Full text of Commercial and Financial Chronicle : December 5, 1963, Vol. 198, No. 6322

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3 eg.

THE

Volume

198

Number

LEADING

AND

INFORMATIVE

MOST

6322

New York

EDITORIAL

Oh, what

So sang

when

woven

as a

National Association

we

in

wisdom

our

New

can

supplant nat¬

tion

duction. The

led the

late, unlamented dust bowl

was

one

One after another device since

consequences.

failed but each has

brought

new

or

at least

We

were

were

and

more

pro¬

so.

One result

1918 de¬

functions it

never was

came

the

the

and

or

to be made to order for various types

of

activities

nomic

had

been

designed to stimulate

activities of the nation.

As

or

converted

control

the

proving

an

unmixed blessing,.

their own—and clamor for
of

the

dog

that

did

a

hair

the. biting.

or

many

on

page

and

U. S. Government,
Public

are

it

a

always,

as

imponderables,

reasonably

is

good.

state

elements

National

economy,

throughout
of

the

uncer¬

we can

records

new

production,
and

These

records,

new

attained

be

of

income,

and

likely

of

the

pending

long-run

construction; and finally,

affect the
These

results

Section,

starting

have

I

What will happen

What

other hand,

effect

failure

will

•

short

action

inaction'on

or

the

of business

pace

Furthermore,

run.

balance

of

recent

payments

assurance

that

domestic

the

the

on

the

activity

situation,

I

believe,

Reserve

sectors

the

tax

corporate

monetary

the first

Federal,

Prod-

will

I

effects

of

policies.

major category

State

and

local

for

about

21%

account

(Continued

on

page

22)

State,

Municipal

28.

page

is

and

current

however,

the longer-run

expenditures

National

Gross

of

its

au¬

might

analysis of the

an

economy,

of

Currently,

government

may

on

of

some

alternative

review.

to

from

economy

in

improvement

Federal

As I proceed with

to indicate

Housing
623

So.

Street, Los Angeles 17,

Hope

Dealers

Members

Stock Exchange
American Stock Exchange
Pacific Coast Exchange
York

New

Corporate & Municipal

NewYork

Offices in Corona del Mar, Encino,

Securities

<■,

Pasadena, Pomona, Redlands,
MEMBERS

.

Y.

Glen-

dale, Hollywood, Long Beach, Oceanside,

CHEMICAL BANK NEW YORK TRUST COMPANY'

BOISD DEPARTMENT
.

San

JEzzzj MIDWEST STOCK EXCHANGE^
.

135 So. La Salle Street

Santa

Ana,

Riverside,

Santa

Monica,

Whittier
Inquiries Invited

on

York

Correspondent

—

Pershing & Co.

Chicago 3,111. FRanklin 2-1166
91st Year

Orvis Brothers 8 G>

Canadian Securities

BROAD

Block

STREET

3-7500

Inquiries Invited

Bond Division

THE

CHASE

BANK

Human Resources

CANADIAN

INVESTMENT BANKERS

BONDS & STOCKS

Canadian Exchanges

CANADIAN

DEPARTMENT

Teletype 212-571-1213

NEW YORK 4, NEW YORK
WHitehall

Municipal

Commission Orders Executed On All
.

THIRTY

Notes

Dealers, Banks and Brokers

Established 1872

Members New York Stock Exchange

Bonds and

California's Diversified

Net Active Markets Maintained

To

Agency

MANHATTAN

Southern

California Securities

Bond Dept. Teletype: 571-0830
New

w

Diego,

FIRST NATIONAL CITY BANK

770-2661

TWX: 212-571-1414

ailMtCI

«IRFS

ftr

MEMBERS

NEW YORK

2 BROADWAY
NEW YORK

-

Dominion Securities

JlOWT***». AND fOBOtftflp

SoOOROOY

&

STOCK

CORPORATION

CO

EXCHANGE

1 NORTH LA

SALLE ST.

CHICAGO

a

to reduce

whole?

a

intimated,

Lester, Ryons & Co.
Members




labor force and

our

the main economic sectors and

as

complete picture of issues now registered with the SEC and poten¬

-

Nl

or

Government demand

business

Members

•

fully utilize

on

California

>

consumer

resulting aggregate Gross

taxes, have

pursuing

Underwriters
Distributors

York 8.

en¬

the

judgment, resolution

results.

investment,

on

try

Ensley

that

will

issues

1964

including

or

various
Dr. Grover W.

only slightly in the short-run, but could have

significant

cut,

upward path.

of

the outlook., In my

major

scene

uncertainties

does

thorities will not be forced to take steps that

my

course

more

worsened?

divert

like to spell out

the

on

mind, how

Government,

private

local;

Will the

Product

provides

rates.

would

in

prices" and interest rates?

in

climate

stable prices and

relatively

in¬

of

yet avail¬

problem be eased

the

MULLANEY, WELLS & COMPANY
ilAtl'C

770-2541

forecasters.

surveys

and Public

Municipal

P.O. Box 710, New

for

season

important

compelled to speak in

am

materially affect the

moreover,
a

your

pending tax bill in the Congress probably will not

consumption.
in

at

to the short-

Will the balance of payments

As

em¬

tial undertakings in our "Securities in Registration"

Securities

PHONES:

outlook

now

industrial capacity?

the economy

that in the

sure

of

segments:

Housing,

State and

the

in

limitations

major

expenditures?

months the nation will

12

surround

a

the

compassing capital expenditures, inventory changes

spite

But in

investment

of

19)

1964

billion

$600

steadily

grow

are,

for

business next year, and discuss

ex¬

afforded

early

number

a

these

by

Federal,

com¬

SECURITIES NOW IN REGISTRATION—Underwriters, dealers and investors in
securities

of

Therefore, I

look

tax

views

of the hairs

(Continued

competition;

outlook

with

1964

see

policy.

public

I

created problems of

soon

savings

business

There

interest

of these deviations' themselves, far from

many

bit

a

With

good

a

in

some

pected

Dr. Ensley says 1964 will be

to

of

eco¬

of

Turning

year.

general terms than I would like.

banks for their superior competitive strength.

start

ployment,

into

might have been

is

able.

upon

tainty in the private sector and

will

seemed to many

it

should

achieve

new

banking system

what

will

next

the creation of

scene,

We
and

be

banking system

designed to perform. Lord

upon

$620 billion GNP depending

or

disquietly views

of these

System, but hardly had that system
begun to function than it was called upon to undertake
many

$610

a

Quantitatively tallied

proposed tax-cut is passed with effective date of

national

year.

the Federal Reserve

Keynes presently

Copy

a

business outlook, it should be pointed out that

run

probes uncertainties facing the economy and payments-

The

.

was

discussion

next

and residential

of the

governmental action,

dissatisfied with the way our

Cents

tentions and plans for next year are not

balance;

difficult prob¬

thought to call for it.

worked, and rightly

conference

City, N. Y.

records in major sectors.

new

mends savings

signed to help the farmer have dismally failed; not only,
lems which then called for further

50

foresee

year;

greatly enlarged produc¬

government to subsidize its

dominate

well

Executive Vice-President,

of Mutual Savings Banks,

York

next Jan. 1. Either way,

decades, past. During World

fancied need for

or

of wheat

Price

Results

they spell either

affairs. Illustrations of this latter fact abound and have

War I real

1839

High hopes expressed for the economy's performance in 1964

whether

even

ESTABLISHED

.

this

director and controller of man's economic

abounded for years,

..

equally tangled web is

begin to deceive ourselves with the

we

foolish notion that

ural forces

an

FIELD

Varying Tax Assumptions

Ily Dr. Grover \V. Ensley,*

of

course,

in.our day and time. Yet it

occur

truthfully be said that

as

Under

we weave

without thought, of

ago

FINANCIAL

7, N. Y., Thursday, December 5, 1963

practice to deceive.

we

the poet long

anything that might
can

tangled web

a

first

THE

IN

National Business Outlook for 1964

As We See It
When

PUBLICATION

U.S. Pat. Off.

40

Exchange Place, New York 5, N.

Teletype 571-0880
Area Code 212

Iank of America
N.T. &

Y.

WHitehall 4-8161

MUNICIPAL
SAN

S. A.

BOND

DEPARTMENT

FRANCISCO- LOS

ANGELES

2

The Commercial and Financial Chronicle

(2182)

The
Timing...
One

the

of

As

—

Hanseatic,

work

through

time is

seek

for them.

markets

best

"World-

our

factor, and you

a

Over-the-

reliable

fast

service, simply

Counter

showed

60 Broad

Telephone: 363-2000

Boston

1231, 32, 33, 34

—

Chicago

•

Philadelphia
Wide

World,

Los Angeles

•

San Francisco

•

the

the

was

Wire Service

the

in

best

end

year

be¬

1962

the

of

new

everybody

1963.

The

force

was

ending

in

gain

in

insurance

of

this period

in

the

at

period

Sales

725,578,000.
ance

force

month

nine

sists

further

Virginia Securities
Call

First

us

in

breakdown

this

of

sales of ordinary life

$90,000,000,

vs.

Bassett Furniture Industries

in

were

All Issues

R. F. & P.

from

STRADER and COMPANY, Inc.

"Trust

$92,-

TWX

LD 39

703

6-1333

846r0920

Private wire to Shields & Co.,
New York

of

ending

1962.
by

program

trict

office

The

Winter

office
Fla.

LAMB0RN & CO., Inc.
STREET

WALL

NEW YORK

building

office

now
on

under
the

of

areas

tion

SUGAR
Refined

—

Liquid

—

an¬

Jacksonville,

and

ture of Gulf

the

Life and Accident

4-2727

present

name was

and

1928

in

the

Life Insurance

writes
both

ON

ordinary

NEWSSTANDS

life

industrial

southern

ana,

are

pleased to

of

now

available

on

news¬

the

major

cities

the

Life

dressing
hair

CHRONICLE
25

Park

AWAY

shampoo,

hairdressing for

by

Com¬

and

the

ductions,

SUBDUE,

a

a

dandruff

shampoo,

and

$42.50

a

GUARD,

a

intro¬

medicated

SAFE¬

bandage.

spray-On

Premium

Capital

Assets

Income

Funds

$240,215,823

$46,029,401

$30,525,830

1.421.085,797

223,620.490

42.944.769

27,780,733

1960.

1,365,751,004

206,607,436

41.768.773

24,532,623

_

The

H.

of

success

of age

of di¬

cohesively

executives,

In

has

increase,

but

has

undoubtedly

made

be ranked in Fortune's 500 largest

corporations and reflect

highest returns of this group

What, then,

is ahead

It appears that

for

markets,

increasingly significant.
become large

Alberto's

Two

(Only $45

re¬

imary objectives

stantial

growth

then

equitable cash dividend."

an

The

stock

is

and

traded

profits,
in

the

and

,

This

bound

give

as

monthly

listed

all

on

well

$4)

—

will

publication

the

yofci

year)

per

(Single Copy

overall contributors.

p r

stated by Mr. Lavin are "first sub¬

prices

securities

"hard

those

as

find"

to

OverOver-the-Counter
Write

R.

quotations.

J. Porter Opens

WILLIAM

Porter

is

business

conducting
from

Fairmount

FALL
Lash

offices

is

at

71

Mr.

New

East

Porter

Co.

Park

CO.

York

REctor

Place

7,

N.

Y.

2-9570

from

Street

Public

Opens

Mass.—Harold

engaging

securities

in

offices

under

at

18

firm

the

Securities

G.

125

OVER-THE-COUNTER

name

J. B. Williams Co.

INDUSTRIAL STOCK INDEX
25-Year

Performance

Meeting

Offices

from

S'treet.

Vice-Presidents;

Woods, Secretary.

"

Officers

Joyce

'

ON

REQUEST

1

National Quotation Bureau

President;
and

of

35 Industrial Stocks
FOLDER

business

.B.Q

Bed¬

Company.

Julius B. Williams,

kins,

N.

securities

a

Lloyd T. Adams and Paul V. Haw¬
K.

25

securities

a

Avenue.

RIVER,

business

are

or

DANA

formerly with Doplittle & Co.

was

0.40

herein.)

call:

or

B.

LAKEWOOD, N. Y—Robert J. J.

124

sell,

quotation

record

interna¬

and

cently introduced products should

0.33

to

bank &

tional sales should start to become

liams & Co., Inc. is engaging in a

0.52

0.43

to

1963

—

Quickly By Using Our

continuing attempts

$0.43

1.77

1,86

offer

Year

1964?

$2.03

an

Our 74th

Service Your Accounts

invested capital.

Dividend

as

—

one

Total

security refetred

1889

its

CHARLESTON, S. C.—J. B. Wil¬

0.25

any

V.

Teleohone: WOrth 4-3033

with its prod¬

company,

Form

Adjusted

0.36

he construed

St., New York 6, N.

merchandising inventive¬

through 1963. It will shortly

0.91

to

CO., INC.

PRINTING

income.

mark

(Per share basis)

buy,

APPEAL

more

concur¬

ness,

1958

to

/y:

Speed...

small

a

industry where innovation

an

uct and

0.40

offer

Reliability,

op¬

Alberto

expand from

volume

rule, this

1.52

an

Quality,

industry.

his

rather than invention has been the

0.45

circumstances

IN

SPECIALISTS

130 Cedar

1.07

no

CO 7-1200

is

company

years

in

rent increase in net

of

solicitation of

111 Broadway

New York 6, N. Y.

LO 8-0900

sales

20 years

over

twelve other

matic

at

a

Building

Philadelphia 3, Pa.

budget,
to

noteworthy has been the

1959

as

The Alison

Rittenhouse Square

large corporation with a dra¬

a

ford

$0.54

& CO.

Established 1914

that

is

this

the

experience

With

18.388,000

'

in

advertising

Lavin, who at 44

21,414,155

f-

the

has recorded

24,780,353

1.52

BOENNING

largely due to its founder, Leonard

Not Avail.

1.50

the
con¬

ratio has become.

39.176,341

—

(This is under




less

36.540.864

Place, New York 7, N. Y.

EH

the

93,017,000

—

Richardson Co.
Rudd Melikian, Inc.

in Alberto's case, as more money

190.240,343

$1.49
——.

I960—

Carpenter & Co., Inc.

Keyes Fibre Co.

shelf

that

derived

has been invested

174.700,462

Insurance in Force

L. E.

The inter¬

outlay.

conclusion

esting

636,554,000

Earnings

noteworthy

this promotion

1,258.295.470

Adjust, for Increase in

branch offices

our

the retail¬

products

1.160,108,367

Net

is

It

Public Sees.

Admitted

$1,617,048,097

i

to

Continuing Interest in

induces

the-Counter Market.

hair lo¬

newest

in Force

1952

function,

rate than

medicated lo¬

a spray-on

two

212 571-1425

con¬

that sales of established

COMMAND shaving cream,
a

Exchange

men,

1961

1961

FINANCIAL

VO-5

conditioner,

RINSE

treatment

DERMA-FRESH,

and

A

of

have grown at a greater

Among

Total Insurance
Year—

country.

and

and

spray,

Exchange

St., New York 6, N. Y.

Direct wires

decreasing rate, due to the fact

on

present

outlets.

at

Ala.

approximately

its

ALBERTO

are

COMMAND

Carolina,

marketed

■trade acceptance due to

,

four hundred well-

appropriate

dandruff

Ar¬

Louisi¬

opinion

the

mass

corollary

a

of the

1.15

product line of fourteen items to

VO-5

1962

COMMERCIAL

0.27

representatives, the

hair

Insurance

Year—

The

0.44

516,000

distributes

items

EARNINGS

throughout

sales

Stock
Stock

Birmingham, Ala.
Mobile, Ala.

television

the

to

in

domestic
over

York.

ap¬

mated.

company

Op¬

of

budget

will be made to penetrate suitable

these

purchased

as

GROWTH

1958

in

2,301,773
881,000

to reflect two million shares
outstanding,
after two-for-one

all

Tennessee

19 Rector

products. This large budget,

sumer

sales

$1.75*

Adjusted

and

North

2)

(Page

split declared March 7, 1963.
** Restated
to include international operations,
tEsti¬

sick¬

Birmingham,

1959

stands

the
mer-

Per share

$3,500,000

14,906,000

accident

Alabama,

were

1962..

also

one-third

60.779,000**
25,345,000

—

tion; GET SET,

of

(see table).

Earnings

life,

and

for

posure

approximately

Net income

tion,

pany

1963

November,

well-known!

$80,000,000

...

Gulf

American

of

the

of

trained

annuities,

Georgia,

Carolina,

Life

result

a

a company

in

approaching

Through

non-par¬

announce

that the "Chronicle" is

income

net

Virginia. In 1962, 409,000 shares of

cost

We

states;

Florida,

,

ending

ypar

currently

conducted in these 10

Mississippi,

South

MAJOR CITIES

The

and accident insurance.

kansas,

IN

and

are

*

insurance,

and

individual

group

ness

is

'

1961

company

life

„

health,
erations

mer¬

Company of Tampa

participating

ticipating,

day

million in sales for the

I960-

adopted in 1924

The

which,

verse

today

Sales

Victory National

absorbed.

was

Company.

modern

this

;

the Gulf

as

entirely

media

to

1912—..

began business in 1911

almost

ventures in 1955. From this modest

prom¬

incorporated and

American

recognition is fostered

advertising

an

ancestry has developed

19631
was

modns

chandisihg giant, Gillette.

fu¬

Exports—Imports—Futures

DIgby

of

volume

ising.
Gulf Life

Product

by

been able to

are

.

£afe is highly

Alberto's

Sales in this brief eight-year span

capita

for

Exami¬

$3,500,000 after taxes

of

New

HAnover 2-0700

erating

and

per

presi¬

Lavin.

H.

company

fiscal

com¬

its operation in

outlook

por¬

as

expecting to record approximately

way.

increasing
the

Mass.

Members
Members

New Orleans, La. -

of the consolidation of three small

$80

rapidly growing popula¬

income,
Raw

The

Fla.

revitalization

the company and

Company

imaginative

its

of

creed of the

chandising formula.

home

new

building and business

plex is

Build'. Build. Build."

Leonard

success

Planning for this $20,000,000

Based

5, N. Y.

in

revel

operandi apparently confirms the

dis¬

Charlotte, N. C., and has
a

by

speed.

Don't

is the corporate

nation

offices in Decatur, Ga.

nounced it will build

past.

the

trayed

has

Park,

Boston,

Co'

Steiner, Rouse &

tinually expanding, is growing at

year

new

a

in

dent,

up

company

opening
in

and agency

City

and

99

the

for

$240,000,000

Leith,

a

Respect

the future.

in

Alberto-Culver

for

$252,000,000,

judgment.

Invest

This

vs.

assets

J.

&

advertising budget, although

NAGLE, JR.

Alberto-Culver Company

ending September, 1963,

excess

quoted

Massachusetts

continued its five-year expansion

LYNCHBURG. VIRGINIA
Victor

Admitted

$43,000,000.
the period

Craddock-Terry Shoe

j

and

Analyst, Burgess & Leith, Boston,

A

premium insurance $46,800,000

Furniture

Garrett

—

ers' dedication to fast moving

GARRETT J.

500,000 Vs. $50,000,000, and weekly
American

Co.

Nagle, Jr., Analyst, Burgess

items.

shows

life

Market

of

$104,200,000

group

con¬

at around 57-58.

$1,-

1962.

Bought—Sold—Quoted

&

Mo.

management, offers maximum ex¬

capitalization

stock, traded in the Over-

the-Counter

totaled $243,-

period

comparable

successful

solely of 2,772,000 shares of

common

500,000 against $182,600,000 in the
Continuous Markets

City,

adopted proximately $30 million, dedicated

has

highly

Life's

Gulf

insur¬

new

by

aggressive companies.

in

end

was

Gulf

the

of

controlled

marketing methods used by these

pared with $68,500,000. The total
the

Kansas

/(Page 2)

American

Life,

are

Greatamerica,

com¬

as

North

Through this close work¬

many

September,

$108,500,000

Inc.,

Research

Fitch,

Alberto-Culver

Corp. of which Mr. Post

Life—which

sells."

insurance

Great-

the

by

panies—Franklin

outstanding results for the

months

Co.,

Investment

Barret,

ing arrangement with other com¬

certainly

has

program

controlled

now

Board.

adopted the program of
Life

Dept.,

is President and Chairman of the

by $195,962,300

the

Mayer,

Following the ac¬

Co.—Lloyd M.

American Life of Alabama

america

Life insurance

$55,334^799

Gulf

nine

Exchange

St., New York 4

Teletype: 212-571

The

company

shown

Member

Stock

outstanding results.

Near

This

Eitablished 1920

is
offensive

sales

force increased

"at

CORPORATION

Dallas.

quisition of this stock, Troy Pdst
was
elected
Chairman
of
the

Co.

&

Company

1962

year

against

Hanseatic
Associate

Insurance

Life's

Gulf

fore.

American

Louisiana Securities

broth¬

Murchison

from the

of

Board.

in

-

North

company's history.

NEW YORK

ers

Department.

Incorporated, Kansas City, Mo.
Gulf Life

1962

"HANSEATIC"

Call

Fitch,

Barret,

share

M. MAYER

LLOYD

Investment Research

at

are

we

Alabama &

Participants and

Their Selections

Gulf Life Insurance

service locating

Wide" wire

.

advisory field from all sections of the country

Thursday, December 5, 1963

This Week's

Forum

different group of experts

a

as

New

wire

or

York

If

in the investment and

the hanker, broker or

dealer —call

the

soon

which, each week,

.

participate and give their reasons for favoring a particular security.

Over-the*

the

Counter market.
you

important

most

in

factors

Security I Like Best...

A continuous forum in

.

.

Incorporated

46

Front

CHICAGO

Street, New

York 4, N. Y.

SAN FRANCISCO

(2383)

CONTENTS

Proposal to Professionalize

Thursday, December 5.

1963

B.S.

Registered Representatives
College of Business
Pennsylvania State University, University Park,

Joseph F. Bradley, Professor of -Finance.

Br

Administration.

full

into

improve the training

of

part

grade

at

This is

for some time.

Representatives

Joseph

many

commercial
a

ctiv iti

where

Ira

Marcus Nadler Warns Banks
Of

ethics

and

„__John

Lead

Vengeance

in

of

Joseph

F.

to

measures

Currency.——Walter E. Spahr 16

and

have

industry

steadily standards

of

prin¬

was

.handled

the

As

Exchange and
been raising

money

of knowledge,

in

rapid

in

progress

these

the

of

this

accompany a

formal

as¬

ers'

willing

of excellence required

sional
tered

status

representatives

shoulder
ties

on

a

ter

regis¬

able to

the

and

must

move

toward

were

this

became

Teletype 212 571-0610

21

Stocks

Coming Events in the Investment Field....,,....

_

40 Exchange Place, H. Y.

36

No

Einzig: "How Dallas Tragedy Affected Exchanges"

Direct

Wires

to

Indications

ca¬

custom¬

York

New

OV)R

5

Observations
Our

Reporter

19

Governments..

on

Public

solicits

Securities

is

that

The

of

therefore,

customers'

registered

broad

a

—

33

/

•

,

Corner..

Salesman's

Security

18

—

(The)

State of Trade and Industry

— .

•SAVING^

—14

6

Market

Bund

Tax-Exempt

2

(The)——

Security I Like Best

...

....

36

For Banks, Brokers and
The

Park

CLAUDE

D.

SE1BERT. President

GEORGE

Continued

on

Thursday', December

serv¬

ana¬

page

Every

J.

Editor

MORRISSEY,

19S3

(general news and advertising issue) and every
statistical
issue—market Quotation records,
bank clearings, state and city news. etc.). Other
South La Salle St., Chicago 3, 111. (Phone STate 2-0613;.

(complete

corporation
Office: ,135

news,

Copyright 1963 by William B. Dana Company

24

rights reserved. Reproduction
written
class

United

$80.00

per

countries

United

Possessions and members of Pan American
year; in Dominion of Canada $83.00 per year;

$87.00

States.

$20.00

Union

per

other countries

RATES

EDITIONS (104 issues per year)

THURSDAY

U. S.

per

year.

THURSDAY EDITION

,

In

AND

States,

in whole or in part'

permission is strictly prohibited.
paid at Npw York, N. Y.

postage

SUBSCRIPTION
MONDAY
In

other

1868

5,

Thursday

Monday

Union

Spencer Trask & Co.

Treasurer

SEIBERT,

DANA

WILLIAM

repre¬

salesmen,

PUBLISHER

REctor 2-9570 to 9576

YT.

7, N.

York

New

Place,

COMPANY,

DANA

B.

WILLIAM
25

Reg. U. g. Patent Office

Weekly

Twice

Dealers

FINANCIAL CHRONICLE

COMMERCIAL and

Published

classification

representatives

security

You__

and

Washington

com¬

representative,

business,

The term
is

28

.

Offerings

Security

Prospective

_k___

Registration

in

Now

places

or

an^

function.

this

from

22

Securities

Uti.ity

member firm

anv

lysts, order clerks. secretaries, and

Founded

18

20

and Bankers

•

PREFERRED STOCKS

-

Washington

16

...

...

About Banks

News

Second

'

St. Louis

27

(The)

You

and

.

Funds

without

specialized in

Los Angeles

San Francisco

4

Current Business Activity

of

.

.

All

For many years we

Cleveland

set up the desig¬

who

securities

counts.

Chicago

15

Ahead of the News......

From Washington

•

icing commission or advisory ac¬

the

8

Philadelphia

persons

in't'"1 is

the

1936.

in

registered

sentative

pro¬

Recommendations

Investment

Dealer-Broker

experience

unqualified

for

period when the requirements

have

1

(Editorial)

...

in¬

men.

or

for securities

m

man./

discussion will point to the future
—a

pouring

they

examinations, for

emerged

professional

fessional status. Furthermore,

of

care

customers'

that includes
can

It

Bank and Insurance

which has been widely adopted in

representatives

registered

began

employment

pensated

The conclusion of this study

that

the

of

When announcing its first

employee

special responsibili¬

imposed

group.

is

the

are

partners

volume;
as

men

orders

for profes¬

whether

and

take

applying to

as

registered

meet the standards

to

See

Exchange firms.

nation of registered representative

representatives in particular, will
be

We

HA 2-9000

business

employes?

1920s,

Stock Exchange

securities

the

business in general, and

bv

many

pacity.

that

greater part

selling

Stock

to

obtained

is

profession. The basic

whether

is

issue

should

characteristics

the

all

sume

study

suggestion that regis¬

representatives

tered

As

Mackie, Inc.

a

Regular Features

Mutual

required in the rush of 1927-

1929:

purpose

the

particular training
was

they exist.
The

and

Representative

public

known

and to correct abuses, where

to offer the

20

into the securities markets

creasing

intellectual framework for even

areas

Baren

Term

the

securities

the

concept

more

of

1920.

to

New York

The
profession provides

a

standards

competence

Registered
Prior

needed

of

S.

responsibility."

Origin

experience^apd performance.

an

minimal

integrity,

promote

equitable

Stock

nings. .The

..William

—

Singer, Bean

Market

ciples of trade" in its early begin¬
the

Rise?

American Express

Poverty Despite

to

ability

Bradley

Stock Exchange estab¬

"just

their

least

at

in

ethics and financial integrity. The

lished

"The

be avail¬
only to those who shall have

financial

as

York

13

should

investor

-

New

and

those functions
industry which involve the

meet

has

instigating

United Nuclear
Babson

Special

states

Industry

demonstrated

been

leader

a

Maggard 10

has

Qualifications of Persons in the

able

securities

recognized

Commission's

public

p u b 1 i c ' s
affairs. The

long

Marrud, Inc.

P.

.Roger W.

Our Masquerading

Securities

in ' the

of the

the

industry

Certificates

Prescription for Doing Away With Murder

GNP

4-6551

3

Expenditures

be

WHitehall

4

Cobleigh

Deposit

And

STREET, NEW YORK

right to carry on

is

required
handling

on

U.

Where "Bigger and Better" Government

discussion

servations

Securities

pete nee

com

WALL

Telephone:

heightened this year by ob¬

Exchange

on

of

EVER!

3

of

high

a

Bradley

99

Study of Securities Markets. One
the conclusions of the section

es

degree

F.

Guaranty Insurance Corporation

Mortgage

status .will

This

present.

been

trend to up¬

national

a

THAN

'

stringent than they are

more

even

under

been

professional

for

professionalizing of registered

discussion

MORE

<.

Why Unemployment and

has

1

SALES

SAVE

Proposal to Professionalize Registered

qualified respon¬
sibility by such groups as the New York Stock Exchange, the Asso¬
ciation of Customers' Brokers, and the National Association of Secu¬
rities Dealers among others. Analogous reference is made to savaral
ether professions, and note is taken of the fact that though tee
Chartered Life Underwriters comprise but 10% of insurance sales¬
men, they do 80% of the country's life insurance sales.
Professor
Bradley outlines what standards must be met to bring about the
desired elevation; suggests that the Associatipn of Customers' Brokers supervise the granting of professional degrees and become the
certifying organization; and predicts that such a strong professional
society will advance the financial well-being of our country in pro¬
tecting the best interests of investors, brokerage firms, the finan¬
cial community and the general public.
He suggests the title of
Chartered Securities Advisor for those meriting the degree.

representatives

Grover W. Ensley

of complete fiduciary and

toward the ultimate goal

The

CAN

Under

■

is
Bradley's recapitulation of the strides taken
and knowledge, etc., of registered salesmen

highlighted in Professor
to

Varying Tax Assumptions

threshold

That they have been but steps away

professionalism.

1964

for

COMPANY

OBSOLETE

v*»

National Business Outlook

salesmen to cross the

ilCHTf flSTf 111
AND

Articles and News

Pennsylvania
The time has now come for securities

3

U.

ONLY <52 issues per year)

Pan American
Canada $21.50 per year;

Possessions and members of

S.

year;

in

Dominion

of

m V. FRANKEL & CO.

$23.50 per year.

INCORPORATED

OTHER PUBLICATIONS

Members New York Stock Exchange

/

25

BROAD

ST..

NEW

YORK

4,

N.

—'
Y.

Bank

Albany

Boston

Nashville

Newark




TELETYPE 212-571-0785
Chicago

Schenectady

Record

—

Monthly,

$45.00 per

year

(Foreign

39

BROADWAY, NEW YORK 6

extra).

Note—On

TELEPHONE HAnover 24300

Quotation

and

Postage

account

of

the

fluctuations in the rate of exchange,
and advertisements must be

foreign subscriptions
made in New York funds.
*'
remittances

for

'

WHitehall

3-6633
r

Teletype

212-571-0500
212-571-0501

Glens Falls
Worcester

I

/■

The Commercial and Financial Chronicle

May

Corporation

of the

largest

market

estate

a

Master

conditions

outline

for all loans submit¬

coverage

but these poli¬

ted and approved;

President

of

obligation

no

the

on

insure

to

lender

the

of

a

it relies

mainly

Serivce Area

ability,

the experience,

on

ital

and

the

totalled $17 million at

of

Sale

1962.

chances

of

ei

reason that

of great strength

shares

share this spring

cov-

n^ausei, .necessary to

u'

Investors

For

nnd

™^?"n

rtton

opposition growing out of his

come

be a formidable opponent of Pres- easily

reserves

200,000

at $27 a

common

'

lat„

has

the Republicans will
the end of not think he is worth the risk. His

and

surplus

killed

con-

It

might have been his for the

ident Lyndon Johnson, but for the asking.'

insurance in force. Cap-

to

serves

Uberals.

and

probably

ratio of re-

adequate

an

servatives

capi-

in

protection

of

bulwark

taining

of

record

and

judgment

the bloc votes which consider that

major Senator Barry Goldwater alto- divorce and re-marriage. Without
main- gether, not because he would not that opposition the nomination

provide a

surplus

yeaI-3 elections between

next

years.)

15

company's

the

course

and

made available

after

company

Insurance
Corporation was founded in 1956.
Incorporated in Wisconsin, MGIC sound appraisal. MGIC selects and
now does business in 42 states and
qualifies with great care the fi¬
diversification of mortgages
the District of Columbia.
nancial institutions it serves since
Guaranty

Mortgage

results

the

lay in the South.
Johnson is a Southerner and, aladded some $5 million to capital though he came out strongly for a
minimum volume of business.
stock so that total reserves and civil rights stand, he will not be
Appraisals
equity today are above $25 mil-, as unpalatable as to cause the
lion.
Further protection for m- southern states o bolt
The story
The key to sound mortgages is
involve

cies

part

pay¬

for this
protection,

mortgage

of

of

initial cost,

no

which

Policies

need

the

To.fill

ments.
kind

down

low

and

loans

ratio

with

Of

tal

MGIC-approved-lenders are is¬
sued

rates than those

the

with unearned pre¬

time,

of

Qne

depression. Kennedy's tragic death was that Kennedy was mistreated.
(Current contributions to continwjp not get the showdown in
At the National Convention
prolonged

a

tion.

any

BARGERON

con¬

a

to pay any un¬
which might result

to

80% of appraised valua¬
Insurance can be terminated

in

CARLISLE

BY

of earned

placed

are

insur¬

reserve

losses

usual
from

mium returned to borrower.

available
charged
by FHA and covering a broad sec¬
tion
of conventional first mort¬
gages, which offer home owners
the economic advantages of high
at lower

Thursday, December 5, 1963

Ahead of the News

...

its

increased

50%

regulations,

gency reserves are

insurance

mortgage

for

.

FROM WASHINGTON

total of insurance,

a

steadily

ceeding

at

the real
nationwide need

arisen in

has

there

$80

over

was

Under Wisconsin

reserves.

tingency

appraisal review fee on loans ex¬

knows the Federal
Administration is a huge
guarantor
of
home mortgages.
everyone

Housing

has

premiums

operation, growth and earning power
private insurer of home mortgage loans.

account of the origin,

A short

large

so

MGIC

ance

Cobleigh, Economist

By Dr. Ira U.

But

.

provide adequate protection

To
for

Insurance

alone

1963

million.

Mortgage Guaranty

As

.

(2184)

4

The Republicans

now/will go out

are

Now that the Republicans

COming to believe they have

belter

chance

for

victory

in

a

the

Presidential race, this issue against

the Governor of New York is likely
to be given more serious consideration
should Governor Rockefeller be

•

^

ton.

He

^ ^Scrat
is

young—46

virtually the

old,

years

age as the:late

same

enterprise the lender's appraisers for its ac¬
There
are
very
few privately and try to get the Negro vote from President Kennedy. While his exIt protects ceptance of loans for insurance owned, publicly held mortgage the Democrats. In fact, it will perience in public office—member
lenders by insuring loans on coverage.
Further the lender's guaranty
companies.
Of
these probably be the Republican's talk- of Congress and Governor—has
owner
occupied
single
family knowledge of regional markets MGIC is by far the largest.
It ing point that Johnson can't possi- been relatively brief, he has shown
homes to a maximum of 90% of and conditions-is most valuable.- had
is

MGIC

private

a

of FHA.

counterpart

-

loans on small Independent appraisers are re¬
(up to four, tained, however, to spot-check
maximum of 8Q% and verify lender's appraisals.

and

appraisals;

apartment buildings
to

families)
of

a

appraisal. It limits coverage to
Special Coverage

not in¬
speculatively

dential property; but does

unsold,

on

sure

MGIC

the

In
practice
the
maximum loan insured is $35,000
homes.

built,

when the ratio of loan

80%

$2,000

At

available through

2,700

than
Over

90%

and

Loan

need

the

more

lending institu¬

other

of

(20%)

$3,600

loan,

total

amount

accommodated

for high ratio

to

loss

or

Rates

Insurance

Guaranty

offers

Corporation
ages

of

low

premiums.

application is

advant¬

the

simple

a

supported

loan

owner can

advisable

it

of

(and

will

easi¬

full

in

be

payment

any

paid

is

feature

ance

for

ap¬

to

the

event

the top 20%

powerful force

a

sound, realistic, and

credit

either

That

for the first
or

an

the

first

of

1%

the

of

of

for

with

accurate

31,1957
of

a

vital

illustrated

eco¬

by

la

in

essence,

1962.

$1,046,441

the

share

a

against

there

occurs

respectively

on

cumulation

attractive

MGIC,

The

its

the

1959

in

force

had

year-end
grown

to

mortgages.

insurance
over

$123

of declin¬

end

Of

July

1963,

At

de¬

lays, and at low rates,
MGIC

imme

ngdy

volume

in

the

month

of

for the

^

trading market in:

Common

Murphy With

Reynolds & Co.
office

of

York

Stock

Edward P.

111.

Reynolds

Co.,, New

&

invest-

the

of

department of their Chicago

West Jackson Blvd.

111

Allyn & Co. for more than

C.

33

years

where he

active in

was

underwriting of corporate and

o

■

r

•

a

a

t

k

•

Member* Mid wet Stock Exchange
CHARLOTTE

NEW

YORK

ATLANTA




GREENVILLE

JACKSONVILLE

the

to

no more

American

public.
-

President Johnson will not have

the solid support of organized laPresident

Kennedy .had

h% have' the following

among the Catholicvoters,

There

®VIhg a Southerner-for President.

enough,

~
had was,
strangely
PresidentJohnson
who

sl^tion.

President Lyndon Johnson' has
for several years been trying to get

of

oppo-

m

.

.

of

now

Pennsylvania

and does not expect to

President

Until

assassination, he
holding

and

was

the

preven^ a

^ad

won

a

Kennedy's

Hp G. Jones and L. L. Moorman
will assume
as

new

responsibilities

Consultants to the President of

National

Securities

&, Research

preoccupied
together

party

harsh clash be-

^ween Goldwater and

ernor

~

Cll

Republican nominee. Gov¬

has announced that he is not a can-,

wbb

T3

Rockefeller.

p]edge from Gov-

Rockefeller to stay out of the

gj-afe and

was

expected to get one

from Senator Goldwater.

Supporters of Governor RockefC4(er for the Presidential nomina^on feej that his chances of

haye

increased

to

a

large

victory
degree

death of President Ken-

D-

ii

i

Y arnall, iDlddie

and

John

GREENSBORO

now
COLUMBIA

Scranton and he is

widely known

—

Winsor
RALEIGH

or nor

to-day's speculation

Scranton

since the

li

v

r

o

less experience

even

Ira G. Jones
L. L. Moorman
nedy due to the new doubt that
Goldwater could carry the South
PHILADELPHIA, Pa.
Yarriall, as he might have done against Corporation, 120 Broadway,vNew
Biddle & Co., 1528 Walnut Street, President Kennedy. Furthermore, York City, effective on February
members of the New York Stock the New York Governor has been
1, 1964.
'
Exchange and other leading ex- conducting a strong campaign, not
For the past 20 years, Mr. Jones
changes,
announce
that
Henry only for his own nomination but has been Vice-President in charge
l

\V ith

*

;

^phy *las afociated with

A.

\y/-

i

the

ernor

membei

Exchange

Manager

as

Chicago

the

joined

has

municipal securities.

R. S. DICKSON & COMPANY

to the front in

be.
_

the

Stock

among

Romney

away from the fact that he is a
Southerner. He claims to be from
in Pennsylvania'in 'the'Southwest, '' / ;
scranton won with
' a - ; a
ahead

votes

116?326

ran

didate

office,

North Carolina, Inc.

a

election,

jead over his Democratic

as

M*.-

Public Service Co., of

had

So Mr. Rockefeller easily comes

perceptive and the patient.

Edw.

ment
We maintain active

George

^ lLl9 votes.more than half a mil~ Nat'l Securities

Murphy

cation

;

considered

governors/.^0^,^6^ Hincdlnafter the assas-

orth0dox

an

1960j Governor

highlight the merits of MGIC
an
interesting long term equity,

CHICAGO,

Appli¬

the Pa-

ihose" slates,
New York, in

and

in
-

-^.Isalso a deep prejudice against

Two of

Ricbard Nixon

ia e

MGIC had

force.

success

savasajsuri sttaarsitascAppointed by

100,000

in

major

Although the late President Ken-

de-

attractive.

no

are

or

the future

appears

there

While

sl

populous states

Republican

in

who has had

bor that

Republicans if they

Johnson

Governor

"Qr wi"

candidate might easily beat

good

them

for the
h a ■

Midwest and

North,

the

so

first mort-

ratio

procedures

$1.2 billion of insurance and over

policies

a

for The G. O. P. nomination,

fellow Southerner,

battleground
,

1962 elected

loans, and for insurance on
them
made
available without

v

a

t

Pennsylvania

gage

cumbersome

the Southerners to

tQ the

the

powerful

the

high

for

in

'

equity.

of

Because

re-

troops

the next few months,

,

m^izllf uUimateerrdditrns
to stockholder

man.

incident

Federal

cause

of

basiS'" for

deferred

firm,

...

it might

investors, is the acreserves on a tax

to long term

mand

another

depart from
of

feature

A

of

has also been

whether .as a government official than Gov-

on.

jobnson should have to do this,

out-

shares

He is in

practical

depend

0£

neither

is

liberal.

very

will

psriod in qUjrjng use
out to 64c ^ie g0llth in

of

amount

average

a

Much

same

worked

(This
46c

nor

.

ended

$13,-

insured

had

residential

At

the

the

for

fills

is

million, in 1960, $265 million.

(FHA

balance.

MGIC
need

732,734

life of the
MGIC also charges a $20

balance

loan).

loan

coverage,

charges one-half of 1%

ing

Dec.

one-quarter of 1% of

declining

the;,

was

for

quite remarkable growth rate. At

premium charge of

year

renewals at

loan

insured

the

10 years of coverage;

anhual

one-half

nomic

(paid by borrower)
of

2%

conservative

Growth

ly given, usually within 24 hours.
is

9-3CP63

$700,291
and

>

report,

insurance commitment is prompt¬

The premium

reality

e

ra

e

no

income for 9 months

Net

to

property

the

lender's property appraisal by the lender
appraisal and a photograph of the at all times.
property. If the loan qualifies, the
plication,

in

may

at

default, MGIC may

find

but,

needs

of the loan in cash. This co-insur¬

page,

one

his

by

resale

lender

borrower's

The

a

possession

lender);

and

insurance

"instant"

for

In

not

may

he

insurance

of

ly afford.
take

Mortgage

Because

deis execu ec, wi

of

he was born and reared in

cause

the, standing.)

reducing

exposure

price the home

a

loans.

and

Commitments

form

insures

$18,000

lender's

down

MGIC

lending

tions, have broadly
the

effect

puts

home,

buyer

a

$20,000

a

For

institutions. $14,400 or only 72% of valuation.
of these were Savings The lender is thus protected at
associations,
which, the most vital area, and given the

than

more

in

1963, MGIC cover¬

midyear
was

if

on

long

so

force.

is in

insurance

example

the

ratio is over 80%.

age

regardless of balance

the

as

cover

whole mortgage—just the top

20 %,

to value is

less; and $26,500 when

or

27.

shares

doesn't

insurance

over-the-count-

selling at around the South and they will get count--business.
the company does no less Negro votes on this argument.
There may be others
New York State, its
Johnson
in

and currently

er,

business

improved resi¬

first mortgages on

j(9-30-63) outstanding 1,738,- bly be sincerely for civil rights be- himself a winner at the polls. He

shares traded

369

associated

delphia

office-

representatives.

Clarke

T.

with

their

as
—

are

Phila-

registered
;

against the Kennedy Administration

he

and

its

is now

policies,

a

campaign

expected to redouble,

This may cause him trouble with

of

the

National

Northeastern
and

.

Mr.

states

-for

Moorman

has

been Vice-President in charge of
the Southern states.

Number 6322

198

Volume

.

The Commercial and Financial Chronicle

.

.

have

OBSERVATIONS...
A: WILFRED

BY

realized

tions—at,
held

MAY

Prices

RETURN ON
STOCKS

COMMON

of

The

cago-

Over the

return

long-terms, the rates of
all

on

York- Stock

New
been

listed

stocks

high.

compounded

which

have

data

During

the entire 35-year period

them

for

time

during
1926

of 22

different

000

1926-60,

tistics

annually, they were

for individuals in

income

class;

(Incidentally,
would

for

be

worth

in

$20

over

York

have

exceptionally

ing^—materially
the

reward¬

higher

than

for

war

ex¬

periods prior to the

postwar

whole,1 the
10%

ing

for

came

return

of

This has

all the

capital

also been

was

the

is

basic

The

even

ever

Science

Study

presents

the

showing

in

most

that

has

stocks;

common

of

listed

gain

loss

or

discloses
an

how

much

investor

might

-TAX

of the

a
as

popular stock

at best, far short

1,700 total during the time

35-year

Again, past studies have
one

two

or

rela¬

Portfolio to

,

v

Cash?

Portfolio

in the instant Report.

span

.And most previous studies have

.

Portfolio

,

903

9.01

8.46

8.20

7.42

6.84

1926-29

20.40

20.28

20.40

20.28

20.35

19.44

parison

—16.49

1926-40

—16.76

—16.49

—16.76

—16.51

2.35

2.37

2.38

2.22

2.39

—13.37

1926-50

6.80

1929-32—

.

1929-40.—,

.

6.32

6.15

—48.73

—48.36

—48.73

—48.19

—40.65

—2.98

—3.04

—3.00

—2.85

—3.00

—2.28

4.88

4.84

4.31

4.16

3.52

3.21

7.74

7.71

7.05

6.81

5.97

5.39

*+

1932-40

21.11

20.99

21.08

20.68

20.63

19.36

1932-50—

18.61

18.56

17.83

17.43

16.48

15.47

1932-60

17.39

17.35

16.52

16.18

14.98

14.12

1950-52—

12.50

11.97

11.09

10.00

8.99

7.12

1950-54—__

17.93

17.65

16.55

15.32

14.36

11.64

Exchange
rates,

taxes.

and

round-lot

as

they

purchase

and

been

16.98

16,79

15.78

14.80

13.72

11.43

1950-58

16.50

16 36

15.41

14.55

13.43

11.37

1950-60—

taxes,

In

1955-57—

sales

they

as

selected

tax

Since

dates,
all

and

have

Federal

the

capital gains in

or

brackets,

have

been

constitute

results

of

would

in¬

reinvesting

obviously

individual investor's tax

investing
each

an

gives

the

equal

sum

results

of

of money

having

company

issues of

one

or

stock listed

common

on

the New York Stock Exchange

at.

the

beginning

of

of

reinvesting

each

period

dividends

The Study shows the advantage
of

long-term

being high

holding, the

return

nearly all periods.

over

Comparative Returns From Other
Media

10%

compounded

annually in most of the 22 periods,
ed

more

than 8% compound¬

annually for two-thirds of the

periods,

compare

geously

with

ments.

advanta¬

very

competing

Such comparison

in

view

of

tions'

stitching

out

common

of

invest¬

is timely
institu¬

several

their

portfolios

stocks into fixed-

interest securities.

13.85

13.09

12.01

10.30

6.44

5.37

5.67

4.56

3.98

2.80

—4.38

—3.98

—5.99

—4.22

12.23

11.10

10.48

8.24

and

Savings

effect

in

12.62

1955-59—

14.00

13.70

13.26

12.16

11.58

9.23

fore-tax

1955-60—

11.20

10.95

10.48

9.62

8.88

7.20

much

loan

as

commercial

banks,

associations—on

level

ever

are

arc

the

taken

prices

mean

of

as

the

registered, and for

end

of

of

the

respective

September, when they

1032, June 30 prices

excepting

years;

for

at the highest
the lows of the de¬

were

used,

were

that

•{•"Portfolio to cash"
of

any

the net return

means

and capital

gains

which would

have been realized

taxes, if the portfolio

was

sold .at

period.

<"

basis—never

earned

after

life

dollar paid

dollar

a

by

commercial

insurance

have exceeded

and

banks

companies

never

6%, and have

aver¬

Realized

yields

municipal

on

and U. S. Government bonds,

ranged l'rom —-7%

ESTABLISHED 1900

,

MEMBERS

NEW YORK STOCK

the

opening of

an

office in

+7.8%

BOSTON, MASS.

*

FROM




CHICAGO

MAIL

BOX

Assistant

Vice-President

investment

E.

Dear Mr. May:

rent

issue

the

(November 28)

Chronicle.

I

cur¬

in

wonder, however, if

of the market

had

day of last week

as

been

the

that

these

of

one

Beverly Dr.
/Prior

with

might have their accounts fro¬

zen

for

a

tually

longer, and

year or

lose

10%

or

even¬

of

more

equity. I think there is little
tion that the

very

sharp

Tuesday

was

due

measure

to

the

ques¬

recovery

in

disturbed

the

over

of the bad news
see

as

result

a

repercussions

they expected to
of

the

Ira

Haupt

failure.
-I

that

in

publicity

to

did

interest

which

ists

ciated

could give

the

fu¬

your

possibility

some

not

act

during

the

hit

the
I

more

in

on

tbld

wave

Friday

that

trading

1960
asso¬

of

Bank

charge

department's

in

was

of

Los

bond

the

portfolio

customer

service.
Wm. E. Pollock &

headquarters
also

in

prime

agency

and

additiqn

as

well

dealers

and

municipal

York,

as

in

corporate

bonds.

Hills

branch, the firm maintains offices
in

San Francisco

and

Miami, Fla.

Two With Courts

some

immedi¬

ATLANTA, Ga.—Samuel E. Allen
John

and

connected

Marietta

E.

Davis

with

have

Courts

Street,

&

become

Co.,

And the

during

depression

of the New York Stock Exchange.

|

Only 18 tax-switching days

|

[

left in 1963

|

|

New, Free Booklet recommends 42 tax switch

=

suggestions which may possibly help you:

1) Save on 1963 capital gains taxes

|
|
|

2) Upgrade your portfolio

|

years

must be borne in mind.
Mutual

gestions

loss candidates.

may

In

help you realize profits

E

increased current income,
this coupon,

or

today.

E

opinion, the Buy sug-

~

capital appreciation,

.„E

both. For your free copy, mail

s

our

offer either potential

E

of

'

-

•

'

E

Fund

comprehensive

issues, rather than

funds'

ance—over

num¬

one

of

would, make the mu¬

HARTFORD

the short-

E

Changes in

E

the long and

while.

SPRINGFIELD. MASS.

management

funds, which

expenses

are a

of the

deduction from

&

Members New York Stock

Co.
Exchange

120

Broadway, Dept. CF-1, New York 5, N. Y.
(Attention: Mr. Richard S. Graham)

=

NAME

ZZ

ADDRESS

=

BUSINESS PHONE

from dividend income to allow for

the

€+

S

term— worth

BRIDGEPORT

I Reynolds

comparative perform¬

|
—

ZZ

E

STATE

HOME PHONE

income.
Other

studies

contemplated

by

11

N„ W., members

current tax

years.

un¬

state,

its Beverly

to

are

in* Federal

dealers

obligations

derwriters

Co., Inc., with

New

that

conscientious special¬

suspended

Union

in

the

public

selling

market

was

the

with

Angeles

of the floor traders and spe¬

cialists

of the

of

one

ture articles you

some

he

In

wish

firm

Michael L. Ingraham

some

short-covering by Wall

to

joining

the result that the later's custom¬
ers

Hills

branch, 275 S.

firms

reopen,

is

firm's

Beverly

kerage houses, and the widespread

probably would not

secu¬

He

the staff of

on

suspension of trading of two bro¬
reports

Gov¬

rities.

result of the

a

dealers

ernment

Wednesday and Thurs¬

on

&

pri¬

United

States

tion to the fact that the technical

position

Wm.

Pollock

mary

of the

should not have called atten¬

you

the

of

Co., Inc.,

liked your article in

I

of

banking firm

E

yields

average

capital value should be segregated

PHILADELPHIA

OUR

THE ASSASSINATION MARKET

using last year's tax loss "carry-forward," as well as some

lower

the averages,

General Partner

LOUIS

BEVERLY HILLS, Calif.—Michael
L.
Ingraham, has been elected

*

E

with

prevalent in recent

tual

ST.

M. L. Ingraham

balance sheet

Some Sell recommendations could

ber

GORDON E. CADWGAN

CITY

Pollock Elects

external

Performance Valuable

Managing Partner

KANSAS

GAUBIS

=

Use of this

PROVIDENCE

the

YORK CITY

the

TEL: 423-4800

DAVID W. MeKNIGHT

PLAINS

ANTHONY
NEW

thorough

last Friday.

on

and

corporate

Relative

WHITE

specialists

a

a

action of

bonds,

under the direction of

NEW YORK

make

investigation of the

the

on

I do believe

yield has varied between 5%

periods contained in the
On

closures

than

items in future valuation.

■S

POST OFFICE SQUARE

specialist
more

and

wholesale bond defaults and fore¬

10

the SEC should

factors; and the impor¬
individual

ac¬

but I

tactics and who sold, stock

past performance; the relationship

of

one

big opening Tuesday.

earnings; the

market movements to

own

rumor,

$500,000 for himself through such

relationship between earnings and
prices; portfolio selection based on
of

that

out in dividends from

of retained

their
a

|
|

time

22

8%
announce

to

have

averaged less than 4% during the
table.

EXCHANGE

of

for

only

"cleaned up" and made

stock

effects

told

am

per¬

on

is

to

stock

pe¬

aged 5%.

G. H. WALKER 8fi CO.

dividends

It

spirals

buy

as

Realized yields on mortgage loans

the end

actual

cheaply

the

could

6% for any of the 22 time

1926-60 earned less than 4%.

made

pression, and lower than any level .since;
paying commissions

riod

the

they

be-

a

periods; and for most of the
used

of

afternoon.

mutual savings banks, and savings

—4.19

13.02

they

com¬

Street professionals who had been

/

The rates of return gained from

stocks, namely
and the

of

prices—the differing

as

received throughout.

—3.66

*Prices

count.

analysis;

the

affected

table

1955-58

102!),

very

re¬

allowed

so

vary

bracket.
The

develop

applied to income

dividends

the

come,

14.72

;

a

filling

a

the

the

all

on

included.

14.84

1955-56

dividends;

that

saw

few market orders would touch

liberately

a

formance of the Dow Theory and
other systems of market

commission

existed

included,

now

1950-56

of

analysis

tance

costs

5.14'

5.53

—48.36

1929-50—
1929-60

6.77

at

5

downward spiral because of
stop-loss orders, while others de¬

of the movement of stock

transaction

this study actual New York Stock

2.38,

'

stocks

same

periods, but without

investment

on

1926-3fi_

the

economic

Cash?

.1926-60

of
time

bjeen deficient in blandly ignoring

and
$50,000 in 1000

Portfolio to

,

v

Cash?

individual

one

dealt with only

more

BRACKET-

SI 0,000 in 1 <)<;<>

Portfolio t«

,

of

in-

the

on

(Per Cent Per Annum Compounded Annually)

Portfolio

defi¬

numerous

study

a

off

cov¬

by further reports will be

same

ately when they

Exchange

Also to be

issues,

in

Investment in Common Stocks Listed

New York Stock Exchange With Reinvestment of Dividends "

Period—

re¬

Stock

selection

with

a

No Tax

quite

York

tors;

ever

the New York Stock Ex¬

on

Center

on

ered

been

of

New

from 1926 to 1960.

of only

dividends

comprising all of the stocks

It

Rates of Return

have

one

the

hensiveness, consisting

been made of the return from

investments

Security

they

from dividends

,

change.

in

Smith

&

National

the

and

comprehensive

gains

finding of

Research

Merrill

from

y

received from the Ford Foun¬

major study just completed by the
for

i 1

Fenner

Foundation.)

intervening periods.

This

m a r

Pierce,

dation

a

true

conference

news

Inc.; in addition, financial support

exceeded

$50,000 income,

a

payment

taxes/

has

as

conducted

Exchange,

(Funds to support the

i

p r

Lynch,

all tax brackets pertain¬

to

up

after

period 1950-60

periods.

investment

of

any

covered.

of the New

gigantic amount of work entailed

cept during the period of recovery
following the depths of 1932. For
the

Stock

last week.

been

total

a

Engel,

explanatory

an

postwar periods

and

1960,

prices and other economic indica¬

of the

together

who,

& Smith Inc., members

years.)
The rates in the

Lorie

R.

period

35-year

time

averages;,jand,

of

investor might have gained or lost
on each
individual stock listed on

respects. Most have lacked compre¬

.those

was

the Center include how much the

and

there have been

but
in

selec¬

dates

Vice-President tively brief intervals; in contrast
Merrill Lynch, Pierce, Fenner tathe 22 time intervals within the

of

35

It

direction

the

Fisher,

Louis

with

compounded annually,

per annum,

tapes, involv¬

computers.
James

Lawrence

dollar earning 9%

a

on

under

Professors

in the $50,000 income class.

persons

onto

conducted

the $10,-

6.84%

and

stored

were

turns,

of

amount

the

through

studies

cient

a

project, during

tremendous

a

few

random

varying lengths of

from

a

ing the feeding of millions of sta¬

9.01% for- tax-exempt institutions;

8.20%

of

represents

survey

3V2-year research

the

on

Exchange

surprisingly

School

Graduate

the

Business in the University of Chi¬

from

different

25

Hitherto

THE ACTUAL

(2185)

Hiiiiiiiiiiiiiiimmiimmiiimmiiiiniiimuiiiiiiiimiiuiiiimiiiiiiiiiiiic

6

The Commercial and Financial Chronicle

(2186)

Tax-Exempt Bond Market

past

dullest

bond

period

fered

has

There

interest

investor
bond

market pressure

less

the market's

since

persisted

municipal

the

The

coupled

Holiday

Bankers As¬

light

scheduling

of

new

However, rarely does a week go

present, at

immediate

the

For

/

is-| least, the marketplace appears as by when there are not a half
dozen issues of more or less im¬
a fit setting for more active dealer
November holiday period, and the
contention.
For the rest of the portance which come up for sale.
calendar forcast a reduced volume year the new issue calendar pres¬ This week is 110 exception in this
sor December, the normal flow of ently totals less than $350,000,000. respect and we will briefly men¬
late year investor buying has efMoreover, there are no large ne- tion these.
Last
Friday,
Shoshone
and
fectively seemed to balance out gotiated
type
financings to be
Counties,
Idaho
Joint
the
supply factor for the first added to this total during this Kootenai
time
in
(Kellogg)
many
volume
infested period so far as we know. Thus School District #391
months.
This favorable
balance an opportunistic case can be made awarded $1,032,000 Refunding
is
(19 65-1974)
bonds
to
quite obviously only a tech- for a seemingly better market in School
correction

nical

As

subsided

volume

sue

rise.

rate

rediscount

new

is

it

but

the

re-

a

ahead.-

weeks

few

the

freshing enough respite to note.
Higher

Slightly

The dajly

As arithmetical confirmation of
this

occurrence,

Commercial

The

Chronicle's

yield

state

grade
eral

week

stood

at

most

academic

bond

the

3.133%

market

through
point.

a

this

To

technicalities
mention

3 total

high

This

average

gen-

less

improve-

eighth

an

during

make

the

same

long

on

bonds

term

increased

hundreths.

by

Wy

Treasury

several

one

al

/

Jt

■.

,,

misleading business

how

financiaUy

anQther

jje indulged

tax

as

bases

sometimes

in

in

ine.

actively

traded

quixotic.

lecent

past,

dollar

wee^

sotelativerv
ytjelda have^ecome
relatively attractive
to
so

as

mentarily
vestor
under

invite

interest
the

and

timely

particularly

however,

this

values

sideiably

have

confused

year,

been

by

a

in

period.

proposed

tax

legislation,

new

payments

politics

of

recently

issues,

in

in-

rates,

money

between

as

five

dealers

and

the

market

and

over

the

situation

dealer

generated

s

thereby
These

negative

sublimated

for

the

seasonal

factors,

present

by

a

largely

supply, and demand

MARKET

sit-

tiallv

active

the

case

during

this

been

years

trading in state and

the

issues

discount
has

shift-

vear,

been

reduced
,n

this
no

up

bond

not

year.

a
,

,

At

,

,

flotation.

likely

to

be

present

large flotations

Such

the

there

being

case

...

.

Auth., Gtd

Scaled

to

.

Market

11:00

Manchester, N. H._

1,273,000

1964-1983

11:30

a.m.

River View Local Sch. Dist., Ohio-

2,228,000

1965-1986

1:00

p.m.

8:00 p.m.

in

totals

group

activity

on

The

on.

School

bonds

Berkeley

District,

$5,555,000

the

Unified

Calif,

School

to

awarded

(1965

net

a

syndicate

managed

interest

cost

of

3.073%.

second bid, a 3.141%

terest

cost,

Maturity

Other

net in¬

submitted

was

mqjor

winning syndicate

Manhattan Bank, Mellon National

3%%'.

1981-1982

325%

3.10%

Bank and

1981-1982

3.15%

3.05%

3V4%

Co., A. G. Becker & Co., J. Barth

1981-1982

3.10%

3.00%

&

Co.,

310%

3.30%

3.20%

1981

3.25%

3.15%

3.20%

3 10%

q 4o<~

loftor

ance

3.35%

3.25%

maturity

3.21%

3 13%

coupon

City...

_____

4,

availability.

1963

3M>%

1981

31

ioqi

3V4%

1981

3%

1980

,

•

Index= 3.121%

,

Stroud

Trust Co.,

Roosevelt

1981-1982

3%%

Maryland ——314%

Philadelphia, Pennsylvania

the

are

3%

3.20%

^Chicago, Illinois

fcbase

Asked

1981-1982

z—

the

*3 one

Housmg Auth. (N. Y., N. Y.) 3Yz%

^i°

of

^ '-?n^

2.90%

I;1113

members

1980

Rid

&

Meyer &
1965

various

Wertheim &

Cross

&

and

Co.

Pa._

Clarksdale,

Miss.

to

to

Stern,

r

yield

coupons,

1965-1973

1965-1334

7:30

1,100,000

1965-1989

3:00 p.m.

p.m.

Crystal, Minn

2,130,000

7:30 p.m.

Durham, N. C

2,700,000

11:00 a.m.

Emery Unified Sch. Dist.,

Calif.--

1,500,000

Forsyth Co., N. C.--

1,000,000

1966-1971

11:00a.m.

Fresno, Calrf.___

1,500,000

1965-1984

10:00 a.m.

Garland, Texas

6,025,000

1964-1991

7:30

p.m.

1,040,000

1964-1974

2:00

p.m.

1,100,000

1965-1934

2:00

p.m.

1,000,000

1965-1984

5:00 p.m.

1,000,000

1966-1974

11:00,a.m.

Hannibal, Oswego etc., Gent. Sch.
District,
Inver

N, Y

Grove-Pine
No.

Bend

Ind.

Sch.

199, Minn.

Joplin School District, Mo
King Co. Lake Wash. School Dist.
No.

414, Wash

McHenry County Commodity High
School District No.
Medina

City Sch

Oak

Ind.

S\

1,400,000

1965-1984

53,400,000

1965-1982

p.m.

_____—

&

School Loans
Northside

8:00

2,375,000

Refunding

State

Minnesota,

155, Ill.__

Dist., Ohio

10:00

a.m.

3,000,000

________

Lawn, 111.

1,750,000

1965-1998

8:00 p.m.

Calif

2,500,000

1966-1991

11:00 a.m.

Cxnard,

D., Texas

San Francisco Transit

Auth., Calif.

50,000,000

1972-1999

10:00 a.m.

^

2,000,000

1966-1993

3:00 p.m.

N. J—

1,040,000

1964-1974

1,195,000

1965-1934

Ariz.—

Tempe,

Union Township,

Conn.

Vernon,

Waukesha Co., Wise

December

Mentor

II

Hospital,

Ala._-

Exempted

Village

School

1,000,000

1, N. Y.

December 12

1965-1989

3,500,000

1965-1989

p.m.

(Thursday)
1.500,000

Henrico Co.,

5,000,000

Va.__^___

1965-1979

i-

Regents (State

1966-2003'

11:00 a.m.
8:00

p.in.

2,750,000

1964-2001

10:00

a.m.

5,000,000

1965-1934

Noon

7,452,000

1964-2002

10:00

a.m.

1,695,000

1965-2002

10:00

a.m.

1965-1989

11:00

a.m.

4,006.000

1966-2303

11:00

a.m.

2,000,000

1994

University of Iowa)____________

16,500,000

Madison Tp. Mun. Util. Auth., N.J.

1,550,000

Miss. St. College for Women, Miss,

St.

7:00

_■

3,605.000

Emery Unified Sch. Dist., Calif.___

Carolina

a.m.

Union

etc.

Free School District No.

South

1965-1974

1,800,000

Castle,

New

10:00

(Wednesday)

District, Ohio—

Ossining",

a.m.

1,200,000

'

General

8:00 p.m.

11:30

(Columbia)

S.

University of Mississippi Housing
System, Miss..

University of Southern Miss.______
December 14
Arizona

(Saturday)

University, Ariz..

1,250,000

December 16
Fla.

State Bd. of Control,

Fla.____

Ana, Calif._%—

—

(Monday)
7:30 p.m.

December 17 (Tuesday)

Farmington, N. Mex._

16,500,000

1964-1993

2:00 p.m.

Hampton, Va.
La Puente Union H. S. D.. Calif.__

3,500,000

1965-1984

11:00 a.m.

1,320,000,

1966-1988

Phoenix, Ariz.__

8,000,000

—__

10:00 a.m.

19,500.000

1966-2003

10:00 a.m.

Santa

Clara

Water

Flood

Co.

Control

District, Calif

9:00

a.m.

&

—_

December 18 (Wednesday)
Covington,
Massillon

Murray

2,500,000

Ky

City Sch. Dist., Ohio—

State College,

Richmond, Va

Ky.—

.,_

1966-1992

2,750,000

7:30 p.m.
—

2,360,000

1965-1994

11:00

9,800,000

1965-1934

Noon

8:00

a.m.

vV

December 19 (Thursday)

,

J.

1,600,000

1964-1983

Building Corporation. Ind——

1,480,000

1966-1993

1,000,000

1964-1933

Bridgewater-Raritan

D.,

N.

Virginia Beach, Va.__
December 20

Inc.,

Frank,

S.

p.m.

Richland-Beanblossom School

Eastern Washington St. Col.,

Wash.

(Friday)
3,062,000

11:00 a.m.

-

1964-2001

7:30 p.m.

from
in

the

2.00%
for

1988

unsold

bal¬

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

Farm

&

Home

Loan

&

School Building Aid, Calif..:

1,210,000

1974-1989

4:00 p.m.

r;,

10:00 a.m.

80,000,000

$2,370,000. The 1989

carried

and

5,500,000

2,000,000

January 7 (Tuesday)

3.25%

is about

(Tuesday)

14, Colo

Fox.

Reoffered
in

Bethlehem,

a.m.

bv

3i'">%

•

Adams Co. S. D. No.

_____—.

,2,345,000

December 10

1939)

-

by the Bank of America NT & SA

The

Ohio___

Sch Dist., N. J.

Wayne Township

to

re¬

3 15%




1965-1986

the

increased

3.25%

No apparent

2.25%

coupons,

Tuesday with three issues to

3.00%

__

December

1973-1988

which

'

:

a.m.

2:30 p.m.

bid,

Weld & Co.

from

various

$610 000.

1965-1939

1,200,000

Santa

balance

present

1981-1982

New York

interest post,

yield

for

1974-1975

'

second

associates.

3.55%.

11:00

4,000,000

1,000,000

Sell. Dist.,

Madison Local

of

compared

the

and

3%%

J

bid

with
net

cost

interest

made by White,

at

to get.under the 1:963 deadline.

the successful

was

This

F. Hut-

Pierce, Wulberh,

net

a

3.493%=

are

shaped

at

..2,90%

m

sale

(1965-

revenue

was

port

nn„f

seems

:

Delaware, State

*R°ir
♦Baltimore,

and

11:30 a.m.

1964-1993

December 9 (Monday)

Iowa State Board of

important

Sewer

Co.

&

favorably

dollar
substan-

voar'
.In past yeais December has also
always seen a large last minute
T,

Rate

Pennsylvania, State

less

to

1965

due

pre-sale.

other

and

3.4929%r.

at

REPRESENTATIVE SERIAL ISSUES

'—___

New Jersey Hwy.
New York, State.

bonds

sold

1964-1983

Liberty County, Texas

un¬

totals $1,-

Phelps, Fenn & Co. and associates.

ON

•Connecticut, State

*

into

quoted

,

California, State

out

Since there has been very

revenue

market

less favorable and

more or

previous

ing'

competi-

-

has

municipal bonds this

antithetical underwriting interests
banks

than

little tax loss

imbalance,

ton

bond

revenue

been

1986, the

of John Nuveen & Co., E.

44.

has

in

group

of
set.

issues

1,500,000

Colo.

3.30%)

1992) bonds. The group consisting

,

averaged

Co. and

yield from

in

The

were

Water

little dur-

1

record

volume

ternational

which

ctm-

Wjilston &

bond

the

12,264,000

Warren Cons. Sch. Dist., Mich

3.65%

balance

bidder

Chronicle's'

obligations

con-

breaking

cut

£

^.59
%a week ago averages out at
3.588% as of Dec. 3. This list of

difficult

the winning

of

involved $1,600,000 Rome, Georgia

auotations

very

to

to

The

o

;

.

Thiough

Pueblo,

list

(Thursday)

Oyster Bay, N. Y._____

John Nu-

and

Co.

&

Murphy Corp.

Index

that

auspices

prevail.

now

the

in-

Co.

mg the past three or four weeks.

^

.

sporadic

a

these

have changed but

mo-

„

Actual]v

the

we

for which specific sale dates have been
December 5

Alabama

Monday's

quoted

net

by

L. F. Rothschild & Co.,

are

1976

1975

lis{

ur

i

lax

3.65%

a

made

members

410.000.

asm». -t'r s swssswawt
sss fft iiJryrs ***"
in •»»"
xtpuiib

bid,

was

Co.

Andresen

sold

The quotatiolls for the long

of

of 3.5446%.

cost

jointly managed by B. J.

Reoffered

in.

(1965-

revenue

Co., Newburger, Loeb &

ull.

Dollar Bonds Steady

and. t!?!n

cost,

&

group

*

precariously

interest

Other

much

issue bidding policies must some-

,

dlspa"ate
are

the

„

prices to taxable

bond prices can be a

markets

1963

Put¬

awarded to the

were

Ingen &

veen

ahead>

Florida

$2,800,000

Commission,

runner-up

Van

drivfer.s

the

inonths

$160,000.

is

headed by Goodbody & Co.

net

a

account

com£ort.

successful year, less avaricial new'.

know that directly relating
tax exempt bond

at

34i>s, the present

underwriting industry is Hay den, Stone & Co.,

bond

avoW

to

Tax-Exeihpt Yields Attractive
,

in

the
in

as

Inc.,

2.65%

from

syndicate

Monday,

group

overcapitalized state, and munici-

steady at best reports.

TIT

ensconced

even

but quiet and

were

the

on

issues,

be

to

durj

s£at

in

as^red for 1964, the buy- interest

wouM •

ers

Corporate; during this

weekly period

or more

Brockton, Mass

Continental

yield

County Road

nam

However, with heavy new issue The

period, yields on Treasury Bills
appreciably
increased
and
the
yields

focus

new

to

investor 1986) bonds

and

still

must

volume

syndi¬

Co., Edward L.

and

for all

Development

break,

summer

voluminous

more

On

in the list since

lamented

3.50%

balance

stuff

priced

high

institutional

interest

the

we

to

believe

might

one

worn

late

Co.

Reoffered

inquiring in-

the

to

has lingered

Large

&

this

Marshall

&

total actually offers Bank & Trust Co., Salt Lake City.

than

shop

the

abbreviated

involved

that,

the
that

Foster

Burton

net in¬

Thursday, December 5, 1963

.

tabulations

following

District

of

members

are

Pacific Northwest

The

since much of the total represents

al-

emphasize

to be

area.

only $496,613,500.

was

variety

Vestor

yields

thus the

and

$500,000,000

cate

a

3.49%.

of

cost

by

Security

First

and

Idaho,, Boise, at

Other

as-shown

List continues

Blue

the

Dec.

presently,

averaged

offerings

bond

the

mu_ terest

jointly

headed

Co.

&

Bank of

total o£ state and

based

offerings,

week amounted to about
of

in

index,

out at 3.121%

Last

ment

Financial

municipal

and

obligation

averages

in

preselected

20-year

upon

and

nicipal

that

record

we

syndicate

Bh/th

_

„

Buyers Hold Upper Hand
Prices

the

$1,000,000

the

during

.

Larger Issues Scheduled For Sale
In

annual

52nd

chiefly responsible

are

financings.

year.

in August following the

recovery

the

bidding.

the Investment

convention
for

the

for

having been of¬

public

sociation of America

calendar early next

voluminous

that has more or

been

year

new

bonds

for

with

to be dominant again as we move
under the spell of a much more

past

down-side

the

reduce

to

the

during

offerings

week

tax-exempt

in

of

Thanksgiving

uation within the state and municipal bond sphere, seem likely

enough scattered

been

this

issues, with only $65,970,000

various

of

has

week

underwriting

D. MACKEY

DONALD

BY

Awards

Recent

.

This

.

was

a

1/20

sold

of

pre-sale.

Washoe County (Reno), Nevada
Continued

on

January 8 (Wednesday)

1%

page

35

LaFourche Par., La

1,000,000

1965-1984

Lee

2,990,000

1967-1984

New

County, Fla
Ulm Ind. S.

D.

No. 83, Minn. >

1,950,000

_v

10:00

a.m.

utiwwtp* n»

Number 6322 .'.

198

Volume

Walston Absorbing

.

strengthened service base for our

conviction that both his firm's

customers and

tomers and

financial

Williston, Beane
Walston & Co., Inc.
iston

&

Beane

cording to
of V.

C.

will

Incorporated

their

consolidate

and J. R. Will¬
businesses,

ac¬

i Stock

Mr.

ored

that

stronger national

community
Walston:

over

"We

Williston

moved to consolidate its
under the WTalston

and

Williston

-

all."
hon¬

are

Beane

&

has

operations

banner,, and

my

associates and I share Mr. Beane's

and

fit

as

that

result.

a

the

venience
and

we

We

are

consolidation

fected with
to

a

personnel

&

Beane

become

J.

of

all

stockholders

the

the

the future."

to

details
still

Europe to

Hawaii.

published report

(August

30, 1963) revealed assets of $151,000,000 and net worth in

Wal¬

excess

$17,500,000.

of

This advertisement is neither

offer to sell

an

solicitation of an offer to buy

nor a

Joins McNeel Co.
foor has
&

joined the staff of McNeel

Co.,

Inc.,

members

of

Candler
the

Baltimore-Washington
change.

|

of these securities. The offering is made only by the

Prospectus. This is published on behalf of only such of the undersigned as are qualified to act
as dealers in securities in the respective States.
■ Piece tuber 3,1963

New Issue

&

$35,000,000

Co.,

said,

Tennessee Gas Transmission

out"

worked
"but

we

..

with approval

.

Stock Exchange

pleased to

First

Company

Mortgage Pipe Line Bonds, 4%% Series due December 1, 1983

announce

that most of the Williston & Beane

officers/ and its key personnel will
become

that

contemplated

Beane will become

holder

Price 100.50%

part of Walston & Co.

a

is

"It

Mr.

and interest accrued from December 1, 1963, lo

date of delivery

voting stock¬

a

and director

of Walston

&

Co., Inc.
..."For all practical
consolidation

the

purposes,

Copies of the Prospectus

effective

became

signed

Monday morning, December 2, and
the sixteen offices of Williston
will

Beane

usual.

as

be

are

be obtained from only such of the under¬

may

qualified to act

as

dealers in the respective States.

&

for

business

The only major,

immedi¬

open

as

ate difference is that their 'trades'
■*

(buy

sell orders) will be cleared

or

by Walston
clients will

come

Williston

•

&

from Walston."

formed

Beane,

(2 Broadway, 1370 Broadway, 360

York

all

Avenue,

in

Blyth & Co., Inc.

in

1889, has five offices in New York
Lexington

White, Weld & Co.

Stone & Webster Securities Corporation

Halsey, Stuart & Co. Inc.

confirmations to

and

New

City, Rye and Huntington);

Eastman Dillon, Union Securities & Co.

'

Kidder,Incorporated
Peabody & Co.

Incorporated

Merrill Lynch, Pierce, Fenner & Smith

Lehman Brothers

Lazard Freres & Co.

The First Boston Corporation

Harriman Ripley & Co.

Goldman, Sachs & Co.

Glore, Forgan & Co.

Incorporated

,

three in New Jersey (Asbury Park,

Plainfield

New

and

Brunswick);

one

each in Philadelphia, Chicago

and

Westport, Connecticut; four in

/

Smith,Incorporated
Barney & Co.

Salomon Brothers & Hutzler

Paine, Webber, Jackson & Curtis

'

;

'

Dean Witter & Co.

Georgia (Atlanta, Augusta, Macon
and

Savannah)

and

in

Sao

The firm has

Brazil.

Paulo,

one

ap¬

proximately 350 employees includ¬
ing 140 registered representatives.
On

Ira

and

& Beane

20, Williston

Haupt

Co.

&

were

Exchange for failure to meet mini->

capital

requirements

their

of

one

customers

Co.

Bayonne, Ne\V Jersey)

plied

for

when it

stated

two

days

additional

loans

when

which

Walston

Lynch,

totaling
&

Co.,

and

the part of. two
Stock

York

spontaneous,"
"Beyond

.

was

.

of the

.

Tennessee Gas Transmission

our

5.04% Cumulative Preferred Stock

the

(par value #100

Smith

Price

firm's

as

.

.;

"But

both for

ourselves

.

.

.

,

the

practical

our

customers and

move

Copies of the Prospectus

signed

cor¬

We are confident that this
means

as

are

may

be obtained from only such of the under¬

qualified to act

as

dealers in the respective States.

Stone & Webster Securities Corporation

Blyth & Co., Inc.
Glore, Forgan & Co.
Lazard Freres & Co.

' \

Harriman Ripley & Co.

Goldman, Sachs & Co.

Incorporated

Lehman Brothers

'

a

broadened,




,

Kidder, Incorporated
Peabody & Co.

Merrill Lynch, Pierce, Fenner & Smith
>

Paine, Webber, Jackson & Curtis

White, Weld & Co.

Eastman Dillon, Union Securities & Co.

The First Boston Corporation

outweigh all other

considerations, personnel and
porate.

1963

1,

against

f--.fi

benefits of consolidation with Wal¬
ston

Share

continuing ability

independent firm, Mr.

an

said.

per

organ¬

much to continue Williston &

Beane

#100

Plus accrued dividends from October

was

"My associates and I had hoped
very

share)

Beane

our

our

eventuality.

Beane

per

evident

customers

our

Comp

had

reinstatement

Street's faith in

protect

any

its

notably,

.

-

150,000 Shares

truly inspiring evidence

a

ization, and
to

.

immediate

qualified to act

from

Exchange firms

reiterated.

implication

as are

December 3, 1963

of the leading New

•completely

almost

of these securities. The offering is made only by the

Merrill

&

Fenner

any

New Issue

"This tremendous gesture on

Inc.

.

it

$500,000

Inc.

Pierce,

offer to buy

rein¬

was

later,

capital

an

behalf of only such of the undersigned

dealers in securities in the respective States.

able ,to raise was augmented

been

by

Beane

on

petition

calls from the two firms.
&

solicitation of

ap¬

unable to meet margin

"Williston

as

Refining

&

bankruptcy

a

was

a

(Allied

Vegetable

of

offer to sell nor

after

Crude

Oil

an

Prospectus, This is published

sus¬

pended from the New York Stock

mum

This advertisement is neither
•'

Nov.

Incorporated

Dean Witter & Co.

Smith, Barney & Co.
I

incorporated

.

A

Building,

Philadelphia-

formal agreement

a

in principle, and
are

any

7

ATLANTA, Ga.—Leonard M. De-

consolida¬

of the

being

of the New York
we

80 offices stretching

Western

last

Its

over

majority of the

a

announcement

...

Co., Inc., headquarters in

has

from

ef¬

look forward with genuine

anticipation

York, San Francisco and Chi¬

Walston

Walston

of

have reached
,

be

parties concerned

Inc.

are

can

&

New
cago,

minimum of incon¬

stockholders of that firm becoming

"Final

confident

ston

R.

Incorporated

part of

organization with

tion

cus¬

industry will bene¬

our

Alpheus C.

Exchange firms. Most of the

officers

will

Said

a

joint announcement

a

Walston

Beane, President and Chairman,
respectively, of the two New York
1

(2187)

The Commercial and Financial Chronicle

Stock

Ex¬

The Commercial and Financial Chronicle

(2188)

8

Michigan

DEALER-BROKER

Walstori

Stocks

INVESTMENT LITERATRUE

For

Watling,

Bldg.,

AND RECOMMENDATIONS
PARTIES

INTERESTED

SEND

TO

—

•

WILL

MENTIONED

FIRMS

THE

THAT

UNDERSTOOD

IS

THE

FOLLOWING

With

LITERATURE:

santo
&

Brothers
New

&

—

Petroleum Stocks

—

Adelaide

238

on

Fore-

Special $35 yearly service ineludes bi-weekly news reports
and quotation reports and six
analyzed reports of subscribers
cholff; slx months frvle? for ^1"
weekly
reports and quota-

West,

St.,

Canada—$1.60

Ont.,

Toronto,

per

COpy

Effects

Economic
Soviet

Canada

on

Midland-Osler Securities

King

'|

Canada.

Folder

listing

change

rates

decimal
and

v

Exchange

Foreign

reports, $21.

foreign

173

with

Trust

Hanover

Division,

International

44

St., New York 15, N. Y.
Scott Index

&

tions

Industries

&

articles

tries,

CorporaIndex

-

corporations,

on

general

and

of

of

tiona,

Indus-

business

-

sub-

Qnrl

Taft

Co

,

"

!

,

'

speeches

Childs and

analysts

before

;

,

+

«r

cnena

Jackson Blvd., Chicago.
.
tive Volume $30. Further informa- Oil Company Earnings — Review
tion on the weekly or monthly °f nine months-—Carl H. Pforzissues available on request—In- heimer & Co., 25 Broad St., New
vestment Index Co., 206 F Colon- York, N. Y. 10004.
nade

Annual

Cumula-

Building, Cleveland 6, Ohio.

Over-the-Counter Index

Hospital Supply Industry—Analysis

with

IPCO

particular

reference

Hospital Supply

Becton

Rose

Dickinson

&

Co.,

Inc.,

New York, N. Y.

'

Japanese

to

Corp., and

Co.—Reuben

&

115

Broadway,

10006.

Market

Review

—

—

New York, N.Y. 10006.

available
Iron

&

on

Electric,

Mitsubishi

Manufactur-

&

Companies

newsletter

—

Rohrbaugh

—

Information

—

Analysis

$75 yearly service

Place, New York, N. Y. 10006.
Utility

Rubber

Common

Stocks—

mergers

on

in

Mr.

S.

Richard

dis¬

are

Inc.,

McCullough

Eitel

Inc.,

Graham,

York,

New*

*

Chemical

—

Co.,

4

&

Cluett,
New

Peabody

available

CTS

Corp.

comments

are

Allied Stores Corp.

Hornblower

&

teenth

10005.

available

Also

ments

Johns

on

are

chine,

Chesapeake

Steel

eral

Organ

Industries,

Investment

Estate

Co.,

660 Seven¬

Inc.,

St., Denver, Colo. 80202.
Crystal Salt Company—
—•

Dempsey

-

Tegeler

&

—Hill

Richards

South

Spring

&

Co.,

Inc.,

St.,

Los

Angeles,

621

FMC

Corp.

American

Seigel,

Lines,

Export

Henry

—-

67

Inc.,

Broad

Co., 36 Wall St., New York, N. Y,

Inc.—

Grumet

Brand,

—

St.,

10005.

&

New

York, N. Y. 10004.
Avco

Corporation

Butcher &

Analysis

—

Sherrerd, 1500 Walnut

St., Philadelphia, Pa.
available
River

Mills

19102.

analyses

are

and

Moore

Camera

Corp.

Analysis

Corporation

Chas.

W.

Church

—

,

.

Scranton

St.,

&

Haven,

New

Also available

06507.

Farrel

Co.,

Co.,

Corp.,

A.

Bulletin—

—

Taggart

..

„

„

Company

Co.,

&

Conn.

—

Corp.

Equipment

Street,

111.

on

Copper

the

tries.

Campbell Soup Company—Survey

Olin

—Abraham & Co.,

Simonson

Co.—The Milwaukee Co., 207 East

is

120 Broadway,

.

&

Bros.

comments

are

320

N.
a

Broad

25

Y.
&

St.,

Also

10004.

report

Telephone

85

02109.
on

State

Also

St.,

available

Co.,

&

Boston,

Los

Film.

stamped

addressed

when

writing for

Centinela
Wedbush

150

envelopes

Company,

90008.

157

and

—

Street,

10005.

York,

New

■

Y.

N.

,

Westinghouse

Wall

Brake

Air

Street,

Rock

on

York,

New

available

Also

10005.

Com¬

Island,

Soo

are

Y.

N.

reports

Line,

and

Winkelman Brothers Apparel Inc.

Analysis

—

—

Murray

Ffumin

&

Company, Penobscot Building,

Foods

Zausner

Corp.—Analysis-

Hugh Johnson & Company, Rand

Building, Buffalo, N. Y. 14203.

With First Columbus

Corp.,
of

East Gay St., members
'
Stock Exchange.

52

Midwest

the

® BROKERAGE
HOUSE

Plus—over 140
'

:
;

leading business and
financial publications

of

complete, concise

Corporations and Industries ;

■

For Full Information and

FREE

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and

sample of latest index
mail this coupon

•

• ,

today!

National

First

Streets,

Spring

Corporation

in the

FUNK & SCOTT INDEX

Compre¬

.

j

of America

N. Y.

Broadway, New York,

ments

&

Wall

Telegraph.

Angeles, Calif. 90054.

10038.

copies)

Valley Bank—Report—

Barbara Plaza, Los

ysis—Van Alstyne, Noel & Co., 40

INVESTMENT INDEX COMPANY

C

Colonnade Bldar., University Circle

| Cleveland 6, Ohio
NAME

—Analysis—A. J. Carno Co., Inc.,

requests

(Firm

Security

Sixth

Printing

Eversharp and Twentieth Cen¬

tury-Fox

its cities

—

Bank,

Mass.

reports

are

Ltd.

Walter Reade-Sterling Inc.—Anal¬

Interna¬

on

County, Calif.

county,
ties

Express Co.

is

Co.,

Orange

Ltd.,

Celanese—Report—Colby

Ltd.,

analysis of Traders Finance

an

Corp.

on

hensive booklet of data about the

Inc.,

Corp.

St., West Montreal

1, Quebec, Canada. Also available
is

Texas Indus¬

and

letin—Gairdner

Co.,

Limited—Analy¬

Securities

James

Co.,t 30

Canadian Petrofina Limited—Bul¬

Bay St., Toronto 1, Ont., Canada.

Banks, Brokers and Financial Institutions—

& )

York,

tional

&

—

14 Wall St.,

INDEXED and BRIEFED WEEKLY

available

of Warner

survey

Co.,

Canada

St.

Mathieson—Report—Cohen,

New

10005. " Also

Y.

N.
a

meating

Analysis

REPORTS

Range

'

Stanley Works.

&

the

—

York, N. Y. 10005.

Texaco

Corporation—Com¬

available

Also

60604.

report

Hutton

York,

New

Orvis

a

New

and

—

industry

N. Y. 10005.

and

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

is

packing
E.

Door.

Co.

&

Also

—

—

Chicago,

Steel

Swift

Broadway,

10005.

analysis of Youngs-

an

Hill, Thompson & Co.,

Wall

70

Inc.,

Cas¬

Corp.,

Pool

Report

Broad

St.,

town

120
Y.

19102.

ments

available

N.

available is

W.

Co.,

York,

Inc.,

Analysis—Demp-

Salle

New

Graham, Dept. CFC,

Philadelphia, Pa.

sey-Tegeler & Co., Inc., 39 South
La

&

Ohio — Robert L.
Anderson is with First Columbus

10005.

Can

—

S.

Reynolds

Exchange .COLUMBUS,

National

Corp.

—Richard

Rittmaster,

—

Co., ^40

Locust St.,

Major

Industries, Inc.

Calgon

Orleans, La. 70112.

Stokely Van Camp Inc.—Analysis

209

Maryland

Plasticrete

—

analyses

are

New

Instrument

&

„

Charles

Products.

Analysis

and

Koehring

Dan

1516
Barden

—

Place, New York, N. Y.

Also

of

Fairchild

Voisin

—

analysis

Detroit, Mich. 48226.

Analysis

—

Gellermann, Dept. CFC, Bache &

Analysis

York,

-

Erie Lackawanna.

Calif. 90014.

Cli¬

Hammill

New

pany—Report—H. Hentz & Co., 72

Empire Financial Corp.—Analysis

max.

of

of General

Chicago, 111. 60603.

Gen¬

Metal

Also

10006.

Co., Inc., 39 South La Salle Street,

Hammond

American

and

&

Analysis

Olin

Ohio,

&

Y.

survey

a

Real

Diamond

com¬

Manville,

Co.—Survey

—

Manhattan Plaza, New York, N. Y.

v

St.,

Southdown Inc.—30-page

sis—Royal

Rubber Co.

Sullivan

Chase

1

is

on

Analysis

—

Weeks,

and

Association—Analysis—Bosworth,

United Air Lines.

and

Tire

&

N.

York,

Denver

Albany St., New York, N. Y. 10006.
Also

are

—Fahnestock & Co., 65 Broadway,

Y.

Comments

N. Y. 10005.

244

*

—

in¬

available

Goodyear

on

available

Cummings

Bregman,

monthly

Pan American Sulphur.

Tire &

Allied

of

Also

10004.

Y.

comments

120

N.

Unishops.

Pond's—Comments

issue

current

N.

10005.

Lambert.

Co. and Goodyear Tire & Rubber

American

issue

same

Co., Inc., 25 Broad St., New York,

may as¬

Reynolds & Co., Dept. CF-1, Att.:

Arm-

and earnings;

For

in the

vestment letter—Hayden, Stone &

the portfolio—

taxes and upgrade

available

strong Rubber Co., B. F. Goodrich

dividends,

10006—25 cents

$2 per year.

copy;

Chesebrough

tax

42

suggestions which

—

on

reports

recommending

New' York,

Industry

200

news

Exchange

strument Company and

e w

Wall

richs and Co., 211 Carondelet St.,

Stock

A. Sax-

Inc., 52 Wall St., New.

Fabricating

Suggestions—N

Shearson,

—

Co.,',14

Bldg.,

data

sist in saving on 1963 capital gains

Also

Analysis with comments

actively traded life insurance

switch

Zurn

includes analyzed reports on over

stocks, bi-weekly

booklet

Possible Tax-Selling Targets Over

York» N. Y. 10005.

&

Switch

Analysis

—Howard, Weil, Labouisse, Fried-

Also

10005.

Tax

ualty

ton & Co.,

Stock

S*ree

t?

Comparative figures—G.

ington, D. C. 20005.
Insurance

wr

i

Discussion

—

Fulton Industries, Inc., Potter In¬

New York 4' N' Y'

Public

Co., Union Trust Bldg., Wash-

Life

Averages, both as to yield and

the Counter — Lists 43 securities
partly depressed by tax-selling—
Troster, Singer & Co., 74 Trinity

&

Tokyo Electric Power.

Monthly

counter industrial stocks used in
the National Quotation Bureau

^Ure£^'

Shipbuilding

Insurance

showing an up-to-date comparison between the listed industrial
stocks used in the Dow-Jones
Averages and the 35 over-.the-

Fuji

Engineering, Nippon Express and

Life

Folder

Also

Steel, Furakawa Electric,

Mitsubishi

ing,

comments

are

—

marke* performance,
a 25£ea"r Period — National Quotation

Daiwa Securities, Ltd., 149 Broadway,

N. Y.

Stores

cussions of Retail Sales and Astro-

Schley, 120 Broadway, New York,

Simmonds Precision Products,-Inc.
—

&

York, N. Y.

per

Saving—Discussion—Moore &

Corp.

115 Broadway,

York, N. Y. 10006.

Investor—American Investor,

New

New

Mathieson, Cincinnati Milling Ma¬

.

?eVlGT/11
If,

publications, 350 broker's reports,
and

Broadcasting

nnhW

«

TT

?

Outboard

o( Detroit

Bank

Marjne

jects taken from over 200 financial

societies —1962

Place,

Also

10005.

Y.

analysis of Norris

an

Food

American

Peck

Co.—Kahn,

N.

is

November issue of the Ameri¬

can

,

_

0

Industries, Meat Packers, Middle
East oj|
Muni-cipaI Market, Na¬

n

.

Funk

„

—1Goodbody & Co., 2 Broadway,
New York, N. Y.
.
available are analyses of Florida
TelephoneCorp., ovvart ams
Co" Halliburton Co., Atchison,
T«l'eka & STanta ?> Cal»f°»»a
Savings & Loan Stocks, L'ttoii

ex-

shillings

of

„

_

tables of

two

Tax

in

to

Mon¬

10006.

Broadway,

Military - Space Electronics—Study

and common fractions

-Manufacturers

Wall

tIon reP°rts' Plus thr?e analyzed

Ont.,

,

Quotations

equivalents

pence

Co.,

Ltd., 44

West; Toronto,

St;,

of

Contract-Study-

Wheat

reports, and

bonus book "A Factual Record

and

Insurance Stock Market Service, Tax Selling and Investment Pol¬
Colle Publishing Co., P. O. DraW- icy—Bulletin—Sartorius & Co., 39
Broadway, New York, N. Y. 10006.
er 29, Santa Barbara, Calif,

and

Comments

50 active traders—Canadian

caster,

a

of 80 Life Insurance Companies-

Industrial

Mining,

Canadian

Wall St.,

10005.

N. Y.

York,

bi-weekly quotation

Review—Salomon

Hutzler, 60

reference

Trinity

ell, Dimond, Inc.,
New

Thermador

Chain

Thursday, December 5, 1963

.

Company—Analysis—

York,

available

48226.

Corp.

Chemical

74

New

—

Ford

Industry—Analysis

Enka

York, N. Y.
Bond Market

Co.,

&

particular

Co.,

Review

—

Mich.

Yarn

American

PLEASED

BE

Detroit,

Stretch

t

\

IT

Income

Lerchen

&

.

Co., Inc., 74 Wall St.,

Belt

Chain

Wis.

Milwaukee,

St.,

53202.:

.

Also
on

available

are

com¬

Waldbaum, Inc. and Na¬

tional Western Life Insurance Co.

Santa

I

ADDRESS.

I
CITY.

STATE.

Sherwin Williams Company—An¬

Angeles, Calif.
'•

alysis—Carreau,

Smith,

McDow-

Bought—Sold

Brokers Reports
FINANCIAL MANAGEMENT AND

CORPORATE ADMINISTRATION
:

i

--

"

At Your
An

annual

STREET

/

thousands

Young cost conscious executive with strong background in corporate

Troster, Singer & Co.
Members New York

Security Dealers Association

financial management and

cently

as

nical service organization.
;\ '

"

74

Trinity Place, New York 6, N.Y.

HAnover 2-2400




Teletype 212 571-1780; 1781; 1782

general administration gained most

vice president and

metropolitan

area.

cial & Financial

Pursuits

treasurer

re¬

of multi-million dollar tech¬

Seeks challenging position in New York
are

wide-ranging.

Box C-1128, Commer¬

Chronicle, 25 Park Place, New York, N. Y. 10007.

in Full

Fingertips

subscription to the WALL
TRANSCRIPT
brings you
of

brokers

and

comments

—
FULL ORIGINAL TEXT
totaling millions of words complete
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and cross-indexed for in¬
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Send $1.00

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with

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'

Wall Street

Transcript
Dept. 928

54 Wall Street

HA 2-4510

New York 5,

N. Y.

1'98

Volume

Number

6322

.

.The Commercial and Financial Chronicle

.

(2189)

international

Marcus Nadler Warns Banks

at

credit

Dr.

Nadler's

the

preparations in

These

at

record

a

in the

high volume. He also comments

short-term

several cross-currents

on

interest

and the need for

rates

tax-cut to permit a more

a

credit

independent international

spread

months

to

activity
come,

banks carrying

posit will

is

as

without

materially

reducing the availability of bank

expected,

added

rates

credit at
economic

cash

to

Dr.

growth

create

ties for

Nad¬

time when the rate of

a

a

inadequate

was

through

the

credit

turers

authorities

New

York,

predicted

"The

re¬

Dr.

cently.
In

y

report,

a

"Money
ket

Mar¬

by

Manufac¬

Marcus Nadler

the

the

of

Reserve

debt

man¬

Treasury."

stresses,

"has

been

to

Prepared

Be

the

made

preparations,"
compelled
C.

sell

which
D.'s

have

in

invest

they

how

deposits

profitably before increasing their

savings

deposits.

More

re¬

Nadler

Dr.

gotiable C. D.'s

two

of

"(2)

The

complicates

,

U.S.

monetary

interest

au¬

rates

without

materially

create

rising labor force. This

a

has

been

achieved

through

keen

from

other

thrift

whose

deposits

These

forces,

plus

small

amount

of

offered

the

porations

the

Treasury. The Treasury
short-term
its

ume

for

of

corporations

relatively

"If

tax

in¬

then

rate.

"and

Congress
this

the

Dr.

low

long-term

the income

passes

Nadler

concludes,

legislation has the

effects

Reserve

able to follow

on

the

authorities
a

more

ex¬

economy,

will

be

independent

refunding

the

be

in

a

the

reserves

the

this

the

on

independent

follow

to

a

international

market

The
has

long

-

been

term

and

in¬

the

credit

in¬

increasing

their

internal

field."

Southwest IBA

Southwestern
Bankers
at

CITY,

recent

of

America

annual

meeting

1

elected
N.

volume

of

mercial

deposits
also

have
to

their
created

These

retain

time

customers

but

problems.

A

of

The
have

C.D.'s

in

their

commercial
considerable

outstanding

banks
amounts

be

must

substantial portion of the

a

redeemed

back to the banking
funds

may

in

Vice-Chair¬

This announcement is neither

an

will

Other
elected

—E.

Stephen Brown, Barret, Fitch,

North

&

were:

Co.,

Vice-Chairman

Inc.,

Kansas

Mo.; Secretary-Treasurer

primary
of

velopment

pany,

of. the

D.'s

system, these

not find their

to

way

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

Joins Russell Staff
Ohio—William

Williams

become

with

J.

has
N.

Russell

&

interest

and savings

bers
west

of

the New

York

Stock" Exchanges.

in Federal

Reserve

which

permitted

'banks

to

time

pay

and

any

of these Debentures.

in

Pacific Northwest Bell Telephone Company

Regulation Q

Thirty-Seven Year 4'/2% Debentures

commercial

savings

augmented

time

on

higher interest

with

ginning

rates

deposits

1962

July,

on

be¬

Dated December

1, 1963

Due December 1, 2000

-

further

was

Interest

when

1963,

payable June 1 and December 1 in New York City

the Board of Governors raised the

permissible rate
90

time and

on

deposits with

ings

days to

one

sav¬

maturity

a

As

year.

of

result,

a

Dr. Nadler

points out, the amount

of

outstanding

D.'s

C.

about

1.0

1961,

billion

billion

$9.0

"The

by

growth

strument,"

Dr.

enabled banks

funds

plus

the

at

end

of

$8.5

to

credit

in¬

approximately

to

of

Price 101.26% and Accrued Interest

from

rose

mid-1963.
of this

Nadler adds,
to

retain

large

Copies of the Prospectus may be obtained in any State from only such of the
undersigned as may legally offer these Debentures in compliance
with the securities laws of such State.

"has

the

sur¬

corporations

that otherwise would have sought
outlets

short-term

in

obligations
credit

or

government

other

short-term

MORGAN STANLEY & CO.

instruments."

Other

factors

affecting

the

American short-term money mar¬

ket, Dr. Nadler
conditions
balance
the

and

lem

volume

—

deficit,

of

owned

notably

THE FIRST BOSTON CORPORATION

EASTMAN DILLON,

S.

been

by

GLORE, FORGAN & CO.

GOLDMAN, SACHS & CO.

of

faced

with

KIDDER, PEABODY & CO.

PAINE, WEBBER, JACKSON & CURTIS

for¬
banks

authorities
the

prob¬

increasing short-term in¬




HORNBLOWER & WEEKS

and

short-term

central

monetary

UNION SECURITIES & CO.

financial

DEAN WITTER &

governments.

"U.

have

payments

claims

eigners

are

abroad, the huge U. S.

of

large

dollar

says,

December

li, 1963.

1

7V

CO.

Co.,

Inc.,

and

He

Mid¬
was

formerly with Parsons & Co., Inc.

Dr. Nadler

deposits. The change

A.

affiliated

Union Commerce Building, mem¬

said has been the increase in per¬
missible

'

CLEVELAND,

$50,000,000

de¬

City,
Harry

Kansas City, Missouri.

commercial

cause

C.

—

Mayfield, Commerce Trust Com¬

until today it exceeds

open-market

offi¬

cers

come

offer to sell

The

the

of

Association.

Felix N. Porter

the

deposit has

Mr.
was

en¬

prepared to meet these maturities.
While

year.

increased demand

not thus be renewed

tirety.

forthcom¬

ing

man

the

as

for

the

Porter

for cash. The matured C.D.'s may

which

City,

Chairman

com¬

is expected, business activ¬
an

Okla¬

credit

enabled

by corporations in Cer¬

it will create

pany,

homa

Cer¬

tificates of Deposit is temporary.
as

Com¬

money

large portion of the surplus funds
invested

and

Trust

Oklahoma,

Deposit.

of

have

National

Bank

cor¬

of negotiable

banks

Felix

Porter,

First

resources,

developments in the recent

the

Investment

Association

their

Treasury
of

Okla. —The

Group

market has been the rapid growth
of

a

of¬

not

profitably before
activity in this

"(4) One of the most significant

amounts

capital

the time deposits

long-term

the

If,

more

strongly

new

at

volume should

any

relatively

ity expands in the months ahead,

policy than at present.
"(3)

the

vol¬

the Reserve authorities
able

shares

slow

legislation

effects

expected

au¬

discount

passes

bill and

economy,
will

excess

Congress

tax

come

permitted

raised

have
If

has

bill,"

and

decline

of free

responsible

rates."

have

gradual

are

on

con¬

supply

operations, while the Reserve

by the

resources,

the

of

obligations offered

borrowing

thorities

ternal

management

stantly has increased

"plus the relatively small amount
new
long-term bonds offered

reliance

debt

institutions

capital

by

on

instruments

Reserve

have

responsible for relatively low

tificates

the

tax

-competition

greater reliance

credit pol¬

Treasury and the greater

or

be

may

securities

consider first how they will invest

jalso have increased substantially.

authorities

of

of ' both

encountered

long-term rates.

time when the rate of

a

sell

which

Group Elects

credit at

and

to

Those

become

mortgage field, they have

are

in

loss.

savings

thus

buyers

icies

"These forces," Dr. Nadler says,

and

have

reducing the availability of bank

of

preparations

compelled

OKLAHOMA

the

and

the

liquidity

In

problem of increasing short-term

with

institutions. Those banks

exempt securities and mortgages.

bonds

paper."
The

existence

They

aggressive

thorities have been faced with the

sharply during the past

years,

that

ne¬

situation.

aim

same

"The vol¬

market.

money

increased

of

The

broad but uncontrolled Euro¬

a

the

that have not made the
necessary

of the most

as one

of certificates of

ume

timely

growth

developments

significant
recent

his

in

cites

rapid

the

study

governments.

banks

ments.

the coordination of the

securities to Americans.

time

on

cently it has been affected by the
foreign borrowing and the sale

the

paid by

banks

proposed interest equalization tax

pected

activity in the field."

notably central

—

opportuni¬

volume

time

the

of¬

not

any

consider

first

should
will

said, "may be
securities at a

he

to

Those

loss.

fered

liquidity

necessary

and

by for¬

employment

time

of

not

have

that

.banks

"Those

eigners

owned

ties for

"

Banks

Advises

payments,

by the large volume of short-

to

of

warns

maturities:

D.

by the deficit

S. balance of

strongly influenced by the sharp
volume

provision,

deposits has forced them to seek

increase

the

Because

higher yielding loans and invest¬

inadequate

that if Because of its retroactive pro¬
corporate cash demands increase, vision, the effect of this proposal
banks must be prepared to meet is now felt."
C.

the

was

of foreign

Nadler

Dr.

over,

of

growth

in

Americans.

the

nar¬

economic

on

Han¬

turers

the

the

long-term capital market,"

Nadler

and

\V

Trends,"

released

of

with

agement of

overTrustCo.,

coordination

policies

to

retroactive

and

dollar market further

Manufac¬

the

its

The

the

economist

Han-

sector

securities
of

short-

employment opportuni¬

aim," he adds, "has been achieved

foreign

on

interest.

rising'labor force. "This

ler, consulting
to

of

term dollar claims

of

More

market

in the U.

terest

in

certificates of de¬

experience

pressures,

Marcus'

expands

savings

dominated by the international

and

business

If

increase in

and

effect of this proposal is now felt.
The high rate of interest

in

between

rates

financial situation,

policy.

time

terest equalization tax

markets.

capital

reflected

short-term
is

crosscurrents in

are

and

are

long-term

unaccompanied by bank credit reduction,

of

borrowing and the sale of foreign fered C.D.'s in
There

money

row

and capital markets including the problem of rising

money

volume

recently
it
has
been affected by the proposed in¬

Summary

salient conclusions

follow:

Leading bank economist counsels banks to look after their liquidity
the event that business expansion brings with it
redemption rather than renewal of maturing certificates now

fluenced by the sharp

deposits.

"(1)

sizable

than

the

Author's

On Certificates of Deposit

policy

present."

9

WHITE, WELD & CO.

The Commercial and Financial Chronicle

(2190)

10

been

1962, the Federal budget has
balanced

and: Better"

Where: "Bigger

be

1963

fiscal

Lead

Gov't Expenditures

an

and
power of the Federal Government, and by the ominous consequences
this has to the institutions we cherish. Neither the public nor its
representatives and leaders are spared in the contrast made between
Maggard is dismayed by

Professor

what has been

ceeds

three

lars.

The

prize-

Recently

columnist

leading

a

highlighted a few choice passages

literature
foment of a

gleaned from campaign

the

in

generated

thirty
A

read

1932

.

.

.

bamboozled

you groan un¬

der

the

den

of

bur¬

dollars

.

.

of

years

around four billion

the greatest

.

in peace¬

Remember that this

time history.

huge

Maggard

deficit at the

last- two

Hooverism is

deficit was

not born over¬

night, but the performance of the
past two years have wiped

.

more

.

away

previous gains in the way of re¬

periodic

with

prom¬

budgets and debt-

ises of balanced

Despite Eisenhower's

retirement.

that the

the

of

end

John P.

taxes,

remember

Era,
deficit

spending, and on into the Eisen¬
hower Era
the public has been

When

gance.

considerable

with

Extrava¬

can

Moving

forward through the Truman

Republi¬

and

against inflation,

"relentless war"

the deficits continued to occur

all

resulting in an
ever-increasing JF e d e r a 1 debt.
frequently,

too

President
tioned
of

Congress

cau¬

once

follows:

as

"All

know the results of reckless

us

Federal

the

Eisenhower

spending

future

,

.

.

it saddles

greater

with

debts,

interest

heavier

payment, higher
debt,
and
inflation."
outstanding prices and spiraling
Yet, Eisenhower managed to
twenty billion dollars

ducing

national

our

have brought it to the
total of

Democrats pledge at
five

penses
out

cent

per

.

ment

.

.

.

in

.

least twenty-

.

.

in

reduction

ex¬

turn the spendthrifts

put responsible

.

.

elect

govern¬

Roosevelt and

Garner."

These

magnitude
What

the

"take

cake"

cal

1959,

with

elected,

were

deficit of

a

over

The

promises

and

deficits

In fact, in the pe¬

riod of the last

thirty

years,

1932-

of

attitude

re¬

our

One recently

situation?

growth

the

that

the

of

not kept
with the growth of debts of

pace

either

this

in

to

in¬

or

What

economy.

failed

official

that

govern¬

business,

private

dividuals

local

and

state

ments,

out,

point

however, is the fact that if either

individual,

an

concern,

ment

a

even

or

private business
a local govern¬
to

undertaken

have

should

is held

and

a

of

the

.

that

.

enterprise

have

would

gone

somewhat

seems

or

situation where

a

individual
long

bankrupt

such

fact,

In

ago.

attitude

an

analogous

to

pint-size

a

him

that

is

scale,

physician might

cancer,

on

cancer,

by telling
a

national

much

increasing

faster

than his.

'that

We

Owe

than

Ourselves?

It to

people, however, are con¬

cerned with the trend in the size
debt

Perhaps
prevail
would

and

interest

payments.

even more concern

if
take

the
a

interests, pension funds,

Federal

of

payments

annual in¬

for

non-defense

actual" magnitude
debt

Federal

in

trated
billions

debt

to

United

average

closer

magnitude of both,

with

child

and

obligation

an

of

Federal

total

our

look

three

billion

dollar

of record.

his share

as

debt.

Jackson's-day
growth

.

.

is

astounding,

somewhat

is

amount

often lost

is

the dollar

billions

perspective,

Federal

dollars,

and

of

"cartwheels"

to

we

twenty-four

build

a

the

to

railroad

silver

monkey-

financing at

are

we

the present time.
-

^

citizen

i

.

..

the

The

undersigned assisted in the negotiations and acted as
financial advisors to Virginia-Carolina Chemical
Corporation

The

.

.

.

fourteen

1950, and

profit

zoom¬

in

dollars

performed by state and

Federal com¬

governments.

into

One

has

such

each

over

suggest

the

if

ploring

it

for

money."

a

the
com¬

already

possibilities

the

less

likely

committee

forming

of

ex¬

per¬

efficiently and

"more

in connection with this merger.

performed

are

level.

authority
grams

Central National Corporation

such

examples,

indicate
often

as

efforts, for
that Federal

produces

result

in

absurdity.

less, Federal
and

Federal
indicate,

not

support

which

economic

the

that any and all func¬
best performed at this

Many

instance,

doubtless

are

at

does

This

however,
tions

pro¬

absolute

Neverthe¬

"remedies" for social

economic

problems continue

thrive and multiply.

The Fed¬

eral Government has so

thorough¬

to

The

it was born in

to lend and

penetrated

able

was

the

during

first

Fiscal 1963
this "new baby" quicken
operations.

of

has

seen

its

pace

giving

in

lending,

and

of

speed

estimated

an

depressed

and

give awav only seven

dollars

million
year

to

the

of

of the nation,

areas

certain

...

to aid in the

1961

rehabilitation

forty-

million for the second year's

five

operations, and healthy ambitions

spending well over one hun¬

for

dred million dollars in fiscal 1964.
This

with

ou

t

dollars

million

within
operations,
feeling out the
has,

capacity,

lending

on

d

a n

original ceiling

an

hundred

three

of

political -h

"new

agency,

the scope of two years

started

already

possibilities

of

dou¬
six

than

more

bling this ceiling to a total of
hundred and

As an

fifty million.

example of the vital services of¬

rural
been

the A. R. A., it has been

Pennsylvania have

in

receiving grants to explore
of

reational

from

switching

communities, to rec¬

agricultural

seem

several

that

recently

areas

chances

the

resort

does

It

areas.

heartless to toss a new give¬

such as the A. R. A.,

away agency,

vari¬

agencies of the Department of
to

race

arid

Interior, /in

the

How¬

aid recreation.

baby giant seems to
thriving rather well.

ever, our new

be

Government Growth

Rate

of

As

nation we are

a

the

with

cerned

quite con¬

relatively

of "Growthmanship."

idea

new

In this

respect, it seems likely that gov¬
ernment will win out as the most

healthy segment of the economy.
When one views the growth in

government spending, government

government

and

employment,

planning, it becomes quite appar¬
ent that herein we have evidence

recent

A

1/

growth.

of real

issue

and World Report

;

/

U.

of

S.

.

News

(May 28, 1962)

of growth in
several ways.
example, in the period be¬

points up the rate

government costs in
For

tween

1958

and 1962, while com¬

areas

and

by

and
consumer goods prices by two and
one tenths per cent, the spending
tenths

two

per

one

percent,

by Federal, state
governments increased

and

by
Another way
comparing the increase in the

nineteen
of

of

person

local

per

cent.

price of government is to take a
decades of comparison. Ac¬

few

cording
1929

above source, in
of all gov¬
combined amounted to

to

the

the annual price

ernments

American.
hundred
dollars';
three

eighty-four dollars per
In 1939 the

and

price was one

thirty-four

hundred, and
■5-KI

ly

in point is the new Area

case

Redevelopment Administration

modity prices (wholesale) rose

service,

postal

level.

skyrocketing of welfare services.

Government

performing

is

there

or

like

the

and

Federal

currently

function,

areas

parks,

renewal,

delinquency

.

.

new ven¬

wonderland."

to

urban

are

ones

new

"welfare

only

as

(decommis¬

seldom

are

instead,

ture

the

which

functions

of

small
the

illustrate

to

serves

more

in

momentum

gathers

to

Endeavors

The growth picture of one
agency

Government

Federal

the

of

it

Assistance

A.

R.

undertak¬

grandiose

the

by

the time

examine

to

trouble

ings

A.

Recreational

the

might

taxpayer

agricultural




in

billion

Agriculture

Functions

best

December 5, 1963

than

less

1961.

ous

Over of Local

Take

Federal

and

Lazard Freres & Co.

cent

per

into tough competition with

Many functions, such as defense

,

to

dolars

rumored

the moop,

to

"moon-shot"

shines which

mission

'

billion

fered by

thereby economize on all the

peculiar

isn't

v

amounting

In

could complete

half years, we

that

;

-

seventy

higher than the total in 1950

railroad

moon.

fact, if we could save the interest
on
the Federal debt for two and

child

has become effective.

dollars
would

these

having sufficient

earth

the

silver

into

debt

only

short

from

the

appar¬

more

other,

ourselves

billion

however,

stack

the

upon

find

a

dif¬

could only convert our

we

present

one

as
a

If viewed in

measurement.

If

in our com¬

of

acceptance

mon

of

rate

the

.

-

Virginia-Carolina Chemical Corporation

com¬

of President

the total impact of

but

added to take

'

When

and" four

obligation

thousand dollar debt

sioned;

Socony Mobil Oil Company, Inc.

and

pared with the paltry thirty-three

missions
-

the

approxi-

hundred

today's

would
at

Each

hundred

dollars,

local

,

ex¬

were some one

thirty-seven

saddled

of

six

twenty-five

were once

'

Education

ex¬

di¬

in

is

today

thousand,

one

the debt and

Merger

of

by the De¬

welfare

total

and

spending

ing to the astounding total of over

total

the

measure

States

absorption

into

Welfare,

point,

According

Health,

of

penditures in 1961

than

such

per-capita basis.

a

women

man,

as

The

statistics furnished

illus¬

other

One

dollars.

is

on

closely

matter

to

the

of

be

best

can

dimensions

of

mension

and
announcement appears as a

of Federal

area

hundred

in

case

a

pnly in its infancy.

and

The

encroachment,

is

partment

often

is

identify the degree

Federal /

of

it

that

the

Federal

entire

the

in

an

expendi¬

account

single,

penditure

mam¬

Furthermore,

reveal that

will

greatest

this

of

quarter

forcing himself to take

This

impossible to

with

enmeshed

so

operations

primarily by banking and

examination

terest

become

local

and this

debt.

tures

has

"welfare-mess" is

one

moth

and

Some

our¬

pointed out

savings bonds represent less

one

Do

it to

owe

private institutions, and rela¬

a

attempt to soothe the'patient who
has

upon

tively few individuals with bonds.
It is interesting to note, however,

ent.

.

rely

of today, the Federal debt

as

ferent

at

out

would

deficit for twentymagnitude becomes
past thirty years

operate
six

of

the

obligations.

his

of

government

debt

stated

the. postwar

twelve billion dollars.

the
the

postwar Federal debt has

period by hitting the peak, in fis¬

still continue.

candidates

in

of
over

officials,
respect to the seriousness of

with
the

concern

no

the

is

.

.

Taxes

Your

toward

government,"
Trail.

Ink

Red

the

via

Pays

route

^'responsible

more

The Pub¬

.

lic

Administration

the

followed

has

erected, and

be

to

were

succeeding

each

better

and

bigger

which

deficits

follows:

as

the platform

Roosevelt provided

t

who has

is

lender

The

beware

however,

must,

con¬

further

for

credit.

of

sponsible

upon

pro¬

nounce m e n

the following eight

years.

risk

good

a

duly

is

indebtedness

his

with

extension

man

that,

involved.

payments

who

the old cliche "we

The

who

debtor

cerned

dollars of deficit spending

billion

years

ago.

of

WM&

of

Thursday, December 5, 1963

.

budget.

Washington.
The

expenses,
than twenty

more

was

by the end of

presidential
campaign

cent
result

trust the hallucinations

present day economic planners

in

reduction in

per

the

It

this year.

Prosperity," if we

into

only

can

of

twenty-five

the

of

is

budget

therefore, that we
the way to "Spending

on

usually

instead

dol¬

billion

fiscal

1963

Ourselves

the fallacy inherent in the "we owe
it to ourselves" statement and in today's version of the Keynesian
Multiplier-Accelerator Theory; and favors a tax-cut with accompany¬
ing moves restricting expenditures and absorption of non-Federal
responsibilities and functions.

those

appear,

well

are

winning deficit of 1959; exposes

and

currently ex¬

hundred

eleven billion dollars
would

interest

For

insurance

approximately ninety-nine billion,
a deficit estimated at1 nine to

the mythical barrier

not breaking the Eisenhower

or,

year,

fiscal 1964.

with

done. Dr. Maggard com¬

fascination of not crossing

billion budget and of

of $100

the relentless growth in size

intended and what has been

ments on the current

peak-defi¬
if not then, in

The Federal debt

Miss.

University, Oxford,

this

cit

the

"cake" will like¬ selves," it might be

ly exceed Eisenhower's

of Marketing, Miami

Maggard, Associate Professor

Will
exception? ; On

four Times.

only

the contrary, the

By John P.

...

.,

1 Q4Q*

ootmn

ninety-nine dollars
Vmnr1r£>rl

anrl fort.V—

Number 6322

198

Volume

.

.

The Commercial and Financial Chronicle

,

(2191)

dollars in 1959; and finally,

three

sixty-eight dollars
for the

and

hundred

eight

of

total

a

American

per

past year.

well,

gestures

doesn't

work

when

even

however,

conditions

during

Today's plan¬

confident that

are

ripe

now

are

too

any

applied

depression periods.
ners,

verbal

various

Many

priming

for

a

have been made toward "manage¬

"forced-feed stoking" of the econ¬

ment

omy.

in

such

gesture

popular

favor being

to

cost re¬

government employ¬

One

ment.

is

and

improvement

duction'"

".

.

especially

.

Recently,
fantastic

our

rimental

desirous that the number of gov¬

growth

ernment

such

employees be limited to

have

economists

it is

ting the job done."

recommended

Furthermore,
have

been

identify.

problem?

solution

the

Does

accredited with various "pare-the-

recommend

payroll" intentions. However, each

of

time Senator Byrd

taxes to facilitate

makes

report

a

Chairman of the Joint Commit¬

as

tee

Reduction of Nonessential

on

Federal

the

employment

been

to

seems

of

having

June

payroll of

example,
one-half

(an

increase

last year,

than two

more

was

and

million

employees

seventy-seven

of

thousand from the previous June).

Furthermore, the budget for fis¬
1964

cal

calls

thirty-six
ployees
there.

for

.

.

addition

an

Federal

thousand

It

scattered

.

that-

seems

extra five thousand

the Department of

bring this staff

in

ment

time

all

of

history
or

war

such

grams,

govern¬

any

either in

...

We must

peace.

usual.

Administration,

We must revive

as

the

as

Civilian

Corps; and add

and

called

programs

from

way

mentioned

for

of

segments

Such

the

Conservation

new programs

special

many

the,

range

afore¬

the

give-aways

depressed

for

bigger

to

areas,

so-

to

tidy little

a

thousand

budget calls

same

of three

hundred

hun¬

one

thousand

employees for

housing,
urban
and

the

and

retraining

financing

redevelopment

j

p r o

of

e c

t

s

metropolitan

the

at

of

with

pride: to the fact that

ent

governmental

strength is not at

an

all-time peak

today, and this is correct.
World

ian

War

II

than

million

hit

three

workers.

officials

fail

During

and

one-half

However, these

to

mention

the

dollars

per

at that

year

.

.

compared

.

estimated annual

an

payroll

cost of more than fourteen

dollars,

fact

only about eight billion

was

with

of

peak

a

that the peak payroll cost
time

civil¬

government

employment

more

pres¬

employment

billion

of June-of 1962.

as

Despite lip-service to

con¬

trary, present efforts to curb the
steady
labor

growth
force

results.

It

of

is

Federal

our

producing

are

difficult

the wise words of

to

Plato, when Tie

said "Democracy does not contain

force

any

constant
more

which

will

tendency
the

on

"Efficient

check

to

the

and

more

public payroll."

and

Frugal

(with

much

defense
fast

Conduct of

will

take

the

the

cat?"

Who

responsibility

spending.

an

extra

million

community
hundred
for

and

labor

welfare

and

proximately
hundred

fund

in

payments

billion, six

of

to

the

why

All

of five

taxpayer

areas

of health

least

the

over

his

the

are

individual

should

the

be

maybe the

or

both.

or

...

indications

their

voting booth

long

conditions

today

eyes

from

enough to

in

balanced

perspective?

the

on

hand,

one

the most glowing pictures

growth

orous

choice
either

seems

over

to

be

such

Who
a

other.

clear

the

should

choice?

being offered is

a

Keynesian

celerator
ourselves
course

the

on

and

which

much

cut
or

.

.

.

full

ponder

The program

Multiplier-Ac¬
of

"pumping

prosperity."

Of

Franklin D. Roosevelt dis¬

covered

should

list

slight

the

fascinating study of the Psy¬
chological Effects of Comic Books
and

Old

Tarzan

Sex .Life of
It

would

growth

of

and

Welfare
to

Gargantua

curb,

guide his destiny.

of

to

voluntarily

seventy-six

million

agency's

own

lopped
dollars

Public

Service

Program for

Instead

of

praise,

from

scorn

of

the

the

for his

1962.

drew

to

partment

Welfare

increase

an

...

the

of

Sheer Task

filled

of

three

thousand

ninety-six

tices.

tbb

It is

the
the

two

and

which

was

study

of

dred

billion

disturbed

De¬

ablb to

the

of

of

large

barriers.

with

rope

.

.

The
is

prac¬

in

.

the

and

numeri¬

to

in¬

we

forty

year?

avert

the

Federal

How could

log-jam

a

payroll

possi¬

we

of

unspent

.

dollars with only seventeen thou¬
sand

employees engaged

in

soil-

Past

history

we

can

of

expect

barrier of the

one

hundred billion

is,

in

well

fact,
in

excess

of

a

spending
hundred

one

per

expenditures

account.

quire

government

currently

dollars

billion
total

The

taken into

Furthermore, it .will re¬

miraculous burst of

This

in

hundreds

of

on

of

as

thousand

years

ago

that




pump-

be

closely

evaluated.

taxpayer

might

to

not there

or

is

wonder

between

the

and

fifth

titles, such

Diving

%

has

Congress
served

traditionally

the

as

Volume

and

guardian

of

Snails

Shellcracker

by

little

from

in

the

to

approach

ever,

a

allowed

ad¬

many

officials

to

seem

be

getting

or

reap¬

public

has

Congress

ignore

the

to

adopt the billion as a

unit

measurement

of

matters.

Congress

This attitude is shown

the dollar.
in

multitude of

a

ways

exert

vote to increase their

presure

all

upon

legislative, by demanding

ease

free

the

to

which

so

and

of

the

their tax-financed

hand,

public,

Of

and

course

other

irresponsible

encourages

representation,

the

on

un¬

deserves

as

art

the globe

.

Recently,
Young
tion

(of Ohio)

the

payers'
as

Senator

their

home-territory and the
country,

but

evidence

more

...

..

official

is

pleasing

cartels to

primarily
in¬

most

better"

the

a

plus

such

bundle of "fringe-benefits" which

are

The
can

to

congressional members.

standard

do

more

Podunki"

does

that

mean

argument that "I

for

the

of

necessarily

not

the

people

political

party

of

this

In

announcement

The merger

governmental

;

ing.

In

prise

much

fact,

system.

A

money

"The

Social

into

'

'

effective.

Ungulate"

.

.

.

and

tactic Atlas of the

Young

also took

governmental

expenditures

"The

with
-

in

connection

with

the

above

transaction.

Wild

Stereo¬

F. EBERSTADT

Beagle Brain."

issue

"health
as:

Inc.

of tax¬

the

of

undersigned assisted in the negotiations and acted

financial advisors to Socony Mobil Oil Company,

projects

such

on

Role

ques¬

such

research"

seventy

thousand dollars to probe

-

eight

into the

December 5, 1963.

&

too

recent

Continued

Sun-

dared to

possible wasting

It is true

fast

for

those who believe in a free-enter¬

Inc.
$.

Virginia-Carolina Chemical Corporation
has become

expenditures

governmental assets are grow¬

of record.

-

as

manner,

proponents attempt to show

aspirant

appears as a matter

a

point

Federal assets

factor.

actually productive.

that

has

often

these)

on

value

to

that

accrue

political

(neither
monopoly

and

expenditures

government

Of

The

continental

Plus Factors?

district, and enjoying the growing

>

as

make

Those who advocate "bigger

en¬

to indicate that the average

,

M.

and

junkets around

can-cans.

fluential voting-blocs in the home

Re¬

Stephen

in

investigating every¬

.

.

salary,

manner

nepotism,

thing from

legislative

many

from

of them practice

many

ture of Federal

An

own

easy

judicious collection and expendL
revenues.

...

with which Congressmen

the

officials, both administra¬

in

has,

thereby, lost sight of the value of

pointed. A concerned public could
sufficient

controlling

disinterested

million and

financial

Too

and

revenues

standard

spending.

•

.

the

of

expenditures. Unfortunately, how¬

study of "The Biological Control
fish."

one

huge defense budget

our

in that state.

"The Study of the

as:

Reflex

num¬

spending of at least

of

fascinating

with

cor¬

California's

position, population-wise,

Rela¬

Byrd also mentioned

whether

spectacular elevation to the
ber-one

In

even

political

any

tionship of the Infant Monkey to

projects,

for growth

to

ment

six-year

a

contracts

one

dollars

Affectional

old

play political

we

mechanism

a

Socony Mobil Oil Company,

one

prac¬
as

history.

defense

health-

He specifically

are

employment, the situation is

the problem of increased govern¬

when

year,

are

"Pork-barrel¬

and

lecting

indicate

officials

rational

a

to

seems

major objec¬

annual; budget.

be¬

from

public interest in matters of col¬

the

mythical

the

rolled

defense spending, in gen¬

use

eral,

conservation, and only seventeen

tives

somewhat

are

crossing

with

to

added

concerned with two

they

and

football

be

next

of

of

However, when
and

is

congressional

our

relation

legislative

1959,

as

weapons

obsolete

of course,

are,

"spending experts" will

Eisenhower, prize-winning deficit
skittish

line.

sometimes

.

"log-rolling"

reason

seems

break the

to

assembly

have

tire

danger-zones.

They do not desire

unit

de¬

on

officials do their best to represent

of

each

first

additional

much.

Ad¬

tight¬

a

the

in¬

can

for

become

the

concerned

the break¬

fore

have

fact,

tive and

to

which

.

contracts

on

period prior to Hoover's Ad¬
ministration.
Is
it any wonder,
therefore, that thirty-six thousand

elected

too

get

present

respect

and

fense contracts.

which

than

themselves reelected

hard-

seem

walking

budgetary

hundred

one

budget, and
home-employment

even

inside

an

defense

sure

tices

over

well indicate

candidate has

and

spend, in total, dur¬

primarily concerned with

best,

budgets,

elements

significant

ministration

these

and

deficit-records,

breaching
cal

at

really

public alarm

cause

ing

Two

period

lar

the White-

on

as

the fifty-five billion dol¬

ing"

single

a

on

the

budget

spending in

twelve-month
were

way

which

bookkeeping

over

general.

is,

gimmicks

doesn't

dollar

more

the

drag

one

minute

per

that

just

can

see

manner

granted for

"The

dollars

or

inside pull

an

last

since the birth of Christ. The hun¬

that

probably fortunate that

public

to

spending feat

years,

Administratve

Spending

budgeting

with

monumental,

This

is the equivalent of
spending
dollar
per
second
for
the

ministrative
The

is

Congress to the Rescue

endorsed.

look

and

allotment

an

task

Gauged

by the min¬

or

...

the least.

say

an

Ribicoff's orig¬

both Houses later

ute,

The

add

to

request for the

spending

thousand handling pest-controls?

members

liundred and eighty-two

one

in

Committee

voted

million dollars
inal

fiscal

august

involved

by the second

bly

from

Health

"arbitrary restraint."

senators

extra

off

Ribicoff

Appropriations

good

some

curbing in the

some

fiscal

year

Secretary

made

in

of twelve months?

a span

ing

diffi¬

1961, when he is reported

have

his

is

by the masters

even

attempt to do

the

is

hundred billion dollars within

one

volves

Health, Education

Ribicoff, supposedly,
fall

the

on

that

appear

our

cult
who

Movies

Indigent Salamanders?

What

has

house, it

pleased with

being spent

are

million

The

modern version

Theory
into

j

of vig¬

dangerous recession

prosperity.

researcher, but
taxpayers

we

championship"

-

the

ceptors of the Seal," and another

We have been subjected to dire

warnings

interesting

economic

achieving

1964.

Senator Byrd, last

questioned

other

shift

analyze

which
in the

not he is

his Mother."

the

projects

prevent

education. At

and

shopping

bodies

will

in

taxpayer

to

What

some

spent

ways

being

referred

should

Branch

dol¬

should

interest in

an

is

or

six

included)

"borrowed joyride to wonder¬

Branch,

quite

Ge¬

Island

these

of

doubt,

no

Group

accelerated

-

to

"deficit

of

."'re¬

.

(trust-

particular

money

whether

.

total

average

the

ap¬

category of services.

begin to take
his

to

hundred million

lars for this
The

health,

and

dollars

grand

a

extra

amount

billion

one

million

and

transportation,

and the extra requests for

that either of these governmental

of

and

as

fifty

four

forty million

commerce

projects.

Legislative

and

development;

research

Executive

as

1964

housing

for

dollars

millions

it

The

hundred

three

of

Perhaps

no

growing

not

of

land?"

and

vigor

-

examining the economic basis
our

or

budget calls for such increases

year,

"bell

reducing

little

the non-defense portion of

as

his purchases.

Business"

Who is to

is

budget

Tor

with

loss)

utterances,

defense

room

government

puny

dispute

public

(expenditures,

sulting

the

to

ehormous

the:

Administration spokesmen point

to

eleven

an

Southampton

Eskimos."
are,

"Blood

to-understand

Contrary
t

Behavioral

Dreaming," and finally,

Federal

Rising Non-Defense Expenditures

Data

dollars

nation.

*

Payroll

more

thousand and five hundred dollar

the

across

areas

of

Concomitants

public transportation systems

for

the Department of Commerce, de¬

spite "paring" efforts.

"The

certain of

the old depression programs, such

all

an

Agricultural

the

as

Adjustment

economy.

need

twenty-five

four

and

offered the largest

are

we

spending program of

and better programs for

and

The

stead,

In¬

workers, the provision of low-cost

up

addition

Not at all.

responsibility?

examine

Psychological

return to fis¬

a

Agriculture, to

of approximately

an

of

employees for

dred

employees.

cal

em¬

here

we

army

for

reduction

services, spending, deficits, and

continue the old "New Deal" pro¬

pared at all.

The
for

figure

evidence

little

show

somehow

Expenditures,

the

to

government

gradual

a

so

Thinking," Keynesian

twenty thousand

det¬

is the

What

than

netics

wonder that

some

"Silent

of

another expenditure

fling

apparent fact has been

an

difficult to

Officers

is

and

that

economic

solid

the minimum consistent with get¬

Cabinet

discovered

tax-burden

to

...

governmental

mysteries

11

CO

on

issue of
page

12

12

The Commercial and Financial Chronicle

(2192)

and Better" nyse Moves in
Gov't Expenditures Load

V.

Report

World

and

News

S.

cir-

and

"bread

of

philosophy

cuses." We should take n6te of our

administrative

no

as

.

Thursday, December 5, 1963

of Clark,
C. Kell¬
III of Spear, Leeds & Kellogg;

Inc.; Eugene M. Geddes

as

Dodge & Co., Inc.; James

court,

v

other legal pro¬

or

ogg

Harold W. Scott of Dean Witter

against Ira

ceeding" is instituted

&

and James E. Thomson of
Merrill Lynch, Pierce, Fenner &
Haupt & Co. was suspended
Also named to the
membership by the Board of Smith, Inc.

Ira

from

Co.,

& Co.

Haupt

New York Stock Exchange, has
announced that - some securities

.

quickly

as

long

possible' "so

Where "Bigger

Continued from page 11

continue

will

ess

.

J. Victor Herd, a Gov-

group was

Exchange-on

the

of

Governors

represent-

t e; customers of Ira Haupt & Co. had Wednesday, Nov. 20, because of. ernor of. the Exchange
(April 9, 1962) indicated that the
De Gaulle's current attitude, and;, already received cash and securi-. the firm's failure to meet the Exing the public, who is
Federal
Government now owns
ties under a liquidation plan an- change's
*
"
... requirements,
•
capital
the Board of The Continental In- 1
re-evaluate our efforts toward the
office
space
equivalent to one
nounced by the Exchange on Mon¬ when a customer proved unable to surance Companies.
"purchase of friends" on a world¬
Mr. Watts and Mr. Funston will
hundred and thirty-three Empire
meet its commitments in commod¬
day, Nov. 25.
■
wide
basis.
In fact, the writer
serve ex-officio on both
commit-'
State
Buildings,
and
rents
an
Cash credit balances of over $1,- ities.
•'
■
contends that it should be neither
tees. Frank Coyle, vice president
equivalent of an additional thirty750,000
have
been
paid
to
securir
•
,
the function nor the obligation of
of the Exchange in charge of the:
four.
The government can do a
to

helping

' in

success

c r e a
"

"

Chairman of

"

'

''managing"

of

lot

of

amount

opening
dicated

Administration would

payroll.

,

The payroll in¬

something like seven
dollars during

by

million

hundred

President Kennedy's first year in
office

.

.

creased
one

by

and supposedly in¬

.

and

billion

another

hundred million by mid 1963.

Yet.

received

has

Congress

re¬

for Federal pay increases
would add another billion

quests
that

dollars

the Federal Government to guar--

to

costs

payroll

present

welfare

/

to

undertakings
of

rapid

financing
urban

for

nothing

say

centers and

urban

renovating

systemsthroughout the

transit

-

places

the idea that the
of

is

debt

Federal

size of the
economic

no

significance, and make an honest
effort to reduce this debt
feasible
should

The

.

.

present budget could

be re¬

least twenty per

cent in

duced at

the current year,
in either vital

are

questionable value'.

of

Readers
to

to

attempted

lias

with

services

no
or

real loss
defense

writer contends
no single element in-the Fed¬
budget could not withstand

ten to twenty per

as

In the opinion of the writer,

the current move toward a

the

is

the tax-load

of

tion

should

be

should

decreased,
the

of

more

a

and

to states

be returned

long

as

army

of

a

mammoth

civilian

and

This is
,

however,

recommended,

not

even

sources

revenue

governmental units.

local

in

move

Federal taxes

right direction.

so

Federal

employees

cent reduction

ing

private

economy.

.

offer¬

.

everything to everyone
cradle to

We

should

the grave."
take

the Roman Empire,

a

be

revealing

the

by

,

lesson from
our

at-

.

has been

program

problems

transferring

curities out of Haupt's name.

Exchange
this

and

in the

other

available initially up to
lion in

cash to

if necessary,
of

help the securities

Co., and,

overall maximum

an

$12 million.

The initial amount

has been set aside in

an

from

account

escrow

make

$7.5 mil¬

customers of Ira Haupt &

Exchange

which

the

and, sum of $1,750,000 has been paid to
securities customers by the liqui¬
dator, James P. Mahony, Chief
aminer of the

to

ex¬

Exchange. The liqui-

datioh plan, worked out by the Ex¬
change

and

group

a

of

creditor

of

one

If each of us had

banks, also provides that for each

to

"cough up" his full Federal tax

dollar in cash paid out of the fund

April 15, there is ab¬

by the Exchange, these bank cred¬

doubt that all Federal

itors of Ira Haupt & Co. will defer

full year.

payments
solutely

on

no

collection of

expenditures and services would,
at

that

audit

loans to the

time, receive a very real

...

of

With

Midwestern

First

with

First

Bernatz

is

western

Financial -Planning

West

65th

^

Street.

He

of Ogden,

to $15 million

overall maximum

an

accordance

ing group has
lection

was

formerly with George R. Wright
Co.

of their

Firms

Utah.

Ira Haupt &
t

Mr.

so

of $3.5

this agree¬

far deferred col¬

million in loans to

Co.

Funston

said

with

deal

to

that

the

.

special

committees

study the broad

question of

the

of

One

whether

to

in- order

member

after

Nov. -20

Ex¬

proc-

dealings in the

on

lties markets.

•

...

a

Exchange

could

ex¬

Committee will

The

consider

ing

any

recover

it incurs in the Haupt liqui¬

penses

dation.

also

possibility of devis¬

the

plan to deal with this par¬

a

should it

ticular type of situation

Under the plan

again.

ever.occur

orderly liquidation

to assist in the

which

was

worked out earlier this week

with

Ira

Haupt

Co.,

&

Exchange has agreed
to furnish an overall maximum of
the

banks,

$12,000,000 if necessary to help seSeven million five hundred

firm,

dollars

thousand

this

of

in

been placed

has

sum

special

a

by

\*x.w

matter.

Harding,, partner of

B.

Barney

Co.,

&

of

member firm's

a

inherent in

risks

the

to

Other part¬
the member firms who will

commodity side.
of

serve

on

Mr. Harding's committee

Merrill

Harry B. Anderson of

& Smith
Inc.; William K. Beckers of SpenPierce,
&

Trask

Fenner

Richard

Co.;

McKinnon;

Crooks of Thomson &

Co.;

&

meyer

Bache

&

M.

the

Lawrence

L.

&

Loeb,

Sons; and

Weld & Co.
of

partner

Carl

will head

study

how the

committee

penses

to

should

recover

its ex¬

incurred in the Haupt mat¬

The

the Exchange President said.

ures,

"Obviously the best-way to handle
unfortunate situation is to pre¬

an

happening," he noted.

vent it from

the Expense Re¬

As for the task of

stated:
the

additional

Baird

A.

& Co.;

member firm

Bickel

this group are:
of Robert W.

John A. Coleman of

Adler, Coleman & Co.;
Coleman

of

un¬

exceptional facts

the basis of the

surrounding that particular case
and said that it

should not be con¬

precedent, nonetheless,
Board felt that the Exchange

sidered
the

a

should

the possibility

explore

of

should it ever occur again."

case,

the

of

"One

suggestions

E.

F.

Sylvan C.

Hutton

& Co.,

be

to

studied,y 'Mr. Funston added, "is
that out of future charges to mem¬
bers

and member firms

a

reserve

the Ex¬
incurred in the

might be established, after
change's expenses

Haupt situation have been recov¬

::rr.'¥r.V:

ered"

.

■

•

/

Tegtmeyer NameS
T)

_

_

_

T7 TY

__

FearSOll HjXGC. V.Jr•
Vy*

•

CHICAGO, 111.
has

been

Don C. Pearson

—

elected Executive Vice-

President of Wm. H.

Co., 39 South La
Mr.

Pearson

Tegtmeyer &

Salle Street.

has

been

president of the firm for
seven-

a

7
vice-

the last

Previously, he was
with W. C., Gibson &

years.

associated

Co., securities firm.
'

partners named to
Clarence

"

its

Board took

action in the Haupt matter

usual
on

'

_

"While

Funston

Mr.

Committee,

covery

of

Loeb, Rhoades & Co.,

Exchange

ter.

Reid

William

David Weld of White,
John

Kohl-

Co.; Homer A. Vilas of

J.

Cyrus

of

Kohlmeyer

S.

preventive meas¬

is to devise

ness

that

the exposure of the se¬

side

Commodity Busi¬

Firms

Member

been

has

named chairman of the group
will study

ners

cover,difIering aspects of the

problem created by the Haupt case.
The mission of the Committee on

plans for dealing with the sort of
situation that arose in the Haupt

liquidator.

Herman




the Haupt

creditor

the

of

cooperation

the

cer

December 4, 1963

ex-

penses„it incurs in connection with

tees

whereby the

method

the Board

Lynch,

Blyth S,Co..Inc.

to con¬

by which the

might recover the

Exchange

■

man

are:

The Procter & Gamble Company

special com-„

a

i,Thenamed
i'ott^'speeial
'Committee,,
Funston pointed:0^ that the
also
by
the^Board Chair- tw0 rtewly created special commithas the task of suggesting to

the

in the negotiations leading to the exchange of

said

sider ways and means

COraflWd-

.

At that time,

Haupt & Co,

mittee would be appointed

,

...

...

merits

Funston

when Mr.

25

the Exchange

commit-

its

meet

to

failed

firm

business

substantially all of its assets for Common Stock of

of Ira

the

of

customer

a

Committee was foreshad¬

announced the plan for liquidation

pended by the Board of Governors

curities

'

asked to render at least a

Nov.

owed

Ira Haupt & Co. was sus¬

accounts.

Charles

......

Commit¬

Recovery

Expense
was

covery

commodity

firms which also carry

Smith,

Folger & Company

the first of Feb¬

with their recommendations.

Appointment of the Expense Re¬

greater

a

.

of those

customers

rities

give

protection to the secu¬

of

measure

the

J. A.

was

February 20 Policy Meeting.

of its rules and regula¬

account which may be drawn on

iindcrsigned furnished financial advice and assistance to

Bqsiness

preliminary report to the Board of
Governors for consideration at its

not the Exchange could

or

any

already

The

tee

.

Member

report.back to the Board

Governors by

The

liquidation of Ira Haupt & Co.

and

^

on

Commodity

ruary

problems raised by the suspension

curities customers of the suspended

change hopes the liquidation

of

policy

long-range

-

,

Committee

asked to

y
Watts, Jr., has appointed
special top-level committees

two

of

with

Recovery Committee headed'

pense

by Mr. Loeb.

aDDointed

.

-

,,

w

M

necessary.

ment, Mr. Funston said, the bank¬

Mid¬

Co.,

up

$24 million, if
In

MINNEAPOLIS, Minn.—James B.
now

firm,

initially, and

by all of us.

dollars

two

^ appointed staff assistant to the Ex-;

Governors,

v

tions

liquidation plan, the
d: to

Charles Klem, Exchange vice-

ing.

president for Administration,; was"

A

•

of

Board

Exd

change

a g r e e

...

The

will

problems involved

Exchange has

A'

•*

Member Firms Commod¬

on

ity Business, headed by Mr, Hard-;

nounced that the Chairman of the

on

liquidation."

Under the

mittee

se¬

The

actively working

is

,

.

Keith Funston, President of the
New York Stock Exchange, has an-

orderly

urgency," Mr. Funston

"but the

in connection with

collection for the period

come-tax

4018

relative to

possible

been

the

process

,

,

has

slowed in part because of

taxpayer,

average

only

were

to

the utmost

said,

at¬

with welfare assured to all "from
the

most

the

of

best

,

,

„

Exchange

"

.

.

.

„

Department of Member Firms, was
named staff assistant to the Com¬

PwVhlpiTlQ
Ullty 11 UUlvlllg'.

broker-deal-1

other

liquidation of Ira Haupt & Co. with

beneficial lessons could be learned

tempts to muscle in on all phases
of the

/

tempting

if it
suspend
reduc¬ withholding-at-the-source in in¬

what suggestions are forthcom¬

ing.

could

(many

one

inquire

might, well

'
The

The

protection.

a

at every

and we
create those opportunities.
opportunity

.

been

have

customers

transferred to

-

~

margin accounts of se-

some

curities

ditch, once and for

should

We

eliminated
and
emerge
with an
highlight certain aspects of the entirely)
even
improved
performance of
growing costs of Federal Govern¬
the function.
ment, and to stress the point that
a great deal of thesd expenditures
Finally, one last observation
writer

The

and

(lm,

all,

.

01*1116(1 10 utUQV
.
~
A
°

have been delivered to customers,

ers

land.

eral

Conclusions

ress report on the liquidation plan,
In addition, Mr. Funston said, atoday's number \of~fully paid securities

of
of

style

the

in
in

•

.

ties customers to date, Mr. Funston \[VQTp Pryvvi-miff nno
said in the Exchange's first prog- i\ I OJjJ l^Oillllli

culture, finance eduction, or guarantee both foreign-and domestic;

that

during the next two years.

support agri-

employment,

antee

thousand workers to the

hundred

creased

two

another

added

have

Federal

seventy
hundred

By mid 1963, officials

the

have

nine

and

thousand

employees.
figure

by

increased

1960-61

six

almost

The same source in¬
that Federal employment

day.

every

in

they ,are

buildings

new

this

from

but

space,

»

The

to
is

a
a

Tegtmeyer

firm, successor

partnership founded in 1934,
dealer and broker in all over-

the-counter

securities,

insurance stocks,
shares.

bank

and

and mutual fund
*

Volume

6322'.'.

Number

198

One William Fund

The Commercial and Financial Chronicle

.

bank's

British

Vancouver,
fice in

Names Officials
Charles

di¬

a

Collins

E.

know

general

as

a

possible for

eral Manager

itoba

facts

that

in charge of the Man¬

tude,

we

now

and> Saskatchewan

division,

Street

manager

changes

Just

at divisional offices.

are

erant

T

what

is

vengeance?

with

wrong

society

our

Mr. Babson takes

that

produces

murder

his point of departure

as

Wm. E. Pollock Co.

ual

misunderstanding

suggests how we can achieve

reawakening,

the

as

to

know

Corp.,

has

elected

been

vice-

a

Mr.

B.

Hunter

election

also

Allan

of

W.

Betts,

rector, to the five-member
tive

committee

investment
Mr.

The

of

the

di¬

a

Inc., 45 Wall St., New York City,

lions of others

Strauss,

vice-president of

a

William

early last

Street

Fund

had

year,

for

securities

16

Gerber

recently joined the

direct its retail sales
Wm.

Pollock

E.

Co., Inc.

are

in

dealers

and

state, municipal and corporate
The firm maintains branch

bonds.
offices

San

in

Francisco, Beverly

Hills and Miami.

national

and

for the Fund. He is

a

underwriter

ers'

Investment

of

atmosphere
such

World Demand for

murder
been

and

said

to

Collins,

assistant

formerly

to the president of the Fund,

has

been with the Fund since 1959 and

-

But,

previously

was

associated

with

and

and 'demand

Vilas &

balance

Mr.

Hickey.

B

e

11

nti

is

s

vice-president,

treasurer and trustee of The
cent Astor Foundation.

director

a

Company
Franklin

of

Vin¬

He is also

United States Lines

and

a

trustee

of

Savings Bank.

the

this
if

would

of

the

each

the

to

of

one

rid

in

must

home—inside

each

of

fabric

of

for

the

Since

lives
faith

depends
and

upon

years

things being equal, only
major

new-

of silver could in the long

and

our

urged

relation to it.

people

to

our

of

and

do

How

reducing—and

we

eliminating

—

felt

ing
do

am

a

friendship and peace.
are

nations.
how

their

be¬

a

he

in
a

has'his

the

imagined by

bank

the

could

that

Earlier

says.

the

rose

where

point

Canada has been announced
time

in

countries

were

melted

down,

being
points

out.

rise

price
the U.

40

over

,

in

vicious

we

live in One

Not

a

New Issue

'

and

coins

begin in each

world

in

history—for

awakening.

strength qnough to move out into
the world—even

Curtain

—

values.

mem¬

about

We

this

tragedy

spiritual

an¬

of

behind

the Iron

and re-establish moral

have

said

lately;
Dallas

give

confidence,

solicitation of offers to buy any of these, securities.

'

'

December 4, 1963

Shippers Dispatch,

.

connection

Common Stock

the

between

(Par Value $1.00 per Share)

price of silver and changes in its
output in

Canada," the combined

effect

lower

and

of

favorable
look
J. L. Walker

R. D. Mulholland

are

bank's

most

senior

realign¬

ment of the bank's executive struc¬

half

designed to broaden and

services

strengthen
and to keep

pace

to the

of Bank of Montreal

Canada

All

of

the

appointments take effect Jan.

new

1,

operations in

abroad.

and

public

with the growth

1964.

:

exploration

Commerce Commission, but
merits

out¬

United

ent,

and

de¬

of

a

States

any move

billion

silver

and

tied

are

coinage at

a

up

Price $7.50 per

pres¬

to reduce the silver content of its

to

or

replace

of

some

the

subsidiary coins by alloys of other
metals

a

Copies of the Prospectus may be obtained in any State from

profound and pervasive influence

"only such of the undersigned as may legally offer these secu¬

on

would,

the

total

of

course,

market

have

situation

rities in

for

since 1959 and

dent

since
of

Vice-Presi¬

a

He

assumes

general

and will

dent.

continue
■

as

a

the

view states.

Golkin, Bomback Office

Francis I. duPont, A.

back

&

"

Montreal,
/.

v-/, V

Leonard Walker, now deputy

general manager in charge of the


http://fraser.stlouisfed.org/
-WWW
Federal Reserve Bank of St. Louis

Co.,
office

Inc.
at

a

vice-presi¬

C. Allyn, Inc.

PITTSBURGH, Pa.—Golkin, Bom¬
branch

manager,

title at the Bank of

new

J.

1960.

chief

compliance with the securities laws of such Stale.

silver," the Bank of Montreal reA

'

Heading the list of appointments

title

Share

in the United States

is R. D. Mulholland, General Man¬
ager

regulate the sale of the securities by a selling stockholder and
passed on the accuracy or adequacy of the Prospectus.

has not

/

about

ounces

coins
was

in

"Since

in

affected.

ture

long-term market

authorized by the Interstate
that Commission does not pass on the
of the-securities from an investment standpoint, does not

The issuance of these securities was

a

"beginning to re-awaken

velopment."

14

officers

Mr. Hart said the broad

are

interest

Chief Executive Officer. In all,
the

dollar

,

by G. Arnold Hart, President and
of

Canadian

higher world price, with

a

under

the

J. Bruno.

has

opened

Bigelow

management

Mr. Bruno

was

a

Walston & Co., Inc.

John

Johnston, Lemon & Co.

his

own

prior thereto conducted
investment

Pittsburgh.

/

'

Hayden, Miller & Co.

Harrison & Austin, Inc.

;

formerly

local manager for Arnold, Wilkens
& Co. and

Dempsey-Tegeler & Co., Inc.

Square
of

business

in

Stifel, Nicolaus & Company
.

-

Incorporated

.

-

the

us; new

new

150,000 Shares

some

let

moral

strength, new quality of action.

We must

in

when

little

too

so

further

released

must

It

of us, and gain

one

review

a

com¬

speed-of-sound

before

ever

spiritual

a

es¬

'

of

World,

by instantaneous

offering is made only by the Prospectus.

Although, "there has been little
obvious

nor a

call to

a

judgments

first

prevented

stocks.

offer to sell

danger of

the

However,
was

an

The

mind

hear¬

we are

year

the

years

S. Treasury

of its

this

sharply to

for

some

This advertisement is neither

ancestors,"

our

price of silver

-have-

not

far
the

Even

precious

become

day

our

sense

the

and

earth.

in

our¬

transportation, it is time—m o r e

many

from

that

us

came

with half-truths, intem¬

munications

We must think always of

looks

for

trumpet of warning,

made small

churches,

point of view.

country,

us—if

toward

terrible way,

a

reappraise

the

Now that

go

Without

family

groups,

something

other's

church their second home, a place

,

of

to

great

whole

others.

bound to be bitter

between

bers,, political

a

may

to

heading

In

us

perance,

misun¬

great

learn,

that

catastrophe

of

away

than

for

he

person,

even

open—must see that

perhaps

that openmindedness is

conflicts

first

I have long

make

least

offender

individuals

the

right

to

extend

fortunate

our

nations

trained Jo help

worst

be

for

selves,

Spir¬

I

is

a

errors

are

Dallas

time

great part^ of our

a

is the

this, there

church

such

people,

we

may

the

support in

sential for the creation of

religious

our

are

nations.

have

I

moral

our

convictions,

a

in

what

it

desire

no

the

of

nations,
it

of

eventually

start at

be

can

Armageddon.

derstanding?

our

us.

our

be

suppoft

.

.

Misunderstanding,

between

about

Tolerance

and- understanding

.

misunderstanding, which

cause

tween

relations,

With

wrong.

groups

breeding disagreement and ill

will

of
and

make

contribution.

world

our

guide and

a

convinced,

we

adaptable,

of

us

is the

at¬

If

as

trouble.

im¬

social,

our

must

of

ma¬

When such intolerance and mis¬

church!

itual advisers

ex¬

religious

friendly
us

pitfalls

times of confusion and strife.

clear

exactly

whether

understanding

rebirth

denomination—is always ready to

atmosphere

healthy,

spiritual

a

For

that

warned

I agree

and

standards.

and

have

personal

the

your

It seems to

of

and

have

through

can

first step is self-

analysis

ethical,

truly religious.

I

One's church—regardless of the

What,

objective

an

not

years

climate

start to

we

believe

coloring his opinions.

during times

avoided/ Again I say

all to blame

are

caught

be

refuge

a

of

mind, and he will

satisfy the growing demands

been

across

has

It

family home.

is

simply

only

even

case

Review

a

of

He
own

uncover

many

usually sound

consideration must be

of

pro¬

kind

to

as

man

against

opinions of all"

a

Anybody who thinks of his church
of trial is

change

their

is

as

minds

any

industry for this metal which

in

and at five divisional headquarters

Business

discovery

has

reorganization at its head office

price; and

November.

run

A major

in

not

being used for

were

Montreal's

source

—

is

the

be

slipply

coinage, according to the Bank of

the

MONTREAL, Canada

world

silver

still

silver

no

^

Names Execs.

of

production

the present

at

"Other

Bank of Montreal

of

consumption,

The First Boston Corporation ,and

do

that the very

America

rates

think¬

could

of this poison?

the air

conducive
current

mil¬

serve

how

titudes

Than Supply
At

there

and

with this.

moral,

Silver Seen Greater

that

into

believes

now

de¬

or

help

for

the

children

that breeds such violence.

would
Mr.

we

extent

in

velopment of themselves and their

that

some

important

as

recently

vengeance.

by

some

mediate

Advisory Service.

him.

nation,

chain-reaction

a

exactly

per¬

me—and

can

we

of

well—to

as

ing

appraisal,

former direc¬

tor of research for Lehman Broth¬

set

the

me

wiih Lehman Brothers, investment
advisor

how

the

actly, do we do first?

before that been associated

years

has

thinkers that

actiyities.

&

underwriters

also

will

Dallas,

world

duce

obligations.

agency

Mr.

Fed¬

and

investment banking firm and

execu¬

open-end

company.

One

since

the

announced

that

the

announced.

has

Hunter

hatreds

ing firm of Wm. E. Pollock & Co.,

eral

Allan

sonal

explosion

shocked

Government

Charles E. Collins

find

turns

always

appalling

president of the investment bank¬

primary dealers in United States
'

Peter Strauss

will

trap of his

former viceThe

Our

churning endlessly about in¬

side

half-truths, intemperance, and

vicious judgments.
a

atti¬

chine, with the little that he does

the principal causes and

as

openmindedness through spirit¬

more

answer

singles

exact

at all times.

who keeps his mind closed

into this

Ke

an

usually, im¬

adaptable.

open

others

climate that breed such violence.

the

another's

the viewpoints and

our

all

form

to know the

us

tudes and forces in

out closed minds and

president of Universal C.I.T. Credit

is

subject the foul tragedy in Dallas, Texas, and plumbs the vicissi¬

Gerber V.-P. of

Harry W. Gerber,

it

dictate

and

You

and

can

must remain always tol¬

must be

The other

bank.

of the

By Roger W. Babson

13

facts—and
we

Since

Assistant Gen¬

Casey,

Winnipeg, becomes deputy general

.

real

oponion.

man¬

vice-president of The One William

Fund, Inc., Fund President

the

facts—before

ager.

Peter Strauss has been named
and

division,

to the head of¬

moves

Montreal

D. W.

rector

Columbia

(2193)

The Commercial and
14

FinancialJShronicle

(2194)
Production

Steel

•

Electric

Retail

INDUSTRY

TRADE and

the $11,150,000

Trade

Price

Auto

Production

better

132%

Index

Food

Business

better than

$14,850,000 were 33%

Carloadings

The State of

Foreign orders of

1962.

October,

T

Output

of September/and
than

the

October,

1962, total of $6,400,000.
For the ten month

Failures

period, Jan. 1

.

.

.

Thursday, December 5, 1963

shows bank clearings were down sponding periods in the previous
in this Nov. 30 ending week 7.9% two weeks commencing with the
($25,722,304,124) for the above week ending Nov. 9.
*Index of Ingot
reasons as against the Nov. 24,
Production for
1
'
1962, tally of $27,943,177,602.
Week Ending
1
Nov. 23
Nov. 30
Our preliminary totals for the District—
105
North East Coasts—.
103
unadjusted week-to-week were
Buffalo
108
109
97
97
Pittsburgh
$25,722,304,124
against
$32,973,
96
89
Youngstown
840,420 for the same week in 1962.
Cleveland
101
100
"

'

—

index

commodity Price

Oct.

through

net

new

$578,700,000,

32%

1963,

31,

orders

totalled

higher

than

the

for

$438,700,000

.

Detroit

and trade

come,

—

are so

strong

destined that further gains may be

this year is

thirds passed,

two-

quarter

final

1963's

With

only

the same period of 1962. Domestic

™3ers during the ^
$456,100,000
28%'higher

twere
of the bioad measuies

•

tp*

mu

i

National Bank o

current issue

Boston in the

i-r

.

/~i

...a

bfnk stated'the

the

hflQ

Dnnir

Mn+mnoi

4.

First

The

without

hppn

1964*!

has con- some time in
if not1 has been
oversold
aa
^
the highest hopes. .It is potential benefits
year

the
me darkest
Udiivcbt fears,
lectio,

founded
XOUnuGQ

achieved

likely that the

in

1963

B

This program
in terms of its
to spur both

demand and investsment tio reduce

nation's output c,f

a

The strongmo-

volume.

real

in

this

two-thirds of

about

ance of payments deficit, perhaps
with to bring about lower prices, and
gain eventually to help balance the

from ,1962,

5%

than

and business of a
L*
certain to carry into so many

Ible
fve

and

seems

futos

in

strength

in

^ivlntnVe

r

plans to

llSrwith
comparison with

favorable

mid
m

The

position

a

,

authorities in- strengthened
stock 'margin
require- ft
P as s

monetary

creased
ments

in

not as

early November

but as a
warning on speculation. As added
seasonal presures lie just ahead,
it seems unlikely that there will
soon be any move toward firmer
gesture,

tightening

a

the

rising

about

funds and firmer

authorities

the

that

naturally
demand for
rates, it is likely

should

holidays

bring

would

be

willing followers of such a trend,
A1 Uh ° u g h
inflation - checking
moves

abroad

toward higher rates

might force the hand of the central

does

this

bank,

imminent.

\
fi-

4:

not

v

appraise

above'the

September, and 95%

$16,300,000 total for October, 1962.
Domestic

of

orderg

$29,500,000

orders

resurgence ta es in
.

seem
-

for

107.1

on

average

1957-59.

since

said.
On

Thanksgiving

Day,

ingot

"production fof thfUek f.r°d"Cti0" -arched8 the

100 mil™ pom-inYsteef ^h^yeart ouf

ended Nov. 30 was 2,000,000 tons

(*107.4%)

as
(*107.1%)

tons

against

1,975,000
23'

the

in

Nov.

nut

f

23

windnnmviUVc inTJun^n
S

™Ns

y

983

ig^f m^mi^n

sixth

This

week's

production

on

n

is

ex-

: This week>s produetion is
'cted to be about
PectfdJo_be
about the
the same
same as
as
.

for

the 1,995,000 tons that Steel estimates the industry poured last

week, unchanged from the previous week's output despite holi-

daySteel's
interruptions.
price composite
No.

heavy

1

melting

the

on

grade

of

scrap (used in steelmaking) was

forming million ton year —highest since at $26.67 a gross ton last week

metal

game period of 1962 when the
The important news about the
total was $145,700,000. Domestic steady, non-sensational perform-

orders totalled $155,250,000, about
36% higher than the $113,850,000
for the 1962 10-month period;
while foreign orders of $24,550,000 were 23% less than the $31,?850,000 total for the 1962 10month period.
"

for the fourth straight week,
Steel demand is accelerating
across the board. Steel reported.

Producers report'conspicuous improvement in many markets and

ance is that steel output this year most products.
They expect to
to date exceeds all of last year's, book more tonnage this month
in the Jan. 1-Nov. 30, 1963 period than they sold in November, and
production came to 100,934,000 net they hope to maintain their curtons whereas in all of 1962 it rent shipping pace the rest of the
came to 98,327,785 net tons.
year.
The 1963'low of 7 142,000 tons
Automakers are buying heavily
occurred in the week ended Aug. for
January delivery. So are
17 and the high of 2,626,000 tons many other customers—makers of.

October showed a 21% increase
September for new orders of
metal cuting type machine tools,
and a 42% increase in new orders
for metal forming types. According to the National Machine Tool
The general high level of busiBuilders' Assn., the increase was nesg activity plus the awareness
over a broad range of equipment, 0£
need for modernization of in the week ended May 25, which appliances, farm equipment, earth.
and was not confined to any par- production equipment has re-* was unequalled in the past two rnoving machinery, machine tools,
ticular types of. equipment nor sujted in a demand for machine years and last equalled in mid- and railroad cars. .Canmakers are
to any particular user industries. t00is somewhat above the ex- March, 1960. Except for July 13 a*so stepping up purchases.
in metal cutting types, the Ma- pectations
of the industry. In- week's 1.6% gain, there was an
Construction is the only imporchine
Tool
Bujklers>
reported, dustry experts as late as Novem- uninterrupted decline from May ^ant market that's declining, and
October net new orders of $68,- ber, 1962, anticipated a 1963 order 25 through the week ending Aug.
^'s slronger than usual for this
150,000 were 21% above the $56,- volume that would run roughly 17 Then followed 14 weeklv ad- tim€ of year.
The drying up of
550,000 total for September; and 10% to 15% ahead of 1962. Ac- vances in output out of the 15 demand for building, projects is
over

41%

ProccuvAc

l/Oniiictinff rressures

based

Steel production so far in 1963

year

.

nev^

y

production

93
109

107.4

-

production

117

101

107

_already surpas_ses
that ofmagazine
any full
1957, Steel

According to data compiled by

<»% ««►» the $17,600,000 ending week. It marked the
°£ September and 106% from the weekly increase in a row.
.

industry

of

113
112

117

on

iative OutputPeriod's
11.1%. Above 1963

the

Machine Tool Orders

strength after

if domestic business

to

'

hand,

other

the

On

conditions.

total than in September, despite
^^^e+f+f10r^lg^uQsn1^sA^

,.

,

_

year

ahead.

volume

^ £Wgher *

-

_

115
118

Mart* Tha^k
^d"0"
Ton Mark on Thanksgiving Day

^ ^ ^ ^ #( past„
15 Weeks, Leaving Year's Cumu—

and the nation are at least

^

a

forming tvnes of machine

^

Index

weekly

steel Output 0.3% Ahead of Last

One basic sector of the economy typeg Qf machine tools totalled the 112.7 million tons in 1957 as
that augurs will for the future is $179^00,000, which is 23% higher it now has pushed the year's total
.the
machine-took industry.
^s than the orders booked during the over the 100 million mark.

earlier, and a
suggestive of another year of
g

July and

1QR2

.

_

Total

r_

and

m-vnlinncps

_arc

cars

new

buy

income

to the mid-

Census surve^,

October

than theJ82,300,000Jotal
for the
10-iTiODth nprinrl

-

Louis

159

160

.

Southern

*

-

-

Western

_

ei?n orders during October de- output was the 14th non-spectacuclmed \° $2,300,000 a 52% de- lar weekly advance in the past
prospective deficit for fiscal 1964 crease Yr0m_ the $4,750,000 total ,15 weeks, and was the highest
and the spending proposals of the for September but an 18% in~ weekly output since the 2,077,000
the July
fiscal 1965 budget before final ^ease
^over 1962.
the^ $1,950,000 total duced
tons ofin ingots
and31-ending
castingsweek.
profor October,
commitment to the massive revreduction invoiVed in the
For the 10-month period from This steady output, if it continues
pending tax measure.
Jan. 1 through Oct. 31, 1963, net is still expected to garner a 110
gress

According

^an^he^S^

But, timewise, Con-

de- percussions.

termine the pattern.

p>,t

nTrsnnal

hofh

P^^both perso .al

might well have unpleasant re-

and steel,

other factors will

many

"

nln

force^toe^^para- eve^uaty^passTome feducHon

seasonal

St.

o

of

mentum in consumer

spending

(000s „

,

Cincinnati

than the $356,400,000 booked dur-

roulizciti on

the

ctoseS'tonVoTmonWor slightly
more'

or

_

Chicago

Nov. 30—
1963
1962
* ' r n, FnrWn or- New York__ $14,408,420
$18,581,661 -22,5
ttiG iyb^ period. rorei^jn or Chicago
1,065,645
1,429,901 —25.5
24.8
rndnption
now
ders for the 1963 period likewise Philadelphia
895,ooo
26.8
936,346
of its of a promised tax reduction, now
■
imnrovement
Thev to- ^oston--7685.158
-23.8
560,865
rl/afinTf-oIxTnnctnnricrl
until SnOWeQ improvement.
1 ney 10
Kansas Citv
427.197
arcomnlmh

uptrend, been able to accomplish m 1963

activity, and to end on an
said

Our comparative summary for
^e of t^.principal money cen"

totals for 10 past .weeks marking 14.8% rise

above the $48,300,000 total tually, based on the

exPeckd to be somewhat offset

months, 1963 will be closer to for those weeks or a hair's width over the coming weeks by active
30% better than 1962, and will less than 1% a week on average, demand for fabricated structural
economy in the fourth quarter — were
17% above the $45,400,000 be better than any year since 1956. The industry had hoped for a steel from carbuilders and farm ,
as we operate in new high ground
for September, and 27% higher
In concluding its latest survey, more vigorous upturn in the past eQuiPn^nt makers.
. ,
r
in
employment, production, in- than
the $41,900,000 total for the Tool-Builders' Assn. noted several weeks but will not be unSteelmakers may get bigger
fQr

October,

the ders

The conflicting pressures in

of

1962.

Domestic

V

.

or-

October

$53,300,000for

,r

that, while dollar volume of new
has

orders

the past

during
This announcement is nreither an offer to sell nor a solicitation of an offer to buy these
securities. The offering is made only by the Prospectus.
•
New Issue

December 4,1963

not been

the

in

The

For

is

These Shares are

(Par Value #1.00

not

per

sent

$3.75

example, the dollar totals inthe
on

as

much

as

Adjusted Bank

Share

or

as

Pierce, Wulbern, Murphey, Inc.

Roman 8C

Johnson

Over

clearings,

the

over




Year-Ago

period's

was

7.4

average

weekly

742,000

approximately
that for the
lowest output week (1.tons) ending Aug. 17. The

lafest

statement

was

than

larger

week's

output

6.6% above the 1,876,000 tons

in

produced

Week

compiled

output

putput ' and

was

the yeai'-ago week,
Total

Cumulative

Levels

Unofficial reports from Detroit
indicate automakers are worried

about the labor outlook in their
industry and will take it strongly
into account in scheduling their
'first half production.
Some observers believe the Big
Three automakers will try to
coniplete

model

their

four
usual—

runs

to six weeks earlier than

by June 30 at the latest—so they

^can make a fast start on
1965
Off
models and get sufficient stocks

and

Nolting, Nichol 8C O'Donnell Inc.
Hensberry 8C Co.
Aetna Securities Corporation

<

week

year-ago

This

large drop, is due to the tact that

Day

last

week

while

week

earlier and

of President

the

y

of the total

Clearings Drop

7.9%

of Mourning

Corp.

50%

repre-

expectations.

week's

base

59

year's

can

while
bullish

percentage points above the 1957-

of the items of

N/C

Bank

Last

14.8%

of

some

and

quarter

Numerical

price

Thanksgiving

Consolidated Securities

regard.

far

so

The cumulative total output of jn dealers' hands by the end of
published by the Chronicle, in the ingots and castings since Jan. 1 August when contracts with the
latest statement week ending Nov.
topped the year-ago period with United Auto Workers expire.
30, declined 22% in dollar volume a total, of 100,934,000 net tons
; gpeculation ^long this Une is

Copies of the Prospectus may be obtained from any of the undersigned or off er dealers
brokers only in states in which such underwriters, dealers or brokers are qualified to act
dealers in securities, and in which the Prospectus may be legally distributed.

T. Nelson O'Rourke, Inc.

this

in

succeeding weeks than expected orders from autofelt makers in the early months of
living up to last next year, Steel speculated.

happy, if .the

make up any disappointment

ordered.

,

per

has

price of the equipment.

Share)

being sold or proposed for sale in New York.

Price

of units

factor

equipment,

Common Stock
,

a

Controls

Company of Florida

there

year,

.

uptrend

commensurate increase

number

elude

Life Insurance

a

the

on

greater complexity of equip-

ment

165,000 Shares

been

25th

year

it

last

came

tion

tons. The
week's index for the cumu-

of

a

latest
lative

in

memory

n2.9%

Kennedy

on

Monday

to the

came

during

seasonal

of this

comparison

year.

for

the week prior to the Thanksgiv-

ing week for the respective years

90,865,000

47

set aside

which

net

total

week

(1957-59=100)
index

week. The

since

which is. 111% above
Dec. 1, 1962 produc-

the

compared

of 113.0 in the

11.1% cumulative
Jan.

1

to

a

for some

j

has asked

report that a
has issued re-

1965 model parts

suppliers to furnish

oduction sampies by

mid-Janu-

not

normally

arv_

S0mething

"

prior

...

M

\

total'

date marked

by

company

faltered i at

decline, though but onetenth of 1%, after remaining level.
at 11.2% above last year's correthe first

sdpPorted

1-

Jan.

also to the Day

Thanksgiving week
The

occurred

(*112.9%)
the

sta^:1 Jc^cvident ^n the
inven
continue in
.

,

last

.

Continued on page

the

6322

Number

198

Volume

The Commercial and Financial Chronicle

....

.

the

How Dallas Tragedy

technique. elaborated in ad¬
and the resources required

for intervention

By Paul Einzig

to

Einzig in the past has criticized many of the late President John

F.

Kennedy's policies

he has many other governments'.

as

—

however, of the late President's deep interest in economics

and his

great statesmanship qualities, he pays a long overdue tribute

to

central

assassination

President Kennedy's

for

that

uncertainty

utter

Availed

short while about-

a

Its political and economic conse¬
might easily have resulted,
financial crisis of first-rate

quences

in

a

not

did
to

defensive

the

measures

in

had

elabo-,,

The

developed" the fight tech¬

the

In

of

got out

Street

Wall

'

one

the

foreign exchange market and

would

the reopening of the

foreign exchange mar¬

European
kets

•' Saturday

on

ties

United States and the world in gen¬

Western

the

of

nessed

an

of panicky deal¬

orgy

Wall

Wall

arrest

to

Street

it

while

And

Street-

possible

to

down

close

position

exchange

foreign

markets and gold markets
the world.
it

Had

for the

been

not

Federal

the

of

authorities

Reserve

on

imme¬

Black Fri¬

day and for the coordinated inter¬
vention of the British and conti¬
nental

authorities

monetary

on

Saturday morning, the initial sell¬

ing

pressure

naturally developed
of

news

as soon as

disaster

the

the

assumed

would have

known,

character of

the

became

landslide. Likewise,

a

speculative and hoarding demand

would have assumed gi¬

for. gold

gantic proportions. Had the mone¬

authorities

tary

United

the

in

States and abroad wasted time on

negotiations to decide

lengthy

what to do and how to do

intervention

belated
been

incapable

tide.

of

it, their

might

have

stemming .the

to

Thanks

the

policies and

ar¬

rangements adopted by the Ken¬
nedy

Administration,
to

need

no

waste

It

negotiations.

there

time

on

was

such

possible for

was

the authorities at home and abroad

intervene

to

immediately and ef¬
,

fectively.
In

the

have

market

intervening in

the

we

have

cial

eign
off

now

grown

American

operations in

exchanges,
and

on

used to offi¬

which

during




th(e

for¬

occurred
last

on

criticized

was

made

policies

the

rated

to

at

a

been

lower level,
should

he

in

the

be

faculty

the

reserve

accentuated

in

for

demand

the

gold

London

gold would

gigantic

have

of
of

the London

when
rose

tragic

a

total of
in

of

the

been

has

since

research

the

on

banking and finance

of New

York

University.

Mr. Cadwgan is from the

.

Providence,
been-a

R.

I.

office.

firm's

He

has

long-time associate of the

and

a

He is

general partner since
a

tee of Brown University, president

immense

by

which

to

of his

value

prove

policies.

director

and

of

Kent
a

has

become

associated

with

Building.
an

Mr.

Johnston

Durant

was

for¬

officer of Peters, Writer

& Christensen,

in

assistance to '

connection

Folger

business

a

new

Coffee

poration.

Co.,

any

lar rise in the

NEW

under

and Southern

that

initiative

between

ern

a

series

Elects Three
Tripp & Co., Inc., 40 Wall Street,
New York
H.

City, have elected Harry

Gardiner, John W. Nagle and
B.

Robert
dents

of

Sedgwick:;, vice-presi¬
the

firm.

director of Lowe's Com¬

a

ager

Scott To Be V.-P.
>.

Of Evans & Co.

Evans

&

Inc., and Virginia Dare Corp.

members

G. H.

Walker & Co.

in

I960

at

St.

was

estab¬

Louis,

Mo.,

Co.

Incorporated,

City,

of the New York

Stock

New

Exchange. Mr. Scott is manager of
the firm's research department.

provided channels through which
mutual support could be
at

125,000 Shares

Security Title and Guaranty Company
COMMON STOCK
(Par Value $5

moment's

a

notice.

arranged
article

An

appearing in the August, 1963; is¬
sue

of

Federal

the

per

Share)

These .arrangements

Banks.

Reserve

Review, written

Bank

by

Mr.

Company is offering to the holders of its outstanding Common £>ock,
through transferable Subscription Rights, the, right to subscribe for the
Common Stock at the rate of one additional Share for each Share held of

The

record

on

Subscription Offer will expire at 3:30
December 16, 1963; ;
■'
.A C

November 29, 1963. The

P.M,, New York Time, on

C. A. Coombs, who is in charge of
Federal Reservb foreign exchange

operations, jointly with his Swiss,
Italian

"are

German

and

states

that

these

capable

of

adapted to
.

.

.

new

colleagues,

being

flexibly

the basis of telephone

on

During and after the subscription period, the Underwriter may offer Shares,
including Shares acquired through the purchase and exercise of Rights, as
more
fully described in the Prospectus;
r>

arrangements

and unforeseeable

Subscription Price $6.25 per Share

consultations if necessary, against
pressures

arrangements

nary

it

without

ensure

before they

Thanks to these
was

possible

lengthy

to

the undersigned.

prelimi¬

negotiations that the defense

of the dollar

tively

on

was

continued effec¬

Saturday morning dur¬

ing the hours while the New York
market

for

..Copies of the Prospectus may he obtained from

was

such

closed.

The

intervention

channels

were

there,

New York Hanseatic

300

York

Avenue,

December 2, 1963

monetary

Lee

of the trading department.

Park

European Treasuries and Cen¬

tral

Robert

Spence has been appointed man¬

panies, American Tube & Controls,

number of West¬

a

-

Tripp & Co. Inc.

a

by

Folger'

States;

concluded

were

American

the

authorities and

as

taken

Administration, that

arrangements

or

largely

and

the

-

parts of the United

under the Kennedy Ad¬

of

the

an offer to sell nor a solicitation of an offer to buy
of these securities/The offering is, made only by the Prospectus.

1

cor¬

lead-

a

in the Midwestern, Western

price of gold, which

ministration,
result

Ohio

an

again would have accentuated the

was

subsidiary,

Folger markets

coffee

instant
name

ISSUE

flight from the dollar.

trans¬

was

P & G

This announcement is neither
'

the

ing brand of vacuum-packed and >

to $40, might have been

eclipsed by the resulting spectacu¬

It

with

County Municipal Hospital; •Effective pec. 12, Aage W. Scott
of the Citizens Savings will become a vice-president of

lished

Jnc.

shares. Blyth

trustee

Ed¬

Bank,
ward D. Jones & Co., Bon

common

Children's

the

Inc., vice president and director of

PUEBLO, Colo.—Floy F. Johnston

Co.,

Co., Inc., New York, furnished

Folger's

Friend & Service of Rhode Island,

Johnston Joins Jones

Gamble

graduate, trustee and

member of the executive commit¬

test

Folger &

.

the

jor

&

as¬

price

gold

to his

general

death should provide the first ma¬

The

proportions.

experience of the "gold'rush"
1960,

disastrous financial cri-

A.

partner of Argus Research

a

given his

which

Mc¬

W.

Corp., New York, and earlier had

elabo¬

for.

-

McKnight

been

policy

Cadwgan,

director

it is only

credit

Procter

ferred to

joining G. H. Walker & Co., he

was

responsible

for the mistakes had

reported

was

of J.

1946 in the New York office. Prior

by his Administration even

though,

E.

England.

firm's

mistakes

for

David

managing partner, and

as

Mr.

means. -

number of occasions

a

of

New York Stock Exchange firm
New

of

defenses

assets

Saturday morning the

on

prevented them until then, on
actively

he-

merly

that

foreign exchange market. Because

oh

panic.

speculative

from

gold

gravely

gain momentum."

dollar scares,

large

the

resulting sharp decline

their

former

dollarrby such

Since

on

dumped

American

Likewise

.

,

insisted

in; gold
dollars

of

The

absence

have

don

of

considerable

a

the

etary authorities decided to aban¬
self-imposed inhibition

the

McKnight

the offices operated by this

seven

importance

the

W.

partner; This brings to

would

forthcoming if he

not -grasped

share

of
exchange guarantee.
in

might

the

needs

1961, the United States mon¬

occasions

/ •'

form of

they

Monthly

-

•

approval

strengthening the

full

Some of them, at any

purchases

would

the dollar, which

on

been

authori¬

responsibility for huge dol¬

sumed

intervention

diate

all over

<■

have

his

1957.

ings, the United States authorities
would not have been in a

Gorden

that

firm

of

deal¬

by suspending

preliminary approval. It stands to
"reason

David

facility will be under

new

Knight j

submitted

were

Cadwgan

direction

it that the reactions

of

pressure

them.

in

the

sis.io November, 1963. Fate willed

a

amounts

was

panic

the

The

seems

with

withdrawing

ings similar, to those witnessed in

Gordon E.

for his

portance

that

European

it

and

Of).

transaction.

eco¬

policies of such im¬

30, 1963 it

the

Folger

matter of

a

^

financial advice and

in

a

Or

gold market would have wit¬

knowledge
that

certain

was

&

averted

some

foreign exchange market and

the

questions

Nov.

000 P & G

But Pres¬

interest in

Kennedy's

general

was

branches

seven

Cincinnati, in exchange for 1,650,-

countries might have had to cope

lar

fully planned official intervention,
the

ident

nomic

fair

rate, might have hesitated to as¬

foresight.

it, in the absence of care¬

that it

so

the

-j

The

to

successful

sume

But for

for putting

practice

Clay¬

Co., San Francisco, had been sold

highly

magnitude-

the late Presi¬

dent for his wisdom, and

policies and

new

into

by

morning,

which time the monetary

gold market on the other in¬
dicates the extent to which "the

In¬

taken

have

not

the

eral is indebted to

the

to

a

On

the

elaborating

City;

xV. Jl Ol^GT

#

that

Federal

the

Chicago,

Assets Sold

for the Execu¬

of

y

unprece¬

for

of-

gigantic flight

a

matter of minutes.

a

until

place

on

the

,

skillful offi¬

of

absence

tervention

an

system

not

; •

from the dollar would have devel¬

and the behavior of

hand

•

intervention

cial

between

contrast

striking

authorities

had

Street

Wall

so.

What Could Have Happened

oped in

behavior

the

not

nique to do

of control.

With

if they

erating in exchanges and

prepared, for the first time

Contrast

hap¬

adopted the policy of op^

had not

history, for the emergency be¬

fore the destructive forces

people

have

pened on that fatal Friday after¬
noon
if the American authorities

istration, the financial authorities
were

would

what

think

of

addition

J

and for

Reserve

it

an

cooperation with

readiness when needed.

Admin¬

rated under the Kennedy

taken

opening of

monetary authorities. Credit

tive

now

It does not occur to many

thanks

happen was that,

is

the

announces

respon¬

policy

U. S. Treasury, and

granted.

to

this

The reason why

magnitude.

for

policy

that

years,

been

Kansas

office

an

in the New England States;

Ken¬

is due to Mr. Robert Roosa, of

by President Kennedy's unfortunate death.

LONDON, England—The shock of

and^t^e

other

adequate enough to meet the test of such a crises

banks;

that caused

as

exchange

dented degree of

a

Co.

office at 10 Post Office Square.

adoption of the new

establishment

the

brought about successful cooperation between the world

that

team

not, he credits President Kennedy for forging

did

market —but

had

himself,

foreign

place in the foreign exchange

stock market which could have taken

President

maintains

in New York,

banking firm of G. H. Walker &

or even

about the

opinion

which

to

nedy,

took place in our

information

an

sible for the

aspect of his achievements; In referring to the tragic, fatal

one

assassination in Dallas and the repercussions that

express

extent

Quite

aware,

impossible for

is, of course,
to possess

me

The investment

—

15

ton, Mo., and White Plains, N. Y.,
in

BOSTON, Mass.

still

as

Philadelphia,

Boston Branch

Interest in Economics

it

well

as

in readiness.

were

President Kennedy's Weil Known

It

where

Walker Opens

vance

Affected Exchanges
Dr.

(2195)

Corporation

16

The Commercial and Financial Chronicle

(2196)

.

.

.

Thursday, December 5, 1963

helpful and of lightening the bur¬

Currency

Our Masquerading

National Committee

Economists'

Vice-President,

Embracing the Counterfeit

Emeritus. IS etc York University,

Hy Waller E. Spahr, Professor
•Executive

Irredeemable

on

counterfeit

Monetary Policy

economists subjects our pres¬
rigorous examination of quality. He finds that it
standards of a sound currency and that in mas¬

country's leading monetary

ent currency

to a

does not meet the

,

facts

querading as the real thing it

them.

reveals

omy.

which

mismanage, credit.

to

irredeemable

Our

to

officials

<>,

re-

the

erfeit

quality of

Nor

good

over

Walter E. Spahr

is

his abuse and

disguise

redeemable

the

taches

deemable

abused

redeemable

a

at¬

tends

to

abuse

and

with

expand
to

nature

by

A

.

The

adoption

of

ice

de¬

to

cur¬

a

to

of

cotic

nationally.

disposition

to

in

the

monetary

the

past.

It

recklessness

denial

of

sins

is

It

of

cipline is repudiated.
in

the

a

honest

field

truths.

of

history
of

use

a,

It is

It is

and

na¬

It

is

is

an

pursuit

is

atmosphere

an

of

-

Preserve Honor in

dishonor.

to

Con¬

fiscation of the people's gold, with

is

act of

an

The

irredeemable

weeds

of

nesses

is

of

vice

.

paper,

irresponsible tyranny.

opening
not

the

human

and

the

to

way

act

of

the

weak¬

wise

a

noble

of

mately

weak

loosening of the fingers of help¬
less
people from the protective
device of

gold standard

a

orable act.
a

course

which

the

an

greater

helm

safety,

the

of

in

monetary

ship is in the hands of wise and
honorable
gence
.'

or

men,

among

honor.

an

an

people
Nor

is

of

men

It

is

act of

intelli¬

incendiary
not

the

dropping of poison

an

torch
act

of

day-by-day

among a




help¬

The

good

multi¬

system

and
the

opens

strength.

its

saps

door

a

people.

inferior.

plete

people's

/to

money,

versity, to grief, suffering, tears.
Irredeemable
evil

tool

of

to adhere to the

is

men

an

fail

simple and well-

principle

requisite

a

is

who

currency

misled

that

of

integ¬

honorable

reaction
-

that

gold

on

of

slow

fad
is

growth

recurrent

a

which

ulti¬

because of its

pursuit

of

the

Pacific Northwest
Bell

Telephone Co.

It

is

a

case

of

high price for being in
of

in

hurry. It is failure

a

their

failure

duties

to

be

to

others.

tower

a

of

as

well when the

case

a

opportunity

It is failure to make

reliant

is

and

strong

weakening

of

serve

occurs.

a

—

case

before

of

its

enemies. It is failure to
attempt/ to
do better and better for ourselves.

sibly

failure

of

to

men

do

their

best at all times.
is

not

an

has

offering
41/2%

underwriting

an

Bell

due

to

competitive

bid
4

of

1,

4.43%.

the issue

sale/Dec.

100.56%

Co.

Dec.

yield

The group was awarded
at

Pacific

Telephone

101.26%

at

public

$50,000,000

debentures,

2000,

the

announced

of

Northwest

4

on

a

which named the

f'2 % coupon.

|

'

■■

debentures

after

or

option

of

ranging

of

noble

efforts based upon high ideals.
is

not

evidence of

a

dedication of

life to the service of others.
not

a

case

of

It

being

-

It is

genuinely

immediate

these

in

the

100%

1,

1968

the

at

company

at

prices

104.76%

for

those

prior to Dec. 1, 1969 to

for

those

redeemed

on

or

after Dec. 1, 1995.
Of

the

'

•

will

use

the

$48,702,702

to

company

the

repay

remaining principal amount of its
41?2 %demand
Pacific

Telephone

Co. and will
ward

from

held

note

badly

high

during

the

A. T. &.T., which

145,557

shares,

of

its

stock.

common

Headquartered
company
ness

89.12%

or

27,-

owns

of

Seattle,

in

the

is engaged

in the busi¬

furnishing

communica¬

tion services, mainly local and toll

telephone service, in
Oregon and

ip

Idaho.

the northern portion

On

June

30,

1963,

the

had 1,714,396 telephones

service,

were

Washington,

dial

which

of

about

99%

good

a

little

doubt

climate

this

year

flow

of

At

011

warrant

wise

of

ahead.

record

Those

earnings

ents that call for any

well

auto

is still

holding

the

prosperity

that

the

profits.

Haigney Jr., with

cated

up

the
in

sorbed

in

larly

with

Jr.

has

become

Hornblower

Federal

Street,

&

associated

Weeks,

members

Stock

New

York

other

leading exchanges.

of

Exchange
He

75
the

Co.

-

1

...

stocks,

Chrysler.

Chrysler

has

price

dropped

of

around

a

dozen

and

year's

high which isn't excessive

when

half

a

against

the

low
/-

the recent

to

That

the

third

if

colossus

a

good

is assured already; the

open

is

enjoying

order

fortunes
last

in

of

tremely

or

the

Something

in

it

of

Ddor.

to

came

work and

the

the

better

of

for¬

persists

into ~

*

largest maker of

controls,

makers

serves

instruments five
on

solid

a

ap¬

years ago,,

position

in

the

glamorous of the electronic

In

the

a

good blue

that hasn't been start¬

aura,

ling tape watchers is Allied Chem¬
ical.
in

Its

1961

sat

the

out

over

historic peak

posted

was

and, to that extent, it has

a

bull

year

market

that

«

took

ago;

despite
to

step

is

held

year

until

ago,

tack¬

time

a

when

some

heavy

That

gave

last

severe

For

this

the

the

year

ising

short¬

profit-wise

and that rail¬

last

would

per

their equipment
Steel

that

costs.

results

,

$2.75

which,
the

for

The

be

the

the

if

prom¬

best

firm

Projections
of

year

in

the

are

for

around

achieved,

$1.80 dividend

of

much

were

earnings

make

decade/

37% and

up

for

share

last

would
candi¬

a

improvement.

one

strong

spot

in

the

makeup of Allied is its position

the

the

total

half

and

market

its

of-

gleaning

total

revenue

has

company

not

notabler profit-maker,
recent

years

fact, it

was

are

in

an

been,

as

far

concerned.

a

profit

jumped

nine months of this year, doubled

for

year

the

its

first

comparable period of last
year

results

of :

the

chemical picture, it is the
fifth

largest.

But

where

for expensive research in order to

and

and,

Last

nation's

although, "in

In

earnings down¬

1961.

full

chemicals

as

producer

the

was

The

basic

largest

as

until

the

world's

overall

this field.

are

'

a

ninemonths

results

will

decade.

date

by far the dominant fac¬

patented freight car doors,

company

year's

first

before

Youngstown

the

start-up

fairly steady for the

happier, profit

themselves,
up

at

dowritick after the profit had held

week's

a

well

a

cars

and

faced

accounting for from 85 to 90% of

year.

/

Parade

Another issue, with

chip

to new highs

011

was

expenditures.

over

to

seem

company's

year.

Not

to

had

for

secret

in freight

in

projected

would

also some industry
price trouble that bothered Allied

this week'.,

no

this that there

have

all

week

a

pushing

was

roads,

stock

points

for the year

age

in

covered

such as radar/ space tech¬
nology and data processing.

Youngstown

range

life

five

on

It

was

the

indi-

There /vas

newcomer

a

was

The

16-point

ing

the
ex¬

in

the

fields

Spotlight

limelight

a

in

and

machinery and household

more

The

have been

company

so

non-recurring

year's

The company,

took

new

a

stiff

motor

variable,
I11

Steel

of

profitability.

the

decade

the

niche

permanent

a

poor

as

early indications

in

for

borne

question is whether it has carved
out

a

Selling at less than

the

new

largest

year

was

pliances, metal-working industries
and, with the acquisition of Air¬

60

auto

40%

conservatively valued, partic¬

of

high.

nation's

.

period, thus isn't

this

change

.

points from the

matched

than

quarters

$2 dividend

electrical

particu¬

The

and

two

jeopardy.

the

ab¬

trend

formerly with Shearson, Hammill
&

these

cen-

stretchouts in gov¬

nine-month

be

a

be

that

electrical

earnings, the stock

spells

industry

to

-

:

electronic

more

report

17-times

giants is already 011
the. ,reeoVd>.)s6 there was some

from

BOSTON, Mass.—Dayton P. Haig¬

first

tunes

about

Ilornblower Weeks

the

ularly

times

in

September

Most of the good year-end news

at

which

There

from the auto

profit-taking

.

was,
however, a
pickup from the depressed levels

enjoyed.

ever

spec-

trimmed both- sales and

expenses

which

sustained

more

,

the

the

reason

work

brisk clip for

a

the

competition

helping the steelmakers,

running at

of

one

be

production,

ensue.

showing this'year
some

steel

of

play

in

of

controls,

depressed

-

high.

ernment

mar¬

to

seems

and

of

Part

of

long

trim
1960

first-half

upset.
the

the

and

serious

out¬

condition

The stock has been avail¬
a

from ,its

still

end

elsewhere

able at

not the ingredi¬

are

two-

shares

Cutler-Hammer

many

are

about

fairly mundane market-

despite

section.

around

news,

can¬

Electronic

other

is

tered

showing

reports

the

trum

continuing

a

as a

financial

its

has been

good, profits

good dividend

annual
cases

is

only

million

a

Neglected

Indicated

Rally

is

economic

tor

D. P.

an

annual

an

where volatile action could

its

the traditional

before

Good

Door

operated.

Oc¬

from

sound, the stock fits the category

show of exuberance, pos¬

There

apply the balance to¬

repayment, of advances

rate

divi¬

in

earnings estimated at

With
of

standing,

No¬

under

given

and

Telegraph

&

the

fact,

is widely regarded

thirds

after

generally to surpass it

the

by

With

course.

.

was

average,

hovering just

even

high

proceeds,

in

and,

tradi¬

didate for another increase in due

points' it jumped from last year's

redeemable

are

Dec.

from

redeemed

ney,

example

basis.

end rally takes hold.

year

The

is

It

indicated $1 to $1.20 on

accomplished

sagged

was

has

nation self-

a

nation

a

of

manager

company

help. It

being prepared to

dividend

vember before the whirlwind fin¬

Morgan Stanley & Co., New York,

tection

and

increased

Question Mark

of

not

tober

prices

industrial

the

having

of

Debs. Offered

Door

liberal

a

payer

-

was

has been

what is in fact

wicked.

stock

,

What

little

was,

in

cases.

ket

living.

double

pany

there

It

storm of ad¬

a

Steel

been

dend

proved only

cases

has

'

the impairment or com-' that the market will stage a good
loss of the value of the rally to finish off the year. The

It.
ob¬

on

Youngstown

tionally

Presi¬

tress, to

The

infi¬

end

least

since

dis¬

national

to

the

followed

the

at

run

better than $3 this year, the com¬

political

economic, social, and

in

year

in several

news

chance

currency

had

to

last year.

that the action had been expected

historic

of

plies the undermining elements in
an

STREETE

expected

as

after

week

that

dency.

any new

strength to those in need of pro¬

It

is

Storm

a

cur¬

of sacrificing

a case

success of

too much

honor.

Throwing

trea¬

mismanagement

passes away

hon¬

Nor is departure from

of

and

is

revenge

product

and

paying

and

Nor is the forced

men.

the

man's

temporary

men

honorable

It

dangerous

weaknesses.. It

of promises

of

inno¬

Adversity

not wise

we are

attempt at

alleged
repudiation

the

back down

construed

change

abrupt

ish,

to

Irredeemable

cast aside.

through centuries for

Monetary Management

in

golden

jective forces—an attack

and

payment

great

wasting of golden

of

because of

honesty is ignored.

act

better

a

manifestation of the poison

a

in

an

of

of, opportunity.

live

is

best

common sense

people

are

today.

able

pay

the

irredeemable

that

jn
effect
importance of being /hf credit. It is,

The

is

It is failure to

The

rency means

is

im¬

of

personal

No Effort to

and

denial

The

to

from

hidden

from

of

helpless.

Invitation

An

group,

It

potent force in

a

to give

philosophy

possibil¬

virtue

/character

and

snap

immaturity.

activity.

is

It

responsible

involves

success

efforts

the heights

and

It

and

denied.

truth and

failure

a

delity to the better Things in life.

dis¬

The attempt

monetary

in

is

It

reach

discarding of

hours

'

tional

to

aspire.

The

and

moral

among

The.

provement

which

sures

to

It is

respect for wisdom

principle

is

currency

record

the

of

Much

serv¬

It reveals-a degrading

failure

simple

follies

and

valuable

a

is

oppor¬

concepts and classifications. It

life.

a

of

a

to

lessons

passion.

to obtain the best

ities

cent

the

with'a; disgraceful

sight—especially

on

and

abandoned:

history.
a

have

managers

of low order and utilize

instrument

such

reveals

currency

money

target

a

an

WALLACE

was

be

this

trading

Even

currency

sacrifice

a

apply clear, simple,

the virtues of self-control.
The

Best

is

in human

nar¬

surrender

a

the

mddern

in

dangers

might

"normal"
hectic

Us

In

humanity.

producing

proof
a

the

ignore

of

of

a

a

manifests

It

of

is

It

embrace

to

of

judgments

irredeem¬

an

manipulate.

readiness

to

people

variety of human weaknesses.

of

the

give the quality of superiority

to

reveals the desire of money man¬
agers

is

irredeemable

to a. nation.

■.

.

evidence

is,

currency

that

Ir¬

case

a

Loyalty to

tunity to render

Weaknesses

able

is

duty

what

to

business
An

to Human

Surrender

of

evidence

unsound

an

currency.

/

truth.

and

currency

That

abusing

ultimately, to their
struction.
An< irredeemable
is

of

its

The stock market

manipulate—one

Irredeemable

established

Lack

A

It

nations,

rency

paths

is

it

that

society.

rity

monetary

the

carry

the

Nor

government

a

currency

mismanaged credit.

have

of the

one

of life.

winds.

have

who

those

by

people.

throwing truth and honor to the

substi¬

is the

from

loyalty,

redeemable

Irre¬

value.

greatest

currency

used

tute

world

the

which

to

rencies

blunders

departure

honesty,

of gold and a
currency-—the cur¬

management

poor

participation in

well-known

at¬

to

tempt

and

Nor is

currency

man's

is

conceit for

wholesome self-reliance of

Irredeem¬

trust

is substitu¬

of administrative

tion

not.

who

Nor

great

misstating

and

and

reefs.

the failure to choose

evil.

the

the count¬

people

a

is

best.

does

able

tempest, hidden

upon

irredeemable
currency

bear

government to give them the

the

an

manage

of

people into

Nor is the thrusting of

has

integrity;

Nor is leading a

fog, night,

deemable

r.e

'currency

those least able to

and

them.

A

prices on the inno¬

of high

dens
cent

gold at a
rate.

leading

various

Nor is throwing the bub-

bankers.

ertible

fixed

government

claims

to

of

immorality,

by

and

is

vanity,

,

deemable or
c on v

corruption,

and

position

a

intrigue,

dishonesty,

one

is

that

of

Nor

involving

omniscience,

superior in

currency

a

as

nature

people.

trusting

adoption

the

masquerading under the guise of
a
sound currency. It is masquer¬
ading

and

less

is

currency

It

is

It

the counter¬

and this involves

ignoring

man

into

attempt to make

feit respectable;

undermines the strength of our econ¬
Noted, also, is the resort to irredeemable currency whenever
abuses redeemable gold currency and mismanages, or wishes

BY

the

•

lasting

of

objects

near-sighted.

morally

an

is

currency

of

It is the work mf men who

value.
are

One of the

The Market.. .And You

others.

of

dens

newer

remain

competitive,

product
acid
are

and

/

fields of chemistry call

field

of

ammonia

possible

in

coke,

the

good

without

basic

sulphuric
the

profits

heavy

investments.

/Nevertheless,

it;

-

7

Allied/has
'' / ■"

been
■

'

7
V

6822

Number

198

Volume

with

fields

the

little-understood

and

such

urea-formaldehyde foam, poly-

as

urethane foam

It

with

the

chemical

share

in

the

growth

from

the

up

that

newer

of

some

keep

field

that

and

comes

products

the

ing troubles

seem

end.

cide

with

They

those

of

time coin¬

any

the

presented

are

author

\

"Chronicle."
those

as

I

59 machine tool companies and of

l

robiems

,

Continued

prosperity

of

the

Other U. S. and foreign tool firms
and

13

U.

units.
S.

(The

and

28

study
foreign

flrms? and 21 u. S. universities and

beckons

SAN

1963, Sutro & Co. moved
Jose

location

Firms boost profits and stabilize

St. John

dent

Michigan, more

of

Detroit, study shows.
The $120

million

must strengthen

a year

scientific

more

research

if

deeply

it

is

to

adequately meet expected tougher

competition

from both U.

S. and

was

made

will

be

the

Streets in

San

Jose.

communications

equipment,

furnishings and office partitioning.

a

new

Sutro

office

is

almost

machine,

the

new

firm

in

the

West.

It

was

founded in San Francisco in

1858

now

other
firm

has eight offices of which
in

are

is

is

in

California

New

York

member

a

of

Two

investment

banking
the

Transmission

Stock

1983,

by

opment
ways

Division,

which

seeks

to enhance growth of Mich-

igan industries through better

Jose

10

ago.

It

has

been

represented in the community for
38 years.

use

The
stock

latest

price

With Capital Sees.

located in San

company

years

of

type

electronic

quotation equipment,

COLUMBUS,

Ohio—Raymond

tal

Securities

Co.,

44

East Broad

'''

Street.

groups

follows:

headed

by

Stone & Webster Securities Corp.,

White,

Weld

Stuart

&

150,000
lative

by

&

Co.

Co.,

shares

Webster

Halsey,
,

of

preferred

5.04%

slock

headed

group

a

and

Inc.;

Securities

.

cumu¬

(par $100)

by

Stone

Corp.,

&

and

White, Weld & Co.
The bonds

and

interest

4.835%

about

priced at 100.50%

are

accrued

to

•

to

yield

They

maturity.

required to be retired through

are

the

operation

of

sinking

a

fund

beginning in 1964 at prices

rang-

ingdrom 100.50% to the principal
amount.

The

sinking fund is cal¬

culated to retire 93%

of the issue

prior to maturity. The bonds
retired

be

may

optionally at prices

ranging from 105.38%,to the prin¬
cipal

of

amount,

that

except

they

not be retired at the option

may

the

prior

company

to

Dec.

1,

1968

through the use of borrowed
funds costing less than 4.835%..
The

accrued

deemed

dividends.

per

will

It

at $105 per

be

re¬

share if

re¬

prior to Oct. 1,

thereafter

at

1966 and

prices decreasing to

share if redeemed

Oct.

after

preferred

being offered at $100 and

deemable

$100

cumulative

new

stock is

-Proceeds

on

or

1978.

1,

from

the

sale

the

of

150.000 shares of cumulative pre¬
ferred

arid from

stock

$35,000,000 first
line

m or

the

t g

sale

of

pipe

a g e

bonds, will be used in .part to

retire

the

short-term

notes

nut-

standing under the company's

re¬

volving credit agreement and the
remainder

The

will

be

funds

general

of

proceeds

the

company.

such

from

term notes were used

short-

by the

com¬

and subsidiaries for the ex¬

pany

of

pansion

the

natural

line systems and
and

to

added

the

foreign

pipe

gas

for the domestic

oil development,

ex¬

P-Please, Mister,- how do I get out of these woods?"

ploratory drilling, acquisition and

marketing

activities

of

the

com¬

pany and its subsidiaries.
The

ate natural gas

its two

and

company

subsidiaries

line

own

and

pipe¬
oper¬

transmission facil¬

ities and sell to, or transport
ural gas lor, gas

companies
panies
the

engaged

distribution

and

of the

Tenneco

long-term

Midwestern

United

Corp.,

through

domestic and

con¬

/

subsidiary,

subsidiaries

foreign

in

sec¬

States.

a

to

a

telephone truck ground
sudden stop on the woods-trail.

Installer Jim

Phillips looked

down from his call at

old bov with

a

a

seven-year-

feathered headdress

Jim smiled, choked back
and invited the
he refused.
him

never

a

-

laugh,

boy to hop in.

Wise parents
to

accept

This liltic story

is h ue—and typical

of the spirit that telephone

But

women

had taught
rides from

to

be

good neighbors and give good

service.

strangers.

and

men

bring to their work. They try
L

,

.

...

com¬

principally

located

are

Eastern

tions

distribution

under

These

tracts.

nat¬

The green

is

in

production,

and

a

So

quivering lip.

"P-Please, Mister," said the
small Indian. "I
lost.

How

woods?"

do

I

guess

I must be

get out

of these

Jim

He put

did the

next

best tiling.

v

Because they're human, they don't

always succeed, of

his truck into low gear and
Lpst-in-the-Woods trudg¬

their earnest

But thanks

course.

with Chief

to

ing along behind, led him six blocks

finest, fastest, friendliest telephone

back

to

effort,

enjoy the

you

vice in the world.

civilization.

ser¬

-

refining and marketing cf petro¬
leum, petroleum products and

petro
other

-

chemicals,

and

in

certain

BELL TELEPHONE

non-utility activities.




'

.

.

SYSTEM
SERVING

.

'r

O.

Hart has joined the staff of
Capi¬

mortgage

group

a

New

by the U-M Institute of Science viously at 55 North First Street

public offer¬

as

the

Exchanges.

pipe
bonds, 4%% series due Dec.

line

1,

Co.,
first

of

The

third larger than its offices pre¬

ing of two issues of Tennessee Gas

$35,000,00

the

and

City.

York, American, and Pacific Coast

Securities Sold
have announced

has

office.

Sutro & Co. is the oldest broker¬
age

office

new

quote

been installed in

Com¬

completely outfitted with

and Technology's Industrial Devel- where the

of science and technology.

foreign sources.

in

Building-at Market

,

Stockmaster

seven

The

The two-year study

industry

its marketing

techniques and draw

research and development,

the study found.

,

3,000

new

partner, said the

new

University

office

munity Bank
and

its

its San

a newly developed high
ticker
and
the
Ultronic

speed

Harvey D. White, San Jose resi¬

sales and earnings when they do

a

foot

square

to

17

including

JOSE, Calif. — On Nov. 26,

and

15 foreign research units),

Michigan machine tool indus-

on

Transmission Co.

research

covered

try if it bolsters efforts in two key

only. |

Tennessee Gas

New Sutro Office

,

the U-M study of 36 of the state's

ftnVnO^'f" nf ftfndv
OUUJULt U1 OlUUy

areas,

at

1

(2197)

These were the main findings of

1 UUI

,

Industry

the

at least tempo¬

necessarily

not

HPnnl

now

I The views expressed in this article
do

'

industry's pric¬

rarily at

an

i

t

plasties, and others.

Allied's ability to

assures

iVlaClIliltT

impossible

names,

The Commercial and Financial Chronicle

.

TV/I

branching out importantly in the
newer

.

.

.

•

'

'

'

'

*

'

YOU
'

'

18

The Commercial and Financial Chronicle-.

(2198)

have

MUTUAL FUNDS
JOSEPH

BY

the

vestor

to

study

stocks for
As

purposes.

understands,
timing

but

of

without

action

any

SALESMAN'S

in¬

in¬

every

discovery

opportunity is vital,
proper

Thursday, December 5, 1963

.

wherewithal but hardly

time

vestment

A

C. POTTER

the

.

BY

JOHN

DUTTON

be

can

extremely costly. After all, there
are

High-Powered Portfolios

people who have losses

even

in International Business Machines

have

come

land must

fast-growing

with less than $3.2 billion in 1961

South and

and $1.2 billion in 1954 (the year
the Institute began its industry
studies).

this

about

journeyed

its fund members are valued at
nearly $3.6 billion. This compares

investor who has

Every longtime

upon

a

region in the West or

bright

the

become

intrigued

business

opportunities. As an ex-

companies, which
only by name until he

utility

ample,

knew

he

the

through

passed
tractive

served,

area

especially at¬

seemed

have

must

by

investment vehicles.

as

The

latest

securities

study,

latest

companies,

holdings

on

Some

net

the

financial

reports

was

of

these

"Marlboro

calls

Avenue

Madison

what

from

home

plunged
into a study of the companies that
interested him only to find that
Country,"

probably

he

"upon the

come

of course,

companies,

investment

a

The outriders of

long time ago.
had

region

the

discovered

others

early

scene

time the touring in¬
vestor arrived the price-earnings
and

the

by

multiple

in

familiar story to folks

a

field.

mutual-fund

the

But

month

by

ment

survey

a

that

tinue

be

to

public utilities
ranking

"a

diverse

the

funds.

con-

favorite"

portfolios

Utility securities

of

the

held by

billion stated in the study,

acting

study

calculated that

million.

funds is Southern

Texas

Gas

and

That

this

Final Quarter Dividends

and

an

extra

7 cents

share

payment of

a

Sept.

the

has

$17.34,

compared

$17.64

prior

the

net

when
D.

assets

year

amounted

$21.65

or

with

vies
,

that

share

of

assets

the

at

the

at

Oct.

$18.16

Mutual

the
31

net

far

close

the.

30

West
_

Pacific

Gas

Power

Interstate

assets

year

a

of

net

share

Discount

B-4

assets

to

'

-

return-to

the

fiscal

the

companies is

a

Stock
end

another.

as

reports

of the ^

t() $22 06

Colo-,$}8n

area,

investor

to

national

appreciate

Business

$8.88

a

he

or

Steel

Southern

than

The

or

a

a

electric

Western

a

a

United States

power

$14.91
with

T h i

Fund

re¬

share

s

compares

six

months

earlier and $12.76 a year earlier.

Phila. Sees.

Group
■■-■//

will

Inc.,

foregoing

is

but

another

of mutual funds
for

candlestick

as

an

makers/, who

may

■

guest

Securities

speaker

of

The

at

a

Phila¬

Association

on

Thursday, Dec. 12 at the Barclay
Hotel, Philadelphia:

investment

butchers, bakers and

be

meeting

Rubin Hardy of The First Bos¬
ton

Corporation, is

his
I

and

boy's

in

He

looked

it

charge

it.

fund

for income and

growth

will

we

through seasoned

common

stocks selected for

their investment

•

•

Then

he

went

Fund

his

son's

An

investment

for

its

of

only

was

•

astic

a

reasonable current

Prospectus

upon

Lord, Abbett & Co.

GROUP, INC.

'80 Pine Street, New York 5, N. Y.




«*■

told

The

production

of

though he

was

he

for

know

his

large

this

even

young

that

producer

he

sold

business and
in

of

the

of

had

man

he

In

a

process.

At

myself that I

was

him

into

my
a

out

lot

New
•

York

—

Incentives

least,

people

I

said

firm

we

...

tough job hold¬

Atlanta

—

Chicago

—

Los Angeles

—

Should

Investment

There

are

several

Not

Be

Business

reasons

why

for

an

investment firm to accelerate pro¬

by

sending

their

light

same

welfare.

as

dedi¬

a

the

leads

sales

force

fact, the less he hears

out

monthly

I.

better he likes

duPont,

New

York,

the

nounced

150,000v

it.

Dispatch,

has

group,;

Inc.

at

are

of

of

'an-,

offering

shares

shares

Allyn,

C.

manager-

public

common

The

A.

as

underwriting

an

of

Ship¬

$7.50

being

per

sold

.by selling stockholders, and none
of the

proceeds will,

accrue

to the

company.

Shippers
its

Ind.,

is

a

vehicle

tween

Chicago,

South

operates

-serving

of

in

South

111.,

area

2,962

by
be¬

Wayne

Fort

Detroit,

Ind./

Cleveland

Bryan,

Ohio.

has

Bend,

carrier

the

Bend,

over

The

company

nHles,

route

in 470
operates termi¬

3,284 'customers

communities.
nals

in

•

Akron,

Toledo,

in

common

motor

and

which

Dispatch,

headquarters

Mich..

the

in

that

a per¬

Common Offered

the

of

of

lucky I didn't

in

investing

Shippers Dispatch

am¬

commissions

himself
hurt

in

who looks upon his busi¬

not

share.

disappointed to

been such an enthusiastic and

bitious

if

nose,

your

looking for, plus

EVER.

pers

7

•

that

of

beginner in the

Of course, I was

on

even

few

a

accolades

business.

skill

about this the

hiV

and

commissions
a

invest¬

you,

business year in and year out and

Inc.,

manager

satisfied-

an

family doctor will produce

Francis

sales

from

a

years.

he doesn't care one whit whether

to

enthusi¬

me

the

won

sec¬

pink shirts and purple

the

in

the

build

interest

man

cated

is

experi¬

investing,

over

wart

a

are

months prior to this meeting that
had

it
to

clients build

your

will

It's

his

son

but

probably.

recommendations,
he

just top

were

he

.

.

follow

to

offspring's-

when

7

It

cities,

owns

630 pieces

rolling equipment and has ap¬

proximately 514 employees. /

7

letters to salesmen, or weekly pep

talks,

income.

or

offering

the

firm,

7

to

or

compliments

reasoning

is

(1) Proper nming is

an

lows:

San Francisco

My

Westamerica Branch

inducement;

through prestige trips, publicity in

request

kind.

'

wear

ness

(as usual)
..

true,

are

completely forgot how proud he

.State.

A

and

"7

employer

glad

too

unseasoned

duction

seeking
possibilities
growth of capital
company

shareholders

lohg-term

and
Addre$$_

i.

have

sonal

the

not

you

people

realize half of

he

among

gfct -there

never

business-for

ties.

load of second ;

that

ahead
-

■

producers

portfolio

ment

fortune

a

I do not believe it is
proper

A Common Stock Investment Fund

CFC

•

the
sell¬

and

steam

importance

customers

then

best friends

on

admitted

never

Used

quality.

that

Recommendations

his

seen

and

in

sound

or

Sales

Name

{DISTRIBUTORS

the

original investment."

•

Mail this advertisement.

jCity;

"How's

that's

even

pro¬

What's

full

top

helping

and

pos¬

sibilities

and

brother-in-law

a

who

operations

know-how about

ence,

time

ing him in line.

investing

most

income?

that's

ondary

I

af¬

lost

My

deep with

bring

SECURITIES, INC.

mutual

of

The

helps,

informa¬

'

me

But

bid.

of

at

"I

out.

that

not

our

to

arrangements.

later

business

asked,

might have had

GROUP

the

insecurity salesmen

He didn't

unsolicited

about

so

his

PHILADELPHIA, Pa.—Charles W.
Anderson, President of Ametek,
luncheon

doctor

a

bulletin every month

a

securities

(3)

that

This

different story.

any

was

Luncheon Meeting
-

ing

passed and

again.

.

$10,204,298, equal to
a

pro¬

grade securities I wonder whether
or

'

■;

International

$13.88

to

flight salesmen. Sellng knowledge

time

some

your

asset.

medical association

a

difference between

issues began to

new

are

material

go

se¬

your

enjoyed the largest total

duction

Chapter

months

father

a

let

in

3Q

...

share.

a

you

performed
and

sharp slump in the

a

the

to

that showed which of the doctors

pub¬

pleased and

and several of my

the

at

ports that at Sept. -30 net assets

delphia

illustration of the unique function

medium

Common

that

earlier

amounted to

a

combine.

of-

was

many

Machines,

General Motors

company

STOCK FUND

his

in

Next

important

that issued

I

He

leading

of a

salesman¬

place

business.

belonged to

production." I again

up/ and

blame

prime

Inter-

an

the

of

area, last month he "day in and day out?

was

into

ran

face.

share, compared with

„

a

Keystone

••/'

provide

I

firm

his

out

Would

the

this?"

advisory functions

health your investments
most

Then I asked,

boy?"' You should have

or

yeaf on

V

all, it is easier for the individual

COMMON

him

that.

fairs

Sept.

on

$77,819,037,

High-Grade

Fund

very

said

and

buying

stimulation

Overenthusiastie
is

curities

making

know

of

in his

told

tion

the

at

against

splendid example, of course. After

THE

that

Fund

Utilities, which generally
restricted

a

it is in

list

a

was

it

earlier.

year

(2)

"That

among

him

month

second in

met

assets were $35,496,795. equal

original

a

up

you

every

dry

earlier.

year

were

share,

a

Keystone

well-organized research of

investment

do

market, the

as

'*

•

sure

Another six

and

prominent in

are

is

and.

Constant

production negates proper in¬

ship

replied, "They have sales contests

we

share,

a

Bond

reports

assets

that

^

day,

one

right

mine

he's

father

glad to hear it.

the

$21,-

were

share

Pacific

and

me

congratulated

reports

$22.98
of

per

$10.15

,

Light

Gas

Electric

&

&

his

that

salesman.

much

so

sterilized

merely because they

$14,845,036

Keystone

Roosevelt

.

told

do

ex¬

any

knows

times when RESERVES

be

vestment

.

Fund

to

for

top producers of his firm already.'

offer

Gas

country's Economic Opportu-.

serve

describes

and

of the fiscal year

end

equal

against

the late

Far

that

of

lishes

to

of

end

'

a

year.

425,077,

1." Nowadays

„

,

nities in this field,

booklet-prospectus

boy

share,

a

to

had

he

and

to

Another

advantage in uncovering opportu¬

free

on

started

training

of

began

proudly

worst

But

Broadway, New York 6, N. Y.

he

and

fiscal

$23,836,755

a

period

a

tion,

I

at

He

salesman

curtailed.

only about six months dura¬

was

Guardian

&

since

After

was

that

him.

knows

course,

definitely the right

buy or sell;,,but

are

should

do

to

to

there

of

one,

time is

a

perienced

boiling bull market behind him.

with

thesis:

c

July 31/Value

on

announces

of

30

against'

Eastern

come

Franklin

their portfolios.

Payable January 1/ 1964

A

compared

He

several

began

No

time

with

firm.

and

clientele

his

ducers

mil¬

how

expand

July 31 and $15.78

on

Fund

close

relatives

money,

was

$31,206,912,

"Lf
1/ Nor are the funds
oblivious oi this, for such names

$2.50 PREFERRED STOCK

65

the

father

His

wealthy

nomic Problem No.

the

on

31,

position

a

vest.
when

recom¬

hired and he began to solicit

business.

termed the South "America's Eco¬

rado

share

Energy

Series

President

as

a

Texas

indicates

roster

...

Payable December 24, 1963

62Vi cents

Oct.

on

of

assets

.

American

Depression,

Dixie

share

the COMMON STOCK

on

'

*

earlier.

year

Tennessee

Central

regarded

I

man,

I

for

business

lists

and

him

"How

is

that

Transcontinental

country

Great

Record Date December 13, 1963
a

a

Pipe Line.

Company

54 cents

*

with

$114.6

are

Corp.,

Power,

Utilities.

the young

on

well

Lock¬

Pharma¬

&

Transmission, Arkansas-Louisiana

A Diversified Closed-End
Investment

with

Transmission,

Electric

A;,..

behind

other six

Southwest

United

Fund

with $16.61

on

Gas

Vitamin

and

share

per

Company

Light

&

Power

Utilities

The

lion.

Ltd.,

Boeing,

Enka,
S.

with $32,975,155

other

$152 million. It is followed

and

in¬

new

Aluminium

in

$32,988,488

(according to

aside

million

three-month

latest

*

industrial), the largest holding of'

Florida

a

a

propitious for his customer to in¬

up

business with

the

Canadian

the Dow-Jones Averages, it is an

with

$11.31

and

earlier.

ceutical

to

by stocks and bonds of utilities.

these

31

try to build

sales record when the time is not

mended

was

compared with

$14.04,

July

No salesman should

security salesman. After

another

per

is represented

assets

Telephone

on

value

asset

was

Thus, about 16% of the $25 bil¬
of fund

on

heed, TJ.

good account of themselves.

lion

was

$13.27

American

utility holdings have been giving
a

to

help his

son

impressed

was

a

The

up

addition,

In

amounted

fund hold¬
toted

stocks

common

$279

share

vestments

ings of Telephone bonds, preferred

$126

uorjiorafion

"skyrocket.

a

total

reports

Oct.-31

Net

away

been

and

31.

During

&
the most
of all utilities, has

heavily held

Ltd.,

period the company, made

Telephone

because American
Telegraph, far and

at

July

like $4 billion than

more

by

JJri-fjonfinnifal

the figure prob¬

now,

ably is

which

Institute,

Company

showed

of the Invest¬

Right

the $3.6

it

brought into sharp focus last

was

of

too rich for his taste.

was

This is

funds.

assets

year

~

Returning

Fund

$87,285,174, against $80,662,961

stated in the

as

check

a

Bullock

a

friend of mine

a

could

if I

me

become

Right Way To Build Sales Volume

ago

years

asked

The Funds Report

utilities held by

of 332

open-end

146
based

covering

The

and Polaroid,

of
as

any

LAS

West-

CRUCES, N. Mex,

america Securities. Inc. has

roened

fol¬
a

branch office at 745 West

Bow¬

■

sound

investment

essential

procedure.

man

under

the

management

of

Volume

198*

Number

6322

The Commercial and Financial Chronicle

.

(2199)

then added their influence

As We-See It

Continued from

1

page

that caused

to

19

Our Reporter on

by extensive

grants and the direct foreign
be

multi¬

Illustrations

could

plied

less indefinitely,

but

more or

reached-by manipulation

of money

and credit.

unfortunate

proposals for its
of the

public by the In¬

vestment Bankers Association

We

of America.

have

here

a

matter that deserves the spe¬

cial attention of the
this
the

time, the

remedy

public at

more

Washington is
be

or

generally under¬

stood. We refer to the

Interest

1963.

proposed

Equalization Tax of
Federal

The

Reserve

has

given this description of

the

proposal:

tax

less

economically

of

those

developed

countries)

purchased from foreign¬
the

before

ers

of

end

For

new

by

industrialized

1965.

foreign bond issues

countries,

the tax would have the effect

of

increasing the interest cost

by about

The proposed bill

per annum.

provides

that

make

may
eral

percentage point

one

the

President

limited

a

exemption for

rity issues of

gen¬

or

new secu¬

country if

any

application of the tax would
imperil

international

mone¬

is, of

of

this

somehow

area

the

against

-

sale

had

the

wanted

foreign

it

of

some

charged

so

.

circles.

It

find

more

a

ample of
out of

would

our

in

difficult

in

the

changed
the

disregard, if not in defiance,

of

the

natural

forces

normally play in this

which

and

area

.which for decades, even

cen¬

and

re¬

—

inevitably

partly

by

merely

countries. But

obsessed

ideas

buy support for our

about

democ¬

liberty,

the

all

racy

and

very

substantial

still

idea; that

the

with

could

we

had become

we

In

rest.

a

we

measure

Our balance of pay¬

are.

ments difficulties stem in very

substantial

ice

of

serv¬

Of course,

national financial mechanism
and

its

functioning. The

evitable

wrought
to

be

is

that

learn

forces

far too

are

listed

.

here.

instead

thus

numerous

The

of

point

trying

to

to

respond

as

had world financial

to

a

century

set out in

remake

or

anism and

fluence of

accomplish
not in the

a

clumsy

way

to

the

are

have been




wisdom

thinks
this

should

least

those

not

by the political
be, will,

taxed.

In

1963, and they
in

move

range

that

so

rather

a

the

bal¬

the other

important free

mar¬

investors

of

demands

for

quite

now

so

usual,

are.

determined to meet this state
affairs

'of

arising out of dis¬

natural forces

of

regard
further

d

e

f i

natural

determined

to

verse

be

our

to

the

of

and

higher interest

tighter

a

But

Dealers

successors,

govern¬

and

their

that would

mean

industries would not

our

and invest

It

would

more

follow

would

that

mean

rather

a

tightening

all

and

the

that

rest

tutes

the

such

circumstances.

uation,
must

belts

of

consti¬

natural defenses

The

in

sit¬

they reasoned,

so

be corrected

by the

ap¬

Against

scheme
of

there

An

Investment

rates

market
must

be

short-term

kept

high

enough to attract foreign
ital while the

the

more

which

As¬

to

have

print in

our

been

to

the

adjustments,

in¬

of

forms

moving

of

out
in

investment

or¬

kept low to stimulate
at

home.

soon

of

o w

long-term

indications
had

issue of Nov.

been

Government

that

now

se¬

funds

which

going into other forms

of investment
to

make

are

being used

now

Security Title &

Guaranty Co.

attracted/the

foreign

attention

borrowers

w

h

o

commitments

larger

are

attention

greater

those

though there is

as

in

over

going

from

certificates

on

will

rates

the
other, and the equilibrium of these
way

or

It

volume

deposit

ernment certificates

into

due.

come

The demand at this time appearsto be

To Stockholders

and

picking

one

the six month

up for

maturities of Treas¬

year

with

bills,

ury

right

to

subscribe

125,000 additional

common

at

on

$6.25

one

share

per

new

The

New

offering,
York

/:"

1963.

the

Security

will

-

f

of

principally

New

be

policy issued by the

in¬

company

title to real property against
defects

other than

and

as

East 45th

encumbrances

stated in the; policy.

The; company's

and

insurance

main

office

is

at

St., New York City,

it maintains

branch offices in

Brooklyn, Jamaica, Mineola, Riverhead, White Plains, Stamford
and

Newark.

.

/

.

than

near-

the

on

middle-term

Government

not unfavor¬

a

the market action of
and

bonds.

long-term

It

seems

ing

along

these

there has been

a

lines

now,

tone in the market for
interest

long-term,

bearing obligations, aside

from the

priced

since

somewhat better

new

when

issues that

they

come

are over¬

into the

market.

^

_

CUStOmerS BrOKei'S

To Discuss

Disability Plan
The

Association

Brokers has been

of

Customers'

investigating the

ness

the

meeting to be held Dec. 11. '

John
&

C. Ho watt,

Harris, Upham

Co., is chairman of the insurance

committee.

recent

money

market equilibrium.

as

though the top area
market

money

Specialists in
U. S. GOVERNMENT

is considered to have
been reached when rates here are

yield
.

interna¬

current

range

to draw funds from
world money market

high enough
free

other

this

in

centers

market rates

reached when money

are

higher yields

leave
which

other free

world

for

the

available in

with

These

centers.

Certificates of

Deposit

to

conditions

likely continue to pre¬

most
as

funds

moveable

readily

SECURITIES

low enough to cause the

are

here

FEDERAL AGENCY

fluctuation in

rates is supposed to be

near-term

here

The low

country.

of this range of

area

and

long as we are confronted
balance

our

of

payments

problem.

To Admit
Hertz,

Neumark

Aubrey G. Lanston

/
&

Ample

Warner,

Broadway, New York City,
of

the

New

York

2

mem¬

Stock

Ex¬

The

and

on

Dec. 12,

Matty Warsaw to limited part¬

nership as of Dec. 5.

"T

Banks

Central

capital

are

8c Co.

supply¬

trade
out

Markets,

also the busi¬

community, with the needec

resources

partnership

Credit Assured

ing the member banks the money
and
ness

to general

rs

though the capital market, is think¬

part which

our

on

short-term

this

money

Hertz, Neumark

in

been

the

upset

appears

of

the

in

has

action

any

will

to

York, New Jersey
An

'

other

of

past because there is not going to

It

titles

it

where

\

insuring

to remain about

is expected

rates

the sale will

law in

Connecticut.

without disturbing the

market.

able effect

/

)

The level of short-term interest

ex¬

sures

17

Present Levels

engaged in the business of

and

banks

this

ship for consideration at the busi¬

tional

property,

the

money

In

will be submitted to the member¬

and

and

could be supplied 1 o

pansion purposes in the foreseea¬

1928

amining

obligations.

ble future.

by

wasCorganized

Title

Government
way reserves

feasibility of instituting a Disabil¬
ity Income Plan and such a plan

Short-Term Rates to Remain at

Corp.

company.

under New York
is

of

to the general corporate

of

open

which will be used for capital ex¬

*

Underwritten

Net proceeds from
be added

:'

Hanseatic

expire Dec. 16,

funds

the basis

from what is

some measure

being termed as industrial money

for

shares

share for each share held

of record Nov. 29.

important

being

funds

the

put to work here reportedly com¬

Security Title & Guaranty Co.. is
offering holders of its common ing in
the

balance,

Treasury bills when the non-Gov¬

Rights Offering

stock

of

change

a

some

of

in¬

deposit.

of

in

getting

now

from

certificates

in

seems

But

rates

So that

term issues for open market oper¬

curities continues to expand, with

pleased"

change, will admit Julius D. Winer
1

one

ations should have
The interest in

ing

bers

here

interest

influenced

Purchases

Treasuries in Greater Demand

important of these

we

cap¬

long-term rates

capital

tightening.

the short-term

long-term Treasury issues.

sociation committee has listed
the

addition

in
still

are

It is in¬

der to make commitments in

objections.

Bankers

that,

year-end

other

number

a

of this attention.

more

vestors

such

any

are

specific

very,

pay¬

will

In

and

money

rates between here and other free

vail

biting.

the
from

world money centers is not thrown

that

the

prevent
markets

long-term bonds continues to show

plication of'a hair of the dog
did

of

Government securities in order to

signs of improving, with the most

usual

balance of

upon our

ments.

all

general

impor¬

purchases

the drain

more

exten¬

market

open

monetary

make

dicated

states

money

to

were

out

real

be stimulated to borrow

authorities
tant

fcr

market operations may take place
in
intermediate
and
long-term

say

no,

demand

distant Government .bonds attract¬

of

y,

would

nation

a

ad¬

any

the liquid

on

budget.

New

that

in

Normal 1

with

and

lives

own

drain

a

mental

are

permit all

economy

way.

met

We

forces.

handedness abroad

open

affect
own

of these

a n c e

not

by

this

as

credit grows it would

not be unexpected if the

ing

bring an end to
they are now plac¬

are

we

However,
money and

kets and thus

Quix¬

so

long-term sectors of the

or

not be

The

that

securities

our

It is believed

tained.

it is believed, lose

so

interest in

for the

world money centers will be main¬

wanted

powers

in

those

foreign borrowers,

way

at

or

be

not going

are

much

very

between these rates here and

ance

our

have been and

we

as

As is

these

case!

restricted

which

ones

"liquid¬
from us—are not

taking

ity" away

Keynes, to make it

of the

his

changed

vestors that have had funds work¬

business

nature

in

either the short-

on

Government market.

be

made their highs for

futility.

they

must be

could

President

far has not had any no¬

so

ticeable effect

ments, credit policies

that short-term interest rates have

as

eration

term

will continue to

borrowings

of

specialists

that, barring unforeseen develop¬

balance of the year.

at least upon

or

foreign

the

foreign

on

opinion

—and

replace the mech¬

that

the

with

tax

a

the

issues

then, under the in¬

ends

such

stepped

be

market

money-

obligations.' Short-term

natural

or more

CHIPPENDALE, JR.

Treasury

money

leaders for
we

changes

in-

istration

to

appears

to

we

wars

played havoc with the inter¬

T.

Treasury

there

two world

JOHN

the 28. They need not be
repeated
still here. What we need to do in
ship round the world. One general is cease from
weaving
trouble is that our competitors
this tangled web of

sively.

mankind.

Into the breach the Admin¬

from

part

large grants and gifts

turies, held the factors in this
field in order and in the

It

Tangled Web of Futility

developments in other ing

rates

in

then

and

relative position

world

resources

affairs

as

built, with monumental help

ex¬

maladroit efforts to

that

recovered

from us, our

course,

striking

international

manage

though

country

one

official

be

is

another

the

situation growing

a

by all. Our generosity

fact

first

our

been

over

most

possessed the one

mar¬

recent; adversities have.

more

to

least

at

or

against long-term

our

wise is afiother matter.

was

The

this

ket,

in

unprecedented. Whether

same

our

bilities

considerable degree proposal of
goods and services borrowings,

very

BY

ac¬

assets.

in

charged

of

-

bonds and stocks in

and

in

appear

been

have

to

now

balance

our

Difficulties

payments.

gold

the

is

of short-term lia¬

we

We had most of

redress

to

course,

embarrassed

overlooked,

wanted by all—and

of the legisla¬

help to redress

or

vaults

otic

The purpose

course,

inclined to be

tary stability."
tion

War

monetary

cor¬

cumulation

currency

temporary

foreign securities (ex¬

on

cept

"A

the

II

World

with riches.

may

popular

of

were,

was

that

one

well not attract wide
notice

since

so

demanded by

now

After

have of

cure

late been called to the atten¬
tion

often

Riches

Embarrassed -With

and

situations

investments of Americari

porations. One result all too

self-created

of these

one

be

so

having

the

that

demands
an

will

adverse

the economy as a

Christmas

be met with¬

whole.

effect on

This

op¬

INCORPORATED

20 BROAD

STREET

NEW YORK
☆

CHICAGO

☆

☆

BOSTON

The Commercial and Financial Chronicle

6/1 Oth

to be

year

War

II,

War

at

I believe it

ol'l'er
sense

may

veal

the

is

economic fact

by the semantics of

why

there
much

so

eco¬

nomic

w oe

among

the

Revised

•

Capitalizations

from

official

government sources.

The

today.

nation

wealth

with

dollars

are

confuse real
dollars. They think
they

but

wealth

total

services
can

are

a

and

produce.

nation

(0E

of dollars

in

circulation tomorrow but our pro-T

goods
same

d

would

o u

1962

"Report

page

171, Ta-

ures;

purchasing

'

would

There

cut

y

dron to

they

have
cver

years

T,?e new three-story structure
Is beeb erected on the same site
which the bfnk first occupied 72
lear* ag0; lt Matures the latest
banking equipment, including excellent safe deposit facilities, two
drive"in and a walk-up teller's
window, and
.

do not have the an-

pay

to what

swer

healthy economic

a

s

i

This

giving

n c e

what

is

for 33

us

country

0 u r

in¬

ample

are

to judge economic conditions
whole country by their own

Year 1945—

$213.6 billion

553.6 billion

tion

in

gives

op

1962

the

that

totals

in

to

tabula-

ARE

AD-

PeoPte

which affect all the

observant

theie

aie

II

know

mav

vou

live million

The

million

\v

ith

peopT

billion whereas

extia

ail

NOTE—All facts

have

been

Rockville

this

secured

article
official

from

u. S. Treasury Reports; Report of
President

The

Commerce;

(1962);

and

a

of

Dept.

MIAMI

HER-

ALD syndicated article dated No6,

was

The government

1963.

procured at my request,,

will

be

on

*i

t

.

,visory1
York,

_

/

the

Christmas

ator-

the.unadjusted''19th
WAS

season.

decorated with

Century

scene

emnll

Side

a

charming

showing four

efnnrlmrf

cently celebrated his 40th anni-

and Assistant Vice-President in
1951.
..

*

• *

»
,
Ad-

this

in

countrv

nAnniatinn

and

1945
hori

1962

in

m<n«m

tr>

uaa

which

Envelope

••

lZatlOH Ot $OUO,UU0.

New

Company,

"

They are

Comptroller announced op
Nov; 29 the aPP^val of the con-

State Bank,

^r?10r} 0

Julian

Plamview, Neb., into a National

Lazarus.,

.

a

Charles

elected

Y

N.

Bank,

National

Lafayette

senior

Banking Association.

The- b

will

its

management

the

offices

doors

same

ii k

title

capital

for

structure

the

$365,000.

Union Trust

Valley

its

closed

a

present

the

under

converted bank is

Y., Nov.

Company, Rochester, N.
29

by

riaVnvie-w NatiinaiBanik
The

Genesee

operated

Vice-Presi-

*

*

-

The

be

and

Dec.

2

opened

under

its

John
a

H.

Hendee, Jr.,

was

elected

Vice-President of the First Wis-

eonsin National Bank, Milwaukee,

Kcn/AntL

contains

the

Christmas Gift Money Order.

The Montclair National Bank and
Trust

-U

Company,
—«»

Montclair, N. J.,

servator

the

for

National

Bank,

^,

m

Con¬

Greenfield,

*

people in

million

148

'

,

^sls.lit.11®°ks 1ike tl?S increas^ waf small- carolers standing beneath new name: Marine Midland Trust Wisconsin.
J™ b,lll°.n;
But ^ 1S.,Stl"i:n0t a>indow- sin^ing- The carolers' Company of Rochester,
William
H.
picture as I see it. There design is repeated upon the Gift
only

,..

...

'

"ini^lal -caPltal-

dent.

.

,

versary with the bank. Mr. Kenny
joined the Harris bank in 1923.
He currently heads the loan and
discount department. He was
elected Assistant Cashier in 1931

Manufacturers

announced.

W. Dearborn

These

are

Trust

Brooklyn,

tractive red and white money

ders

CGn

West

of

Board

was

The

beautiful

/

HerbeitM. Kenny, Assistant
Vice-President, Harris Trust and
Savings Bank, Chicago, III., re-

Joseph R. Huxley, Max Thai and

York

New

Bank

an

italization of $300,000.

.

threehew

of

to give money

for Christmas has been announced
Chemical

of

W«o+

the

to

Ilanover

Gift M0H6V OrdCFS
new way

the

*

,

appointment

rYiornlmVo

Chemical New York

An Unusual

Gast,

Office

Mr.

to

Centre

land Springs, with

^ e pP^ptroller.of the Currehejr
bes. Saxon Dec. 2 announced
sistant Secretaries Robert S. West •Preliminary, approval of an applrand May C. Roxburg, and Assist- ^tionio organize a. new National
ant Treasurer Anna M/Ferrera.
n 111 Michigan At Rochester,
with the title, National Bank of
The

■

Pa., and the Delta National Bank,
Delta, Pa.
..
•
- - » . »
The Comptroller of the Currency
James J. Saxon,on Nov. .27,announced preliminary approval of
an application to organize a new
National Bank in Virginia—At

parking ac- Highland Springs, wi*u
a
sizable' Fairfield National Ba

Chemical New York is staffed
with the following officers: VicePresidents William V. Kniffin and
John E. Schaefer, Assistant VicePresident Robert D. Ledlie, As-

and statistical

in

used

information

addition

Jn

1

the true

taken out ol the work

men

billion

Kocic-it. irnkQ lik^ tho illfTPPSP

^CrG

e\ en

1%

THE

OF

MORE

WANT

The bank has designed

total G.N.P. on

increase in

^

them .today,

6/10th of

a

Christmas Gift Money Orders for

adjusted basis is only $171.1

country as lartoe as-this.
are

553^6

Year 1962—

re-

entire picturq. mf

veaIs the

us

SAME KIND OF POISON?

Product

$377.5 billion

Year 1945—

and

never

YOU

by

DOLLAR

..

has

which

room

members

SHRINKAGE

THE

Nalianal

Gross

their

hear,

see,

which

.

give

.

Trust Company.

living, and the conditions that

capacity

liveli-

their

'

experience, the way their friends

Understand

the

in

citizens
ot

It

pvailable for community gatheiThe aichitect foi the banky
Thomas W.^ Schaarctt, has comJuried functional design with an
old"time atmosphere of, restful

impedi-

and

If this is the best they can

.

the G.N.P. figured

you

dollar

this

about)

talks

one

TO

of

pursuit

hoods.
.

private

to

orderly

port and turn to page 172 (the one

JUSTED

limits

ments

rules

more

'

look at the same re-

prone

the

creating

by Congressman Dante Fascell.

Year 1962—
But if you

no

they

that

is

make

within

^enue.

1

inflation,
cheaper dollars and greater debts
{or our children and grandchil-

data

Product

.

jjom its^present address to 10 Company of Red Lion. Red Lion,

establish

should

;)te bigger deficits, more

vember

.

THE

no

people unfor-

mistake

Another

tunately

be

WEALTH.

REAL

years.

Gross National

AND

in

crease

The

Of The President,"

former

today, prices

the

NEED TO LIVE WOULD BE

SAME.

larger total when com-

a

pare<| with the reported G.N.P. in

THE SUPPLY OF
SERVICES WE

half;' BUT

appear

andA/sbl vlc^;^" ble C-l, gives the, following 'fig-

as

b 1 e;

powef of our dollars would be
GOODS

figures)

current

any

,^0 rcnect

if we

this easily

number

mains'-the

PUR-

DECREASED

THE

FQR

Mr. Frank, was formerly Senior
'

by

LAR., This makes the 1962 figures

as

duction of

reported

figures

•

more

do

.,.

only real wealth

all the goods

prove

the

double

''

mind.

CHASING POWER OF THE DOL-

of

we

and make up your

...

.

.

of goods

medium for our exchange

the

conclusion

.

,

...

the PER CAPITA GROWTH RATE beautY'
press and other SOurces as to the
OF G.N.P. PER YEAR FOR THE
Mr. Oscar Gast is Chairman of
"Gross National Product" are NOT PAST 17 YEARS ... AND TIIEY the bank's Rockville Centre AdADJUSTED
TO
COMPENSATE CALL IT PROSPERITY ... DO visory Board.

all.. They are
to measure
provide a convenient

and services. The

think about my

.

The

only what we use
and

amplification,

or

Read carefully

own

at

not. wealth

distortion

out
William S. Baren

<

°n Dec- 9' the R°ckville Centre The Comptroller of the Currency

meeting
with-

was
named
ee
and

a n

Cashier.

huge public works programs, ere-

been

The facts are taken

Wik

2fflce of <lhem,cal E?nk New James,'J. Saxon on Nov. 22 apYo'k Trust Company, New York, proved the application to merge
wlU transter across the street. First National Bank and Trust

requires?'

nomics.

George

...

jNEMPrnYWNT3

confused eco- growth

follows in natural sequence

People unfortunately

wealth

Heinemeyer,

commodations.

citizens of our

that

etc.

"rei? JNew
?! th®®hase
Manhattan Harter
Bank and Trust Company
*ork.
in Canton Ohio

and

related

vou

Officers,

i>ank,

j

f

c

±

out of work and

unem¬

ployment

a

New

•

een Promoted to Assistant Treas- Vice-President and a Director of

and

nicture

is, then do you wonder

so many are

eminent

But it is not complicated

finding.

re¬

real

reason

tions

Branches

and George E- Woodnorth have

economic activtrue

a

thoso who advocate that the gov-

producing as a

are

we

scientific attempt in

closer

look

iii

R

OUR COUNTRY? Could it be that

be

may

WEALTH

high—
a

is

,

why

surprised that I
the following brief common
analysis of the. ACTUAL

You

all-

an

this

If

prosperity but a false, inflation-

is

figure

own

favorable economic

past^n years1 of

"Gross National

the

time

are

Neto

•

itv

country.

exist

Consolidations

The Ko¬

also included

are

years

our

buying. Convinced that our past 17
years of economic activity have been disappointing when adjusted
in real terms, and that the panaceas advocated to cure unemploy¬
ment are worse than the cure, Mr. Baren calls for an end to the
economic policies we have pursued over the past 33 years.
.

n

stimulated.

this unusually'

Prod- ary, pseudo prosperity,
net" which gives the total amount
The
Great Misrepresentation
of goods and services produced in

in

and

postwar pant-up consumer

Government issues a report

You

BANKS AND BANKERS

World

cconomic^tim^lanfy'ear^Desbite Elmer H-Gunther
Bartow, Gonder,
Jr-, Robert
A. liam H. Dougherty, Jr.
Glenn Vice-President,
Fin

called

is

we

year

play

Thursday, December 5, 1963

roseate economic outlook statements
indicate, our economic pace has not been as favorable as depicted
if adjusted for price level increases, population bulge, and the effect
of

but

.

greater than most

To an extant

now

into

came

economy was
rean

the

is

shortages and pentup

our

demand

Florida

that

coming'out .'of

just

were

GNP

S. Daren, Coral Cables,

By William

This

.

NEWS ABOUT

fair in this analy¬

over

because

sis,

Poverty Despite

our

PERCENT .PER

ONE

of

./YEAR. I have used 1945 as a base

Why

The

.

(2200)

20

Hills

Southern

announced

in

„_

-»r

Chemical New York says the elected Charles S. Lowry and Tulsa, Okla., Noy. 27 a that; upon
Christmas Gift Money Orders can Charles B. Sanders Directors.
his recommendation, Comptroller
14 million Americans arc living
^ MoSX dteable be cashed in any bank, anywhere,
4
*
'fotjke
Currency James J. Saxon
bare subsistence income ot
j0 produce more real wealth in
,are of£g.edJ" any amount. A The Comptroller of the Currency ha^ 4'u?hern'HI^NaUona "lank
less than $2,000i per family a
yeay. any frce, normal productive so-Y*1'1Stmas Gift Money Order and James j. Saxon, Nov. 27, an- Hi ^ ^ ™ T^reanLtf h^te
aimed services. You
hvc^.

force by the

on

thus the labor force like

.million

wonder why it is that

may

a

You may

sometimes ask why it is

millions

that

of < Alllerican

more

mothers-

and

fathers

hold

both

IsiVt that truc9

cicty

-l/-

-

More peo.
-

working

,ple

more

means

people

^lftcourse,
Envelope
cost 2o .cents plus,
the amount of
the

of

of

rnnrsp.

tho

amount

-

,

nf

thp

nounced preliminary approval of
an

,

r /
«...
application
to organize

a.

new

.

„

.

if they

working
are w

-

Com nf roll or

Tho

Conservator

money order.

National Bank in New Jersey—
jobs bee a us e they cant earn
arPurchasers can pay for Christ- At Sparta, with the title, People»
productively, There isn't any
a
enough to get by any other way.
gurnent there, is there? All right, maF Gift Money Orders by check, National Bank of Sparta, with an
You may ask yourself why is it
now
in order'to find out the per ^ theY have a checking account initial
capitalization of $500,000.
that millions more owe over $42
capita share of the total G.N.P., at Chemical New York. Or they
#v:;r :
?
'
billion in installment debts that
divide the adjusted figures of true call buy them with cash in any of The Central-Penn National Bank,
they must meet every month, and wcal(h
produced above, bv the Chemical New York's 117 offices Philadelphia, Pa., appointed Clark
why we as a nation.have piled up pop„ u,ti(m jn
these given years, in the New York
Metropolitan M. Johnson, Raymond C. Kaelin
producing

onThe
De^ Comptroller
2' 011 a ^organized
basis,
directed the

to

its

to

original

state

local

and

Federal

over

$700 bil-

a

total

hcrc is THE TRUE pICTURE

and

I

_Ss

'V;

it.

see

:

area.

:

•

and
-■

....

;

'

V

Sommerville Vice-

Laird

R.

Presidents.

pay

for

us,

either in greater taxes

depreciated
asked

have

You

currency.

yourself

.

.

.

are

we

Gross

real

so

prosperous

.

.

.

is this

something

.

.

wrong

or

is

there

somewhere?

.

.

...

Could it. bg that this is not




a

$2,658
—

—

a

On

prosperity

National

1945
1962

really

real

With Collins, Eatherton

Each American's Share of the

may

been

a
a

years.

•

Product

per

DENVER, Colo.— Robert F. Conk-

capita

lin is

2,941 per capita

THIS

growth of 10%

IS

AN

in

with Collins, Eatherton

'o_.Associates
509 Seventeenth
Sevontoenth
& Associates, Tnr
Inc., 509

per-capita basis there has
total

now

17

AVERAGE

GROWTH RATE OF LESS THAN

for

the

.

der

the

name

Bank

Southern Hills Na¬

of

Tulsa at the same

•

.

location, 51st and South Harvard

lion, that future generations must

or

bank

purpose of the sale of its assets
tb and the assumption of its liabilities by the new bank. The old
bank was placed in conservatory
ship
by Mr' Saxon on Nov' 8'
The bank will be operated un¬
""" u""'
" u
tional

,

the

directors

w

Government debt ot

the

dirprtpd

return

.

m

TII

The

Western

ticrnal

_

'

...

Peiiiisylvauia

Na-

Bank, Pittsburgh, Pa„

Avenue/

under

an

approval

granted by the Comptroller of the
new

Currency to an ent^lv^
ficer Vice-President Charles W. group of organizers and du.ctors.
Metcalf> .who was promoted to The new bank will be capitalnamed Chief Administrative Of-

Street.- He was foimerly with Administrative
Vice-President. *zed
SI,000,000.
Peters, Writer & Christensen. Inc. Elbert Frank will join the bank
The directors and organizers of
and Bosworth, Sullivan & Co., Inc. as Executive Vice-President. Wil- the new bank are: Lynn R. Helm,

Volume

President

R.

National

of

Commerce;

Number

198

6322

of

Bank

H.Siegfried,

R.

Grimshaw,

"VV.

.

.

The Commercial and Financial Chronicle

.

Bank,

National

Crocker-Citizens

San Francisco, Calif.

and Security

D.

Hart-

The

of

Secu¬

James

Edgar R. Sanditen, Charles Goodall, Dr. Thomas H. Fair, James E.

mann

Hughes and George A. Stevens.

rity First National Bank's Beverly

nounced

Hills

application

Conservator

determined

had
could

not

to

ities.

and/

checking

the

proper

the

of

the

Comp¬

Currency

granted

the

to

approval

re¬

Greenfield

Mr.

tional

of

Bank

latter

will

ment of the

being

that

un¬

with

the

Na¬

Commerce,

the

bank for the time

new

that it

so

the manage¬

augment

Office, has been announced.

may open

that

on

Bank,

Nashville, Tenn., promoted

Kelly

Stephen

Lillard

Templeton,

John

and

Vice-

to

Jr.,

Presidents.

tional

head

Bank's

First' National

office/

in

dent

Security

charge of

National

Vice-Presi¬

Wheeler,

First

Bank's planning and

ordination

division,

office

head

trust

department,

is

35th

anniversary

with

co¬

business

joined

having

Bank

the

with

the

F&M

banking,

Farmers

Bank

Security in

has

career

Merchants National Bank

(The

with
of

,

$1,250,000.

At Eureka,

in

Bank, with

South

Bank,

Carolina

Charleston,

S.

Holcombe

arid

Neville

National

elected

C.,

Carroll

G.

DesChamps Directors.
Comptroller

Union

Calif.,

Bank,

elected

Angeles,

Los

T.

Eugene

James

J.

Saxon

nounced

organize

to

Banks

Arabi,

29

an¬

preliminary approval of

application
tional

Nov.

on

with

in

Na¬

new

Louisiana

—

First

title,

the

At

Na¬

tional Rank of St. Bernard Parish,

with

initial

an

capitalization

of

$450,000 and at Laplace, with the
title, Riverlands National Bank in
with

Laplace,
ization

initial

an

The

San

Fernando

P.

Valley

J.

the

Saxon

capital¬

First

Houston,

Fulgham,
of

Bank

of

C.

E.

appointed

formerl

Vice-President
Bank

National

City

Texas,

Executive

y<

National

First

of

Lubbock,

Execu¬

Texas,

The

Valley

National

Ban k,

Phoenix, Ariz., directors,

regular
posed

monthly

/

10%

a

at their

meeting,

pro¬

stock dividend call¬

ing for the distribution to' share¬

proposed stock dividend is

subject to the approval of stock¬
holders

the

at

bank's

meeting to be held
of

the

annual

Jan.

Comptroller

and

21,

the

of

Cur¬

rency.

Stockholders will

each

of

Valley
shares

10

be

given

one

Bank

stock

for

held,

payable

on

Feb. 26 to owners of record Feb. 5.

Directors also voted

$3,752,490
'

to

transfer

to

profits

undivided

from

surplus, increasing the latter to

$36,277,355.
Clayton
Huck

Charles

and

appointed

E. James

W.

were

Vice-Presidents.
*

The

Leonard

Hakes,

'

Comptroller of the Currency

James

J.

the

proved
; Lake

Saxon

3

Dec.

on

conversion

ap¬

The

of

City State Bank, Lake City,

Mich.,

into

Association.

operated
ment

under

tional

Bank

The

bank

will, be

present

manage¬

/The
its

by

the
of

capital

Banking

National

a

As¬

to

and

Top

management changes

Bank

of

California,

N.

at The
San

A.,

Francisco, Calif., became effective
with

Elliott
the

retirement

the

McAllister,

Board

Dec.

on

title,

Lake

First

Na¬

the

for

coiliverted bank remains the same,

F.

named / a

America,
Mr.

Getty,
Director

San

II,

has

of

Francisco,

been

Bank

of

Calif.

the

The

Executive

gon,

National

First

manship

will

Edwin E.

President,
that

in

serve

McAllister

as

will

associated

Executive

will

con¬

capacity.

continue

Director and

a

will retire

with

to

Committee.

joined the bank in

bank

the

member

of

the

first

He

1920,

be

was

ap¬

Canada, at its

meeting

2

Dec.

R.

Lundrigan

son,

Vacancies

partment

death of David

1940,

Vice-President

1938,

President

in

1950

and

McAllister

has

served

as

rector of the bank since

Di¬

a

board

Outerbidge,

First National Bank,

Los Angeles, Calif., announced the

D.S.O.,

C.B.E.,

Powell

Mr.

age.

Leonard

had

served

the

vision

of

the

bank's

national

b anking

ments.

into 'five

has

divided

been

major geographical

Sir,

ert J.

Sevitz, Vice-President, who

is retiring in

Peek,
have

July, and Arnold B.

Vice-President,
the

will

who

principal administrative

responsibility for the division.
W.

Waterman,

President, has been named Assist¬
ant

to

the

division

Randall

Vice-

Jr.,

of

Carlisle

the

of

/

partner in

&

Jacquelin,
chairman

Loeb

&

As group

chairman, Mr. Carhart

lead

trustees

hospitals

its and

Bronx in the drive for the

John

S.

/

Manhattan

Sakellaris, Vice-Presi¬

the

raised

Money

paign

correspondent banks.

The line officers

of

quota

Fund's

79

The

group's

$3,000,000

in

the

goal.

1963

distributed

be

will

eight

and

.

dent, is coordinator of operations
with

in

from

President, is coordinator of cred¬
loans.

Co.,

chairman of the Division.

will

nonprofit,

cam¬

to

the

volntary

are:

hospitals for free and below-cost
Western—Jack

F.

Vice-President.

Vice-President;
South

Holland,
'

M.

such

Rudolph,

Mr.

Central—Duane

Pitts-

J.

care.

cases

Carhart

Central—James

S.

Bar¬

is

He

the

of

is

Prevention
and

' 1,667,500

clinics.

trustee

a

a

and

a

Roosevelt

The

Vice-Presi¬

also

dent for the New York

Children
North

year

treated in wards,

Vice-President

Hospital.

Vice-President.

Last

were

emergency rooms and

/

Vice-President.

sistant

patient

of

Society for
Cruelty

trustee

of

to
the

Boys' Clubs of New York.

Getty will fill the seat for¬

ston.
*

*

*

arid; Controller




of

The

Dempsey-Tegeler Adds

Comptroller of the Currency

proved

Philip Nathan has been named

Vice-President

The

James

V'-

.

J.

Saxon

the

Bank

on

Nov.

application
of

Association,

to

29

ap¬

merge

California, National

San

Francisco, Calif.,

COLUMBUS,

Ohio

—

John

E.1

Hinton has been added to the staff
of

Dempsey-Tegeler &

20

North

High

BOOK

Book

Book Value
Plus Reserves

sub¬
'

Premium

11/19 '63

$38.99

Over Adjusted

12/2/63

56

Book Value

53

33%,,''

91

79

First

33

63.5.9

77.89

111

109

40

39.47

49.12

National

City*.
1..
Hanover..„

Morgan

71.23

First

50.61

First

21.85

First

of

/

■

53

7

/

30

48.49

85

37

'

/

58

29

7

84

73

'

30.47,

Southern.

36.52

57

56

31.80

39.88

84

84

15.14

18.47

37

36

25.17

31.36

43

44

40

45.12

45.12

77-

75

GO

50.16

56.10

76

75

34

51

51

170

;•

Illinois

Bank—Detroit--

/

18.80

18.80

27.99

32.36

60

59

82

27.95

33.35

64

62

8G

2U93

25.55

53

53

/

r\
,1

t

t

108

37.49

43,04

82

82

91

21.36

25.11

68

67

1G7

19.91

25.30

47

47

8G

17.06

20.60

40

40

'

'

f

54

95

National—
America

i

110
.

Southwest--

ol'

'

42.

85
.,

'

v

,

a

1C8 !

86

27.23

90

53

no

53.78

48.49

National—Chicago-

Republic

•

'

City—Cleveland
&

75.83

,

'

,

VALUES

-Price--——-

12/31/62

/,

price, earnings
undertake

may

future.

near

Value

Security Corp.-Hi/Western
Bancorp,

Hospital Fund

Kuhn,

AND

attractive

media,

81

First

according to Frederick

Forsch,

the

investment

$35.93

Crocker-Anglo
%_/_ /
Security First NationalValley
National...,

a

group

United

1963

the next several

65.82

Bank

Hospital Trustees Division;

of the

D.

a

Administration,

new
over

94

—

Group

Carhart,

has been named

administrator.

Thomas,

firm

the

campaign

Vice-

Jr.,

H. Whitfield

re¬

stock

58.73

National

Carhart Heads

re¬

gions, and will be headed by Rob¬

bank

52.73

Bank

Fund Drive

in

53:62

Continental

/

'

division

decline

that institutional investors, weigh¬

seem

PRICES

Trust,J//,

Wachovia

and

depart¬

other

Manilattan_

Citizens

C.D.,

since 1952 and 1961 respectively.

the

Chemical Bank & Trust__

National

retire¬

and

City banks

value and banks

increasing acceptance of

also

comparing

Guaranty.
National—BostorL_
Pennsylvania-.
^
Mellon
National-__;

reorganization of the national di¬

metropolitan

to

and

L2/31/G2

Manufacturers

Directors

as

an

and

buying of bank stocks in the

Bankers

Hon, Sir Leonard

reaching the /Statutory

ment

The Security

Pear¬

by

book

monetary policies by the

Bank

G. McConnell and

and Colonel the

factors

relative

Chase

created

with

value

the

'

were

or

BANK

by, the retirements of R. E. Powell

on

1948.

H. J. S.

that

book

to

146th annual

the Bank of Mont¬

on

real

in

these

stantial

Hynes, Arthur

and

Directors.

as

Manager of the International De¬
in

added

growing rapidly. It would

ing'

announced

election of Leonard

obvious

seems

to the Board of the Bank of Mont¬

real,

Also, corresponding pre¬

addition, the recent private placement of capital notes
leaseback mortgage bonds
by commercial banks has eliminated
the one time fear of dilution of bank
earnings where the bank was

directors

new

for reserves.

or

next year.

three

of

adjusted year-end

allow

book values are shown. Whereas New
York

City, particularly growth banks often sell at
value, the adjusted figures obviously show less of a

book

ratios

Election

have commented
extensively on the

months. In

Portland, Ore., elected Lyman

who

long-term growth for

therefore interest rates should trend
upward

Ore¬

of

Adams, while Charles de

to

closely

Vice-Chairman

be

over

change in fiscal

Bank

better than average

are now reaching more attractive
price
levels. In addition, the year-end 1962 book
value figures would be
lower than current or
year-end 1963 figures. Therefore, premiums
are less than' indicated
below. Analysts
currently anticipate little

:v

•

.

larger stock dividend

a

prices that these equities

title,

Berkeley, with

capitalization of $1,500,-

7

000.

with

of

rett, Assistant Vice-President.

merly held by the late Eric John-.

J.

inital

an

of

Southeast—J. Arthur Myers, As¬

George

Bank

Seeley Senior Vice-President,
Officer,
on
reaching
his
65th
birthday. Advancing to the Chair¬ succeeding C. Elwood Hedberg,

ford,

$823,551.13.

Berkeley,

City's

premium.,

E.

Northeast—-James

City.

structure

Mateo, with

1, of

Chairman

Chief

and

at

split and/or

National

declared. Evidently

away from New York

twice

capitalization of $2,600,000.

National

was

frequently sell at somewhat less than twice

initial

A.
k

*

San

First

the

the suggestion that they should be included
The tabulation below has

capital funds.

Secretary, has been announced.

Paul

H.

of

follows:

as

stock

a

financial writers

book values to

miums

Na-,

new

t'o

reserves and

1962

It

The

share

Banks

California—At
the

an¬

preliminary approval

this

'

with

serves

Calif,

Chairman of the Board since 1956.

holders of 249,502 shares of stock.
The

tional

pointed Assistant Cashier in 1927,

tive Vice-President.

Recent

tional Bank of San Mateo, with gn

Diego,

Bretteville,

ojf $300,000.

Vice-

27,

attributed

stock dividend of 27c

a

the expectation of

sistant Trust Officer and Assistant

San

have

these banks.

Currency

Nov.

few weeks ago. The most notice¬

a

formerly been paid.

subject of

James

Savings

&

and

President.

of

would expect

one

The greatest stability of
price has occurred among the smaller
banks located away from the
principal money centers.
This may
be attributed to the
increasing investor awareness of these media

Bank,

Executive

to

YIELDS—

the stock market

price behavior is that of New York City banks.

public expected

than had

Calif, promoted Joseph

Repecka

nounced

Trust

writers

title, Northern California Na¬

Bank,

tinue
The

Diego

San

Bovee,

Vice-Presidents.

Morrow

E.

with

promotion of Guy F. Beyers-

dorf,

the

Jr., Edgar H. Glanzer and George

Comptroller

1956).

of poor

area

Some

&

Currency

the

of

The

able

meeting whereby
The

in

prices and bank stock prices of

in¬

an

AND

rise

However, the contrary
is shown in the table, with current bank stock

has been true, as

-

capitalization of $1,000,000.

1928.

merged

PRICES
recent

bank stocks to show similar
appreciations.

with the title, Hum¬

National

STOCK

In view of the

capitaliza¬

applications to organize
The

BANK

National

initial

an

This Week — Bank Stocks

Na-,,

Livermore, with

Livermore

Van Nuys,

associated

STOCKS

an¬

marking his

this month.

entire

3;

new

follows:

as

title,

boldt

Dec.

on

organize

to

Banks

the

itial

F.

Saxon

preliminary approval of

California—At

Stanley A. Beck, has also joined
Security

J.

Bank,

National

Neely

been

Comptroller oL the Currency

tion

been

American

also

has

Angeles, Calif.

His
First

Cody

Security First National Bank, Los

date.

The

E.

Robert

Newton

stated

agreement

an

Roy

Vice-President

to

bank

new

subject to this condition.

der

promotion of

appointed advertising Director of

activ¬

account

Accordingly,

troller

bank

reopened

be

for service charges

provision
lated

the

that

reasonable

without

that he

stated

properly

BANK AND INSURANCE

Chairman;

Board

21

Bank of Tur-

State

lock, Turlock, Calif.

^

The

The

(2201)

Street.

Co.,

Inc.,

Acquires Bklyn. Office

owners
as

BROOKLYN, N.
York

Stock

Eisele
Go.

Y.

The

—

Exchange

New

firm

of

they

firm

will
are

go

certain

upon

authorization

customers.

King, Libaire, Stout &
acquired the office of Ira

Eisele & King, Libaire,

Haupt & Co., at 1615 Pitkin Ave.

Co.,

established

The

tains

its head office

way,

and

present

office,

of

managers

George

Cornelius

the
and

Sylvia Krohn, will continue.
Ira

Haupt & Co. is

process

transfer

of

liquidation

of

the

office

now

in the

and
to

in

the

with
new

two

in

has two

Manhattan,
in

of

the

7: '

&

has

accounts

tendered by the Haupt

one

at

main¬

50

Broad¬

branch

offices

in, Flushing,

Connecticut and

New Jersey.

Stout &

1868,

seven

in

Chronicle

The Commercial and Financial

.

.

Thursday, December 5, 1963

.

(2202)

22

largest of its type in the eastern

commercial

part of the country. Upon com¬

pletion it is estiipated that it will provide an estimated "annual
electric revenue of $1,500,000 fr6m the total electrical load of ap¬

PUBLIC

proximately 50,000 kw.

better

All
1964

announced a reduction in waterheating rates, and, in August, Pennsylvania Electric initiated a new
all-electric rate. In October the two New Jersey subsidiaries ma ; e

annual i,revenues of $238 million,
important electric utility holding companies.
It is virtually all-electric, though about $1 million revenues are
obtained from steam heating and water. The piincipal operating
subsidiaries Eire Pennsylvania Electric and Metropolitan Edison
in Pennsylvania; and New Jersey Power & Light and Jersey Cen¬
tral Power & Light in New Jersey. A foreign subsidiary, Manila
Electric was sold early in 1962 for about $54 million, reflecting
a profit of over $27
million. Payment is being made in install¬
ments of $5.5 million (plus interest at 3% on unpaid balances)
covered by banking letters of credit.
is

Public Utilities, with

/

loans and sales

does not expect to sell common

2-for-l

share in 1962 were

other

Like

electric

Although

uct.

acted

not

next

eral

;

billion

$3
the

(Millions)

Year

1962

....

1961.

Per Share-

Increase

:

7%

$41.7

1_

1963$

Efforts;

~7

the

but

deficit

36.5

4

1.53

35.1

6

1.48

33.1

11

1.46

_

1960

3

1.15

3

1

1.12

4

months ago.

-7-

1.08

Y

and

State

expenditures

local

•

close

by

growth makes demands on

local

related

facilities; and

community

investment, which now
for

national

of

14%

will also increase

in

aggregate next year over the

1959-—

______

1958i.

29.7

8

1.37

6

1.02

1957Y__

27.4

13

1.29

8

.96

1956——

24.3

5

1.20

5

23.1

17

1.14

13

/

high7

relatively

level.

intended not so

capacity, but to

expand

plant

and

equipment

6

1955

—

1954—

19.8

11

1953

17.9

NC

'

;

4

1.01/

NC

.97

.

'"Restated
rates,

to

and

t»-

in

'

,

^'Estimated.




adjustments

for

•

reasons

cut. Actually

are

show

expansion
the

One
the

this year. In

as

tive

conserva¬

tions.

sharply

however,, the

of

year

A

this

in

excesses

are

would

of

because

its

inventory

among

/
segment' of
implications

for demands for lumber,

outlook

struction

is

outlays next

according to the McGrawsurvey
released last week,

the

con¬

particularly

4%

this year, but

over

informed

predict

observers

the

rise

recent

the

of

lean

higher figure because

of

stimulus

profits and

in

improved

profit; margins,

sales,

incentives

tax

little

next

million
The

new

devising

products.

n'-

If

the

pending tax bill passes,
appreciable im¬

5

ment

.87

6

have

.82

/■ 6

just cited. Rather, consumer
demand would first increase, un¬

/ .77

NC

used

outlays

plant and equip¬

the

over

industrial

levels

caoacitv,—

I

now

—would be utilized more fully in

crease.

would

sectors

and

manage¬

y/°nld start planning to in¬
plant
take

.

facilities.

time; to

But

draw

it

blue¬

whether the

is

apartment

in

some

construction

of

likely to have

are

before;,

another

in

later

This

areas.

the

decade

con¬

a

in

rates

volatile

and

activity

a pause soon

occiirs

to

meet

de¬

the increasing

of -age

importance

is

upsurge

mands arising from

I would forsee no

ment

in

the face of growing vacancy

we

competition

question

big

this year,

expected

plus

1.5

struction will run another year

area

meet

compared with the

momentum

erating rates relative to capacity,
to

change in housing starts

year

mort¬

competition

seeking

institutions

sav¬

ings has benefited savers through

borrowers

and

returns

higher-

costs,
and
has
tended to stimulate economic ex¬

through

lower

However, coming at a/
slackening in the

pansion.
of

time

some

demands, this

of housing

growth

competition

aggressive
tributed to

has

con¬

disturbing deteriora¬

a

lending standards and in

that Vis

credit

of

to both

potentially harmful

bor¬

and lenders. To be sure, a

rowers

The widespread financial collapse

ing, particularly apartments.

likely prospect is that there will-

provided last year, increased op¬
efforts

1962. The big increase in

1963 has been in residential build¬

be

of funds

Savings

intensified

5%

over

growth

into

channeled

For

This

private investment is construction.
And

,

Intensified Competition

Reproves

un¬

area.

important

very

re-

these institu¬

held in

in the volume

tions and

to

The result has

unprecendented

an

savings

upward thrust

trigger

not

order

improved
taxes

Hopefully/ tax
speculative

on.

wears

will

cuts

in

markets.

accelerate

doubtedly

been

institutions

in

main competitive.

rates

In response,

deposit-type

gage

demand

consumer

of

raised their

,

their rates

supplies,

If

in

change

the

deposits.

savings

have

procedures.

institu¬

financial

Following

they

absence of inflation and
control

low

banks

cut—-the

of

in¬

at. relatively

intense competition for

among

carrying costs,

availability

for

reasons

long-term

the

because

policy

inventory

of

Regulation Q in 1961, commercial

recent years,
a

major

funds

the

been

savings

raised

business has followed

the

vestment

other

tax

throughout

not

year—about $4.5 billion
no

the business

as

progresses

of

good. There will be some accumu¬
of

also,

change,

be some slight

may

abundance

lation next

basis

year,

year.

on

the

unlikely next

upward movement

inventory picture overall is pretty

on

significantly

little

-

September were up 27% over the
first
nine months of last year.

by improving quality and

'■

think

I

year?

•

although there

quality

.91

V V/.--

their

other long-term yields will prob¬

in

mediate boost in

(I ) adoption of guideline depreciation
(2) change in book depreciation.
,/
|
stock reflecting profit from sale of Manila Electric.
include

likely-

-are

for balance of pay¬

money

the

important
computed.

NO—Not

large-scale

a

toward.

move

tion

5:.'-"

5%

on

and

,

entrants

new

little 'change .from

important to the Northwest. Total

estimated at 15% of total capacity
6%

9%

10-yr. aver, inc

show

construction this year will be up

face-of keen competition.
tool
orders / through

'

'

relatively

Machine

and

6

.<

next

accumulation, particularly as the

services.

to

in

cut,

$4 billion next year—as popu¬

lation

a

ample

will< increase—probably

area

stimulus to the economy

provide
the

this

in

efforts to minimize

'

'

from

interest rates in recent years has

inventories. Will

about

A word

same

few

a

the rise will be double that, I

7.%

'

predicted

some

as

will be up

Increase

4

flexibility in

continue

*

combination of forces
trigger an unsustain¬

unless taxes

outlays

unbalanced,
probably not with as great a

the

1.20/

the

by

hold

The Federal budget will

outlays.

Hill

$1.28

-

both

demand,

commercial banks and pension,

ments

,be

a

not

private Investment

speed-up in public works

a

certainly

year,

Year-End

of

picture,'however, which would

permit

to

V

1962.

over

made

to

Plant and equipment

2%
12

1963

in

being

i

and

would

It

now.

cut

tax

a

capital spending boom,

able

1964

upwards

down. There is some

in, the

Increase

1.72*

39.1

are

modernize

Percent

would

somewhat less than

—

Administration

much

reductions,

hoped that

of

area

undertaken

for the

goods

by

These outlays are

Rate at

$1.75

1963

increase

present

Percent

'

next year.

pace

mortgage lenders

from such

investment

year

calendar

in

alone

exceed

will

the

Dividend

'-■■/

Earned

appropria¬

for

expenditures

services

production,

subsidiaries afe now ac¬

has

Congress

the

pared, it would appear that Fed¬

Private

a

Percent

strong

in

be

appropriation, and
set sail.
A year hence we would
start seeing results in the private

is only now being pre¬

year

accounts

changes had the effept of increasing
share from the previously reported $1.64.

Bal. for
Common

the
all

on

and the President's budget

toward

in

fast

a

traditional

obtain

prints,

the current fiscal

for

tions

community known as Leisure Village.
Eventually, the community is expected to have 5,000 all-electric
apartment units. This community with supporting facilities is the V
Jersey,

at

grow

ably

other

New

continue

savings should

Thus, mortgages >will - continue to

"

Continued from page 1

15,000 are forecast by the end of 1964. In September this year,
16 model garden-type apartment units were opened near Lakewood,

stock (ex¬

Outlook for 1964

the System
compared with 3,400 the previous year; and some

area

to

a

normalized. Based upon recently com¬

utilities, GPU

"over-the-

tighter

resulting from the use of rapid

tively promoting electric space-heating through rate
-etc.
In 1962 there \vere 5,000 all-electric homes in
service

'

split in 1959.

savings

counter"

earnings per share and
year-end for the past,decade, adjusted for the

rate at

among

unabated,

present relatively low levels. With-

active to Jan. 1, 1962. These

earnings to $1.72 a

em¬

incomes

institutions

to

pleted studies, the company has adopted the Guideline deprecia¬
tion rates (and has also changed book depreciation rates), retro¬
1962

ample

With

personal

funds.'Mortgage-yields

depreciation, equivalent to 28 cents a share in 1962. However, tax
benefits from the 3% investment credit amounting to about six
a

be the

of

competition

as

'

Earnings include tax savings

1964 will

availability

into, the market

stock before

late 1964 or early 1965.

cents

recently increased dividend
$1.28, the yield is nearly 4%. The price-earnings ratio based

dividend

internal funds, bank
of bonds and debentures by Jersey Central P & L.

The parent company

strong

favorable to borrowers.

35-32 this year). Based on the

The accompanying table shows balance for common

./

outlays have been financed by

1963

December,

cluding Manila Electric) together with the

interconnections, and later
development of atomic power plants. GPU is a member of a group
of 18 utilities in eight eastern states which have joined in the
project to build the 1.8 million kw Keystone Station to be located
near a mine-mouth in Pennsylvania and completed in 1967-68.
A
GPU subsidiary, Jersey Central P. & L., will have a one-third in¬
terest in this plant. GPU's subsidiaries in Pennsylvania will build
some high-voltage lines to connect with the Keystone Station and
also with a, mine-mouth plant to be built bv Allegheny Power Sys¬
tem in ,W. Virginia. The Keystone Project and the extensive new
high-voltage interconnections should reduce system power costs,
permit a reduction in reserve generating capacity, and produce
other* benefits. GPU will spend about $100 million on its share of
this project.Alt/also plans to construct three pumped storage:
"peaking" stations of 700,000 kw combined capacity, the first
330,000 kw unit to be on the line in 1965. Later on, GPU is plan¬
ning to build a 500,000 kw atomic power plant for completion in
1969 (a small experimental reactor is already in operation). The
System currently has about 2.7 million kw capacity, a 245,000 kw
plant having been put in service in October, 1962.
/
Expenditures for 1963-64 are expected to total' about $164
million.

major

another

mortgage credit at rates and terms

commission approval of a general
of about $2 million in residential rates/
had been selling recently around 32% .(approximate

estimated 1963 earnings is about 18.4.

on

extensive power-pool

its

greater

the

of

in

year

3%

of

rising, prices relatively, stable, and

,

increase

One

reduction

rate of

'Yv
'/
•"
GPU haS ambitious plans for reducing power costs through the
construction of large mine-mouth steam generating plants and
pumped storage peaking plants, extensive EHV transmission lines

to

about

be

1963.

ployment high,

range

compounded
gains over the past decade of 9% In the balance earned for common
stock, 6% in the earnings per share, and 5% in the dividend rate
(increased each year since 1948 except in 1953). In 1962 kwh
sales increased 8.6% and in the first nine months of 1963„8.1%.
Future growth prospects also appear good with substantial gains
in electric space-heating anticipted plus new industrial loads in
Pennsylvania and benefits from rapid suburbanization in New
Jersey.

in

continued

shows average annual

The table below

bit

a

Pennsylvania Electric requested
GPU

million customers are

one

decade earlier.

.

decrease

be

all, total construction in

should

housing

the annual

kwh for energy over 130 kwh a month;
in Tevenues was estimated at $400,000. In

institutional

this year.

underpinnings

cents to

1.8

from

rates

1.45 cents per

served, in a population of
3.3 million. Revenues are 43% residential, 23% commercial, 28%
industrial and 6% miscellaneous. Industrial revenues aie well
diversified, metal, paper, and stone, glass and clay products being
among the. principal industries.
The GPU System has shown excellent growth. Total assets
passed the billion dollar level in 1962, over double the amount a
About

service

home

all-electric

in

reductions

nine

of the

one

in

than

politan Edison in July this year

General

religious,

—

other

Total Construction

,

eliminated from

commercial, industrial and municipal electric rates in New Jersey,
reducing revenues this year by an estimated $1.7 million. Metro¬

General Public Utilities Corp.

building

and

than

reduced, largely for promotional pur-,

The fuel price adjustment clause has been

poses.

hospital

building—is expected to

Y

Y "

System rates are being

OWEN ELY

BY

SECURITIES

,

that

groups

similar

hardly'

is

1930s

the

to

in, view

likely

tighter

of

super¬

of

financial

entire

our

during

since

decades

three

the

system

1933, and the powerful role of the
Government

Federal

ing

iiv prevent¬

decline.

economic

general

Furthermore, as long as the econ¬
omy

continues to grow, it will not
for demands to catch up

take long

with the available housing supply
in

overbuilding has'

where

areas

occurred.
%

'

,

:

'Y.

Nevertheless, continuation of the

increas¬

financial'

growthmanship recently

ing importance in the residential

indulged

in by financial institu¬

market, is the mobile home busi¬

tions

favor

ness

in

rental

housing.

which has grown

recent

continue

years

Industrial

mercial

but
area

a

significantly
promises

strong next year;
construction

increase slightly

tinue

and

Of

office

at

should

next year, Com¬

building will

about

this

year's

con¬
pace,

be

approaching.

could

in

quences
In

tutions

whatever cost,
have

been

vicious circle.
more

serious

have

this

fluids

in

assets

in

togrow

these insti¬

caught

In order

funds, they

to savers.

conse¬

situations.

individual

determination

their

fast at

Non¬

temporary saturation in
may

to
•

V

visory practices, the strengthening

pay

to

in

a

attract

higher rates

They then invest these

higher-yielding,
order

to

earn

riskier

sufficient

Volume 198

returns to

attract

Number

more

face

of

less

demands

than

and

long-term

mid-1964.

parents to buy a second or third

these
in

the steady liberalization of credit

the

mortgage

trend

of

in

area,

delinquencies

closures.

These

concern

ton,

state

thorities, and

in

passing,

there
in

savings

in

seat

and

pressure on their

protective

than

tutions.

In

of

banks,

savings

whose

funds

readily

peting investment

families.

mort¬

ac¬

The

continuing replace¬

ment of assets

acquired in earlier

changes

in

credit

periods

assets

tional

long-run

of

sources

of

com¬

Let

us

for

and most

gan's

of

national

recent

output

tistical

of

survey

tends

to

sale

in

the

h

a

to

mained

buy
at

should

new

recent

be

noted

have

that

only

It

25%

lative

would be cut.

in

effective

would

be

Thus, if taxes
early

next

reasonable

consumer

optimism

fidence

be

to

were

year,

to

and

"

Even without the possible addi¬
of

tax

reduction,

however, the outlook for automo¬
bile and appliance sales next year
is excellent.
It is no secret

,that

has

put

million

seven

of both

sales

together

car

in terms

years,

and

two

production, for

the first time in history and that
1963

is

auto

shaping

year

on

record.

including imports,
1955,

although

mestically-built
trail

The

sales

cars

1964

models

of

do¬

likely to

are

seasonally
of 8.4

breed
a

jor

were

adjusted

million, and
more

off

are

reception.

autos in- October

on

sur

slightly the peak 1955 level.

resdunding

say

to

the record of 7.4 million set

pass

in

Total sales,

are sure

sales.

to

Sales
at

record

a

annual
new

rate

sales

car

Some observers

tax cut .would have its
and

the

most immediate

auto

a

of

industry.

ma¬

impact

An

early

cut, they believe, would increase
sales

in

1964

by 600,000.

on

the automobile market is well-

known
eration.

by

all

The

those

number

of
of




likely

to

-

long-term,

higher
at

many

tions.

In

this

dividuals

into

savings

will continue large,

since

these

various

I would

mand,

billion

$610

a

product

say

next

they

gross

of

be

GNP

amount

could

to

months

of

the

:

Gross

year.

na¬

at

about

Thus, 1964 shapes
year

not

taxes

are

ticipated,

be

cut.

as

It may

however,
will

factory 5%
will

up

a

be

level

at

unutilized

pacity.

At

17-year-

that it

will

be

that

and

an

at

unsatis-

that

there

industrial

least

year,

divisible

their
in

nee

dto face

November/.

Al¬

generals still hope to get

ca¬

another

the slow

more

it

is

•

finance

outlays.
been

govern¬

counteract

in

the

invest¬

private

seriously

the

increased

were

additional

Federal

a

the end of this

pace

Should tax

likely bet.

possible
made

that

of

the cuts

retroactive to the

The longer

the

bill

is

deferred,

a

later date, perhaps July 1,

taxes

be reduced

tion
a

to

stimulate

basic

of

With

likely

scene

to

to consider the

balance

of

the

tax

an

ex¬

remains

it

likely effect of

year.

policy

the

and

expansion

next

Outlook

for the

Balance

be

in

1964—

expansionary

already

is

effects

particularly later in the
have

there

bill,

that the

noted,

year.

As

there

are

successful

evolving

an

proc¬

fair statement, I be¬

a

have

years

the

the position of

virtu¬

possibility

speculative

One of the

taken in

measures

precluded

of

attacks

on

the dollar.
adopted by

measures

the United States to stem the out¬
flow

of, short-term

slow

down

the

capital

rate

of

has been the effort to
interest

term

enough

rates

comparable

short

abroad.

the

At

and

gold

loss

keep shortlevels high

at

competitive

be

to

term

-

with

rates

time,

same

the

monetary authorities have tried to

action from raising

prevent such
the

level

time
the

of

here

long-term rates, at a
is

there

when

rate

of

the

home. and

at

over

concern

economic

our

of unused human and
sources.

growth

existence

physical

re^

<•

Successful Policies
To

that

has

payments prob¬
into

prom¬

inence in recent years reflects, and

is

the

result

played

of, the role

key

as

Not

only does the dollar

serve

do¬

mestic

widely used

it

money,

is

international money

both

by

foreign

as

well-

as

holders

private

foreign governments, who

hold large

amounts of liquid dol¬

lar claims

as

tary

part of their mone¬

reserves.

increased

of

in

deficits

moderate

ance

bal¬

its

since

payments

1950

in

except 1957, this had

year

little

three-month
close

to

concern

of

our

deficits helped to

the decade drew to

basic

two

ever,

which
effect

of

covery

.

a

close, how¬

events
a

occurred

profound

policy

and

in

the

First,, with the

war-shattered

easy

monetary

nations

have

grown

increasingly

Second,

external convertibility of

competitive.

the currencies of most of these
been

henceforth
would

na¬

The pace
next year,

of business expansion

and particularly the all-

sector

important

portance
nomic

to

developments

States

great

and

foreign

the

fected

if

balance

of

States in

providing

military

assistance

involving

commitments abroad.

changed
flected in

environment
our

balance of

in

our

led

the

developments
of

payments

authorities

monetary

to

adopt

a

significantly tighter policy in the
given

added

the

second

quarter

re¬

of

published, showing

record

had

deficit

payments
a

were

when

this year were

risen to

fears

strength

the

for

that

These

ahead.

months

$5.1 billion an¬

nual rate.

and

Recent

balance

second

the

and.

of

devel¬

indicate

that

payments

will

considerable

show
in

prospective

however,

opments,

improvement

half

this

of

year

throughout 1964, thus obviat¬

ing the need for a more restrictive
monetary policy insofar as inter¬
considerations

national

are

basis of

the

On

estimates,

our

ments deficit

less

to

con¬

current
pay¬

billion at annual

quarter..

third

the

improvement

dramatic

from

The
the

quarter can be largely at¬
effects

on

"action

program"

President

Kennedy

in¬

our

ternational capital accounts

oi' the

by
18.

announced
last July

The

The
re¬

payments

deficits, which expanded sharply

higher level

of short-term
of last

rates achieved in the wake

summer's increase in the discount
rate

in

and

banks

the rates commercial
pay

may

time deposits

on

short-term

helped tp reduce the

captal

short-term
this
of

was

balance, of

apparently declined
$2

than

in

rates

for¬

economic

importance

nations,

in¬

eco¬

has been the leading role

of the United

heavy

in

domestic

of

that

recognize the im¬

international

of

Of

meant

United

private

of

vestment, could be, adversely af¬

second

re-established.

events

the

have

recent

of
r

tributed to the
two

policy

months.

cerned.

industrial

These

longer-

re¬

major

has

evidence

some

firming of

gradual

there

Indeed,

4

been

econo¬

mies abroad, world markets of the

tions

be

rates under the slightly less

As

subsequent economic

upon

much

can

term

our

supply.

exert

to

were

affected.

already
a

rates

before long-term rates

up

be

how

to

as

now

there is

the

because

shortage of dollars, which

a

3V2%, however,
short-term

With

bills

Treasury

question

some

major problem in the early 1950's
was

substantially, par¬

ticularly in recent months.

sults

Although the United States had
run

a

since

range

,

ternational payments system.

as

within

moved

narrow

a

in the postwar in¬

currency

been

L o n g-

early 1961 while short-term rates
have

has

come

have

rates

relatively

will

lem"

,

has

successful.

remarkably
term

policy

this

date;

pushed

of

Payments
The "balance of

to

House

still

is

it is

ess,

further

f

forth

the

our

situation

payments

business

of

pace

economy.

in

work

monetary

economic

in

by $7.2 billion since

Although the "art of dollar de¬
fense"

dy¬

private

on

direction,

pansionary

upon

the

'of

American

our

the

of

developments

magnitude and with the timing set

question but

declined

reflects

growth

reaffirmation

potential

course,

in the

re¬

the present program of tax reduc¬

policy.

I

stagna¬

massive

sufficiently appreciated that

ity of

will

"secular

believe that it has not

I

mulation

no

unem¬

by the government at that

however, the greater the possibil¬

Should

unem¬

of

decline

United States.

an¬

best, it would appear
take

a

being made the effective date.

or

and

lative

passage

good

for the economy, whether

levels

Tax cuts were not

to

sav¬

spending

ment.

caused

beginning of the year.

billion.

$585

the

to

resulting danger of

high

developments

would be

tional product in 19634s now esti¬
mated

is

of

electorate

will,

private

sharp

ing months of 1964, as I believe it

appearing largely in the late

ence

into-

The

op¬

The

also

was

1958.

of

state

a

insufficient

were

back

every

reduction be enacted in the open¬

$620

ings

stream.

in

back

American

the

attained

though President Kennedy's legis¬

is the

billion next year, with the differ¬

that

had

attract all of current

before

dicate that action early next year

ing tax bill effective Jan. f, 1964

felt

portunities

begins

I admit to being in¬
forecast by the

1964

mindful

year,

pend¬

people

many

will

you

maturity in which investment

season

bill through before

no

30s

economy

enacted

of the Senate
add up, hearings and the large number of
national witnesses scheduled to appear in¬

tax cut. With passage of the

the

be

this

in

that

the

de¬

assuming

year,

1, 1964.

fact

that the tax bill

by four, and legislators may well

for

the

can

it will be effective as of

fluenced

occurring

categories

to

power

willing to offer the

am

baseball

and that

in¬

prospects

or/some

anything

area

however,

next

Jan.

although pos¬

summarize

1,

human

probably

the

early 1962.

To

to

will

accounts

flow

savings

political

guess,

the

remember,

As

ago.

they have still re¬

pfficial gold stock, which

our

ally

decades

and, by

beyond

happen. I

somewhat smaller than the

sibly

record

is

the

main<-

volume of funds channeled by

ef¬

questions this morning, because in

are

environment,

bill

become

July

1,

the

next year

when

reductions

the

It

institu¬

financial

will

1964

give you definite answers to these

Rates of re¬

likely to be

are

tained

current

more

other date?

accounts' at 4%

savings

speedup in

a

a

law and

fective—Jan.

materially

change

present levels.

gen¬

my

and

on

ployment

The impact of teenage pressures

rates,

turn

to be the best

up

interest

from

or

stimulus

Detroit

not

and

earlier,

short-

both

con¬

strengthened

outlays to increase still further.

tional

dicated

expect

as

market
I
in¬

by

on

in

when

will

result

stock

my

by the United States dollar

become

specu¬

began

in

deficits

our

accelerated attrition

an

lieve, that the
the past three

however,

payments designed

them

put

ing:

from

could

rising

Furthermore,

prices.

it

that

activity

rapidly

offset

be

policies be¬

of

environment

three

A good part of the
years,

of

has

made

be

can

estimated $2.3 bil¬

an

major questions regarding
the tax bill now are ones of tim¬

Reserve

prevent

help

be

The

significantly

Federal

the

by
will

Board

of jthose interviewed thought taxes

cut

1

ments

would

taxes

basis.

the

savings

by

quarterly tax
to

The re¬
margin require¬

in

increase

cent

re¬

high levels.

of

flow

period, with about two-

several

would

deposit-type institutions.

that

noted

cars

the

divert

the

interest¬

some

ing advocated when I

saving of corporations in the

next

re¬

avoided,

are

stock market will not

The

will

over

and

the

uncomfortably large.

apprenticeship in ec6nomics here

reduc¬

by an

long¬

taxes

tax reduction and the

sector

billion

$8.8

by 1965.

tax

Prices in whole¬

markets

retail

flation ' fears

to

d.

a

7

relatively stable, and if in¬

main

consumer

e

particularly

survey

plans

months

reduced

in¬

growth,

comparisons

that bill pro¬

billion in two steps

$11.1

Corporate

lion

of

between the current reliance upon

namic

thirds of the rate cut effective in

and to regard deposit-type
as a favored place to

and

of

1964.

disposable

ing

sometime in

net Aax

total

a

two year

year

between

save

put these savings.

spend is high and likely to remain
so

to

their

of

approved in Septem¬

As you know,

estimated

institutions

sta¬

willingness

-

continue

lines of

general

the

bills would be reduced

tax

individuals

time,

agreement that

during 1964 and 1965. Individuals'

con¬

this

later

there appears

by the House of Representa¬

tion

-

same

7.5%

come,

consumer

that

and

the

and

cur¬

reinforce

evidence

confidence

1964.

will

The University of Michi¬

attitudes

borrowing

and in

largest

accounting

—

sumer

ip

along

vides/for

lenders, should make

to

substantial increase

a

At

significant demand cate¬

64%

rently.

the

at

consumption

gory—

for

Consumption
look

now

funds

economic

sidered

the Administra¬

widespread

1964.

availability

question

time; indeed, taxes

tives will be enacted

in

er-term

spending to

and

in recent years,
mained

in

Although

has been made

progress

reducing the size

flected in

ment

Prospects

some

bring about.

7

billion

$3.7

averaged

new

than have here¬

applied.

measure

ber

appliance sales,

ample

with

together

petitive strength.
Consumer

of auto and

level

or

may

and

23

three, years 1958-1960.

that failure to reduce taxes would

prompted

bill

the

smallest

the

was

year,

Reduction:

expectations

on

tion"

be

a

month this year; the high

for any

addi¬

are

credit

consumer

impact

not require more drastic cor¬
measures

1964

possible

Jt not for the

were

ployment

to

Al¬

rise

September

the

though

other

continuing

a

tion's tax program,

will continue to

indebtedness.

their

c

Impact

and

advance

the

on

With regard to

banner year,.

a

consumers

increase

with

currently

banks

to

tion,

velopments

Tax

confidence Ahat sales

continue

i

of pay¬

balance

next

mod¬

expansion throughout

continuing

profit

"narrowing

at¬

econo m

represents

current

e^ven in the absence of tax reduc¬

problem that, depending upon de¬

affluent

more-

our

To finance these rising expend¬

itures,

with savings and loans

commercial

growing replace¬

that 1964 will be

available, and the greater operat¬
ing efficiency of savings banks
and

hand,

ap¬

margins, appliance manufacturers
should

of

head-on

a

The

Although there is some

have voiced

com¬

outlets ,in

by

over

concern

able to

are

demands.

compared

smaller

purchases of second and

units

balance

our

situation,

tofore been

with

higher-yield

ments

rective

among

rate

labor force.

re¬

as

ilies and
third

the

growth relative to growth of the

purchases by newly formed fam¬

are

of

tax program and

domestic

Consumers adequate

compared
associa¬

fate

the

—

tempt to solve the problem of in¬

its

Strong demands

the

here reflect

key uncertainties and

represents

gram

industry is

items

ticket

well.

as

considera¬

further

areas

may

cordance

interest

problem

heavily in the market

big

the

ment market as well as first-time

home

to

savings banks

powers,

low

pliances

Operating under diversified

gages.

such

of

powers

investments

largely restricted

shift

as

been

1964,

payments. The tax reduction pro¬

in history.

years

without

tion

unit.

each

erate

the

of

With regard to the whole

in

the, year, cannot be appraised

fully

for optimism over

reasons

continuance

adverse

particularly the situation late

are

are

of

92%

climate

fairly Administration's
spending developments in

prices

television sets, and for

positions

loan

and

on

frigerators, washing machines and

part, this reflects the

savings

tions,

for

deposit-type insti¬

broad, flexible investment
with

fay

com¬

earnings

reserve

other

are

best

in

air conditioning,

customers

on

have

and

.seats,

also currently enjoying one of

here

better position to withstand

bucket

of

of Uncertainty and

economic

The

speakers, and the like.

basic

utilization

and

em¬

labor

physical capacity.

phe¬

equipment

—

..The home appliance

out

a

cars

the

of

strong

Problems

oldsters

and

meaning

96%

of

Areas

growing demand,

for. optional

more

ones

interesting

the

new

rear

of the

point

Northwest—are

petitive

our

electric windows,

au¬

banks—and

five excellent

are

the

force

Although

might

I

inherit the

youngsters

stable,

mutual

ployment

noticed the

of the nation's re¬

use

generally

sources,

on

can

they

is

both

these

Advises S. & L. Assns.

that

pressure

If you have

Another

alike,

institutions involved.

In

put

(2203)

to attain the objectives

optimum

country, you will see what I

by

Washing¬

among many

one.'

nomenon

fore¬

regulatory

so

old

mean.

in

developments

have caused
among

and

Kids

that

car

the

rising

a

mid-1963

between

parking lots at any high school in

and

new

liberal types of loans
and,

more

two years
of

credit

reflected

terms, the promotion of

one

and

stable

rates,

been

about

by

million

buoyant

interest

increase

will

Financial Chronicle

In the

generally

have

pressures

olds

in

savers

order to grow even faster.

The Commercial and

6322

outflow from

country from an annual r;ate

$2.2 billion in the second quar¬

ter
;

to

$1
~

billion
~

or

Continued

less
on

in

the

page

24

h7^a'K*T,V*W« JWA*7W*y»t/<M* '■¥!>" ■»•*». ynitvwi**v»,4»vr''»

The Commercial and Financial Chronicle
24

.

.

.

Thursday, December 5, 1963

(2204)

and and it is to be hoped that the se- wholeheartedly subscribed to the
adjust- curities
industry
will set
its principle'that ethics should be an
monetary policy. Correct standards at a high level, rather important
element in business

steam, shows the importance
the

The

difficulty

ments in

Outlook for 1964
Continued from

of the inflationary
and related economic

gence of many

23

page

the pro
pro- pressures
the
£

third auarter
third
quartei.

Moreover
Moreover,

posed interest

equalization tax on P
^
haQ
virtuallv mid-1950s.

^in

rfViprt

^
But this time there will be one
all-important
difference for busipomnetition in world mar•
P interr)ational capitai
kets ^lcaprta
flows relatively unimportant
theri> will have an' increasingly
important influence on government'policy and business performance. If we are to remain
competitive in world markets,
correct our payments deficits, and
fulfill our leading role in the international payments by,them, it
be imperative that reasonable
wage and price policies be foltowed and that accelerated growth
achieved without inflationary

oppiintilc;

Li(Jn

outflow re-

the

suiting from
from sales
sales ot
of these
these secu
secusuiting

been at an anbillion in the
And the govern-

rities, v/hich had
cal

$2.1

of

rate

second quarter.

it looks for

thai

ctntod

koc

1-n^nf

fourthouarte?
tholdertheimproved level of
thehMQuarto^ Thus it is
Se deficit^ hthe

deficit for 1963 as

that the

likelv
a

whole will be about $3 billion

there

balance of nav-

to

regard

With

are

ment

vear

for

number of reasons

a

cmitinuin^

imnrove-

Measures taker!'

in the past

exnecW

the size of the

few vears to reduce

exnort

including

Hpficit

In this climate the Federal Re-

sJle

credit insurance' fa!

and

ciiities,

excesses.

exoan-

and increased ex-

sionnro grams

port

next

develonments

ments

cructl

will play' a
the economy

role,
will be

tying of United Whether

further

the

characterized

,

trZdZe

hdh

aK&Si:
allies

our

improvement in our international ers, the Federal
accounts could be our much ma- ities
waited too
ligned agricultural
Wheat

of

'

asrieultural

other

and

Eastern

other

long

and

then

surpluses. The acted too strongly to curb an exmillion sale pansion that had already lost its

nrnletftn ZXiet nn?nn

;

.

1

.

'

.

and

nations

European

could

policy

timing than too low a one.

in mone-

become

even

■=;

could reduce the balance of pay-

,

transactions,
„

_

#

The Profession's Place in Society

Knowledge Requirements

more important in 1964.
The foundation of a profession Another indispensable element
In addition to the threat of an )s e e*Y
a marr^ is a e o of a profession is that its
m emunsustainable boom other long- imProve himself, andvthat over bers must possess a
highly
? the centuries he has been moving
will remain, even in .Tc .Y Y. *I.
f
,/
,"18
a high growth economy. Much »«»
°f. a be!terh '
remains
to be done, for example,
^ p 1 ps®P ers e a e
in the area of sDecialized train- over the meamnS of a better hie,
ins and
development programs custom
a free society has estab"
mg and development pn^rams
many worthwhile goalS: a
designed to counteract tne dis
of which are these- difinitv
locations that technological and
,
t>e. a g uy
run problems

snecialized hodv of k-nnwlpdcxp

specialized Dody of knowledge.

The financial system has become
so
complex that
representatives
can competent
be of inesti-

mable val"e in applying techni¬
cal aspects:to . the needs of the
niihlin

,

public.

economic change will inevitably ot tbe mdiv.dual, freedom to The body of knowledge should
bring to individuals, industries, worship, sacredness of human consist of (1) knowledge that is
and regions. And much remains !fe- economic opulence, leisure useful for all professional perto be done in the area of mutual
frora Paln> and sons; (2) knowiedge that is useful
tariff reduction and trade nego- Polltlcal freedom.
-for all professional businessmen;
tiations to insure that the United
Registered representatives make and (3) knowledge that is useful
States will be able to have access a direct contribution to the eco- only to registered representatives,
to the growing markets of Europe nomic opulence of the community;
Knowledge that is useful for
and Asia,,. Also, in the interna- they make an , indirect contribu- all informed citizens consists of
tional area, a continuing effort tion through their participation an understanding of the humaniwill have to be made to strengthen in community welfare programs, ties, the . social sciences and the
the international payments sys-,civic activities, and religious af- natural sciences — both physical
tem and Provide for long-run in- fairs. Registered representatives and biological. An understanding

ternational liquidity.

Thus, while there is reason for

must be dedicated to these goals of the humanit es gives a person

velop^

■

An understanding of the grasp of the

* «ind - *»**..

A

social sciences sheds

tant because the very essence of a problems of the social orgamzaahead will be serious but not in- pr°f™ ls. servIce t0nhf0"et^
f screes rl"
surmountable;
they r present a Whe" thelr ™ on problems of sion into the natural sciences rechallenge that will I put the good. society is broad,,£egi:stered rep- sml^in a feet^pid^tandmg o
will and common sense of aU
,***&* abl<r t0X scope of the universe and.of
ing the United States in the years

,';ir c
®'
the.contributions and11 m a I0™;
actually a connection between of the scientific met '
the absti^ goals of society and these fields, the professional
cSSE.**
actmties_«i sdl- person is expected to have done

Americans to the test, a challenge
I am confident we will meet.

Reserve author

$250-$300

proposed

the

changes

degree of

wiTrmdh\aatet^hc flee COnfidenCe ta *• short-™n> there

de- inflationary forces in the late 1964
signed to offset the overseas costs will depend in part upon the senof our defense commitments, will sitivity
and responsiveness , of
continue to make inroads into the monetary policy to
changes in
deficit.
:
;
business conditions. In retrospect,
It
is
ironic that perhaps the the experience of the
mid-50s,
most dramatic short-run source of when, according to some observwith

agreements

tary

precise

regarding

decisions
and

of

,

~

'

serve,

securities. Registered repre- serious study, i. e„ have

ISSSi

read

Washington,, Seattle, Wash.; Nov. ms, sentatives should have no great some of the works o
e grea
,aos■ .
:
. problem in accepting the premise thinkers, to have integrated the
"
^ il b i
1
that their actions should be guided contributions of a number of the
= by the concept of service to the great thinkers into a personal
•

__

philosophy of life, and o ave

community.

'

Proposal to Professionalize

Indeed, agriin general will

ing months of 1964.
cultural

exports

provide
in

reduce the bal-

to

Since

deficit

navments

of

ance

plus next year

strong

a

efforts

our

will

most of these increased sales

holding

countries

to

be

amounts, of
additional

dollars,

or

an

to'

re-

be

could

effect

large

gold,

potential attrition of our

duce the

'

gold stocks in 1964.

Registered representatives are Knowledge that; is useful to all
seeking for a code of behavior businessmen with a professional
Xv021SvGx6Cl X\6T)Jl 0SGlflu3/tlVGS which will be acceptable to the attitude, but not necessarily use/
"**
business community and which ful to those in other professions,
w
,
.
..
..
..
will benefit mankind. Just what consists of a grasp of the termi^
°T
u
^ple wh®. earn. the'r. bv«b" « meant by professional ethics? . nology of business, an underrrs who might solicit orders :ta>°d m an activity in which the The registered
representative standing of the techniques for
person of such high measuring business activity, and;
T?

T? r\ rTl

.

*.•

^

u

«

n

x

,

■

,

following conditions prevail: (1) mugt ^ a
the members who engage in the integr}ty that his client has com- a knowledge of the interrelationtered ^Presentative are synony- activityjnust; believe that mankind ,plete confiderice ln him. Just as ships of the different fields of ;
m<)us* The
Association of Cus- has the^ ability to improve jtself a patient entrusts his life to a business.accountants,
Registered real
representa-:
Brokers, founded in 1939, indefinitely, (2) the members physician, so must a registered tives,
estate '

?s part of thhir duties. Today, the
Jerms customers' man and registomers'

society of registered repre- who engage in the activity must ^epresent;tive be so honest that men, credit men:, and life undersentatives operating (in the New believe that ethical standards are 0^ers win entrust their economic writers, for example, all need to/
my assumptions regarding tax re- York area.
The National AssociapUme importance; (3) the ac- wep_being to him. Several rules be familiar with these fundamenduction and the balance of pay- ^on of Investors' Brokers, formed tivity must consist of the applicathumb that are useful in pro- tal aspects of business, These '
ments, it appears likely that the by the New York group, with the
of an advapp0^: body of yt(j|ng yardsticks of behavior are: broad areas are useful not only
pace
of business expansion and *dea
of advancing societies of knowledge; (4) entrants into the a registered representative should in themselves but^ also as a
conditions in the capital riiarket3> registered representatives, has ac- activity must have some form of uge
same care |n handling foundation for the more special- /
during most of next year will not tive affiliates in Washington, D. C. evidence that they have attained 0^er's property as he would in. ized knowledge which a regis- '
be too much different from what and ^Chicago, and has held meet- a minimum of competence; and pru(jen^y dealing with his own; tered
representative needs to
they were this year.
/ ';
ings in other major cities.,
(5) the members who engage inregistered representative must have. ■ v
/ - ,
'
Toward the end of 1964, how- ^
.
...
w
Y mU+ /f barJded toT be dedicated to the principle that The third area of knowledge is
In

is a

Conclusion

,

conclusion,

of

the basis

on

be entering a period

economy may

expansion

accelerated

of

effects

of

and

ness

tax

expansive

to be fully felt.,With

throughout the economy
serious

no

ent,

the stage

In

busi-

factors already widely

and

rapid

the

as

on

spending de-

consumer

cisions begin

diffused

reduction

surge

imbalances

be

may

pres-

set for

a

in economic activity,

-

„

^

if is quite possible that the

ever,

The Meanmg of Professionalizing gether into a strong professiona
What does it mean to profes-/
ro essions . ave / me
sionaljze?
This process, as we
1V^ con 1 lons in varying
have known it, means to obtain
®
.oweve1^
onger are.
gradual recognition by the public
' rje+1Clu^COn"
that an occupational group is ^iae.rea t0_be tl1^ onl>r true Prb"
rendering an essential service ree^sloJls- •
ls -no commonly
quiring the application of an ad- a^Cf*\e
iY1 irl^, ine ^ !c
vanced body of knowledge and ^ arP ^
is inguis es pro essions

the

with it

long-run,

an

duetion,

-j

>

that the occupational group ren-

dering'this

service

is

doing

so

be

tax

accelerated rise in pro-

income

conceri/d8wHh'a

that

concern

then

appear

law.

However,

and employment, evolution

basicaTly

"diT-

ferentsetof problems than those
us

that

It

now.

we

might

have passed

,.

,

reduction with deep 'dedication regardless
could be the Shark that ignites a of personal gain. Historically, the
capital spending boom reminis- principal professions have been
cent of the mid-1950s,
bringing theology, medicine, teaching, and
.

,

.

in

the

course

S/es^/hX "

associations, a

?

ao-

Proach to professional dedication
and expertise has taken place on
a broad scale in life insurance,

.

apropriate

^

concept of

a

expansion.
be

the case,

could

Should

this

then in

conceivably

late

see




we

ment consulting, and other occupations offering special advice
to individuals and organizations,

re-emer-

A profession consists of a group

more

a

rapid

prove

1964

to

in

nniiPipS

nersonal and"

that the fields of &
needed for, the status ;

^ interest „ The first pUrp0se of this study is

profess,on> as the

ass0eiation is "to preserve and knowledge

«^d in this study, is known by inculcate the highest standards of of registered representative, be,,
^gicians as .a persuasive one, that business conduct among its mem- expanded and that a higher destg- y
ought ^
Th
abl s" bers." The National Association nation be established for those
detinifion k ^nrp'thJa nlav
of Investors' Brokers and its af- with broader knowledge and ex-'b

nn

ffxwrasafK asrasa sys —= *•—•».«.
period of considerably

.

that which is useful to the. regis-.
tered representative in its application to his particular field. This
area is the core of the claim of
the registered representative to
professional status. These fields of
knowledge should consist of the
securities markets, .corporation
finance, the money markets, the
economics of money, credit and/

Phenomenon of modern times as public will have confidence m fiscal policy personal
explosive expansion of the any business, or profession that family finance, estate planning,,
a' profession to cover ma^es a serious and sincere ef- and other subjects yet to be de¬
Tiany ,aieas. fh^business activity £0r^0 serve and protect the pub- termined. A recommendation of

of

business generally has

tmth ?hould permeate all business trarisactions; and a registered
represen^a^ive should maintain a
confidential relationship with his
client. The Association of Customers' Brokers adopted a code of
ethics in 1939 that sets forth these
high standards of business conduc^. The first sentence of the
preamble of its code reads: "The

— .«■ r«

term Profession/ influences the code. Hence, these societies have time. But the first step is to treeobjectives of the group. The con- the earmarks of a mature pro- ognize, and delineate the areas of,
cept of a profession spells out a fession, and their members as competence required of registered
comprehensive philosophy of life registered representatives have representatives and then second,

Volume 198

to

design

goals.

Number 6322

approximately

tered
Evidence

Minimum

of

r

Some of the

public.
in

This

before

serving the

particularly

is

medicine,

law,

instances,

some

most states

examinations.

rigid

impose

true

teaching,

and

which professions

for

•

r.

professions require

licensure

In

has

society

waived licensure and has

representatives who

dedicated

Competence

state

accepted

for

pointed

as

study,

as

theology. A license is necessary
most

At

securities.
most

panded
sional

do

the

on

not

com¬

sales¬

representatives, as

a

until

licenses

obtain

not

they have met the strict require¬
of

ments

doubtful

advisors.

ties

this

firms

and

tives

securities

that

is

representa¬

registered

further

any

oppose

state

objectives

recommendation

A

study

is

status for securi¬

professional

of

by 'the

accomplish .the

would

Dealers

requirements

stricter

if

v

As¬

firms. It

employing

examinations

and

of

Securities

of

their

and

Stock

National

the

or

sociation

York

New

the

Exchange,

Federal

of

over

licensing and that they rely

instead

upgrading

further

the

on

standards

of

Stock

the

by

Ex¬

and

of Securities Dealers,

a

of

One

those who

The

minimum

of

a .pro¬

fessional

society; is to provide
leadership so that members can
serve

National

the

Investors'
tional

ties that the

bers

na¬

rep¬

to

three years

preparation

That

a

relation

when research is

promoted, when

advanced

portfolio

analysis;

of

members

trained,

profession are

a

when ethical
raised. Professional
and

are

degrees,

professional

lishing

foreign

by

meetings where members can ex¬

ideas,

change

recommenda¬

by making

ported,

a

which research is re¬

journal in
to

tions

publishing'

by

business

professional

estate

counts.
A

suggestions

make

improving ethical
other words, a pror

on

standards. In

fessional society has as

its guiding

the advancement of the in¬

force

terests

membership. But at

its

of

time, the public interest

the

same

is

affected

favorably

service

better

because

the

on

part,

registered representatives aids
of

flow

the

productive

alization

has

product

national

gross

raising

thus

in

and

the

ul¬

establishing
of

courses

of

taken

been

the

by

the

for

Financial

Chartered

obtain

,

the

fessional

After

degree.

lished

for

sion

standards

some

pro¬

a

estab¬

been

society has

time*

the admis¬

are

gradually

at

Brokers
and

in

has

a

objectives

policies that are professional

intent;

it

approached the

has

educational
its

members;

counseling

part-time
committee

minimum

ignation,

has

instituted

fessional

it

of

and forums

has

opposed

investors

employees;
on

exchanges

profession.

meetings

business

it

has

a

for

a

char¬

present; the stock

member

their

and

continue to establish

standards
as

at

this

for

present.

A

higher

level

the

the

are

the

of

and ethics.

comprise

who

U.'s

American

opments
there

,

the

of

80%

in

out
a

such

examination




on

changing

a

in¬

the

for

edi¬

sophisticated

more

the

cated

to

the

symbol of

public interest; as a

of

group

a

as

of men dedi¬

group

a

public

of the

eyes

symbol of

stand

would

willing

men

undergo considerable effort to

achieve

competence; and

greater

symbol of

a

the

observe

committed

group

a

ethical

highest

standards.

would

of

a

Professional

in

professional

education
The

in

that the producers in

that

both

both indus¬

the

the

engaged

business of

rapidly that the mem¬

benefit

fresher
rent

so

complex and ad¬

so

from

courses

periodic

and

from

re¬

recur¬

opportunities to learn of new

developments.- In
there

nance

are

the

to

society

provide

stimulating

cal

profession

the medi¬

as

in

society

and

for

of

the

one

for

search

methods
of

elements

a

An

activity

indispensable

society

Such

theme

general

is

of

that

is

reporting

based

on

search,
and

on

provides

developments
the

nature

that

of

of

re¬

trends.

new

each

the

of

generation

new

'

be¬

prob¬

given

may

by

have

become

profound

the

following

the
that

the

As¬

Brokers

Customers'
national

professional

af¬

effect

on

for

30%

insurance

for

of

policies in force at

September
857

24,473

totaled

were

25,330

ordinary life

were

Of

the

industrial life.

$954,530

come

during

ended

Sept.

from

industrial

ary

premium

the

30,

1963,

in¬

months

nine

45.8%

was

accident

and

policies, 45.8% from indus¬

life, and

from

8.4%

ordin¬

life.

.White, Weld V.-P.
Nicholas
elected

a

Molodovsky

has

been

Vice-President of White,

Weld & Co.

Incorporated, 20 Broad

Street, New York City.

Gentry V.-P. of

Eppler, Guerin,
a

Gentry

Vice-President

Eppler, Guerin & Turner, Inc.,

Union

Union

Fidelity
members

of the

New

Tower,

York

Stock

Exchange.

society for those, engaged in sell¬
ing

securities;

this

that

granting

supervise

the

fessional

degrees

society
of

pro¬

Advisor

engaged
sume

all

Walston & Co.
Walston

&

Co.,

Inc.,

and

;New

York

City,

important of all, those

New

York

Stock

or

most

Roth V.-P. of

(probably

Institute); that the degree granted
be
that of Chartered
Securities

counsel

life

has been elected

through an affiliate known as an

registered

a

of

sociation

of

which

and

of

recommendations:

accounted

DALLAS, Tex.—David T.

'

has

Sept. 30, 1963,

on

may

confronting members of the

This, study

the business.

pro¬

reference

valuable

of fi¬

are

of

the

problems,

new

history

a

fession—a

Number

trial

period of time, the journal

a

cause

defining

predicting

on

Over

results

the

and

way

had total life in¬

in force

industrial

a

of

public. Hence it contains articles
on

the

place greater emphasis

insurance

end

service to the

of

The

in

journal.

scholarly

a

journal

a

limited

a

company

health

profession.

professional

engaged

70%.-,

rendering its

improved
key

partici¬

seek more

constant

The

service.

is

No

$14,649,074, of which ordinary

and

serving clients

efficient methods in

is

and

favors research

professional

truth

New

in

and heart disease, so must

cancer
a

of

be found. Just

must

logical

a

research.

methods

better

is

life,

issued.

are

this phase of

surance

leadership

full

writing ordinary life

in

intends to
on

insur¬

completion of this offering it

of

exciting

field

many

after

policies.

of

insurance

life

of continuing
membership.

business

health

including

also

company

professional
force

society.

body of knowledge in many

new

area

Miami,

wide, variety of

a

policies

body

able

is

society

the

for

professions is

fecting

industry, which is like

force

contracts, limited pay,

income

The

Recommendations
A

and

pating

be

find it an aid to solutions of

to sponsor programs

insurance

securities

the

to

policies,

also

must

Society

bers

be

in

and

issues

It

endowment

of

lems

similar to the situation in the life

the

they

adding

publishing

Chartered.

as,

Advisor,

Securities

vancing

proficiency

This

sales

presently

accident

life

knowledge through research. The

a

higher

of the

active, in

Association of Customers' Brokers

urged

organizing

the

influences

knowledge;,

that

has

for

scale

fication

devel¬

constantly occurring;

need

vestment

representa¬
and
employment
standards for are concerned with the, financial tives. Thus, the European Com¬
registered
representatives.
The well-being of their clients and in mon Market, to take one example,
it

is

Such

investors.

are

national

have

salesmen

about

degree,

des¬

society, however, would

industry.

a

support of their

Noteworthy

10%

pro¬

attempt to raise to a considerably

by the

ethics; and

as

firms would

as a

Association

The

the

of

set

securities business

for

Customers'

of

to, work

is

predominantly in

*

functions

Association

The

elect

of life insurance

representatives who
would continue their

not

group

Activities

ready in the society.

do

^

of striving by

al¬

are

tered degree

.

attained

been

years

L.

C.

A

requirements, while high, should
not be used to create an artificial

who

en¬

country's life insurance.

to

Registered

has

image

many

This

involved.

of knowledge

as

are

solely for the sake of the

resulting from this com¬

admitted. These future

meet

ments

only

interest

best

bination

to

that

so

client's

the

be

will

rewards

those who
reasonably stringent require¬

raised

the

.

in

underwritten

and

educational

age,

come

assurance

made

about

degree
Analyst.

and

recommendations

The

and

Institute

an

study

dependability

companies.

profession-

timately the standard of living of
country. >'

firm.

designation

respected

a

dedicated

Analysts Federation by

Financial

its most' monopoly for those

capital into
use,

of

by

that

by

•'

'

step toward

big

be

salesmen with the

experience requirements are such
that it will take three years to

members

state

a

Underwriter has

Life

viable

nature

general

the

ning;

Minimum

own

imposed

commissions

plan¬

schools for improvements in cur¬

their

provided he has

his

and not

personal' and

and

finance

ricula, and by Having committees
of

sell

may

person

a

standards

for

and

family

and regional

sponsoring national

a

on

life in¬

the

meets the

to

of tax
societies supply the machinery to matters; and psychology, ethics,
accomplish these goals by estab¬ and procedures in handling ac¬

standards

field

mainly

In

throughout the country; it stands

problems and their

domestic economics;
study in securities and

the

basis.

license and provided he

tered

to

solutions; recent developments in

better

rewarded

are

surance

economic

decisions;

and monetary

its

of

Headquartered
company

designation of But there, is also a~ professional registered representatives.
The members of a profession
Such degree, Chartered Life Under¬
not
expanded knowledge might in¬ writer, to which a life insurance must
only
be
interested
clude history,
the sciences, and agent may aspire. The title Char¬ in collecting
and
disseminating
their

the

through

territory.

representative.

and

enable

insurance, business

and

life

the

for

registered

the

ordinary

expansion

insurance

beyond that

extended

be

that

securities

will

expand

the

tries

the

for

has

its

to

the SEC, and partner of the law firm of

Hotel,

West

ance.

college degree;

or

sale

particular

expected

eventually

company

commission

applicant hold

the

this

any

writing industrial life and indus¬

of experience and be

That

lor

is

It

Chicago. Seated: Milton H.
Cohen, Director of Special Study of the Securities Markets for
Ambassador

Dallstream, Schiff, Mardin, Waite & Dorschel, Chicago. Standing (left to right): Weston
Smith, Chairman of Investor Opinion Research Institute; William
N. Clark, Financial Editor, Chicago Tribune; and Charles Schwartz,
Vice-President, Dempsey-Tegeler & Co., Inc., Chicago.

of integrity;

person

from

income-producing

and

of

Club

trial

continuing edu¬
are
sponsored,

when

Publicity

the

of

a

programs

cation

Seminar

Recent

at

have

applicant

the

(2). That

(3)

Experts

representative;

registered

a

be

of

Chicago,

have.

applicant

That- an

investment

tablished,

in

Panel

might be:
(1)

derived

proceeds will be initially invested

responsibili¬

profession

None of the shares

allocated

purpose.

public expects mem¬

this

of

Wulbern,

portion of the net proceeds

be

been

requirements for this degree

The

better

served

is

No

to

(through an
would estab¬

of the

made

being sold in New York state.

are

similar to it, would

one

or

indicative

be

is

and associates.

a

title,

share

a

Murphey, Inc., Jacksonville, Fla.,

professional degree called
Chartered Securities Advisor. This

lish)

$3.75

at

by 'Pierce,

of

is

it

Florida

to

of

some

com¬

of Life- Insurance Co.

being

study

(or

165,000

•.

to

Another

this

grant

which

institute

is

registered

of

society

resentatives)

of

pro¬

a

offering, of

shares

mon

Association

Brokers

humanities

when admission standards are es¬

Common Offered
Public

degrees

of

recommendation
that

the public more effectively.

community

The

Co. of Florida

all

standards

met

country.

our

Life Insurance

character

competence.

required

function

prime

have

well-being of

that

the fi¬

com¬

society

business

professional

grant

degree

Society

with

functions of

the

advance

rep¬

Degree of Chartered

of

combination

a

help to

ex¬

in

chapters

and

education,

on

high school

Professional

a

with

as

)

profes¬

registered

of

cities,

fessional

(4)
Objectives

be

also

nancial

Securities Advisor

strong

society.

professional

is

will

recognized

community, and the gen¬

public;

will

this
A

national

a

society

The

changes, the National Association
national

eral

study

this

society

be

investors, brokerage firms, the fi¬

Brokers,

in

to

come

nancial

objectives.

of

"Financial Public Relations"

=

25

standing for the best interests of

ethics.

and

exten¬
control

state

sion

or

into

resentatives

require¬
do

status

(2205)

professional

soon

National

associations

these

that

time

securities -business,

the

registered
rule

deal in

of the

ethics

and

In

men.

or

and

Have much bearing
petence

person

licensing

minimal

are

a

present

the

the

of

ments

insurance

life

sell

can

before

states

similar

has

mittees

member,

a

The

tional

Recent Chicago Symposium on

also

are

earlier

out

recommendation

the

in

mem¬

professional

industry.

Association of Investors'

leading

professional is

to

the

the decision of the group of which

ih

1,200

bers; these constitute many regis¬

■,

I

The Commercial and Financial Chronicle

.

has

to reach the

program

a
;

.

.

in

a

similar

selling

title;

securities

as¬

of the characteristics of

mature profession. A

strong na¬

elected

Stanley

74 Wall St.,

members

of the

Exchange, have

M.

Roth

President of the firm.

a

Vice-

iwnr

flvym^vwwmw^

STW^I»*wmw>«««WII WWW *

«tii ww fw»wwHam*

The Commercial and

(2206)

26

almost

INDUSTRY

STATE of TRADE and
14

Continued from page

..

indicates,

inventory survey

latest

.per
cent of ieanticipated no change
rwT/w*

stocks

in

months

Buyers

three

yember yolume thjs year

out

pointed

Ward's

thZthe £
7
liiuu&uy

increasingly favor-

are

rank above No-

will

month

1955

a rise.

intermediate 30 to 60

thp

the

shows

elirvev

.

Thursday, December 5, 1963

.

downswing, failures were only
half as numerous as in the prior
week among wholesale and service businesses, down, to 16 each,

dav

off slightly,

ings, while

attain

its

uiu anam

comparable week

/-V

•

-

to

Central

West

to
,

Central

-f-2

T

'

">or5/^orable
than those refiected in the seasonal pattern Of

&

Bolstered

j?

.

Sales

Estimates

is

orders

affected last week.

■

the

0ft(_ „.3

Federal

w^ago.

national

,,

y?al

tonsSUrOn theTtreneth S

week

four

now

m e

million

six

to

_

ceniLrpZuctiom
production this
cembei

be

ot

Iron

7

l%

will

osha

tons

Motors.

year

million

one.

higher than De-

to 12%)

(or 11
cember
•

than

more

that

the

on

for

a

liquidation
sumption
record
now

and

over,

now

continuing

at

of the

core

from the auto

Corp.,

rose

and

14%

0.5%.

Corp.,

the

come

week

587,149

industry, strong de-

of

10%

and

ended

Nov.

orders

the

is

spreading

229,456

225,122

orders
New™"
S """

^00

214,579

227,755

188^123

of

Electric

This

was

673

of

decrease

a

Gains 1.7%
—70
1962

equipment, and

rail

cars

cais<

ponding week

In

Detroit,

are

boasting

this

year

1955

steel

offices

sales
their

records

will be second

only to

and

not

was

18.5%

or

that

well

a

parisons
1961

Week

reported

short

order

rates

periods that would

in

the

or

a

"

generated

run

imately
of

up

billion,

12.9

by

25.8%

the

over

corresponding

week of 1962 and 30.8% over 1961.

-

This is by no means representa-

The

Class

62

I

S.

U.

railroad

strength of the, systems originating piggyback
that traffic
reported
loading
15,960

market, but it does indicate
steel
at

users

nearly

sumption.

in the market

now

full

strength

The

real

of

test

November,

rush

came

There

and the late

order

ended

November

were

included

still

over-all

year-end

some

total.)

This

the

corresponding

vent

and

3,305

in

continued

shipments.

orders
be

a

and

now

upward

But

show

the

march

advance

December

1961

will

was

cars or

week

of

in1962

26.1% above the

week.

•

Cumulative

piggyback loadings

for the first 46 weeks of 1963 to-

January will be

taled 710,651

from De-

up

;

.

'The
held

total

in

inventories

is

But it is

that with the economy

strength, steel
to

cut

not

par-

186,994

apparent

Auto

output

second

best

record, ,Wards
ports

Ant

their

ivT

the

11 tvi

c




'

month

on

Ret

above

the

|3enies>

increased

quotations

milk'

c0ffee,

Th

weakened
n

'Rrad-trGpf

.

phpp

tL ^ total
^"J? f*"J1
rp_ntq

j

is

to

trend of food

r^n

thTnrWo

nf

t+

index.
show

Tnp

TnH^v

i

•

*.

cost-of-living

function
-

steers,

lard,' butter!
cottonseed' oil and

-pnrir|

a

eggs

beef)

f\0UTf

prunes

cheese,

peanuts,

for

hogSj

28» reported Dun & Bradstreet,
Inc. This was a week shortened
two

official

closings

—

aS°

Its

the

•

+

'^2
chief

for

>

V

than

in

Tragic

Staggers

Weekend

over

7

Pre-Thanksgiving buying, after
start,

staggered

o v er

the

to

a

mournful

ended
of

Nov.

the

responding
American
announced.

23

volume

week

of

Trucking
Truck

was

in

20.4%

the

cor-

earlier in 1962:The usual Thanksgiving upsurge in demand for
foodstuffs, confectionery, house-

1939 wares

$100,000.

took place this week, al-

ward route above last year,
The total dollar volume of re,-

the previous week and 265 in the

tail trade in the statement week

1962,

the

dustry and trade in the shortened
week.

Retailing

casualties

fell to 83 from 133, manufacturing

Associations to 36 from 51, and construction to
tonnage was 39 from 59. In an even sharper

from

comparable

that

Re¬

Federal

York

New

Re¬

store

department

sales

in

serve

District for the week ended

above the

Nov. 23 increased

1.0%

comparable

week's fig¬
2.0% compared

and

up

were

last

to

year-ago

period.

four-week

year's

since the be¬
ginning of this year compared to
5%

They were up
the

'

rate

that

at

and

in

period

cumulative

same

1962

were

un-

changed for the last three, weeks.

Metropolitan

Y.

N.

Within, the

York

New

however,

area,

City

store sales for the
Nov, 23-ending week were up 5%
department

corresponding period

from

the

year

ago,

a

weeks

sales in the latest four
were down 1%, and cumu¬

lative

sales

23

were

to

1

Jan.

from

from

5%

up

Nov.

yean-ago

perioci—unchanged for the second
in

week

row.

a

Day, Plunge

Thanksgiving
Sales
A

President, and
Retail

the

for

Mourning

Down

Way

New York

for

figure

flash

ending^

minus 39%

to

due

the

for

of

Thanksgiving

week

whereas the'

to the occurrence

that

in

Day

25, Day of
President- and

Monday, Nov.

earlier than the

latter fell a week

revealed

ure

C. flash fig¬

minus 11.0% from

a

for

period

year's

1962.

22,

week—Nov.

The four-week N. Y.

the

same

reasons.

No

surmise,

can

one

much

how

City sales might have
4%

to

last

broader

A

been in the

sales tax rise from

absence of the
3

however,

higher the New York

1.

June
of

set

,

data

encom¬

retail sales, com¬
piled
by
the
Bureau
of the
Census, U. S. Department of Com¬
merce,
put the Nov. 23-ending
total

passing

sales

week's

4.0%

the

comparable

for

the

even

week

second

last
in

a

year
row,

week con¬
shopping day less due

though last year's

tained

one

to the fact that
was

above that for

week

on

Nov.

to-year

Thanksgiving Day

22,

contrast

four-week

1962. The year-

for

the

period showed

a

latest
gain

department
Department
Commerce's
over-all
retail
1962 of
sales data are7not adjusted for

mates collected by Dun & Bradstreet,
Inc.
Regional
estimates
varied

over

Federal

the

to

System,

Wednesday, Nov. 27. Total retail
vokane managed to pull close to
the year-ago level which was

264 in

work

(adjusted)

ago.

year

last

the statement week ended last

Year
corresponding week of 1962.
ranged from 5% to 1% below a
Intercity truck tonnage in the
Tolls propped in all lines of in- year ago, according to spot esti-

ahead

(Jan. 1 to Nov.

for corresponding period

year-ago

*>eit belatedly and less happily,
Apparel and gift buying lacked
Failures with liabilities, of heart and lagged below their
$100,000/or more shrank to 20 normal pace. However, purchases
from 45 a week earlier and 57 °t new cars> which, slackened in
last year. There was also a steep early November, revived to redrop among smaller casualties in- turn automotive volume to its upunder

leading de¬

12

districts.

store

4%

weekend,but made subdued steps
toward recovery at the close of

264 for the comparable period.

losses

country's

Mourning

when the pre-war toll came to

They declined to 170 from

the

3%

gained

sales

1963,

year's comparable period

City's sales for the Nov. 30

a year

*n 1961, since these, were postholiday weeks in the two prior
years. Over a fourth fewer busisuccumbed

last

general

Pared, it must be remembered, by
and the 356 which occurred the holiday which fell a week

nesses.

23,

over

:

period ended

four-week

Nov.

prices at the whole¬

Shopping

cial and industrial failures a zestful
Plunged to 190, the lowest so far
this year, in the week ended Nov. standstill

by

3.5% from last week.

the

serve

in

On the other hand^

aj^(j potatoes.

high

in the preceding week, commer-

volving

'

foodstuffs

hams^

Retail

a six-month

adjustment reveals sales

up

sales week revealed a

Thanksgiving Week
After hitting

seasonal

According

three-month high of $6.02.

/

e®n, week
will

Automotive

said.

35.7%

•,

stocks

in November
for

or

Truck Yolume Up When Paired
With Thanksgiving Week of Last

not

are

.

Nnvcmhpr

cars

corresponding period in 1961.

further.
Ton

for an increase

cars or

holding its

consumers

back

cars

13.0% above the
corresponding period of 1962, and

tonnage of steel still

ticularly low.

(likely

of 81,692

-

a

without

were

a

this

unchanged

The

weeks.

index

sales

creased

Bradstreet,

!!!!eSS, Fail»res ®r°P m

°f the 322 which occurred

above

Index,

weekly gain

27

past

So far this year

Moreover, the in-

$5.89.

sale level.

week's
an

Price

&

balanced by 11 declines. Strength-

week

(which

better month than November,

cember.

be

that

of 1,399 cars or 9.6%

crease

dislocations coming that will prea

1963

'

week,

ening ln price
were SUgar' COCOa'
.molasses,
lambs,
wheat,
corn,

1.7%.

President Kennedy's funeral and
for Thanksgiving. Therefore, casualties fell understandably short

con-

in the week

16,
in

revenue

highway

or

tainers-(piggyback)

to all hopes.

up

are

more

or

one

highway trailers

con-

market

with

cars

expected in the closing days

was

of

are

1962

year-to-year gain of

car-

increase

an

corresponding

lowest

last

Food

remained

Twelve

■

23, 1963, are estimated at approx-

for

to 100% of capacity.

tive of the overall

the

Thanks-

and

the

the

Dun

at

cars

loadings in the week ended Nov.

In isolated instances, some mills
have

week

1962

included

Ton-miles

.

.

the

week

the

23), the 12 department store dis¬
tricts'
retail
dollar
volume in¬

whotesale cost but were counter-

corres-

giving Day Holiday.

at all in this

automotive center.

both

as

1962,: which

over

bad year

are,

by

week

at

week's total of 17,727,000,000 kwh.
in 1961. These com- and 277,000,000 kwh. above the
however, distorted total output of^16,699,000,000 kwh.
the

above

Wholesale

to

week marked

weekly

for

Low

19

last

fell

Thanksgiving

Nov. 22. The week's rise

of

ure

429

Output

Over

into ^.other

June

Inc.,

1962

1963

226.827

on

partment

dex fell 2.2% below the comparable week of 1962, when it stood

.

earthmoving

Com-

Nov. 24

Nov. 16

Nov. 23

slumping

since

compiled

rose

—

announced.

Railroads

American

level

a

in Production

totaled

23,

With Last Week's

After

^
G-p +'r 6 +1^
°usan so
aar, eeF.
e
weeks indicated.

+,

1963

Association

the

cars, j

new

year

111

wholesale Food Price Index Even

in

shipments

10.9%,

rose

'

freight

revenue

1.2%

that

rung up

Over 1962 Week
fields.
or one-tenth of 1% below the pre.The amount of electric energy
For
example,
some
heavy ceding week, and-was the sixth distributed by the electric light
equipment makers have moved successive Week in ; which total and power industry for the week
up tonnages originally scheduled
carloadings declined.
ended Saturday, Nov. 30, was esfor
January into December.
In ' The loadings represented an in- timated at 16,976,000,000 kwh. acaddition to automotive, strong decrease
of 101,132 cars or 20.8% cording
to the Edison Electric
mand
is
coming from
makers above the corresponding week in Institute. Output was 751,000,000
of
appliances, farm equipment, 1962, and an increase of 91,483 kwh.' less
than the- previous
mand

as

this Monday, Dec. 2, from the 10-

Compared with 1962 levels, production

13.6%;

6.9%,

Motors,

Loading

the hard

dronned

Wholesale

Daily

The

the

in

increased

Output

Thanksgiving Week

assured.

Although

ac-

Compared to Year-Ago

near-

strong demand continues to

production

Gen- the current week-to-week change.
to

Motor Co.,

Ford

Chrysler

rate, a strong first quarter

seems

lambs

fact

out

and demand for dressed meats

the Ken- not
in the
year-ago
Cor^ facilities
week which
and did
occuivin this year's statement

' '
Rail Freight Loadings Up When

con-

a

hand

other

ending Nov. 23 com¬

above the year-ago

waned.

American

of

expected

was

studebaker

steel inventory

With

Lumber

the

in¬

state¬

the

for

the 26th year-to-year

brougM

amounts

On

excention-of

Year-Ago Week

late

its

output last week,

American

strong first quarter of

very

year.

plant

for 57.4%

21.6%;

ordeis, steelmakers now look

next

passing, of

reducing

teX

Lumber Output Rose 10.9% Over

week.

Motors

count

strength of the improved rate of
new

week-

a

carrier§ of general freight

mon

erains to be fed to livestock

market

t

throughout the country.

the country

while

the

car

eral

said

operations

(Wise.)

of

1962.

-Age

^

g

Zs

port

caused

has

weather

startups last Friday' Last Satur" recording, to reports received week low of 265.19 a week ago
day' 31 plants worked part or aI1 frora regional lumber associations. but remained belmw the 268.28 of
day-including 15 General Mo- This rise can be attributed to the f month ago and the 268.66 of
tors, 11 Ford Motor., three Chrys- occurrence of Thanksgiving Day asf year*

tons

.

,

^

'

partment of Research and Trans-

respite ended with assembly line feet in the week ended Nov. 23

year

eheHhansummer Tstimates

h

colder

a

shopping day due to the

less

one

President.'The Thanksgiving Day country totaled 229,456,000 board ">odity Price Index rose to 265.93

the

the

for

mourned

fourth

exnected'

than

"estimates

in

Monday,

ago

,

SteeI Productlon lor 1

Znier

halt

hour

metalworking weekly says.
_

which was set only

0±

of next year are
the

ordv

conducted by the ATA De-

areas

Board's

Reserve

1%

on

taken from

which, unlike this year, contained

Further-

than 400 trUCk terminals7 of con}~' prices of most meats, with the

predictions for the

upward,

ouarter

more

RUSsia

+0

^0^qeft^he^"thim®

Age mag-

month, the fourth quarter, and for

.

saies

Economics. The report refiects tonnage handled at more

the first quarter

0,

crrajn

086 passenger cars, 22.9% below
outpul.in the prior week, when
188,060
units assembled ap-

response,

revised

weekly survey of 34 metropolitan

sales

as

pared with the like period in 1962

.

® nnaings are Dasea or tut

to

Level

store

advanced

dex

""f""' m*i ft, W
the £e7ate
5^ 3
blu which would have forbidden

based on the

upsetting the expected

reported.

In

are

Scheduled last week were 145,-

December pattern, Iron
azine

-

findinss

steel

in

contra-seasonal rise

A

plants, three of which remained

Production

Late Orders Lift Steel

—2

0

1% Above Last

country-wide basis

ment

SSS 5 .li different .»ei, «S» J

« "" » » " ~

—

Rise

Year's

wholesale
.

Central

+4; Pacific +4 to -f 8.

Department

.

Mountain

and

Nationwide Department Store

rising prices on

by

Central

South

East. North

«

n

North

West

—3;

—1; Middle Atlantic, East

South

Year Ago

still

are

"V"" 77

to

—5

and

Rises But Remains Below

The week-to-week find¬

1962.

however,

did

*1170017"

observed in the

of

Atlantic,—7

,

,,

rvV\ c aut t/-\ A1 x

'

nViQDI

T

who expected a

19%

decline, and b%

inc*

f

next

the

over

vs

nv

th'

whilp

.

_*

.

„.

.

_

Seventy-five

spondents

previous week of this year—

.

wiUbe counted for the month, the Ja
t
rTto.year increase reg- In aU types of operation, tolls ran
^
istered this
year, the findings are substantially
lower than a year
8.2% above 687,40b cars counted
1
earlier
November of last year.
Only stored
by the fact that the earner.
,
ffie ?4g
cars made in the same
Thanksgiving4-E Day
holiday was wholesale Commodity Price Index
nnmv\nvoV\iQ

Steel's

period immediately ahead,

with the volpme for

even

down 0.4%.

units

that 743,500

Estimating

.

the

Financial Chronicle

levels by the following percentages:
New England and South

of

4.0%.

store

Unlike

statistics,

the

the

/
Volume

Number 6322

198

.

.

The Cominercial and Financial Chronicle

.

The

Indications of Current
AND STEEL INSTITUTE:

IRON

Previous

of

Index

this

oil

104.4

107.1

107.4

100.7

output—daily

gallons each)
Crude runs to stills—daily

Total

64.0

0.635

0.65

0.65

average

*8.615,000

8,663,000

8,178,000

Nov. 22
—Nov. 22

*31,170,000

30,087,000

3,322,000

2,986,000

Nov. 22
Nov. 22

14,187,000

*14,234,000

30,889,000
3,009,000
14,416,000

(bbls.)

Nov. 22

output (bbls.)
output
(bbls.)
fuel oil output
(bbls.)
Residual fuel oil output (bbls.)

.——

Distillate

—

bulk terminals, in transit, in pipe lines
(bbls.) at—i—
—Nov. 22
Kerosene (bbls.) at
—Nov. 22
Distillate fuel oil
(bbls.) at
Nov. 22
Residual fuel oil (bbls.) at—
Nov. 22
Unfinished
oils
(bbls.)
at
Nov. 22
ASSOCIATION OF AMERICAN RAILROADS:
Revenue freight loaded (number of cars);——Nov. 23
Revenue freight received from connections (no. of cars)—Nov. 23

Dl";

gasoline

OUTPUT

COAL

(U.

4,767,000

4,759,000

4,579,000

5,517,000

176,271,000

176,569,000

178,089,000
37,102,000

178,383,000

185,386,000

174,733,000
52,612,000
85,323,000

(tons)
(tons)—.

anthracite

Pennsylvania

37,945,000
190,271,000

38,198,000

,

SYSTEM—1957-59 AVERAGE
Electric

(in

output

55,867

71.999

"

of

to

ultimate

(OOO's omitted)
ultimate customers—Month of

—

3,016
181,675

126,119

134,443

113.606

70,950

65,844

68,069

66,715,117

71,857,071

72,793,450

_

$1,182,187

$1,195,035

$1,123,021

30—

62,236,695

62,073,665

60,906,163

$57,190

.

ultimate

of

3,082
200,287

consumers—

September

from

Number

'

60.353

2,387
197,069

customers

at

Sept.

624,581

486,017

Manufacturing

$59,070

*$59,040

512,994

512,528

519,130

490,060

Wholesale

14,590

*14.510

13.950

Retail

27,980

*27.830

27,240

$101,630

♦$101,430

$98,380

$1,071,400

$2,230,600

$1,025,300

$4,483,800

$3,600,400

$2,506,000

7,396,000

427,000

329,000

INVENTORIES

BUSINESS

DEPT.

—

OF

COM¬

MERCE NEW SERIES—Month,of September

DIVIDENDS

BY U.

$1,232,300

$1,023,000

$694,200

$559,000

383,600

567,500

397,600

256,900

848,700
769,900

455,500

296,600

302,100

28

352,500

262,400

274,100

28

78,800

103,000

34,200

28,000

Nov. 23

138

143

112

137

28
28

—Nov. 30
Nov. 28

190

——-Nov. 25
Nov. 25
-Nov. 25

6.368c

16,699,000

309

285

322

6.368c

6.368c

6.196c

S. DEPT.

U.

—

of October

omitted)

SERIES

NEW

U.

inv.vrv

omitied):

(uuus

iNuv.

oi

construction

S.

construction

—1—

—

construction

State

NEWS

ENGINEERING

—

—..xotith

»

Private

(OOO's

—

pvr 'v«T'»1\'G

CIVI"

Public

17,457,000

REPORTED

PUBLICLY

—

CORPORATIONS

S.

COMMERCE—Month

OF

Total

17,727,000

,

Total
CASH

16,976,000

kwh.)

000

276,635

587,822

9,615,000

100

336,988

331,742

INSTITUTE—

sales

September

INSTITUTE:

ELECTRIC

EDISON

—

403.741

311,565

,j_

-

ELECTRIC

Revenue

INDEX—FEDERAL RESERVE

SALES

STORE

Gas

521,679

367,432

85,613,000

377,000

—

:

t

587,149

*9,550,000

Nov.
Nov.
Nov.
Nov.

'___•

•:

607,110

566,888

semi-automatic

86,210,000

336,000

L-

.'

Federal

DEPARTMENT

^

unit

(Millions of dollars):

Nov. 28

Municipal

factory

52,941,000
83,801,000

9,975,000

planning by ownership

and

appliance

191,761,000
52,682,000

Nov. 23

Public
State

Ago

MANUFACTUR-

51,334,000

-Nov. 23

•Private

and

Kilowatt-hour

36,142,000

ADVANCE PLANNING — ENGINEERING
NEWS-RECORD—NEW SERIES (OOO's omitted):
advance

laundry

s

Month

CONSTRUCTION
Total

•

EDISON

MINES):

OF

and lignite

coal

Bituminous

BUREAU

S.

Year

Month

Electric

Stocks at refineries,
Finished

Previous

Month

Wringers and others
Combination washer-dryers

3,543,000

13,187,000

of that date:

are as

Latest

(domestic)

Automatic

7,348,160

7,608,260

30,870,000

Nov. 22

'Kerosene

7.580,410

7,592,760
8,663,000

—

Gasoline

home

sales

(bbls. of

average

LAUNDRY

Washers

INSTITUTE:

42

HOME

either for the

are

of quotations,

cases

ERS ASSOCIATION—Month of October:

capacity).

cent

Nov. 30

condensate

and

(per

1960—

PETROLEUM

AMERICAN
Crude

in

late

data

operations

AMERICAN

Steel Institute discontinued issuing

The American Iron &

in

or,

Ago

1,876,000

1,944,000

,

,Nov: 30
steel

indicated

that date,

on

27

production and other figures for the

cover

Dates shown in first column

Year

Month

Ago

1,995,000

2,000,000

month available.

production

1957-1959

for

Unofficial

-

-Nov. 30

or

month ended

or

Week

Week

and castings (net tons)-—
production based on average weekly

ingots

following statistical tabulations

week
Latest

Steel

(2207)

latest week

Business Activity
AMERICAN

J

and

_

J

municipal—

Federal

1,772,200

2.078,COO

2,711,600

1,522,400

1,762,600

2,079,300

1,276,400

1,333,300

632,300

246.000

-

743,400

429,200

'

(COMMERCIAL

FAILURES

INDUSTRIAL)

AND

Prior

DUN &

—

INC.

BRADSTREET,

—

<

COMPOSITE

AGE

steel

Finished

(per

(E.

PRICES

METAL

Electrolytic

M.

&

Louis)

(delivered

Zinc

(East St.

Aluminum

-——

U.

.

at
—

II

I

Industrials

3

3

Dec.

3

!_—

Group

Group—

Aaa

Utilities

.1

of

(tons)

sales

110.375c

sales—

sales

89.64

89.78

90.34

87.99

89.64

89.92

3

89.09

89.09

89.23

90.34

3

3

4.54

4.54

4.53

4.54

Dec.

,3

4.33

4.32

4.32

4.25

Dec.

3

4.44

4.44

4.43

4.39

Dec.

3

4.53

4.54

4.53

4.84

4.85

4.83

4.94

4.67

4.67

4.67

'4.80

4.47

4.46

4.45

4.42

3

—Dec.

3

Dec.

3

4.48

4.48

4.47

4.39

3

,370.9

369.8

374.3

368.8

Dec.

the

—Nov. 23

380,562

—^ov £3

379,084

368,355

383,964

OF

97

99

89

567,566

610,077

622,302

436,409

4-

99.58

a.

—

.'
:

—

TURE

'

2,555,620

608,400

Nov.

8

Nov.

8

1,005,881

Nov.
-Nov.
Nov.

8
8
8

.—Nov.

8

-Nov.
-Nov.
—Nov.

8
8
8

EXCHANGE

Odd-lot sales
Number
Dollar

Odd-lot

—

of

(customers'

orders—customers' total
Customers' short sales
i

'

Customers'

other

Dollar value

sales

Round-lot

sales.—;

sales.

:

162,870

199,800

821,330

1,210,624

1,091,960

906,215

984,200

1,410,424

1,297,190

1,080,125

4,314,331
638,990
3,643,890

4,282,886

6,494,090
1,052,830
5,087,794 '
6,140,624

823,350

876,640

4,297,520
5,120,870

3,215,415

2,036,988
$129,461,452

1,555,136

1,223,556

8

$86,189,204

$55,631,395

1,645,546

2,310,762

1,817,530

8

23,230

27,178

2,283,584

29,290
1,788,240

1,474,457
41,674

8

ROUND-LOT

STOCK

FOR ACCOUNT OF

/

Total round-lot

MEMBERS

•

.

-

.

,

Other
•

Total

—Nov:

8

$125,378,092

$91,681,548

Nov.

8

596,110

847,130

701,160

546,410

Nov.
Nov.

8
8

596/110

847,130

70Tl6O

'546,410

.Nov.

8

404,780

548,500

395,140

303,870

Nov.
Nov.
Nov.

sales

PRICES, NEW SERIES
LABOR—(1957-59=100):

Commodity
All

All

8
8
'

8

1,046,870
19,190,550
20,237,420

commodities

on

Nov. 26
Nov. 26
other

1,545,240

1,279,620

1,412,420

27,507,230

22,463,400
23,743,020

16,665.090

29,052,470

than

farm

and

foods




35.8

1

10.4
430.1

241

245

234

232

227

201

189

'203

278

276

275

162

171

152

223

213

226

260

242

253

238

163
498

517

-

247

249

262

268

L

—

'—

260

'

,

141

265

286

293

146

146

152

258

258

249

$1,823,100

$1,908,500

$1,760,200

1,398,100

1,461,200

1,341,700

—

—

EXPORTS

11.9
*450.3

I

315

IMPORTS

AND

1

(E.

&

M.

J.

QUOTATIONS)—

.

,

•'

30.600c

30.600c

Not Avail.

£ 28.389c

28.488c

£234.161

£234.125

£234.125

£235.036

£234.495'

£233.767

30.600c

New

100.2

94.6

94.6

97.5

101.1

101.7

101.7

100.8

'

Nov. 26

88.8

88.6

90.1

58.9

Nov. 26

100.8

100.8

100.7

100.7

tPrime

Western

Zinc

9.951c

11.947c

11.735c

9.751c

£69.086

£69.666

£54.313

ttThree

£69.390

£69.519

£54.281

months,

London

(per

long

ton)

' / ■- •"
pound')-—'
delivered (per pound)w
ttLondon, prompt (per long ton)
:
ttLondon, three months (per long ton)
Silver and Sterling Exchange—
Silver, New York (per ounce)
East

St./Louis

§§Prime

'

12.500c

(per

'

Western,

Silver,

London

(per

_

'

boxed

Laredo,

bulk
boxed

(per

(per pound)
pound)
,—

pound).
Platinum, refined (per pound)
Cadmium (per pound) delivered ton lots
pound)
97%

99%

>

(per

129.300c

119.171c

,111.750(1

111.674d.

102.239d

$2.79781

$2.79778

$2.80190

119.902c

110.868c

$35,000

$35,000

$192,217

$190,400

—

36.250c

36.250c

—

32.500c

32.500c

32.500c

33.000c

33.000c

33.000c

_.

$82,647

$80,000

$2.60147

$2.65147
/

pig export.!

(per pound)—

' *Revised

£b9.048

/
,

36.250c

$82,000

-

$2.57500

$1.75000

$2.62500

$1.80000

$1.50000

$1.50000

23.000c

22.978c

$1.50000

'

.____^

Bismuth

£80.226

$35,000

small lots
—
grade (per pound)

primary

£83.539

$200,471

grade ingot weighted average (per lb.)

■< »*Nickei

12.000c

£68.440

'

•

Laredo,

13.000c
£89.136

126.882c

_

11.500c

12.500c

13.000c
£84.077

129.300c

ounce)—

Sterling Exchange (check)
Tin, New York Straits
—I
Gold (per ounce U. S. price)
Quicksilver (per flask of 76 pounds)—

100.4

100.3

94.2

11.935c

12.147c

pound)

(per

Zinc—'

18,077,510

100.2

York

Common, East St. Louis (per pound)
ttLondon, prompt (per long ton)

(Per

tNumber of orders not reported since introduction of Monthly Investment ph*ndelivered basis at centers where freight from East St. Louis exceeds' one-half cent a pound.
figure.

36.8

omitted):

Aluminum—

Nov. 26

foods

30.9

140

refinery (per pound)
;
Export refinery (per pound).
:
ttLondon, prompt (per long ton)—
ttThree months, London (per long ton)—

OF

:

16.8

33.0

496

Domestic

99 %

1

♦Revised

solcl

S. DEPT.

products

Processed

Meats

U.

Group—

commodities

Farm

—

12.0

*17.8

t

—

Cobalt

WHOLESALE

—.

.'

eggs

STATES

Antimony—
flNew York,

•

sales

and

Copper—

(SHARES):

sales—

12.1

18.0

264

_

:
—

-

Imports

SALES

Short sales

-—

crops—

METAL PRICES

ON THE N. Y. STOCK
EXCHANGE AND ROUND-LOT STOCK TRANSACTIONS

TOTAL

13.3

241

'

(OOO's

1,432,783
$65,138,558

1,622,316
$86,135,731

8

''

purchases by dealers—Number of shares—-

36.8

12.7

15:

Exports

4,092,055

8

sales.

Other

Round-lot

Oct.

of

1
vegetables, fresh

products

UNITED

4,257,150

5,150,665

.Nov.

—t

As

:

November:

,-Nov.
Nov.

sales

—

—

Common,

Nov.

:—

by dealers—

of shares—Total
Short sales..
i

Number

12.3

37.9

BUREAU OF CENSUS—Month of September

205,230

1,492,197
$93,174,469

—

42.7

12.7

Lead—

-Nov.

of

12.8

38.1

OF< AGRICUL¬

DEPT.

Wool

1,109,080
173,910

1,334,265

purchases)—t

value

S.

animals

Poultry

485,120

1,720,700

purchases by dealers (customers' sales)—

Number

56.3

INDEX

——

Meat

ACCOUNT OF ODDSPECIALISTS ON N. Y. STOCK
SECURITIES
EXCHANGE COMMISSION

by dealers
shares

59.8

—

Oilbearing

AND

DEALERS

II.

—

1910-1914—100

Potatoes

79,900
565,020

47.1

61.0

l

—

grain and hay__
grains

Fruit

592,450

<

*50.2

453.3

_

FARMERS

—'

Livestock

849,170

77.4

50.4

37.2

—

2,446,910

929,200

94.6

*90.7

•

33.2

incomes

BY

products.

Commercial

97.54

STOCK TRANSACTIONS FOR ODD-LOT
LOT

—

farm

2,974,510

the floor—

——

Total ' sales

NUMBER

All

Tobacco

795,100

*99.6

u'J.

RECEIVED

622,830

541.900

-

x

—:
-

nonagricultural

PRICES

1,824,080

8

119.4

100.0

12.2

.

—

i

income.:

300.1

*125.5

employees' contributions for social

506,220

8

-

persons

-'$447.7

■

*316.2

125.9

'

,

L—

—_

insurance

2,984,200

832,200
111,900
737,270

£46,319,000

318.1'

80.8

——

payments

2,468,290

-Nov.
Nr,v.

r

sales.

Other

Transfer

718,930
3,082,070

134,100

$33,900,000

,

'

3,849,990

923,400

'

___

—

of

interest

Personal

409.620

620,920
66,500

*$467.3

professional

income

2,280,660

2,690,280

$470.3

z

—_,

Rental

8

8

:

income

and

8
8

£36,560,000

——__

Dividends

Dairy

;—

sales.-

labor

Other

Business

8

Nov.

£82,018,000

October

of

—

Farm

Nov.

Nov.

$35,800,000

BRITAIN

GREAT

income—

Government

Nov.

floor—

*67,010

*69,930

x

$35,900,000

STATES
COMMERCE)—Month

OF

industries

Service

Food

3,801,000

$57,190

billions):

(in

personal

-Nov.

J—

purchases

October

Feed,

,

*$59,040

Manufacturing only —_——_—_—
Distributing industries—

/.
2,687,530

24.440

$59,070

IN THE UNITED

Wages and salary receipts, total—
Commodity producing industries

MEM¬

sales

Short

(DEPARTMENT
Total

IN

BANK—Month

Cotton

•

ISSUES

CAPITAL

MIDLAND

of

$32,740

25.230

IN CIRCULATION—TREASURY DEPT.

September (000's omitted)--

Crops

99.54

*99.62

*$33,810

.'.

PERSONAL INCOME

.

'

Total round-lot transactions for account of members—
Total

of

NEW

331,113

99

SPECIALISTS

_

on

306,950

$7,095

^

25,220

\ 70,070
As

Less

355,061

$7,055

—

Total

'

335,894

—
—

/

$8,122

SALES—

&

(millions of dollars):

September

Durables

4.56

Dec.

of

Nondurables

3.73

4.05

4.02

4.04'

Dec.

sales

Other

92.35

89.51

!
off

initiated

purchases.
sales

88.27

91.34

x

89.37

———

Other transactions initiated
Short

89.90

88.40

91.34

89.23

INDEX—

ACCOUNT

<

Other

88.47

88.27

3

NOV. 29

FOR

purchases—
sales

88.80

88.27

—Dec.

_

sales.

88.68
91.19.

84.81

.—

Short

Total

124.250c

621

1.445

Inventories—

Total

.

transactions

Total

128.125c

83.03

Nov. 23

purchases
sales

Total

130.000c

86.51

specialists in stocks in which registered—

of

Short

Total

11.500c
24.000c

84.43

at end of period

TRANSACTIONS

Other
Total

12.500c
23.000c

Month

— — — —

mmmm

— —

rtCTU~RERS'~IN VENTORIES

MANI11

558

1,468

,

MONEY

no

BERS, EXCEPT ODD-LOT DEALERS AND

Other

12.500c

23.000c

86.51

—

——

AVERAGE=100

Total

12.500c
23.000c

ASSOCIATION:

OIL, PAINT AND DRUG REPORTER PRICE

Transactions

12.000c

84.17

activity

orders

ROUND-LOT

'

—

(tons)-

(tons)

Percentage

1959

9.800c

13.000c

88.27

-

,

INDEX—

PAPERBOARD

Production

Unfilled

10.000c

11.800c

13i000c

84.30

—

—

Group

received

Orders

12.000c

12.300c

13.000c

88.40

*

Group

COMMODITY

NATIONAL

12.500c

12.200c

86.51

Group—

Industrials

12.500c

3

:
.

MOODY'S

28.450c

3

Dec.

—•—

A

Public

30.600c

28.350c

Dec.

—

——

-

Railroad

30.600c

28.375c

630

1,560

—,

Group

$5,029

$5,029

$5,932

«

Industrial

AVERAGES:

—

—

30.600c

Dec.

corporate—._—

Average

30.600c
Not Avail.

88.40

—Dec.

—

Bonds

Government

S.

.

——Dec.

—

BOND YIELD DAILY

MOODY'S

29
29
29
29
29
29
29
29

—-——Dec.

-

Group—

Utilities

Public

$23.83

/

DAILY AVERAGES:
Bonds
1

——————————————————————————————————

A& —I—I—I

Aa

at

corporate-—

Aaa

Railroad

$66.33

$26.50

PRICES

BOND

Average

U.

—

at)
Louis)

Government

S.

—

at

(primary pig, 99.5%)
(New York) at

tin

Straits

MOODY'S

$63.11

$26.50

Oct.

(OOO's omitted):

TOtal

-Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.

•

Export refinery at
(New York) at—

fZinc

$63.11

$26.50

of

Month

—

10,716,592

11,517,265

.

INSTITUTE

—

Or dinar v

QUOTATIONS):

J.

at—

refinery

Lead

(St.

$63.11

copper—

Domestic

Lead

,

14—.

INSURANCE

LIFE

OF

PRICES:
lb.)
Pig iron (per gross ton)_—
Scrap steel (per gross ton)—

IRON

November

to

LIFE INSURANCE PURCHASES

figure.
UDomestic
where freight from

:
—

t'

24.000c

23.000c

22.978c

23.500c

79.000c

79.000c

79.000c

$2.25

$2.25

V

$2.25

five tons or more but less than carload lots boxed.
§§Delivered
East St. Louis exceeds 0.5c.
**Port Colburn, U. S.
duty included.
ttAverage of daily mean and bid and ask quotations per long ton at
morning sessiqn of London Metal Exchange.

Chronicle

The Commercial and Financial

.

.

Thursday, December 5, 1963

.

(2208)

28

* INDICATES

Registration

Securities Now in
the SEC

icle"

are

Registration statements filed with
since the last issue of the "Chron¬
now carried separately at the end

Registra¬
alongside
the company's name, and in the index, re¬
flect the expectations of the underwriter but
"Securities Now in
in parentheses

section

of this

dates.
capition "Effective

under the

Also shown

Chemair

Balanced Income Fund,

common.

sale

7, 1963 filed 2,000,000, common. Price — Net asset
(max. $8.72) plus 8V4%. Business—A new mutual
fund. Proceeds—For investment. Office—120 S. LaSalle

Aerosystems

Technology Corp.

.

1963 filed 165,000 common. Price—$3.
Manufacture of a new line of motor speed

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

govern

Business—•
controls to

Financial Corp.

Proceeds—

advertising
and working capital. Address — 1275 Route 23, Wayne,
N. J. Underwriter—Chase Securities Corp., New York.
For

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

Office—901 Fuhrmarin

purposes.

Blvd., Buffalo, N. Y.

Underwriter—None.

Equipment Co. (12/9-13)
$1,200,000 of 6% convertible subordi¬
due Jan.
15, 1976.
Price — By
amendment. Business — Manufacture of equipment and
tools used in servicing automobiles. Proceeds—For debt
repayment. Office—2101 N. Pitcher St., Kalamazoo, Mich.
Underwriter—Dempsey-Tegeler & Co., Inc., St. Louis.
•

Allen Electric &

Sept. 27, 1963 filed
nated
debentures

Inc. (12/9-13)
Sept. 24, 1963 filed $2,000,000 of 6% sinking fund sub¬
ordinated debentures due 1978, 240,000 common shares
and 5-year warrants to purchase an additional 80,000
common, to be offered in units consisting of one $100
debenture, 12 shares and warrants to purchase an addi¬
tional 4 shares. Price—By amendment (max. $230 per
unit). Business — Operation of 558 parking lots/in 40
cities. Proceeds—For debt repayment and working capi¬
tal. Office—825 Esperson Bldg., Houston. Underwriter—
Equitable Securities Corp., Nashville.
, .
•

Allright Auto Parks,

Mining Co. Ltd.

Amerel

July

1961

31,

Business—The

filed 400,000 common shares., Price 50<£,
company is engaged in exploration, de¬

velopment and mining. Proceeds—For diamond drilling,
construction,
exploration and general corporate ex¬

Office—-80 Richmond St., W.,
A. Manning, Ltd., Toronto.

penses.

Toronto. Under¬

American

27, 1963. Rights will expire Dec. 18. Price—$9.25. Busi¬
investment trust/Proceeds—For in-,

ers.

ness—A real estate

Thirteenth St.,, N. W., Washington,
C. Underwriter—Stifel, Nicolaus & Co., Inc., St. Louis.

vestment. Office—608
D.

Ampal-American Israel Corp.
14, 1963 filed $3,000,000 of 6% sinking fund deben¬

Oct.

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).

&

development,

&

working

Consolidated Foods Corp.

12, 1963 filed 350,000 common. Price—By amend¬
(max. $48,875 per share). Business — Processing
and distribution of various food items, and the opera¬
tion of three retail food chains and one retail drug store.

ment

Proceeds—For
fice

Kuhn,

specializing in

/

■

ISSUES
BOUGHT

for Banks,

-

SOLD

-

Consumers

Hills Enterprises, Inc.

golf course, swimming pool and cabana

Brokers, Institutions

ESTABLISHED 1942

Members of New York Security Dealers
39

a,

'

Association

Broadway, New York 6, N. Y.

7WX: 212-5714)320

Olgby 4-2370

Direct Wires

/

to

INC., Los Angeles
WOODCOCK, MOYER, FRICKE & FRENCH, INC., Philadelphia
R. /. HENDERSON & CO.,




'

club,

„

'

Continental Reserve Corp.

sub¬
shares

1963 filed 304,293 common being offered for

$40.

May 13, 1963 filed 45,000 class B common. , Price —
—
Company plans to acquire, organize, a

Business
manage

Price—$3.50. Business—-Manufacture of extruded

East 40th St.,

Coronet
Nov.

Telephone Co.,

19,

investment in

New York.

Industries,

1963 filed 210,000 common.

Un¬

New York. '77/7

Co.
.
Jan. 30, 1963 filed 100,000 common. Price—$12.50. Busi¬
ness—C 0 m p a n y plans to write automobile insurance.
Proceeds—For general corporate purposes.
Office—14b
Old County Rd., Mineola, N. Y. Underwriter—None.
Defenders Insurance

Inc.

Address—Manassas, Va.

Price—By amendr

sale of
stock¬

writer—Hemphill, Noyes & Co.,

11, 1963 filed 38,564 common to be offered for sub¬
scription by stockholders on the basis of one new share
for each three held. Price—$23.50. Business—Company

repayment.

,

(max. $15). Business — Manufacture and
carpets and rugs. Proceeds — For selling
holders. Address—P. O. Box 570, Dalton, Ga. Under¬

Oct.

tion and loan

subsidiaries.

Underwriter—None.
Inc. (1/6-10/64)

tufted

Blvd., Pom-

furnishes telephone service in Prince William, Stafford
and Fairfax Counties, Virginia. Proceeds—For construe-

n

concerns.
Office—114

and health insurance

ment

Hospitality Services, Inc.
Dec. 14, 1962 filed $500,000 of 8% debentures due 1969.
Price—At par ($1,000).
Business—Company plans to
offer management and consultant services to motels and
furnish them with equipment.
Proceeds—For general

Mutual

accident

life,

Proceeds—For

plastic pipe, and molded and fabricated plastic pipe fit¬
tings. Proceeds—For debt repayment,, working capital,
and other corporate purposes. Address—P. O. Box 133,

Central

'

None.

Products Corp.

corporate purposes. Office—1068 S. Ocean
pano Beach, Fla.
Underwriter—None.

1963 filed $9,000,000 of 5%% subordinated
due 1988; 120,000 shares of

ficates of indebtedness

Castle

SIEGEli 2?
°

Offering—Indefinite.

New York.

Cooperative Association

certi¬
5^%
preferred stock; 40,000 shares of 4% second preferred
stock; and 400 common. Price-—By amendment. Busiuess—A cooperative wholesale purchasing and manufac¬
turing association for local farmers' coop's in the mid¬
west. Proceeds—For general corporate purposes. Office
—3315 N. Oak Trafficway, Kansas City. Underwriter—
Nov. 4,

Cape Canaveral, Fla., and

Carlon

Price—By amend¬

—

Smith, Barney & Co., Inc.,

Aurora, Ohio. Underwriter—None.

QUOTED

(1/6-10/64)

common.

Indiana, and California. Proceeds—For loan repayment.
Office
327 So. La Salle St., Chicago. Underwriter-

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

and

1963 filed 36,000

26,

Brothers, New
1964.

ment (max. $20). Business—A holding company for five
water utilities operating in Ohio, Missouri, Michigan,

scription by stockholders on the basis of three new
for each five held of record Nov. 20. Rights will expire

*«sNEW

Loeb & Co., Inc., and Lehman
Offering—Expected after Jan. 15,

Consolidated Water Co.
Nov.

crease

Dec. 13.

acquisition of Booth Fisheries Corp. Of¬
Chicago. Underwriters—

South La Salle St.,

,

1963

Co., Inc., New York.

....

135

—

York.

of

Oct. 9,

Co.; First

Nov.

(12/6)

develop real estate,
erect homes,, apartment houses, motels, etc. Proceeds—
For debt repayment and expansion. Office—309 Ainsley
Bldg., Miami, Fla. Underwriter—Willis E. Burnside &

over-the-counter securities

Underwriters—(Competitive). Prob¬
Stuart & Co. Inc.; Morgan Stanley
Boston Corp. Bids—Dec. 11 (11 a.m. EST),

York.

New

at above address.

Club

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

in

Edison Co. of New York, Inc.

able bidders: Halsey,

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

club

Inc.

1963 filed $75,000,000 of first and refunding
bonds due Dec. 1, 1993. Proceeds—To repay
finance construction. Office — 4 Irving

15,

Place,

adelphia.

near

'

x

bank loans, and

St., Honolulu. Underwriters—Blyth
Co., Inc., New York, and Butcher & Sherrerd, Phil¬

21,

Hills, Calif.

mortgage

and distribution of molasses in the con¬
selling stockhold¬

Bryna

Price—Net

capital shares.

(same address).

Nov.

Office—827 Fort

Nov.

Inc.

(12/11)

tinental United States. Proceeds—For

Canaveral

"

'•

•-

and Puerto Rico,

Fund,

value

Consolidated

'
15, 1963 filed 8,500 common. Price—By amend¬
(max. $80). Business—Sugar production in Hawaii
& Co., Ltd.

Market

7, 1963 filed 2,000,000

1963 filed 1,000 common. Price—By amendment
(max. $1,004). Business — A new mutual fund which
plans to specialize in insurance securities. Proceeds—For
investment. Office—One Atlantic St., Stamford, Conn.
Underwriter—Philo Smith & Co., Inc. (same address).

York.

capital and other corporate purposes. Office—1129
House Road, Gladwyne, Pa. Underwriter—None.
(C.)

Underwriter

Oct. 22,

/.

product

Office—Creede, Colo.

Connecticut Western Mutual Fund,

Rights will expire Dec. 6. Price — 50 cents. Business—
Production of a light two-place helicopter. Proceeds—
repayment,

exploration and

■'

None.

July 23, 1963 filed 588,780 common being offered for
subscription by stockholders on the basis of three new
shares
for
each
share
held
of
record
Oct.
15.

debt

Busi¬

Price—$1.

Underwriter—Kennedy, Cabot &
Offering—Indefinite.
Community Health Associations, Inc.
April 12, 1963 filed 150,000 common, of which 100,000
are Jo be offered 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—
Co.

—

For

'

-

Beverly

1

Brantly Helicopter Corp.

unit for dis¬

plus 8.5%. Business—A new mutual fund
specializing in securities of foreign and American com¬
panies operating in the European Common Market.
Proceeds—For investment.
Office—9465 Wilshire Blvd.,.',
asset

Inc. (12/5)
Oct. 25, 1963 filed $1,250,000 of 51/2% convertible sub¬
ordinated debentures due Oct. 31,. 1978; also
125,000
outstanding class A shares to be sold by certain stock¬
holders. Price—By amendment.
Business — Wholesale
distribution of ethical drugs, chemicals, cosmetics, etc.
Proceeds
For debt repayment and working capital.
Office—138-T60 Johnson Ave., Hackensack, N. J. Under¬

ment

29,

March

Bergen Drug Co.,

1963 filed 132,300 shares of beneficial interest
offered for subscription by stockholders on the
basis of one new share for each four held of record Nov.
Oct.

—None.

Common

writer—F. Eberstadt & Co., New

development, produc¬

1962 filed 200,000 common.
mining.
Proceeds—For

operating expenses.

Fund, Inc.
May 29, 1963 filed 10,000 $1 par capital shares to be
offered in exchange for certain acceptable securities on
the basis of one share for each $25 of deposited securi¬
ties. Exchange is believed by counsel for the Fund to
be tax-free for Federal income tax purposes. Business—
A
closed-end investment company seeking long-term
growth of capital and income. Proceeds — For invest¬
ment, Office—-35 Congress St., Boston. Underwriter—
Kidder, Peabody & Co., New York. Note—The exchange
will not be consummated unless $25,000,000 of securi¬
ties are deposited and accepted. This means that the
Fund expects to issue a minimum of 1,000,000 capital
•

and

electronic vaporizing

an

ness—General

Bay State Exchange

choroc
Offprinu'
Tndpfirntc*
shares.
Offering—Indefinite.

pollutants;

Colorado Imperial Mining Co.

Sept. 20,

1964. Price—

Underwriter—None.

Milwaukee.

Nov.

being

expire Jan. 20,

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.,

Brewer

Realty Trust

will

Rights

$2.70.

writer—E.
•

held.

sale of

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 Cprp.
Offering—Indefinite.

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
shares

air

and

and

tion

Nov.

Oct. 4^

of

growth

Investors Serv¬

Chicago. Underwriter—Supervised
ices, Inc. (same address).
St.,

Bankers

consisting of one $10 debenture and two
Price—$12 per unit. Business—Production and
chemicals designed to control odors, bacterial

offered in units

Inc.

value

licly.

Corp.

Dec.

Oct.

Registrations" are those issues which became
effective this week and were offered pub¬

Busi¬

of

28, 1962 filed $150,000 of 6% subordinated income
debentures due 1973 and 30,000 common shares to be

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

debt

general, firm offering

not, in

are

Wash¬

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. Offering—■
Expected in mid-January.
'

International Corp.

Atlantis

Inc.,

Co.,

1963 filed 100,000 common. Price—$5.50.

29,

ness—Distribution

—

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

tion." Dates shown

Nolan, Fleming &

Charvos-Carsen Corp.
Oct.

930 Industrial Ave., Palo
Alto, Calif. Underwriter—Mitchum, Jones & Templeton,
Inc., San Francisco.
selling stockholders. Office

ISSUE

REVISED

ington, D. C. Offering—Indefinite.

Oct. 28,

NOTE

•/ITEMS

derwriter—Folger,

Applied Technology, Inc. (12/18)
,
1963 filed 54,200 common. Price—By amendment
(max. $9). Business—Manufacture of various types of
electronic systems for national defense. Proceeds—For
•

ADDITIONS

PREVIOUS

SINCE

Deuterium Corp.

-

fered

'77

120,000 common with attached warto purchase an additional 120,000 shares to be of¬
for subscription by holders of its stock and deben-

Sept. 28, 1962 filed
rants

„

,

6322

Number

198

Volume

The Commercial and Financial Chronicle

.

.

.

York.

prior preferred share held,
A stock held and 40
for each $1,200 face amount of non-interest bear¬

basis of 3 units for each 5%
unit

one

units

each

for

5%

firms

Farmbest Inc.
Nov.

Inc.

certification

of models, train service personnel, repay
Address—Municipal Airport, Danbury, Conn.

SEC has

Note—The

Underwriter—None.

issued

stop

a

suspending this registration statement.

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

electronic

for

devices

medical

marine

and

and

vehicles

purposes.

working capital, equipment and debt re¬

Proceeds—For

Office—2222 S. Centinela Ave., Los Angeles.

payment.

re¬

Underwriter—None.

Address—Denison, Iowa. Underwriter—None.

purposes.
Fedco

Corp.

29, 1962 filed 20,000 common, of which 17,500 are to
be offered by company and 2,500 by a shareholder. Price
—By amendment
(max. $15).
Business—Design and
manufacture of tools, dies, molds, beryllium castings and
the distribution of plastic, metal and glass products for
Proceeds—For

use.

and

ers

•

Eagle's Nest Mountain Estates, Inc.
Sept. 26, 1963 filed 360,000 common, of which 300,000
to be offered by company and 60,000 by stockhold¬
ers.
Price
$4. Business—Company plans to develop
—

recession offer to stockhold¬

a

reduction of accounts payable.

Pratt Ave., Chicago.

Office—3600 W.

Underwriter—None.

St., New York. Underwriter—Bache
>
-. >.•
'
V.

&

Co.,

First

Mortgage Investors (12/17)
1963 filed $10,000,000 of senior debentures and
$5,000,000 of convertible debentures both due in 1978, to
$100 senior debentures and

$100 convertible debenture. Price—$300
ness—A

investment

estate

real

trust.

one

Oct. 28, 1963 filed 2,574,772 common. Price—At-the-marBusiness — Company plans to mine for uranium.

ket.

Proceeds—For

selling stockholders. Office—202- Vz
St., Laramie, Wyo. Underwriter—None.

Second

So.

Gordon

(I.) Realty Corp.
Sept. 27, 1963 filed $2,113,748 of 7%

subordinated

con¬

for each 100

subscrip¬
$700 face amount
shares held. Price—By amendment.

common

Business—General real estate. Proceeds—For debt
repay¬
ment, and other corporate purposes. Office—112 Powers

Bldg., Rochester, N. Y. Underwriter—None,
•

Great Lakes

Homes, Inc. (12/10)
filed 160,000 common, of which 100,000
the company, and 60,000 for stockhold^
ers.
Price—By amendment (max. $10). Business—Manu¬
facture of custom-designed,
factory built homes. Pro¬
ceeds—For debt repayment and
Working capital. Address
—Sheboygan Falls, Wis. Underwriter—The Milwaukee
Co., Milwaukee, Wis.
will

•

27,

be

1963

sold for

Great

Southwest Corp. (12/10)
7, 1963 filed 275,000 common. Price — By amend¬
ment (max. $25).
Business—Development of industrial
.

rpal estate in Texas. Proceeds—For selling stockholders.
Address—P.

O. Box 191, Arlington, Tex. Underwriter—
Glore, Forgan & Co., New York.

unit. Busi¬

per

Proceeds—To

re¬

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

Hills Uranium Co.

Gas

Nov.

Nov. 20,

be offered in units of two

are

34th

Sept.

Oct.

home

Busi¬

Price—$1.

electro-mechanical

ness—Manufacture

18, 1963 filed 9,653 common; also $240,000 of
capital certificates. Price—For common, $1;

for
certificates, 25 cents. Business—A farmers cooperative
for swine producers. Proceeds t— For
general corporate
^

Business—Research, development and construc¬
experimental helicopters. Proceeds—To obtain

West

vertible debentures due 1974 to be offered for
tion by stockholders on the basis of

,

tained

April 19, 1962 filed 418,680 common to be offered for
subscription by stockholders on the basis of two new
Price—By amendment (max.

order

Proceeds

offices,

will be withdrawn and then refiled.

tion

shares for each three held.

debt, etc.

sales

new

advances to subsidiaries and
working capital. Office—5150, Wilshire Blvd., Los An¬
geles. Underwriter—To be named. Note—This registra¬

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

of

(same

New York.

selling life insurance and mutual funds.

—For

construction

tion

Co., Inc.,

,

At the same time, the
will offer the securities to the public. PriceTo subscribers, $20; to public, $22.25.
Business—Com¬
pany plans to erect a small size production and experi¬
mental plant for the limited manufacture of deuterium
and deuterium oxide, and to establish and equip a gen¬
eral research laboratory. Proceeds—For working capital,

$1.25).

&

Equity Funding Corp. of America
Marcn 29, 1962 filed 240,000 common. Price—By amend¬
ment '(Max. $6.50).
Business—A holding company for

ing subordinated debentures held.

Helicopters,

Underwriter—Linder, Bilotti

address).

preferred

company

Doman

(2209) 1 29

bank loans.

Greater Miami Industrial
Feb.

25, 1963, filed 136,094
subscription by stockholders
for each 4^2 shares held.

Park, Inc.
to

common

the

on

be

basis

offered

of

for

share

one

Price—$5.50. Business—Acqui¬
of real estate.
Proceeds—For

land for a year-round amusement resort. Proceeds—For
construction, debt repayment, working capital and other

Oct.

corporate purposes. Office—2Q42 S. Atlantic Ave., Daytona Beach, Fla. Underwriter—Alpha Investment Secu¬
rities, Inc., Atlanta.

25, 1963 filed 200,000 shares of beneficial interest.
Price—^$5.
Business — A real estate investment trust.
Proceeds—For development of real estate. Office—2037

general" corporate purposes. Office—811 du Pont Plaza
Center, Miami, Fla. Underwriter—None.

Thirteenth

Feb. 20,

Eberstadt Income Fund, Inc.

First

Western

Proceeds—For investment. Of¬
fice—65 Broadway, Now York. Distributor—F. Eberstadt
& Co., Managers & Distributors, Inc., New York. Offer¬
ing—Indefinitely postponed. /

seeking current income.

•

Estate

Florida

Jai

A!ai,

Inc.

(12/5)

'

June

Price—$2.

Business
machine,

and

1963, filed 50,000 common.

processing of tray-forming and chip-covering mate¬
Proceeds—For operating expenses, equipment, in¬

rials.

ventory

Office—118 E.

advertising.

and

St., New
Of¬

28th

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

York.

fering—Postponed.
•

(12/16-20)

Ltd.

Productions

Theatrical

Elite

Underwriter—Consolidated

Office —'Fern

Securities

Corp.,

Food Town

Nov.

20,

1963

debentures

Nov.

due

Business—Operation
ceeds—For

1,
of

chain

a

6%

of

Price

1973.

of

convertible

At par ($500).
supermarkets. Pro¬
•—

debt

repayment, and working capital. Ad¬
Road, Salisbury, N. C. Underwriter—
Carolina Securities Corp., Raleigh, N. C.
dress

•

Julian

—

Garan, Inc.

Nov.

6,

(12/9-13)

filed

1963

140,000

expansion

December

NEW ISSUE CALENDAR
December 5

Manufacture of men's and

plant

which

of

100,000

(Thursday)

(Bids

December

__

125,000

shares

12

Common

Securities

$1,200,000

Corp.)

Elite

16

(C.)

(Linder,

Bilotti &

Okliana

(Friday)

Inc.

and Butcher &

Sherrerd)

shares

8,500

Units
Underwriters,

(Equity

Auto

Parks,

(Equitable

Garan, Inc.

of

'&

Co.

(Goldman, Sachs

20,000

the Ritz,

Common

Inc...—

(Hemphill,

Noyes

Debentures
Co.)

&

$7,000,000

Louisville & Nashville RR.—_Equip.
(Bids

12

Gas & Oil

'

EST)

noon

Great Lakes

Trust Ctfs.

$6,705,000

:

& 'Co.)

Great

Southwest
(Glore,

•

0

(Merrill

Lynch,

Illinois
>

Tool

Works,

(White,

Northern

Weld

underwriting)

Pacific

Ry

(Bids

Reliance

Life

.Common
Inc.)

Co.,

12

157,306

shares

Insurance Co.

(McComick

&

Morcol

of

Illinois

Common

shues

1

11

a.m.

EST)

Consolidated
Middlesex

11

Water

Co.
a.m.

Bonds

&

Common

Co.,

Co

Inc.)

Nationwide
(Kuhn,

Loeb

shares

125,000

Templeton,

54,200

Inc.)

Turner,

Inc.)

23

&

Jose Water

(Offering

and

1,750,000
•

.

-

i

.—Bonds

Powr-Pak

(Hannaford & Talbot)

$2,500,000

Musicaro

~rf

'

.

'




.

•.•••

'

•;"

125,000

&

shares

Debentures

Inc.

Fuller & Co.) $1,000,000

D.

(Monday)

1964
Inc.

Brothers,

Securities

(Laird &

Common

stockholders—underwritten

to

90,000

Co.)

shares

by

Dean

Co.

Common

—

America)

of

Corp.

$300,000

—,—Common

_

Corp.)

February 25, 1964

Witter

Southern

,

(Monday)

100,000 shares

J--..

Noyes

March

Common

Inc.)

36,000 shares,

_

'

Potomac

£o.)

210,000

Co.,

Inc.)

Northern Plastics Corp..
.

■-

'

Hammill

(Shearson,

-

/

'

shares

•/.

.

;

.

,

——_—s.—Common

& Co. and Loewi
120,000 shares

Edison

California
8:30

a.m.

&

/

Co.,
'

Inc.)

10, 1964
Edison
(Bids

.iCommon
&

(Tuesday)
Co.—.—,

PST)

—Bonds

$60,000,000

i>

Coronet Industries, Inc
(Hemphill,

_....Common
-

.Common/

—

Co.)

&

Industries

(Fleetwood

(Friday)

Works

(Smith, Barney & Co.,

^....-Common

J., C. Bradford
shares '

Debentures
Inc

Fuller

January 20,

Units

noon

Industries

^(S.

(Monday)

-

—Equip. Trust Ctfs.
$6,960,000

D.

/

(Wednesday)

——

EST)

(S.

'

Bonds
$5,000,000

EST)

& Gas Co

Powr-Pak

111,000 shares

—Common
shares

Co

a.m.

12

(Bids-

,

shares

Consolidated Water Co.———:

35,000 shares
___

Inc.,

Co.,'

,

r

shares

450,000

Co.)

&

1964

January 15,

Jade Oil

Common

11

Clinchfield RR

,

,

Corp.

'

-Preferred

—

60,000

(Tuesday)

Electric

Narragansett

$150,000,000,

Common
Inc.)

Pipeline, Inc

January 6, 1964

___

Bonds

$14,000,000

(Monday)

January 14, 1964

-Debentures
Smith

&

Inc.—-

January 3, 1964

$75,000,000

(Kidder, Peabody & Co., Inc.)

--

$6,420,000
—

Brothers)

Peabody

(Bids

Common
&

&

New York

of
EST)

Equip. Trust Ctfs.
EST)

Brothers)

(Lehman

shares

50,000

Brothers)

Lehman

(Wednesday) '

noon

(Lehman

$15,000,000

—

$30,000,000

(Wednesday)

Edison
(Bids

12

Northwest Natural Gas Co

(Bids

December 11

Debentures

by

,

Electric & Power Co.—
(Bids

(Bids

Planning Research Corp
San

Virginia

$130,000,000

Airways, Inc

January 8, 1964

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

(Milburn,

$6,840,000

75,000

Co.)

&

Guerin

December
San

,.f

____Equip. Trust Ctfs.
EST)

noon

Inc.

—_______-Bonds

&

(Wednesday)

Jones

(Eppler,

Debentures

$6,600,000

received)

be

January 13, 1964

Co—

:____

Fenner

Pierce,

Technology,

Opticks,

CST)

noon

stockholders—underwritten

(Kidder,

Co.)

30

Equip. Trust Ctfs.

12

Atlantic Coast Line RR

shares

Inc

&

&

page

$60,000,000

—.Debentures

Hammill

Wilson

(Mitchum,

Common

;

275,000

Co.)

Jones

on

$1,500,000

International Milling Qo., Inc.—!

Transmission

Gas

(Birr,

Common

&

Inc.)

Co.,

Northwest Natural Gas Co

$275,000

Corp.)

to

Common

.

shares

Corp

Forgan

&

Telephone Co.

'

(No

Applied

160,000

Co.)

800,000 shares

& Co.)

Varner-Ward Leasing Co

(Tuesday)

Milwaukee

(Offering

(Tuesday)

(Shearson,

'

•

-Common

$900,000

Homes, Inc

(The

Brooks

W.

Common

Inc.___

First Mortgage Investors
Midwestern

York

.-Debentures

December 18
December 10

Continued

Pan American World

i

z

Sinclair Oil Corp

Producing Co

(Peter Morgan

.

,

,

(Bids' to

shares

Peabody & Co., Inc., and Mitchum,
Templeton Inc.) $4,000,000

December 17

Co.)'100,000 shares

&

106,000

and White,. Weld

units
<

(Paul)

Hobam, 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. Business—
Manufacture of new equipment principally for the food

.

Units

Corp)

(Kidder,
*

$1,200,000

Inc..

Securities

(Bache

Natural

Lanvin-Charles

debt

Underwriter—

•

$140,000

Co. )

Life Affiliates Corp.

Debentures

Inc.)

Co.,

_

Hardeman
;

&

Proceeds—For

Calif.

Nov.

New

—Common

Macco Realty Co

Equipment Co

(Dempsey-Tegeler

Allright

$3,500,000

Inc.)

(Monday)

Allen Electric &

Stanton,

Hemphill, Noyes & Co., New York.

.Common
Securities

York

(New

•<

(First 'Philadelphia

December 9

governments.
—

(Bids

Ltd.—

Kingsboro Corp.
..Common

Corp.

/

foreign
Address

Inc.). $2,000,000

Co.,

Co.)

(Brager &

/

,

& Co., Ltd.

(Blyth & Co.,

and

IP.

Baby Food Co., Ltd
Debentures
/, |
(Brager & Co.) $190,000
Israel Baby Food Co., Ltd
—Ordinary Shares
-

December €

dustry,

repayment.

(Monday)

Productions

Theatrical

'

Brewer,

of missile launching bases and related fa¬
cilities for the Armed Forces, and complex facilities of
various types for other government agencies, private in¬

$2,700,000

CST)

noon

Israel

—

(Consolidated

(12/9-13)

January 7, 1964 (Tuesday)
Imperial 4400' National Inc

Equip. Trust Ctfs.

-

,(F. Eberstadt & Co.)
Florida Jai Alai, Inc.—

Underwriter—None.

Inc.

Missouri Pacific RR

Bergen Drug Co., Inc.I—
—Debentures
/'• (F. Eberstadt & Co.) $1,250,000
Bergen Drug Co., Inc>rT—__T.__—
Class A
■

(Paul)

boy's sport shirts. Proceeds-rworking capital. Office—112

and

12

common,

Texas & Pacific Ry

(Thursday)

Hardeman

nated

For

50 Broadway, New

Office—1107 Federal Securities

Building, Lincoln, Neb^

Construction

Stores, Inc.
("Reg. A") $250,000

other

—

Nebraska Corp.
1963, filed 3,000,000 common. Price—$2. Busi¬
ness—Company plans to operate subsidiaries in the fields
of banking, insurance,
finance, etc. Proceeds—For gen¬

Nov. 4, 1963 filed $7,000,000 of convertible subordinated
debentures due 1978. Price—By amendment. Business—

Park, Fla.

shares will be sold for the company and 40,000 for cer¬
tain stockholders.
Price—By amendment.
Business—

Office

Greater

building improvements, working capital.

Sept. 26, 1963 filed 400,000 class A common. Price — $5.
Business—Company plans to operate, produce and fi¬
nance
various types of ventures in the theatrical and
entertainment fields. Proceeds—For working capital, and
corporate purposes.

development

eral corporate purposes.

Pompano Beach, Fla.

Electronic Dispenser Corp.
—Manufacture of the SAFER Butter Chipping

and

28, 1962 filed 300,000 common. Price — $4.
Busi¬
ness—
Operation of Jai Alai games and pari-mutueJ
betting. Proceeds—For rent, purchase of leased quarters,

'

Jan. 29,

sition

Investment Trust

St., Boulder, Colo. Underwriter—Grondrezick
Corp., Boulder, Colo.

Securities

May 31, 1963 filed 2,000,000 capital shares. Price—Net
asset value plus 8V2%.
Business—A new mutual fund

Real

March 18,

Bonds

10

a.m.

1964

Atlantic Coast Line
(Bids

(Tuesday)

Co

12

EST)

$12,000,000

'

'

.

(Thursday)

RR—J—-Equip. Trust Ctfs.
noon

EST)

$3,825,000

;

I

30

The Commercial and

(2210)

Israfund-lsrael Fund,

Continued from page 29

Financial Chronicle v.

Price—$10. Business
—Fund plans to own stock of companies which will in¬
vest in securities of Israeli enterprises./ Proceeds— For
investment. Office—17 East 71st St., New York. Under¬
writer—Israel Securities Corp., (same address).

industries. Proceeds—For working capital, and

repayment. Office—1720 Military Rd., Tonawanda,
Y. Underwriter
—
Doolittle & Co., Buffalo, N.; Y.

loan
N.

/,

Offering—Temporarily postponed.

"Isras" Israel-Raasco Investment

Inc.'

Holiday Mobile Home Resorts,

'

27, 1963 filed $1,250,000 of 6%% conv. subord, de¬
bentures due 1978, and 75,000 common to be offered in
units consisting of $50 of debentures and 3 shares. Price
—$63 per unit. Business—Development and operation of
mobile home resorts throughout U. S.
Proceeds—For
March

.

also

•

withdrawn

be

not

as

amended.
•

Feb.

to

which 80,000 are
by stockholders.
Business—Writing of life, accident and

Price—$12.50.

writer

—

Illinois Tool
Nov.

withdrawn.

was

1963 filed 157,306 common. Price—By

20,

early January.

amend¬

debentures

Fund,

Inc.

'

April 10, 1963 filed 500,000 capital shares. Pric i — Net
value plus 8l/a%. Business—A new mutual fund
seeking capital appreciation. Proceeds—For investment.
asset

specialized gearing and electronic components.
selling stockholders. Office—2501 North
Keeler Ave., Chicago. Underwriter—White, Weld & Co.,
Inc., New York. •
V
v
•

(1/7/64)
convertible sub¬
ordinated debentures due Nov. 1, 1978. Price—By amend¬
ment. Business—Development and operation of a chain
of motels. Proceeds—For working capital.
Office — 460*
Sylvan Ave., Englewood Cliffs, N. J.
Underwriter—P.
W. Brooks & Co., Inc., New York. /
'400' National Inc.

Imperial

Electronetics

Industrial
Oct.

of 6V2.%

29,-1963 filed $1,500,000

Corp.

./

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

1963

sales promotion, new prod¬
&
B St., Melbourne, Fla. Underwriter—Hampstead Invest¬
ing Corp., New York.
and working capital. Address—Third

ucts, inventory

Insurance
Oct.

City Life Co.

29, 1963 filed 494,100 capital shares to be offered for

subscription by stockholders of record Feb. 26, 1963 on
& share-for-share basis.; Price—$3.25. Business—Genera 1
insurance.

Proceeds
For expansion.. Office
Michigan Ave., Chicago. Underwriter—None.
—

Insurance Securities,

I,

Oct. 24,
Business

'

,

and' health

debt

Proceeds—

subsidiaries.

insurance

advances to a subsidiary and in¬
vestment. Office—19 Molton St., Montgomery, Ala. Un¬

Services, Inc.' (same address).

A") 11.000 common to be offered
stockholders on a pro-rata basis.
Price—At-the-market.
Business—Development, design
manufacture of electronic

selling

Merrell Rd., Dallas/
St. Louis. Offering

Office—2925

stockholder.

Underwriter—A. G. Edwards & Sons,

'//

—Indefinitely postponed.

•

,

/./'/'/
July 3, 1963 filed 3,000,000 capital shares. Price—Net
asset value plus 7*,*>%.
Business—A new mutual fund
Investors

which

will

Fund, Inc.

Inter-Continental

succeed

business

to

Investors

of

Group

Canadian Fund Ltd., and invest in securities throughout
Free World.
Proceeds—For investment/ Address—

the

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

Investors Realty Trust
May 31, 1962 filed 200,000 shares. Price
—A

real

struction

estate

and

investment

Ave., N. W.y Washington, D. C.
•

Israel

American

Proceeds

trust.

Office

investment.

^

$10. Business

—

—

3315

—

For

con¬

Connecticut

Underwriter—None.

Diversified

Fund, Inc.
/■
filed 550,000 common. Price—Net asset
value plus 81A%. Business—A new mutual fund special¬
izing in Israeli and American securities. Proceeds—For
April 22,

1963

investment.

Office—54 Wall St., New York.

—Israel Fund Distributors, Inc.

Distributor

(same address). Offering

&

Co., New York. Offering—Expected vin midY

;

-

'-••/

•

Baby Food Ltd. (12/16-20)
Sept. 12, 1963 filed $190,000 of 8% subordinated deben¬
tures due 1975 and

Kingsboro Corp.

Price—For

Company
Israel

and

debentures, $100; for stock

plans

to

abroad.

prepare

and

Businessbaby food in

$10.

market

Proceeds—For loan repayment,

con¬

struction, equipment, and other corporate purposes. Ad-/
dress—Givat Brenner, Israel.
Underwriter—Brager &

Co., New York.
Israel

Fund,

Inc.

ness—A closed-end

common.

investment

invest in Israeli firms.

/'/

•' .•/•/f ■

;

July 18, 1963 filed 500,000

Price—$12.50.

company

Busi¬

which plans to

Proceeds—For investment.

Office

—4200

Hayward Ave., Baltimore. Underwriter—Inves/
tors Planning Corp. of
America, New York.
Israel

Sept. 26,

Investors Corp.

1963

filed

100,000

;
common.

~

Price—$104. Busi¬

ness—A

closed-end investment company engaged in in¬
vesting in private industries located in Israel. Proceeds

--For investment. Office

Underwriter—None.




—

850

Third

Ave., New York

Midwest Technical Development Corp.

26, 1962 filed 561,500 common to be offered for
subscription by stockholders on the basis of one share
for each two shares held. Price—By amendment (max.

Busines s—A closed-end management investment

$7).

Proceeds—For gen e r a 1 corporate purposes.
First National Bank Bldg., Minneapolis.

company.

Office—2615

Underwriter—None.

Nov.

(12/17)

1963 filed 50,000 common. Price

— By amend¬
Business—Company owns and operates pipe line

8,

ment.

systems for transmission of natural gas from Tennessee
to Illinois, and from Manitoba to Wisconsin. Proceeds—
Tennessee Bank & Trust Co., as transfer agent, will sell
these shares arising from a stock dividend to
of Tennessee Gas Transmission

the

tribute

proceeds

rata

pro

to

Address—Tennessee Bldg., Houston.

latter's stockholders.
Underwriter—None.

Home Parks Development

Mobile

sharehold¬

Co., parent, and dis¬

Jan. 28, 1963 filed 1,250,000 common.,

Corp./'

Price~-$2.56. Busl-

hessr—Company plans: to develop mobile homes, parks
and residential

apd^

cppimerciaLYeal^esj^to,^^j Pr^ei^ds-^Office/-^ Baker St.,

general corporate purposes.;
Atlanta.,
Underwriter—Overseas

For

Spain.

.

,

;///

•

Investment

/ -.//

■

"-•'//

■

Service,

-

./-'•'

Super Markets, Inc//,//
'/Y/';'/••••<*
i963 filed 100.000 common.Prlee-^By amend¬
(max. $15>: BusinessA-^peration of super markets

Nov.

ment

liquor package stores in Conn. Proceeds—For work¬

and

ing capital. Office—59 Leggett St.f East Hartford, Conn.
..Underwriter
W. C. Langley & Co., New York. Offer¬

(12/16^20)

'/ '.:/

ing—In mid-December.

..

;

Investment Trust Fund, Series B/

April 28, 1963 filed $10,000,000 (10,000 units) of interests.
be supplied by amendment.
Business—The
fund will invest in tax-exempt bonds of states, counties

Price—To

By amendment (max. $12). Business—The making of
interim mortgage loans on real property. Proceeds—For-

municipalities and territories of the U. S.

Proceeds—For

Ira Haupt. & Co..

Ill Broadway,

debt

New York.

refinancing.

Office—51

East 42nd

Underwriters—New York Securities
Krasnow

Industries,

New York.

St.,

Inc.

porate

purposes.

•

Office—33-00 Northern Blvd./Long
Underwriter—T. W. Lewis & Co., Inc..

Offerings-Indefinite.

Lanvin-Charles

of

the

^

/ -'v'-

(12/16-20)
Nov. 14, 1963 filed 800,000 common. Price—By amend¬
ment (max. $22). Business—Importation and distribution
of Lanvin perfumes, and manufacture and distribution
of cosmetics. Proceeds—For selling stockholders. Office
—767 Fifth Ave., New York. Underwriters—Goldman,
Sachs & Co., and White, Weld & Co., New York. '/
•

Life

Affiliates

Corp.

Ritz,

(12

Inc.

the life insurance in-'
capital. Office—40 Ex¬
—
First Philadelphia

agement company specializing in

dustry.

Proceeds—For

working

change Place, N. Y. Underwriter
Corp., New York.
,
/

.

fice—26 Broadway, N. Y.

Underwriter—Filor, Bullard & '
Smyth, N. Y. Note—This company formerly was named r..
Logos Financial, Ltd. Offering—Indefinite.
>:
Realty Co.

(12/16-20)

Narragansett Electric Co. (1/14/64)
26, 1963 filed $5,000,000 of first mortgage bonds
due Ja%. 1, 1994. Proceeds—For repayment of short-term
loans. Office—15 Westminster St., Providence, R. I. Un¬
derwriter's

ers

(jointly). Bids—Jan. 14, 1964 (11 a.m. EST)
pany's office, Information Meeting — Jan. 8
EST), same address.
; //
'

National Memorial Estates

Oct.

due

//

1978.

Mitchum, Jones & Templeton Inc., Los An¬
' ; v"' ■
.
"//;••■
.

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 pronerties. Proceeds—
For general corporate purposes. Address—402 Centra]
Tower Bldg., Youngstown, Ohio. Underwriter—None.
Marshall Press, Inc.
May 29, 1962 filed 60.000 common. Price—$3.75. Busi¬
ness—Graphic design and printing. Proceeds—For pub¬
lishing a sales catalogue, developing a national sales
staff and working capital.
Office—812 Greenwich St..
Y.

Underwriter—To

initely postponed.

be

named.

/

Price — $1. Busi¬
cemetery develop¬
life and disability
Proceeds—For general corporate pur¬

1962 filed 4,750,000 common.

11,
—

insurance concern.

Red Lodge, Mont.

S. Broadway,

Office—13

poses.

Un¬

Corp., Inc.
face amount certificates

National Mortgage
Dec.

28,

1962

refiled $8,000,000

$762;

for: stock/ $L15.

Proceeds

loan company.

Office

DOses.

Offering—Indef¬

Price—For cer¬
Business-^A rnortgage
For general corporate pur-

and 300,000 common shares.

fseries 20)

tificates,

—

—

Note—This

.

Inc., (same address).

in the State of

offering will be made only

':/'/■'

''/■

Kansas.

Under¬

113 S. Hydraulic, Wichita, Kan.

writer—National Mortgage Agency,

V ././v/'

/./■"'S-

-

/•

(12/11V \

Nationwide Corp.

—A

and

o

at com¬
(11 a.m.

Company plans; to engage in
ment and to establish and operate a

ness

repayment. Office—7844 E. Rosencrans Ave., Paramount,
Calif. Underwriters—Kidder, Peabody & Co., inc., New

N.

(Competitive). Probable bidders: White,

—

Co.; Halsey. Stuart & Co. Inc.; Salomon Broth¬
& Hutzler-Lehman Brothers-Goldman, Sachs & Co.

Weld &

Nov.

geles.

style frozen foods. Proceeds—For

Nov.

Price—By amendment. Business—
Residential real estate development. Proceeds—For debt

York

Italian

of

corporate purposes. Office—40 Brooklyn Ave.,
Massapequa,;N. Y. Underwriter-— Fleetwood Securities
Corp. of America, New York.
/
general

1963 filed $4,000,000 of convertible subordinated

debentures

(1/20-24/64)

Inc.

derwriter—Security Brokerage Co., Billings, Mont.

■'

Logos Options, Ltd.
April 11, 1962 filed 250,000 capital shares. Price — By
amendment (max. $10). Business—A diversified closedend investment company. Proceeds^—For investment. Of¬

Macco

Brothers,

1963 filed 50,000 common. Price—$6. Business—*

Production

/

16-20)

Oct.; 14, 1963 ("Reg. A") 55.000 class A common. Price—
$5. Business—Company is an operating, holding and man¬

—

Note—This registration will be withdrawn.

Musicaro
Oct. 29,

expensively priced men's and children's belts. Proceeds
—For debt repayment, sales promotion, and other cor¬

New York.

'nvestment. Sponsor

Co., New York City.

28, 1963 filed 125,000 common. Price—By amend¬
(max. $5). Business—Volume manufacture of in¬

Oct. 30,

14,000 8% preferred ordinary shares.

Proceeds—For

Jersey.

Nov. 22, 1963 filed 166,000 common, of which 70,238 will
be, sold by company and 95,762 by stockholders. Price—

•

Israel

New

Underwriter—Kidder, Peabody & Co., Inc., New York.

Municipal

,

—Expected/in early January.

of

areas

Office—52 Main St., Woodbridge, N. J.

repayment.

—

dresen

January.

1000 Roanoke

Bldg., Minneapolis. Distributor—Investors
Diversified Services, Inc. (same address).

debt

certain

in

water

Mott's

lows and basic assemblies therefor. Proceeds—For equip¬

Island City, N. Y.

devices. Proceeds—For a

P r i c e—By amend¬
Business—Collecting and distributing

(max. $36).

ment

Corp.

Oct. 29, 1963 filed 50,000 common. Price—$6.50. Business
—Design, manufacture and sale of deposited metal bel¬

ment

Aug. 2, 1963 ("Reg.
for subscription by

/

(12/11)

5, 1963 filed 35,000 common,

Seville,
Kinemotive

June

International Data Systems. Inc.

open

Middlesex Water Co.

•

June

ers

repayment,

derwriter—Investor

and

'

Kentucky Fried Chicken, Inc.
Sept. 27, 1963 filed 25,000 class A voting, and 25,000
class B non-voting common. Price—$10. Business—Com¬
pany franchises certain restaurants in the U. S. to pre¬
pare and sell Kentucky Fried Chicken; It also sells or
leases equipment used in preparation of this item. Pro-'
ceeds — For the selling stockholder, Harland Sanders,
Chairman/Address—Box 67, Shelbyville, Shelby County,
Ky. Underwriter—None.
"

919 N.

1963 filed 1,000,000 .class A common. Price—$5.
—Company plans to acquire or organize life,

accident
For

Inc.

—

1963

fering—Imminent.

,

loan repayment, equipment,

- end.
proceeds — For investment in the
industry and capital growth situations, Office
Lafayette St., Denver. Underwriter — Medical As¬

become

medical

Midwestern Gas Transmission Co.

("Reg. A") 300,000 common. Price — $1
Business—Construction of a gasoline and diesel oil fill¬
ing station, a restaurant and allied facilities. Proceeds—
For general corporate purposes. Underwriter — V. E
Anderson & Co., Newhouse Bldg., Salt Lake City. Of¬

Oct.

—A

Juniper Spur Ranch, Inc.

May 27,

y\y'//;:/v;C///

Fund, Inc.

23, 1961 filed 25,000 common. Price—$10. Business
closed-end investment cQmpaby Which plahs^ to

Feb.

•

Proceeds—For

Medical Industries
Oct.

—677

ment

ments,

and investment in other insurance concerns.
Arts Bldg.y Oklahoma City. Un¬
derwriters-Lincoln Securities Corp. (same address).
expenses,

Address—714' Medical

sociates, Inc. Denver.

Palo Alto, Calif. Underwriter
—Mutual Fund Distributors, Inc. (same address).

(max. $42). Business—Manufacture of metal and
plastic fasteners, gear-cutting tools, measuring instru¬

1963, filed

28,

■

Office—467 Hamilton Ave.,

(12/10)

Works, Inc.

or

(1/15/64)

Co.

Gas

Francisco.

Janus

Office—216 E. Monroe St., Springfield, Ill/UnderHorace Manli Investors, Inc. (same address).,

Note—This statement

&

1963 filed $2,500,000 of 6%%

28,

San

Proceeds—For general corporate pur^

health insurance.
poses.

x

common, of
by company and 120,000

offered

Proceeds—For general cor¬
Address—Tel-Aviv, Israel.
Under¬
Delaware inc., New York. Offering—

plantations.

convertible sub¬
(with warrants). Price—At par.
Business—Production of oil and gas primarily in Cali¬
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,

1963 filed 200,000

1,

be

Insurance Co.

Life

Mann

Oil

ordinated

,

Horace

Jade

Oct.

York. Note—This statement will
previously reported, but will be

New

Beane,

citrus

purposes.

Expected in late December

O f f i c e—4344 East Indian School Rd., Phoenix.
Underwriters—Boettcher & Co.* Denver, and J. R.: Wil&

real

writer—Rassco of

poses.

liston

owns

porate

Co., Ltd.

60,000 ordinary shares. Price—$55.
estate
development company which

Feb.

1963 filed

Business—A

repayment, construction, and other corporate pur¬

debt

June 28,

:/://•
/•./':/'*'/ '■ -/
1,000,000 class B common. Price—
$1.25. Business—A holding company for three life insur¬
ance firms.
Proceeds-^-FoV: Joan repayment,/o^
Medic Corp.

Inc.

July 29, 1963 filed 300,000 common.

and drug

Thursday, December 5, 1963

.

■■

1, 1963 filed 1,250,000 class A and 500,000 class B
common. Price—By amendment (max. $17.50). Business
holding company, primarily for life insurance con¬
Proceeds — For prepayment of bank loans, and

cerns.

246 North High St., Columbus, O.
Brad¬

expansion. Office

Underwriters—Kuhn, Loeb & Co., Inc., and

Co., Inc., Nashville.

ford &

Natural

Producing Co.

Gas & Oil

(12/9-13)

Sept. 7, 1962 filed 180,000 class A common.
Business—Production of natural gas and oil.
Dorate

purposes.

Office—Tekoil

Underwriter—Peter Morgan
•

New

Feb.

value

Price—$5.
Proceeds

drilling expenses, working capital and other cor-

—For

21,

World

1963,

plus

Inc.,'

Fund,
filed

250,000

Angeles.

'•

Underwriter

Price—Net asset
mutual fund. Pro¬

common.

8^%. Business—A

ceeds—For investment.

Bldg.. Oklahoma City

& Co., N. Y.

new

Office—4680 Wilshire Blvd., Los
—

New World

Distributing Co.

;; ■"

;Sv

/" 7

;-r

6322

Number

198

Volume

•

.

■

.

.

'

.

Ltd.

•

.y

1963

29,

-

6\o% subordinated sink¬
ing fund debentures due 1978, 3,75,000 common and 250.000 warrants to purchase additional common, to be of¬

(1/6-10 64)

ment

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.

—

Northwest

27,
1989.

due

Natural

(1 8 64)

Co.

Gas

1963 filed $14,000,000 of first mortgage bonds
Price—By amendment. Business—Production
in Oregon and Washington. Pro¬
prepay

($100 par). PriceBy amendment. Business—Production and sale of natural
gas in Oregon and Washington. Proceeds—To retire cne
outstanding 5,75% preferred. Office—735 S. W. Morri¬
son, Portland, Ore. Underwriter — Lehman Brothers.
1963 filed 60,000 preferred

York.

New

.

Nuclear Science & Engineering

Corp.

Racon
Oct. 3,
,

O
&
Note—This registration will be

Co., Washington,

D. C.

withdrawn.

,

_

(same address).

Nuveen & Co.

.

Offering

Corp. (12 6)
^
Sept. 12, 1963 filed 500,000 common and 500.000 pre¬
ferred ($6 par); to be offered in units of five preferred
and five common shares. Price—$35 per unit. Business—
Company plans to engage in the life insurance business
through the formation of two subsidiaries, or through
the purchase of stock in an existing insurance company.
Proceeds—For acquisition of above stock, loan repay¬
ment

and

Office—2201 Northwest 41st

working capital.

St., Oklahoma City. Underwriter—Equity Underwriters.
Inc.

(same address). Note—Registration has become ef¬

fective.

Nov.

Inc.

(12 18)

1963 filed 111,000 common, of which 74,000
will be sold by company and 37,000 by stockholders;
Price—By amendment (max. $11). Business—Operation
of a wholesale optical laboratory, and, 48 retail outlets.
Proceeds—For expansion and loan repayment. Office—
6067 Sherry, Lane, Dallas, Tex. Underwriter — Eppler,
Guerirt

&

Outlet

Feb. 28,

Turner, Inc., Dallas.

'

.

Mining Co., Inc.

Business
Proceeds—For equipment and working capi¬

1962 filed 900.000

common.

—Mining.
tal. Address—Creede, Colo.

Price—$1.

Underwriter—None.

Pacific Mines,

Inc.
'
July 24, 1963 filed 100,000 common. Price—$1.50. Busi¬
ness—Company plans to explore iron deposits on its
property.
ment

and

Proceeds—For mining operations, debt repay¬
operating expenses. Office—1218/N. Central

Ave., Phoenix.

Underwriter—None.

-

•

Telephone Co.
Oct/ 28, 1963 filed 1,903,750 common being offered for
subscription by stockholders on the basis of one new
share for each 16 held of record Nov. 18. Rights will

v

expire Dec. 16. Price—$17. Business—Furnishing of tele¬
phone service in,Washington, Oregon and Idaho* Pro-,
ceeds—1To repay advances from parent. A. T. & T. Of-,
fice—1200 Third Ave., Seattle. Underwriter—None.
•

Peerless Insurance Co.

;

Oct.
v-

for

18, 1963 filed 565.218 capital shares being offered
subscription by stockholders on the basis of one new

share

for each

share

held

record .Dec,

3, Rights will
Company writes
types of insurance including accident and health
of

expire Dec. 24. Price—38. Business
various

insurance,

automobile

tion insurance and

—For

investment.

—

insurance/ workmen's

compensa¬

property damage insurance. Proceeds
Office—62

Maple Ave., Keehe, N. H.

Underwriter—None.
•V
People's
Oct. 3, 1963

Insurance Co.
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
and surplus. Office—307 Lenox Ave., New York. Underwriter—None.




Ltd.

Plantations

27,

—

rael. Underwriter—Rassco of Delaware, Inc., New

York.

Offering—Expected in late December or early January.
Recreation

Industries, Inc.
75,000 common. Price — $2.
Business—Sale of travel and entertainment. Proceeds—
Nov.

23,

For

("Reg. A")

1962

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

capital
West

Investment

Estate

Trust

trust.

Proceeds—F"or.investment.

Office—925 Fifteenth St., N.

W., Washington, D. C. Un¬

investment

estate

derwriter—B. F. Saul Co. (same address).
•

Security Title & Guaranty Co.

Oct.

7, 1963 filed 125,000 common being offered for
subscription by stockholders on the basis of one new
share for each share held of record Nov* 29. Rights will

expire Dec. 16. Price—$6.25; Business—Company ex¬
amines and insures titles to real property. Proceeds—
For general corporate purposes. Ottice—17 E. 45th St.,
New York., Underwriter

Financial

B

Hanseatic Corp.,

New York

and

Corp.

500,000

filed

1962

28,
to

are

—

York.

Feb.

common,

of which 405,009

subscription by holders of tne A,
C stock of Selective Life Insurance Co., an aifiiioffered

be

for

ate, on the basis of 4 company shares, for each; class A or
B share and two-thirds share for each class C shaie of

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

scribed shares will be offered publicly.

Business—Company plans to en¬

$6: to stockholders, $5.

consumer finance, mortgage, general' fi¬
related businesses.
Proceeds—F o r general

the

in

gage

and

nance

Office—830 N. Central Ave.. Phoe¬

Underwriter—None.

,

Sinclair

Nov.

Oil

(12/17)

Corp.

$150,000,000 of sinking fund deben¬
15, 1988. Price—By amendment. Business

1963 filed

20,

tures due Dec.

—Company and its subsidiaries constitute one of the
large integrated enterprises in the petroleum industry.
Proceeds—For loan repayment, and acquisition of Texas
Gulf Producing Co. Office—600 Fifth Ave., New York.
Underwriter—Merrill Lynch, Pierce, /Fenner & Smith

/

Inc., New York.

*

'

.

'

.

Electric Service Co.

Southwestern

sub¬

1963 filed 24,428 common to be offered for

repayment of bank loans. Office—1012

Mercantile Bank

Bldg., Dallas. Underwriter—None.
Stein

Roe

&

Farnham Foreign Fund,

Inc.

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

corporation. It will provide investors a means of-in¬
vesting in- Canada, Western Europe and other foreign
areas.
Proceeds—For investment. Office—135 S. LaSalle
St., Chicago. Underwriter—None.

Insurance Co. of America

Supreme Life

7th

Sept. 3, 1963 filed 400,000 common. Price—$12.50. Busi¬

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

company/Proceeds—
Un¬

life, health and accident insurance in 12 states and the
District of Columbia. Proceeds — For debt repayment,

Russotto &
-

Research

Capital Corp.

ness—A small

business investment

Bay-to-Bay, Tampa.

Office—2909

investment.

Foi'

Resort Corp.

of Missouri
27, 1962 filed 125,000 class A common and three-

Nov.

to purchase 1,250 class A shares tb be
offered in units consisting of four shares and one war¬
warrants

year

rant.

Price—$32
sell 80

acres

writer

luxury

a

Olive St.,

Office—3615

R. L. Warren

—

nite.

Retirement

will

hotel and resort /facilities,
of land for home sites. Proceeds—For

operate

construction.

Business—Company

unit.

per

and

Under¬

St. Louis,

Co., St. Louis. Offering—Indefi¬
'
/ Z :

Inc.

Foundation,

April 8, 1963 filed 100,000 memberships in the Founda¬
tion.
Price—$10 per membership. Business—Company
will

Office—235 Lockerman
St., Dover, Del. Underwriter—John D. Ferguson, Dover
other

corporate

purposes.

Offering—Indefinite.

Del.

Realty Trust
1963 filed 2,000

v

V

of beneficial interest.
plans to operate as a
real estate investment trust. Proceeds—For investment.
22,

Washington, D. C. Underwrit¬

/ "

/

' 7

/

..

7^7

-

■

■

;/• '

'

Royal Business Funds Corp.
Nov.
13, 1963 filed 130,000 common, 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.
Proceeds—For investment., Office—60 East 42nd Street.
New York.

•

Underwriter

—

H. M. Frumkes & Co., New

Offering—Expected in early January.

York.

San Jose Water Works

(1/3/64)

Nov.
18, 1963 filed 90,000 common to be offered forsubscription by common stotkholders of record Jan. 3.

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
1963.

Rights will expire Jan. 27.

Witter & Co., San

Morcol

San

Francisco.

Pipeline, Inc.

(12/23-27)

Sept. 27, 1963 ("Reg. A") $300,000 of 6V2% subordinated
debentures due Nov. 1, 1983, and 45,000 common to be
offered
75

in

eight

inch

debentures and
Business—Construction of an •'
transmission pipeline for the

units of $500 face amount of

shares/ Price

—

natural

$500.
gas

Angeles. Underwriter—None.

Los

Teaching Machines, Inc.

;

April 1, 1963 filed 150,000 common. Price—$5 Business—
Company develops and sells teaching machines
ex¬
clusively for Grolier Inc. Proceeds—For loan repayment
and other corporate purposes. Office—221 San Pedro,
N.

E.

Albuquerque. Underwriter—S; D. Fuller
Offering—Expected in March, 1964.

& Co.,

New York.

Investment

Tecumseh

Inc.

Co.,

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

Jan. 21,
—A

surance

Proceeds—For investment in U. S.
in new subsidiary. Office—801

company.

Government

T0X31**

shares

er—Riviere, Marsh & Berens Securities Corp., Washing.,
ton, D. C.

1, 1963 filed 30,000 shares of beneficial interest.
Price—$100. Business — A real estate investment trust.
Proceeds—For investment. Office—4900 Wilshire Blvd.,

Bonds and

Life

Amosand Inc.

Price—$1,000. Business—Company

Investment Trust

Sutro Mortgage
Feb.

Lafayette

Riviere
Oct.

capital. Office—3501 S. Parkway, Chicago.

Underwriter—None.

rent-free

operate retirement centers for the use of

private homes and apartments by members upon their
retirement. Proceeds—For working capital, construction
and

Sept.

and working

derwriter—Hensberry & Co., St. Petersburg, Fia.

Office—1832 M St., N. W.,

Pacific Northwest Bell

<

,,

shares. Price—By
Company culti¬
vates, processes and markets citrus fruits in Israel. Pro¬
ceeds—For selling stockholder, Address—Tel-Aviv, Is¬

and

13,

Real

Oct. 24,

erect

Opticks,

F.)

scription by stockholders on the basis of one new share
for each 17 held. Price—By amendment. Proceeds—For

411

Okliana

(B.

Underwriter—None.

1963 filed 400,000 ordinary
amendment (max. $3,166).
Business

•—Expected in late December.
•

Price—$1. Business

common.

—
Milburn,
and Midland Securi¬

working capital. Office—11 North Jackson St., Houston.
Rassco

Nov. 1, 1963 filed 150,000 units of interest in the Fund.
Price—By 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.

Sponsor—John

1,250,000

—Company plans to manufacture fluorocarbons for sale
to refrigerant wholesalers, the aerosol industry and other
users. Proceeds — For construction of a new plant and

Aug.

Tax-Exempt Bond Fund, Series 6

Nuveen

1963 filed

Saul

nix.

Inc.

Underwriters

N. M.

Oct.'25, 19.63 filed 30,000 shares of beneficial interest.
Price—$100. Business—Company plans to operate as a

corporate purposes.

.

derwriter—None.

expansion and working capital. Address—P.
Pittsburgh. Underwriter—Johnston, Lemon

Box 10901,

Provident Management Co

—

Fe,

Selective Life held.

Inc.

Fund,

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

poses.

/

(max.

ment,

Nassau

Sept. 16, 1963 filed 200,000 class A common. Price — $5;
Business—Company plans to form a subsidiary life in¬

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

Stock

un¬

surance

filed 100,000 common. Price—By amend¬
$15). Business—Research and development
contracts using radioactive tracers; precision radio¬

on

property,

Quality Nationai Corp.

March 29, 1962
ment

chiefly

Proceeds—For debt repayment, and ac¬

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

(1/8/64)

Northwest Natural Gas Co.

Santa

St.,

Selective

Price—$25. Busi¬

improved land.

Provident

Shelby

Cochran & Co., Inc., Wichita, Kan.,
ties Co., Inc., Kansas City, Mo.

Inc.

real

of

and

April 11, 1963 filed 1,000,000 common. Price—Net asset
value plus 8V2%. Business—A new mutual fund. Pro¬
ceeds—For investment. Office—316 North Fifth St.,' Bis¬

bank loans, and redeem outstanding
5Vs% bonds. Office—735 S. W. Morrison, Portland, Ore.
Underwriter—Lehman Brothers, New York.
Nov. 27,

sale

ness—Purchase

quisition of additional properties.
Office—195
St., Princeton, N. J, Underwriter—None.
-

and sale of natural gas

ceeds—To

Lands,

1963 filed 40,000 common.

28,

Vegas, WTagon Mount, .Springer, and Max¬
Proceeds —- For construction. Office — 219

New

Research

Princeton

March

•—Henry D. Tallmadge Co.. Seattle.
Nov.

to purchase an

and warrants

NorthwestvHydrofoilf Inc.
3, 1963 ("Reg. A") 60,000 common. Price — $5.
Design, construction, sale and operation of
hydrofoil vessels. Proceeds—For working capital, office
expansion and other corporate purposes. Office — 428
White-Henry-Stuart Bldg., Seattle, Wash. Underwriter
,

$100 debenture, 15 shares

fered in units consisting of one

Sept.

Business

31

well, N. M.

real

Inc.

Pocono Downs,

Sept. 10, 1963 filed $2,500,000 of

1963 filed

21,

Underwriter—Laird &

Angeles.

Los

Blvd.,

Corp., New York.

Co.
•

120,000 common. Price—By amend¬
(max. $18). Business — Manufacture of industrial
plastic laminates to customer specifications. Proceeds—
For selling stockholders. Office — Second and Market
Sts., LaCrosse, Wis. Underwriters—Shearson, Hammill
& Co.,>New York and Loewi & Co., Inc., Milwaukee.
Nov.

Business—Company provides analytical, technical
services to commercial, industrial and

Westwood

ory-Massari, Inc., Los Angeies. Offering—Indefinite.
Plastics Corp.

By amend¬

governmental clients. Proceeds — For debt repayment,
working capital, and possible acquisitions. Office—1333

$3.25).

and gas

Northern

—

economic

and

filed

(max.

cities of Las

(1 20-24/64)

Corp.

100,000 common. Price

filed

1963

6,

ment.

y

Research

Planning

Nov.

60,085 capital shares. Price — By
Business—Acquisition of oil
properties, and the production of crude oil and
natural gas. Proceeds—For selling stockholders. Office
—5455 Wilshire Blvd., Los Angeles. Underwriter—GregJuly

amendment

•

"J

■

early January. Note—This
registration has become effective.
(same address). Offering—In
Nordon Corp.

(2211)

the Commercial and Financial Chronicle

Ind.

Lafayette,

Bldg.,

Underwriter—

(same address)*

Pl3stiOS

inc.

Price—$3.50. Busi¬
plastic film and
packaging products.
Proceeds—For working capital.
Address—Elsa, Texas. Underwriter—To be named. Of¬
July 27, 1962 filed 313,108 common.

ness—Operation

of a

plant producing

fering—Indefinite.
•

Tidmarsh

Ventures,

Inc.

,

V

("Reg. A") 42,850 common.
Price — $7.
Business—General construction, equipment leasing and
installation of cryogenic and hydraulic systems. Pro¬
ceeds—For new construction projects, debt repayment,
Oct/ 28, 1963

and

working capital.

Office—15618 Broadway, Gardena,
Co., Albuquerque, N. M.
;
"■ /
/
/

Underwriter—Quinn &
Offering—Indefinite.
Calif.

,

Dollar Stores, Inc.
May 1, 1962 filed 200,000 common,
Top

of which 100,000 are

and 100,000 by stockholders.
Price—$6. Business—Operation of a chain of self-serv¬
ice retail stores selling clothing, housewares, etc.
Pro¬
ceeds—For expansion, equipment and working capital.
Office—2220 Florida Ave., Jasper, Ala.
UnderwriterVan Alstyne, Noel & Co., New York.
Offering—Tem¬
porarily postponed.
.
,, ,
.
to

be

offered by

Transarizona

company

Resources,

Inc.

■//

1962 filed 500,000 capital'shares.
Business—Exploration, development and
May 28,

„

Price— $1.50.
production of

Continued

on

page

32

32

The Commercial and Financial Chronicle

(2212)

the

Lake

Proceeds—For equipment,

«ital.

exploration and working capUnder¬

convertible subordinated debentures due 1977 of U. S.
Natural Gas Corp., on the basis of one share of Western
Transmission for each U. S. Natural share held. Price—

4th St., Casa Grande, Ariz.

Office—201 E.

writer—None.

,

$1. Business—Corppany plans to operate a natural gas
gathering system in the south central part of Wyoming,

Transpacific Group, Inc.
July 26, 1963 filed 155,000 common. Price—By amendment (max. $15). Business—An insurance holding com-

'

expansion. Office—520 S.

Proceeds—For

lpany,

•

Trans

Nov.

World

The gas to be sold

initially, will be purchased from U. S.
Natural, which has agreed to guarantee the payment of

W. 6th

Ave., Portland, Ore. Underwriter—None.

all expenses approved by U. S. Natural for the
company's
organization, financing and other start-up costs. Proceeds

>

Airlines, Inc.

—For

1963 filed $8,500,000 of 5%% convertible sub¬
1983, being offered for

22,

ordinated debentures due Oct. 1,

subscription
debentures
Dec.

3.

stockholders

by
for

18

each

of $100

basis

the

on

held o£

shares

common

expire

Rights will

Underwriter—None.
Penn

$1,000,000 of 6%% sinking fund de¬
100,000 class A non-voting com¬

shares to be offered in units of

mon

$100 debenture

one

been

Sept. -30,

1963 filed

of Minnesota.

Minneapolis.
<

U. S.

Address—1300 First National Bank Bldg.,

Underwriter—-None.

Aug. 8, 1963 filed $210,000 of 6%% debentures due 1973
warrants to purchase 31,500 shares to be offered for
public sale in units of one $100 debentures and 15 war¬

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.

,

United Variable Annuities

Price—$10

share. Business—A new mutual fund. Proceeds—For
investment. Office—20 W. 9th Street, Kansas
City, Mo
per

Underwriter—Waddell & Reed, Inc., Kansas City, Mo.

Texas, Inc.

unit.

Business—Manufacture, of

Proceeds—For

equpiment,

urethane

working

capital,

leasehold expenses and other corporate
purposes
Office
-—2300 Republic National Bank
Bldg., Dallas. Under¬
writer—First Nebraska Securities Corp
Lincoln
Neb

/

Offering—Indefinitely postponed.
Valley

Investors, Inc.

Jan. 23, 1963, filed 328,858
—A

new

mutual

"

Underwriter—To

be

named.

Proceeds—For

working

capital.

Office—

1525 Franklin St., San Francisco. Underwriter
Wilson & Co., Inc., San Francisco.
;

Power

Co.

-—

Birr*

(12/10)

Oct. 25,, 1963 filed $30,000,000 of first and
refunding
/mortgage bonds due Dec. 1, 1093. Proceeds—For debt
repayment and

construction.

Office—700

East

Franklin

St., Richmond, Va. Underwriters—(Competitive). Prob¬
Halsey, Stuart & Co. Inc.; Salomon Broth¬
ers &
Hutzler-Goldman, Sachs & Co. (jointly); Eastman
Dillon, Union Securities & Co.-Merrill Lynch, Pierce,
able bidders:

Fenner & Smith Inc.-Lehman Brothers
(jointly);
Weld & Co.; Stone & Webster Securities

White,

Corp. Bids-

Dec.

10

(11

a.m.

EST) at One Chase Manhattan Plaza,

(Room 2414), New York. Information Meeting—Dec. 5
(11 a.m. EST) at One Chase Manhattan Plaza, (30th

floor). New York.
(

Waterman

v y■/-

-

.

■

' //■

Steamship Corp.

Aug. 29, 1961 filed 1,743,000

,

Price—By amend¬
ment. B u s i n e s s-—The
carrying of liner-type cargoes
Proceeds—For the purchase of vessels, and working cap¬
ital.
Office—71 Saint Joseph St., Mobile, Ala.
Under¬
writer—Shields & Co., Inc., N. Y. Note—This
registra¬
tion will

be withdrawn.




debentures

loan

due

repayment,

1974;

working

and

capita/. Office—145

Conn. Underwriter

Ave., Bridgenort,

—

S. D.

York.,

22,

due

Nov.

1,

(with

1973

Operation of

—

business in

and

$300,000 of 6%

("Reg. A")

1963

Business

Arizona.

a

subordinated
Price—

warrants).

general finance and
debt

Proceeds—For

re¬

capital. Office—4450 N. Central
Underwriter—Resnes, Ely, Beck & Co.,

working

Phoenix.

Nov. 29, 1963 filed 100,000 shares of
of which 34,000 shares to be offered
basis of

real

beneficial interest,
to stockholders

on

share for each two shares held and the

one

$10.25;

public $11.

to

investment

estate

fund.

Business—A

diversified

Proceeds—For investment.

Address—Marine

Plaza, Milwaukee, Wis. Underwriter—
Braun, Monroe & Co., Milwaukee.

★ Bartlett
Nov.

21,

Recreation

Effective Registrations

Development Corp.

1963

("Reg. A") 75,000 common.
Price
$4.
Business
Development and operation of year-round
recreation facilities near
Bartlett, N. H. Proceeds—For
construction, equipment and working capital. Address—
Bartlett, N. H., Under writer-^-None.
'
/

details, where available, will be carried in the

^Health

Monday issue of the "Chronicle."

—

The

—

Insurance of Vermont,

following registration statements

clared effective this week by

Inc.

scription

by

share

new

common

stockholders

for each three held.

the

on

Price

basis

of

were

de¬

the SEC. Offering

one

By amendment

—

American

Realty Trust
of beneficial interest being offered for
subscription by shareholders at $9.25 per share, on the

(max. $9).
ceeds

r*r-

expenses.

Business—Writing of health insurance. Pro¬
increase capital funds, and meet operating
Office—109 S. Winooski Ave., Burlington, Vt.

To

Underwriter—None.

common.

132,300

shares

basis of

one

share for each four held of record Nov.

new

27.

if Intercoast Companies*
Nov.

1963 filed 225,000

29,

Rights will expire Dec. 18.
Stifel, Nicolaus & Co.,
Inc., St. Louis, is the principal underwriter..

Inc.

Price—Bv amend¬
(max. $16). Business—An insurance holding com¬
Proceeds — For expansion, and other corporate

purposes.

common.

Bridges Investment Fund, Inc.
1
capital shares offered initially at $10.08, with¬
underwriting.
'
■

200,000
out

Office—3140 J St., Sacramento. Underwriter—
Co., San Francisco.

A

International

Nov.

Milling Co., Inc.

Inc. /
180,000 class A

(1/13-17/64)/

Charles

29, 1963 filed 450,000 common. Price—By amend¬
(max. $35)
Business—Operation of flour mills in

der, Peabody & Co., New York.

^ Life
Nov.

Holding

29,

1963

ment

(max.

ently

with

Corp.

filed

'

.

.

.

-

common.

Price—By amend¬

$33). Business—A

,

—Manufacture

''/•//;.

/

-

of. furniture

distribution

of

fabrics

and
and

related
textiles.

products,

and

Proceeds—For

working capital. Office—140 W. McKinley St., Zeeland,
Mich. Underwriter—None/
/
/
;

3,

1963 filed 95,931
an

common

and

warrants

to

pur¬

additional

191,862 common to be offered in
units, of one share and two warrants. Price—$150. Busi-,
ness—Writing of life insurance in Wisconsin. Proceeds
—For working capital,
expansion and other corporate
purposes.

Office

—

1840

N.

Farwell

Ave.,

Milwaukee.

Underwriter—McMaster, Hutchinson & Co., Milwaukee.
21,

1963

("Reg.

A") 3,000 common. Price—$100.
Business—Ownership, planning and development of real
estate. Proceeds—For investment, and
working capital.
Office—805-6th St., N. W., Washington, D. C.
Under¬
writer—None.

$2.50

per

share by
,

Electric Co.

Dillon, Union Securities & Co., New York.

Northwest

Bell

Telephone Co..

and accrued

Stanley &

interest, to yield 4.43% by Mor¬

Co.,'New York.

Security Title & Guaranty Co.
125,000 common being offered for subscription by stock¬
holders at $6.25 per share, on the basis of one new share
for each share held of record Nov. 29. Rights will expire

16.

principal

New York

Hanseatic

Corp., New York, is the

underwriter.

Shippers Dispatch, Inc.
150,000 common offered at $7.50 per share by Francis I.
duPont, A. C. Allyn, Ific., New York. (Issue was ex¬
empted from SEC registration.)
'
Tennessee

Gas

Transmission

Co.

Webster Securities Corp.,
York.

'

v

Tennessee

Gas

and White, Weld & Co., New
V
: /"
•

Transmission

Co.

$35,000,000 of 4%%' first mortgage pipe line bonds due
Dec.

yield

1/1983 offered at 100.50% and accrued interest, to
4.835%. by Stone & Webster Securities: Cqrp.,

White„JWeld & Co., and Halsey, Stuart & Co. Inc., New

if OCC, Inc.
Nov.'

at

York.

150,000 shares of 5.04% preferred ($100 par) offered
at $100 per share plus accrued dividends by Stone &

★ Northern States Life Insurance Corp.
chase

gan

Dec.

Inc.

Nov. 21, 1963 ("Reg. A") 1,900 common to be offered to
stockholders on a pro rata basis. Price—$12.97. Business

Dec.

Eastman

at 101.26%

one

(Henry),

Co., New

$50,000,000 of 41/2% debentures due Dec. 1, 2000 offered

75,758

corporate purposes. Office—50 Lackawanna Plaza, Montcl^r, N. J. Underwriter—Ralph B. Leonard & Sons, Inc.,

the

and

Pacific

'

offered

common

&

$10,000,000 of 4%% first mortgage bonds due Dec. 1,
1993, offered at 102.547% and accrued interest,- to yield
4.47% by Merrill Lynch, Pierce, Fenner & Smith Inc.,

/>■,

holding company, pres¬
subsidiary, Capital Life Insurance Co.
America.,Proceeds—For working capital, and other

★ Miller

Plohn

Massachusetts

U.

S., and Canada and several foreign countries. Proceeds
—For capital improvements, and loan
repayment. Office
—1200 Investors Bldg.,
Minneapolis. Underwriter—Kid¬

.

Heck's,

Schwabacher &

•

Virginia Electric &

2, 1983 filed $1,000,000 of 6%

This Week

New York.

Vamer-Ward Leasing; Co. (12/17)
Nov. 15, 1963 filed 125,000 common, of which 60,000 are
to be offered by
company and 65,000 by stockholders.
Price—By amendment (max. $11). Business—Leasing of
•automobiles.

,

* Wisconsin Real Estate Investment Fund

Issues Filed With SEC

-

of

common.

Price—$1, Business
Proceeds—-For investment.
Ad¬

fund.

dress—Sidney, Mont.

,

(1/15-64)

remaining 65,000 shares to the public. Price—To stock¬

ment

Feb. 14, 1962 filed 250,000 class A and 250.000 common to
be offered in units of one share of
each-class.
Price—
per

'

,

holders,

pany.

Fund, Inc.

April 11, 1961 filed 2,500,000 shares of stock.

$5.05

in seven southern states. Proceeds—For expansion,
possible acquisitions. Office—207 North Market St.,
Jackson, Tenn. Underwriter — Palm Beach Investment

the

•

foams.

common

ance

Ave., Phoenix.

writer—None.

ment

~

Urethane of

Insurance Co.

Nov. 26, 1963 filed 40,000,common to be offered for sub¬

Controls, Inc.

and

rants.

New

and

payment

repayment and property acquisitions
West Jefferson St., Louisville, Ky. Under¬

202, Morristown, N. J. Underwriter—None.

Capital

(non-voting)

small loan

debt

United Investors Corp.

United

in

(voting) and 152,298
to be offered in units of
one class A
and 4 class B shares. Price—$100 per unit.
Business—Sale of industrial, ordinary and health insur¬

$1,000.

par. Business—Develop¬
ment and manufacture of ethical drugs and pharmaceu¬

and

B

Nov.

centers, in Kentucky, Indiana, Ohio and Tennessee. Pro¬
Office—508

annuities

1963 filed 38,074 class A

debentures

100,000

chasers shares. Price—$501.25
per unit. Business—Com¬
mercial development of real
estate, primarily shopping

ceeds—For

and

if Producers Finance Co. of Arizona

nated notes due 1973. Price—At

funds)

class

Howard

.Sept. 3, 1963 filed $300,000 of 5lk % convertible subordi¬

mutual

26,

For

Inc.

sells

Protective Life

it Peoples
Nov.

Fuller & Co., New

class A common and war¬
rants to purchase an additional 50,000 class A
shares,
to be offered in units of 50 shares and warrants to
pur¬

1963 filed 750,000 capital shares.. Price — Net
asset value plus 8V2%. Business—A new mutual fund.
Proceeds—For investment. Address—207 Guaranty Bldg.,
Indianapolis. Distributor — Unified Underwriters, Inc.,
(same address).

which

insurance

Proceeds—For general corporate purposes. Of¬
fice—23 Fulton St., Newark, N. J. Underwriter—None.

convertible subordi¬
also 125,000 common to be
offered for stockholders/Price—By amendment -(max.
$8 for the common). Business—Manufacture, packaging
and distribution of various aerosol products. Proceeds—

Young Industries/ Inc.

Unified Mutual Shares, Inc.

dealer

life

forms, of

Jersey.

nated

Price—$220 pe<r unit. Business—Company
licensed to conduct harness racing with parimutuel betting.
Proceeds—For debt repayment and
working capital. Office—-3 Penn Center Plaza, Philadel¬
phia.
Underwriter—Stroud & Co., inc.* Philadelphia
Offering—Indefinite.- has

'Aug. 22,

/Life Insurance Co. of Minnesota. Proceeds—To increase
''.capital and surplus of United Capital Life Insurance Co.

common. Price—By amend¬
Business—Company plans to write

$10).

(r.?ax.

various

Dec.

and 10 shares.

World Life Insurance Co.

(Minn.)
•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
(expire Dec. / 23.
Price—At; par.
Business—A holding
company for United Investors Fund Corp.
(a broker-

Insurance Co. of America

1963 filed 176,000

26,

if Powr-Pak Industries Inc.

bentures due 1978 and

pected in mid-December.

•

Life

Thursday, December 5, 1963

.

Co., Inc., Palm Beach, Fla.

Racing Association

March 8, 1963 filed

^insurance policies. Proceeds — To increase capital and
surplus.
Office—609 Sutter St., San Francisco....Under¬
writer— Alex. Brown & Sons, Baltimore. Offering—Ex¬

—Route

.

_

July 31, 1963 filed 465,000 common. Price—$5. Business
-^-Company plans to sell general life and disability

ticals. Proceeds—For marketing of existing products, and
research and development on new preparations. Address

Nov.
ment

•'*>.

William

purchase of 12 Boeing jet aircraft. Office—380 Madison
Ave., New York. Underwriter—None.

Unimed,

Houston.

record

Hughes Tool Co.,

Dec. 27.

construction, working capital, and other corporate
purposes. Office — 1907 Chamber of Commerce Bldg.,

of

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

• Trans

it Pension

Corp.

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

deposit near Casa Grande, Ariz.

Shore copper

Transmission

Western

Continued from page 31

,

.

,

-

York/

,

.

Airlines, Inc.
$8,500,000 of 5%% convertible subordinated debentures
due Oct. 1, 1983 offered for subscription by stockholders
at $101.37 per debenture, on the basis of $100 of deben¬
tures for each

★ Paramount International Coin Corp.

18

common

27, 1963 filed 1,000 non-voting class A common.
Price—$1,000. Business—Acquisition, holding, and dis¬
position of coins, medals and other numismatic items.

565,218

Proceeds—For

share for each share

capital.

Office—1

shares held of record

Dec. 3.

Rights will expire Dec. 27. No underwriting is involved.

Nov.

working

■■■.,.'•

Trans World

North

St., Englewood, Colo. Underwriter—None./;-.

Main

Peerless

Insurance

Co.

capital shares being offered for subscription by
stockholders at $8 per share, on the basis of one new
expire Dec. 24.

held of record

Dec.

3. Rights will

No underwriting is involved.

Number 6322

198

Volume

.

.

.

The Commercial and Financial Chronicle

evidence

has

about it

know

to

similar

write

those

to

Would

you

at

us

that

so

can

we

an

item

REctor

at

us

Stuart

Office—441

or

named.

Oct.

Nov. 20,

"

the

tional

shares

common

—

of

the basis of

on

share for

new

one

(jointly); Harriman Ripley & Co. Inc.-First Boston Corp

Feb.

18./ Rights will expire in
early April.
Proceeds — For expansion. Office — 195
Broadway, New York. Underwriter—None. OfferingExpected in early March.
each

held

20

record

Associated Truck

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

Lines, inc.

and 70,000 for certain stock¬
holders.
Business
Company is a shor-t haul motor
common
carrier operating in Michigan, Ohio, Indiana
and Illinois. Proceeds—To retire outstanding 6% cumu¬
sold

the

for

company

,

—

preferred stock. Office — 15 Andre St., S. E..
Rapids, Mich. Underwriter — Hornblower &
Weeks, New York. Offering—Indefinitely postponed.
Line

writers—

(Competitive).

York. Underwriters—/Competitive). Prob¬
able bidders: Halsey, Stuart & Co. Inc.; First Boston
Corp./Morgan Stanley & Co.; Stone & Webster Secu¬

Nov.

1963

26,

Line

Coast

Atlantic

it

Stuart & Co. Inc. Bids—Ex¬

rities

(12 noon EST) at above address.

1964

pected Jan. 8,

Salomon

bidders:

Probable

was

(3/18/64)

RR

that this road

reported

plans to

$3,825,000 of 1-15 year equipment trust certificates
Office—220 E. 42nd St., New York. Under¬
writers
(Competitive). Probable bidders:
Salomon
Brothers & Hutzler; Halsey, Stuart & Co. Inc.
Bids—sell

in

March.

Oct.

Jan.

'

—None.

.

Steel Co.

Bethlehem

26,

1963,

V

,

one

shares, to be offered to stockholders

new

share for each five held. Address

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

The

approved

stock

represents

be aonroved

$60 million. The settlement terms,
Interhandel stockholders, also

by
by

the

Corp. (jointly); Lehman Brothers-Kuhn, Loeb &
Co.-Glore, Forgan & Co. (jointly); Bache & Co.
April 30, 1963 the

;

■

;

'

■
Public Service Co.

Illinois

Central
On Oct. 2,

'■/

„

Y

•.

Interpublic Inc.

&

Stuart
Co.

-

&

Securities
Stearns

Brothers-Bear,
& Co.

/.

Iowa
Jan.,

Corp.
(jointly);
Lehman
Co. (jointly); White, Weld
;

..

RR

Clinchfield

&

'

■

■■

-

;

to

ties

Oct. 7,
will

of

1963 it,was
filed

be

this

firm's

in

Satellite

reported that

December

common

to

that the

company

plan*
Of¬

Corp.; White
Equitable Securi¬
Co.; Eastman Dillon

Kidder,

Securities

Peabody

&

&

Brothers; Blyth

Co.; Lehman

a

file

a

that the company ,plans
registration statement shqrtly covering $1,810,-

$20/000 000
in two series.

about

stock to be issued

1965.

sold to

Yankee Atomic

1975 to be offered

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.
„ ,7
7

registration statement

covering

& Co

for subscription

Corp.

exploration

Connecticut

reported

St., Des Moines. Underwriters—(Com¬

000 of 6% convertible debentures due

V

will be

was

Irving Air Chute Co., Inc.
Sept. 11, 1963 it was reported

sell

I

Walnut

Corp.;

the public, firms that produce
equipment and other non-co^munications concerns.
Series II will be issued to FCC-aoproved communications common carriers. Price-—Maxi¬
mum of $100 per share. Business—Congress has author¬
ized
the
company
to provide satellites
and ground
facilities for the international transmission of telephone,
telegraph, television and other communications. Office
—3029 K1 ingle Rd., N. W., Washington, D. C.
Under¬
writers—To be named. Offering—Expected in early 1964.
Series

space

named.

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

Union

EST) at above address.

Communications

it

1963

be

Light Co.

Weld & Co.; Halsey, Stuart & Co. Inc.;

(Competitive). Probable bidders: Salomon Brothers &
Hutzler; HaRey, Stuart & Co. Inc. Bids—Jan. 15, 1964

Japan

(Government of)

May 1, 1963 it
to

sell

was

reported that the Government plans

additional

$35,000,000 of external loan bond?
during the fiscal year ending March 31, 1964
expected that the majority would be sold by Dec
31, 1963. Underwriter—First Boston Corp., New York.
an

in the U. S.

Tt

is

Kansas

Oct.

Power Co.

Power &

1963

South

it

riman Ripley & Co., Inc. (jointly); White, Weld & CoBlyth & Co., Inc.-Shields &- Co. (jointly); Halsey, Stuart
&

Co. ,Inc.; First Boston
Corp.-Glore, Forgan &' Co.
(jointly); Salomon Brothers & Hutzler-Eastman Dillon,
Union
Securities
&
Co.
Equitable
Securities
Corp.
(jointly).
'
-

Louisville

&

Nov. 26, 1963

it

Loeb

&

and abroad. Underwriters—Kuhn,
Co., Inc., and First Boston Corp., N. Y.

Missouri

Pacific




The Commission stated: "the

(1/7/64)

1963 it was reported that this road plans to sell
$6,600,000 of 1-15 year equipment trust certificates. Ad¬

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

York

New

Apnl 3, 1963 it

was

Electric

& Gas Corp.

reported that the company plans to

sell

tion

St.,

Ripley- & Co.; Blyth & Co.

City

Power

&

Light

Co.

16,,1963 it was reported that the company plans to
$18-$20,000,000 of first mortgage bonds in January
Address

—

&

Co.

Y

York Telephone Co.

New

1330

Baltimore

Ave., Kansas C-itv, Mo.

Inc./Blyth & Co., Inc.-First Boston Corp.

Harriman
:

(1/7/64)

it was reported that this A. T. & T. sub¬
sidiary plans to sell $130,000,000 of first mortgage bonds,
in January. Proceeds—To repay bank loans, refund $75,000,000 of outstanding 3% bonds maturing Oct. 15, 1964,
and finance construction. Office — 140 West St., New
York.
Underwriters—(Competitive). Probable bidders:
Oct. 28,

1963

Bids-

Halsey, Stuart & Co., Inc.; Morgan Stanley & Co.
Expected Jan. 7, 1964.
/
Northern

Pacific Ry.

(12/10)

plans to sell
certificates in De¬

1963 it was reported that this road

Nov. 7,

$6,840,000
cember.

equipment

of

trust

Office-M20 Broadway, New York.

Underwrit¬

ers—(Competitive). Probable bidders: Halsey, Stuart &
noon

Bids—Dec. 10' (12

EST).

Northern

States Power Co.

(Minn.)

that the company plans to
offer about 771,110 additional shares to stockholder? on
a l-for-20 basis in 1964, to raise an estimated $25,000,000.
Office—15 South Fifth St., Minneapolis. Underwriter—
To be named. The last, rights offering in July 1959 was
underwritten by Merrill Lynch, Pierce, Fenner & Smith
May 14, 1963 it was reported

Inc., New York.
Otter Tail

•

•-.<

.

1

reported that the company plans
sell 30,000 shares of $100 par preferred stock in the

Oct.
to

I

Power Co.

16,

1963

it

was

quarter of 1964. Office—215
Falls, Minn. Underwriter—To be
first

So. Cascade St., Fergus
named. The last sale of

preferred on March 8, 1950 was handled by Glorg,
gan & Co., New York and Kalman & Co., Inc., St.
Pacific Telephone & Telegraph Co.

For¬
Paul.

'
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
means that the company must sell
about $217 million of
securities a year, it was stated. Office—140 New Mont¬
gomery St., San Francisco. Underwriters—To be named.
The last issue of debentures on Feb. 16, 1960 was under¬
written by Halsey, Stuart & Co. Inc. One other bid on
the issue was tendered by Morgan Stanley & Co.
/,
June

19, 1963 the company

ie Pan
Dec.

4,

American World Airways, Inc. (1/7/64)
1963 it was reported that the company plans to
stockholders the right to subscribe for

offer its common

$60,000,000 of conv. subord. debentures

principal

basis

of

$100

to

13

shares

11

debt

000,000 of the firm's bonds,

RR

Oct. 22,

expire" Jan. 22.

>

t

(Government of)

(jointly): Lehman Brothers-Bear. Stearns & Co. (joint¬
ly); Equitable Securities Corp. - Eastman Dillon, Union

this new firm for permission
with underwriters for the sale of up to $55,-

(12/9)

of 1-15 year equipment trust certificates.
E.
42nd
St., New York., Underwriters—•
(Competitive). Probable bidders: Salomon Brothers &
Hutzler; Halsey, Stuart & Co. Inc. Bids — Dec. 9, (12
noon EST)
at above address.
'

Stuart

denied the application of the 12

RR

reported that this road plans to sell

Office—220

to negotiate

1963 the SEC

Nashville
was

$6,705,000

Underwriters—(Competitive). Probable bidders: Halsey,

18,

reported

writers—(Competitive). Probable bidders: Merrill Lvnch,
Pierce, Fenner & Smith Inc.-Kidder, Peabodv & Co.-Har-

utilities which jointlv own

Nov.

Light Co.

that this subsidiary of
Utilities, Inc., plans to issue $25,000,000 of
was

bonds in second quarter of 1964. Proceeds—For construc¬
Office—142 Delaronde St., New Orleans. Under¬

petitive). Probable bidders: First Boston

■

(1/15/64)

26, 1963 it was 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—

noon

16,

sel

Underwriter—To

Power &

fice—823

Nov.

(12

for advertising agencies, public relations firms

York.

New

& Smith Inc. (Jointly); Halsey,
Co. Inc.; Eastman Dillon, Union Securities &
Fenner

Equitable

plan¬

and other communications media. Office—750 Third Ave.,

(Competitive). Probable bidders: Salomon Brothers
& Co.-Kidder, Peabody & Co.-Merrill
Pierce,

Middle

ning its first public stock offering. Business—A holding
company

Hutzler: Blyth

Lynch,

16,

(jointly); W. C. LangJey

-

Co., Inc.; Salomon Brothers & Hutzler.

Oct. 30, 1963 it was reported that this company is

1963, it was reported that the company plans

Office—607 East Adams
ers—

announced plans to sell $15,-

$20,000,000 of securities in 1964 to help finance its $26,construction program. Office—176 Cumberland
Ave., Wethersfield, Conn. Underwriters — First Bostor
Corp., New York; Putnam & Co., Hartford; Chas. W
Scranton & Co., New Haven.
■
' <
'///

$20,000,000 of bonds in the third quarter of 1964.
St., Springfield, 111. Underwrit¬

to sell

Light Co.

company

900,000

Halsey, Stuart & Co. Inc./First Boston Corp.; Lehman
Brothers; Harriman Ripley & Co,; and White, Weld &
;

Electric

Hartford

1963, the company announced that it plans to
bonds sometime in 1965. Proceeds—For
construction of a new plant. Office—182 Tremont St.,
Boston. Underwriters—(Competitive). Probable bidders:

/

a

—

Edison Co.

/

Louisiana
Oct.

District Court at Wash¬

U. S.

ington, D. C, Business—Company is

20,

;

Co., Inc.-First Boston Corp.
Co.

Forgan & Co. (jointly); Halsey, Stuart & Co.;

asset.

of the voting control of the company. Mr. Kennedy

must

sell $25,000,000 of

Co.

&
&

and Interhandel about

German

a

as

Boston

Nov.

Long Island Lighting Co.
29, 1963 the company announced plans to issue
$25-to-$30,000,000 of first mortgage bonds in each of the
years 1964 to 1968 inclusive, lo help finance! its $285,000,000 5-year construction program. Office — 250 Old
Country Rd., Mineola, N. Y. Underwriters—(Competi¬
tive). Probable bidders: Halsey, Stuart & Co. Inc.; Blvth
Aug.

said that if General Aniline should be sold for $200 mil¬
lion, the Government would receive about $140 million

1942

recently

/

and gas propertiesr Proceeds—
Office—210 Mid-Continent Bldg., Tulsa,

Underwriters—

$20,000,000 of debt securities to finance its construc¬
program for 1964 and 1965. Office—108 East Green
Ithaca, New York. Underwriters „•— (Competitive).
Probable bidders:
Kidder, Peabody & Co. - Salomon
Brothers & Hutzler (jointly); First Boston Corp.-Glore,

in

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

Okla.

dress—Missouri Pacific Bldg., St. Louis.

Corp.

York.

.

plans to

development of oil

For expansion.

Mexico

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

/

and

'

& Smith Inc., and

98%

Broadway, New York. Underwriters-—To be named. The
^nhlir cal'* of securities in May
1955. was handled

■

company

of bonds in the U. S.

common

the basis of

ment

Arthur B. Homer, Chairman, announced
that the company will embark on a $750,000,000 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
veb.

'

f

General Aniline & Film

Proceeds—To increase capital
Houston, Tex. Underwriter

Price—$45.

1964.

6,

„

April 3, 1963 Attorney General Robert F. Kennedy an¬
nounced that the Justice Department had reached an
Dut-of-court agreement with Interhandel; a Swiss hold¬
ing company, designed to settle the 20-year old dispute
Dver control of the 540,894
class A and 2,050,000 class B
shares of General Aniline seized by the U. S. Govern¬

funds. Office-—900 Travis St.,

.

ing 206,338

1963 it was reported that stockholders had ap¬

16,

Corp.

York.

proved a 2-for-l split and the offering of 100,000 $10
par shares to stockholders on the basis of one new share
fnr each
20 held of record Oct. 15. Rights will expire

-

July 16, 1963 following the public offering of $40,000,000 of external bonds, it was reported that the Govern¬
ment
is authorized
to
sell
an
additional
$65,000,000

ner

(Houston)

N. A.

Southwest

of the

.

file a registration statement
shortly covering an undis¬
closed number of common shares. Business—Exploration

—Ocala, Fla.

Expected March 18, 1964 (12 noon EST) at above address.

(jointly); White, Weld & Co.-Shields

ic Florida Telephone Co.
Dec. 3, 1963 it was reported that the company plans to
file a registration statement in early March, 1964, cover¬
on

—

Bank

& Co.,

New

Plaza,

Co.

Livingston Oil Co.
Nov. 6, 1963 it was reported that the

Co.

Power

Duke

in January.

Brothers & Hutzler; Halsey,

by Dean Witter

Sept. 17, 1963 it was reported that the company has ten¬
tative plans to issue $50,000,000 of first mortgage bonds
in the second quarter of 1964/Office — 30 Rockefeller

$6,420,000 of 1-15 year equipment trust certificates
Office—220 E. 42nd St., New York. Under¬

about

handled

was

Chicago.

1963 it was reported that this road plans to sell

Nov. 26,

1962

28,

last sale of debentures

'

(1/8/64)

RR

Aug.

&

(jointly).

tion.

—

Grand

Coast

Corp.

16,

Underwriter—To be named. The
on

lative

Atlantic

Data

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

Sept. 18, 1963 it was reported that 110,000 common shares
of Associated will be sold publicly, of which 40,000 will
be

(Competitive). Probable bidders: Halsey,
Inc.; White, Weld & Co.-Shields & Co.

—

Co.

&

Stuart

& Co,

Hayden, Stone & Co., Inc., and
Shearson, Hammill & Co., New York.

.

Mid-1964

derwriters

right to subscribe for 12,250,000 addi¬

Securities

33

Power Co.

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¬

Telegraph Co.

1963 the company announced that it will offer

stockholders

$70-$80,000,000 plant.
Underwriters — To be

the company stated that it had postponed
its
plans to raise additional capital.
Earlier, the company said that it planned to sell $20,-

Prospective Offerings
&

of the

Boston.

1963

7,

until

Telephone

St.,

-

,

Consumers

American

Yankee's

not yet

Proceeds—For construction

2-9570
25 Park Place, New York 7, N. Y.
telephone

Connecticut

proceed

hereunder.

find

you'll

prepare

that

sold

be

decided whether to appeal the ruling, or to
yvith a competitive sale. Business—Company
was
formed in December 1962, to own and operate a
500,00 kw. atomic power plant at Haddam Neck, Conn.

have an issue you're planning to register?
Corporation News Department would like

Do you
Our

indicate

to

could

successfully at competi¬
tive bididng." A spokesman for the firm stated that it

UNDERWRITERS!

ATTENTION

tended

securities

senior

(2213)

due'1984 on.the

amount of debentures for earh
Rights will

held of record Jan. 7, 1964.

repayment,
■

Price—rBy amendment. Proceeds—For
and purchase of additional aircfait.
Continued

on

page

34r

The Commercial and Financial Chronicle

(2214)

34

33

Continued from page

6.

Dec.

-7;

••

•

offered

7.

Pennsylvania Power & Light Co.
March 18, 1963 the company stated that

.

it expects to self

of

sale

bidding

Ptabodv

Other bidders were
First Boston Corp.-Drexel &

Cc.

Co.

&

inc.;

Philadelphia Electric Co.
Sept 18 1963 it was reported

com-

that the company is con¬

sale of $50,000,000 of first mortgage bonds
Office — 1000 Chestnut St., Philadelphia.
Underwriters—(Competitive). Probable bidders: Morgan

Co.-Drexel & Co. (jointly); Halsey, Stuart
Corp.; White, Weld & Co.
Potomac Edison Co.
(3/10/64)

16, 1963 it was reported that this
legheny Power System, Inc., plans to
000 of first mortgage bonds due 1994.
Oct.

Corp.;

Securities

Electric Power Co.

Potomac

000.000

of new

money

Stuart & Co. Inc.; First Boston Corp.-Dean Witter
& Co. (jointly); Blyth & Co.-Lehman Brothers-Merrill

sey,

financing in the early
part of the year. However, it has not determined the
amount or type of security to be offered.
Office—929
E St., N. W., Washington, D. C.
Underwriters—To be
named. On Feb. 19, 1963 the company sold $50,000,000
gram

and expects to do permanent

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

Aug. 12, 1963 the company stated that it is considering
the sale of $35 to $40,000,000 of common stock early in
1964 to help finance its $570,000,000 construction pro¬

Bros.,
Web¬
ster Securities Corp., and Johnston, Lemon & Co. Other
bidders on the issue were Kidder, Peabody & Co.-Mer¬
rill Lynch, Pierce, Fenner & Smith, Inc.—White, Weld
& Co.—Salomon Bros. & Hutzler (jointly); First Boston
Corp.; Halsey, Stuart & Co.
Dillon, Read & Co., Inc.; Lehman
Eastman Dillon, Union Securities & Co., Stone &
to

bonds

of

15, 1961 was 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.
Fenner & Smith Inc. (jointly).
mon

Probable

Oct.

For

Office

—

First Boston

Ryder Systems, Inc.
25,
1963
it was, reported

Nov.

gage
2736.

authorized

the

to" issue

company

NYU Schedules

Banking and Finance Assembly,

professional

seminars,

presentation
New

York

will

a n

of awards

to

highlight

School

the

of

annual

13th

Commerce,

Finance.

scheduled

The

for

Square

Speaking
for

the

is
7)

(Dec.

Center, Wash¬

South,

Manhattan.

the topic /'Outlook

on

Securities

Market"

at

the

general Banking and Finance As¬

sembly,
will

to

be

held

be Walter

at

10:15

a.m.

Maynard, Partner,

Shearson, Hammill and Company,
and

Glenelg P. Caterer, Executive

Vice-President, Lionel P. Edie and

seminars covering wide

areas

professional and general inter¬

est will be held

concurrently. Sem¬

inars, speakers, and topics

are:

Transportations-Robert D.

Brooks,
York

general

Central

&

Smith

solicitor,

New

System, "The

Sub¬




&,Co.

Inc.:

&

Pacific

it

28. 1963

dress—916

Pelou-

E.

bet.

partner, Price Waterhouse &

Co.,

"Guideline

Depreciation, the

Ratio,

and

the

of

Attorney
Real

General's

Schulman,
State

''The

Office,

Its

Management—Robert

les, Vice
overseas

-

W.

Feag-

President in charge of

personnel, First National

City Bank, and W. I. Patrick, dep¬
uty

coordinator

Standard

"Problems

Oil

qf

for

Co.,

Europe,
New

The

Jersey,

7

-

<

Executive

Vice

-

President,

Mars-

teller, Inc., "There Are No Experts
in

Export" and Robert G. Furlong,

Stock

York

Ex¬

school and college consultant.
Air

Lines, "A Preview of

World's

Fair."

general

a

v"

assembly

at

2:15

the Gallatin Award of Honor

will

be

presented

Schimmel,
Madden

class

Memorial

1916.

the

and

Award

will

Valley Gas to

of

Blackstone

and

Eastern

Associates, the latter's parent Price—At book
($11.15 per share on April 30, 1963). Business-—
Company was formed by Blackstone to take over its
gas properties, Proceeds —- To the selling stockholder,

value

Blackstone

Valley

Gas.

Address

Pawtucket,

—

R.

I.

Underwriters—(Competitive). Probable bidders: Kidder
Peabody & Co.; Stone & Webster Securities Corp.

Vortiado,

Inc.

Nov.

20,

ment

is being prepared covering the secondary offering

1963 it

to

up

186,000

reported that

was

shares

common

a

registration state¬

held

Sidney Hub-

by

—

be

&

Wisconsin

Hanson

Baldwin,

military

26,

sale

1963

Corp.

of

construction. Office—1029 No. Marshall St., Milwaukee.
Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; Kidder. Peabodv & Co.: Merrill Lynch,
Pierce,/Fenner & Smith Inc.-Eastman Dillon, Union Se¬

curities

White,

&

Co.-Salomon

Weld

&

Brothers

First Boston
Lehman Brothers (jointly).

the

Award

of

Co.;

Honor

an

organization of

University, in

rec¬

University and symbolizes life

and

son

the Albert Gallatin

ognition of outstanding service to
the

Service

the compny stated

man

named

Madison,

Madden

of

is

& Co.-

first chair¬

was

governing council.
Memorial

Award,

Dean John

the late

for

Madden,
School

Hutzler ■(jointly');

Corp.; Blyth
>
L

NYU's

of

The

-

&

presented

Commerce

by

the national situation

011

ically,
topic

as

is

well

as

Alumni

"Where Do

sociation to alumni whose careers

ciates.

have

Albert

Gallatin,

the'

of

who

United

was

States

Treasury under Presidents Jeffer¬

exemplified

"outstanding

achievement in business', industry,

professional life."

or

C

Special Trial Subscription Offer
NEW

SUBSCRIBERS

The COMMERCIAL and FINANCIAL

His
25 Park Place

We Go from

New

York. N. Y. 10007

Here?"
Fill
Mr. Schimmel, who resides at 145

Central Park West,
a

Manhattan, is

mel'&
Mr.

Co.,

accounting

Schneider,

who

firm,

lives

at

out

the coupon below

and

we

information regarding our special

and
58

Name

Croft Terrace, New Rochelle, N. Y.,
Firm

president

and

and

chief

Address

Screen
State

Gems, Columbia's television sub¬
sidiary.

.

...

executive

president of

will send you complete

trial subscription offer to

the Commercial and Financial Chronicle without

senior partner in Michael Schim¬

•

As¬

membership in the Gallatin Asso¬

econom¬

militarily.

T.

NYU's

speak

poration
Deaver,

of

Public

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

Gallatin

The

editor

ot The New York Times will

tive Forces in-Marketing."

foreign economist, The Chase

Nov.

class of 1926. Also at the assembly,

officer of Columbia Pictures Cor¬

V.

offering of Two Guys from Harfison, a predecessor
in August 1957 was. underwritten by Bache
Co., New York.

Schneider,

is

John

stockholders

Utilities

FOR

Abraham

to

tors, Inc., New Jersey, "Competi¬

—

;/

13, 1963 it was reported that the SEC is studying
plan under which Blackstone Valley Gas & Electric
Co., would sell its entire 400.000 shares holdings of

a

M ichael

to

of

General Manager. Philco Distribu¬

Economics

.

Nov.

is presented by

Secretary

"

-

p.m.,

Managing Overseas

Enterprises."'

New

General Course—O. O. Hunsaker,

presented

Use and Potential."

Gold

the

and

change; "World Capital Markets:"

At

Investment Trust:

Estate

.

.

Associates,

-

New York

attorney.

,

Valley Gas Co.

friends

the

Estate—Steven

S.-Bal¬

Bank, "The U.

Payments

the

United

senior

man

mist,

& Smart, "A Business Approach to

Real

ney

Reserve" and James Meigs, Econo¬

dahl, partner, Touche, Ross, Bailey

Auditing—A New Look."

Dallas. Underwriters

Fidelity Union Tower,

Revenue

and Walter H. Soder-

12Y

(12

year

Manhattan

1963"'

&

Stuart

Welc

White.

Lynch, Pierce. Fennet
Co
Inc.: -First Boston
-7
•

reported that this road plans to sell
equinment trust certificates. Ad¬

was

ance

Act of

Merrill

Ry.

urban Commuter Problem in Met¬

Reserve

Webster Securities Corp.

oompanv,

subsidiary of Paci¬

bidders:

Probable

Inc.:

Halsey.

$2,700,000 of 1-15

Marketing—Howard G. Sawyer,

Following the assembly, at 11:30
of

Blvth

ropolitan New York."

Company, Inc.
a.m.,

Co.:

Oct.

Accounts,

Saturday

&

Texas

the

(Preferred Stock)

White, Weld
(jointly); First
Corp.-Blyth & Co. (jointly); Kidder, Peabody &
Eastman Dillon, Union Securities &
Co.-Smith, Bar¬
& Co.-Salomon Brothers & Hutzler (jointly); Leh¬
Brothers.
'
-if

Co.:

lic

of Calif.

Co.

Gas

plans to sell $27,000,000 of first mort¬
bonds in the fourth quarter. Address—P. O.; B07
Terminal Annex, Los Angeles 54, Calif. Under¬

NYU's

program

at the Loeb Student

ington

two of

University's alumni

Dean's Day Homecoming of

and

the

d

Read

,

Counties

Corn

Accounting—Maurice

Fin. Seminars
A

Underwriter—Dillon,

Tex.

writers— (Competitive)

ICC had
$5,380,909 of 5 14 G

that

x

fic Lighting Corp.,

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

(jointly).

& Co.-Stone &

field, N. J. Underwriter—To be named. The initial pub¬

Dallas,

Bldg.,

Southern

Corp.:

West

&

company

Co., Inc., New York.

St..

Franklin

10

Office—1407

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

Jan. 2, 1963 it was reported that this

construction.

plans to

$10,000,000 of preferred

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

Rochester, N. Y. Underwriters—(Competitive). Probable
bidders:

the

6, 1963 it was reported that

and

quarter of 1964.

.Boston

of

isstie

Rochester Telephone Co.

Stearns & Co.

Public Service Co.

Southwestern

May 7, 1963 the company announced plans to sell $16,000,000 of debentures in the first, quarter of 1964{ but
may do so earlier if market conditions are favorable
—

Feb.

r

Ripley &
Co., Inc.-Eastman Dillon. Union Securities & Co-Mer¬
rill Lynch. Pierce, Fenner & Smith Inc.-Dean Witter &
Co.
(jointly);, First Boston Corp.; Lehman BrothersKidder, Peabody & Co.-White, Weld & Co.; (jointly)r
Bl.vth & Co., Inc.-Smith. Barney & Co. (jointly).

Proceeds

on

Eastman

was

Denver, Colo. Underwriters :— (Competitive).
bidders: Halsey, Stuart & Co. Inc.; Harriman.

Underwriters—To

Ga.

reported that the company plans tc
sell $35,000,000 of 30-year first mortgage bonds in April,
1964. Proceeds—For construction. Office—900 15th St..
it

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

gram.

Colorado

Public Service Co. of
June 4, 1963

Hal¬

Probable- bidders:

Underwriters—(Competitive).

stated that it will need $50,-

in 1964 for its construction pro¬

the second

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,

13, 1963 the company announced plans to sell $60,000.000 of first and refunding mortgage bonds, series

R, due 1989. Proceeds—To repay bank loans and finance
construction. Office — 601 West Fifth St., Los Angeles.

Light Co.
reported that this utility plans to sell

$20,000,000 of bonds
in

Se¬

Co.;

Nov.

Smith Inc. (jointly). Bids—March 10,
EST) at 320 Park Ave., New York.

&

was

Webster

Temple St., Salt Lake City, Underwriters—(Com¬
petitive). Probable bidders (bonds): Salomon Bros. &
Hutzler; Halsey, Stuart & Co., Inc.; Kidder, Peabody &

(2/25/64)

Edison Co.

California

Southern

Power

&

North

Distributor;—Allstate Enterprises, Inc., Chicago.'

Stuart & Co. Inc.; Equitable
White, Weld & Co.-Shields & Co.

July 30, 1963 the .company

stock

panies could not hold Sears stock if. Sears itself owned
mutual fund. Office—925 So. Holman Ave., Chicago.

Pierce, Fenner &

(10 a.m.

about

a

(jointly); Lehman Brothers-Eastman Dillon, Union Se¬
curities & Co.-Harriman Ripley & Co.-Merrill Lynch,
1964

Utah

preted by some to mean that registered investment com¬

Halsey,

(jointly);

Corp.

Corp.
25, 1963 the company announced that it plans to
$50-$55,000,000 of first mortgage bonds and possibly

July 2, 1963 it

thby will recommend that the Com¬

adopt a new rule exempting Sears and other
publicly held firms from a provision of the In¬
vestment Company Act. This provision has been inter¬

Office—200 East

Line

writers—White, Weld & Co., and Stone
curities Corp., New York,

large,

Frederick, Md. Underwriters—(Competitive).
bidders: W. C. Langley ,& Co.-First Boston

Pipe

some
preferred in the first half of 1964.
BusinessTransmission of natural gas. Proceeds—-For loan repay¬
ment. Office—3100 Travis
St., Houston, Texas. Under¬

mission

subsidiary of Al¬
sell $12-$15,000,-

Gas

Sept.
sell

mutual fund, following notice from

a new

SEC staff that

•

Transcontinental

Roebuck & Co.

plans to form
the

Patrick St.,

Probable

ing—Indefinite.

19, 1963 a spokesman for Allstate Enterprises, Inc.,
subsidiary, announced that the latter is proceeding with

Inc.; First Boston

Co.

Diego Gas & Electric Co.

Sears,

Thursday, December 5, 1963

.

Tokyo (City of)
May 1, 1963 it was reported that thb Diet had authorized
the sale of $20,000,000
City of Tokyo bonds .in the U. S.
during the fiscal year ending March 31, 1964.
Under¬
write1*
To be named. The last issue of Tokyo bonds in
March, 1927, was handled by Kuhn, Loeb & Co. Offer¬

Nov.

&

Stanley

record

Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co, Inc.; Blyth & Co.; First Boston-Corp.Eastman Dillon, Union Securities & Co.-Merrill Lynch,
Pierce, Fenner & Smith Inc. (jointly); Lehman BrothersSalomon Brothers & Hutzler (jointly).

mid-1964.

&

of

22. Rights will

San

sidering'the
in

shares' held

common

.

(Competitive). Probable bidders: Salomon Brothers &
Hutzler; Halsey, Stuart & Co. Inc.; First National Bank
in Dallas; Mercantile National
Bank, Dallas. Bids—Ex¬
pected Dec. 12 (12 noon CST) at above address.

Sept. 10, 1963 it was reported that the company is con¬
sidering the sale of about $20,000,000 of debt securities
in mid-1964. Office—861-Sixth Ave., San Diego, Calif.

Weld & Co., and Kiddei
Halsey, Stuart 6
Co. (jointly).

White,

by

pe.itive

40

due
1983; being
basis of $100 of deben¬

the

writer—Blyth & Co., Inc., New York.

Thi

Pa. Underwriters—To be named.
bonds on Nov. 29, 1961 was won at

Allentown,

St.

each

debentures

on

—

bonds in the period 1963 through 1967
Proceeds — For construction and the retirement of $8,Ouu.uuo of
maturing
bonds. Office-: 9th and Harniltoi

W

stockholders

expire Dec. 6. Price—At par. Busi¬
ness—A holding company engaged in the fields of motor
freight carrying, equipment leasing and manufacturing.
Office
2701 So. Bayshore Drive, Miami, Fla.
Under¬

of

$75 000 000

to

for

tures

Nov,

New

Brothers,

subordinated

convertible

\

-

Bldg., New York. Underwriter—Leh¬
York. - Registration—Expected

Address—Pan Am.
man

/

.

obligation,

Number 6322

198

Volume

.

'

TAX-EXEMPT BOND MARKET
sold

Hall

Convention

$4,335,000

Limited

and Recreation refunding,

bonds to White,
associates at a
interest cost of 3,579%. The

Tax

(1965-1990)

Weld
net

for the present and

market

near

future, we see a steady mar¬

ket

supported

by

As

interest.

moderate

a

general investor

amount of spotty

and

Co.

&

municipal

describing the state and

soon

early

the

.as

year
volume
catches
up/ and
net interest
passes "this
investment interest,
cost, was submitted by the group
we'visualize a return to the pro¬
headed jointly by Francis J. du
fessional buyers' market and its

bid,

second

Pont

&

3.64%

a

Nuveen &

John

and

Co.

of the winning

Marshall

Foster

&
&

Pierce

&

;

scaled to yield

000,000.

involved

Albany,

$2,465,000

The

Ga.

next

bid,

/cost,

was

of Georgia

bids

3.464%

E p

'

to 3.491%.

V

be

"

of the winning

members

Co., J. H. Hilsman & Co., John¬
Lane, Space Corp. and Byron

son,

Brooke & Co.
.

yield from 2.00%

Reoffered to
3.50

to

%,

the

reports

group

balance

unsold

of

Week's

an

awarded.

Major Sale

week

Bowling

of

City

was

Green, Kentucky sold $10,000,000
and

Water

2003)
Co.

&

Sewer

to

bonds

J.

B.

Ingen

Van

net in¬

a

terest cost of 4.25%. The runner-

bid,

up

4.280%'net interest cost,

a

was

made by

Co.

account.

the John Nuveen &
'
(
;

in

Other

&

members

major
Blair

Co.,

de¬

also associated. Other

Schroth

was

officers

have

the past

which Mr.

associated

been

for

each

&

the

of

include Allen
Granbery,

Co.,

Marache, Barcus,. Kindred

Mobil

Virginia-

merged

Chemical

by

Corp.,

of Trade

1.2

of

ex¬

shares

Socony

Virginia-Carolina

each

5%

Virginia-Carolina

vertible preferred
&

stadt

to

con¬

firm

Mobil

not

commingled

be

Lazard

DIVIDEND NOTICES

the

U.

S.

BELLEVILE, 111.—Newhard, Cook
&

Co. has

East

St.

combined its offices

Louis and
office

hew

one

980

Madison

quarterly
the

the

Ave.,

27,

York

New

1963,

21,

N.

held

Y.

of this company
declared the regu¬

Stock

of

at

Hal-old

E.

Wolfe

(50e)

Stock

per

on

the

to

the close

shareowners of

business

of

was

Connnoh

20,

1963,

record 'at

November 29,

on

AnacomdA

Corporation,

the

of

share

1963.
M6U

T.

S.

BOWERS.

McCASKEY.

A.

iPMHtOII

JR.

Secretary

DIVIDEND NO. 222

is

He

School.

ernor

and

vice-chairman

the

of

national,

president of the Investment Bank¬
Association

America.

of

share

Phi

well

as

Beta

he

1957

as

Kappa,

bestowed

the

who

have

achieved

distinction in their

Newton

Mr.

Common

of

Finance.

He
of

the

ment Trust and

cipient of
%

1960.

Dividend No. 221

quarterly dividend of: 75c per share (lk»%) on the
ending December 31,1963
and a dividend of 17 kc Per share on the Common Stock
have been declared. Both dividends are payable January
1, 1964 to holders of record December 9; 1963. The
stock transfer books will remain open.

'

Broadway, New York 4, N. Y.

a

CERRO

Louis T. IIindenlang
Cash Dividend No. 174

Secretary and Treasurer

November 27, 1963

The Board of Directors
December 3, 1963,

cash

a

dividend

share

per

Stock

QUARTERLY

138th CONSECUTIVE

of

Corporation,

December 27,

on

COMMON STOCK CASH DIVIDEND
The

a

of

Board

has declared

Directors

Michael D. David

Secretary

share cash

per

payable December 31, 1963 to stockholders
record at the close of business December 9, 1963.

dividends

Invest¬

of

re¬

Common

in

rec¬

December 13, 1963.

on

of

as

32 3 2^

1963 to stockholders of
ord

/

on

declared

the Common

on

of the

payable

BENEFICIAL FINANCE CO.

of the

the Bishop's Award
.

at
on

Secretary and Treasurer
25

ath¬

initial

an

was

business

Preferred Stock for the quarter

•

serves

Diocesan

the

of

December 6, 1963.

an

Department

also

share,

record

A

Episcopal Diocese of Missouri and
chairman

per

of

unusual

careers.

treasurer

is

value of $50

chose

Illustrated

college

on

per

capital stock of

stockholders

to

na¬

received

Spbrts

dividend

($1.00)

payable December 28, .1963,

tional honorary academic fratern¬

American

its

on

the par

Preferred Dividend No. 231

all conference half¬

Colorado

Dollar

One

COMPANY

a

gov¬

a

as

a

ANACONDA

toda'y declared

R. E. SCHNEIDER

V

Il¬

and

Dealers,

as

THE

has
of

COMPANY

a

Association of Securities

well

Board of Directors of

and

Colorado

of

National

letes

co-

fifty

of

dividend

a

payable 'December

1, 1964. to stockholders of record
close of business on December 16,

graduated from

has been

In

are

V

15.

November

today,

1963,
cents

George A. Newton

Missouri

ity.

Main

Directors

BANK NOTE

the

All

East

20

in

into

Corporation

Steel

declared

of $1,375 per share
5la'« Series Cumulative
the company, payable

of

Board

the

Ludlum

Allegheny

dividend

outstanding

of

meeting

a

the

Directors

of

Board

November

Ft

and

of

Belleville

managers.

AMERICAN

Bar,

at

of Justice.

November 27, 1963

linois

member

July

Combine Offices

1

an

before

Department

The

Law

was

of

will

DIVIDEND NOTICES
of

Secretary

St.

of

assets

Pittsburgh, Penna.

HAZEL

University

member

op¬

1, 1964, without 30 days notice to

and

Allegheny Ludlum Steel Corporation

NOTICES

At

at

Oct.

Harvard

its

and

be

division

St., Belleville. Warren E. Leopold

INVESTING COMPANY

CITY

Preierred

Mr. Newton was
the

Na¬

Virginia-

will

separate

a

financial

as

and

Socony

clearing firm.

DIVIDEND

Central
for

Socony

for

share. F. Eber-

acted

Co.,

advisor

as

common

share, and 1.32 Socony shares for

three years with a Board

1964.

11-23,

trustee

winning syndicate

Inc.,

Carolina

Socony

will;

on

(1965-' award,

revenue

associates at

and

Co., with

Con¬

held

back

is¬

the largest

past

The

Co.,

1963,

latter

of

s e o p a

Louis

ers'

$950,000.

Wednesday,
of, this

sue

Oil

30,

The

erated

Protestant

i

He

On

Nov.

,

General

vention

Robinson-Humphrey
Co, Citizens and Southern Na¬
tional Bank, Atlanta, Wyatt, Neal
& Waggoner, Francis I. du Pont
&

commodity

the

of

the

for

The

and

are

v

On

change

formerly

was

Church.

in interest cost

ranged

arrange¬

the

The

associates

and

on

61st

net

submitted

other

1

change of about 1,183,800 capital
Weinberg, shares/Terms called for the ex¬

Treasurer.

and

Hoffman

Mr.

lar

committee

Convention

interest
bv White,

3;46%

a

Co.

Other

Vice-President

The

of

the

ments

was

of, 3.425%.

cost

from

group

W.

and

acted

1963.

bidder for this loan at a

&

the

Sidney,

and

January

(1964 - 1993)
led by The

group

Company

Weld

of

Richard

Manager

department;

retary;

on

purpose

interest

net

and

Vice-

Co.,

Corp.,

Carolina Chemical Corp.

Merger Effective

Man¬

Schroth,

&

tional

Shanley, Vice-President and Sec¬

011

named

been

Tuesday's final important award

the high

stock

St.

has

Louis,

treasurer

Trust

in

office

home

a'

bank¬

investment

-

bonds.

President

Hoffman,

Sales

and

Donald

J.

ager;

Mo.—George A. New¬
Co.,

with

ers,

the

and

3.70%

to

&

Walker

present balance in account is $2,-

various

Vice-President

Wrisley,

B.

W.

Freres

Socony Mobil Oil

ton, ^managing partner of G. H.

'

2.30%

ChurchCommittee
ST. LOUIS,

Rauscher,

and

Co.

Co.

The bonds were
from

Co.,.
Co., ' A. E.
&

Ranson

Inc.,

Thompson

Masten

Newton Named to

C. Bradford &

Co., J. B. Hanauer & Co.,

Luce,

Robert

Reynolds &

National

Mercantile

are

Bank: at Dallas, J.

&

David

are

West

>

partment of the Chicago office of

Other members

account

Officers

President;

manager

easier tendency.

consequent

Company.

/*

Boulevard.

Jackson

141

offices at

from

7

bond

35

i

stocks,

Continued from 'page 6

(2215)

Chronicle

The Commercial and Financial

i

.

cerro corporation

300 Park Avenue

Stock—Quarterly—$.30

New

York.22, N. Y.

-

/ ;'

,

& Co.,

—$1.25

5% Preferred Stock—•Semi-annua

Coolev & Co., Stern, Lauer & Co.
and

Burge

Ball,

The bonds
from

and the of-,

TwoAccountExecutives
Finance offices

fering

reportedly

was

ceived.

However,

presently

gan

is

order

the

as

force..."

led

croup

re¬

balance

no

available

period is still in
The

well

r

.•

/

Glore,

by

For-

& Co. and Drexel & Co. sub¬

mitted

the

314 %

best

coupon,

bid,

101.02

for

bid,. 100.94
pon,

came

hattan

.

.

Bank

and

Co.,

Co.,

Brown

merce.

Seattle

prices

of tbe

bonds

success¬

Com¬

Fahnestock

7
were

&

Harriman

of

we

go

utives

staffs

to

-/the-

offices,

it

of

Exchange,

2.20%

Wm. E.

itj

BENEFICIAL

U. S.—Canada

of

has

its

uary

13.

FINANCE

J.-Sutton,
with

previously

another

New

Stock Exchange member firm, has

14 Wall St. 7

to

CONTINENTAL

55th

7
The

Foley
office

has joined
at 1 i East

had

security

been

one

analysts

prior to his

new

of

for

the

firm's

five

years

assignment.

BAKING

As

seek

we

gather together the odds
of this

ends
an

Ahead

•

overall

CHICAGO,

7

7.7-7

'

berg, Shanley, Wrisley & Schroth,
Inc. is conducting a general secu¬

generalization

rities business in commodities and




'

:

on

or

Stock'of Lehval Industries, Inc.,

not

A.
EUGENE

SCHOENER

Vice-President

Executive

V

quarterly dividend of

a

ENGLAND

NEW

ELECTRIC

SYSTEM

68th Consecutive

this day

Cuarier.y Dividend

regular-quarterly divb

a

of 55c

per

payable December 27, 1963,

to

record. of

such

close

business

of

the
holders of

share
stock

on

it

The

stand. n»

December

Directors

has

tie-'

common

payable,

shares

January 2. 1964 to shareholders of
at
the
close
of ousiness

December 10, 1963. Checks will lie
'mailed by Did Colony Trust Com¬

'

stock

transfer books will

pany. Dividend
Boston
Mass.

be closed.

7

of

record

13, 1963
,The

Board

elared today a dividend of iwehtynine cents'(29c) a share on the out-

the '

HARRY

.

monologue, and

Jan¬

'such

December

December 13, 1963
Second Preferred,
or

of record
Preferred.

.

not

Wein-

payable
holding

business

v

■

111.—Hoffman,

Series

7'j;" ,-7vV7 •'/'
■■ ■'■
'•''"7:7
,r/:'"77-f,.' ...- :7'7'y ''■ -*:
Common Dividend No. 75

/.'•

outstanding Common Stock,

Chicago

of

Preferred Stock of- the Corporation,

have

Dividend Preferred Stock,

dend, for the fourth quarter of the year 1963,

in

COMPANY

-

Shanley Firm Opens

par

payable January 1, 1964, to stockholders of record at the close of business

The Board of Directors has declared
•

this day

Board of Directors has declared

$1.3737 per share on the outstanding $5.50

•

He

close

Preferred Dividend No. 100

.

December 13, 1963.

St.; Manhattan..

at

surrendered
such
shares
for
exchange pursuant to Agreement and Plan of
Merger dated March 21,
1960, will be entitled
to
said
dividend upon
their exchanging said
shares and thereby becoming holders of record
of $1.50 Cumulative Convertible Preferred Stock,

joined the Dean Witter & Co. of¬
fice at

-First

the Capital

who

as¬

York

1963.

A;--

holders

the

$50
of

record

of

1963.

The
of

M. C.

and

shares

nounced.

sociated

3.

of

Board

ending December 31, 1963,
2,
1964,
to
stockholders

year

an¬

at

to press is $2,218,000.
Looking

Thompson

Vice-President & Secretary

New

been

INCU

December

December 2, 1963

England—Australia

account exec¬

Hoffman, Weinberg,

reoffered

3.30% and the balance in account
as

Stock

new

York

members

&

^

from

York

7 Bertrand
E.
the company's

Reynolds

Bank

and

yield

to

cou¬

Man¬

Raffensperger,

Inc.,

'

Company.
The

314 %

Brothers,

National

Co.,

a

associates.

include

group

Hughes &
&

also for

from the Chase

Other members

ful

second

The

bonds.

Co.,

has added two

Leon

dianapolis, Indiana Sanitary Dist.
(1966-1990)

New

the

&

INDUSTRIES,

Directors'
of
Lehigh
Valley
Industries, Inc., today declared a dividend of
75c
a
share
on
the
$1.50
Cumulative
Con¬
vertible Preferred Stock, Series A, for the half

a

In¬

$4,875,000

for

Witter

Dean

VALLEY

LEHIGH

The

oriced to yield

to 4.25%

2.75%

e Preferred Stock—
'Semi-annua.—$2.25

$4.50 Dividend Convertib

Dean Witter & Co. Adds

Kraus.

&

were

WOODWARD, JR.

;

December 4, 1963

TREASURER

•

Disbursing Agent.

HANSON.

441 Stuart Street.

November 27
Our

stores are

Boston and New

Treasurer
'

Boston

1963
iisted

on

the

York Stock Exchanges.

36

The Commercial and Financial Chronicle

(2216)

.

.

Thursday, December 5, 1963

.

Association Annual Convention at

WASHINGTON AND YOU

MR. CACKLES

the Shamrock Hilton Hotel.

CHRONICLE'S Special Pictorial
Section April 30.

behind-the-scenes interpretations
Apr.

capital

from the nation's

22-23-24,

St. Louis

party
WASHINGTON, D. C.

Lyndon B. Johnson, the 55-yearold rancher and political pro from

While

left

the

Chase

Glen

and

Park

Echo

May 16-24, 1964

strong impres¬

a

Louis,

Plaza

Country

Club.

President in the

new

our

first days has

(St.

Municipal Dealers spring

at

Hotel

Political Implications

President

—

1964

Mo.)

(New York City)

Texas, was ploughing a

middle-of-

sion that he will be a strong leader

National

the-road furrow in the

early days

of both the United States and the

Savings Banks 44th Annual Meet¬

This

administration.

his

of

ap¬

he will

to be the course
take for sometime.
peared

Democratic

the

chief executive is anxious

new

Roosevelt
F.

that Congress approve

eral

has

he

pledged thrift and frugality in gov¬
ernment.
i

/''■■■'■

the

When

delivered

President

session

interrupted 33

of Congress, he was

with

a

few

colleagues

and

applause,

former

longtime

but

friends, like Senator Harry F. Byrd
of Virginia, chairman of the

seemingly

agree

that

President

Johnson

not

States Congress will vote a

Senator Byrd

and

some

tax cut

However,

early in the New Year.

of the other

conservatives in Congress want to
take

look

a

forthcoming

the

at

budget proposed for the fiscal year
1965 starting July 1.
Senator

hold

to

May
D.

assassination

hurt

badly

Kennedy

the

ing

unan¬

the

Republican
"!

practically assured Texas' 25 elec¬
votes

going

for

the

Like other

$100 billion.
bill,

Senator

Byrd

first

Federal spending re¬

see

agencies

cut their

to

ceived, and

bureaus

monetary needs to

This

minimum.

and

was

more

favorably

than

a

re¬

member

one

of the Senate is hopeful that he will

follow-up this appeal with further
action.'

/■

■

■

that

session
would

utmost thrift and

His promises will crop

frugality.

before him many times if they

up

not carried out.

are

As

one

of Mr. Johnson's

dress,

L

competent observer said

which

joint session ad¬

was

portant for the

extremely

benefit

im¬
the

of

Aftierican people to show where he

stood

to the occasion; he is equal to

rose

the

questions: He

numerous

on

responsibilities thrust

shoulders, and

in his 32

Capitol Hill lie has
nearly

every

his

on

years

on

through

gone

kind of crisis that is

imaginable.
The "liberal-conservative", from

tfie Lone Star State is

tem,

his

and

numerous

speech-making

occasions

Constitution
of

strong ad¬

a

of the free enterprise sys¬

vocate

as

has

a source

on

cited
in

the

support

There

every

indication

the space program

in

Senator

John

the

Tower,

Meantime, President Johnsop,
master

politician,

Space Ad¬

ministration will continue, as will
our
a

foreign assistance

marked degree.

program

ally

ducing

4he

wherever

may

assistance

possible.

This

re¬

program

could

that the future aid programs

mean

the No. 2 party post.

the

has

off

set

as a

present

be,somewhat less should

he

continue in power for another four
years.




ing at the BellevueStratford Hotel.

be

there

brother-in-law

and

keep

a

President,
There

others

Goldberg,

appeared ;'

quest for

a

late

ator Joseph S.

appeared

Johnson

must

favorable

states.

The

Mr.

try and hold these

Running Mate
Because

Washington

munications
cians

center,

strive

sion

to

has

the

over

For this

reason

ground

nominations
recent

by

be

for

Cabinet

sub-Cabinet

and

the

by

istration

for

the

the

next

A

two.

themselves.

'

Due to

an

ical
the

in

error

the Nov.

printed version

graph

28

of

the

being

running mate for President John¬

a

advocate

and

popular

is

with

labor

is

from

cities

ert F.
on

already

are

drums for

gage

will

Dec. 1-6, 1963

'

Fla.)

Investment

of

the

author's

one

text.

reason,

we

are

presidential
no

not

Kennedy

Mr,

doubt,

Associatioi

Annual

Conventiot

America

Beach

termine

para¬

For

particular segment

will

whether
be

a

this

as

it

will de¬

President

John¬

leader.

How¬

good

the. larger

beating

ticket.
on

en¬

business.

Dec.

6,

1963

Security
Harbor

View Club.

MARKETS

Maxson

Industries
Electronics

Official
Standard

(New York City)

Traders

Association

SS

&

.

King

r

Oar

'

Films

fruit

Waste

of

and Dealers

—-—-

New

York

telephone

number

is

CAnal 6-4592
20,

1964

(Chicago, III.)

Security

Traders

Chicago,

Inc.

Association

Annual

Dinner

of
at

the Drake Hotel.

April 8-9-10, 1964 (Houston, Tex.)

LERNER & CO., Inc.
Investment

Telephone

Texas Group

Investment Bankers

Securities

10 Post Office Square. Boston 9, Mass.
HUbbard

'

''

Teletype
(.'17

2-1990

451-3438

Major Pool
Equipment

Corporation

Carl Marks & Co. Inc.
FOREIGN

the

A

whether

wants

&

5000

at

S. W., to

Brokers

Botany

reproducing here¬

Only time and history

Court,

TRADING

Hotel

CHRONICLE'S Special Pictorial

Jan.

the

Peterson

offices

securities

a

M.

Eddie

—

formed

with

Street

in

Wash.

has

Attention

;

.

Bankers

;

Attorney General Rob¬

depends,

arid

(Hollywood Beacb

the Hollywood

SECURITIES

20 BROAD STREET

•

to

seek

Memorandum available

on

request

TELETYPE 212-571-1685

HILL THOMPSON & CO.,

lot
or

Bought—Sold—Quoted

SPECIALISTS

NEW YORK 5, N. Y.

TEL: HANOVER 2-0050

Kennedy for the No. 2 place

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Peterson Foriyis Co.
CO-MA,

115th

FIELD

other

and

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groups. TV

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Vice-President.

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with

son

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coincide with the "Chronicle's"

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potential

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liberal

or

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completely at/variance

was

forward

of the

1532

H. Brocking, Secretary and Treas¬

may

column,

thrust

of intergration,

in

engage

business.

Supplement Dec. 19.

from

Humphrey,

Street

curities

Peterson

unfortunate mechan¬

Senate

a

at

Edward

at

should have read—Editor.

as

to

has

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offices

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of

Democratic

is

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sistant

Minnesota,

with

the "behind the scene" interpretation

COMING

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in

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been formed

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year

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leader

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vestment business for many years.

members

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name

reflect

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televi¬

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President

late

Senator Hubert Humphrey, the as¬

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likely be determined by the

the United States

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years.

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SANTA

Mr. Brocking have been in the in¬

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to

appears

breeding

Jan., 1965/

advantage

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Senate

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average

fair speaker.

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own

United/ States

a

becomes

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better

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nevertheless

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possible which the late

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of

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man.

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being

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and

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being tossed about.

names

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running mate. At of Defense Robert S. McNamara;

accepted

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that President Johnson favors

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of

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

of speculation.

wave

that

under the Na¬

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Savings Banks 46th Annual meet¬

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is

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National

can
actually believe this
earth's gravity diminssi sing—

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member

things he stands for.

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Pa.)

successful

smart,

a

what nonsense!"

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President Johnson told the joint

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unfortunate for the Republicans in

will

President Johnson asked all de¬

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North
-

about

article

how

representative,

registered

cratic ticket next year.

President

partments,

understand

can't

Demo¬

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Johnson's Economy Plea

the

at

May 16-17-18, 1966

Presidential nomination, and it has

toral

(Washington,

Association

Hotel.

candidacy of Sen. Barry
for

1965

Savings Banks 45th Annual meet¬

President

of

Attorney

opponents of the $11 billion tax re¬

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C.)

National

second time.

a

The

out in the immediate years ahead.

be in the neighbor¬

of

meeting at the Commodore

17-18-19,

with Lyndon

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the

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Association

Hotel.

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is expected to

wants to

Year

month

a

in 100 years and a good one, losing

public

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Savings Banks 18th Annual Mid-

in

the tax bill until the

budget for the coming year which

duction

National

first GOP Senator from the South

up

of

Dec. 7-8, 1964

Byrd's strategy has been

made

hood

the

his running mate

would head the party

sult

Executive Branch of the
ment

are

head

it appeared

as

Goldwater

the United

As things now appear,

odds

will

Presidential ticket

Baines Johnson

nounced

applaud his tax cut appeal.

Traders

that John Fitzgerald Kennedy

ago

for

Security

Del Coronado Hotel.

in

1964, just

*-

(Coronado Beach,

ciation Annual Convention at the

Washington

"pros"

Sen¬

did

Committee,

Finance

ate

old

Democratic

his first message at a joint

times

The

Mutual

Calif.)
National

John

Kennedy.

big fed¬

a

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cut.

tax

Oct. 12-16, 1964

Franklin
and

Truman

and

of

ing at the Commodore Hotel.

nu¬

of Jeffer¬

and

Jackson

and

are

concerning

the future of the party
son

Kennedy,

Like the late President

there

party,

speculations

merous

Association

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INC.'

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