

above

The

above

far have not

so

Dec.

at

billion,

11.9

12.3%

responding
II.8%

estimated

are

ac¬

of gift items

array

In home goods,

estimates

new

*

and

aid

dollars

measures,

rights

outerwear^pur¬

start,

and

most

*

v"/'/.-•///

/•

-

Following
thousands

and

1963

loadings in the week ended
14,

3.6%.

rose

Production

generated

the

1962

12.5%,

2.4%

corresponding

1961.

Ton-miles

with

fell

production

7.9%

corresponding week in

above

in

week

in¬

an

or

cars

clip.

dwindled

14,"

'/■*

*

Compared

-

preceding

represent

39,335

board

Dec.

production

from

feet.

dropped

The

12.9%

dropped

board

week.

crease

help

to

anticipated

to

and

7, 1963, week output of 226,005,000

of

Association

the

similar decline.

a

civil

would

shown

gress has

prevent

now

important

the

as

the

Midwest,

ahead* but interest in appliances

Dec. 15 week.

year-ago

tally also shows

in

Railroads " announced.

3.2%

or

Dec.

the

cars,

American

freight

slow

wares

less than that

week-to-week

The

shouting

is

foreign

the

words

some areas

and

reports

12.5%

was

for the

Week's

revenue

to

stance,

,

in

ended

storms

and

received ^.continued to purchase new cars,
from regional lumber associations.
despite
much
concentration
on

Stqdebaker, 0.8%.

Rail

12.5%

196,793,000

week

according

5.7%,

Motors,

the

in

feet

other

What this

House

tax bills. The fact is that the civil

Toy sales, because of

though they

Week

production

country totaled

producing

Chrylser Corp.

;

Plunges

Year-Ago

period.

ranging from mohair sweaters to

Mast

the

total

areas

decreases.

and

output,

production

tonnage, while 26

new

a

registered

areas

the

Spectacular headway was

precedihg week, eight metropoli¬

car

cold

blasts tended

baker

e

President's bright young aids.

tivity in the Northeast by giving

Corp. phased-out forever its U. S.

Still-producing Stud

swelling

substantially

similar

Southwest

wintry

v

>

the

ple, they want to change the time

Index

18,

Dec.

hampered shopping in

in¬

excess

last

While

Signifi¬

more.

in

demanding too much. For

accelerated to

overall retail volume

year-to-year

decreases

*

frenzied pace in the week ended

a

Worth

of the trucking

none

on

such

Price Index

Price

Christmas buying

no

registered

or

action

dures

Yule Purchases Pile Toward Peak

Truck

Dallas-Ft.

10%

are

plan

tonnage

year.

centers

of

a

year

last

showed

largest

liberals

old

18.8%, while six other

up

creases

for

shift

—

trucking

day.

work

second

a

gain

op¬

at Keno¬

its

ended

the

showed

first

its

I,000,000-unit year' since 1957,

at

terminals

21,;

Wholesale Food

at 19 localities,

last

last

Unavailable

com¬

1962 level. One terminal

from

Senate—in

Presidency.
Commodity
;

for

business

of

is

House and Senate rules which the

Unavailable

increased

Philadelphia,

early November had all its plants

from

reporting declines.

Whosale

points reflecting decreases

from the

Year-to-

re-

freight

survey

ago

year

With 14

Co.,

Motor

first

the

showed

week

relocated from

were

terminal

The

local labor contract. Workers

a

29.

by regions, with three reporting

throughout the country.

of

from

30

trends continued to be mixed

year

more

than 400 trUck terminals of

in the Pacific States

53, East North Central

14 from 12 and the South Altantic

the

on

Failures

States fell

13, West South Central States

States

findings

held

and

One

in the han¬

Johnson, still

to

in

season

close.

a

of procedure

ses¬

ing

from

of

partment of Research and Trans¬

cars

many

entire year.-:

an

this

at

to

comes

method

dling

or

week.

Middle Atlantic

sion

become merely a rubber stamp for
the
Executive
branch
and
the

are

its first

as

35. In contrast, rights bill hgs done more to de¬
regions reported increases— lay action by Congress than any
other measure.
The other prob¬
New
England States to 15

the

conducted by the ATA De¬

areas

pro¬

during the

in

as

regions,

declined

probems

group

year ago.

geographic

tolls

insoluble

four

weekly survey of 34 metropolitan

in

time

pattern

a

trade

Two

plaguing Congress

States to 30 from

ahead of

years.

These

by

any

found

been

previous

expected to produce its
of

the

casualties

to 45 from

of the last 26
been

or

many

to 70 from 82,

June

late

con¬

slightly, to 49 from

as

most

in the

con¬

In

construc¬

industry

business

generally declining tonnage which

overtime

has

car

In

was

previous

23.

lifted

the similar week

of tonnage

in

In 21

volume has

follow

No

suffered

CARLISLE BARGERON ;

service

and

28,

increases

even

began

this year.

findings

after Christmas.

4,000,000th

45.

the 1962 level. The week-to-week

December,

some

the

the

the long series

weeks

ex¬

in monthly

a record

during

is

cor¬

year.

which

gains

however,

company

the

BY

49, among whole¬

from

23

tion casualties

1962,

tonnage

of

to

Ahead of the News

...

112, among manufac¬

businesses to 22 from

3.6%

,The year-to-year increase

plants working the extra day.

trast,

Associations

Truck

that

below

week, of this

20

as

in

of

Trucking

sales

the

in

was

volume

week

2.2%

over¬

many

from

99

>

Week

14

announced.

10,000

Saturday

the

American

units from its schedules last week
in

of

3.6%

tonnage

Dec.

responding

Motors

Corp., which has trimmed

ended

ahead

pre-

Ward's said most of the decline
was

Last Year's

week

of

year ago.

a

Trucking Up

Intercity truck

two

ahead

previous week and 214

turers to 39 from

drop

made

12.2%

but

ago,

1.6%

a

cars

to

car

makers had scheduled 185,084 as¬

from

203

..

corresponding period in

17

$100,000

to

year.
////: /
The toll among retailers slipped

1961.

•

the

under

decline

a

last

35.3%

cars or

losses

was

220 in

period

(2481)

Among smaller, casualties in¬

ago.

in¬

an

corresponding

1962, and 197,083

normal decline preceding the holi-

The

Cb-

The Commercial and Financial Chronicle

.

for

"■ ;

said.

.

store
of

spasnnal

period

showed

a

Unlike the depart¬

statistics, the Depart¬

Commerce's
are

over-all

re¬

not adjusted for

variations.

Investments
tive

Co.,

&

associates

and

Ltd.

5V2%

first

$20)

with

stock

(par

warrants
share

y

at

priced

4.27%.

to

■//

i e 1 d

%/'

cumula¬

preferred

redeemable

exchange

$25.75

per

approximately
V ' ■••/

/

Headquartered in Toronto, Shell
holding

com¬

in turn controlled by

Royal

Investments
pany,

is

a

Dutch Petroleum Co.,

Netherlands.

The Hague,

(2482)

J8

The Commercial and Financial Chronicle

'

-

with

employees, and

fund
V.,

-

1-1

T„

f»

T

,

H 11 Tins TOT

the

case

in

each

most

involved

be

which

self.

„rnwinff

f

in

of

is

whose

the provisions of the plan cover-

inS vesting rights, severance payments, early retirement, death and
other benefits, and the extent to
which these and the regular re-

one

tfreWonderance

a

vouthful

one

with

of

in

the

who

groups

Jhth

Snvl tture
future

morel

think,

as

Comnromise

The Basic pivel.sif jcalion ot thc

..

'i

Portfolio

'

lem

of solving this prob-'the fund

way

is

to

set

funds,

two

up

holding the company's

one

stock

own

and the other being a general

then

be

his

of
oi

deal

the

frequency

and

the

constancy

the

choice

to

as

allocated.

be

involves
involves

practical

This,

number
numoer

a
a

problems

of

investment manager has to work
and

participation in he joint

course
course,

material with which the

raw

in-

given

should

funds

the

The contributions form

Each employee can

vestment fund

how

nature of the contributions to

-

and

administrative

which there is

work,

need for

no

me

of

Of

gram.

be
De

the

T

_

there

course

certaintv
certdmiy

anv
any

.

.

butions

to

the

to

of
ot

catering
catering

It

of

age
age

point

the

difficulty

industry

varving
vaiying

rere

be

dit-

in

appropriate at this
a

consideration

impor-

very

regarding

the

responsibility of the trustees of
profit

staring

sharing

fund

though

the

employers

fund. V A,

,

is

trust

a

trustees

or

a

profit?

and,

al-

be

of the

com-

pany

providing the contributions,

once

these

in

the

fund

they

become the property of the bene-

iiciaries.
lore

The

and

are

governed

prudent

to

trust

fund.

there-

are

the
in

by

benefithe

fund

the

same

the

of
ot

be^°'made to
^ V

marked

an

given

a

substantial

amount

average

a

holding, it is

larger
essen-

that this be communicated to
members. It is most

con ri u ion

no

of

the

stock

the

fund.

in

Factors

thp

"

ss"s.r
icy.

These may

three

main

be

divided

tion
•

closely

related

b*<\n
nrn

•

*

flmv
t

(3)

i

-Lt

-

*

Intangible factors.
common

lerred

£
r

Sta S
However

of

r»-imp

p'

i»

ilVn
viaing

sucn

overall

,

to

groups

objectives.

typical

deferred

fUnd; may

contributions

(1)

•

provislon

of the

benefits for retiring
(2)

introduction

stabilitv

/o\

to
i-

o

(3)

the

degree

a

of

....

providing

benefits,

th

re-

re-

that

assuming

distribution

the

of

mogt

fairly

nlan

to

investment

every

lends it-

even,

readil

lo

a

cide

with

market.

term

that

mean

must

be

at

presented.
ager

the

investments.

the

the

to

The

made

de-

attractive

being

are

stocks,

common

that

in-

over

the

a

most

performance

investments

the
in

While,

ties

that

shorter

they

as

bulk

longer

therefore,

placed

term

occur,

important

opportunibelieve that

I

emphasis

should

investments

on

be

offering

long term attraction.

most

funds

other

factors

of

new

Superior

he

is

Rased

the

most

Stocks

satisfactorv

investment

Results

the

money

to

made

are

income

tistjcs
187g

long

term

i<*

to

now

Thus

policy'
poucy

take

4°ear
ideal

in

'

decision,

the

of

ot

a

1962

investments

Sta-

broad

the

show

total

the

basic

tne

oasic

investments

of

fixed

stabilitv

and

liquidity

ments Qf the fund

on

a

or

c»h

^

that

from

return

on

?^HHftH-MeroePwHl°usunall>v
liquidity leserve will usually
decline
fi

combination

a

the

factors

earlier.

of

which

The

main

a

number

mentioned

I

consideration

is that violent fluctuations in the
value

who

of

retire

entitled

fund

a

or

penalize

otherwise

benefits

to

those

become

the

at

fits,

of

the

market.

fluctuations

in

shares in the fund

lower
for

Even

the

are

market decline. '

value

of

disconcert-

ing, although the damaging effect

goodwill is reduced if the

t0

which

em-

must

-

i

vi

applied

sten

to

nnr„h;Kp.

is

pait of

program

ti0nfip bet,ree"
the quality

employees,
tent

of

company

and

and
ex-

communications

Greenough's

"A

New

The liquidity requirements
which
are

may

have'to be satisfied
First, there is

of three kinds.

benefit

in the size of contributions or a

have

Approach

"A":

to

Re-

at

to

common

market.

loweiv

UD

niarKet

"exnense

at

stock

common

of fixed

^

>

inC°me investments"
Selection of Investments

The

Common stocks

t shall

now

deferred

a

of

investments

profit

sharing

suitable

portfolio

majority
I

shall
of

selection

wm

the

for

vast

will

have a
equity invest-

funds

of

strong emphasis on
ments

for

fund,

assumption that the most

the

Qn

turn to the question

choice

tbe

0f

first with the

deal

stocks.

common

It

imagine, have become ap-

j

parent from my previous remarks
when

^bat

stocks

I

refer

I

to

thinking

am

common

mainly in

terms of isues which offer invest-

attraction

just

relatively

referred

are

short term

all of a
In

nature.

viewemployer many is not usually
of the
unknown facinvolved it

tors

feasibie

to

try

on

term

long

a

\

v

The selectl0n of any stock must

be based on thorough research
and shoLlld take into account

management.

fits- Finally, it may be desirable

fieures from tho foliowm5

be desirabie

lower

nnri

ana;

levels

economic and industry conditions

a-uali,ty of management, financial
soundness, a past lecoid and
earnings outlook. A realisticesti-,

™atf ?f future earmngs is par-,,

payments becoming due in the

,

on

At high levels

mav

t0 reduce the a™°unt of new con-

helped in their understanding

determination of
There can of course be no temporary cessation of stock buy1®" f" investment P°licy- Under this guarantee that future experience "!f. ls lndlcated by market eonle3ding 1 'delude ^jich items as will follow the patterns of the d.tions
,
S' '!?e t>'Pes °f employees involved, past. However, if one accepts the
The liquidity needs to which I
i Based

•

market it may^ pe aesmaoie

tributions

ment

the need to meet known

.

re

basis

8.0%

<

t it

k

th

workings of the stock market and

com-

vestments.

rom-

he

never

adhered to blindly.

^ called ^g?owth"

to meet

liquidity

stocks be-

^ssrssrarss'
justify

qufficientiv Extractive to

regarded

•

recognition'

investment.? to

shnnlH

knowledge of the

a

1 hpve mentioned, all of which cross-section of common stocks tbe year where there is an annual
relate t0 k»°w»
de- has been 13.0%" compounded an- contribution, or to provide a regree
determinable conditions, nually. against a yield ot 3.5% serve for stock purchases in cases
are vanous intangible fac- per annum on fixed income in- where there are wide fluctuations
tors

event tne ratio of.

any

stocks should never be regarded 38 3 "gld f'gUrl l° b,e

SrLl wTn L™This mav be used to spread the be
v
•
since Woild -War II, from 1946 to
mis may oe usea to .preaa tne
In addition to the factors which 1962, the total return on a similar purchase of common stocks over

0f any

in

Wnrnp

H

(1)

to

amounted

andts

changes in circumstances ana as

The need for stability derives ' ;
from

settl£g

nfS

civersincation will oe suo-

1

require-

.

representative list of

yield

tne

\

+J°ne

income

investments needed to satisfy the

of

cross-section

stocks

It&
°

the

or

invest-

stocks, is determined

amount

stabilitv nnd

tbp

of

stocks

by

nmni]nt

requirements

cfnp],Q-

income

common

thp

Investments

.iqu!aily

tween

and

+V.

n

during the pe-

remdrements

c o m m o n

nrimarv

decision

fixed

eaticifv

t

account

given

availabiei

to

A

Hnw

Meeting Liquidity Needs
fixed

mon

stocka °^er Jbree or

at

HmHdHv

diversification ot the portfolio be-

are

oerformanre

1

riptprminpH

evidencer'by effective communications from

historical

on

^st a.^° be taken ,into account-

f

into

trom the

investment

ment

no

this extent their portfolios

100%

on

Long Term
From

at-

their purchase r.t the higher mar-

contributions

to

have

from the

of

•+

?ix"| TncTml

nf

reserves

mvments

? 71 pa nenb

ever,

continually applying the largamounts

benefit

ployees have

his

should

so

time

of

holdings.

ex_

man-

which

to

their

the

experienced

found

period

term

must, under these conditions,
extent

provide liouidity

meet

and

were

plan members not receiving bene-

investment

program

there

and

tractive

market is

most

problem

no

need to

no

con-

unusually

an

would .indeed

levels

all, will probably be

the

have

obtained

of

This

advantage should be taken of at-

perhaps

or

with-

nod when the heavy benefit payments have W be made.

if marked fluctuations

case

smallest

tempt to "even out" the purchase
of

vestors

most

tQ

by'having

Conversely

tribution

However,

basig

is

high levels of the stock

contributions,

long term

a

overall

coin-

indicates

#

to'equity

wholly

distrioution ot the plan tween tixed income investments

,

long

to

profit sharing fund

a

must^^ deviate

/

objective

argued that the ideal

devoted

one

oDjective ot providing re- ment

..

tirement

be

stocks

d*

*

is

+

investment performance,

run

it could

dev ate

Satisfaction of liquidity

Th

of

fund

aujremGnts

long

these

maximUm

employees.

of

stocks give the most satisfactory

'

•

satisfactory

likely

needs

number ofvretirements

common;-,

in the value of the fund presented

'

•

that

agrees

one

a

fol-

as

' "

/ivd

problem

are

liquidity

opportuniUe,s may be sougbt

nthpr mpHium

nnv

be the

sharing

be summarized

lows:*

doll'iv than

-

profit

business

periods of the highest

in-

enables

holdings to be used to meet

as

,

en^on

far

than the fore-

marw

must

of

being

at(Jr importance

movements.

be paid

0f course

°l s°ock

and

the

a

tifning will usually

ake in timing wiU usilauy,

'he basic be given in the

nn

retirement




these

between

investment objectives of

the

to

e co"slderation the extent of their understanding
P,!'°, „sha«ng of investment matters, the rela-

penetits

investment

another

presents

because the

are

fixed

usualy

may

;

G
The?J 7\STS~

objective

an

into

groups:

plan and its suhsidinrv
(2)

whose earnings

company

cycle

•

term

dollar tnan any other medium return of capital

If

elusion of shorter term holdings.

which

Affecting Investment

Thp

,

^company s own ket levels The frequency with

iactors which must be taken into-

n l

a

P y
A

est

amount

The

portfolio

£

portant that they be informed and
the

a

curb

S^Vlhe^h^po^

diversifi-'portfolio for

on

not

informed .of

the

major

gelf

deciding

particular attention must be paid

im-

constantly

then

approach This doeg not

e

consider

other words

in

the

of

achieve

'

and

««[|ed, with periods when there

W1

investment

kept

fluctuations in

opportunities

is

guide.

a

long

the°fdrce^of som^me P°in* of tim.?' say tPn
thV?lces ot or fifteen years hence, it
be

curb

f°+t
investment with comparable
I think hat the marketability. '

members is

portfolio,
tial

as

buying

choice

employees and it is decided

the plan

used

of

investments

members

KSfttTd?

,

vynere
arked t uc uat
s
t e
^ of the contributions are antic-

of the company s own stock in the

than

profits
pro
s,

be

and

no

the

comoanv's
company s

the
tne

can

pressed

any

the

of ,sta-

available when

If

include

bilitv
tnnty

of

degree

the

and

' concept which apof

and,

fund

cation

consideraco s ae a

nature

investment

man

plies
to the

to

for the assets

cianes

to

trustees

responsible

a
a

However,

basic
pas c

the

as

which

the

may

owners

are

such

Where

employees

mention

to

lions,

grniins
groups.

would

lant

certainly

the
the

to
to

quirements
-ferent
lerent

and

overcome

profits

fund.

there are certain
mere are certain

helps to

never

stability
come

occur,

,

the most suitable

Upon

hence, the amount.ot its contn-

provide

solution

pro-

regarding
legaiauig

future

company s

the

on

can

typical

size

investment

dwell upon nere. However, it does
<iweil upon here However it does
a

their

of

important bearing

an

planning

of
oi

good

a

have

of their flow

in

may

The relative

inflation there is considerable possible to take this into account
have so far dealt with the historical evidence for believing when acquiring longer term fixed
^ C°mpany s °.™n that> Particularlym a growing income investments. The purchase
st ck a d discussed some of the economy^ some degree of con- 0f corporate bonds with this
.s
have J;o be tinuing inflation must be ex- length of maturity would probco Sldered n} determining the pected We believe that the com- ably involve too great a sacrifice
mos* aPPropnate investment pol- mon stocks of companies showing 0f yield to make this worthwhile,

>

basis for formulating a policy can
Another group of factors which be arrived at by first examining
has to be considered relates to the investment objectives of a

,

One

strong .'argument

a

which

several years ahead.

account inflationary trends in the large

,

a

a

this

requirements

favor of common stocks as the out a significant loss jof capital,
means of r achieving the most provided that they have reasohsatisfactory long run investment able marketability. However,
Performance, This argument is where the age grouping of plan

^

Alternative Fund

this

aging effects on employee good- given support if one takes into

the
tributory and, if so, alloy/ for the ?
p". ?
com--'rights of members to withdraw P*,Cy „
their own contributions.
und% However,

growth
giowth.

pany s

much

will.

than

the

bv

and

on

unforeseen

itself

lump sum rather than on a pen- J
r
plan
^ Xth^A™p£n " "£ details it is Impossible investment
to present
P
J
blueprint
for

concerned

basis

this

grow

such

lends

a

age

upper

spcuritv

offered

tirement benefits are payable in

dif-

majority

a

moie

are

financial

Tirosoects

minded

viewed

be

lerently from
members

rela-

of

career

Ambers must^

plan

a

secular

a

Thursday, December 26, 1963

I'h'.ver

age

distribution of the plan member8,

further

Or

into account include the

en

to1 Cyclical

subiect

-fluctuations

•tivolv

supplement

different

mature

a

are

exuand-

an

verv

economy of

country will continue to

vagaries of the

.

market and who have a growth will be reflected in the
g00d relationship with the em- level Of corporate profits, there is,

Other factors which must be tak-

romnanv

earnings

with

to

the benefits of a pension plan.

that

•from

intended

is

of the company it-

2/ industry

premise that the

A
are

separate pension

a

example,, the case of a

For

the

forth.

so

members

readily to a heavy investment in
Plan.
A more aggressive invest- comnqoa stocks than one m which
ment policy can usually be fol- wide flpctuations in the value of
lowed for a profit sharing fund the fund «e liable to have damwhich includes

fm^vtrtant conspiration ^ould

circumstances

familiar with

111V0SblI10IlT, nrOdlb

ProbablVthe

factors

Seciffr

plan

.

rt^r,ln 'stock

^

Continued from page 3
■ill

whose

.

the

jn
o£ the worth of a

in the'

mt^e

judgment

stock.

If there

lairly regular flow of contribu£jons jn£o the fund advantage
a

mav

be

taken of market

y,rrha,e
/

Although

further

declines

Quantities of

to^pSe.I

am

referring

to

'

Number 6328

198

Volume
■

.

.

The Commercial and Financial Chronicle

.

■*

-■

«

■

■

'■

'

;

in- obtained from issues in the mevestments
this
does
not
mean dium quality range with the longthat thev should be considered as est
maturities. A. selection of
nermanent holdings in the port- bonds in
the AA, A and BBB
folio
regardless
of
changes
in categories of the recognized ratstocks

growth

term

long

as

tag services should provide adequate security, while the choice
affecting
its
earnings
outlook of maturity must'be made with
must
be
followed
very
closely reference to the relative yields
and
if any deterioration appears, obtainable on different issues at
due'to economic or technological the time of purchase.
f actors "or any other reason of a
y
I should point out that in using
of

the

performance

The

circumstances.

and

company

factors

the

'

'

'■

(2483)
:l?

■

.

only attraction they have to offer

is that of liquidity, the holdings:
should be limited to the amount
required to perform this function,
We do not consider that straight .
preferred stocks or sale-leasebacks are suitable investments for
a deferred profit-sharing fund.
The holder of a preferred stock
does not have the protection of a
specific maturity which is given
-

••

■■

..

19

*;

;

■

<-

TITT? QFPTTPTTV T T TTTF
XXXXJ U JJUUIlll 1 X XJXXYXJ XJXJU X

provide are relatively low and the

•

.*'

■

Continued from page 2

. . .
-

~

.

_

✓

..growth can continue to outdis-

,

the 2% average" increase for the tance the industry average over

industry.
•
Net earnings, as reported to
shareholders, rose from $278,000,
or *7 cents a share to $2,499,000,
or
a share in 1962 on the
1,662,355 shares presently outstanding. adjustments should be
Certain
+

,

the long term. A well established
company such as United states
Life .is to be preferred over the*
newly organized life insurance
concerns, because it takes,many
years before a company has suf^hi^t to operate at a profit. CU~
"t
eft°
able it
insurance
The Bu-

long-term corporate bond, regardless of its quality, will be

Speculative

Worthwhile

Investments

fluctuations

to

during the course

had

once

has

bonds

over

been

virtually eliminated by the decycle stocks whose earnings have in long-term interest rates.
Al- mand for these issues from insurpronounced cyclical characteristics though such fluctuations will ance companies and corporate inoffer interesting onoortuni- usually
be relatively much vestors, who enjoy tax advantages
ties
of
shorter
termTature smaller than those of common on preferred dividends. An interHowever, investment in such
stocks, they may involve some esting conversion feature may
introduces
the emblems
of loss of capital should a sale be sometimes outweigh these objecmaking
correct
economic
fore- necessay to meet unexpected ben- tions, although here the judgment
^lefit payments a number of years must be based&more on the outmovements
and
^ v^w'Tthe before maturity.
v.'v
vUookfor the stock in relation to
movements, ana in view
tne
of the business

At certain stages

of its life as a result of changes

mav

a

m

p

»nHin

r

mortgagfs

WvS'teeTholdShould

sured
offer partlcuto
attraction as stable investments as
Similarly, from time to time "spe- not only do they provide security
cial situations" may occur offer- of principal but they usually ofing shorter term investment at- fer a more attractive yield than;
traction. While one should avoid that on corporate bonds of satislimited

moderate

to

reau of the Census estimates that „
population will increase from 180.7
do 1962 million
accounting are based on older in 19o5 and ^214.2 million in 1970.
mortality tables, whereas life in- This is an increase m ten years
surance companies have been of 18 A .o. However, in age,.20
basing their races on up-to-date to 29, the!£n°d,of
tables. Since these appropriations matlb"s> a
^ anticipated
will eventually flow back to sur- of 40%, Mortality rate is apt to
plus as the poliel^ they appty to
go off the books, for all practical science advances. A breakthrough
purposes, these appropriations
the field of cancer ^nd heart
should be included in earnings.
disease might mean that the
Another r important influence younger generation may live

price of the stock may stay de- induce the appropriation to "depressed indefinitely.
The yield ficiency reserves." Deficiency resubject advantage which preferred stocks serves required by statutory

The price of a

of common stocks.

be held

to

proportions,

the conversion terms.

;

v

Sale-leasebacks are generally
for deferred profitsharing funds due to the existence
of a residual equUy feature, the
value of which cannot be accuunsuitable

which restricts reported life, in- longer. ;! As persons, live longer,

surance earnings is the fact that

policy holders,'of course pay pre-

norma y it costs a typical life 10 Anotlier
L

'•

r«

t

f

entire f rst years premmm to put

new business on the books, while

Dosstole

7ource°nf 'irr?-

proved earnings is the higher re-

tuin ■on n

rately determined in advance, jnciomeisReferred pverThe hie of
expenses in
was 4 45%
issues
of
a
sDeculative
nature
factory quality.
A further fea- Therefore,
plan members who the contract.
As a result, it is
P k
^
•
>
when the fundamentals of a stock' ture of mortgages is that they are receive
benefit payments based ™Sto™a'"y ,to
by
AwnwOc life insurance
are sound
and the downside risk self-liquidating, so that during the ori a valuation.of the fund during^
. j
fnnrSa«P in inenmnn companies ^Bonds bought years'
is limited there is no reason whv course of their life the capital re- the life of such a lease are being value ol the mciease in insurance
P
•
8 y
advantSe should not be taken payments may be used to meet deprived of their share of this J" force during the year. Using ag9, when interest rates we e
not
advantage should
be taken p y
oavnfent, Th„ IimltJ residual value
values of $15 per $1,000 of ordi- lower, are being replaced with
of such oportumties.
marketability of mortgages prpb- •
'
'
,
nary non-participating insurance, higher, yielding securities.
ere.ma^e3 pS^.tfnii„CfnS10*nc 7' ably precludes relying on them Mutual Funds for Smaller Profit
per $1,000 of ordinary particiUnited States Life's outlook for
p
ce
n
s
s
exciusjveiy |0 ggtisfy the stability
'
Sharing Funds
pating insurance and $5 per $1,000 next year is encouraging. Econoof companies whose earnings are
reaujrements of tbe fund.
How- v
of group non-participating insur- mists of repute are estimating a
fairly stable without snowing any
oniv ,.eai
need
for
The question of the use of mu- ance, United States Life's fully rise in Gross National Product
particular growth trend. Such ismarwabiutyis to orovlde future tUal funds and the pooled invest- adjusted
earnings - in 1962 from $580 billion in 1963 to $612
sues
normally, sell, at a lower ™
lal3 ly 5
Pcontin Jncies ment funds operated by many am0unted to $4,290,000, or $2.59 billion in 1964 and a proportional
multiple of earnings than growth
thyge rec|uirements are sat.' banks- comes more under the per share
increase in personal income. The
stocks
and
frequently offer an
is'fied there is no reason Why fur^olh^'Thev can The company distributes but a average 'disposable income per
above average yield based on a
(her additions to the fixed incomo
sma11 Part of earnings in divi- family is approximately $6,500,
well secured dividend
thus prosector of the portfolio need be in P'°y'de„ v<~dends; plowing back the greater while the average family policy
viding some degree of protection marketable investments.
part for futm'e growth' Cash divi- is; approximately $11,400.
The
against market
declines.
They
funds when the t
t es
dend is 20 cents a year but pe- family policy is equal to only 21
may therefore be
useful.-invest11 have made on mention oi con- wish to become involved in de- riodically stock dividends have months of income, giving a curments when opportunities for the vertible bonds
up to this point tailed investment matters or to beeu
id
In
1956; the
shares rent
market / potential for
inpurchase of growth or cyclical because we believe that their ap- place these in the hands of a cor- were
pt 2 fm. f and a 100% creased size of policy,
isues at attractive prices are lim- pea 1 for this type of portfolio is porate Trustee
and/or an inde- stock .dividend was declared,
The industry which I think is
.

,

..

,

....

.

ited

usually rather limited. One of the

-

normallv

advantages

Before
rr

leaving

the

ie°vinS

.

subject

phasize
piiasize

that
inai

there
mere

is
is

no
no

those listed

exchanges.
known

selection

of

sound research

on

fit

a

here

a

■,

issues? and

bf^hSe
particto

relative to the

a

is

situation

amount
size

restricted marketabilin

a

rwnnrafo

an

come

reduce

element

sence

To
of

fered

/>

a«d

should

rity

of

to

of

the

share. In December, 1958, a 25%
f

Hhdd^nd

.

rvaid

wnc

nnd

in

,

w

jnrrpat.pd amoUnt of stnrk

introduce

to

into

the

these
the

investments
maximum

compatible with

bonds

In
this




the
is

one

possecu-

case

of

usually

the life insurance

in my
f
\
7
i
opinion, which has real growth
no^sibilties is The United States
company,

.

ine u
^
Llfe insurance Company, The
widely held among over
siock is wiaeiy iieiu din g
n^OO shareholders, including mdlviduals, T trust funds, pension
T

funds, mutual funds and colleges,
The stock, currently traded in the
Over-the-Counter Market at ap-

proxtaatety

84^

compared with

this vear's range of 70-96, appears

a«ractfve

for

® W'™,* :''

galns'
r-

,

i

caoital

long term

l

•,

.

A J

*.

,

'*■

Fahnestock to Admit

Fahnestock & Co., 65 Broadway,
New York City, members of the
New York Stock Exchange, will

admit Donald Agnew to limited

as

or

even

may

con-

,The 1JiaiJa^me4.

and ^ifhin the framework

0f the over-all investment

substantially ?The object of having such

;

^96?'

policy.

1S cost con~

\Y/:fk rpwpn Cn
•

a

^lth CoWen L"°*

policy

eliminate the pro-

t

n'

c

tt

„

,

ment Issues and Commercial
aper

investments

stability

principal.

corporate

n

n

the ly be confined to situations where

wn

compensate for the ab-

seek

sible yield

ot

v.e,iri

shares held, at $26 a

.

is

The

a??ur?haS? rtho^^d^nTo^fit^hariS company's capita1' at 1962 year Partnership in the firm effective
stock, but at higher fund, must bt considered "on thei? end' amounte^ to 13% of assets. Dec. 31.

feature

/o\

'

appreciation potential of-

by

in

^

use

,

Rnr.dc

intended

are

fund.

t

,

m

r

7

of $765,000, of which $715,000 is Bernard Wenstein, Dr. E. Maurice
is to ensure that the best possible being am1°1r1^d 1°Ver
.n
Moretti and Harry Grahame have
tection
against
downside
risk
is made of the investment op- an
^^^21 was installed, become ass0ciated with Cowen &
compared to that of the stock.
portunities avaliable in order to fePlacing the IBM 6.0 purchased Cq
45 Wall street5 New York
meet the requirements of the fund, in 1955*
,
: '7
City, members of the New York
i
i
0m d r
ver>n" while providing the most satisfacUnited States Life is a medium- gtock Exchange. All were for-

an

^

now

it

version

appropriate to the normal

Morteares
MortffageS

I

held

usually has to be paid for the

Holdings of such stocks

of their market.

which

♦

^ pre^ pro)blems market levels the premium which merits
deterioration
the

therefore be limited to

should

and require-

,v0rn

so

a

aSve

ter, have

wh!Ch

.

HrrVifc

vmr

^

Ses

there

„

to

Af

larly those traded over-the-coun-

y

t b
aae
plan's objectives

Cnm^

given to buy one new share for jndustrv

United States Life's capital funds
have increased from $9,394,000 on
W'th a?U'ty PartlclPatlon def;n' e developments in the area or'such Jan j
to $i7,214,000 on Dec.
k
jC' "iv
3 conyer'lbIe information u available from a 31 1962 Life insurance shares
b°" he?f
!h°r°fUghly rellable S0UrCe'.,hSuCb offer considerable leverage. The

of^varn7

word

The majority

lesser known

if

with" reference

made

TVl_n in

-Then in the same year lights weie outstanding

iteTver-aU perform" P°rtfoIio' whif
f,he casd °.( the trustees have an intimate
^nsiderably However T P£"f°n fU"dS
f r°", knowledge of Pr°Puerty values and

quite

I must introduce

i

the

yp
to be used

u,

of. common stocks

•

«

be

must

of

tvoes

an

•

enhance

ance

ing

is

company

J tiitil iel IT

that

1 l
funds

w

the

and

uu

as

of^the
continue
closely follow^the inX-

be

Ln

stock

than

the

of

n

many-lesser

each

choice

the

ever

chorine

nrofit

a

pnrn

Provfded fhat

opportunities.

based

names

which offer good invest-

acUvities
to

are

pendent investment advisor. How-

fund
is
not
ments
that the comments
I
dividend was paid and m
±und :as not ments, so mat tne comments i Jun iggl V a 2Q% stQck dividend
with the problem of having have made are still relevant in
to
assumed ortnariol rate
this resnect
At a special meeting called for
of
interest
the
relative
sisnif
h
i
intpntinn Jan' 8> 1964' st°ckholders will be
icance of v-eld
fact6r J com
a
h
fi i S
asked to vote on increasing the
narine the attraction of the bond
•
d° exkaustAve hsi oi authorized shares "so that at the
P"
^traction of the bond the various investment opportu- board»s discretion another 20%
^.gat as^t is in toe case of ""pen5
TdTeM St°Ck divide"d may be distrib"
\
?
conventional moitgages and leal uted- Following payment of the
S'°n Ft'.'Furtber'a P\flt:Shar: estate can Provide very useful stock dividends in 1958 and 1961,
f"8 fuad 18 not
bound and rewarding investments, but the" company maintained, unbfy restnctlon8 °".tha P™P^t.on I think that these shou d normal- changed cash dividends on the
ac;

the major stock

on

There

vield

higher

,

t ^
faced

companies, both listed and

unlisted

the

.

de-

a

hv

??
f higher >ield man that
obtainable on the stock./However,

profit-sharing fund should
proiit snaring
snouia

be restricted to well known

ment

em- .m.ovidp

reason
leason

why the stocks chosen for
ferred

lexiea

or

oi

supjeci

l"e

equity investments I want to

offered

advantfg<:s normally otteredthey mutual or pooled
by ever, t e cno ce
convertible issues is that

of

The

:

,

requirements

are

cial

or

paper.

ment

on

as

or

Government

good quality commerThere is little to

with regard

vestments,

that,

term liquidity

the issues of the

U. S. Government

agencies,

investments

suitable

most

for satisfying near

except

to

com-

to these in-

point

out

the yields they normally

performance.

J

tory
^
vestmerit is not
and

mistakes

bound

to

thing is to

an

in

judgment
The

occur.
ensure

In-.size

that the invest-

consequences

takes will

be

of

such

minimized

A

carefully

investment policy,

merly with Jacques

Coe & Co.

based

Now Individual
r~

~~

nil

7n!^i Jd

and not

planned
upon

a

Dealer

<

crm«j

«hii

an

n

fhi,

mis-

affect the attainment of the major
objectives.

where'rate of

are

important

ment program is so designed that

the

company

exact science

_

fan

lnn^

AMITYVILLE, N. Y.—Burton E.

Masorl ^ now conducting his mY ye8tment bu?iness alan. ind'V'd;

wav

S

lowaras acnieAing m s'

ual

dealer from

offices at

Avenue. He WaS' ai~
16th Annual Conference of the Council merly a principal of the Suffolk
Cahfo0rniaSharing Industries'Los AngelesV Group, Inc. • W.;'
*An

address

by

Mr.

Sieff

before

the

BayvieW

20

The Commercial and Financial Chronicle

(2484)

duction
would

Changing the Tax Bill to

.

and

structural

stimulate

those

reform,

consumption
employed

currently

der to increase aggregate

Accomplish Its Growth Goal
Continued from page 5
national

revenue.7

•

-},

„

of

redistribution of wealth.
distribution

assumes

distributive

of

but

At

and

least

knows

sighted, for in the long run equal

govern¬

treatment^ for all brackets would

each

the

adjusting

tarily

mainly of the lowest brackets as

and

In

finan¬

One of us,

every

capital

of

incomes

produce

who

those

izing

market

democratic

This

incentive

this

be

less?

flattened

a

tion,

system,

of the Committee should

with

richest

the

have

we >

,

freest

and

world.

people

1

1963 Tax Message

Congress,
mended

President

the

repeal

House .increased
the

Even

Russians

to

seem

be

sion

catching on to this incentive idea
—deviating

sharply

r

Marxist-Leninist

each

the

for

of

official

Ekonomiki,
disowns

rianism" and

cle:8

explains in

individual

;>

tax

arti¬

an

socialism

The

have

equalitarianism

shown

is

bf socialist

incompatible

production.

In order to create the

nificance.

give

,

.

.

is

hence

of

conscientiousness.

ury

to

Yet while

tive

return

seem

the opposite
return

for

spite ^11

—

taxed

talk

of

the

top

fect

of

tural

cited

in

to/

for

bracket,

that

of

8363

>

has
rate

to, $20,000

$20,000

and

12.6%

liability

reduction

of

to

in

$5,000

the

bracket,

to

in

$5,000

to

15.1%

$50,000

the

in

bracket,

$50,000 and

up

bracket. Plainly, tax relief at the
lowest
three

bracket

times

bracket.

is

that

Indeed,

the

better

of
some

a

of

the

of

be

tration's

is

the

of

of

to

have

pointed

research

corporate

tax

long-term

ital

formation

Gross

National

falling for

from

been

the

period

GNP

Product

the

corpo¬

expense

of

because

apparently

cor¬

disproportionate share
debt

corporate

in

total

the

in

14.6%

constant

prices.

the

of

fallen
of

off.

rate

of

of

measured

in

follows

It

saving

has

that:

similarly
the

as

rate

falling,

been

has

in

7%

to

Ironically,

savings

been

GNP

technological advance has

capital

relative

a

and

the

.

shortage

shelving

of

fruitful investment projects

many

—projects

jobs and
life

coiild

which
less

at

create

of the good things

more

cost for

persistent bottleneck
of

knowledge
of

in
the

been

capital funds.
States

And noting the
of

boom

new

makers,

en¬

coming

two

or

decades

is

Dr.
the

up

and

half

a

the

three

"Measures

tion

Kuznets'

data

dealt

it had

as

with

deevloped

to 1955, before the contempor¬
slow-down in capital forma¬

ary

tion

ing

As

began.

amended

confirm

indicated

through

they

the

his' thesis

but

tors.

relief

accorded

(Canada,

Capac¬

the

Administra¬

point.

For

the

real

cost

the

and

'of

wages,
in

short,

of

cost

cost

and

causes

output.

and,

of

hence,

thq purchaser
perhaps

Basically, then,
matter

a

ing to

accelerated

Much

tices

of

and

gaining

unit cost of

would
re¬

know,

I

legislative

nonetheless,

reform

cuts have
for
I

and

believe

tax

to

it is

portant,

such

r

:

That
such

the 7

there

In

constant

dollars,

expenditures

for

busi¬

plant

and

menting
Senate

to

the

1962.

level

1957

If

such

increased at

an

not

returned

the

at

end

of

had

expenditures

annual rate of 4%

dispatch
mented

In sum, the 4%

nomic

York:

National Bureau of

Research, 1961),

pp.

be

a

20%

the

best

on

in

The

Theory

of

official
in

we

wish

Federal

actual

for

spending to

the tax cut..

not

such

ing,

policy be self-defeat¬

a

defeated

which

it

long

of

appears

debt

tried

Thirties

the inflation

by

necessarily

answer

policy

Capitalism

p.

Freedom, (Chicago:
Chicago
Press,
1962),

17S.
8

o/

and

of

in

to

to be that the

the

of

the

for

we

decade

avail,

10 (New York:

Macmillan, 1934),p. 501,

TRENDS

Personal

Gross National Product

-

Year

,

'

Growth Rate

Actual

4%

Annual
Actual

5

•

••

,

.

Business

4%

Expenditures

for Plant & Equipment

.

Annual

Growth Rate

Consumption

Expenditures

—Personal Income—
.

4%

4% Annual

Annual

Growth Rate

Actual

Actual

Growth Rate

$374.6

$303.6

$303.6

$38.8

$38.8

497.6

376.5 "

389.6

306.3

315.7

31.2

40.4

502.6

517.5

396.6

405.2

323.6

327.3

32.6

42.0

515.8'

538.2

408.1

421.4

334.3

341.4

; 35.6

43.7

1961

525.5

559.7

438.3 7

341.3

355.1

34.4

45.4

1962

Growth

553.9

582.1

455.8

356.7 ;

369.3

37.4

47.2

___________

$478.5

$478.5

1958

471.1,'

Through

Quoted

New

by

York

December,

First

National

Monthly

1959.




City Bank
Letter,

Economic

1962

this

cited
paper,

Council

,

in

the introduction

to

/

$374.6

420.2
/

\

440.5

through their

Economic
program

Deficiency*

$28.2

$15.3

$12.6

$9.8

Percent

4.8%

3.4%

3.4%

20.8%

Advisors,
of tax

re¬

-

Dollars

the President and his

of

to

rise?

gives

monetization was

little

un¬

employment must be a tax cut to

GROWTH

8363.

Deficits
As

air,

Or might

debt?

of monetized

'

7

University

for

must ask ourselves: Can

out

eco¬

high

total demand,

1960

H.R.

Part III

million

little

com¬

chief

addition to con¬

net

a

in, the
tax cut

a

abundantly clear that there

The

1963,

through

demand be created out of thin

insisted today

attack

is

Yet

on

of

theory

increase

an

i. e.,

accompany

Com¬

rightly under¬

(Billions of 1962 Dollars)

1957

dividend credit

restored

it

the

"A

yield

sumption,

has

before

28,

as
so

Eco¬

391, 459.

1959

should

will

New York Times

Oct.

that

deficit

Federal

W.

follows:

.

great
rates

as

hourly

underlying

however,

Walter

nomic policymaker
that

9 (New

of
as

a

in

Administration, it rests 011 the

premise

is

D. Pomfret in

had

the

reduction

after

a

'

1

the

Employment and Manpower, John

and

pushed

marginal

of

times

four

At any rate, if I
stand

equipment dropped sharply back
1957

to

increase

as

im¬

Subcommittee

Labor

point

are

ing class would be reduced in the

_/.:V

doubt.

appearance

the

interesting

wages

ratio indicated above."10

bur-

S

Dr.

on

Heller's

"If

that the total income of the work¬

Com¬

exclusive

little

most

some

direct

mind,

in

be

can

a

Administration

goal

a

the

highly elas¬

to quote from Paul

me

above

up

three

latter

however

^

is

Douglas' study, The Theory of

the

the

unemployment,

an

coinci¬

a

think

I

not.

productivity, the decrease in em¬

mistake to assign

a

is

ployment would normally be from

bar¬

inasmuch

measures,

this

Is

labor

arithmetic:

made the fulcrum

been

in¬

steel and

both, wage rates

high.

for

offered

demand-type tax

pushing back

slack

Wages, in which Senator Douglas

this

is not
of

in

cents

unemployment

think

I

tic. Permit
H.

r

raise

This

concern

given

was

10

of

economy:

both,

demand

production and lessen

demand.

and

relatively

our

quite

are

prac¬

union

which

jobs.

of

raised 15 cents in

lift

on

,

work

excessive

power

mittee;

/7'

obsolete

In

of

overcapacity also

our

from

that
often

members

out

1961,

quite heavy. In

this

situation. More should be done

stems

their

of

was

two

dence?

.

credit.)

coal.

deprecia¬

/ ;■,

too

mar¬

ameliorate

score.

all

com¬

in contrast, has

$100 exclusion coupled to

Note

equipment tax credit and the
schedules

result

September 1963.

and equipment. To ail extent, the

Treasury's

abet¬

seemingly

a

the

have

another

yet

ginal, high-cost, obsolescent plant
new

floor

September

lead;

prices. Much

excessive

of

with

markets,

dustries in

overcapacity stems from

our

much

many

of;

wage

mind

costs

and

core" national unemployment, the

overcapacity is

excessive

of

competition,

Worsening the problem of "hard¬

sale at all.

no

from

unions

out

price,' If
the

too

priced

the consumer
a partial sale

or

be but

In other

cost-price spiral, public

a

thing,

trade

excessively
in

disemploy-

to

unemployment.

unions

good

function

of

high

is,

—there will
or

pair of shoes

a

thereby in aiding

unions

including

a

are

consumer

ex¬

Overcapacity,

tp, be

price

high—that
of

structure,

seems

and

the

policy has apparently given trade

capacity, the relative age and ef¬

den.

alarming extension of the

an

trend.

to

ting in

not simply overcapacity,
nature

rea¬

what he considers too

price for

a

a

ton of coal. What then? Then

a

and

overcapacity

on

willing

words, in substantially insulating

Cost

the

don't

'

suppose

pay

ment

to Its

Due

inves¬

to

or

capacity—the composition of

cess

price.

But

high

they

what they consider

pay

won't

ca¬

effect

employment turns

stress

but the

ably attributable to the relatively
small

on

"engineering"

believe

I

point is

financing, but this is prob¬

pany

Productive

of

were

would

In

inter¬

do—if they are

consumers

significant.)

interven¬

only

not

the

by

table, if his data

years,

last

report

between

tax

likely to be large."9

situation

but

are

sonable

its

problem,

over

employer?

year

in

writes:

he

"The demand for capital

by

consumers.

to

of

and

i. e.,

—

statistics

economic

on

effective

into the labor force

family

short,

overcapacity statis¬

ex¬

scarcity

population

especially

us,

trants

It should

essentially

paid

are

customers

Hence

In

this

the

production.

is,

that

—

they don't create jobs;

technical

new

has

wages

zinc,

peo¬

ple. As Dr. Kuznets observed, the
ploitation

sold

only

jobs—-can

production

mediaries.

tion

more

the

on

pay wages,

the

been, apparently, rising, with the

being

wages—and
from

ficiency of plant and equipment,

The fall

of

1869-1888

1946-1955,

rate

has

long time.

a

depend

rates

it

state

generally deficient, as the
Joint Economic Committee's sub¬

misses

percentage of

a

as

%age

trade

Na*-

in

to

elementary

from

are

So

American Economy, that net cap¬

rate

deductibility of inter¬
not

his

Capital

study,

lead,

so on.

Excessive

Economic

of

*

in

out

too

come

railroads,

coal,

timber, and

en¬

Bureau

em¬

there ' is

in

slack")

Overcapacity

the

tional

and

that

(euphemistically,

steel,

be noted that

the

in

has

that

who

one

the in¬

on

textiles,

growth,
with

formation

capital

growth

argue

"economic

tion's

projected

;

payments. To be sure, the 4%
has

of

some

of

source

concerned

be

must

we

greater

approach. If capital for¬

mation

economists

Perhaps

spring?

wages

seems

pacity and "economic" capacity is

to examine

me

do

dis¬

fore,

to

implications of the Adminis¬

ness

full

invitation

an

picture: This is the fact

high

than

highest

1.5

—

dividend

financing largely

rected

bracket,

$10,000 bracket, 16.4% in the $10,the

is

goal

our

borrowing at the

equity
est

tax

Permit
the

-investment

4%

tend

encouraged

ef¬

pro¬

could

less

.

ity." (The subcommittee's distinc¬

dollar crisis.

a

veal

the

of

see

therefore

from

the

would

credit

$3,000

19.9%

million
we

^

vestment

struc¬

lowest
a

the

and

distorting effect

of

bottom

and

H.R.

the

to

decreasing
26.2%

rate

reduction

a

38.3%

000

credit
other

progres¬

lower

rates. The combined
proposed

changes

vides
of

the

inflation

•

of

source

marginal product and that, there¬

held

Moreover,
nature

7

just what is the

committee

the

of

'

suye,

thereby

hold that consumption is the right

tics

dollars

because

critical

the

$300 million.

makes

Repeal- of

of

and

this

jobs.

new

(the

evils

of

to

in¬

an

be

Yet

believe,

and

demand

jobs."

unemployment jobs, of employment? From where
much

a

turbing level.

paper,

balance of payments, resumed

stands

now

Hence

additional

an

via

inflation,

on

because
our

upon

improving the investment climate,
of
equipping our economy for

greater effort. For, de¬

between

of

$370

some

backward

step

to be moving in

seem

increases the rate of

sion

it

attractive

less

of additional

as

impact

I

reduction

;

deficit-financed

in'

repeal

but

credit

Clearly

to

heavy progression, the bill before
you

million

$70

Treasury.

tax

self-defeating

Treas¬

that the investor group would be

direction: toward less

the

the

revenue,

release

the

to

the lesson of incen¬

phrase is the President's,
earlier)—we

cost

as

that

in

crease

is

new

would

office

additional' effort

for

discrimina¬

The proposal

advancing economic growth

remuneration

in¬

-

the Russians

have learned

and

against

to

estimated

tax

dividend

same

and

***

Invest¬

growth

discrimination

an

lost

time it is necessary to improve the

'

believe

stimulate consumption

United

system of bonuses to managerial,

engineering, technical,

key to

exclusiom would

and

At the

...

wholly the latter. And

in

keep

is the im¬

to raise from $50 to $100 dividend

institutional

capacity,

believe it is

to

create

nearly $10 bil¬

the

overcapacity

is inadequate demand of
formation.

down

stimulate

the total in 1962

been

held

ployment

American

capital

result

climate.

amounts

the

inadequate

of

to

me,

tion against growth.

management the right to raise the

initiative,

the

vestors

to

necessary

and

personnel."

is

ment

salaries of persons showing maxi¬
mum

some

..

incentives

It

.

.

industrial

to

investment

is of major sig¬

.

thing

seems

problem of

economy

of

abundance

the principle

...

material

personal

to

pact of dividend credit repeal on

that

with the interests of the develop¬

all personnel

income

corporate

subjected

main

mind, ot
our

of products

the

combined

our

degree of double taxation.

in the organization of social labor

ment

and

structure

is

income

/

"The many years of experience

under

dividend

only income under

"petty bourgeois egalita-

hence

formation—exists

capital

because

of

the

er

has

and

investment

against

Voprosy

periodical

dividend- exclu¬

$100 but repealed the di¬

equity

Soviet Institute of Economics,

the

credit. The

be restored. Discrimination against

his need—

issue

recent

a

$50

I believe dividend credit should

concept of from

according to

the

vidend credit in two stages.

according to his ability and

each

to

from

to

to the

have

Thursday, December 26, 1963

.

road

thinking, 'how¬

of

way

have

To

—

the question remains, wheth¬

ever,

nets

recom¬

both

of

the 4%

exclusion and

■•'7 V

Better

his

In

Seems to Know

The Russians

my

/

.

couraging. Economist Simon Kuz-

Dividend Credit Repeal

/;.

To

/

United States. The rate is not

Part II

all

in

of

rate

to

rate

forma¬

,

rate

the

become

gradua¬

50%.

system, is precise¬

ly the means by which, I am con¬
vinced

of

curve

maximum

a

capital

would

un¬

flat rate may

a

ideal, I believe that a real¬

istic goal

and financially penal¬

more

while

sum,

according to them,

accelerate

these years,

over

lion greater, or enough, I

or¬

employed.

to

accelerates.

formation

be the

cially rewarding those who pro¬
duce

to the advantage

redounded

have

people, constantly and volun¬

can

brackets is, I believe, short¬

turn

in

demand

tion and provide jobs for the

I

:X/'

;

■

discriminatory

toward the middle and

treatment

but the Ameri¬

economy

'Y

rate,-

any

upper

ment knows best. But what is our
market

";V

racy.

different

justice

citizen has a
direction

political

our

share in the cost of democ¬

a

But re¬

standard

a

It assumes that the

ket economy.
market

in

is

in

would

is

democracy

our

only that each

share

standards of our mar¬

the

from

not

in¬

in

balances

an

perhaps more exactly, a

or

come,

tends

semi-equalization

or

This

rolls.

the

off

lopped

unfortunte, for part of the checks

equaliza¬

to blur into a theory of
tion

be

graduation

Furthermore,

brackets of taxable income are to

' .y'-'-

/G/f

.

>- taxpayers presently in the lowest

.

Federal

and

income

which

by

.

.

♦4%

Growth less

Actual.

Volume

had

still

Number 6328

198

ov^^^million unem¬

ployed almost right\up to Pearl
Harbor. Again, quite a* number or
in the Alliance

partners

our

histories

case

are

of

persistent

In

fact,

monetization.

debt

officially

have

we

futility

the

in

to

its

and credit

currency

plug its

pre¬

inflat¬

vailed upon Brazil to stop

ing

lor

Brazil—

notably

Progress—most

and

of payments.

balance

.

.

The Commercial and Financial Chronicle

.

11.3% in 1956, and has

Our

Integrity

balance

own

of

problem turns in part, I believe,

rests

chasing

in

To

an

the

and

be

stability

of

weeks.

in

our

demonstrated in his new

of

$7

steadiness

after

reserve,

loss

a

is traceable to the

billion,

numerous
swap transactions and
Mother arrangements we have con¬

cluded with foreign central banks
the

and

International^ Monetary

Fund.

steadiness
still

in

fact

that

policy

and

large

have caused

Western
John

head

and

"even

lished

pub¬

"The paradox
been

commented:11

creased

the

is that easy money

futile.

so

has

It

in¬

other

of

reserves

-

Central

the

banking systems, not our own. As
has

moncv

in

voir

deficits,

has

it

ments

surpluses,

others'

into

run

of

form

the

in

reser¬

payments

of

form

the

reservoirs

of our

out

run

pay¬

the whole of

so

plus

perhaps

billion

flowed

has

sorbed,

three

as

have' willingly

banks

tral

much

as

dollars that other .cen¬

in

from

ab¬
to

us

Economic

price

and

level

ments

steadiness

this

all

So

our:

of pay¬
illusory. A

balance

well

may

in

be

flag is up. Our gold stock as

red

last

of

$15.6 billion. But this amount does
not include $831 million owed to
IMF.

the

balance

real

leaves

This

of this amount there is

close

relationship between rates

capital

investment

rate' of return in manufac¬

lag has

profits

the

Thus

investment

lag,

slower

to

eco¬

nomic growth.

The

1931

Keynes Said in

What

role

of

*A

over-estimated.

$2.8

billion of foreign short-term
balances. Perhaps this was

dollar
the

whv

reason

Paris

recently

for

revised

a

tional

of

system

interna¬

with the

cope

payments

of

balance

in

support

indicated

liquidity to

world's

Heller

Dr.

problems and most especially our
But

own.

proposed

this

prooosal, like the

equalization

interest

Another

growth

angle

is the profit

some

correlation

the

lag in

profits.

might

that

made

economic

the

in

situation

squeeze.

exists

be

Quite

between

growth and the la^ in

The

First

National

City

Bank of New York has noted thot

return

the

on

net

corporations

ing
from

a

assets

d°<"liimd

has
in

high of 13.3%

of lead¬

1950 to

in such

a

society organized

a

11 Address

the

Atlantic

before

the

Co"r-,un?ty,

Conference

on

sponsored

depends

business

vidual

reasonable

profit,

which he

University of California and the AtCouncil, San Francisco, March 29,




his

ability

to

this away

his

as

necessary

But

This,

take

unluckily,

relative

prices

The fall

costs,

to

is
to¬

gether with the psychological ef¬
fect of

high taxation, has destroyed

the necessary

tion.

This

incentive to produc¬

is

at

the

disorganization. It
torment

or

There

icy

Of

root

resentative,

of

profit

costs

From

arisen?

is of

created

course

prices.

upon

have

these

costs

I have already commented

the

on

The

Keynes.

pressing

where

observa-'

this

Maynard

squeeze

from

in

labor

Another

problem.

as

the

registered

a

the

with

requirements.

candidate

rep¬

is

re¬

series of stringent

pass a

given

the

by

New

the

conducting

training
it

1964,
by

formal

by

program

has

Charles

been

The

current

cost.

—ana

from 17 States,

terday, after six months of

the combined

of

revenues

of

the

of

securities

acquired

man

the

of

national

product; in 1942 the

centage

rose'

to

21.3;

in

per¬

1952 To

31.8; and in 1962 to. ,34.1%.
In

other

words,

government

the

in

yes¬

Each

and

economy,

the

mechanics

basics

curities,

market.

in¬

of

se¬

research,

of

and

who

"an

will

important contribution to

future.

be

York

my

Taking the course in New

City acquainted

is

extensive

of

and

greatly adds to the cost of goods

most valuable

made

me

to

be.

of

one

my

experiences."

registered

new

represent
in

fields.

of

Rogers, 29,

for

David

J.

navigator in the

was a

Air

a

four

hardware

every

eight civilian workers in the U. S.
is

employed by government, Fed¬
payrolls

school

Most

managed

El

Dorado,

in

Minneapolis

a

have

business

9.5

mil-.,

have

state

and

lion.

In

local

governments

no

way

behind

Federal Government:

the

lagged

From

1942

1961,

to

the
pop¬

increased

ulation
in the

dollars.

by

138%

rose

Senator
the

in

36%,

while

period state and local

same

spending
that

according

in

Byrd

two-year

ginning July 1,

constant

estimates

period

be¬

1962, the Federal

Government will have hired 86,003

while,
gone

workers.

the

number

about

by

million

ber

of employees in the U. S. De¬

the

1946,

num¬

partment of Agriculture has gone
up

dramatically,

121,000

of

as

pared with
1,

1853.

spending
in

farm

in

1962.

last

some

So

to

1954,

view

to

to

rose

and

1,

as

^com¬

of July

Federal

amounted

1946, it

\

In'

July

53,000

while

estimated

an

to

farm

$125

per

$495 per

$1,720

in

;

of

all

this,

finance;

last

of

land

Prypr

in

area

by

bank

the

Edgewood

Street,

another

owns

feet

to

the

east

Auburn

40,000
this

of

by

5O,00C>

Avenue and Equitable Place.

The

square

block.

Only half of the 50,000 square
foot

will be used for the

area

landscaped
a.

new

open

space

part

as

general plan Jo improve the
of Atlanta.

ing

as

business' in

a

dicted

partner
Inc.

13

Dec.

he

firm,

com¬

phases of

is

one

a

U.

Military

S.

differing

share' the
their

tative
sell

instructor

at

registered represen¬

a

en¬

have

to

me

by

test

ability

my

output, which is

my

individual

of

ef¬

Anderson

Yutzy,

-

of the oldest and largest public

relations
States.

;Y-A'',

"Public
known

1

r e

as

a

t i

United

the

in

firms

,•

•

.,

,

nearly

far advanced as in the

as

United States but there is

a

grow¬

N. Y.,

resident, regards his

position

as.

undertaking,"

"challenging

a

that will afford

one

opportunity to succeed in

an

field,

fascinating

change

constant

marked

a

company's business pol¬

a

or

to help win acceptance of

product. I predict that one of the

next

in

big advances in Japan will be

the

the

of communications

area

general public, including public

marketing

advertising,

relations,
and sales

become

registered

a

by

representa¬

prompted by his parents,

was

"whose active interest in the stock
market convinced

of

others

the

me

to persuade

benefits

■"

ing."
The
&

invest¬

of

-r:.r

■

kichi Oki,

who holds

B. S. degree

a

Administration

Business

from

Prior

University.

York

C'o.'s

training
in

structors.

Says

of

is

re¬

in¬

Rice,

John

the

firm's training director: "Our can¬

didates

the

have

broadcasting, and

advertising
lisher. Mr.

as

newspaper

a

Takeda, who had been

advantage,

prominent indus¬

by Standard in Japan include
and

Co.

Electric

Bank

The

Tokyo.

V/>\

/.

relations

public

as

business.

is

The

knowledge

practical,

as

well

academic."

program,

Standard's

for

S.

U.

Japan.-

.

addition

Denver,

trainee

takes

a

overseas

-C

././

,/

to

its

New

in

Paris,

regional

representatives
key cities in the U. S.

and field

39 other

gium.

York

Washington, Atlanta and

and Canada.

France

a

of the

one

Our plans are

time

but

are

we

structure

a

which

of

all

be proud."

can

Speaking of the present build¬
ing

which

was

Mr.

Thwaite

1891,

tresses

which
the

constructed

in

saidv "B dis¬

greatly - to thjnk of de¬

us

molishing

fine

a

has

building

old

such

been

history

part

a

of Atlanta. All

of

of
us

at the Trust Company have much

for

the

building.

think

not

of

possible

will

the

as

be

just

we

of

building

was

will

all

merit

the

soon

be¬

and

■'/
order

to

•/ '

provide

period,

plans

pany

the

:

to

tical

ceilings.

lieve

that

comfortably

be

acous¬

officials be¬
quarters will be

these

for

custom¬
is

construction

v,'

way.

heating

and

Bank

convenient

while

ers

This

garage.

air-conditioning

entirely

offices

its

move

present

with carpeting,

equipped

con¬

the Trust Com¬

will

structure

//•/

complete

banking services during the
struction

into

70

treasured part of our sky¬

a

line."
In

pro¬

magnificent

as

building

new

the

over¬

feel/ confident that

I

admiration

were

at

of the property.

original
ago.

come

it

structure which

new

pose

if
and

first-class

a

development

The

it

keep

time have

same

all

to

We

this

razing

magnificentystructure

under

'

To Be
As ,of

Other foreign repre¬

Jan.

Seiden

Corporation
1,
de

the partnership of
Cuevas, ,63
WallCity, members

of the New York Stock

Exchange,

and

dissolved,

be

a

new

member

corporation Seiden & de

Cuevas

Incorporated

formed.

Officers

R.

S'eiddn,

urer,

and

England;

and Brussels, Bel-'

&

Street, New York
will

In

be

%A

clients, with Standard fulfilling a
like function for D-A-Y's clients in

sentatives are in London,

being accepted into the

each

of

real

as a

will

activities in the

offices in

consultants to Amer¬

convey

the

Sanyo

Co.,

Rubber

Yokohama

headquarters, D-A-Y has

ican

served

trial and financial concerns

This

city.

this

at

be

and

1958.

The numerous

of

by graduate school professors
serve as

joined

with publications in Tokyo,
the firm in

pub¬

and

manager

and

they

will

to

network

in

being taught by industry leaders
who

Atlanta.

determined that the final product

Dudley-Anderson-Yutzy handles

its

program

caliber

the

experience

varied

of

*.V/

quality of Francis I. duPont

flected

to

was

in 1957 by Ken-'

direc¬

"Our

building of character,

our

Advertising

Standard

said:

of Georgia building

asset

years

promotion."

founded in Tokyo

in

to

&

the

on

planning the Trust Com¬

affection

icies,

20,000

Abreu

working

are

Thwaite

are

would

accomplish to gain sup¬

interesting

and

people.". Mr. Fischer's decision to
tive

Mr.
tors

ing realization of what public re¬
can

with

floor.

preliminary plans.

been

has

o n s

business in Japan for

a

forming his firm he had 22 years

"a

Robeson, Inc.,

Atlanta

- '

tower

a

per

flexible

New

George W. Fischer, 23, a Bronx-

of

feet

finest in the

It will

ficiency."

ville,

form

square

advertising, is the Far East affili¬
-

The

four floors will have

or

ate of Dudley

opportunity "to

an

opinion to others.

best

L.

University, Bierut, Leb¬

means

my

the

former

a

for

Deane

To

careers.

being

anon,

back¬

in

enthusiasm

same

new

Adland,

the

pany

which

in both public relations and

gages

build¬

the rest of the building will be in

United

techniques.

Takeda's

Mr.

pre¬

Takeda,

the

in

weeks

a

more.

or

about 25,000 square feet each, and

Advertising,

after

Tokyo

five

stories

first three

was

Eizo

by

Standard

of

of

pleted

Japan

20

of

lations

the

experience, the graduates

Before

the

bounded

about

Architects have in mind

Rapid growth for public relations

port of

has

farms

of

2.2

since

college training

Ironically,

markedly

down

and

of

Although
ground

him

to

Foundation, the nation's,

Tax

had

Academy.

on

number

feet

block

beauty

Relations Methods

Gerald R. Thorson taught

Kansas.

grade

and

in

store

while

years,

Oliver;owned

John

enable

of

out

square

Avenue,

controls

lease

of

Japanese Public

one

Force

measured

One

Company

building. The rest will be devoted

Predicts Advances in

represen¬

wealth of experience

a

variety

a

of

dollar.

Trust

ownership/or

to

communications
The

sold, and clearly affects the value
the

had authorized planning for
building to cost approximately

dynamic operations.

certain

is

and

world,
its

of

with the

me

States observing various

salesmanship techniques.

American

growth

Thwaiter

Atlanta bank, said that the direc¬

The

com¬

basic knowledge

a

general

struction

Federal,

U. S. amounted to 17.3% of the netr

E.

$12,500,000 exclusive of the land.

working out of the Honolulu of¬

aware

prehensive training in all aspects

graduate

1932, for example,

Charles

in

was

graduated in New York City

in

In

Georgia.

a

Morales,

financial

class, composed

32 young men

vast increase in size

a

of

Jr., Chairman of the Board of the-

two to three per year.

The Government has

peoples.

undergone

feet or more is in the plan¬
ning stage for the Trust Company

of

may

and

ing in Atlanta containing 500,000
square

one

to

fice, considers his recent training

Jr.,

each

Building

ATLANTA, Ga.—An office build¬

frequently

offices,

Michael

This

of ^classes,

number

assigned

is

firm's

an¬

Moran,

,

he

only about five years and until re¬
lie in the fact that the suburb, while Harold L. Anderson
served as vice-president in charge' cently emphasis has been mainly
U.
S.
Government
has, through
Mr. Takeda said.
of sales for a hearing aid manu¬ on publicity,"
its
foreign
aid
program
since
facturer in Peoria, Illinois.
"The
role
of
counseling is not
World
War
II, furnished about

clue

To Erect

tors

tatives, averaging 27 years of age,

further."

important public pol¬

are

comply

his home town.

our

be unwise,

may

him

implications

tion

in

The

therefore, to frighten the business
man

in

its

up

nounced

a

from him and the whole

just what has happened.
of

be

may

product.

stops.

process

qualify

examinations

a consisting
of
approximately
35
to young men from
all over the
The margin
country, is being increased from

produce

the

of

to

least

at

small proportion of the total

value

experience, indicate

established

To

results,

hoping for

or

requires

incentive

The

York Stock Exchange. After grad¬

Training Class

indi¬

the

on

man

actual loss.

an

by

1963.

■

.

that the activity of managing partner.

way

production

avoid

Trust Co. of Ga.

uating,

50%

"We live in

farm
the

,

classroom'training programs for
the registered representatives, will

ain in 1931:

additional

simply~misses the point.

tax,

C.

du Pont Expands

new

$25

business

Dr. Peterson to the
Finance, Washing¬

ethical

against his educational

and

quired to

economic conditions in Brit¬ step

sorry

his

probe

ambition,

sensitivity.

'

on

Francis I. du Pont & Co., a pioneer

discussing

public

have

we

D.

ton,

by

Committee

late Lord

As the

in

noted

Keynes

eral, state, and local; workers

than

effect,

statement

be since '1955

cannot

profits

d^oogit
but

in

So.

social

of

measured

The nationwide investment firm of

billion.

billion of gold to cover more

spending.

on

unquestionably contributed to the

$12

about

or

Fed¬

an

iong

and

and

note

Reserve

eral

liabilities,

a

25% re¬

a

against

requirement

serve

with

billion, and

$14.8

of

us

rein"

tighter

Senate

to

amounts

Wednesday

"pledge to exercise

qualities

firm's

Research, that there is

state and local governments in the

them."

to

by the National Bureau of

$7 billion gold loss since 1957. $ll0 billion to foreign governments

our

1965

incorporates the Admin¬

in Manufacturing Industries,

of¬

System

of

of Ceylon, has

has

formerly

and

Reserve

Federal

Bank

Vice-Presi¬

National'City

York

of New

ficial

Japan.

and

First

the

in
As

mostly

Senior

Exter,

Bank

the, inflation¬

seen

are

Europe

of

dent

deficits

budget

that

so

effects

ary

money

easy

outflow of Ameri¬

an

cnoital

can

our

is

level

traceable

is

and

the

to

price

our'

temporary

relative

the

believe

I

budget for fiscal

if it

istration's

very

And

Federal
see

book, Capital and Rates of Return

payments in re¬

believe

I

gold

stability

of

appearance

balance of

our

cent

there

sure,

appearance

of
has

price level in recent years

our

a

In

1958.

Stigler of the University of Chi¬

pur¬

avoidance

on ;

power,

inflation.
been'

of its

maintenance

on

which

21

study carefully the upcoming standards, personal leadership and

since

integrity of the dollar in turn

the

in

dollar, and

the integrity of the

on

tests,

tee

turing.

payments

of

9.1%. Economist George J.

was

of

series

agreement that this Commit¬

cago has

a

express

my

10%

range

Dollar

point I wish to make is to

1962

above

it

been

never

(2485)

change
and

will

be

be

Melvin

President and

Treas¬

John

member,

Secretary.

will

de

Cuevas,

Ex¬

Vice-President

22

The,Commercial and Financial Chronicle

(2486)

cluding

Natural Gas Regulation: ■

If

Promise?

or

of

process

the

from

law by taking away
non-utility subsidiaries

valuable
property rights which belong to
and the

parent company

incur,

or

in

losses
ness

recent

in

months has made other, decisions
which

the fundamentals

to

saw

is

basic

a

ingredient in

afford

cannot

stifle

to

smother

to

nourish

rather

:;

essential

to

so

:

,

in

natural

leasehold

subject
'was

from

in

basis

reversal
had

which

sale

interstate

not

was

a

Ac¬

commerce.

tually, it affected only rights and
interests

in

wholly

real

Louisiana.
which

this

I

could

state

here

see

of

course

a

destroy the rights of

the

and

entire

misapplication of the
further

attempting

parties
The

to

revise

Natural' Gas

of

source

thority,
that

the

and

to

the

the

jurisdictional

the

in

such

confers

Commis¬

cannot, by decree,
a

I dissented,

case.

Commission's

attempt

impart retroactive effect to its

findings
and

convenience

public

of

necessity. Under

the statute,

the Commission

must make find¬

ings of present

or

than,
and

past,

future,

then

rather

of

area

which

become

not

jurisdictional merely

because the

to be sold under the intrastate

gas

is

contracts'

transported

pipeline

same

the

interstate

as

in

gas.

twisting

as

the

law

never

Intended to reach.

These

but

are

few

a

;

of the

lias

in

moved

enterprise

courage

against

the

of the

thereby

and

long

in¬

run

with

dedicated

to

We

me.

the

interest—

same

the public's. '

Sales

Accomodating
Th,e

the

Cross

whole

future

Purposes

must

industry

that, the

remember

responsibility for
not rest entirely

does

the shoulders of the regulators.

on

The

natural

highly

a

gas

industry

developed

is

tribution

facilities

nearly

every

in

United

the

which

major market
States.

The

distinct segments of this

producer,

—

pipeline,

work

the

to

me

sale;

gas

not

dis¬

and

be

they

and

appear

Commission

industry

achieving the

seems

still

a

sumer

at

have

goal.

rates

high

excludes such sales

courage

from

Power

appliances to burn

Kb)

recently

as

Commission

cision
sales

point

two

months

in

a

ago
a

but

did

and

as

any

spelled

only




As

The

natural

de¬

interstate

inany

point
out

in

commerce

gas

this

fuel.

and
of

also

day 'when
tions

electric power

thus

has

overseeing

the

Certainly

this

the

by

and

means

by devices which now are not so
conventional,

such

solar

power,

long

the

natural

must

transmission,
industry

gas

face

novel

a

other

With the

extra-high-volt¬

distance

age

and

sources.

of

advent

early

atomic

as

energy,

exotic

so-called

state,

image

tified.

sharp

adjustments in

its present

I'm

that

sure

of

aware

tional
final

of

tarnished

relations

you

are

Commission's

the

Power

Survey,

Na¬

in

now

its

first

of

kind

its

ever

for

intercon¬

fully

a

coordinated

and

electric,

the

power supply system: for
nation

tire

of

1970's

and

to

supply

the

designed'
with

consumer

abundant

electric

low-cost

en¬

the

in

which
all

or

In

supplies

which

will

in

shaped

be

help

way

a

natural

the

gas

industry not only maintain but to

where

the

that

long

run

dustry

that

to the

will
the

nation's

easy

any

course

but

for any of us,

it is

one

and

opportunity in furthering the

which' is full of challenge

national interests.

Checking

the

must

us

policy¬

decisional

and

lose

in

great

The

consumer

natural

enterprise
must

If

intro-

industry,

of

to

whether

of

us

for

investment

public

little

regulation

increases

price of

bring

or

decreases

or

affect the fu¬

gas,

well-being

industry.

of this

relations

the

closing,

Mr.

Herrold

let

summarize

me

will

seek

out,

sell,

abundant

industry

dynamic

a

transport,
at

as

He

is

to be

sociated
M.

K.
was

with

public

Press

where

He

served

International

Washington

as

correspondent

spent several
editor

Company,

president of financial

relations.

-

United

\

as¬

Selvage & Lee and

Mellott
vice

previously

was

and

years

as

a

and

newspaper

in

reporter

Pennsyl¬

vania after graduation from Tem¬

ple University. He is

Sigma

Delta

Deadline

Club,

member of

a

Chi,

New

York

National

and

Press Club.

Ch^ago Trade Bd.
Receives Slate
CHICAGO,

111.—The

committee
Trade

ot'

the

of
has

produce,

■-

distribute

and

supplies of natural gas,

price levels which will provide
business

to

time,

nominating

Chicago

Boai'd

the

submitted

fol¬

held Jan. 20:

Chairman
nard

P.

the

of

and,

at

Vice-Chairman
Robert L.

the

of

Beard:

Martin.

Second
Board:

Vice-Chairman

Richard

M.

the

of

Withro.

Directors: (five to be elected for

three

terms):

year

Donald

O.

Cuthbert, Joseph J. Kane, Roy C.
Loftus, James McAnsh, Robert W.

Richards, Leslie
ald

R.

stein.

Ryan

Rosenthal, Don¬

and

William S'ilver-

[

r.

for

o m m

three

Coughlin

i 11 e

years)

(to

(to

e:

James

Gardiner

and

James

J.

Van

B.

McKerr.

T.

serve

for

one

Committee of Appeals:
for two

P.

and

Paul

Sidney

serve

herty,

of

two

for

C.

A.

Hamper

McGuire.

F.

Committee

'

(to serve

Fanning,, Thomas

Gelderman,

the

year)

John O. Epeneter,

years)

William

protect consumer in¬

vein, the Commis¬

Ber¬

Board:

Carey.

Ness, Jr.;

want

which

bankers,;

counsel.

Financial News," soon

serve

and review.
We

as¬

republished by Harper & Row.

Nominating C
Summary Review
In

Herald
was

author of the book, "How to Read

can

expediencies,

they result in too much

immediate
the

the

uritil 1960 when he joined Lazard

Freres,

fiow

prices

None

come.

him

supply

reasonable

at

too

of

sociated with the Herald Tribune

continuing

a

to

afford to let today's

or

editor

Tribune, and author. He

Arbitration

John

years)

Anthony

G.

(to
Do-

Forbeck,

Jr.,

'

sion's

completed

recently

local

distributing companies have

passed along rate refunds to ulti¬
mate

consumers

created

we

pipeline

lict

our

duty

backlog.

the Commission
100

ordering
We

in

tre¬

made

case

if

pipeline

refunds

would
we

concerned with what

Our

are

enterprise

tion

must

society.
stifle

not

first

survey,

cooperation

than' nourish

William

J.

Mailers,

Philip

W.

Upp, Jr. and Richard O. Westley.

our

Regula¬
incentive

With DeHaven &

is

of

were

not

happened to

carried

out

to

the

national

Association

of

Railroad

and

Util¬

Regulatory jurisdiction is estab¬
lished by law,

legal

and remains as thus

until

established

changed, by the

available

processes

through

the

only

Congress.

should

We

decades

funds made

covered

re¬

Title

Crouter

&

Exchange and

leading exchanges,

that Jerry A.

sociated
as

with
a

Bpdine,

Building, members of

the New York Stock
other

office

all our wis¬

devqte

and

edge

resources

advancement of

benefit

public
and

the

interest

toward

the

policies that seek
industry
as

thfe years

in

announce

Atkisson is
their

now

as¬

Philadelphia

registered representa¬

tive.

a

and

whole

Central National Corp.

the
now

Names Patricof

to come.
Alan J, Patricof has been

♦An

Mlrw
fore

by pipeline companies

Townsend,

dom, expertise, judgment, knowl¬

livered

Commissioners,

PHILADELPHIA, Pa. —DeHaven
&

Land

to

with the National

essential

so

Townsend

which

industry

an

economy.

be dere¬

those refund dollars.'

in

basic ingredients of

they
free

in clearing away

about

of

line

I disagree.

has

rate

cases,

in

the

area.

Within two years

rate

regulatory system because

our

which may tend to supress rather

Commission

disposed

into

generally to the effect
overstepped

mendous strides

its

built

be

through interpretation of the law

moving into this
The

have

must

industry

adverse

some

comment,

to

appears

Incentives

survey

determine the extent to which

to

ities

all electric homes—in¬

financial

upon at the annual election to be

unequiv¬

unrestricted

steady,

a

gas

in

falter.

will

com¬

competi¬

business

as

by the qual¬

of

effort

unreserved

with

known

community:
columnist, business-,

lowing slate which will be voted

ity of regulation and tbie integrity
the

well

then

gas,

be

ocally assured, both
of

is

is the key

of the,industry.'

the future of

same

Refunds

Stabler

process,

right of the

consumer

success

incentive

UpOn

related

a

Mr.

the business-financial

consumer.

planning,

terests.
In

in

industry squabbles and loses faith

contrib¬

to

not

presidents, it was announced
by T. C. Thornsen, president.

with imagin¬

policies,

is

know

he becomes disillusioned by

needs for many more dec¬
It

to

convinced

are

attention

the

our

making,
of

right

Charles

will benefit both the in¬

and

industry programs and wise

lies ahead

local

a

public

all

In

ture

ades.

the

by

Commission feels

and we

this

energy

substantially

been

has

facts,

important

ute

have

to

re¬

ap¬

the

public

the

as

energy

:

utilities

the

covered

event,

any

in

regulatory

through

refunds.

newspaper stories I. have seen. In

strong position

Natural gas can and,

their

generally

adequately

its present

source.

cov¬

community

justified in keeping the

peared

exceed
an

was

funds, their side of the story

energy.

regulatory decisions of to¬

must

day

of 'refunds

flowed

of

instances

were

decades
The

justification

con¬

formulating broad

are

vve

fully jus-

and

vice

he

most

this

ducted,

their

felt

was

Stabler
have

joined, the staff
of Wolcott, Thomsen &
Co., Inc.,
605
Third
Avenue, New York
City, public relations counsel, as

enhanced for those

were

utilities

dis¬

study did hot

our

the

local

who

On the other hand,

er.

press

given to these

the

Norman

Herrold

interstate

some

retention

fact that the

of

all

stages. Through this survey,

the

the

none

thinking.

refunds,

utility - by - utility

However,

soon

competitive

the

their

apparently

public

situation which will require some

tion will heighten in the next two
as

both

conventional

present

sta¬

amounts

vast

power

,

must

generating

giant

electric

of

role

industries

which in many respects are

petitive.

the

industry

difficult

two

reports

the future

eye on

produce

can

$424 million.

industry must
regulates

industry.

industry

gas

watchful

remember that the Federal Power

Commission

over

en¬

him to further invest in

the

not

between

state

thereof,

statute,

Section
Act.

jurisdiction

clearly

commerce

outside

Gas

handed, down

taking
which

volve_

the

specially

—

of the Natural

con¬

in what

a

incentive, but

price which will

a

statute which

Commission

to

same

their product must reach the

recently breached

to

-

something

na¬

decline

keep

can¬

going in three separate direc¬

tions in

of

and radio coverage

whole

sixth largest

our

now

that

has been

un¬

at

not

regulatory bench. The

if the

to their customers

on

from

state - by

dis¬

have

or

pipeline suppliers. The wide

for

suffer from

will

inadvertent
natural

area

three

provide

and

of

industry

whole,

when

Power

lead

a

have

amount

inadequate

then the

economy

The

reaches

must

jurisdiction

is

of

because

now

complex

production, transmission and dis¬

Federal

is

tional
any

fails to

industry

gas

preparation,

ative

enough

Federal

all

are

cross-purposes

there

not

do

I

consumer.

question the motives of those who
disagree

appliance

or

fair share of the consumer

a

market

dis¬

which

ways

Producers

observed,

re¬

gions where I fear that regulation

questionably intra-state. While it
than

hold

1980's,

interdependent

some'natural

more

to

achieve ah end which the law was

as

concern

natural

nected

well

gas

does competition

automotive

the

guidelines

as

natural

the

the. consumer, as
in

elec¬

and should benefit

can

full

received

the

between

and

power

Any contrary holding runs against

tributor—are

consider wholly

I

is

gas

should

has been the assertion of jurisdic¬
over

should

they

before

tion

the

-

Intra-State
Another

non-

are

convenience

public

necessity. '

'

when

tric

industries

transported in senarate pipelines,

au¬

nothing

the

on

interstate

an

sales

proach that if the

only

meeting of the minds of

a

to

is

into

stream

contracts.

is

Act

which

power

the parties to

too,

force

Commission's

The FPC

sion.

force

beyond
by

to

there

statute

absolute

my

statute,

their

as¬

sale. I take the common sense ap¬

terests

step

the

of gas does not convert the

ling

mean¬

a

law

sumption that the mere comming¬

in

even

Both

support

precedent

ingless.

went

stream leaves the
Dakota.

North

of

fect render court decisions

view

separated

is

gas

stream in the main

gas

the gas

of

work

Commission

was

commingled

was

intrastate

from

parties to, court review and in ef¬

The

Utili¬

producers,

interstate stream. Clearly,

the

property located

within

the

Competition

the grain of sound business sense

the courts.

leasehold

in

sale

juris¬

obscure

and

position

been affirmed by
This

and

the

complete

a

prior

of

on

unsupported

its

was

public interest. I

authority

dissertion

a

pipeline

a

assertion

an

of

producers

the

in

here

an

acquisition

jurisdiction,

its

to

dictional

of

pattern

the form

in

purchase by

not

saw

that

held
gas

company

of

this

called

Commission
of

of

revolving around a gas
Rayhe,
when
the

case

a

field

shade

a

saw

it

an

state
I

opinion No. 395,

identity of the intrastate

with

tion

Intrastate

not passed

Join P. R. Firm
C.

surveys

which local

utilities

tributing utilities

line and metered before any por¬

Was

Sale

Leasehold

Holds

tributing

Warns of Future Electric

Competition

instances in

Stabler, Herrold J :

H.

cases.

spotlighted for public atten¬

tion

retention of refunds

held that there

was

because

gas

well-

national

our

being.

is

which

business

a

it

loss of

a

than

*

completed

these

the

point, of course, is

in

case

where

interpretations of the laws which
tend

long distances.

over

have

of

manufacturing businesses:; But If

contrary.

ties Co. and several gas

through

it

energy

electric

low-cost

of

results

to

and
court de¬

holding to the

cisions

The

as

involving Montana-Dakota

enterprise system, and regulation

blocks

huge

in individual

law

the

to

effect

give

the Commission's

free

our

to

dollars

when

decades

three

or

either

surveys,

in progress, have traced refund

such

decision

a

particular circumstance

a

The

Incentive

dissented.

have

I

I

stretches

which

fails

discourage incen¬

I feared would

tive,

by

fit

emerging which

pattern

a

troubled
this

regulation. In each case where

of
I

reach

Thus,

and

itself

interpretations
am
seriously

judicial

from

commerce

Act

the

thereof.

Commission

The

intrastate

from

clear

is

quent
or

the

giant power grids are transporting

Act does

the Natural Gas

embrace

not

reduced.,

be

within

problems

not to extend.

That

rates

the

if

or

,

but also specified
which this power

into

area

or

jurisdictional

that

so

can

legal to
to continue to incur,
non-jurisdictional busi¬
moral

Com¬

the

two

mission's power,

the

anyone

owes

company

either

duty

a

prescribed

Act, Congress not only
the intended reach of

was

No

them.

Gas

state. In enacting the Natural

to distributors in 36 states and the
District of Columbia between July
1961 and November 1962.
Subse¬

loses faith in the future

serious

next

the same

points in

two

between

12

Continued from page

high,

Thursday, December 26, 1963

.

prices

gas

industry, the industry may

of the
face

too

.

become

—

natural

climb

should

consiuner

Dilemma

heating

space

feasible.

.

address
:n

his

by

Cor^missi-ner

the

Mr. Woodward de¬
due t»» illness by

an

assistant

vice

absence

L.

Independent

J.

O'Cnnnor, be¬

Natural

Gas

As-

Central National

Park Avenue,

elected

president

of

Corporation, 100

New York City.

V

Volume

198

Number

6328

.

.

The Commercial and Financial Chronicle

.

The

Indications of Current

week

Latest

IRON

AND

STEEL

INSTITUTE:

Ingots and castings (net tons)
;
.Dec.
Index of/production based on average weekly production

21

for

1957-1959 —Dec. 21
Unofficial indicated steel operations (per cent capacity).

,

The American Iron & Steel
this data, late in
AMERICAN
Crude

PETROLEUM

oil

and

Gasoline

output
output

Distillate

fuel

Residual fuel

0.655

0.665

0.650

7,619,360

7,596,510

7,580,410

ASSOCIATION
Revenue

oil

v;

(bbls.)

OF

8,615,000

8,423.000

30,456,000

Exports

—Dec. 13

-

—

COAL OUTPUT

Bituminous

-

(U.

from

of

ADVANCE

5,523,000

13

182,893,000
36,890,000
180,275,000

181,111,000

176,569,000

182,277,000

38,330.000

38,198,000

187,503,000

191,761,000

33,841,000
164,599,000

OF

49,121,000

49,723,000
*86,075,000

52,682^000

84,803,000

SERIES

540,308

558,180

472,086

512,528

9,465,000

*9,500,000

9,550,000

433,000

377,000

Dec. 14

(a)

SALES

ELECTRIC

Electric

output

$716,800

$604,700

FAILURES

271,400

$1,023,000
567,500
455.500

AGE

352,500

151,300

103,000

15,200

steel

.-iv.

:

3,100

263

'

.*232

143

246

18,993,000

17,727,000

steel

Scrap

INDUSTRIAL)

—

(per

309

Electrolytic

at__

'6.368c

(New

Lead

Louis)

$63.11

$66.33

j

$27.17

$27.17

$26.50

$25.83

.

•

at

„

30.600c

>

MOODY'S
U.

S.

(New York)

BOND

PRICES

corporate

.

12.300c

11.800c

r

•;

13.000c

23.000c,

23.000c

23.000c

.Dec. 20

130.750c

128.250c

128.125c

Ul.OslOc

88.72
88.27

88.54

7:

88.59

Dec, 23

__

87.99

88.13
90.91

•

22.500c

89.64

88.27

AVERAGES:

>

r

'

86.24
88.81

88.81

88.81

89.23

—

Dec. 23

86.24

,

NEW

.—

4.56

23

4.48

Dec. 23

—

NEW
As

90.20

Member

4.55

:

"A7:.

.•;

4.52

4.23

Member

Member

4.46

4.04

4.38

4.55

4.56

4.54
4.85

4.92

4.68

4.40

4.47

4.48

Dec. 23

373.5

370.4

368.5

Orders

-

,

-

ASSOCIATION:

'

340.670

355,061
368,355

Dec* 14

513,930

539,376

610,077

*99.64

99.62

Total

2,910.760

3,855,410

3,849,990

3,809.070

1,344.030

625,370

718,930

2,170.460

3,266,150
3,891,520

3,082,070

2.939,600

3,514,490

3,801,000

Other

s.

406,200

690,610

923.400

766,190

Nov. 29

153,400

60.200

134,100

83,200

297,900

761,820

795,100

589.410

'•451,300

822,020

929,200

Total

672,610

1,720,700

1.448,250

'

sales

; Other transactions

initiated

purchases—

Short

sales

Other
<j

1,359.047

1.093,162

Nov. 29

sales

Total

287,950

213,950

199,800

185,880

Nov. 29

960,335

1,340.873

1,248,285

1,324,500
1,538,450

1,210,624

Nov. 29

1,410,424

1.526,753

Nov. 29

4,410,122
1,785,380

5,905,067
899,520

6,494,090

6,023,510

Nov. 29

Total
.

round-lot

Total

1,052.830

Nov. 29

3,428,695

5,352,470

5,087,794

4,869.883

5,214,075

6,251,990

6,140,624

transactions for account of

Short

sales

Other

sales

LOT

1,

!

DEALERS

EXCHANGE
Odd-lot

sales

Number

'

members—

sales

rrOCK TRANSACTIONS

—

AND

SPECIALISTS

by dealers

ON

(customers'

Y.

N.

EXCHANGE

purchases)—t

of

1,589,543
$105,225,600

2,148,334

2,036,988

$158,462,462

$129,461,452

$85,046,760

Nov. 29

1,259,247

2,164.807

2,310,762
27,178

2,242.189

Nov. 29

orders—customers'
short

Customers'

total

sales

sales

other

sales

Short

Nov. 29

sales

Total

purchases by

1

round-lot

dealers—Number

STOCK

AND

SALES

ROUND-LOT

OF

ON

MEMBERS

N.

Y.

„

PRICES, NEW

355,350

769Z780

705,410

/
•

847Zl30

SERIES

—

ANCE

•;

548,500

467,540

701,160

V

'

Nov. 29

2.102,920

1,276,300

1,545,240

1,653.970

17,367,190

26,047,970

27,507,230

26.951.350

Nov. 29

19,470,110

27,324,270

29,052,470

28,605,320

U.

S.

DEPT.

OF

*100.2

100.3

100.6

100.0

Dec. 17

;

93.0

*92.7

94.6

100.8

*101.4

101.7

100.7

_Dec. 17

Z_

at

centers




listed

shares—

_7_

401,601,000

407,242,000

445.000

ESTATE

$3,975,000
,

24,000

,

''•1,151,000
341,136,631

'

4,625,000

502,000
4,358,000

267,800

7,898

3,463

7,034

810.000

FORECLOSURES-

AND

INSUR¬

LOAN
of

Sept

the

.

not be
to

availability of liquid

such

to

as

promote,

or

should

resources

encourage

countries

tolerate, the c.ontinuance of basically unsound

or international
positions in the guise of
temporary fluctuations. The basic dilemma is clear.

If

adequate

ically,

or

resources

are

times

of

extent

they

not

available

automat¬

nearly automatically, their usefulness in
trouble

to

may

be problematic;, but, to the

which

they

are

may present a

automatically available,

temptation to refrain from the

necessary corrections of

policy."—Reginald Maud-

"Any improvements that might be thought out
for
is

our

international monetary

always

room

concentrated

system—and there
for improvements—should not be

only

on

the question of how best to

balance-of-payments deficits, but also

even more

on

important question of how to provide

sufficient

incentives for curing them."
Westrick, Delegate from Germany.

—

Ludger

Z

-86.5

*98.0

(Dec. 17

101.1

*101.0

ZZ—Z.

not

where

freight from East St.

since

88.6,
100.8

,98.2

100.7

f Prime Western Zinc
Louis exceeds one-half cent a pound, (a) Not available.

in troduction of Monthly Investment Plan,

orders

reported

Timely words of warning, these, uttered at the
recent

annual

meeting of the International Mone¬
can

only hope that

they gained and will hold the attention of the

so-

98.1

Dec. 17

'

basis

29,000
*1,176,000

-

tary Fund in Washington. We

^

Dec. 17

tNumber of

*$5,524,000

24,000

1,211,000

accounts—

balances.

CORPORATION—Month

the

Nov. 29

i—

^

foods

figure.

$5,621,000

omitted):

margin

debit

849*680

Group—

delivered

of

SAVINGS

849,080

_J

___

____

Meats

on

\

Nov. 29

All'commodities other than farm and foods

sold

847,130

t

_

i

products

•Revised

769,780

355,350

STOCK

commodities

Processed
7~

2,207,470

TRANSACTIONS

LABOR—(1957-59=100):
Commodity

(000's

net

(SHARES):

—

sales

WHOLESALE

REAL

$100,124,217

Nov. 29

shares

of

THE

STOCK

Total sales

Farm

2,283,584

$125,378,092

i*

sales—

Short sales

All

$129,059,781

Nov. 29

ACCOUNT

Other

2,128,021

$69,093,035

-Nov. 29

I

ROUND-LOT

EXCHANGE

£25,725,000

borrowings of U. S. Govt. issuesborrowings on other collateral

finance

sales

Round-lot

FOR

1.233,223

Nov. 29

by dealers—
shares—Total sales

of

Other

TOTAL

36,786

26,024

Nov. 29

34,719

sales

Number

£82,018,000

EXCHANGE—

carrying

value

FEDERAL

1,869,787

Nov. 29

Dollar value

Round-lot

NONFARM

'

Odd-lot purchases by dealers (customers' sales)—
Customers'

£58,619,000

November.—

STOCK

Dollar value—
Number

121

COMMISSION

shares

of

120

130

ling, British Chancellor of the Exchequer.

FOR ODD-LOT ACCOUNT OF ODD-

SECURITIES

127

128

BRITAIN

5.939,363

Nov. 29

:
—

purchases

Total

30

of

1,069,480

Nov. 29

i

sales
■'

.

GREAT

127

^

domestic

the floor—

on

IN

BANK—Month

.

sales

Total

ISSUES

/

•■

,

to customers—,
>
customers free credit balances

Market

SPECIALISTS

floor—

sales

•-

—______Z

a

—

STOCK

of

3,740,000

Nov. 29

the

RESERVE

-

800,400

Nov. 29

off

FEDERAL

Average=100—Month

MEM¬

OF

purchases.

Short

1,664,000

98.99

Nov. 29

ACCOUNT

1
initiated

*1,809,000

tons)

INDEX—

_

FOR

(net

426.310

98.74

—

-

-—I

REPORTER PRICE

sales

sales

transactions

37,288,000

1,405,000

r/~

~

specialists in stocks in which registered—

Other

Total

44,340.000

97

sales

Other

38.195,000

tons)——_i

344.373

89

purchases

Short

$98,841,030

313.136

344,596

'97

Nov. 29

of

340.115
363.337

-Dec. 20

of period

end

$91,834,000

MINES)—Month

370.3

—Dec- 14

:

at

BERS, EXCEPT ODD-LOT DEALERS AND
Total

4.40

Nov. 29

(tons)
DRUG

TRANSACTIONS

Transactions

r;

Dec. 14

-

—

AVERAGE—100

ROUND-LOT

,

Nov. 29

orders

OIL, PAINT AND
1959

4.85

Dec- H

(tons)

(tons)

16,184,000

>

Percentage of activity.
Unfilled

/

Nov. 29

received

OF

4.76

4.46

4.50

Production

10.758,000

4.53

4.69

—

Total

4.33

4.50

INDEX

THE

1D57-5D

customers

: 4.54

,

4.35

4.50

PAPERBOARD

16,095,000

4,171.000

PRODUCTION-BOARD OF GOV¬

firms

3.67

4.69

NATIONAL

24,107,000

12,981,000 '

7

of November

4.03

4.85

—

—

COMMODITY

8,386,000

23,603,000

-20.325,000

liabilities—

and lignite (net

OF

YORK

90.20

Dec. 23

MOODY'S

7

(BUREAU

—

MIDLAND

85.33

Dec.23
-Dec. 23
.——Dec. 23

.;

Industrials

service

CAPITAL

89.37

Public

Group
Group—.

11,715,000

26,832,000

-

Seasonally adjusted

89.09

Railroad Gfoup--^——————i.-—
Utilities

1,216

$34,069,000

12,842,000
—

of November:

,>•

86.38

s

4.06

4.06

Dec. 23

—

.

—

:

1.262

$32,777,000

Credit extended

——

;

1,115

$197,942,000

—

.

liabilities

ERNORS

90.48

;

Bonds

corporate—

Baa

109

124

83.28

84.17

.;Aa:r~—Z—Dec!'
A

133

230
.

88.40

84.17

■'

84.17

23

4.37
.

193

129

——

November:

Total

Average

207

;

<

-

liabilities-

SYSTEM

92.64

91.19

,

88.13

-Dec. 23
Dec. 23

—

—

,

89.37

'''-.•"77

Dec. 23

Group--.
Group—™—
Group

Utilities

Government

number

Unadjusted
88.59 r

Baa"~zzzzzzzzzz__zzzzzzzzzz__zzzzzzzzzzzzzzzzzzzzzzzzz_Dec.

S.

590

198

90.48

Dec. 23

87.99

U.

578

„

liabilities'

INDUSTRIAL

11.500c

AVERAGES:

.

MOODY'S BOND YIELD DAILY

service

OUTPUT

of

12.000c

12,500c

.Dec, 20

—

_

479

127
—_i__

9.800c

13.500c

13.000c

89.09

Public

10.000c

—

—

at

Industrials

217

28.450c

12.000c-

13.000c-

90.63

Railroad

28.400c

7

12.500c

1—

at--—

DAILY

.186

—

30.600c

13.500c

.Dec. 20

-

Bonds

Government

7 Average

30.600c

28.600c
.

12.300c

.Dec. 20

■

(East St. Louis) at—
Aluminum (primary pig,'99.5%)
tin

12.500c

.Dec. 20

__

30.600c

28.550b

Dec. 20

Zinc

Straits

'

7

Pennsylvania anthracite
.Dec. 20

i

at)_

914,053,000

$262,112,000
COAL

"

(delivered

7

-

BRADSTREET,

number'

Bituminous coal

kii.

York) at

(St.

tZinc

&

6.196c

$63.11

.Dec. 20
Lead

173,140,000

*

1,230,190,000 1,228,603,000

_______

number

Construction

QUOTATIONS):
•

refinery

6.368c

,$63.11

,Dec. 16

copper—

Domestic

89,300,000

'

shipped between

249

232

6.368c

.Dec. 16

ton)

J.

13,601,000
131,024,000

'

PRICES:

M.

&

11,395,000
34,140.000

number

Commercial
7

.Dec. 19

—

gross

(E.

and

Manufacturing liabilities

DUN &

(per lb.)—__.i__i._7

PRICES

stored

number

Wholesale

17,500,000

257

Total

Retail
(a)

.Dec. ,16

METAL

10,101,000

35,908,000

—

$2,743,799,000$2,732,507,000$2,475,738,000

Commercial

151,600

v/

.r——i— .Dec. 21

AND

719,328,000

credits.,

FAILURES—DUN

Wholesale

313,800

.Dec. 14

—

INC.

COMPOSITE

Finished

i

$524,592,000

806,525^000

329,000

282,500

333,30Q
182,030

RESERV1 !

.iZ

100

=

kwh.)

(COMMERCIAL

BRADSTREET,
IRON

000

-

•

$562,544,000

INC.—Month of November:

$480,600

431,200
285.600

INSTITUTE:

(in

>

53,910,000

goods

Construction

,Dec. 19

INDEX—FEDERAL

$288,200,000

BANK

30:

exchahge

Manufacturing

(000's omitted):

.Dec., 197

AVERAGE

SYSTEM—1957-59
EDISON

shipments———

Retail number

_.

$337,100,000

842,314.000

warehouse

on

BUSINESS

ENGINEERING

—

,Bec. 19
STORE

of November

Total

370,000

500,973

.Dec. 19

Municipal

$296,600,000

OUT-

FEDERAL RESERVE

~

foreign, countries

7,872,000

587,822.

.Dec. 19

DEPARTMENT

Based

475,644

Dec. 14

planning by ownership

and

ACCEPTANCES

$571,376,000

Domestic

MINES):

PLANNING

Ago

51.516,000

85,613,000

84,372,000

493,585

,

Year

Month

SYSTEM

omitted)——

—

Domestic

Dollar

13

Dec. 14

a

of

Private
State

DOLLAR

14,071,000

4,759,000

cars)—Dec. 14

;
(no.

and

NEWS-RECORD—NEW
advance

3,368.000

14,234,000

5,010,000

Dec. 13

cars)

connections

lignite (tons)anthracite
(tons)-i

CONSTRUCTION

RESERVE

RAILROADS:

(number

BUREAU

S.

2,986,000

13,851,000

5,270,000

-Dec. 13

—

——

.

AMERICAN

coal

Pennsylvania

Total

at

3,662,000

15,080,000

13

_

3,329,000

13

—

Previous

GOVERNORS

Imports

31,170,000

at——i—————*JDec; 13:

received

OF

(000's

OF NEW YORK—As

8.654,000

_

(bbls.) at

November

7,341,810

32,692,000

....

(bbls.)

FEDERAL

of

BANKERS

8.520,000

,___

freight loaded

Revenue freight

(a)

31,817.000

——

oils

BOARD

—

; STANDING

—

Unfinished

THE

Dec. 13

(bbls.)

oil

OF

100.6

(bbls.)^.l.M..TOM._Dec. 13

average

of that date:

are as

Month
DEBITS

Month

Dec. 13

output

fuel

107.1

of

(bbls.

average

of quotations,

cases

either for the

are

^

.

output (bbls.)—Dec.
(bbls.)
-Dec.
Stocks at refineries, bulk terminals, in
transit, in pipe lines
Finished gasoline (bbls.) at——————Dec;
Kerosene (bbls.) at
Dec.
Distillate

109.3

'

•;

Latest

BANK
'

107.5

in

or,

Ago'

1,874,000

'

output—daily

oil

Residual fuel oil

that date,

on

23

production and other figures for the

cover

Dates shown in first column

Year
■,

1,995,000

Dec. 21

(bbls.)

Kerosene

Ago

2,037,000

Institute discontinued issuing

INSTITUTE:''

condensate

42 gallons each)
Crude runs to stills—daily

month available.

Month

7 Week

2,003,000

or

month ended

or

Previous

WppJC

Steel

following statistical tabulations

latest week

Business Activity
AMERICAN

(2487)

called "Group of Ten"

now

engaged in seeking to

determine sound policies for the future in this dif¬
ficult field of international finance.

(
24

The Commercial and Financial Chronicle

(2488)

.

.

Thursday, December 26, 1963

.

ADDITIONS

* INDICATES

Securities Now in Registration

•

ISSUE

REVISED

ITEMS

Consolidated Water Co.

Exchange is believed by counsel for the Fund to

ties.

PREVIOUS

SINCE

/

(1/6-10/64)

Nov.

be tax-free for Federal income tax purposes.

NOTE

—

Registration statements filed

the SEC since the last issue

icle"

carried separately at the end

now

are

"Securities Now in Registra¬

of this section

shown in

tion." Dates
the

parenthesis alongside

and in the calendar, re¬
expectations of the underwriter but

company's

flect the
are

with

of the "Chron¬

name,

general, firm offering dates.
shown under the caption "Effective

not, in

Also

Registrations"
this

effective

those issues which became
week and were offered pub¬

Business—
A closed-end investment company seeking long-term
growth of capital and income. Proceeds — For invest¬

26, 1963 filed 36,000 common. Price—By amend¬
ment (max. $20). Business—A holding company for five
water utilities operating in Ohio, Missouri, Michigan,

Office—35 Congress St., Boston. Underwriter—
Kidder, Peabody & Co., New York. Note—The exchange
will not be consummated unless $25,000,000 of securi¬

Indiana, and California. Proceeds—For loan repayment.
Office
327 So. La Salle St.,* Chicago. Underwriter—
Smith, Barney & Co., Inc., New York;

accepted. This means that the
minimum of 1,000,000 capital
shares. Offering—Expected in early January.

May 13, 1963 filed 45,000 class B common.

ment.

ties

deposited

are

Fund

17,

,

'

..

'/;/

'

••

filed

1963

1£0,000

capital

shares.

Price—$10.

Business—Company plans to write automobile insurance.

organizational expenses, etc. Office—255

Proceeds—For

California

St.,

are

licly.-;.

a

Insurance Co.

,/ Bountiful
Dec.

and

to issue

expects

—

Francisco.

San

Underwriter—None.

Bryna International Corp.
Nov. 21, 1963 ("Reg. A") 75,000 common. Price — $4.
Business—Sales representatives for certain Italian man¬
ufacturers of women's shoes. Proceeds—To obtain letters

Continental Reserve Corp.

Aerosystems Technology Corp.
Oct. 4, 1963 filed 165,000 common, Price—$3. BusinessManufacture of a new line of motor speed controls to

Proceeds—

govern the speed of electric powered tools.
For additional equipment, leased facilities,

advertising

Address — 1275 Route 23, Wayne,
N. J. Underwriter—Chase Securities Corp., New York.

and working capital.

Inc.
April 1, 1963 filed 200,000 common. Price—$5. Business
—Company owns and operates a chain of motor hotels,
apartment buildings and a shopping center. Proceeds—
For
loan repayment,
expansion and other corporate
Airway Hotels,

purposes.

Office—901 Fuhrmann Blvd., Buffalo,

Underwriter—None.

N. Y.
'

-

Ampal-American Israel Corp.
Oct. 14, 1963 filed $3,000,000 of 6% sinking fund deben¬
tures due 1973. Price—At par. Business—Investment in
companies participating in the economic development of
Israel. Proceeds—For investment. Office—17 E. 71st St.,
New York. Underwriter—Israel Securities Corp. (same
address).

//-

International

Inc. (1/6-10/64)
Nov. 19, 1963 filed 210,000 common. Price—By amend¬
ment (max. $15). Business — Manufacture and sale of
tufted carpets and rugs. Proceeds — For .selling stock¬
holders. Address—P. O. Box 570, Dalton, Ga. Under¬
writer— Hemphill,

DCF

repayment, property improvement, and working
capital. Office—700 Park Ave., Plainfield, N. J. Under¬
writer— S. Schramm & Co., Inc., New York.
•
'
Income

Fund, Inc.

;

St.,

1963

(max. $8.72)

Chicago.

Underwriter—Supervised

Investors

/■/■;/;■//////:

ices, Inc. (same address).
Bankers

Financial Corp.

held. Rights will expire Jan. 20, 1964. Price—
Business—Company plans to acquire control of,
or invest in, other firms
engaged in the financial field.
Proceeds—For investment. Office—125 East Wells St.,
shares

$2.70.

Underwriter—None.

V

v

14, 1962 filed $500,000 of 8% debentures due 1969.

($1,000).

Price—At par

Business—Company plans to

offer management and consultant
furnish

with

them

corporate

Central

services to motels and

equipment.
Proceeds—For general
Office—1068 S. Ocean Blvd., Pom-

purposes.

Underwriter—None.

Beach, Fla.

pano

Mutual

Telephone Co.,/Inc.

offered for sub¬
scription by stockholders on the basis of one new share
each three held. Price—$23.50. Business—Company

for

furnishes telephone service in Prince William, Stafford
and Fairfax Counties, Virginia. Proceeds—For construc¬
tion and loan repayment.

Address—Manassas, Va.

derwriter—Folger, Nolan, Fleming & Co., inc.,

Oct,

29, 1963 filed

Un¬

Wasn-

100,000

(1/20-24)
common. Price—$5.50. Busi¬

ness—Distribution

of engineering, surveying and draft¬
ing instruments and supplies. Proceeds—For debt repay¬

ment. Office—50 Colfax Ave., Clifton, N. J. Underwriter
—Arnold, Wilkens & Co., Inc., New York.

28, 1962 filed $150,000 of 6% subordinated income
debentures due 1973 and 30,000 common shares to be
offered in units consisting of one $10 debenture

and two
Price—$12 per unit. Business—Production and
chemicals designed to control odors, bacterial
pollutants;

air

sale

of

and

electronic

an

Colorado Imperial Mining Co.

1962 filed

20,

operating
—None.

mining.

>

Underwrite?

//'•

Common

Market

over-the-counter securities

7, 1963 filed 2,000,000 capital shares.

Price—Nei

Calif.

Hills.

(same address).

12,

to

1963

Underwriter—Kennedy,
Offering—Indefinite.

150.000

filed

common,

Cabot

Inc.
of which

&

100,000

offered

be

by company and 50,000 by Harry E
Wilson, President. Price—$15. Business—Sale of hospital
and surgical insurance contracts. Proceeds—For invest¬
ment, sales promotion, and other corporate purposes
Office—4000 Aurora Ave., Seattle, Wash. Underwriter—
are

all

None.

■,/.'

.

purchase an additional 120,000 shares to be of¬
subscription by holders of its stock and deben¬
units (of one share and one warrant) on the
basis of 3 units for each 5% prior preferred share held,
one
unit for each 5% preferred A stock held and 40
units for each $1,200 face amount of non-interest bear¬
ing subordinated debentures held. At the same time, the
company will offer the securities to the public.
Price—
To 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 gen¬
eral research laboratory. Proceeds—For working capital,
rants to

fered for
in

tures

construction

equipment and other corporate purposes.
Office—360 Lexington Ave., N. Y. Underwriter—'None.
Inc.

Helicopters,

/

April 19, 1962 filed 418,680 common to be offered for
subscription by stockholders on'the basis of two new
shares for each three held. Price—By amendment (max.
$1.25). Business—Research, development and construc¬
tion

of

Proceeds—To obtain
service personnel, repay
Address—Municipal Airport. Danbury, Conn.

experimental helicopters.

certification

of

models, train

Underwriter—None.
order

SEC

Note—The

QUOTED
Brokers, Institutions

issued

has

stop

a

suspending this registration statement.

devices

Price—$1.

Busi¬

electro-mechanical / vehicles

Proceeds—For working

medical

marine

and

and

purposes.

capital, equipment and debt re¬

Office—2222 S. Centinela Ave., Los Angeles.
Underwriter—None.
*1

payment.

•

Eagle's Nest Mountain Estates, Inc.
Sept. 26, 1963 filed 360,000 common, of which 300,000
are
to be offered bv company arid 60,000 by stockhold¬
ers.
Price
$4. Business—Company plans to develop
land for a year-round amusement resort. Proceeds—For
construction, debt repayment, working capital and other
corporate purposes. Office—2042 S. Atlantic Ave., Daytona Beach, Fla. Underwriter—Alpha Investment SecuEberstadt Income

May

31,

asset

1963 filed

value

plus

Fund, Inc.
2,000,000 capital shares.

8/4%.

seeking current income.

Price—Net

Business—A new mutual fund
Proceeds—For investment. Of¬

fice—65 Broadway, New York. Distributor—F. Eberstadt
Co.. Managers & Distributors, Inc., New York. Offer¬

&

ing—Indefinitely postponed.
Electronic Dispenser Corp.
'
Jan. 29, 1963, filed 50,000 common. Price—$2.
Business
—Manufacture of the SAFER Butter Chipping machine,
and processing of tray-forming and chip-covering mate¬
rials. * Proceeds—For operating expenses, equipment, in¬

ventory
York.

and

advertising.

Office—118

E.

28th

St., New
Of¬

Underwriter—L. D. Brown & Co., New York.

fering—Postponed.
Elite Theatrical Productions Ltd.

Connecticut Western Mutual

Fund,

Inc.

Sept. 26, 1963 filed 400,000 class A

common.

Price

—

$5.

-

Oct. 22, 1963 filed

(max.

rMneu, d SIEGEIjV^eJne.
ESTABLISHED

1942

/

/

12,

Business

—

A

new

and

Foods

1963 filed

R. J. HENDERSON 6 CO.,

to

■,

,

INC., Los Angeles

TOODC0CK. MOYER. FRICKE & FRENCH, INC.,

350,000 common. Price—By amend¬

(max.

Philadelphia

Proceeds—For
fice

—

135

one

retail drug store.

acquisition of Booth Fisheries Corp. Of¬
Salle St., Chicago. Underwriters—

South La

Co., Inc., and Lehman Brothers,
York. Offering—Expected in early February.

Kuhn,

Loeb

&

Business—Company
nance

various

types

plans
of

to

operate,

ventures

in

produce

the

and

theatrical

fi¬
and

entertainment fields. Proceeds—For working capital, and
other

York.

corporate purposes.

Office

Underwriter—Linder.

50

Broadway, New

&

—

Bilotti

Co./Inc..

(same

address). Offering—Expected sometime in January.

Corp.

tion of three retail food chains and

Direct JFires

mutual fund which

$48,875 per share). Business — Processing
distribution of various food items, and the opera¬

ment

TWX; 212-571-0320

1.000 common. Price—By amendment

plans to specialize in insurance securities. Proceeds—For
investment. Office—One Atlantic St., Stamford, ConnUnderwriter—Philo Smith & Co., Inc. (same address).

Nov.

York 6, N. Y.

Olgby 4-2370

$1,004).

Consolidated

New York Security Dealers Association




Blvd.

Office—9465 Wilshire

Community Health Associations,

specializing in

39 Broadway, New

Office—146
Underwriter—None.

general corporate purposes.

County Rd., Mineola, N. Y.

Deuterium Corp.
Sept. 28, 1962 filed 120,000 common with attached war¬

4

Inc.

value

April

Members of

Old

rities, Inc., Atlanta.
Fund,

investment.

Co.

V

Price—$12.50. Busi¬

plans to write automobile insurance.

p a n y

—

common.

Office—Creede, Colo.

expenses.

'

Price—$14 Busi¬
Proceeds—For exploration and

200.000

Beverly

for Banks,

o m

Proceeds—For

for

and

and

Proceeds—For

SOLD

ness—C

electronic

development, produc¬
vaporizing unit for dis¬
pensing such chemicals. Proceeds—For debt repayment,
equipment, sales promotion and working capital. Office
—221 N. La Salle Street, Chicago. Underwriter—To be
named. Note—This company formerly was named Chem¬
air Electronics Corp.
Offering—Indefinite.
tion

plus 8.5%. Business—A new mutual/ fund
specializing in securities of foreign and American com¬
panies operating in the European Common Market.

-

Co.

Insurance

of

March

BOUGHT

Defenders

Jan. 30, 1963 filed 100,000 common.

ness—Manufacture

asset

I

—

capital, and other corporate purposes. Office—555 Madi¬
son Ave., New York. Underwriter—Myron A. Lomasney
& Co., New York.

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

ness—General

1963 filed 10,000 $1 par capital shares to be
offered in exchange for certain acceptable securities on
the basis of one share for each $25 of deposited securi29,

....

17, 1963 filed 100,000 common. Price—$5. Business
offers research consultation and testing '
to the drug, cosmetic, food, chemical and re¬
industries. Proceeds
For equipment, working

services

common.

of

"/

,

Inc.

Company

—

debt, etc.

Corp.

Dec.

Sept.

Bay State Exchange Fund, Inc.

May

Castle Hospitality Services, Inc.
Dec.

growth

12, 1963 filed 365,262 common to be offered for
subscription by stockholders of Marine Capital Corp.,
on the basis of one Bankers share for each two Marine

•

Bldg., Miami, Fla. Underwriter—Willis E. Burnside &
Co., Inc., New York. Offering—Indefinite.

Noyes & Co., New York.

Research

sale

Serv¬

'V

Nov.

Milwaukee.

For

Chemair

filed 2,000,000 common. Price — Net asset
plus 8/4%. Business—A new mutual
fund. Proceeds—For investment. Office—120 S. LaSalle
7,

Dec.

course,

Charvos-Carsen Corp.

debt

Oct.

golf

Cape Canaveral, Fla.,

erect

Industries,

Dornan

Corp.

April 30, 1963 filed 100,000 common. Price—$4.,Business
—A real estate development company.
Proceeds—For

value

swimming pool and cabana club,
and develop real estate,,
ho*aes, apartment houses, motels, etc. Proceeds—
debt repayment and expansion.' Office—309 Ainsley
and

ington, D. C. Offering—Indefinite.

Inc., San Francisco.

Balanced

club
near

Oct. 11, 1963 filed 38,564 common to be

.

Applied Technology, Inc. (1/13-17)
Oct. 28, 1963 filed 54,200 common. Price—By amendment
(max. $9). Business—Manufacture of various types of
electronic systems for national defense. Proceeds—For
selling stockholders. Office — 930 Industrial Ave., Palo
Alto, Calif. Underwriter—Mitchum, Jones & Templeton,
Atlantis

Enterprises, Inc.
May 10, 1962 filed 100,000 common. Price—$5. Business
—Company was formed to own and operate a country

Underwriter—None.

St., New York.

Coronet

lated

Hills

Canaveral

$40.

—

t-

East 40th

of

credit, open offices in Italy and Hong Kong, and in¬
crease working capital.
Office—47 West 34th St., New
York. Underwriter—S. C. Burns & Co., Inc., New York.
Offering—Expected in late January.

Price

Company plans to acquire, organize, and
manage
life, accident and health insurance concerns.
Proceeds—For investment in subsidiaries.
Office—114

Business

New

Equity Funding Corp.

of America

March 29. 1962 filed 240.000
ment

(Max.

$6.50).

common.

Business—A

firms selling life insurance and
—For

new

working

sales

capital.

offices,

mutual

advances

Office—5150

geles. Underwriter—To be

Price—By amend¬

holding
to

Wilshirp

company

funds.

Blvd.,

named. Note—This

tion will be withdrawn apd then refiled.

for

Proceeds

subsidiaries

'

Ln?

and

An¬

registra¬

-

Volume

198

Number 6328

.

.

The Commercial and Financial Chronicle

.

(2489)

25

'

Farmbest Inc.

•

tain

Nov.

18, 1963 filed 9,653 common; also $240,000 of re¬
tained capital certificates; Price-—For
common; $1; for
certificates, 25 cents. Business—A farmers cooperative
for swine producers. Proceeds — For
general corporate
Fedco Corp.

amendment

manufacture of

(max.

$15).

Business—Design

and

tools, dies, molds, beryllium castings and
plastic, metal and glass products for

the distribution of
home

Proceeds—For

use.

and

ers

recession offer to stockhold¬

a

reduction of accounts payable.

Pratt Ave., Chicago,
First

Office—3600 W.

Underwriter—None.

Mortgage Investors

(1/6-10) v

Nov.

20, 1963 filed $10,000,000 of senior debentures and
$5,000,000 of convertible debentures both due in 1978, to
be offered in units of two

$100 senior debentures and

bank loans. Office—30 Federal St., Boston. Under-writer—Shearson, Hammill & Co., New York.
pay

First Western

Price

Real

Investment Trust

Estate

1963 filed 200,000 shares of beneficial interest.
$5.
Business — A real estate investment trust.

25,
—

Proceeds—For

development of real estate. Office—2037

Thirteenth St.,

Boulder, Colo. Underwriter— Gondrezick
Corp., Boulder, Colo. Offering—Expected in

Securities

early February.
•

'

Florida Citrus

Industries Sunset Groves,

Ltd.

Dec.

2, 1963 filed 3,840 par limited partnership interests.
Price—$1,435 per unit. Business — Company plans to
clear land and plant trees for a commercial orangey
grove. Proceeds—For general corporate purposes. Office
N.

E.

Second

Miami./Underwriter—Street

Ave.,
Co., Inc., Ne;w York.

&

Flxible

Dec.

12,

will be

Co.

sold by

holders.

funeral

and

which

of

common,

various

of buses,

types

Proceeds—For

debt

ambulances,'

ad¬
subsidiary, and an acquisition. Address—
Loudonville, Ohio. Underwriter—Merrill, Turben & Co.,
Inc., Cleveland.
'
to

vances

cars.

repayment,

a

,

Frantz Industries,

.

.

.

Inc.

9, 1963 filed 40,000 common. Price—$25. Business—
Company plans to manufacture and sell office copying
machines, and supplies. Proceeds—For working capital
and other corporate purposes.

Address—Vestal Parkway
East, Vestal, N. Y. Underwriter—None.
Garan, Inc.

Nov.

6,

>

filed

1963

140,000

common,

which

of

100,000

shares will be sold for the company and 40,000 for cer¬

December 26

Insurance

(Stein

Bros.

&

of

Boyce,
'

,

and

72,940

Co.

&

Dec.

Milwaukee

Gordon

Coronet

Co.,

Inc.)

Co.)

&

210,000

Realty Corp.

Greater Miami industrial

Park, Inc.
Feb. 25, 1963, filed 136,094 common to be offered for
subscription by stockholders on the basis of one share
for each 41/fe shares held. Price—$5.50. Business—Acqui¬
sition

and

,

(Shearson,

/

<

Israel

&

Co.)

&

(Shearson,vHammill

Underwriter—None.

/.•

Producers

/>•

•

San

Jose

Ely,

Co.

Beck

of

&

Water Works

(Offering

&

Co.)

90,000

Ltd.

Templeton,

Inc.)

54,200

—

—

&

(Street

Intercoast
./. >

$5,510,400

Inc.)

Co.,

Companies,

Inc.—_.

'

W.

Brooks

&

(Bache

York

$1,500,000

12

(Hayden,

CST)

11

$6,600,000

Bonds

Mott's

(W.

Santa

Airways, Inc

stockholders—underwritten
'•

:

Underwriters
(Offering

Debentures

by

Lehman

Brothers)'

Argentina

A

$3,000,000

underwriting)

(No

Columbus

Funds

Business

,•

Corp.

Corp.)

125,000

Inc.)

(Bids

Assurance

Co.__Cap.

to

shareholders—underwritten! by
Sheeline &
Co.) 235,722 shares

(Bids

12

Paul

D.

EST)

A

$6,420,000

&

Co.,

Inc.)

Industries

Powr-Pak

Northwest Natural Gas Co
(Lehman

Brothers)

Brothers)

Weld

&

Bonds
$14,000,000

Northwest Natural Gas Co
(Lehman

D.

Transcontinental
(White,

$40,000,000

Fuller

D.

Preferred

Potomac Electric Power Co

$6,960,000

January 20

&

Common

stockholders—underwritten

by

(First

Boston

Read & Co., Inc. and Johnston, Lemon & Co.)
1,143,939 shares




'

*'/A

Southern

March
v

Potomac

Higginson

Co. y 138.285

$5,400,000

EST)

March

Corp.;
shares

Inc.)

/A/;.

8:30

a.m.

Bonds

Co

PST)

$60,000,000

/

/.,.

>

Edison

Bonds

Co
10

a.m.

EST)

$12,000,000

18

(Wednesday)
12

noon

Equip. Trust Ctfs.
EST)

$3,825,000

Common
and

F.

S.

—Common
Co.,

w

(Tuesday)

(Tuesday)

(Bids

March 25

$550,000

(Wednesday)

Florida Power & Light Co.—
.

Wilkens &

10

(Bids

•Charvos-Carsen -^Corp.* I!:
(Arnold.

noon

Atlantic Coast Line RR
;

Lee

Equip. Trust Ctfs.

12

Securities

(Monday)
Corp.;

(Wednesday)

California Edison
(Bids

Bonds
:;,A

Line Corp

Co. and Stone & Webster
Corp.)
$40,000,000

Moseley &

Dillon,

Common

1232,075 shares

shares

$1,000,000

'

_/

to

February 25

Debentures
Co.)

Corp

Weld & Co.)

(Bids

$2,500,000

125,000

Inc

Fuller

Gas Pipe

(Tuesday)

(White,

Great Northern Ry

Common

Co.)

Securities

1

Inc
&

--Units

Cochran & Co., Inc., and Midland
Co., Inc.) $300,000

February 19

Baystate Corp.

shares

60,000

'& Talbot)

,

150,000 shares'"

Turben & Co., Inc.)

-

v

—Debentures

(Hannaford

(S.

Equip. Trust Ctfs.
Loeb

EST)-

noon

Industries
(S.

American Transportation Corp.
(Kuhn,

12

V "

••

-

Pipeline, Inc.—

United Geophysical

—Equip. Trust Ctfs.

—

125,000 units

$7,575,000

(Wednesday)

(Bids

-

.

EST)

noon

Inc.)

(Monday)

February 4

/'

Co.,

Debentures
$7,500,000'

A.__————Units

—Common*

(Merrill,

Equip. Trust Ctfs.

&

shares

A

S.

Co.

San Morcol

shares

$5,000,000

Jade Oil & Gas Co

Equip. Trust Ctfs.

noon

12

January 15

Powr-Pak

Atlantic Coast Line RR

(Offering

Flxible

Bonds

EST)

a.m.

Norfolk & Western Ry

Shs.

(Wednesday)

(Bids

11

Peabody

(Kidder,

Com.

Inc

550,000

Inc.)

Co.,

<fe

de Acero de Mexico,

February 3

"

Electric Co.„

Peabody

(Kidder,

-Common

Co.,

&

Fund,

Inc.)

Tubos de Acero de Mexico, S.

/,

(Tuesday)

January 14

/

General

Wilson

Distributors,

Fund

(Israel

Tubos

$172,000

Equip. Trust Ctfs.
$8,000,000

EST)

noon

Diversified

American

Israel

——...Common

Securities

12

(Monday)

January 27

/

130,000 shares

—

350,000

Inc. )

(Wednesday)

(Bids

/

—Common

Corp.—

(H. M. Frumkes & Co.)

Tilecast

/

$400,000

Corp.)

and Schneider, Bernet &
shares

Inc.;

Co.,

&

Pacific Co..,—

Southern

-Ben. Int.

Republic Financial

$15,000,000

V.

/

/

.Debentures
Common

Weld

Hickman,

^
, _—Bonds

——————

—

;

Common

100,000 shares

Corp.

(White,

...Common

Fe, Republic of

Clinchfield RR.

$60,000,000

National

January 8

Valvco

;

,V

shares

$900,000

Co.)

&

Common

America) $300,000

of

—-—

Corp.)

& Co.

January 22

100,000

—Units

.—Common

Corp.

& Light Co.—
(Bids 11:30, a.m. EST)

---//—-—Common

(Peter Morgan

Royal

(Laird

shares

Langley & Co.)

C.

Securities

Texas Power
/

shares

Natural Gas & Oil Producing Co

———-

$867,000

Planning Research Corp

■/'/.'•

shares

166,000

Co.)

A-

Brothers, Inc.-.

(Fleetwood

Super Markets, Inc.—„————Common

$130,000,000

EST)

a.m.

—-

(Doolittle & Co,)

Musicaro

-Common

Co. and Shearson, Hammill & Co.)

Stone &

Equip. Trust Ctfs.

noon

Pan American World
to

Continued on page

International Milling Co., Inc.-——
(Kidder, Peabody & Co,) 450,000 shares

Common
Securities

Livingston Oil Co._

Narragansett

Telephone Co
(Bids

(Offering

—Indefinitely postponed.

Common

_/

200,000

Co.)

&

York

(Sheldon

Debentures
Inc.)

Business—Development, design^

seiling stockholder.
Office—2925 Merrell Rd., Dallas.
Underwriter—A. G. Edwards & Sons, St. Louis. Offend#

(Milburn,

Co.,

H

electronic devices. Proceeds—For ab¬

and manufacture of

(Tuesday)

(Bids

New

Proceeds — For expansion, and other corporate
Office—3140 J St., Sacramento. Underwriter—
Schwabacher & Co., San Francisco.

purposes.

.

Corp.

Kingsboro

(Birr,

Missouri Pacific RR._

(1/13-17)

Inc.

Intercoast Companies,

29, 1963 filed 225,000 common. Price—By amend¬
ment (max. $16). Business—An insurance holding com-

—Interests
' ' ■ A ; A A/A
'

Varner-Ward Leasing Co.

Imperial '400' National Inc
(P.

•

,

225,000 shares

(Schwabacher & Co.)

toiler

shares

919 N.

—

class A common. Price—$5.
to acquire or organize life,
accident and health insurance subsidiaries. Proceeds—
For debt repayment, advances to a subsidiary and in¬
vestment. Office—19 Molton St., Montgomery, Ala. Un¬
derwriter—Investor Services, Inc. (same address).

shares

Ipco Hospital Supply Corp.——

./'A'/

Common

Office

Inc.

Hobam, Inc.—-

'

January 7

Securities,

Insurance

.Common

Inc._

&

Jones

(First

Debentures

For expansion.

—

Oct. 24, 1963 filed 1,000,000
Business — Company plans

(Monday)

Technology,

Province of

Dean

Proceeds

insurance.

Michigan Ave., Chicago. Underwriter—None.

—

-

$300,000

by

filed 494,100 capital shares to be offered for
subscription by stockholders of record Feb. 26, 1963 on1
a share-for-share basis. Price—$3.25. Business—General1

Price—At-the-market.

,

.

stockholders—underwritten

to

Insurance City Life Co.
Oct. 29, 1963

International Data Systems. Inc.

4, 1963 filed $850,000 of 6% convertible subordi¬
debentures due Dec. 1, 1973, and 25,500 class
A shares to be offered in units consisting of $500 of de¬
bentures and 15 shares. Price—$510 per unit. BusinessManufacture of new equipment principally for the food
and drug industries. Proceeds—For working capital, and
loan repayment. Office—1720 Military Rd., Tonawanda,
N. Y. Underwriter
Doolittle & Co., Buffalo, N. Y.

.

Phoenix)

ing Corp., New York.

Nov.

Co.,' Inc.)

Arizona

Co.,

Address—Third &

Melbourne, Fla. Underwriter—Hampstead Invest¬

nated

950.000

shares

120.000

Finance

(Resiles,

repayment, equipment, sales, promotion, new prod¬

Aug. 2, 1963 ("Reg. A") 11,000 common to be offered/
for subscription by stockholders on a pro-rata basis.

Inc.)

Common
&

/

loan

,

(1/20-24)

Hobam, Inc.

-

Loewi

Corp.

("Reg. A") 25,000 common. Price — $12.
Business—Design, manufacture and sale of specialized'
electronic instruments and devices.
Proceeds — For

.

$140,000

Co/and

&

Electronetics

25, 1963

panv.

—

January 13

'•

Northern Plastics Corp

Co., Inc., New York.

Oct.

(max. $9). Business—Writing of health insurance. Pro¬
To increase capital funds, and meet operating
expenses. Office—109 S. Winooski Ave., Burlington, Vt.

ceeds

Ordinary Shares

Co.)

&

Brooks &

Nov.

-Debentures

Baby Food Co., Ltd
(Brager

Vermont/ Inc.

1963 filed 40,000 common to be offered for sub¬

Applied

$15,000,000

$190,000

Co.)

Business^^eVelOpment ahd' operation of a chaiiv
working capital. Office -A 466
Sylvan Ave., Englewood Cliffs, N. J.
Underwriter—P.

scription by common stockholders .on the basis of one
new share for each three held. Price — By amendment

shares

Co., Ltd

(Brager

real

of

Health Insurance of
Nov. 26,

Debentures

Hammill

Israel Baby Food

estate.
Proceeds—For
Office—811 du Pont Plaza
Underwriter—None.

development

shares

First Mortgage Investors
.

29, 1963 filed $1,500,000 of 6/2% convertible sub¬
Price—By amend¬

ucts, inventory and working capital.

ment, and other corporate purposes. Office—112 Powers
Bldg., Rochester, N. Y. Underwriter—None/

Common

36,000

;

(1/7/64)

Inc.

National

ment.

B St.,

tiop by stockholders on the basis of $700 face amount
for each 100 common shares held. Price—By amendment.

Common

Noyes

products in the

subordinated con¬
vertible debentures due 1974 to be offered for subscrip-

800,000 shares

Industries, Inc
(Hemphill,

food

of

Sept. 27, 1963 filed $2,113,748. of 7%

Common

&

Price—At-the-

common.

Proceeds—For working capital. Office
Washington Rd,, Milwaukee. Underwriter

(I.)

,

Consolidated Water Co
Barney

2,500

—Taylor, Rogers & Tracy Inc., Chicago.

(Monday)

(Smith,

A")

area.

(New

January 6

-

Business—Distribution

—4160 N. Port

(Monday)

(Goldman, Sachs & Co. and White, Weld & Co.)

'

/

ordinated debentures due Nov. 1, 1978.

Industrial

("Reg.

4, 1963

market.

,

Lanvin-Charles of the Ritz, Inc

Imperial '400'
Oct.

Denver.Note—This state¬
as
previously reported-

withdrawn

be

W.

Co., Inc., New York.

•

December 30

not

but will be amended.

Godfrey Co.

Common

__

will

ment

&

(Mitchum,

Dempsey-Tegeler
shares

repayment, construction, and other corporate pur¬
O f f i c e—4344 East Indian School Rd., Phoenix.

poses.

Underwriter—Boettcher & Co.,

1963

Florida Citrus Industries Sunset Grpves,

Kentucky

Inc.

.

debt

of motels. Proceeds—For

(Thursday)

Co.

Holiday Mobile Home Resorts, Inc.
27, 1963 filed $1,250,000 of 6%% Odnv. subord. de¬
bentures due 1978, and 75,000 common to be offered inv
units consisting of $50 of debentures and 3 shares. Price
—$68 per unit. Business—Development and operation of
mobile home resorts throughout U. S.
Proceeds—For
March

pany's treasury for construction expenditures. Office—
135 So. La Salle St., Chicago. Underwriter—Kuhn, Loeb

NEW ISSUE CALENDAR
Life

13,

$1,025). Business—Furnishing of specialized freight cars
to railroads and shippers. Proceeds—To reimburse com¬

•

Dec.

•

Transportation Corp. (1/8)
filed $40,000,000 of equipment trust cer¬
tificates due July 15, 1984. Price—By amendment (max.
General American

Dec.

105,000

by certain stock¬
(max. $11.25). Business

Price—By amendment
of

Company plans to mine for uranium*
Proceeds—For selling stockholders. Office—202-% So.
Second St., Laramie, Wyo. Underwriter—None.
—

Center, Miami, Fla.

150,000

company and 45,000

—Manufacturer

Business

general corporate purposes,

(2/3-7)

filed

1963

ket.

Business—General real estate. Proceeds—For debt repay¬

(1/13-17)

—111

Gas Hills Uranium Co.

one

$100 convertible debenture. Price—$300 per unit. Busi¬
ness—A real estate investment trust. Proceeds—To re¬

Oct.

Price—By amendment.

Oct 28,1963 filed 2,574,772 common. Price—At-the-mar-

,

_

Oct. 29, 1962 filed 20,000 common, of which 17,500 are to
be offered by company and 2,500 by a shareholder. Price

—By

Business—
Proceeds—
Office—112
West 34th St., New York. Underwriter—Bache & Co.,
New York. Note—This registration was withdrawn.

Address—Denison, Iowa. Underwriter—None.

purposes.
.

stockholders.

Manufacture of men's and boy's sport shirts.
For plant expansion and working capital.

.

fTHric

tn

hp

rpppivpri )

—r

$35.000.000

Bonds

2&

26

The Commercial and Financial Chronicle

(2490)

-

Continued from page 25
4

/ >

'

(1/20-24)>

International Milling Co., Inc.

1963 filed 450,000 common. Price—By amend¬
(max. $35). Business—Operation of flour mills in

Nov.

29,

ment

U.

-

S., and Canada and several foreign countries. Proceeds
capital improvements, and loan repayment. Office
Investors Bldg., Minneapolis.'.'Underwriter—Kid¬

—For

—1200

der^ Peabody & Co., New York.

•

.

Inter-Continental Fund, Inc.

Investors

1963 filed 3,000,000 capital shares.
Price—Net
plus 7%. ;Business—A new mutual fund
succeed to business of Investors Group
Canadian Fund Ltd./and invest in securities throughout
the Free World.
Proceeds—For investment. Address—
July

3,

asset

value

Distributor—Investors

Minneapolis.

1000 Roanoke Bldg.,

Diversified Services, Inc. (same address).
Investors Realty Trust

May 31, 1962 filed 200,000 shares/Price — $10. Business
real estate investment trust. Proceeds — For con¬
struction and investment.
Office — 3315 Connecticut
•

Underwriter—None.

Bpco Hospital Supply Corp. (1/13-17)
5, 1963 filed 200,000 common. Price—By

$20). Business—Distribution of hospital sup¬
plies and equipment. Proceeds—For selling stockholders.
Office
161 Avenue of Americas, New York. Under¬
ment (max.

—

$5.

Israel American Diversified

(1/27-31)

Fund, Inc.

550,000 common. Price—Net asset
8V2%. Business—A new mutual fund special¬
izing in Israeli and American securities./ Proceeds—For
investment. Office—54 Wall St., New York. Distributor
»—Israel Fund Distributors, Inc. (same address).
April

1,963 filed

22,

value plus

•

Israel

(1/6-10)

Baby Food Ltd.

Sept. 12, 1963 filed $190,000 of 8% subordinated deben¬
tures due 1975 and 14,000 8% preferred ordinary shares.
Price—For

debentures, $100; for stock $10. Business—
plans to prepare and market baby food in
Israel and abroad. Proceeds—tor loan repayment, con¬
struction, equipment, and other corporate purposes. Ad¬
dress—Givat Brenner,
Israel. Underwriter—Brager &
Co., New York.,
Company

Israel

Fund,

Inc.

July 18, 1963 filed 500,000 common.
ness—A closed-end

invest in Israeli firms.
—4200

tors

Hay ward

Price—$12.50.

investment company

Busi¬
which plans to

Proceeds—For investment.

Ave.,

Baltimore.

Office

Underwriter—-Inves¬

Planning Corp. of America, New York.

Israfund-lsrael Fund, Inc.
July 29, 1963 filed 300,000 common.
—Fund

plans to

securities

in

vest

investment.

"Isras"

owns

porate

Israeli

of

enterprises.

Securities Corp.;

60,000

estate

Address—Tel-Aviv,

writer—Rassco of Delaware

Jade

Oct.

in mid-January.

Oil

&

ordinated

Gas

filed

1963

28,

(same address).

Investment Co., Ltd.
ordinary shares. Price—$55
development company which
citrus plantations. Proceeds—For genera! cor¬

filed

real

purposes.

Expected

Proceeds—For

Israel-Raasco

28/ 1963

Business—A
also

Price—$10, Business
stock of companies which will in¬

Office—17 East 71st St., New York;, Under¬

writer—Israel

June

own

Co.

debentures

.

(1

Corp., New York.
Life

of

oil

6M>%

warrants).
and

convertible

sub¬

Price—At

par.

primarily in Cali¬

gas

fornia, Texas and Louisiana. Proceeds—For debt repay¬
ment, exploration and development, working capital and
other

corporate

purposes. Office—9107
Wilshire Blvd.,
Beverly Hills, Calif. Underwriter—Hannaford & Talbot,

San

Francisco.

./

Janus

Fund, Inc.
filed 500,000 capital shares. Prio
Net
plus 8V2%. Business—A new mutual fund
seeking capital appreciation. Proceeds-—For investment.
April
asset

10.

1963

—

value

Office—467 Hamilton Ave.. Palo Alto, Calif.
—Mutual Fund Distributors, Inc. (same

Underwriter

address).

Juniper Spur Ranch, Inc.
May 27, 1963 ("Reg. A") 300,000
Business—Construction of

ing station,
For

Anderson

&

Price

$1.

—

gasoline and diesel oil fill¬

restaurant and allied facilities. Proceeds—

a

general

a

common.

corporate

purposes.

Underwriter

V.

—

E.

Co., Newhouse Bldg.,-Salt Lake City.

27,

1963

filed

25,000

class

class B non-voting common.

voting, and 25.000
Price—$10. Business—Com¬

franchises certain restaurants in the, U. S. to pre¬
sell Kentucky Fried Chicken. It also sells or
leases equipment used in
preparation of this item. Pro¬
and

ceeds

—
For the selling stockholder, Harland
Sanders,
Chairman. Address—Box 67,
Shelbyville, Shelby County,

Ky. Underwriter—None.,

—-Design, manufacture

common.

and

Price—$6.50. Business

sale of deposited

metal

bel¬

equip¬

ment, sales promotion, and working capital. Office — 2
Engineers Lane. Farmingdnle. N. Y. Underwriter—An&

January.
•

Co., New/York.

Offering—Expected in mid' /

.

Kingsborc Corp.

•

—

V

'■'/■■/:

•

making of
mortgage loans on real property. Proceeds—For
refinancing. Office—51 East. 42nd St., New York,

interim

i

nderwriters—New York Securities
Co., New York City.
Krasnow

Industries,

/

„

(12/26)

poned.

ment

1963

Inc.

(max.

filed 125,000 common.
Price—By amend¬
$5). Business—Volume manufacture of in¬




(1/13-17)

;

Price—$5.
Proceeds

drilling expenses, working capital and other cor¬

—For

porate

Office—Tekoil

purposes.

Oklahoma City
Y/

Bldg.,

Underwriter—Peter Morgan & Co., N.
New

York Telephone Co.

(1/7)

13, 1963 filed $130,000,000 of refunding, mortgage
bonds due Jan. 1, 2004. Price—By amendment. Proceeds

Dec.

—To

bank loans, and for construction. Office—

repay

New York. Underwriters—(Competitive).
Halsey, Stuart & Co., Inc.; Morgan
Stanley & Co. Bids—Jan. 7(11 a.m. EST) in Room 1600,
140 West St., New York. Information Meeting-^ari. 2
West St.,

140

bidders:

Probable

(2:30

Logos Options, Ltd.
1 Z
April 11, 1962 filed 250,000 capital shares. Price — By
amendment (max.. $10). Business—A diversified closed-

EST),

p.m.

same

Nordon Corp.

address.

Ltd.

Z

■

1963 filed 60,085 capital. shares. Price
amendment
(max. $3.25). Business—Acquisition

•••,■.

<r'

By
of oil
and gas properties, and the production of crude oil and
natural gas. Proceeds—For selling stockholders. Office
—5455 Wilshire Blvd., Los Angeles. Underwriter—Gregory-Massari, Inc., Los Angeles. Offering—Indefinite*,' July

Proceeds—For investment.. Of¬

fice—26 Broadway, N. Y.

Underwriter—Filor, Bullard &
Smyth/N. Y. Note-—This company formerly was named
Logos Financial, Ltd. Offering—Indefinite.

Mahoning Corp.
\
\
*
July 26, 1963 filed 200,000 common. Price—$3. Business
—Company plans to engage in the exploration and de¬
velopment of Canadian mineral properties. Proceeds—
For general corporate purposes; Address—402 Central
Tower Bldg., Youngstown, Ohio. Underwriter—None.

29,

—

,

Marshall

Press, Inc.

r

p/

f

Northern Plastics Corp.
Nov.

N.

Y,

Underwriter—To

be

(max. $18J. Business — Manufacture of industrial
plastic laminates to customer specifications. Proceeds--selling stockholders. Office -— Second and Market
Sts., LaCrosse, Wis. Underwriters—Shearson, Hammill
& Co., New York and Loewi & Co., Inc., Milwaukee. ;

For

-

■

Medic Corp.
Feb. 28, 1963, filed

$1.25.
ance

1,000,000 class

B

Northern States Life Insurance Corp.
,

Price--

and

Address—714

investment
Medical

other

in

Arts

insurance

Proceeds

For

—

Un-

—677

Northwest

one

for

share

Price—By amendment (max.
s—A closed-end management investment
company. / Proceeds—For general corporate purposes.
B

u s

I h

National

Bank

Bldg.,

For

general corporate

real

estate.

Office—82

purposes.

Atlanta.

Underwriter—Overseas
Seville, Spain.

Busi¬

Nov.

1,

Super

1963

Markets,

filed

100.000

Inc.

Y'ork.

'

March 29,1962 filed

Baker

St.,
Service,

Corp. /k */;:/';.? ■

amend¬
markets

ment/max. $15). Business—Operation of super
and liquor package stores in Conn. Proceeds—For work¬
ing capital. Office—59 Leggett St., East Hartford, Conn. /
Underwriter—W. C. Langley & Co., New York.

100,000 common.

Price—By amend¬

$15). Business—Research and development
contracts using radioactive tracers; precision radio¬

ment
on

Price—By

1963 filed 60,000 preferred

Nuclear Science & Engineering

(1/13-17)

common.

27,

New

Proceeds—

Investment

(l/8/64)

($100 par), PriceBusiness—Production and sale of natural
gas in Oregon and Washington. Proceeds^-To retire the
outstanding 5.75% preferred. Office—735 S. W. Morri¬
son, Portland, Ore. Underwriter — Lehman Brothers,

ness—Company plans to develop mobile homes, parks
residential and commercial

(max.

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

capita!: Address—P. O.
Underwriter—Johnston, Lemon
Washington, D. C. Note—This registration will be

ment,
Box

Co.,

expansion

and working

1090L. Pittsburgh.

withdrawn.
?

Musicaro

Brothers,

Inc.

Oct. 29,J963 filed 50,000

general

of

Italian

corporate

(1/20-24/64)

common.

Massapequa, N. Y. Underwriter
Corp. of America, New York.
Narragansett Electric Co.
Nov.

26.

due Jan.

1963

filed

$5,000,000

—

Brooklyn

&

Nov.

(1/14/64)
of

Brothers-Goldman, Sachs & Co.

1,

1963 filed

150,000 units of interest in the Fund.

amendment. Business—The Fund, plans to
invest in government and municipal obligations believed
to be exempted from Federal income taxes. Proceeds—
For
investment./ Office—135 So. LaSalle St., Chicago.

Fleetwood Securities

first mortgage bonds
1, 1994. Proceeds—For repayment of short-term

Hutzler-Lehman

/-'

Tax-Exempt Bond Fund Series 6

price_By

Ave.,

loans. Office—15 Westminster St., Providence, R. I. Underwriters
(Competitive). Probable bidders: White,
Weld & Co.; Halsey. Stuart & Co. Inc.; Salomon Broth¬
ers

Nuveen

Price—$6. Business-

Office—40

-

.

style frozen foods. Proceeds—For

purposes.

;

By amendment.

;

and

//

(1/8/64)

27,

Nov.

Minneapolis.

Mobile Home Parks Development Corp.
Jan. 28, 1963 filed 1,250,000 common. Pric<P-$2.50.

Co.

Northwest Natural Gas Co.

e s

First

Gas

1989.

due

for/each two shares held.

$7).

Natural

1963 filed $14,000,000 of first mortgage bonds
Price—By amendment. Business—Production
and sale of natural gas in Oregon and Washington. Pro¬
ceeds—To prepay bank loans, and redeem outstanding
5^% bonds. Office—735 S. W. Morrison, Portland, Ore.
Underwriter—Lehman Brothers, New York. - ; : v
Nov;

'

subscription by stockholders on the basis of

//

'

-

;

—Henry D. Tallmadge Co., Seattle.

industry and capital growth situations, Office
Lafayette St., Denver. Underwriter — Medical As¬

Midwest Technical Development Corp.
561,500 common to be offered

Inc.

3.

hydrofoil vessels. Proceeds—For working capital, office
expansion and other corporate purposes. Office — 428
White-Henry-Stuart Bldg., Seattle, Wash. Underwriter

investment in the

Feb,.; 26/. 1962 filed

Farwell Ave., Milwaukee.
Co., Milwaukee.

—

medical

sociates, Inc. Denver.

1840 N.

1963 ("Reg. A") 60,000 common. Price — $5.
Business
Design, construction, sale and operation, of

Medical Industries Fund, Inc.
Oct. 23, 1961 filed 25,000 common. Price—$10. Business
—A closed-end investment company
which plans to

open-end.

—

Hydrofoil,

Northwest

Sept.

derwHter-^-Lincoln Securities Corp. (same address).

become

Office

purposes.

concerns

Bldg., Oklahoma City.

,

Underwriter—McMaster, Hutchinson &

Business—A holding company for three life insur¬
firms.
Proceeds—For loan repayment, operating

expenses,

•

units, of one share and two warrants. Price-L$l50/Busi¬
ness—Writing of life insurance in Wisconsin. Proceeds
.—For working capital, expansion and other corporate

,'/•/■/;/;/'-/

common.

-

1963 filed 95,931 common and warrants to. pur¬
an additional
191,862 common to be offered, in

Dec. 3,

chase

Offering—Indef-j

named.

(1/6-10)

1963 filed 120,000 common. Price—By amend¬

21,

ment

May 29/ 1962 filed 60,000 common. Price—$3.75, Busi¬
ness—Graphic design and printing. Proceeds—For pub¬
lishing a sales catalogue, developing a national sales
staff and working capital.
Officer~8l2 Greenwich St.,

—

June 28,

-

Sept. 7, 1962 filed 180,000 class A common.
gas and oil.

(1/13-17 )
950,000 common, of which 750,000
will be sold by company and 200,000 by stockholders.
Price—By amendment (max. $16.75). Business—Produc¬
tion and sale of oil and natural gas. Proceeds—For debt
repayment and working capital. Address—Mid-Conti¬
nent Bldg./Tulsa, Okla. Underwriters—Hay den, Stone
& Co., and Shearson, Hammill & Co., New York.

end investment company.

y

t

Business—Production of natural

filed

1963

6,

!

,

Natural Gas & Oil Producing Co.

Livingston Oil Co.

Production

(1/13-17)/

Nov. 22, 1963 filed 166,000
common, of which 70,238 will
be sold by
company and 95.762 by stockholders. PriceBy amendment (max/ $12). Business—The,
debt

—

Plaza, Montr
& Sons, Inc.,

.

'

lows and basic assemblies therefor.
Proceeds—For

dresen

1/1963 filed 1,250,000 class A and 500,000 class B
Price—By amendment (max. $17.50). Business
holding company, primarily for life insurance con¬
cerns. Proceeds
For prepayment of bank loans, and
expansion/Office — 246 North High St., Columbus, O.
Underwriters-^—Kuhn, Loeb & Co., Inc., and J. C. Brad¬
ford & Co., Inc., Nashville. Offering—Indefinitely post¬
Nov.

common.

1963 filed 72,940 common, of which 57,540 will
be offered by company and 16,400 by certain stockhold¬
ers. Price-—By amendment
(max. $36). Business—Writ¬
ing of ordinary life insurance. Proceeds — For general
corporate purposes. Office—231 West Main St., Louis-'
ville, Ky. Underwriters—Stein Bros. & Boyce, Inc., Bal¬
timore, and Dempsey-Tegeler & Co., Inc., St. Louis.
Dec.

/./'.■

—A

4,

Mott's
Kinemotive Corp.
Oct. 29, 1963 filed 50.000

/

Life Insurance Co. of Kentucky

Dec.

'

Nationwide Corp.

corporate purposes. Office—50 Lackawanna
clair, N. J. Underwriter—Ralph B. Leonard
New York.

"

Kansas.

-

-

29, 1963 filed 75,758 common. Price—By amend¬
(max. $33). Business—A holding company, pres¬
ently with one subsidiary, Capital Life Insurance Co.
of America. Proceeds—For working capital, and other

Underwriter—None.
A

pany
pare

'

Nov.

Office—2615

Kentucky Fried Chicken, Inc.
Sept.

(series 20) and 300,000 common shares. Price—For- cer¬
tificates, $762; for stock, $1.15.
Business—A /mortgage

Holding Corp.

initely postponed.

15 64)

(with
of

Under¬

Inc., New York. Offering—

,

$2,500,000

Business—Production

Israel.

/

Corp.

14, 1963 ("Reg. A") 55,000 class A common. Price—
Business—Company is an operating, holding and man¬

loan company.
Proceeds — For general corporate, pur¬
agement company specializing in the life insurance in- / poses. Office — 113 S. Hydraulic, Wichita, Kan. Under¬
writer—National Mortgage Agency, Inc., (same address).
dustry. Proceeds—-For working capital. Office—40 Ex¬
change Place, N. Y. Underwriter — First Philadelphia
Note—This offering will be made only in the State of

•

writer—Bache & Co., New York.
•

Affiliates

Life

Oct.

ment

amend¬

Dec.

-26, 1963

.

—A

Ave., N. W., Washington, D. C.

.Thursday, December

expensively priced men's and children's belts. Proceeds /(Jointly);: Bids—Jan. 14, 1964 (11 a.m. EST) at.com¬
—For debt repayment, sales promotion, and other cor- I pany's' office. Information MeeUng
Jan. 8 . (ll va.m.
porate purposes./Office—33-00 Northern Blvd., Long; •EST), same address.
' •/
•
Island City, N. Y. Underwriter—/T. W. Lewis & Co., Inc., /
National Memorial Estates
v
'
New York/Offering—Indefinite, x'<//• /'A:y •
/ Oci 11, 1962 filed 4,750,000. common; Prtce ^
•
Lanvin-Charles of the/Ritz, Inc.
< 12 30-1 3 i
} ' ness
Company plans to engage in cemetfery -develop¬
ment and to establish and operate a life and disability
Nov.-14/ 1963 filed 800,000 common. Price—By amend¬
ment (max. $22). Business—Importation and distribution
insurance concern. Proceeds—For general corporate pur¬
of Lanvin perfumes, and manufacture and distribution/
poses/ pffice^lB; S/ Broadway, Red Lodge, Mont; Un¬
'of cosmetics. Proceeds—For selling stockholders. Office
derwriter—Security Brokerage Co., Billings, Motit/
—767 Fifth Ave.-, New York. Underwriters—Goldman,
National Mortgage Corp., Inc.
"/
.*
Sachs & Co., and White, Weld & Co., New York.
Dec. 28, 1962 refiled $8,000,000 face amount certificates

will

which

•:

Sponsor—John Nuveen & Co.
;

(same address). Offering

—Expected in February. >
Outlet Mining Co.,

Inc.

,

Feb. 28,

1962 filed 900,000 common.

—Mining.
tal

Price—$1. Business

Proceeds—For equipment and working capi¬
ProoHp

Pnln

IT ml prwr i

ter—None.

Volume

198

Number 6328

Pacific Mines, Inc.
July 24, 1963 filed 100,000

.

.

.

Recreation

*
Price—$1,50.

common.

p 1 a n s to explore iron deposits on its
Proceeds—For mining operations, debt repayment and operating expenses.
Office—1218 N. Central
Ave., Phoenix. Underwriter—None.
'
v

Pan American

tions.

For

Proceeds—-For

medals

working

and

numismatic

other

Office—1

capital.

North

/

Nov.

Main

year

St., Englewood, Colo. Underwriter—None.
Pension
Nov.

26,

ment

Life

1963

(max.

various

filed

176.000

$10).

forms

Jersey.

Insurance

insurance

rant.

plans

to

annuities

and

in

fice—23

writer

general corporate purposes. Of¬
St., Newark. N. J. Underwriter—None.

Fulton

operate

80

for home sites.

Office—3615

T

Olive

l

•

'

~

Under¬

and surplus. Office—307 Lenox Ave., New York. Under¬
writer—None.

Planning Research Corp. (1/20-24/64)
100,000 common. Price — By amend¬
ment. Business—Company provides analytical, technical
and economic services to commercial, industrial and
governmental clients. Proceeds — For debt repayment,
working capital, and possible acquisitions. Office—1333
West wood Blvd.,
Los Angeles. Underwriter—Laird &
Co. Corp., New York.
;
'
' '' " "
'
£'•<

Del.

Nov: 6, 1963 filed

Pocono Downs,

Inc.

real estate

•

•

repayment, and working capital. Office—145
Ave., Bridgeport, Conn. Underwriter — S. D.
Fuller & Co., New York.

28,

1963

filed 40,000

ness—Purchase

sale

and

real

Price—$25.

Producers Finance Co. of Arizona

Nov.

due

Nov.

1,

1973

(with

re¬

,

7

'

-

z

>

•

Province of

/:

Santa

Proceeds—For

writer—None.

Transfer

Racon
Oct. 3,

Inc.

a

Price

—

$5

subsidiary life in¬

-

Financial

W., Washington, D. C. Un-

on

the

nix.

and

r

Price—$1. Business

&

Office—830 N. Central Ave., Phoe- 1

Co., Inc., Salt/Lake City.

Foreign Fund,

;/■:

—

,

27,

1963

filed 400,000 ordinary shares. Price—By
(max. $3,166).
Business — Company culti¬
vates/processes and markets citrus fruits in Israel. Pro¬

amendment

ceeds—For

selling

stockholder.

Address—Tel-Aviv,

Is¬

rael. Underwriter—Rassco of Delaware. Inc„ New York

Offering—Expected in mid-January.




/

y

;

St., Chicago. Underwriter—None.

7;//;■

Ltd.

Supreme Life

Inc.

77

'

Insurance Co. of America

30, 1963 filed 42,089 common to be offered for
subscription by stockholders on the basis of one share
for each three shares held. Price—$30. Business—Sale of
life, health and accident insurance in 12 states and the
District' of Columbia. Proceeds
For debt repayment.
Sept.

,

—

on

common

Rights will expire

the

basis

shares

Dec. 27.

of $100

held

of

of record

Hughes Tool Co.,

Madison

Ave., New York. Underwriter—None.
de

Acero

(1/27-31)

Mexico, S. A.

de

$7,500,000 of convertible debentures
due 1979; also
125,000 Series A American Depositary
shares,
and 125,000 Series B ' American
Depositary
shares, to be sold in units of one Series A and one Series
B share by stockholders, Price—By amendment
(max.
Dec.

11,

1963 filed

$16 per unit). Business—Company is a leading
of seamless steel tubular products and steel

producer

ingots in
repayment, and expansion.
Mexico,, D. F. Mexico. Under¬

Mexico. Proceeds—For debt
Office—Calle

Paris

15,

writer-—Kidder, Peabody & Co., Inc., New York.;
Underwriters National Assurance

Co.

(1/7)

1963 filed 235,722 capital shares to be offered
for subscriptioh by stockholders on the basis of two
new shares for each
share held.-Price—By amendment
Dec.

6,

(max. $14). Business — Writing of health insurance/in
Proceeds—For expansion into other states, and

Indiana.
the

addition

North

corporation. It will provide investors a means' of in¬
vesting in Canada, Western Europe and other foreign
areas.
Proceeds—For investment. Office—135 S. LaSallf

common.

18

majority stockholder, will not subscribe for these deben¬
tures.
Price—$101.37. ' Proceeds—To help finance the

Tubos

the A

Remaining 94,822 and any unsub¬
publicly. Price—To public

FarnTiam

3.

each

purchase of 12 Boeing jet aircraft. Office—380

Proceeds
For construction of a new plant and
working capital. Office—11 North Jackson St., Houston.
Underwriter—None. /.:,,/./'

Aug.

Dec.
,

Stansbury-Pioche Silver Mining Co.
5, 1963 ("Reg. A") 240,000 common. Price — SI.25.
Business—Mining for silver, silica,-limestone, etc., in
the Pioche and Grantsville, Utah, area. Proceeds—For,
equipment, working capital, and other corporate pur¬
poses. Office—348 E. South Temple St., Salt Lake City.
Roe

Inc.

stockholders

by
for

debentures

Underwriter—None.

Stein

.

World Airlines,

subscription

Business—Company plans to en¬
finance, mortgage, general fi¬
businesses.
Proceeds—F o r. general

related

Office—520 S. W. 6th

22, 1963 filed $8,500,000 of 5%% convertible sub¬
ordinated debentures due Oct. 1, 1983, being offered for

405,000

July 1, 1963 filed 1,000,000 capital shares. Price—Net as¬
set value. Business—Company was recently formed 6nd
will succeed to New York Capital Fund, Ltd., a Canadian

Rassco Plantations

Trans

consumer

corporate purposes.

expansion.

Nov.

the basis of 4 company shares for each class A 01
two-thirds share for each class C share o 1

in

Proceeds—For

pany-.

Ave., Portland. Ore. Underwriter—None.

,

—Company plans to manufacture fluorocarbons for sale
to refrigerant
wholesalers, the aerosol industry and other
users.

July 26, 1963 filed 155,000 common. Price—By amend¬
(max. $15), Business—An insurance holding com¬

ment

Selective Life Insurance Co., an affili¬

held.

Corp., New York.

Transpacific Group, Inc.

address).

Corp.

Underwriter—Brothers &
.

1,250,000

repayment. Office—3100 Travis St., Houston, Tex.
Underwriters—White, Weld & Co., and Stone & Web¬

Dec.

;

1963 filed

13,-1963 filed $40/000,000 of first mortgage pipe
line, bonds due Jan. 1, 1984.
Price — Bv amendment.
Business—Transmission
of natural
gas.
Proceeds—For

share and

nance

construction. Under¬
Agent—Irving Trust Co., N. Y.

7

(1/15)

Pipe Line Corp.

Gas

Dec.

scribed shares will be offered

series C treasury
92% of principal

company, Proceeds—For general corporate pur¬
Office—2904 Georgian Court, Lincoln, Neb. Un¬

derwriter—None.

Selective

gage

common.

7

Transcontinental

$6; to stockholders, $5.

surance

Office—201

writer—None.

7

7

z

equipment, exploration and working cap¬
E. 4th St., Casa Grande, Ariz. Under¬

Proceeds—For
ital.

Real Estate Investment Trust

F.)

Selective Life

highway

Business—Company plans to form
poses.

B

'

Quality National Corp.
Sept. 16, 1963 filed 200,000 class A

to

(2/3-7)

•

Inc.

Resources,

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.

/

1963

Office—925 Fifteenth St., N.

ate,

Fe/ Republic of Argentina

17* 1963 filed $3,000,000 of 7%
bonds /due July 31, 1968. price —
amount.

(B.

25,

B and C stock of

Provident Management Co
/' 7
'7

Dec.

Transarizona

$500.

—

—

'

(1/13-17)

Inc.

derwriter—B. F; Saul Co. (sapie
,

ceeds—For investment. Office—316 North Fifth St., Bis¬

marck/N, D. Underwriter
(same address).

(176)

common

Feb.. 28, 1962 filed 500,000 common, of which
are to be offered for subscription by holders of

Provident Stock

Fund, Inc./
April 11, 1963 filed r,000,000 common. Priced—Net asset
value plus 8% %. Business-—A new mutual fund. Pro¬
,

porarily postponed.

filed 30,000 shares of beneficial interest
Price—$100. Business—Company plans to Operate as a
real estate investment trust. Proceeds—For investment.
Oct.

payment ,and working capital. Office—4450 N. Central
.Ave., Phoenix. Underwriter—Resnes, Ely, Beck & Co.,,
Phoenix.

90,000

stores selling

ster Securities

Saul

subordinated
Price—
general finance and
warrants).

$1,000. Business — Operation of a
sm^ll loan business in Arizona. Proceeds—For debt

Office—60 East 42nd Street,
H. M. Frumkes & Co., New

retail

loan

(1/6-10)

2?, 1963 ("Reg. A") $300,000 of 6%

debentures

Business—Operation of a chain of self-serv¬
clothing, housewares, etc. Pro¬
ceeds—For expansion, equipment and working capital.
Office—2220 Florida Ave., Jasper, Ala.
UnderwriterVan Alstyne, Noel & Co., New York.
Offering—Tem¬
Price—$6.

ice

debentures and
Business—Construction of an
eight inch natural gas transmission pipeline for the
cities of Las Vegas, Wagon Mount, Springer, and Max¬
well, N. M. Proceeds — For construction. Office — 219
Shelby St., Santa Fe, N. M. Underwriters — Milburn.
Cochran & Co., Inc., Wichita, Kan., and Midland Securi¬
ties Co., Inc., Kansas City; Mo.
'
,
7
.

Busi¬

^

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.

—

Pipeline,

75 shares. Price

property, chiefly un¬

V,

(1/13-17)/

and other corporate purposes. Office
1616, 2 Penn Center, Philadelphia. Underwriter
—Sheldon Securities Corp., N. Y.

offered in units of $500 face amount of

improved land. Proceeds—For debt repayment, and ac¬
quisition of additional properties. Office—195 Nassai
St., Princeton, N. J. Underwriter—None.
•

Morcol

San

Corp.

Sept. 27, 1963 ("Reg. A") $300,000 of 6V2% subordinated
debentures due^Nov. 1, 1983, and 45,000 common to be

Inc.

common.

of

filed

1963

Tilecast

ment, advertising,

common,

lose Water Works

18.

and

construction

—Suite

77/77:;
be offered for
subscription by common stockholders of record Jan. 3.
1963. Rights will expire Jan. 27. Price—By amendment
(max. $30). Business—A public utility supplying water
to residents of Santa Clara County, Calif. Proceeds—To
repay bank loans, and for construction. Office—374 West
Santa Clara St., San Jose, Calif. Underwriter
Dean
Witter & Co., San Francisco.
.7,
"

loan

March

of beneficial interest.

r-77^7v ///" "

San

Nov.

(1/15/64)

Lands,

Underwriter

New York.

Howard

Research

130,000

Proceeds—For investment.

for

Princeton

shares

(

filed

1963

cryogenic

a,.//
1963 ("Reg. A") 43,000 common. Price—$4. Busi¬
ness—Production of terrazzo tiles. Proceeds—For equip¬

(1/13-17)
of which 65,000
shares are to be offered for the company and 65,000 for
certain stockholders. Price
By amendment (max.
$6.60). Business—A small business investment company.

York.

stockholders. Price—By amendment (max.
$8 for the common). Business—Manufacture, packaging
and distribution of various aerosol products./Proceeds—
For

•

Royal Business Funds Corp.
13,

of

new

Dec. 2,

2,000

-

,

'■

("Reg. A") 42,850 common. Price — $7»
construction, equipment leasing and

Offering—Indefinite.

—

'

Dec. 2, 1963 filed $1,000,000 of 6% convertible subordi¬
nated debentures due 1974; also 125*000 common to be
offered

,,

'7 7;/7/7

/..■

Inc.

hydraulic systems. Pro¬
projects, debt repayment,
and working capital. Office—15618 Broadway, Gardena,
Calif. Underwriter—Quinn & Co., Albuquerque, N. M.
ceeds—For

investment trust. Proceeds—For investment.

ton, D. C.

Nov.

,

Powr-Pak Industries Inc.

installation

Office—1832 M St., N. W., Washington, D. C. Underwrit¬
er—Riviere, Marsh & Berens Securities Corp., Washing¬

'

—

r

Oct. 28, 1963

Price—$1,000. Business—Company plans to operate as a

/

Sept. 10, 1963 filed $2,500,000 of 6Y2 % subordinated sink¬
ing fund debentures due 1978, 375,000 common and 250.000 warrants to purchase additional common, to be of¬
fered in units consisting of one $100 debenture, 15 shares
and warrants to purchase an additional 10 shares. Price
—$175 per unit. Business—Company plans to operate a
harness racing track in Luzerne County, Pa. Proceeds—
For construction, and loan repayment. Address — 504
First National Bank Bldg., Wilkes-Barre. Pa. Underwrit¬
er
Suplee, Yeatman, Mosley Co., Inc., Philadelphia.
Offering—Indefinite.■
'
'
:
'
'
■

filed

1963

7; 77 /

Business—General

Riviere Realty Trust

22,

a

Tidmarsh Ventures,

Offering—Indefinite.

Oct

Office—801

Underwriter—

1 no

fering—Indefinite.

Foundation, Inc. /
April 8, 1963 filed 100,000 memberships in the Founda¬
tion.
Price—$10 per membership. Business—Company
will operate retirement centers for the use of rent-free
private homes and apartments by members upon their
retirement. Proceeds—For working capital, construction
and' other corporate purposes.
Office—235 Lockermah
St., Dover, Del. Underwriter—John D. Ferguson, Dover.

Oct. 3, 1963 filed 100,000 common. Price—$10. Business
—Company plans to engage in the writing of general
liability insurance, including automobile, property dam¬
age and personal injury. Proceeds—^To increase capital

Ind.

Price—$3.50. Busi¬
plant producing plastic film and.
Proceeds—For working c a p i t a L
Address—Elsa, Texas. Underwriter—To be named. Of¬

7 '.■//■

-

,

P* I cist Jos

S

ness—Operation of
packaging products.

Retirement

People's Insurance Co.

subsidiary.

July 27, 1962 filed 313,108 common.

Proceeds—For

St., St. Louis.

new

Bldg., Lafayette,
(same address).

Life

Lafayette

Co., St. Louis. Offering—Indefi¬

', I

'

Inc.

Co.,

Proceeds—For investment in U. S.

company.

Amosand Inc.

luxury hotel and resort facilities

R. L. Warren

—

nite.5

a

of land

acres

construction.

New-

Proceeds—For

surance

shares' and one war¬
Business—Company will

unit.

per

Investment

/Government Bonds and in

units consisting of four

and

sell

and

write

in

Price—$32

erect

Price—By amend¬

common.

Tecumseh

Jan. 21, 1963 filed 48,500 common. Price—$100. Business
—A holding company which plans to organize a life in¬

27, 1962 filed 125,000 class A common and threewarrants to purchase 1,250 class A shares to be

offered

America

of

Business—Company
life

of

Co.

Blvd.,

,

New York. Offering—Expected in March, 1964.

<

>

Wilshire

clusively for Grolier Inc. Proceeds—For loan repayment
other corporate purposes. Office—221 San Pedro,
N. E. Albuquerque/ Underwriter—S. D. Fuller & Co.,

Office—2909

Resort Corp. of Missouri

items.

Office—4900

investment.

Angelbs. Underwriter—None.

and

Bay-to-Bay, Tampa. Un¬
derwriter—Hensberry & Co., St. Petersburg, Fla.,

Nov. 27, 1963 filed 1,000 non-voting class A common.
Price—$1,000. Business—Acquisition, holding, and dis¬

coins,

East Gas St./Columbus, Ohio. Under¬
Columbus-Corp., Columbus, Ohio.

investment.

'

Teaching Machines, Inc.
April 1, 1963 filed 150,000 common. Price—$5 Business—•
Company .develops and sells teaching machines ex¬

Research Capital Corp.
Sept. 3, 1963 filed 400,000 common. Price—$12.50. Busi^
; ness—A small business investment company. Proceeds—

Paramount International Coin Corp.

of

Proceeds—For

Los

(1/13-17)

Office—52

writer—First

Price—By amendment. Pro¬
ceeds—For debt repayment, and purchase of additional
aircraft and ground equipment. Address—Pan Am
Bldg.,
New York. Underwriter—Lehman
Brothers, New York.

1

Mortgage Investment Trust

1, 1963 filed 30,000 shares of beneficial interest.
Price—$100. Business — A real estate investment trust.

7th

/ ^;;
Bee. 12, 1963 filed 50.000 shares of beneficial interest.
Price-!—$8. Business—Company plans to qualify as a real
estate investment trust. Proceeds—For realty acquisi¬

Rights will expire Jan. 22.

position

Sutro

capital

West

Republic Financial

;/

13 shares held of record Jan. 7.

to

Feb.

investment, and working capital./Office—
St., Los Angeles.- Underwriter—Costello,
Russotto & Co., Beverly Hilis, Calif. Offering—Indefinite.

World Airways,

11

working capital. Office—3501 S. Parkway, Chicago.

Underwriter—None.

411

Inc. (1/7)
Dec. 10, 1963 filed $60,000,000 of convertible subordi¬
nated debentures due Jan. 15, 1984 to be offered for
subscription by stockholders on the basis of $100 face
amount for each

and

r

For

ness—Company

property.
'

Industries, Inc.

26, iyti2 ("ileg. A ;
<a,uuU common. Price — $2
Business—Sale of travel and entertainment. Proceeds—

Nov.

Busi¬

27

(2491)

Chronicle

The Commercial and Financial

of

Office — 1935
Indianapolis/Underwriter—Paul D.

several direct agencies.

Meridian St.,

Sheeline & Co., Boston.

Unified Mutual

Shares, Inc.

Aug. 22, 1963 filed 750,000 capital shares. Price — Net
asset value plus 8l/2,%. Business—A new mutual fund.
Proceeds—For investment. Address—207 Guaranty Bldg.*

Indianapolis. Distributor
(same address).
Unimed,

—

Unified Underwriters, Inc.*

/

Inc.

Sept. 3, 1963 filed $300,000 of 5V2% convertible subordi¬
nated notes due 1973. Price—At par. Business—Develop¬

of ethical drugs

ment and manufacture
"

!

-

and pharmaceu—

Continued on page 28

23

The Commercial and Financial Chronicle

(2492)

offered at $2 per share by the
without underwriting.

3,000,000 common shares
ticals. Proceeds—For marketing of

existing products, and

company,

>

,

development on new preparations. Address
202, Morristmvn, JN. J. Underwriter—None.

research and
—Ltouie

Investors'Corp.

(United

Price—At par.
Business—A
for United Investors Fund Corp. (a
23.

company

which

dealer

funds)

mutual

sells

Issues Filed With SEC

broker-

/'Life Insurance Co. of Minnesota. Proceeds—To increase
capital and surplus of United Capital Life Insurance Co.
of Minnesota. Address—1300 First National Bank Bldg.,

Underwriter—None.

Minneapolis.

U* S. Controls,

Inc.

Aug. 8, 1963 filed $210,000 of 6%% debentures due 1973
and warrants to purchase 31,500 shares to be offered foi

public sale in units of one $100 debentures and 15 war¬
rants. Price—$100 per unit. Business—Development and
manufacture of heating equipment and automatic control
systems. Proceeds—For inventory, sales promotion, note

,

prepayment and working capital. Office — 410 Fourth
Ave., Brooklyn, N. Y. Underwriter—To be named. Offer*
ing—Indefinite.
'
X /

'

p

United Variable Annuities 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.

Atlantic

if Bay state Corp. (1/20-24)
1963 filed 138,285 common,
to be sold by certain stockholders

of which 113,285 aye
and 25,000 .by com¬
pany.
Price—^By amendment. Business—A bank hold¬
ing company; Proceeds—For debt repayment. Office—
77
Franklin
St., Boston.
Underwriters—First boston
Corp., and Lee Higginson Corp., New York, and F. S.

Dec. 23,

Moseley & Co., Boston.

held

31

of

Price—$10.

1963.

28,

Dec.

record

be offered for
of one share

telephone service in northern Illi¬
Proceeds—For construction.-Office—112 W. Elm

Business—Furnishes
nois.

Urethane of

(

Texas,

Inc.

,

Feb. 14, 1962 filed 250,000 class A

be offered in units of

and 250,000 common to

share of each class.

Price—

Business—Manufacture of urethane
equpiment, w o r k i n g capital.
leasehold expenses and other corporate purposes. Office
i
J—2300 Republic National /Bank Bldg., D a 1 l a s.
Under*
.•writer—First Nebraska Securities Corp.. Lincoln
Neb
$5.05

'

one

•

writers

unit.

per

foams.

i

Proceeds—For

Offering—Indefinitely postponed.

'

Valley Investors, Inc. /
Jan. 23, 1963, filed 328,858 common.

'—A

new

mutual fund.

dress—Sidney,
•

"to

be

offered

Ad*

Proceeds—For investment.

Leasing Co.

Nov. 15, 1963 filed 125,000

,

Business

Underwriter—To be named.

Mont.

Warner-Ward

Price—$1.

(1/13-17)

common, of

which 60,000 are

stockholders
Price—By amendment (max. $11). Business—Leasing of
automobiles.
Proceeds—For
working capital. Office—
1525 Franklin St., San Francisco. Underwriter — Birr,

-

by

company

and .65,000

by

Wilson & Co., Inc., San Francisco.

•

w

,

EST), at above
''
' v.

Bids—Feb. 19 (12 noon

'

Pro¬

(max. $22).

Price—By amendment
Office—929

construction.

ceeds—For

East

St.,

N.

W.,

Washington, D. C. Underwriters—Dillon, Read/& Co.
Inc., New York, and Johnston, Lemon & Co., Washing¬
ton, D. C. '
V.
it United Geophysical Corp. (2/4)
Dec. 19, 1963 filed 232,075 common, of which 125,000
will be offered by company and 107,075 by certain stock¬
holders. Price—By amendment (max. $17). Business-

Company and subsidiaries render seismic and other geo¬
physical services to firms exploring for oil and gas.
Proceeds
For debt repayment, and other corporate
—

;

Waterman

Steamship Corp.

;

-

Aug. 29, 1961 filed 1,743,000 common. Price—By amend¬
B u s i n e s s—The carrying of liner-type cargoes

ment.

Proceeds—For the purchase of

ital.-

Office—-71

vessels, and working cap¬

Saint

Joseph St., Mobile, Ala.
Under¬
writer—Shields & Co., Inc., N. Y. Note—This registra¬
tion will be withdrawn.
/
,

East Foothill Blvd., Pasadena,
Calif, Underwriter—White, Weld & Co., New York.

Price—By amend¬
ment. Business—Company plans to acquire and carry
011
business of Lunkenheimer Co., which manufactures
Dec.

Transmission

subordinated

debentures

1977

due

of

U.

S.

;/Natural Gas Corp., on the basis of one share of Western
i Transmission
for each U. S. Natural share held. Price—

$1.

Business—Company plans to operate a natural gas
gathering system in the south central part of Wyoming.
The gas to be sold initially, will be purchased from U. S.
Natural, which has agreed to guarantee the payment of

,

all expenses approved by U. S. Natural for the company's

organization, financing and other start-up costs. Proceeds
i.»*—For construction, working capital, and other corporate
purposes. Office — 1907 Chamber of C-mmerce Bldg.,
Houston. Underwriter—None.
Wisconsin
•

Real

Nov. 29, 1963 filed

Estate

Investment

100,000 shares

filed

1963

23,

Fund

of beneficial

interest,

of which 34,000

shares to be offered to stockholders

the

share for each two shares

on

and

350,000

pressure valves for commercial
Proceeds—For acquisition of Lun¬

use.

kenheimer Co. Address—Cincinnati,

Ohio. Underwriters

•—White, Weld & Co., Inc., New York, and Schneider,
Bernet & Hickman, Inc., Dallas.VX/X
if Wade, Wenger Servicemaster Co.
&, 1963 ("Reg. A") 9,500 class B copamon. Price—
$5. Business—Sale of franchises for on-location house¬

Dec.

hold cleaning and other services. Proceeds—For selling
stockholders. Office
2300 Warrenville Rd., Downers

•././/

Underwriter—None.

111.

if Baltimore Gas & Electric Co.
1963 it was reported that the company plans to
$25-$30,000,000 of bonds in mid-1964. Proceeds—
For construction. Address—Lexington and Liberty Sts.,
Batlimore. Underwirters—(Competitive). Probable bid-,
ders:

Halsey, Stuart & Co. Inc.; White, Weld. & Co.-First
Corp. (jointly); Harriman, Ripley & Co.-Alex.
Brown & Sons (jointly)..
Boston

/

if Welsh Panel Co.
Dec. 10, 1963 ("Reg. A") 20,000 common. Price—At-theMarket. Business—Processing of hard and soft plywood
sheets into finished wall panels. Proceeds—For a
stockholder. Address-—P. O. Box 329-Panel Way,

selling/

Long-'

view, Wash. Underwriter—Mitchum, Jones & Tempjeton,

Inc., Los Angeles.

-

-

'

Western

-.real

and

held and the

j

estate

investment fund.

Proceeds—For

investment.

Address—Marine Plaza, Milwaukee, Wis. Underwriter—
Braun, Monroe & Co., Milwaukee.
William

.bentures due

1978

and

of 6V2 %

,

i

for each
Jan.

6,

held

20

record

of

1964. Price—$45.

100,000 class A non-voting com¬
in units of one $100 debenture

mutuel

betting.
Proceeds—For debt repayment and
working capital. Office—3 Penn Center Plaza, Philadel¬
phia.
Underwriter—Stroud & Co., Inc., Philadelphia.
Offering—Indefinite.

15.

Rights

ATTENTION UNDERWRITERS!
a..;,.

•

xvX-^X-

v

/'■' "J"

X-x :•,/7,

Do you have an issue you're planning to register?
Our Corporation News Department would
like
to know about it so that we can prepare an item
similar

to

Would
write

Chairman, announced
capital
improvement program to be completed by 1965.
He
said that approximately two-thirds of the financing for
the program will be generated internally and the bal¬
ance
secured externally.
Mr. Homer added that this
would not be required until at least 1964. Office—25
Broadway, New York. Underwriters—To be named. The
last public sale of securities in May, 1955, was handled
26,

1963, Arthur B. Homer,

that the company will embark on a $750,000,000

by Kuhn, Loeb & Co., and Smith, Barney & Co., New
York.

Nov.
sell

'

°

1963, the company announced that it plans to

20,

$25,000,000 of bonds sometime in 1965. Proceeds—For

construction

of a new plant. Office—182 Tremont St.,
Underwriters—(Competitive). Probable bidders:

Boston.

Halsey, Stuart & Co. Inc.; First Boston Corp.; Lehman
Co.

-

x'

.

Public

Illinois

Central

On Oct. 2,

'"x

X

'

Effective Registrations
I

clared effective this week
by the SEC.

Offering

vdetails, where available, will be carried in

the

those

you'll

find

hereunder.

us

Prospective Offerings
Telegraph Co.
Nov. 20, 1963 the company announced that it will offer
stockholders the right to subscribe for 12,250,000 addi¬
tional

Telephone

common

20

held

early April.

shares

of

on

record

Proceeds

&

the basis of

Feb.

—

18.

one

new

share for

Rights will expire in

For expansion.

Office —195

New York. Underwriter—None. Offering—
Expected in early March.
=
-XXv

Broadway,

Consumer

Cooperative Association

$9,000,000 of 5 y2 % subordinated certificates
ness
stock

due

1988

offered

pany, without

and

at

par

120.000
and $25

underwriting.




shares

of

Associated Truck Lines, Inc.
of indebted¬

5^2%

preferred

respectively, by the

com¬

&
;

.

Service Co.

reported that the company plans
to sell $20,000,000 of bonds in the third quarter of 1964.
1963, it

was

; Office—607 East Adams St., Springfield, Ilk/Underwrit¬
ers—(Competitive). Probable bidders: Salomon Brothers
& Hutzler; Blyth & Co.-Kidder, Peabody & Co.-Merrill
Lynch, Pierce, Fenner & Smith Inc. (jointly); Halsey,
Stuart & Co. Inc.; Eastman Dillon, Union Securities &
Co.
Equitable
Securities
Corp.
(jointly);
Lehman
-

Brothers-Bear,

&

Stearns

White,

(jointly);

Co.

Weld

& Co.
v.--

/"."•*

Central

"•

.•

it

"/V '• v

x •'

350

was

reported

stockholders the right to
shares

common

held.

x

.

v'*

■

■'

:XX

'

Bank of Cleveland

National

1963

17,

offer

the

on

that this bank plans to
subscribe for about 119,of one new share for,

basis

approval of stock¬
28. Proceeds—To
increase capital funds. Office—123 West Prospect Ave.,
Cleveland. Underwriter—McDonald & Co., Cleveland.
•<:
each

10

is

Action

subject

to

holders at the annual meeting on Jan.

Clinchfield

RR

(1/15/64) x
reported that this company plans
to sell $6,960,000 of 1-15 year equipment trust certifi¬
cates. Office—20 E. 42nd St., New York. Underwriters—

'Nov.

26,

1963 it

was

(Competitive). Probable bidders: Salomon Brothers &
Hutzler; Halsey, Stuart & Co. Inc. Bids—Jan. 15, 1964
(12 noon EST) at above address.

of

firm's

this

Series

Satellite

common

will be

I

sold

Corp.

cations

stock to

to

be issued

the public, firms

concerns.

proved communications common
ized

of
the

facilities

Sept. 18, 1963 it

was

of Associated will be sold

be sold

holders.

for

the

publicly, of which 40,000 will
and 70,000 for certain stock¬
Company is a shor-t haul motor

company

Business

X/-/'/

reported that 110.000 common shares

—

that produce

carriers.

Price—Maxi¬

share. Business—Congress has author¬
company
to provide
satellites and ground
for the international transmission of telephone,

$100

per

Klingle

Connecticut
Nov.

in two series.

equipment and other non-communi¬
Series II will be issued to FCC-ap¬

exploration

space

mum

telephone us at REctor 2-9570 or
at 25 Rark Place, New York 7, N. T.

you

American

each

Monday issue of the "Chronicle."

v

•

.

Rd., N.

communications. Office
C. Under¬

W., Washington, D.

writers—To be named. Offering—Expected

de-

X

X;

Edison Co.

Boston

telegraph, television and other

were

capital

Underwriter

Bethlehem Steel Co.
Veb.

—3029

-The following registration statements

will expire

increase

funds. Office—900 Travis St., Houston, Tex.
—None.

Communications

Price—$220 per unit. Business—Company
been licensed to conduct harness racing with pari-

Oct.

Proceeds—To

Oct. 7, 1963 it was reported that a registration statement
will be filed in December covering about $200,000,000

sinking fund de-

and 10 shares.

!

products. Proceeds—-For a
selling stockholder. Office—2200 S. Fairview St., Santa
Ana, Calif. Underwriter—None.
.
X

shares to be offered

mon

semi-conductor

of

ap¬

a 2-for-l
split and the offering of 100,000 $10
shares to stockholders on the basis of one new share

proved
par

Penn Racing Association

March 8, 1963 filed $1,000,000

pas

—

sale

(Houston)

reported that stockholders had

was

.

remaining 65,000 shares to the public. Price—To stock;.holders, $10.25; to public $11. Business—A diversified

one

16, 1963 it

Dec.

Semiconductors, Inc.
Dec. 16, 1963 ("Reg. A") 20,000 capital shares. Price—
At-the-Market. Business
Development, manufacture

basis of

Salomon

Dec. 24,

—

Grove,

bidders:

Hutzler; Halsey, Stuart & Co. Inc.
Bids—
Expected March 18,1964 (12 noon EST) at above address.

common.

of high

types

industrial

Probable

&

Brothers; Harriman Riplev & Co.; and White, Weld

X

,

Corp.
Sept. 16, 1963 filed 1,162,537 capital shares to be offered
for subscription by holders of the capital stock and 6%
convertible

(1/20-24)

if Vaivco Corp.

various
Western

Office—2650

purposes.

at above address.

(3/18/64)

-

if Potomac Electric Power Co. (1/8)
Dec. 19, 1963 filed 1,143,939 gommon to be offered for
subscription by stockholders on the basis of one new
share for each 15 held of record Jan. 8. /Rights will ex¬
pire Jan, 22.

x

•r

if Great Northern Ry. (2/19)
24, 1963 it was reported that this road plans to sell
$5,400,000 of equipment trust certificates. / Office—39
Broadway, New York.
Underwriters— (Competitive).
Probable bidders: Salomon Brothers & Hutzler;' Halsey,
address.

RR

(Competitive).

—

Brothers

Oct.

Dec.

Stuart & Co. Inc.

EST)

noon

Bank of the Southwest N. A.

Underwriter—None.

St., Sycamore, 111.

(12

Nov. 26/ 1963 it was reported that this road plans to
sell $3,825,000 of 1-15 year equipment trust certificates
in March. Office—220 E. 42nd
St., New York. Under-,

*

•

1964

Coast Line

sell

if DeKalb-Ogle Telephone Co.
Dec. 16, 1963 ("Reg. A") 12,847 common to
subscription by stockholders on . the basis
each

Offering—Indefinitely postponed.

Coast

pected Jan. 8,

for

retire

in January. Office—220 E. 42nd St., New York. Under¬
writers — (Competitive).
Probable bidders:
Salomon
Brothers & Hutzler; Halsey, Stuart & Co. Inc. Bids—Ex¬

This Week

holding

in

Proceeds—To

Line RR
(1/8/64)
Nov. 26, 1963 it was reported that this road plans to sell
about $6,420,000 of 1-15 year equipment trust certificates

United-Capital

and

operating

Michigan, Ohio, Indiana
outstanding 6% cumu¬
lative preferred stock. Office — 15 Andre St., S. E.,
Grand
Rapids, Mich. Underwriter — Horriblower &
Illinois.

and

Atlantic

July 29, 1963 filed $500,000 of 6% convertible debentures
'due 1973 being offered for subscription by stockholders
•/of record Nov. 26 on an unlimited basis.
Rights will
Dec.

Thursday, December 26, 1963

.

Weeks: New York..

(Minn.)

'

expire

.

carrier

common

Corp.

Nebraska

Greater

^Continued from page 27

..

Yankee

Atomic

18, 1963 the SEC denied the

utilities which jointly own

in early 1964.

Power Co.

application of the 12

this new firm for permission

negotiate with underwriters for the sale of up to $55,000,000 of the firm's bonds. The Commission stated: "the
evidence tended to indicate that Connecticut Yankee's
senior securities could be sold successfully at competi¬
to

tive

bididng." A spokesman for the firm stated that it

decided whether to appeal the ruling, or to
with a competitive sale. Business—Company
formed in December 1962, to own and operate a

has not yet

proceed
was

500,00 kw. atomic power plant at Haddam Neck, Conn.
Proceeds—For construction of the $70-$80,000,000 plant.

St., Boston. Underwriters — To be
V/'
/....
■ " •/V

Stuart

Office—441
named.

-

'. X

.

Volume

198

6328

Number

.

.

The Commercial and Financial Chronicle

.

(2493)
Power

Consumers
Oct.

Mid-1964

until

Co.

1963 the company

7,

/•> Weld & Co.; Halsey, Stuart & Co. Inc.; Equitable Securi¬
ties Corp.; Kidder, Peabody &
Co.; Eastman Dillon,
Union Securities & Co.; Lehman
capital.
Brothers; Blyth & Co.
/

plans to raise additional
Earlier, the company said that it planned to sell

$20,-

March 18, 1963 the
company stated that it expects to sell-'
in the period 1963
through 1967.
Proceeds — For construction and
the retirement of
$8,000,000 of maturing bonds.
Office—9th and Hamilton

$75,000,000 of bonds

for

—

subscription by stockholders. Business—Manufacture
of seat belts, business machine
parts and parachutes.
Proceeds—For expansion, loan
repayment and working
capital.
Office — 1315 Versailles Rd., Lexington, Ky.
Underwriter—S. D. Fuller CO., New York.

(jointly); Morgan Stanley & Co.,,Salomon Brothers &
Hutzler-Blyth; & Co.-Lehman Brothers-Merrill Lynch,
Pierce, Fenner & Smith Inc. (jointly).
Data

by Halsey, Stuart & Co. Inc. One other bid
o'jq
was tendered
by Morgan Stanley & Co.
' '
Pennsylvania Power & Light Co.
>

the issue

000 of 6% convertible debentures due 1975 to be
offered

—

5tu., Allentown, Pa.
la&c

(Government of)
May 1, 1963 it was reported that the Government plans
to sell an additional
$35,000,000 of external loan bonds
in the U. S. during the fiscal
year ending March

Corp.

—

Aug.

on

1962

28,

handled

was

Witter & Co.,

Dean

by

Chicago.

the

in

third

quarter

Office

1964.

of

—

30

Rockefeller

Plaza,

New York. Underwriters—(Competitive). Prob¬
able bidders: Halsey, Stuart & Co. Inc.; First Boston
Corp.; Morgan Stanley & Co.; Stone & Webster Secu1,
rities Corp.
'
,

Florida

Power

& Co.

•//

/

/

Corp.

,

'

plans to

of

Harriman

Ripley & Co.
Blyth & Co. (jointly).
Florida

Power &

(jointly,);

Lehman

Brothers-Merrill1 Lynch, Pierce,
Reinholdt & Gardner, (jointly).

/

Ligkt Co.

(3/25)

11, 1963 it was reported that the company plans to
$35,000,000 of first mortgage bonds due 1994. Address
—25 S. E. 2nd Ave., Miami, Fla.
Underwriters—(Competi¬

2, Rector

St.,

(10-4

New

York.

EST), at

p.m.

Information

same

Meetins

address.

000,000

in

ment

General Aniline seized

and

must be approved by

Interhandel

stockholders,

—

250 Old

Rochester Telephone Co.

May 7, 1963 the company announced plans

&

Co.

that

this

First

Boston

Securities

Co.

Merrill Lynch,

Mexico

in

Forgan & Co.
& Hutzler-Eastman Dillon,

Equitable

-

Securities

5

/.//

1963 following the

&

Stuart

Pacific

RR

public offering of $40,000,-

York

State

April 3, 1963 it

,

(1/7/64)

tioi

Electric

&

Gas

Corp.

issue

Ithaca.

York.

New

bidders:

1965. Office—108 East

Underwriters

Bids—^Jan.

—

Kidder,

Peabody & Co. - Salomon
(jointly); First Boston Corp.-Glore

14

Northern

a

a

bank and

corporate

BMg'..

insurance concern, Proceeds—For general
Address — Investment
Insurance

an

purposes.

Cleveland, ~0.

New York.

■-

ln+erpuh|ic
'

Oct. 30,

Underwriter—S.

:/.y /

.

....

...

D.

^

Fuller

&

Co.,

reported that this company is plan¬
ning its first public stock offering. Business—A holding
company for

advertising agencies, public relations firms

and other communications media. Office—750 Third
New York. Underwriter—To be named.

Ave.,

(12

noon

'Ian.
to

sel

Power &

16.

1963

it

Light Co.

was

reported

that

the

company

$10,000,000 of bonds in the last half of 1964.

firp—823

Walnut St..

Dps

Moines.

plan*
~

Of-

Underwriters—^Com¬

petitive). Probable bidders: First Boston Corp.; White




Smith Inc.

First
&

(jointly);

Halsey,

Boston

Corp.Lynch,

Co.-Merrii)

Lehman Brothers-

(jointly).

fund.

a

To

be

South

named.

Fifth

The last

St.,

(Minn.)

/

Power

Co.

it

reported

/

was

that the

company

plans

to sell 30.000 shares of $100 par preferred stock in the
first quarter of 1964. Office—215 So. Cascade St., Fergus
Falls. Minn. Underwriter—To be named. The last sale of

preferred on March 8, 1950 was handled by Glore, For¬
gan & Co., New York and Kalman & Co., Inc., St. Paul
Telephone & Telegraph Co.
June 19. 1963 the companv stated that it will need $650,
million of new money in the years 1964 through 1966 to
help finance its $1.3* billion construction program. This
mean<?

that the company must sell

securities

a

year,

it

was

West Fifth St., Los Angeles.
Probable
bidders:
Hal¬

Inc.; First Boston Corp.-Dean Witter
Blyth & Co.-Lehman Brothers-Merrill

Southern

Dec.
the

Pierce, Fenner & Smith
:

repay bank loans and finance

601

Lynch, Pierce, Fenner & Smith Inc.-Salomon Brothers
& Hutzler (jointly).
Bids—Expected Feb. 25, 1964 (8:30
a.m. PST), at above address.

Minneapolis. Underwriter—

'

—

$00Lseries

sey, Stuart & Co.
& Co. (jointly);

/

Inc., New York.

1963

:a

offering, and a proposed
approved by stockholders

Underwriters—(Competitive).

rights offering in July 1959 was

underwritten by Merrill Lynch,

16.

must.be

R, due 1989. Proceeds—To
construction. Office

18,
sale

/

California

1963
of

mid-1964,

'

Otter Tail

split,

on

The rights

bonds,

was reported that the company plans to
about 771,110 additional shares to stockholders on
l-for-20 basis in 1964, tq raise an estimated $25,000,000

Office—15

stock

California Edison Co.
(2/25/64)
13, 1963 the company announced plans to sel]
000,000 of first and refunding mortgage

EST), at above address.

States Power Co.

Pacific

Iowa

Co.;
Dillon, Union Securities

Nov.

offer

Oct.

was

Probable bidders:

&

Southern

,

Inc.

1963 it

Blyth

the annual
meeting Jan. 15. Proceed*—To increase
capital funds. Address—Main and Water Sts.,
Rochester^
N. Y. Underwriter—To be named.
1

May 14, 1963 it

[;'"/y "/•

1963 it was reported that the company plans
registration statement shortly covering 200,000
Price—$10. Business—A holding company for

11,

common.

I-nc.;

at

...

Dec.

Co.

l-for-15 share basis.

(1/14)
17, 1963 it was reported that this road plans to
sell $7,575,000 of 1-15 year equipment trust certificates
in January.
Office — 233 Broadway (Room 1210), New
York.
Underwriters—(Competitive). Probable bidders:
Halsey, Stuart & Co. Inc.; Salomon Brothers & Hutzler.

April 30. 1963 the company announced plans to sell $15,- '
$20,000,000 of securities in 1964 to help finance its $26,000,000 construction program. Office—176 Cumberland
Ave., Wethersfield, Conn. Underwriters
First Bostor
Corp., New York; Putnam & Co., Hartford; Chas. W
Scranton & Co., New Haven.
/.;./>/
' /

to file

con¬

Trust Co. of Rochester
(N. Y.)
17, 1963 it was reported that the bank plans to
$6,000,000 of capital debentures, and offer stock¬

5-for-3

Dec.

Light Co.

■,.

is

Ave., San Diego, Calif.

holders the right to subscribe for additional stock

Greer

(Competitive)

—

// Norfolk & Western Ry

.

,

&

mutual

Dec.

Forgan & Co. (jointly)fHalsey, Stuart & Co.; Harrimar
Ripley & Co.; Blyth & Co. /- ^
/

Broadway, New York. Underwriter—Morgan Stanley, &
Co., New York.
/
V*-/
v■■
"

■

St.,

Office;—925 So. Holman Ave.,
Chicago.
Distributor—Allstate Enterprises, Inc.,
Chicago.

reported that the company plans tc

was

for 1964 and

program

St..

& Co., Inc., and a group of duPont stockhold¬
Offices—3044 West Grand Blvd., Detroit and 1775

,

favorable.

Franklin

Sears, Roebuck & Co.
19, 1963 a spokesman for Allstate
Enterprises, Inc.,
subsidiary, announced that the latter is
proceeding with
plans to form a new mutual fund,
following notice from
the SEC staff that
they will recommend that the Com¬
mission adopt a new rule
exempting Sears and othfer
large, publicly held firms from a provision of the lbvestment Company Act. This
provision has been inter¬
preted by some; to mean that registered investment com¬
panies could not hold Sears stock if Sears itself owned
a

sell $20,000,000 of debt securities to finance its construc-

Corp.

was

.

10

$16,1964, but

Securitv
h'ew

Probable

Co.

—

are

Nov.

(Competitive). Probable bidders. Salomon Brothers &
Hutzler; Halsey, Stuart & Co. Inc. Bids--Expected Jan. 7,
1964 (12 noon CST), at above address.
/

Brothers & Hutzler

llica

Office

Sixth

Salomon Brothers & Hutzler
.

1963 it was reported that this road plans to sell
$6,600,000 of 1-15 year equipment trust certificates., Ad /
dress—Missouri Pacific Bldg., St. Louis. Underwriters—

Nemours

/

Office—861

Pierce, Fenner &

-Oct. 22.

also

the vU. S. District Court at Wash¬

Electric

construction.

Underwriters—(Competitive).,

,/

Co., Inc., and First Boston Corp., N. Y.

Missouri

publicly in early 1964 for the benefit of E. I. duPont de

Hartford

conditions

securities

mid-1964.

Eastman

Corp.

( Government or)

reported that a registered secondary
of about .3,900,000 G.M. common shares will be offered

ers.

For

market

Corp.; Eastman Dillon, Union Se¬
curities &
Co.-Kidder, Peabody & Co. (jointly); Kuhn,
Loeb & Co.;
Halsey, Stuart & Co. Inc.

Corp.-Glore-,

Brothers
&

Loeb

Corp. (jointly); Lehman Brothers-Kuhn, Loeb &
Co.-Glore, Forgan & Co. (jointly); Bache & Co.
18, 1963 it

—

if

bidders:.First Boston

—

Dec.

earlier

so

Proceeds

Light Co.

reported

was

(Competitive). Probable bidders:

Inc.;

Boston

Motors

do

San Diego Gas & Electric
Co.
Sept. 10, 1963 it was reported that the
company
sidering the sale of about $20,000,000 of debt

it

of bonds in the U; S. and abroad. Underwriters—Kuhn

ington, D. C. Business—Company is a leading domestic
producer of dyestuffs, chemicals and photographic ma¬
terials. Office—111 W. 50th St., New York. Underwriters
(Competitive). Probable bidders: Blyth & Co.-First

General

to sell

000,000 of debentures in the first quarter of

000 of external bonds, it was reported that the Govern¬
ment
is authorized to
sell
an
additional $65,000,001

Interhandel about $60 million. The settlement
terms,

by

Power &

1963

July 16,

and 2,050,000 class B
by the U. S. Govern¬

1942

approved

Office

Pierce, Fenner & Smith Inc.-Kidder, Peabody & Co.-Har¬
riman Ripley & Co., Inc.
(jointly); White, Weld & Co.Blyth & Co., Inc.-Shields & Co. (jointly); Halsey, Stuart

>

of the

recently

issue

Rochester, N. Y. Underwriters—(Competitive). Probahle

16,

(jointly).

as
a
German asset. The stock represents
voting control of the company. Mr. Kennedy
said that if General Aniline should be sold for $200 mil¬
lion. the Government would receive about $Vtn millior

98%

Co., Inc.-Eastman Dillon, Union Securities & Co
-Mer¬
rill Lynch,
Pierce, Fenner & Smith lnc.-Dean Witter &
Co.] (jointly); First Boston
Corp.; Lehman BrolhersKidder, Peabody &/Co,-'White, Weld & Co.
(jointly);
Blyth & Co., Inc.-Smith, Barney & Co.
(jointly).

,

to

may

Union

control of the 540,894 class A

shares of

program.

(jointly); Salomon

Film

Corp.
April 3, 1963 Attorney General Robert F. Kennedy an¬
nounced that the Justice Department had reached an
out-of-court agreement with Interhandel, a Swiss hold¬
ing-company, designed to settle the 20-year old dispute
over

,

reported that the company plans to

was

Proceeds—For

writers—

Underwriters—Merrill Lynch, Pierce, Fen¬
ner & Smith
Inc., and Kidder, Peabody & Co., Inc., New/
York.
Offering—Expected in early April.
&

•

plans

■-V

•

1963 it

t

subsidiary of■'
Middle South Utilities, Inc., plans to issue
$25,000,000 of
bonds in second quarter of
1964, Proceeds—For construc¬
tion. Office—142 Delaronde
St., New Orleans. Under¬

—Ocala, Fla.

General Aniline

'

Louisiana
Oct.

,

share for each five held. Address

one new

& Co.

Service Co. of Colorado/

—

-

tive). Probable bidders: Halsey, Stuart & Co. Inc.; Blyth
Co., Inc.-First Boston Corp. (jointly); W. C. Langley

■

Probable bidders: Morgan

in April,
construction. Office—900 15th'
St.,
Denver, Colo. Underwriters
(Competitive). Probable
bidders: Halsey, Stuart & Co.
Inc.; Harriman, Ripley

Inc.-

Mineola, N. Y. Underwriters—(Competi¬

Rd.,

$50,000,000 of first mortgage bonds
1000 Chestnut
St., Philadelphia.

—

$35,000,000 of 30-year first mortgage bonds

1964.

'&

Telephone Corp.
/
Dec. 3, 1963 it was reported that the
company plans to
file a registration statement in
early March, 1964, cover¬
ing 206,338 common shares, to be offered to stockholders
the basis of

5-year construction

Country

Florida

on

sell

$25-to-$30,0Q0,000 of first mortgage bonds In each of the
1964 to 1968 inclusive, to help finance its $285,-

•—

,

Public

June 4,

years

tive). Probable bidders: Halsey, Stuart & Co. Inc.; First
Boston Corp.; Merrill Lynch,
Pierce, Fenner & Smith
Inc.-Kidder, Peabody & Co., (jointly); White, Weld &
Co.-Blyth & Co.-Lehman Brothers (jointly)."Bids—Ex¬
pected March 25 (11:30 a.m. EST) at Ebasco Services,

•

Smith
;

Aug.

sell

Inc.,

&

Long Island Lighting Co.
29, 1963 the company announced

Dec.

March 24

Fenner

of

Office

•

Office—1017 Olive SL, St. Louis. Underwriters—
(Competitive) Probable bidders: Halsey, Stuart & Co.
Inc.; First Boston Corp.'; Francis I. du Pont; A. C. Allyn
& Co., Inc.; Stone & Webster Securities
Corp.; Lehman

Brothers-

com¬

(jointly); Lehman Brothers-Eastman
Dillon, Union Se¬
& Co.-Harriman
Ripley & Co.-Merrill Lynch
Pierce, Fenner & Smith Inc.
(jointly). Bids—March 10,
1964 (10 a.m.
EST) at 320 Park Ave., New York.
' s.

1965.

,

at

Co., and Kidder.
Haisey, Stuart

were

curities

1964.

St., South, St. Petersburg, Fla. Underwriters—
(Competitive). Probable bidders: Merrill Lynch, Pierce,
Fenner & Smith Inc.; Halsey, Stuart & Co. Inc.; First
Boston Corp.; Eastman Dillon, Union Securities & Co.-

named/ The
won

first mortgage bonds due 1994.
Office—200 East •
Patrick St.,
Frederick, Md.
Underwriters—(Competitive)
Probable bidders: W. C.
Langley & Co.-First Boston
Corp. (jointly); Halsey, Stuart & Co.
Inc.; EquitabV
Securities
Corp.; White, Weld & Co.-Shields & Cb.

in late
Proceeds—For loan repayment, and the refunding
$19,000,000 of outstanding 3Vz%. bonds due Feb. 1,

Fifth

bidders

be

was

Stanley & Co.-Drexel & Co.
(jointly); Halsey, StuaHu
& Co. Inc.; First
Boston Corp.;
White, Weld & Co/
Potomac Edison Co.
(3/10/64)
1
Oct. 16, 1963 it was
reported that this
subsidiary of AU
legheny Power System, Inc., plans to sell
$12-$15,000,000 of

mortgage, bonds

18,' 1963 it was reported that this utility plans to
sell $25,000,000 of bonds sometime in 1964. Office—101

2.9, 1961
White, Weld &

Underwriters—(Competitive).

* -

Dec. 20, 1963 it was
reported that the company
sell about. $29,000,000 of first

,

Dec.

>

(jointly).

★ Laclede Gas Co.

mid-1964.

in

Halsey,

Stuart & Co. Inc.; Blyth &
Co., InoFirst Boston Corp.
(jointly); Lehman Brothers-Bear, Stearns & Co. (joint¬
ly); Equitable Securities Corp.- Eastman Dillon, Union
Securities & Co. (jointly); White, Weld & Co.-Shields

Nov.

Other

sidering the sale

—
1330 Baltimore Ave., Kansas
City, Mo.
Underwriters— (Competitive). Brobable bidders:

17, 1963 it was reported that the company has ten¬
tative plans to issue $50,000,000 of first mortgage bonds

Underwriters—To

on

by

Inc.; First Boston Corp.-Drexel & Coj
(jointly);
Philadelphia Electric Co.
Sept. 18, 1963 it was reported that the
company is con¬

1965. Address

Duke Power Co.
Dec.

bonds

Co.

,

Underwriter—To be named. The last sale of debentures

of

bidding

Peabody & Co.

31,1964.
It is expected that the
majority would be sold, by Dec.
31, 1963. Underwriter—First Boston Corp., New York.
Kansas City Power & Light Co.
Oct. 16, 1963 it was reported that the
company plans to
sell $18-$20,000,000 of first
mortgage bonds in January

and type of issue, will depend on market conditions at
the time. Office
8100 34th Ave., South, Minneapolis.

sale

petitive

Japan

Sept. 16, 1963 it was reported that the company plans
the sale of $25,000,000 or more of securities sometime
in 1964. A company spokesman stated that the timing

under¬

written

Irving Air Chute Co., Inc.
Sept. 11, 1963 it was reported that the company plans
to file a registration statement
shortly covering $1,810,-

000,000 of debentures. No decision has been reached on
the type or amount of securities to be sold in
1964.
Office
212 West Michigan Ave., Jackson, Mich.Un¬
derwriters
(Competitive). Probable bidders: Halsey,
Stuart
&c
Co. Inc.; White, Weld & Co.-Shields & Co.
(jointly); Harriman Ripley & Co. Inc.-First Boston Corp.

Control

gomery St., San Francisco. Underwriters—To be
named.
The last issue of
debentures on Feb. 16, 1960 was

stated that it had postponed

its

29

the

Edison

company

Co.

stated that it is considering

$30-$35,000,000 of convertible debentures in
$50,000,000 of bonds in the latter part

and

of the year. Action is subject to favorable market con¬
ditions. Proceeds—To refund $30,000,000 of
3^% bonds

maturing Sept. 1, 1964, and for construction. Office—6Q1
West Fifth St., Los Angeles.
Underwriters—(Competi¬
tive). Probable bidders: Halsey, Stuart & Co. Inc.; Firfct
Boston Corp.-Dean Witter & Co.
(jointly); Blyth & CoVLehman Brothers-Merrill Lynch, Pierce, Fenner & Smith
Inc.-Salomon

Brothers

&

Hutzler

(jointly):

Southern Co.

Aug.

12,

1963 the company stated that it is considering
$35 to $40,000,00(1 of common stock early in

the sale

of

1964

help

to

finance

its

$570,000,000

construction

prq-

about $217 million of

stated.,Office—140 New Mont¬

.

Continued

on

pnge 30

30

The Commercial and Financial Chronicle

(2494)

.

.

.

Thursday, December 26, 1963'
Tri*

'■ '

Continued from page 20

Securities

Union

,7^

■

Co.-Salomon

&

Brothers

&

Hutzler

.

(jointly); First Boston Corp.; Kuhn, Loeb & Co.-Blyth
Co.-Kidder, Peabody & Co.-Merrill Lynch, Pierce,

gram.

Ga.

Utilities

&

Fenner & Smith Inc.

Office—1330 West Peachtree St., N. W., Atlanta.
Undenvriters--To be named. The last sale of com¬
Feb.

on

1961

15,

Fenner

Smith

&

was

Dec.

Inc.

(jointly).

Pacific

Southern

17, >1963

it

that

reported

was

Tokyo

/
this

plans

company

(12 noon EST), at above address.

Southwestern Public

Oct. 6,

1963 it

Service Co.

Bldg,,

Dallas,

Southern Counties Gas Co. of
1963 it

stock

&

Calif//

plans to sell $27,000,000 of first mort¬
the fourth quarter. Address—P. O, Boj
Terminal Annex, Los Angeles 54, Calif. Under¬

bonds in

2736.

writers— (Competitive)

&

Co.; Blyth & Co.

&

Smith

Inc.;

Corp. 1
Dec.

Halsey.

17,

1963

&

it

Utilities

Texas

/

.

Power

White.

Weld

Merrill Lynch, Pierce, Fennei
Stuart & Co. Inc.; First Bostor

Inc.;

r

Texas

bidders:

Probable

Light Co.

•

(1/20)

reported

was

that

subsidiary

111. 60646

Nov.

Co.,

report

the

AI ernative
the

Use

Harry

Finance

Monetary

Economics,

Princeton

Princeton,
copies

Department

N.

J.

on

executive

Morris—Florida

C

McN eel—Basic rules and attitudes

Trenton Trust

for

N.

Business
Fact

Statistics

book

on

the

national

wood

Company, Trenton,

New

Market

Key

tem for forecasting

geared

son—A
all

_

and

handy reference guide to

significant
to

tutions;

the

of

"sources

capital

major investing insti¬

also included is the

com¬

plex of U. S. Government lending
agencies
and
the
quasi-governmenti nternational finance agencies

—Simmons -Boardman

Corp.,

30

Church

Publishing

Street,

New

York, N. Y. 10017 (cloth), $15. y

the

Dow

which

cal

Electric

Year

Institute

Book

of

duces

nue,

Electric

a n n

source

of

basic

field,

of

and

the
a

i

n

g—A

help,
estate

compact
general

a

planning

consideration

of

all

nal Revenue

Code, including 1963
legislation to November, 1963, and
applicable
new
regulations —

Clearing




House,. Inc.,

Committee!

East

22

Inc.,

New

York,

Y.

N.

of

editorials
Wall

Wall

the

Journal—Selected

ter,

de¬

of the gaps in

,Street

stories, articles,
from

the

Journal—Edited

by

and

Street

Inc.,

cartoons

630

on

an

theory

Fifth

New

Avenue.

Clearing

4025 West Peterson

Inc..

House,

Avenue, Chi¬

111. 60646 (paper), $3 (hard¬

cago,

bound

edition

for

reference, $8.50
Personnel

Fr

and

man,

of

Development—Earl

Industrial

Relations,

C

o r n e

State,

York

Labor

and

University,

l 1

Ithaca, N. Y. (single copies free to
York State residents): 750

New

for

copy

and

out-of-state

all orders

cOpies.

of

two

orders

or

heavy

A.

New

selling

pressure

Knopf,

Madison

501

York,

N.

Coming

Y.

10022

Explosion:

The

Boom

and

in

N.

Y.

Home

Bank

Hartford, The

Lean

Management

Gladson—An

within
of

the

and

an

in

analytical

extending its in¬
basic

and

the

funds

time

of

nature

of

line

method

of

technique,

Macmillan

Com¬

(cloth), $7.95.

whole but for spe¬

Unionism—Chamber of Commerce

Life Insurance, 488 Madison Ave.,

of

New

N.

York, N. Y. 10022 (paper).

the book also intro¬
techniques

new

for

Shifting

tice Hall

rate

Inc., Englewood Cliffs,

to

Make

Fortune

a

Starting from Scratch

Today

William

—

effect

of return—Marian

and

Johns
Md.

Nickerson—A guide for success in

Corporation

Empirical

short-run

its

iak

(cloth), $12.50.

the

of

Tax—An

Richard

Hopkins

21218,

Tax
and

the

upon

Krzyzan-

Musgrave—

Baltimore,

Press,

$4.

Some

—

A

Questions

pamphlet te-

arid Schuster, Inc., 630 Fifth Ave., signed to answer the
questions
New York, N. Y.
10020 (cloth),1 most frequently asked
tax¬

'

^

White

Line:

Laboratories

Kogan—Random
Madison
10022

of

Inc.,

457

Avenue, New York, N. Y.

(cloth), $5.95.

Monetary
States
man

Story

Herman

—

House,

History

1867-1960

—

H.R.

by

8363

the

ment,

the

United

Milton

Fried¬

and Anna Jacobson

Schwartz

Income—An

Peggy

The

for

the

Economic

National

Research,

Foreign

of

Infoi-

Depart¬

Investment

Economic Analysis—

Brewer

Hopkins

versity

of

ii

considered

Washington, D. C. 20220.
of

Press,

Richman

—

Baltimore,

Johns

Md.

$5.50.

Big Sell—Pierre Berton—An

expose

States,

1615

H

St.,

of the black side of sales¬

Piping

Square

Rock

Garden,
"v

:

Mr.

funds for the

Miller

has

raised

Society, which

pro¬

vides legal services and court rep¬
resentation

work

is

Yorkers

who

private lawyer.

The

to

cannot pay a

New

by

is

and

planned

to

voluntary

an

supported

intensive

raise

to

greatly

cover

$1,250.-

expanded

services in 1964.
I

'.

-

'

„

Gen. Bond & Share Branch
DENVER.

Colo.

—General

& Share Co.. has

Bond

a

branch

California

1615

at

opened

Street

under the direction of William

Sharp.

Mr.

Sharp

of Schmidt.

an

was

N.

officer

Sharp, McCabe & Co.,

•/<

Inc.

(paper), 750.
Women

and

Kahn

A

with

—

Wall

guide

Street

Lotte

r—

the

to

Bartell

Corporation,

Street,

New

York,

205

N.

E.

42nd

Y.

10017

help

duce

of

advertising

Guide

Hay

—

has

opened

effice

827

Wheeling

at

a

" "

Hay.

material

designed

and

help

to

sug¬

small

plan,

successful

evaluate

and

New Branch

advertising—A kit

and middle-sized institutions

execute

Ohio

Company

and

branch
Avenue

'J,

A.

<

bank plan and pro¬

your

effective

gestions

CAMBRIDGE.

under the direction of Edward

Your Bank's Advertising: A
to

Hay & Co. Branch

market,

feminine slants- Macfadden

a

advertising programs—Public Re¬

Associates,
branch

Office

Oreg.—Mutual Fund

COQUILLE,

has

Inc.

office

St. under the

at

opened
West

914

a'

16th

management of Ar¬

thur R. Fletcher.

lations Department First National
Bank

21218,

Press

program

being

Treasury

Taxation

of

now

Senate—Office

mation,

—Published by the Princeton Uni¬
Bureau

about the tax

payers

.

The

United

W., Washington, D. C. 20006—

(paper), 600.

•

Program:
Answers

A.

In¬

study

the

that

year

Trans¬

is the seventh consecutive

office

Why Journalists Favor Voluntary

States—Institute of

This

decision-making
simple financia

of

Madison

and the Economic Club.

with' 000

statements

Private and Public Pension Plans
United

Club,

the

of

Legal Aid Society,

member

a

drive

and

10011

and

Director

a

contributions,

in¬

60 Fifth Avenue, New York,

Y.

is

fundamental

of

reporting—the
pany,

Development Division. Bank.

position,

among

light

theory

impact

examination of past
the

&

traditional

the

needs rather

N.

the

Plan¬

Park

accounting

and practice, but

come

for

continental Insurance Company of

John

flow

•

responsibility

Loan

He

for

relationships

Society's

The

Control—Colin

funds

the

has

Aid

Legal

Divi¬

Banks

Campaign for funds.

He

The

10011

ning and

on

Commercial

1964

Ave¬

Capital—Flow of Funds

into

the

Savings and

the

framework

ing

Mac-

Filth

60

York,

Field—Federal

theory

Vice-

Senior

Manufacturers

the

of

Board, Washington, D. C. (paper).

W.

Miller,

of

sion

(cloth), $4.95.

approach

H.

President.

in

Shakeout

Relations—The

Company,

Trends

Legal Aid Drive
William

Hanover Trust Company, is head¬

New

nue,

Wm. Miller in.

sales¬

number of methods to

a

Relations

more

>

door-to-door,

telephone

(cloth), $5.
The

quiry

Industrial

in

h—New

enc

School

copy).

per

Problems
and

permanent

was

financing

new

by

and

thwart the

York, N. Y. 10020 (cloth), $6.95. / Working
analysis
1964 U. S. Mister Tax Guide-

per

Corp.
1963 it

18,

reported that the company/ plans
in 1964.
Office — 2 Haloid St.,
Rochester, N. Y.
Underwriter—To be named. The last
financing for Xerox in 1961 wag handled by First Boston
Corp., New York.. • • •
■i
*
*• -• "

Corporate

(paper), 250.
World

of

Abbott

pertinent provisions of the Inter¬

Commerce

10016

Pomfret—Public

D.

Street,

tential via volume changes—Pren¬

Long

New York, N. Y. 10017.

survey

two

$4.95.

P 1

38th

come

1962—Edison

Estate

(paper).

Areas—John

improved forecasting^of price po¬

Institute, 750 Third Ave¬

Utility Industry for
Electric

the

Statisti¬

Xerox

used

—Alfred

Opportunities for Depressed

Affairs

today's real estate market—Simon

(paper), $2.

Edison

sell

applied to the ad¬

as a

cific stocks;

How

20036

and

Volume"

be

can

the market

and

W., Washington, D. C.

New

Milwaukee,

bidders: Halsey,
Stuart & Co. Inc.; Kidder, Peabody & Co.; Merrill Eynch,
Pierce, Fenner & Smith Inc.-Eastman Dillon, Union Se¬
curities & Co-Salomon Brothers & Hutzler (jointly);
White, Weld & Co.; First Boston Corp.; Blyth & Co,Lehman Brothers (jointly).
'
•
'
- 5
'

mail-order

Avenue.
New

B.

sys¬

stock market analysis not only for

1200

N.

Asso¬

Avenue,

Office—1029 No. Marshall St.,

in the

Products

Street,

York, N. Y.

Research

Theory is based

vance-decline

Terborgh—Machinery

18th

Third

605

E. Gran¬

buy

some

Balance

"On

ciation,

new

a

market action

provide

signed to fill

N. J.

Allied

Stock

price change; this technique

Discounted-Casli-Flow Method of
Investment
Analysis — G e org e

Institute,

Engle-

signals in advance of the actual

Capital Sources and Major InvestC. Han¬

to

Profits—Joseph

$2.CO.

in? Institutions—William

E. Gran¬

Inc.,

ville—Presentation of

to

Stock

(cloth), $12.50.

New

ments, U. S'. Government Printing
Office, Washington, D. C. 20402,
y

to

Key

Cliffs, N. J.

construction.

manship and the deceptive tech¬

niques

Study in Industry

Pioneering—American Gas

Commerce

Profits—Joseph

Granville's

Docu¬

leaders—

(paper).

-,V ville—Prentice-Hall,

econ¬

pf

08605

Granville's

1963-Edition—

omy—Superintendent

nine

of

Market

(paper),

national

&

Fla.

Enterprise in the U. S. A.—

J.

Natural Gas—A

Press,

Charles Preston—Simon & Schus¬

Beating the Stock Market—R. W.

,

Power

Miami,

o m p a n y,

Views

„

Book—

Case

(paper).

hopes to specu¬
late successfully—Fraser Publish¬

(cloth), $15.

millan

Light

who

University

New

Industrial

Free

ing Company, Wells, Vt.
$2.95.
'

Corpo¬

(single copies

10022

N. Y.

copies, 250 each).

anyone

R.

vice-president.

Financial

Allen

single

(additional

request

on

fi¬

request), y: /

Florida

of

University,

(paper),

of modern

maze

Concord

York,

Policy—

Johnson—International

Section,

way

ration, 575 Madison Avenue, New

Guiding Principles for

of

G.

com¬

his

find

Inc.—Princeton

Princeton, N. J.

practice —.William

Hens,
Allied

Chi¬

'

Underwriters— (Competitive). Probable

Blackstone Valley Gas & Electric
entire 400,000 shares holdings of

its

Service Corp.

26, 1963 the compny stated that it is considering
the. sale of $15,000,000 of 30-year first mortgage bonds
in the period June to November, 1964. Proceeds — For

reported that the SEC is studying

sell

Public

Nov.

some

was

would

designed to help the

president

through

.

Wisconsin

\-7v

it

1963

Profits—A

pany -

nancing

1964.

under which

(paper), $2.

Financing for Greater

BOOKSHELF

13,

plan

a

Avenue,

West Peterson

cago,

the second quarter of

Valley Gas Co.

plans to sell $15,000,000 of sinking
fund debentures due 1989. Address—Fidelity Union Life
Bldg., Dallas. Underwriters— (Competitive). Probable
bidders:
Halsey, Stuart & Co. Inc.; Eastman Dillon,

4025

field, N. J/ Underwriter-r-To be named. The initial pub¬
lic offering of Two Guys from Harrison, a predecessor
company, in August 1957 was underwritten by- Bache
& Co., New York.
'

Dec.

of

Co.,

Businessman's

in

■

was

schman who recently resigned as President and Director.
Business—Manufacture of home appliances, and the oper¬
ation of discount stores. Office — 174 Passaic Stv, Gar¬

* \

Brothers./';

man

this

ir

Officer—1407 West
Underwriters—(Competitive). Probable bidders (bonds): Salomon Bros. &
Hutzler; Halsey, Stuart & Co., Inc.; Kidder, Peabody &
Co.;
Merrill
Lynch, Pierce,
Fenner
&
Smith
Inc
(jointly); White, Weld & Co.-Stone & Webster Securi¬
ties Corp.
(jointly); First Boston Corp.-Blyth & Co
(jointly); Eastman Dillon, Union Securities & Co>
Smith, Barney & Co. (jointly); Lehman Brothers-Bear
Stearns & Co. (jointly). (Preferred Stock) White, Weld
& Co.-Stone & Webster Securities Corp. (jointly); Firsl
Boston Corp.-Blyth & Co. (jointly); Kidder, Peabody &
Co.; Eastman Dillon, Union Securities & Co.-Smith, Bar¬
ney & Co.-Saloinon Brothers & Hutzler (jointly); Leh

fic Lighting Corp.,
gage

/

Inc.

1963 it

20,

North Temple St., Salt Lake City.

reported that this subsidiary of Paci¬

was

Under¬

July 2, 1963 it was reported that this utility plans to sell
about $20,000,000 of bonds and $10,000,000 of preferred

plans to

Read

/

•

bidders: Kidder

reported that a registration state¬
ment is being prepared covering the secondary: offering
of up to 186,000 common shares held
by. Sidney Hub-

Utah Power & Light Co.

L

•

'

Jan. 2.

lug—Indefinite.'

7,:

/

Underwriter—Dillon,

Tex.

Vornado,
Nov.

March, 1927, was handled by Kuhn, Loeb & Co. Offer-

approximately $15,000,000 of first mortgage bonds
in the first quarter of 1964. Office—720 Mercantile Dal¬
Co., Inc., New York.

ending March 31, 1964.

year

writer—To be named. The last issue of Tokyo bonds

issue

las

(City of)

during the fiscal

•■V..',-,

'-/'

reported that the company

was

Underwriters—(Competitive). Probable

Peabody & Co.; Stone & Webster Securities Coirp.

was reported that the Diet had authorizec
the sale of $20,000,000 City of Tokyo bonds in the U. S

1-15 year equipment
January. Office—165 Broadway/New
York.
Underwriters—(Competitive). Probable bidders:
Salomon Brothers & Hutzler; Halsey, Stuart & Co. Inc.
Bids—Jan. 22

was formed by Blackstone to take ' over its
properties/ Proceeds — To the selling/stockholder,
Blackstone Valley Gas.
Address — Pawtuckbt/ R. I.

gas

May 1, 1963 it

trust certificates in

Associates, the latter's parent Price—At book
per share on April 30, .1963); Business—

($11.15

Company

Co.

/

sell approximately $8,000,000 of

to

&

Ebasco

at

(1/22)

Co.

value

(jointly); Lehman Brothers; White,
Bids—Expected Jan. 20 (11:30 a.m. EST)
Services, Inc., 2 Rector St., New York. In¬
formation Meeting—Jan. 17 (11 a.rru EST) at same ad¬
dress.
/ ~
1
Weld

»

made to a group headed by
Dillon, Union Securities & Co., Blyth & Co.,
.and Equitable Securities Corp. Other bidders were: First
Boston Corp.-Lehman Brothers (jointly); Morgan Stan¬
ley & Co.-Kidder, Peabody & Co.-Merrill Lynch, Pierce.
mon

Eastman

.

Valley Gas to stockholders of Blackstone and Eastern

St.

in

Louis,

510

Locust

With Public Sees.

Street, St. Louis, Mo<r 63101.
Your

Invesfments—Leo

Barns-r-

11th edition completely revised of
a

guide

income

to

—

Council,

increase

capital

American

Inc.,

(paper), $3.95.

and

Research

Larchmont,

N.

Y.

FALL

RIVER,

Paradis
are

and

Mass.—Lionel

Harold

M.

connected

now

Securities

Company,

C.

Eisenberg

with

18

Public

Bedford

Street., Both were formerly with
fipfMirit.v

Planners

•

Associates.

V

Volume

*7

Number 6328

198

.

.

The Commercial and Financial Chronicle

.

(2495)
•

I

•

•

of

securities
who

and

Security Gifts to

.

/

sales made

of

or

hesitated

have

because

legal complexities, are in for

pleasant surprise.

a

more,"

any

Kellogg added.

(3)

not

&

gifts

of

securities

to

of New Jersey,

thanks

to

NYSE Receives

minors

:/'i/

in

///

In

The

plan

The Board

/

amendment

of Governors

of

the

tee's

Board

'

1,

is

it

effec¬

1964,

■■

the

take

fect

early

posed

ef¬

has been acted
ses¬

tained

The

Uniform

Gifts

to

Minors

(Public Law 87-821), now

report

by

the

ruling

Revenue

will

ual members who wish to do

so-called

brbadens the

"model

gifts of

money

ties.

also

It

choice
wise

of

law"

to

enlarges

custodians,

as

securi¬

of

giver's

estimated

once-complex

a

in

Act

New

Jersey

the Association of Stock

national

Firms,

trade

portion of the total

report

the

of

accepted

was

■/'/

'

and

Tlie

Exchange

Leeds

incurred

resident of Elizabeth,

points out that the law "has

marily

on

dent and

a

cations, not only for parents
who

others

wish

to

and

cash

securities

of

to

community."

gifts

Pointing
action

legislation, what began

as

entire

the

a

simple gift transaction of ten ended

adopted

in

vides

tangle of legal complications

a

and

giving

securities

to

(by

always

the

having

tered

later

the securities
dends.
fer

A

disaffirm

or

seri¬

arose

when

at his peril,

so

generally

majority.
so-called

'minor's

to

the

disability'

courts

bear
In

ly—to establish
minor's

the 'cure'

was

Either

Funston,

Keith

President

NYSE, pioneered

and

curities to

gifts

our

portion

system."
der

the

Beginning
ASEF's

promotion,
enacted

in

number

of

the
a

1955,

and

model

was

law

steadily-increasing

jurisdictions.

more

streamlined

and—according

Now

to

Uniform

Mr.

nationwide

and

it,

by the
Act,

Kellogg—

"never has any new law had

prompt

prior to the
advance

to

agreed that

the

of

called

be

not

to

for

.

,




i

in

its

report

will

it

should

future.

the

Security

the

to

its

to

recom¬

Bolton,

theunembership
Special

Commit¬

tee of the Board—headed

by C, B.

Harding, senior partner of Smith,

& Co.—is actively study¬

Barney

possible

ing

of such

currence

Board

situation.

a

is

Governors

of

the basic

been
of

Editors

will

be

absorbed

Economic

President

plan for

the

Boston;

President

Appraisals,

mended

to

the

and

and

of

seek

on

also

handle

to

pared

avoid

to

and

recurrence

such

in the present 1%
upon

up

to

to

such

be

of the Exchange,

'

<VG/

y

.

Rosenthal

&

York

New

charge in

/ /, /:

in

the

An

member

increase

of

minimum

per year;
up

present charge of

to

per

share

on

At

'

50%

Yh of lc

odd-lot purchases or

Notice

Board of
final divi¬
seventy-five cents per
on
the
Ordinary
Capital
was
declared in respect of

share

Stock

payable Jn Cana¬
1964,

1963,

year

funds

dian
to

the

held today a

of

dend

the

of

meeting

a

Directors

on

February 28,

Shareholders

Inc.,

record at 3:30

of

January 7, 1964.

on

p.m.

By order of the Board.
T. F. TURNER,

Secretary-

1963.

December 9,

Montreal,

arid Di¬

McCormick

CLEVITE
OHIO

NOTICE

paying

a

dividend of 35

common.share

a

oil

December 27. This is the

BOSTON JED1S0N

'./,-/

166th conscc-

/company's
/

utive quarterly dividend.
a.

A

STOCK

$1.06

o-

DIVIDEND

1964

day

first

the

on

February

•

on

partnership.

Company's

/'

dend.

payable January 23,

ferred Stock.

4.25',,'

record

Pre¬

Cumulative

stock divi¬

2%

a

.

1964 to stockholders of

the

of

1964

10,

January

on

clared

o.

business

of record at the c.ose of

Exchange,

1, will admit Jay J. Pack to

.

_

stockholders

to

DECLARED

'
'■[ i
'
'
' v ' /'■ •
Directors have also de¬

:

declared

been

has

share

payable

of the

members

Stock

York

New

Jan.

dividend

quarterly

,

January 2,

1964.

Series.

Preferred Dividend

With Hirsch & Co.

A

div.dend

quarterly

of $1.19

been

declared

has

share

per

the

on

1964

Stock

Hirsch

Haupt

&

Co.,

associated with the

now

York

Ira

&

Co.

registered

as

New

firm

Exchange

of

repre¬

New York City,

Ave.,

share

of

the

of

980

INVESTING

The

Board

pany

the

Madison
of

able

Stock

February

record

of

January

13.

5,
the

at

HAZEL

of

21,

of

18.

quarterly
share

per

Common

N. Y.

Directors

December

on

regular

cents

Ave,,

COMPANY

this

1963

dividend

on

the;

the

1964.
close,

Y.

\.

com¬

declared
of

of

BOWERS,

pay¬

stockholders
business

of

Company

February

on

has

been

1964

,

to

Checks
Old

de¬

stock¬

holders of record at the close
on

of

January 10, 1364.

will

Colony

be

mailed

Trust

from

Company,

Secretary

N. Y.

Dividend

7he
this

No. 64

and

board of directors

dividend
One-Half

McMENIMEN
Treasurer

on

of

Fifty-Seven

Cents

(S7V2*)

the

the capital stock of
Company, payable February

15,

1964 to stockholders of rec¬

per

share

on

the

at

January
C.

has

day declared a regular quar¬

terly

ord

Boston.

ALBERT

Ptaza

New York 20,

36c

the first day

Boston, December 23, 1963

1964.
T.

30 Rockefeller

outstanding

Company,
to

12 "a

Pre¬

the Common Stock

on

payable

business

GAS

COMPANY

Series.

dividend

quarterly

clared

CITY

the

Common Dividend No. 299

office.

NOTICE

of

1964

ferred Stock, 4.78',,;

per

DIVIDEND

NATURAL

of business

Cumulative

Company's

CONSOLIDATED

stockholders

to

10,

January

on

of

day

first

of record at the c'.ose

50%

this respect of not less

than $750 per

(2)

a

PACIFIC

—oOo—

cents

Wall Street,

Co., 40

City,

formerly /with

the floor

on

with

NOTICES

CANADIAN

is

February

measured

,

RAILWAY COMPANY

problem

a

To Admit to Firm

by their net commissions on their
transactions effected

President.

COMPANY

charge imposed

corporations

Savings

&

Bank, Chicago, is the Federation's

pre¬

members, member firms and

member

Vice-Presi¬

Trust

CORPORATION

A

of

Norby,

Rosenthal & Co.

son

increase

of

York; and Patrick

DIVIDEND

a

sentatives in that firm's 655 Madi¬

An

C.

Harris

pre-planned orderly basis if

a

membership provides:
(1)

of

Trust Company,

Cresap,

baum and Richard Weinberger, all

the

subscribe

also

problem from both ends

to

thou¬

York; Harlow J. Henneman,

the

recom¬

Board

William
dent

Heneman,

J.

Heim, Vice-President

payable

adopted

recovery

Committee

non-members

CLEVELAND,

—first,

are

The

by

of

Vice-President
of National
Bank of Detroit,, Detroit; Robert

Willy Bilgrey, Bernard W. Teitel-

>

ap¬

Several

8,300.

the

Co./Mon¬

&

Harlow

York;

such
by

and

ap¬

W el 1 i n g t o n

1'

Trust,

and Paget, New

resulting from lease obli¬
Any

sand

the Publisher.

Gumpcrz,

Partner

The

attacking

States

membership

United

Total

Jr.,

New

re¬

a

the

in

has

Clay Massachu¬

Landon T.

rector of Empire

tightening

of

means

Exchange controls to avoid

the

Federation,

Analysts

proximates

been

Bolton,

Investors

C.

Vice-

of

has

have

o

treal;

Ne\v

of

Partner

Savings Bank, Chicago.

Canada.

Pub¬

Burns

setts

Basic

As

another

of

York;

Sprinkel,

DIVIDEND
e r

Hutzler,

Tremblay

Julian

knows,

cieties

r

1 n

a r

Journal's

the

Associate

Hamilton

such matters.
<

The

Management Co., Philadelphia; A.

it

The

continue

determine

&

Bros.

President

-

New

Financial

///

P

and

Journal: John M. Birmingham. Jr.,
Vice

with

W.

Dividend

mendations for future handling of

.

ance.

in

stated

hieet -ty

dealing

situation

of

again

Board

ex¬

Exchange out of its funds.

,

Federation.

following

that

liquidation

Haupt.

such

accept¬

mem¬

upon

Exchange

the

amounts

un¬

sponsorship

in turn, has been replaced

has

of

economic

in

under-'.

representa¬

Board

gations

children, to help them

free-enterprise

type

Committee

"

of

a

from

of

of

The

of

Warren

pointed

possible
reserves

means

Beryl

also

customers, the Board of

reimburse

to understand better the workings
of

the

with

of the

will

bers

se¬

Society

named

The

C.

Duff,

Chicago;

Co.,

College.

President

named Assistant to

studying

&

of

Partner

Rotnem,

Financial

Doctorates

Siena

of

and

Salomon

also

was

—

Clark,
Pry or,

A.

York;

He holds

Preferred Dividend

for

of

other

it occurs.

will

Haupt expense.

with

held

Governors

the drive for a

handling

itself

of the

of

■/

'

the

of

by

Exchange funds to aid the Haupt

G.

"simple but effective method
giving

part

securities

a

way,

that

some

recovery

/;//;.'./•,

accordance

penses

recalled

the

Exchange

decision

complex/expensive

Kellogg

make

tives of member firms

and cumbersome."

Mr.

and

L.

the

of

University

Stevenson,

per

living trust for

a

benefit.

made

be

corporation, including

-

meetings

guardian for him or—alternative¬
the

pro¬

standing reacheci at the week-end

was

appoint

also

York

'

this

for

plan

the

Exchange of its expenditures

The

reaching

cure

in-

aid the securities customers

Haupt.

contract

sale upon

a

The only

have

the

has

Exchange

toward

to

the

had

the

on

member

the

dealing

person

repudiate

to

power

name)

reinvest fhe divi¬

any

minor

the

as

or

charges

payment

attempted to sell

minor, did

a

that

holds

York

past

a

lisher.

&

Weld

Carl M.

of

establishing

with

arise

Exchange's

Committee

the

Editor

Economics

in

Bernardino

John

New

Partner

which comprises 35 Financial So¬

Bretey

is

Mar¬

to the Journal.

New

been

Loeb

John

by

partner

of

this

public

case

members,

broker, bank, or trans¬

agent,

with

or

by

inactive

regis¬

securities

difficulties

minor

possible

been

the minor's

in

legal

ous

the

had

the

Haupt

■

that every member, member firm
a
or

minor

// '

the

membership,

done

ness

,ment and the donor's confusion.
"While

pri¬

in relation to odd-lot dealer busi¬

to the minor's detri-

expense,

which

the

Molodovsky

from the Law School

Degree

New

This

so-called

headed

senior

methods

or

-

the

charged
or

specialist

assignment.

I^oeb, Rhoades & Co.

com¬

spired will inure to the benefit of

"Prior to the enactment of spe¬
cific

in

Nicholas

University of Paris and

Mr.

of

The Journal is published by

has

Analysts

-

as

that

the

Clark,

C.

Trust &

Harvard.
,

&

Parker,

and

Journal for several years.

from

Mindell, Partner

President and Economist of Harrijs

Associate

Doctorate

Wellington

Philadelphia;

Co., New York; Thomas W.
Phelps,
Par tn e r
of
Scudder,

'/

r

of

Co.,

&

cus

Ralph

new

an

M.A.

Joseph

"Editor

Editor

a

Management

Harris, Upham & Co., New York;

be¬

y

Francisco; Edmund A; Men-

White,

Mr.

Analysts

—

Committee,

Loeb,

by

Exchange,

>

out

confidence

finan¬

He continued:

is

matter

firm,

floor broker.

minors,

but for all segments of the
cial

and

make

commission

a

the

on

proposed
Exchange's

,

Committee's

volume of commission

business done

beneficial arid far-reaching impli¬

which it

Haupt

the

the expense recovery phase of the

expenditures which it has already

N. J.,

the

e

Vice-Presi¬

Securities, Inc.*

nis, Vice-President

Anderson

past

Emeritus."

interim report covers only

The

the

//James C. Kellogg, III, of Spear,

the

the

e r

to

Constitution.

Exchange of the extraordinary

in

d

u n

Committee

the

mitted

in

by

t

re

He

amendment

unanimously

Exchange.

ASEF's 'Presi¬

tax

the

made

1963

ob¬

Lambournc,

Thomas

Chair

the

Sari

Reed

the

years.

St.

Committee

Board would base the recovery

Kellogg,

in

W.

Stevens

,

members of the New York Stock

&

B

anticipa¬

imposed

plan which the Committee

and to

of

payments

,/■.' ■■'/;/// /

-;

.

&

held

for

tion of the charges which will be

ex¬

adopted and recommended to

for

Com¬

successful

in

R

Hay-

Editor's

of

clarification
of

their

Recovery

been

membership

approved by the Board.

Was

group

to

part, of their reasonably

or

The

process.

Spearheading the drive for the
Uniform

all,

Haupt matter.

strips much of the red tape

from

taining

penditures of the Exchange in the

other¬

and

so

Expense
has

status

make deductible payments in 1963

permit

the

well

as

old

The

has

been

fair share of the cost.

mittee

He

Presi¬

•The

ex¬

part, of

or

Journal.

/

cceeds
e rre

comes

Ex¬

them

of

the

Co., Inc., who

16

of the Haupt

rescue

many

ob¬
it

P i

their behalf in

this year of all,

individ¬

or

vote

the

urged

the

make

except

corporations

the

for

pressed the wish to make payment

member firms,

member

to

date

was

through the efforts of the
which

the Special

representatives

on

attempting the

s, u

Editor of

Analysts

Stone

customers,

Service,

possible for those

act

to

Financial

den,

liq¬

of

force in New Jersey and all States

Alaska,

change

ard

White, Weld & Co;, Inc.,

been appointed

-

membership.

firms

of

has

of

the week-end of

22-25

member

dent

dent

Commit¬

Bank, New York.

Associate Editors: Rich¬

as

dent of Insurance

specific

submit

and

Also

Analysts Journal

Vice

a

James, Vice-President of Chase

Manhattan

•

Nicholas Molodovsky, Vice-Presi¬

to

the

early

during

November
of

expendi¬

with

a

on

Will

an

Board

When

recovery

its

of

at

the

of

pro¬

Haupt & Co., and

Committee,

in

Special

Chairman,

The

connection

Internal

sion.

Act

in

accompanied

in this year's legislative

upon

29.

uidation of

James C. Kellogg 111

the

specific plan for

a

tures

it

the

by

the Exchange

by

in

since

1964

appointed

received

Expense Recovery

on

November

bill

new

of

report

Committee

possible

will

interim

an

of

19th

'

1

Constitution

embody

Committee

December

'y

Bretey, Senior

subject

plan and which

New York Stock Exchange at its

Ex¬

'

be

the

to

will

meeting

May
•"

will

with

the

membership approval of
which

written
date

of

(The max¬

of

change is $12,000,000).

Haupt Case

by

connection

commitment

inally

an

con¬

in

expenses

Hughes. Orig¬

tive

be

period

a

the Haupt liquidation.

Interim Report

Governor

with

to

for

by the Exchange of

'

a

charges

effect

longer than that required for

imum

newistatute

signed

Such

J.

Named Editor of

floor of

its

ho longer exist for residents

will

the

the recovery

legal headaches involved in mak¬
ing

corporations

on

the Exchange, and

tinued

Mr.

4, TRENTON, N. J.—The traditional
v

member

and

odd-lot dealers

as

The headaches

just aren't there

Minors Legislation

minors

to

money

by members, member

firms

"Those who desire to make gifts

N. J. Gov. Signs

31

'

.

close

15,

of

business

1964.

John Miller, Secretary
December

19,

1963

e

32

The Commercial and Financial Chronicle

(2496)

.

.

.

Thursday, December 26, 1963

Feb. 28, 1964

WASHINGTON AND YOU

(Philadelphia, Pa.)

Investment Traders Association of

Philadelphia winter
Bellevue

BEHIND-THE-SCENES INTERPRETATIONS

dinner at the

Stratford.

Mar. 13, 1964 (New York City)
New York

FROM THE NATION'S CAPITAL

Security Dealers Asso¬

ciation 38th annual dinner

at the

Waldorf Astoria.

WASHINGTON,

C.—Congress

D.

longest peacesession in history/
It will

>has just ended the
■time

Jan. 7, and presum¬
ably will not piddle around in
.4964, as it did in 1963, because it
.reconvene on

least recess for
July, and August be¬

end

jmust

awhile

in

of the

cause

at

or

Republican and De-

of the 88th

As the first session

to an end
speculation

Congress came finally
-there

much

Y was

the political professionals
1964
session
which

among

the

about

spirited one as his-

glooms as a
ftory

shows

•

sessions

election

most

have

little

a

year

zip

more

There

good many people

a

are

is successful

Johnson

B,

in the short session he will
the

If

ber.

might

be on

to election next Novem¬

way

he

they

defeat,

to

down

go

him,

fails

Congress

contend.

depend

will

much

the

on

nominate

Republicans

Presidential

candidates.

And there apparently

is going to

their

for

given to the

{be more attention

Vice-Presidents at

candidates for

(Republi¬

both the San Francisco

cans) and the Atlantic City
,i

Association Annual Convention at

Washington and New York,

in

its

that

with

President

cans

and

sharp realization today

a

election

seeking

that

due

not

was

quality

lack

or

said

concern

a

right

are

and,

man

Committee.

almost
for

of

that

national

.interests, is regarded
committee

special
worth¬
it

a

as

though

even

criticized

sometimes

,is

concern,

and

of

sup¬

body

But

years.

Why
do

lias

in

The

these

the

Although

would

there

general

not

be

among

concurrence

for the asserted Congres¬

Capitol

on

as' President John¬

performance

tries to make
and

ord

a

"can do"

in

tion
be

which

more

cans

a

new

situa¬

"Southerners

obstructive

less

rec¬

extraordinary

applies

persuasive skills to

and

will

Republi¬

competitive for

there

sensus:

the

clear enough

voters

from

call

no

was

Congress

display
civil

his
of

running

accom¬

reveal
and

make

in

mate

works

rhythm

of

the
of

scope

determine

in

a

taxes,

on

public

the

days

to

teamwork

rights,

welfare;
190

effort

Johnson

A

hard

political

to trans¬

demands. The sin¬

gular exception to this
which " the

on

civil

was

call

came

directions.

both

ship had shown

and

GOP

states which

in

which

the,

were

Rayburn's

er

jorities;

respect

and
of

source

Speak¬

become

^battleground;
White

House

should

the

their
in

political

hopes

1964

of

brighten

that

elections

provide
most
.

coattails

of

the

for

country;

Johnson

and

in

which

will produce little numerical shift.
"Taking So Long to Do So Little"
The

Third,

the

slowdown

rights.

for later

A

Democratic

Congress

flatly

leadership

denies




that

had

deliberate
on

not

business;

Unrelated bills
to be held

as

all

just

ties

Texas

it well. For

to

do

it,

this, he needs

Congress, during the next months
in

and

the

election

the

signs

.

to

bargaining to weaken the

(Washington,
Mutual

of

baggage

as

wininng

Antonio .and

next

to

to

.

.

tion in

is

Johnson's

.

him

He

if

from the nation's Capital and

reflect

is

was

own

vietvs.]

Association

ing at the Hotel America.

J. R. Brownell With

DAYTON,

EVENTS

Brownell,
ciated

is

win

to

INVESTMENT FIELD

Democratic

as

the

Johnson

important to the

party

was

in these

always

whipping boy than
"Johnson's

a

states,
of

more

a

leader.

recognition

Jan.

20,

1964

Traders

Chicago,

Inc.

Association

Annual

Dinner

of
at

the Drake Hotel.
Jan. 24, 1964

Baltimore
ciation

at

30,

&

Co.,

officer of

Annual

the

Maxson

Baltimore

tion
at

annual

the

Standard

Films

Fruit

SS

&

King

(Philadelphia, Pa.)
Securities

meeting

Associa¬

and

dinner

Oar

New

York

telephone

number

is

CAnal 6-4592

Barclay Hotel. ;

hours of his

ner

John-

Industries
Electronics

Official

Mid-Winter

Lord

Brokers and Dealers

Botany

(Baltimore, Md.)

1964

Philadelphia

ciation

.

McCune

was

Waste

fact has been evident from the first
.

R.

asso¬

TRADING MARKETS

Security Traders Asso¬

29th

Boston

.

years

Attention

Hotel.

this

presidency

C.

John

—

become

(Chicago, III.)

Security

Feb. 7, 1^64

of

has

with C.

many

his

intra-party opposi¬

so

Ohio

Jr.

an

IN

Jan.
groups,

■

C. C. McCune & Co.

Dinner

other

Mutual

of

Savings Banks 47th Annual meet¬

con¬

in

him

regarded

the

National

Grant Brownell & Co.

19,60. In fact, Democrats in

of

ing at the BellevueStratford Hotel.

for

(presidential) nomina¬

states

Mutual

of

Mr. Brownell

support

areas

Association

Savings Banks 46th Annual meet¬

Third National Bldg.

able

significant

any

(Philadelphia,

Pa.)

im¬

to

not

May 16-17-18, 1966

May 22-23-24,1967 (Boston,Mass.)
may or

coincide with the "Chronicle's"

old

bearer

he

Hilton

San

in

more

standard

a

year.

develop

precincts

Harlem

Washington

"behind the scene" interpretation

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CHRONICLE'S Special Pictorial

report

year-end

nominating' only be natural, in all the ob¬
qualified and capable candidates servations of the special report
the

of

the Shamrock Hilton Hotel.

in

offices

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conventions,

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fortunes of Congress.

,

f

SECURITIES

20 BROAD

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TEL: HANOVER 2-OOSO

NEW YORK 5, N. Y.'

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Report available
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