The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
ESTABLISHED 1S39
^13 «*>
Beg. U. S. Pat. Office
.
Volume 189
Number 5820
New York
7, N. Y., Thursday, February 12; 1959
Price 50 Cents
Copy
a
1 5
i
rEDITORIAL
r-
-.
+
4
Recovery and
:
i,...—
f
"
r.'t,
!
:
There
are
substantial and; influential groups in
rthis country who
] fortable
I
-
by
William
apparently cannot feel com-
•
Secretary of the Treasury
Country's fiscal chief explains why he is most concerned
;
John
;
the
j
brain trusts. There is much reason to suspect that
f
Lord
over
!
rent programs
denies that
Maynard Keynes (later Lord Keynes) and
to show the world that
preachings of Franklin Roosevelt and his
a
free economy can
the past 16-month
facing
attitude that
budget.: Denying
being negative, Mr. Ander4
son narrows
the country's fiscal problem down to the
fact that the association of deficits to inflation will keepi
people from saving and, also, that orderly finances is die
key to the free world's strength. Turning to assumptions
underlying the budget, the Treasury head expects : (1)
slightly less vigorous recovery than that of post-1954
recession; and (2) $374 billion personal income and $47
corporate profits in 1959. Says rejection of major tax
cuts last Spring has been vindicated by events.
recovery;
to inflation means being blind to
growto; outlines bank's role In aiding Treasury
•ecoaMONC
up
financing and dollar stability; and warns that inflation¬
ary expectations deter savings and that currency debase¬
ment imperils our free institutions.
When I testified before the Joint Economic Committee
last year, on
behalf of the Federal Reserve Board,
I welcome the
fiscal i outlook
eco¬
employment:
| new and more doleful wail that we shall never
; "catch up" with the Soviets and can never hope
; to be as secure as we might be so long as we
I insist upon balancing the Federal budget. To
hear a good many of, these critics talk, one would
suppose that there was some sort of magic in a'
| fiscal deficit. The cry that we are not spending
enough on defense is heard far, more often than
that we are not doing enough. When the repre¬
ment
No
general. Unemploy-
was
-
rising at a disturbing pace.
could be sure how far down¬
was
one
ward adjustment would go,
how
or
long it would last.
We p.ointed out then that, with the
exception of the catastrophic recession
of the 'Thirties, every moderate cy¬
clical decline since World War I had
,
been checked in the
It
was
that
of
course
a
year.
further emphasized that many
forces were
sentatives of each of the service arms say, as is
quite usual, that whatever the others are getting,
they are not getting as much money as they
should have—well more grist is supplied to the
were
present in the economy
favorable to eventual
judgment available both inside and
outside
the government. The in¬
creases they represent imply a con¬
tinued vigorous recovery, but at a
slightly lesser rate than we experienced after the 1954
recession,
Somewhat larger revenue gains, too, were
re¬
But at that time we did not
know, nor did we then expect, the
vigorous recovery would so soon
be in full
swing, and that contraction from 1957
levels of activity would be shorter in duration than most
covery.
W. McC." Martin, Jr.
,
critic's mill.
Unemployment apparently lingering
somewhat longer than had
been expected
strangely adds to the need to spend more for this,
Robert B. Anderson
J
Continued
on
page
24
by Mr. Anderson before
tee, Washington, D. C., Feb. 6, 1959.
♦Statement
by Mr. Martin before the Joint Economic Committee,
Washington, D. C., Feb. 6, 1959.
28
Continued
.
♦Statement
page
opportunity to discuss the government's
some
of its implications for the
nation's economy. First, I should like.
to discuss the budget for the fiscal
year 1960. We estimate total receipts
of $77.1 billion. Of this total, $40.7
billion is expected to come from in¬
dividual income taxes, and $21.4 bil¬
lion from corporation income taxes.
The
assumptions for the calendar
year 1959 underlying-these figures
are $374 billion for personal income,
and $47 billion for corporate profits.
These income assumptions were
arrived at after; careful studies and
consultations utilizing all data and
and
nomic activity in this country was
receding. Contraction in output; and
With each boast from Moscow, there comes a
on
need not balance the
we
that paying our way now is
outperform
period of recession and
f
about the size of the recession-induced deficit and the
totalitarian economies in achieving real progress without
inflation. Mr. Martin reviews Federal Reserve's efforts
Keynes would now regard much of the curas "modernism turned sour and
silly." What Franklin Roosevelt would think of
them would not be easy to guess. His actions and ;
his policies were never easy to forecast. There is.
however, no room for doubt that many if not
most of those who are today proud to call him
master see more virtue in unbalanced budgets
than in any sort of pay-as-you-go program.
Continued
By HON. ROBERT B. ANDERSON*
Country's monetary head makes clear we must: (1) have
budgetary surpluses and not deficits in prosperous times;
(2) cease using the banking "high road to monetary in¬
flation"; and (3) end the cost-push price spiral, if we are
or
j not exceed income. This reverence for an unbalanced budget is a tribute to the teachings of
-
McChesney martin, jr.*
Chairman, Federal Reserve System
confident about the future so long as
the expenditures of the Federal Government do
i
Our fiscal; Situation and
on
page
36
the Joint Economic Commit,
1r
PICTURES IN THIS ISSUE
—
Candid photograps taken on
Annual Dinner of the BOSTON SECT RIT1ES
DEALERS
the occasion of the 35th
ASSOCIATION
TRADERS
State, Municipal
in today's PICTORIAL SECTION.
appear
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OF NEW YORK
Company
YORK 5, N. Y.
COSURNMAM
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BOND DEPARTMENT
Encino, Glendale, Hollywood, Long Beach,
MCMaEIM NEW YORK ANO AMERICAN STOCK EX CHANCES
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BANK
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California
Members New York Stock Exchange
BONDS
CHEMICAL
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Housing Agency
~
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CORN EXCHANGE
Underwriter.
Public
Lester, Ryons & Co.
115 BROADWAY
NEW YORK
.
1 NORTH LA SALLE ST.
CHICAGO
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-
,
Department
Dottmioji Securities
©RPORATIOTf
tfUtnk of Ante vita
Associate Member of American Stock Xxch.
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Tel. WHitehall 4-8161
Tele. NY 1-702-3
to
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SAN FRANCISCO 2Q. CALIFORNIA
j
2
The Commercial and Financial Chronicle
(758)
.
.
Thursday, February 12, 1959
.
•
,r
For Banks/ Brokers,
The
Dealers only
Security I Like Best
This Week's
Try "HANSEATIC"
When it's important to you to
participate and give their
Forum
A continuous forum in which, each week, a different group of experts
bi the investment and advisory field from all sections of the country
of active
markets in a hurry, you'll find
our large and experienced
trading department can be a
reach
broad
a
for favoring
contained in this forum
they to be regarded,
are
intended
be, nor
offer to sell the securities discussed.)
as an
not
are
to
private wire
combined with com¬
plete Over-the-Counter facili¬
ties, enables you to get the
best possible coverage of the
(Page
Hemphill, Noyes & Co., N. Y. City
Ranco
Incorporated
in
Incorporated
This business which had its in¬
Associate
American
120 Broadway, New York
BOSTON
PHILADELPHIA
Private
at
Teletype NY 1-40
WOrth 4-2300
Wires
•
•
to
and
CHICAGO
SAN FRANCISCO
Principal Cities»
Galion, O.,
On
land.
low
n g h a m
Trailer Co. of
is
and
ated
oper¬
Galion
makes
many
products for the road building in¬
dustry, including telescopic dump
trucks, batch trucks, mobile conrete mixers, a line of hoists and
other
well
heavy
duty
equipment
removal,
vans,
steel and
weight bodies and trailers.
CROSS
Other
burial
must carry on 1
as
special vehicles for refuse
as
products
in
either
kitchen
equipment for commercial instal¬
In
the
contract
machines
assembles
of
oft
field
the
and
partially
mechanism
popular
STREET
Raw
—
Refined
stock
and
has
consists
subordinated
of
$2,000,000
5%
$640,000
in
issued
notes
acquisition of
the Kingham Trailer Co.
Now,
DIgby 4-2727
sinking
a
and
company,
connection with the
Exports—Imports—Futures
of which
one
notes due 1972 held by an
insurance
Liquid
shares of
835,845
issues,
Debt
5*4%
—
ma¬
stock and two small pre¬
convertible
fund.
SUGAR
has
Hercules
common
is
the
heavy duty truck and trailer busi¬
satisfactory in the period
which the
1958
annual
reports of
major companies refer to
"late
after
taxes
sales
in
there
of the
Established
rest
industry, but closed its fis¬
cal year
net
suffered with the
Sept. 30, 1958 with
on
a.
profit after taxes of $108,000.
1930
This is not
Telephone HAnover
Bell Teletype—NY
2-4850
1-1127
good showing when
a
compared with the previous year's
net
of
$741,000, but the financial
position of the company is strong
and
has
200
the
The
the
all
Angeles—Maraclie, Dofflemvre
& Co.
Denver—Lowell, Murphy &
Company, Inc.
of
unsettlement
in
of
the
12
months
of
Since the first of October the de¬
for
its
products
has
creased and the first fiscal
should
I
Los
products
Hercules Gabon's fiscal year 1958.
show
provement
Direct Wires To
its
heavy industry field embraces
mand
Trading Markets
for
find
Galion
a
over
considerable
earnings,
stock
strikes
in
im¬
Hercules
because of the
dent opportunity for
in
quarter
the previous year.
attraction
stock
in¬
evi¬
improvement
furthermore, the
a
popular note.
price $5, the dividend 5 cents
The
quar¬
terly since 1953. The stock is listed
on
the American Stock
Exchange.
STOCKS
-
For
current
Call
:
or
information
write
'
-
for
equity
an
Yamaichi
with
unusually
an
of
Securities
a
of New
with truly great growth
The
stock
common
Company
York, Inc.
of
of
1959.
Yamaichi Securities
Co., Ltd.
Tokyo, Japan
Brokers
111
&
;
Investment Bankers
.
Broadway, N.Y. 6 C Ortlandt 7-5680
EVENTS
1957
$30
still
is
million^ mark so
plenty of room
Feb.
for
17, 1959 (New York City)
felt
12V2%
dropped
the
1958,
30,
sales
Feb.
covered the $1.20
jeopardy
there
as
dence of improved operations.
approximately
In
of
of
payout
increase
and
be
of
cur¬
excess
liabilities and
Association
current
Philadelphia
assets
the
securing
Mar.
expanding
field
"
•
annual
luncheon
1959
in
well
1959.
should
Texas
12
at
April 3,
annual
Group
session
of
Insti¬
for new
★
likely
controls
to
in the future.
of
Amer
(New York
have, wider
10,
tion
Diversification
Co.,
a
electric
manufacturer
add
nual sales.
of
controls,
oven
broaden "Ranco's"
33rd
1959
annual
(Toronto,
Bond
annual
Edward
will
new
acquisition
great
a
percentage net
income
on
sales
as
present opera¬
share
per
earnings
"Ranco" would be increased
after allowing for
stock
to make the
•
25 Park
if
•
Place, New York 7
for
even
deletion of the
April
St.
Canada)
Traders
dinner
Associa¬
at
the
King
1959
(St.
■
29-30-May
1,
Mo.)
Louis
Municipal
Dealers
annual spring party at
the Sunset Country Club.
Group
June
18, 1959
(Minneapolis-St.
K
Twin
Cities- Bond
annual
picnic
Club
and
Bear
Nov. 2-5,
acquisition.
could
National
international
play
an
1959
impor-
ciation
j
38th
at
Club, White
Bear Lake, Minn, (preceded by
a cocktail party June
17 at the
Nicollet Hotel, Minneapolis).
White
N.Q. B.
OVER-THE-COUNTER
INDUSTRIAL STOCK INDEX
Paul, Minn.)
outing
Yacht
outstanding needed
Finally "Ranco's"
operations
•
an¬
as
common
dinner
Hotel.
Louis,
operations and
$5,000,000 to their
If this
.
gas
returns
tions,
FINANCIAL CHRONICLE
Security Dealers As¬
I
could
City)
at the Waldorf-Astoria.
Apr.
are
through the acquisition of Wilco-
and
C '•
★
THE COMMERCIAL AND
Toronto
lator
★
prod¬
program
Temperature
certainly
uses
''
meeting at the Hilto»
1959
sociation
active
'
research
in
Investment
Association
New York
the
is conducting an
company
advertisement
(Philadelphia,
Investment Banking.
Bankers
fare
Furthermore
place
April 1-3, 1959 (San Antonio,Tex.)
of
conditioning
these
to
a
Hotel.
and
smart
te.
of
automotive
industries
it's
your
22-27,
ica annual
air
So
Bellevue-
Hotel, preceded by
"Ranco's" business depends on the
and
new customers.
Pa.)
Seventh
of
Much
controls.
35th
the
member-guest
in the past—a participa¬
in
York
o'clock).
-
tute
temperature
of
Stratford
in the future is what made
tion
useful tools in
most
Trad¬
New
of
Bowling Match.
Ballroom
outstanding.
grow
the
midwinter dinner in the Grand
cash
What is likely to make "Ranco"
it
of
one
Traders Association
Philadelphia-Security
of
with
twice current liabilities and longterm
is
a
sound,
equivalent in
rent
■
.
annual
of years away.
are
Advertising
an¬
dividend' Feb.
27, 1959 (Philadelphia, Pa.)
Investment Traders Association
only a couple
earnings,
could
50%
a
43rd
(Philadelphia, Pa.)
Investment
ers
of
of Detroit
Feb. 26, 1959
fact, judging from the company's
record
1959/ (Detroit, Mich.)
Club
Club.
evi¬
every
(Chicago, HI.)
nual dinner at the Detroit Boat
to be in no
is
1959
24,
Bond
annual dividend
and this now appears
19,
meeting and dinner at the
University Club.
Feb.
amply
earned
Bro¬
dinner
Bond Club of Chicago 48th an¬
Nevertheless the
share
per
Customers'
nual
income'
net
and
after taxes 36%.
of
anniversary
-meeting at the Hotel Delmonico.
fiscal
For
Sept.
the
of
effects
the
recession,
ended
year
20th
kers
recent
Field
Investment
slightly
were
Association
ucts.
period
almost
Over-the-Counter
market
improved.
.
share
per
earnings
251%.
increased
growth.
grow
SreeneandCompomi
the
under
the
as
.
COMING
and net in¬
210%
come
business recession."7 Hercu¬
Galion
in
1948-57
period
year
increased
Finances
that
boasts
one
no
ness was
les
ten
the
in
sales
./
ferred
NEW YORK 5, N. Y.
one
;
,
Affiliate
tion
offices
earnings * and
dividend
record.
More interesting is the fact that
$1.74
LAMBORN & CO,, Inc.
WALL
of
pin-spotter
chines.
99
work,
branch
our
JAPANESE
earnings
$2
offers
value
potential.
Taking
"Ranco"
the
the
potential
yield
company
back to 1948 we find an unbroken
lations.
Hercules
times
5%
In
proof
and
copper,
or
exist.
to
Its
ingredients of "Ranco" looks like one of the best
growth situation, opportunities for. capital apprecia¬
statistics
dating
interesting
an
Italy.
the
all
Peak
heat
are
finished
vaults
porcelain
light¬
Poole
since
Yet
wires
A stock selling at less than
good
C.
Alan
public
1955.
wholly-owned subsidiary.
as a
Hercules
12
a
only
hands
Hubert F. Atwatei
acquired
was
has
and
"Ranco's"
exceed
level.
it
been in
La. - Birmingham, Ala
Mobile, Ala.
Direct
,
so
N. Y.
NY 1-1557
New Orleans,
refrigera¬
progress.',
1959
should
this
not
it
as
Scotland
in
.In
be
fully seasoned
i svi lie,
Exchmngs
American Stock Exchangs
"Ranco" has subsidi¬
Europe,.
markable
„
rea¬
that
is
may
The
(40% owned) is also showing re¬
a -
sells
growth.
associate, Australian Controls Ltd,
5%.
why
stock
the
K i
u
vifld
son
Oct.
1956,
1,
Lo
RED
Members New tork Stock
industry is growing rapidly
in
2 4,
Possible
Cleve¬
Kentucky
Your
Steiner, Rouse & Co.
earn¬
.
aries
$1.20 dividend
to
and
tion
Ex¬
paying
part in the company's
"Ranco"
of
York
around
compa¬
near
tant
ings
stock
change, selling
Steel
nies had plants
5
C.
HAnover 2-0700
the
on
New
Both
Exchange
listed
Stock
Central
a
common
Steel Products
Products Co.
Member
Stock
the
Corporation
Ohio
1920
Alan
—
19 Rector St., New York I,
yield is a
rare
commodity these days and
yet one may find this combination
and
Established
Bought—Sold—Quoted
2)
Incorporated
5%
ent name of Hercules Galion Prod¬
Corporation
Atwater, of Wood,
Co., New York City.
&
Members
with
Growth
-
—
Hercules Galion Products Inc.
ucts, Inc. in 1955 upon the merger
of
Hercules
New Yorit Hanseatic
Products, Inc.
Poole, Research Analyst, Hemp¬
hill, Noyes & Co., New York
City. (Page 2) \.
/
ception in 1905, adopted the pres¬
markets you want.
F;
Walker
Research Analyst
Wood, Walker & Company,
New York City
Members N. Y. Stock Exchange
nationwide
Galion
Hubert
,
Ranco
system,
H
Louisiana Securities
ALAN C. POOLE
HUBERT F. ATWATER
*
particular security.
a
Hercules
big help.
Our
reasons
range
<frhe articles
Alabama &
Participants and
Their Selections
20-Year Performance of
35 Industrial Stocks
FOLDER
ON
\
REQUEST
i
National Quotation Bureau
(Boca Raton, Fu
Security Traders Asi»
Annual
Convention
the Boca Raton Club.
»
MFront Street
New
Yerk4,N.V
Volume
Number 5820
189
.
(759)
The Commercial and Financial Chronicle
.
.
INDEX
Common Stocks and Inflation
•'
,
mmmmm
'
Between
on
the New York Stock Exchange
in
rose
.
billion
to
from
value
market
$225
an
billion,
an
$44
billion, an
amount equal
three
4
ters
us now
common
stocks
porate profits
for 1958.
'
S
As
;
rate
a
have
profits
and
1955
Rooney
E.
1
-
:
.
>
Corpo-
for
averaging
$23
they declined to
last
first
; quarter of 1958 profits were fallling
sharply
(about
one-third)
the
the
earlier.
under the levels of a year
•
the late spring of 1958 a busi¬
recovery set in, and profits
are
believed " to have
improved
; In
ness
the
1958
figure to $16 billion—and maybe
to
bring
For 1959 and especially
more.
the
1960s a great boom should
set in and profits ought to reach
record levels. This reason we call
early
■
the
tfoes
writer
•
fuel behind the rise in prices.
is
cause
frequently
mort¬
Little weight will be given
explanation, for the writer
believes it has only minor significance except as it demonstrates a
tangible result of the last reason,
to this
be given.
how to
The
UNIVERSAL OIL
; 11
12
___
SPUR OIL
Setting the Record Straight About Soviet Trade Desires
C. Douglas Dillon_„™
^Hon.
Electricity in Our Future—S. L. Drumm
The
Outlook—O.
Agricultural
.
_
___.
BOBBIEBROOKS, INC.*
*
21
-
for
case
—O.
Kelley
Anderson____
:•
—Dr.
Chou
Ya-lun
___
__
J.F.Reilly&Co.,Inc.
24
____
Members Salt Lake
Exchange PI., Jersey City
V
as to be. almost com¬
irrefutable.
Since" "^1824
dollar
has
lost 80%
of its
Commerce
/'
16
___
_
•'/ DIgby 4-4970
Teletype:
Industries Analyzed by
Department-1
At
home,
crying for
outs
and
be
attitude
ferent
JCY 1160
,
Direct wires to Denver A
Salt
Lake
City
First National City Bank Reflects on Gold Price
Rise
Argument
„■
,
_
____.
18
.___
Substantiating Business Upturn Evidence Reported by
Purchasing
I
Agents
21
—
Pacific Uranium
Rukeyser Terms Eisenhower the No. 1 Bond
Salesman
23
Leeds &
seem
to be
and more hand¬
taking an indif¬
concerning
the1
voters
more
to
City Stock Exch.
28
Investors—Roger W. Babson
Volume Projections for Various
request
on
V
22
__v
Monetary and Fiscal Controls to Meet Our Economic Goals
•
inflation is
more
Prospectus
Social Responsibility Acceptance Is a Corporate Must Today
?
"
COMPANY*
20
Economic Outlook—Hon. John G. Diefenbaker
s' Canadian
13
14
i-_.
Wells
V.
|
PRODUCTS CO *
Penetrating Effect of Federally-Controlled Interest Rates
purchasing power- and, since tjfe
beginning of the New Deal, 55%.
Nearly all the Western World is
suffering from inflation; and in
Brazil, Argentina and Chile Infla¬
tion is apparently out of control.
Northrup
Regular Features
,(Edharial)lJ_L--.^---lI.-lJ.------
See It
As We
Per capita national
debt which stood, at $156in11932is 10 times that amount today. In
consequences.
Reeves Soundcraft
Cover
Business Man's Bookshelf
'■7J,
constitute
save
From Washington
inflation
of
are
so
to
great
that investors feel driven to seek
by .buying common
prices that, heretofore
have
seemed outlandish.
protection
stocks
at
would
This reason,
regarded as most im-
referred to as the
"flight from the dollar." What else
portant,
is
billion
a
or
Indications of Current Business Activity
^
Funds
Mutual
have
specialized in
—
About Banks and
News
Bankers-:
money
easy
financed
turities
in
because
short-term
the
Continued,
on
ma¬
page
—
—-
-
Schenectady
s
.
Chicago
,
-
Silicon Transistor
Corp;*
Vitro
Corporation
American
The State of Trade and
32
—
2
Western Gold & Uranium
Glens Falls
4
Industry
Washington and You.—2
>
Twice
'
Weekly
„
„
Park Place,
WILLIAM
DANA
Copyright 1959 by William B. Dana
COMPANY, Publisher.
Subscription
"
Publisher
Subscriptions
Possessions,
Territories and
Pan-American Union, $65.00
Other
Chicago
news.-
HI.
,
-
135 South La Salle St.
(Telephone STate 2-0613).
Offices.
3,
etc.).
States, U. 8
Members
per year,
on
Request
m V. FRANKEL & CO,
of
INCORPORATED
Id
,
other
statistfcal -issue-"- market quotation
corporation news, bank clearings.
-city
in United
Er„Uen.
records,
and
Rates
New York 7, N. Y.
SEIBEBT.
Prospectus
Reentered as second-class matter Pebru25. 1942, at the post office at New
March 8,1879
Bank
state
*
,
York, N. Y., tinder the Act of
•
Thursday, February 12, 1959
plete
C. G. S. Laboratories
48
ary
.
Patent Office
—
Company
The COMMERCIAL and
FINANCIAL CHRONICLE
F,WA
Reg. U. S.
Dryer Corp.
Permachem Corp.
16
Wallace Streete
TELETYPE NY 1-5
Worcester
42
31
Security I Like Best-
The
j
HERBERT D. SEIBERT, Editor &
j F
'i
'
Salesman's Corner
The Market... and You—By
4, N. Y.
11
Nashvills
44
government
Exchange
25 BROAD ST., NEW YORK
Chicago
Los Angeles
Dallas
Cleveland
,
38
—
Prospective Security Offerings
Securities
just won't or can't pay the price
Spencer Trask & Co,
Boston
Philadelphia.
32
—
RFpf-nr 2 9570 to 9576
REctor 9-0V7O to 9576
'
San Francisco
through inflation in
maintain
TELEPHONE HAnover 24300
.
15
Securities Now in Registration
order
has all
'
Direct Wires to
27 ;
—u——
Securities
Railroad
government policy of cheatirfg
Stock
26
4
—
„Our Reporter on Governments—
public market for
bonds, at a time when the na¬
tional
debt
proves
difficult to
manage and billions upon billions
York
Teletype NY 1-1825 & 1-4844
"i
25
Albany
___________
—
but destroyed a
are
45
46
two,
PREFERRED STOCKS
New
—
Observations—A_. Wilfred May--.------—
WILLIAM B. DANA
Members
___.
r-—r—-
INC.
40 Exchange Place, N. Y.
HA 2-9000
Published
For many years we
12
Ahead of the News—Carlisle Bargeron
mackie,
st
a
attempt to economize?
A
Singer, Bean
18
Ejnzig: "Future of the Bank of England";
-
the
Our Reporter's Report
government would simply
turn
around and pour the savings, into V'Public Utility Securities-—
some foreign aid program. So why
and
8
.
political
a
2
'_____
Dealer-Broker Investment Recommendations
burden and many say
come
Midwest Instrument
32
---
Coming Events in the Investment Field
".
■
billion.
__23
and Insurance Stoeksi_i___
Bank
addition, the total of consumer,
housing, corporate, municipal and
state debt probably exceeds $500
;
..
Most Important Factor
Fears
r
CORPORATION
Hedge Against More Inflation
savers
-
ARVIDA
10
_
_______
—Walter C. Nelson
football;and
what may be worse, our foreign
invest; and what is possibly of
aid program apparently requires a
more
significance, each is show¬
never-ending stream, of ..billions.
ing a marked disposition to invest
People have begun to feel that
a
higher percentage in common
even if we did sacrifice; at home
gages.
'
_:____
1
growing . financial
there is no
way
to cut back on vast surqs
spent on farm and veteran assist¬
ance.
Old. age benefits have be¬
been the primary
stocks and less in bonds and
.
v.r
going to' sell
"'
this
consider
not
to have
Another
i
Gable,
11;-f: —Ralph A. Young._
Necessary defense expenditures
given. Both the public and insti¬
tutions have a greater amount to
""
are
This
argument."
"profits '
reason
\
A
powerful
so
'
•
____________
___
_
;The New ./Federal, Budget ahd Monetary Policy
-
*
Dfflftt
STREET, NEW YORK
.
-Sufficiently
'
a
the
given.
excellent
were
1957
*
.
been
$21.8
billion.
During
quarter of 1957 -and
•
WALL
pletely
1956,
In
billion.
even
The
Martin
e v e r
Obsolete Securities
99
The Case for Buying Stocks
truly
reasons
Particular
___
Telephone: WHitehall 4-6551
Hall
Tourist Tips for
increase?
•
:
Wall!
-
L. 'McMillen
v/'V-^Charles J.
much higher prices.
en o r m'on s
.
Sinclair in
General and
Cobleigh
3
Rooney
Today's Financing Views and Debt Management Problems
who believe infla¬
for
cor¬
What caused
.
in
U.
;—Orville J.
tion will not be checked and that
total
this
Stocks and Inflation—Martin E.
—Wayne
examine the position
taken by those
the
their faith in
What Should Be Considered in Reading GNP Projections
•i
roughly $269 billion as against $69
billion 10 years ago? Profits for
Let
renew
______Cover
____
The Outlook for Business and the "Fabulous Sixties"
explain
present 5 public
willingness to value stocks on the
York
Stock
Exchange at.
estimated
I
Martin, Jr
profits of 1950 over 1949.
quar-
-
times
—Ira
New
and
two
to
THE DISENCHANTED
•
.
—can
McC.
PMMMiaaJ
_l_Cover
"
Petroleum
will probably be about
the same, and profit recovery for
3959 is not likely to exceed (or
even
equal) the 40% increase in
in¬
of
crease
AND COMPANY
Economy
Anderson
B.
.
Common
;
both years
r" estimated $269
and Its Impact on the
man's generosity at 99
of could
end
the
and
June
Robert
—William
common
1958, all stocks listed
December,
•
\ "
:
Situation
Recession, Recovery and Maximum Economic Growth
■
stock buying at "heretofore
outlandish" prices. Points out some factors undermining func¬
tioning of common stocks as permanent good anti-inflation
hedge. Rejects widespread assumption of an indefinitely con¬
tinuing moderate inflation. Foresees following long-term course
*of events, if government fails to take definitive corrective meas- .<
sures:
(1) in 1959-1965 excess productive capacity and com¬
petition checking inflation, but with excess demand building
up; (2) from 1965-1975, inflation becoming rampant, with?
"explosive" government deficits, skyrocketing of prices, and
public's fear of property confiscation; and (3) finally 19751985, repudiation of government debt and obligations, with,
oncoming of totalitarian regime, and crushing of labor unions.
I
\
.
inflation fears, rather than profits
investible funds, constitute most important factor
present
—Hon.
'
-
Professor Rooney maintains
amount of
Fiscal
Our
Registered Investment Adviser
or
llCHIOT
Page
Articles and News
By MARTIN E. ROONEY
Assistant Professor of Finance, North Texas State College;
motivating
3
and
WHitehall
pubIic.tl„u,
Quotation
Reoord
39 BROADWAY, NEW YORK 8
_
Monthly
$45.00 per year (Foreign Postage extra
Note—On account of the fluctuations ix>
rate of exchange
remittances foi
the
foreign subscriptions and advertisements
must be made in New York funds.
Teletype NY
Direct
3-3960
1-4040 St 4041
Wtrs
to
PHILADELPHIA
4
The Commercial and Financial Chronicle
(760)
quadrupled in the interval
ceding its splitting time.
.
.
1
"Once
the
burned,
Lukens
..
Cash
depletion, or
capital
c
a
as¬
realisti1 1 y
a
of
worthy
recognition—par¬
course
ticularly in r cases of extraordi¬
narily large depreciation charges,
as in the oil industry and depre¬
sets—should
be
is
of scrutiny and
amortization
of
flow
acceleration
ciation
under
now-
market
that
the
reserves
have
high
between
thus
1959
which
estimated
for
the
current
period, today's market valua¬
so
„
the
of
creased
form
of
Auto Production
Industry
Business Failures
J
striking feature of the current phase of the recovery is the
virtually unanimous feeling among businessmen and economists
that
1959
will
be
a
Bank of Chicago in
prosperous year, says the Federal Reserve
its monthly review, "Business Conditions."
The current "bullish" outlook for 1959 is
a
so
Bank, that dissidents
the
very
are
pointing to this
danger which could lead to
Whether
not
widespread,
splitting
purchasers. But this is belied in
practice by the high price earnings
ratios, absolutely and relatively,
pertaining
ihe "split candi¬
fact,
these
higher
priced issues have often actually
been
selling at 30 to 50 times
earnings—as a result of pyramid¬
ing attending split expectations as
well as quality.'
dates."
to
In
a
the current
optimism will endanger the re¬
only be answered in retrospect, but it is obvious that
exhilarating business atmosphere can produce overconfidence,
an
with
or
unfortunate
consequences.
v
.
/"
,,,
«...
„
'
"
•
Evening Courses
Principles
In Inv.
in
12-week
the
for
evening
principles
the
families
with
courses
moderate
in¬
will be offered this Spring
by the Extension Division of the
comes
College
City
Studies,
School
of
General
of
time
will
of
funds,
general
run
reduced
actly
tied
value
of
size.
fund's
mechanically and ex¬
to the clearly stated
are
the
underlying assets at
all times, investor attempt to an¬
ticipate extra gain by reason of
coming split,
seems
of
income.
one
fund's
stockholder
Invest¬
The
elementary
begins
course
March 3. Registration is now open
in
branches
of
the
New
York
But since the value of the
shares
markets.
portfolios will be outlined,
analyzed and organized.
the
and
companies, understandably of¬
public when di¬
of the
units
dangers of investing
real estate
commodity,
insurance
vanced
announcement
into
the
the
fer attraction to the
vided
with
Wednesday,
of
the
gen¬
Lectures and
deal
in¬
in the
case
stock,
a
quite illogical.
share
sales
increase
and
actually
March
class
Public
Manhattan
in
and
The
ad¬
the
Bronx,
and
Island.
instruc¬
enrolling by mail
can
be
obtained by writing or calling the
Extension Division, City
College
School
of
General
Studies, New
31, WAdsworth 6-5409.
York
\
P
.
V-:
confidence, spending commitments of many kinds are more likely
to be made. Plans for modernization or expansion are more likely
to receive consideration.
Apprehension over the risk of carrying
a larger inventory is likely to give way to a greater concern over
possible lost profits if stocks prove inadequate.
Prospects of
higher incomes spur consumer spending, and state and local
governments are freer to tackle new projects as funds seem more
readily available and needs become more apparent.
■
;*'•
Of course,, notes the Bank, there are exceptions to ihe opti¬
mistic views of the majority. They are found in industries, firms
which
communities
have not responded proportionately to
improvement. But recent reports from most
business sectors back up the popular outlook of confidence.
the general business
In
rose
November,
the book value
for the first time in
expected to continue for
Retail sales in
more
some
December
of
than
a
total
year,
time to
rose
come,
4%
business inventories
and this build-up is
'
1
above record
levels of
"first
quarter blues"
noted
in
recent
when
lagging
activity tempered enthusiasm for the spring and
business
summer
some
years
New
through
sales
rose
first
car
the
will show
20
sharply at the end of 1958, and deliveries
days of January indicate that the month
substantial improvement over a year ago.
This recent
pickup in sales together with prospects for higher personal income
have caused the industry to raise its sights on prospective output
for 1959. Projections for the first quarter call for ,about a third
more assemblies than in the same 1957 period.
a
Unemployment remains a nagging problem.
The rise in
employment was slowed in late 1958, but this was due in part to
strikes and severe weather. And, the Bank adds, a further sub¬
stantial rise in general activity can hardly fail to boost employ¬
ment and reduce unemployment.
Unemployment Figures Rise 600,000 to 4,724,000
II.
President
Eisenhower
asserted that "I don't for
level of
are
at
one
his
news
conference
on
Peb.
A.
Saxton
&
Co.,
Inc.,
52
Wall Street, New York City, an¬
nounce the installation of a direct
wire
Los
Co.,
to
Crowell, Weedon & Co.,
Angeles, Calif., members of
announce
offices
new
to
unemployment," and added "I believe thoroughly that
a pick-up as the year goes on."
Clearings 8.5% Above Year Ago
.
clearings will be 8.5%
those of the corresponding week
Continued
.
on
page
Exchange.
Company
We
&
are
pleased to
announce
the election of; 4*'
&
the removal of their
220
:
.
above
PAUL A.
226 Chilean
JUST
Avenue, Palm Beach, Florida
(Special to The Financial Chronicle)
SAN
Endo,
Co.
>
radioteletraph
,
%
r
.
as
FRANCISCO, Calif.—Goro
Sam
Sato
and
Kiyoshi
andetheeleedinfrcomroodity
exchanges..
<
.
circuit to Honolulu
have joined the staff of
Nikko-Kasai Securities Company,
2165 California Street.
.
Regional Vice President
for the Southeastern States
Tanaka
Members
Hugh W. Long
With Albert Maguire
and
Company
Incorporated
(Special to The Financial Chronicle)
SAN FRANCISCO
•
IOS ANGELES
•
NEW YORK
39 9ff!e«s Serviof Imttmi
>
•
CHICAGO
;
cities of the United States for which it is possible to obtain weekly
Three Join Nikko-Kasai
Exchange • Pacific Coast Stock Exchange
Midwest Stock Exchange ' American Stock
Exchange
Honolulu Stock Exchange ' Chicago Board of
Trade
we
clearings in the week ended Feb. 7 will show an in¬
crease compared with a year ago.
Preliminary figures compiled
by the "Chronicle," based upon telegraphic advices from the chief
cities of the country, indicate that for the week, clearings for all
Bay Street. Their
telephone number is Empire
3-7361.
New York Stock
10
minute accept that as a satisfactory
going to have
Bank
Crowell, Weedon Co.
G.
TORONTO, Canada—Annett
Company Limited and Annett
&
.
Yesterday the Commerce & Labor Departments reported an
increase in unemployment figures to 4,724,000 persons in January,
a seasonal rise of
600,000 or only half as great as the January 1958
figures when the recession was spreading. This January'^ jobless
record was the highest for that month since the end of World War
Bank
In New Quarters
Dean Witter
a
and the Midwest participated fully in this late revival.
The strong showing, says the Bank, virtually washed away the
year ago,
G. A. Saxton Wire to
Annetl &
DISTRIBUTORS
y /
atmosphere of rising sales and general
Tuesday,
Staten
descriptions
tions for
4.
starts
Library
Course
result.
the present heady
months.
s
between
materially
desired
In
investment
of
shares
funds'
Complete;. imvpstment Service
Private teased
.
,
However, the extremes of optimism are "usually most dan¬
gerous after a recovery has been under way for some time, and
this upturn has been in progress only 10 months. At this-stage of
a
recovery, expectations of improvement may help to produce
and
CCNY
the Pacific Coast Stock
'
says
exuberance as
"flash flood" of boom and bust. ;
covery can
,
and
as
strongly
unstated
of
ment
effective date. The shares of
emphatically leaving nothing
the
defense
split high price causes inability or
unwillingness to pay the market
price on the part of would-be-
in
Splitomania Items
level of stock prices. Under pro¬
However, reflecting the prevalent
gressive inflation, current provi¬
undiscriminating speculative in¬
sions for replacement costs would
be insufficient,. not excessive — terest in the split, the usual rate
in
in
discussions
In the case of two recently
"split" open-end mutual funds,
sales
stressed by the same bullish indi¬
viduals in justifying the elevated
thus
gument
ar¬
lies in the assumption that a pre-
Moderate Incomes."
Pre-Split Fever:—
inflation-ex¬
is
Perhaps the most plausible
benefits and
More
large
over-adequate, is directly in¬
pectation
Times, Feb. 5, 1959.
The
courses,
including
ele¬
of the Dow Jones Industrial
mentary and advanced classes, are
Average is higher than any other
entitled
"Investment
Guide
for
peak market period, excepting on¬
particularly if
we are in a secular trend of
higher
replacement costs, and (2) in as¬
suming that depreciation reserves
the
the New York
Price Index
A
tion
erally inadequate,
with
.
during previous bull markets. As
of demarcation
charges permitted by
Department
are
consistent
the
equivalently
price-earnings
ratios
calculated
such
Revenue
are
to
even
in
stocks now
deprecia¬
growing reserves
and real earnings is
inexact, the
charges for depreciation of capital
assets and the earnings may as
well
be
lumped together in a
single profit figure. But this ar¬
gument (1) contradicts the wide¬
spread conviction that deprecia¬
tion
related
fact,
are
contend
become
day but still well above
Monday's close of 76V2"—From
Two
of
ly 1929, since the 20's.
provisions for
and since the line
matter
a
terms of cash flow
than understated).
flow-ists"
the
for
gadget.
As
.
tion
Food
and
Trade
Commodity Price Index
.
Ferreting out these items as a
tappable- source
of
additional
earnings is our present bull mar¬
ket's counterpart of the gay 1920's
foible of defending the fantasti¬
cally high price earnings multi¬
pliers of that speculative era by
allegations about mysterious "hid¬
den
earnings", (when,
actually,
they were overstated more often
"cash
Yesterday, Lukens shares dropped
sharply after Mr. Huston's state¬
ment, to close at 80%, down 4%
p-
ending certificates of neces¬
praised.
Not sity; in
affording flexibility for
'as
a
mere
corporate
borrowing over the
technical
ac¬
short term; and as an indicator of
counting con- the trend of the company's finan¬
•V; cept, but as a
cial strength.
It is likewise true
"matter of that the cash flow can be
regarded
common
as a short-term backing for divi¬
A. Wilfred May
sense, does dends.
Corporations in 1958 paid
provision for out
only 31% of cash earnings.
the replacement of wearing-out
(As
estimated
by
Standard
&
capital assets constitute an in¬ Poor's.)
escapable cost of production. The
But it should be realized that,
proclivity instead to transfer such
barring company liquidation, the
charges, to earnings, and include
depreciation reserve must be used
them as a basis in price-earnings
for replacements sooner or later,
ratio calculations, is just another
and hence should not be previous¬
means
of rationalizing the pres¬
ly side tracked in any manner. To
ently existing low earnings yields
enlarge the true earnings figure
(under 5%)> and dividend yields
by such a device constitutes an¬
(averaging 3% %) highlighting the
other
speculation-serving
bull
current
inflated
market
levels.
The
.
Retail
-
State of Trade
,
depreciation,
Electric Output
Carloadings
was
MAY
...,
Steel Productiua
shy,
ready with a quick comment yes¬
By A. WILFRED
terday, one day after its stock had
soared more than $9 a share in
one
BULL MARKET GADGETS
trading session on the New
York
Stock
Exchange.
Stewart
Perhaps the most curious feature Huston, Vice-President and Sec¬
"Hidden Earnings"—Again
of the cash-flow doctrine is~the
retary, said, "Lukens Steel Com¬
The currently increasing prac¬
frequency with which it is found pany is contemplating no stock
tice of misusing the concept of in close association with the em¬
split nor is Lukens contemplating
corporate "cash flow"—that is, a phasis on growth, which custom¬ any consolidation or merger with
company's net profits plus the arily involve^ a greater outflow any other company! Both a stock
'
:
amounts of capital than the inflow from spiit and a merger had been ru¬
charged for depreciation.
:
mored in Wall Street recently.
.
Thursday, February 12, 1959
The
longer
Company
no
Steel
.
pre¬
"Candidate" Behavior:—
Observations.
.
.
SANTA
Such
has
Albert L.
coln
MARIA,
become
Calif. —Emit
affiliated
with
Maguire, 301 South Lin¬
Street.
Westminster
at
Parker
Elizabeth, New Jersey
30
I
Volume
I£9
Number 5820
.
.
The Commercial and Financial Chronicle
.
ezuelan oil, and reductions of do¬
Petzolenm in General and
mestic
use
COBLEIGH
U.
IRA
DR.
By
While
1958
record
year,
is
demand
being entered in
books
" as
Middle Eastern crude.
The agreement with British Pete
it wasn't too tough on the
Total demand for
oil companies.
petroleum
products de¬
clined
only
a
heavy oils used in
generating plants,
steel, cement and other heavy in¬
dustry mills, should be strong this
year animated by the high level
of. general
business activity in
prospect."
•*.
.'
''
V. ;
power
So
wras
substantial5
In addition to about 650,000 net
producing .acresin
Canada
and
may
-
in
squeeze
profitability
due
mainly to
heavy over¬
capacity in all
departments
built
up
as
15% to 20%
a
consequence
of
the
Such
Suez
ing
crisis.-This
Ira
over-capacity
was
U.
Cobleigh
optimism,
causes
in
suggest
does
consideration of leading in¬
tegrated oil
reflected
the 1957 totals.
conjecture, while not reek¬
a
with
some
over
company
to
us
select
equities, and
one
such,
to
more
competitive selling, re¬
sulting in lowered prices for most
wit, Sinclair Oil Corporation com¬
refined
investment merit at current mar¬
products;
and
lead
to
sharp reduction in domestic allow¬
mon,
ket
able
production
in
Tex,as
and*
Oklahoma, and programs for
quantity limitations on imported
crudes.
And net earnings of the
oil industry were 24% below 1957.
Throughout this adjustment, do¬
mestic crude prices, which had
been increased 30c a barrel early
in 1957, were pretty well main¬
tained/however.
All
of
which
is
an ex
000
¬
the
rest, with, pleasure power boats a
rapidly rising market. Passenger
car requirements are expected
to
improve this year. First, 1,500,000
more
cars
delivered
cars,
the
expected
are
than
new
to
be
in
1958; and all
well as the old,
as
should be driven
more
as
our
per
capita income reaches an all-time
high, leisure time increases, and
a
net work of recently constructed
super-highways lures millions of
trip-takers.
(A minor debit in
this projection is the lowered gas
consumption
mestic and
Finally,
It has seven
United
States,
daily; 1,600 bulk dis¬
stations
and a retail
barrels
on
shares
the New
COLUMBUS, Ohio — August
and trade
Lorenz, President, Lorenz & Com¬
under the symbol "L." 1958 price
pany,
Inc., Columbus, Ohio, has
range was between 46% and 65%.
been elected Chairman of District
Basis for considering "L" at to- ;
Committee
No.
is emerging
of
9
National
the
-As*\:
sociation
of"
Secu rities ;
Dealers.
He
succeeds Wal¬
ter
market
present
value
of
Sinclair
around
also
outstanding
cific
Coal
&
$120 million.)
owns
29%
of the
shares of Texas Pa¬
Oil
Co.
and
sought
J.
Carey,
Treasure
r,'
Cunningham,
G u n mf/&/
Carey,; Inq.,;
; Except-as ,noted In respect to
crude supply; the .fcompany is .well •
Cleveland."
42
District No.
states. The:new arrangement with
.
balanced with{retail outlets in
.
British
Petroleum places
in touch with
a
9
Sinclair
fabulous store
comprises
the
of
States " of
0 h i
low cost Middle Eastern crude on
o
a
n
August Lorenz
d
Kentucky.
which fat refining profits may be
.
The Association
recently reclassi¬
gleaned if and when import re-; fied its
districts. Until the change,
strictions on foreign crude may
Ohio and a part of Kentucky were
become less
onerous/
at
ago
Natural gas
estimated 2Vz years:
reserves were
District No. 10.
^
Mr. Lorenz has been associated
2% million MCF; and
with
no
doubt; much larger 47
over
they are
today.
,
securities
the
years.
of the smaller do¬
imported models.)
the somewiiat cyclical
department of The Ohio National
Sinclair entered the elite group Bank
of this company by offer¬
of Columbus and was
1,776,498 shares of Sinclair of companies which gross over $1 elected a Vice-President in 1922
for the 2,753,573 remaining shares billion dollars a year, in 1954.
It at the age of 28. In 1926 he became
of Texas Pacific Coal & Oil (a 1 is an impressive and well man¬
a
general partner of Stevenson,
for 1.55 ratio). This offer of share aged organization and the common
Vercoe, Fuller & Lorenz, and in
stock has grown in stature and
exchange was not voted on by
1942 formed his own firm.
; Texas ' stockholders, and expired attained a quality rating within
Joseph J. Van Heyde, with the
Jan. 28, 1959.
the past decade.
Assuming sub¬ NASD office in Columbus, is Sec¬
For
the first nine months of stantially more favorable operat¬ retary of District Committee
results
this year, Sinclair No. 10.
1958 per share net of Sinclair was ing
could comfortably earn between
$2.31 against $4.11 for the same
ing
period in 1957. For the full year $4.25 and $4.60. This might not
service 1958 earnings of about $3.70 a result in a dividend - increase in
the next 12 months, but would
either share seem
probable—quite a bit
owned outright or leased, and the
below the $5.18 earned in 1957, but pave the way lor one in 1960; and
balance operated by independent
still coverage for the present $3 Sinclair is getting into a price
SAN FRANCISCO, Calif. — The
dealers.
Sinclair
benefits
from
range where stock splits are high
dividend. Since 1949, the cash divi¬
Pacific Coast Stock Exchange firm
low transportation costs starting
dend has risen, with four separate fashion. Projecting a ,1959 net of
of I. L. Brooks Securities Co., for¬
with pipelines delivering crude to
increases, from $2 to $3; and divi¬ $4.50 per share, "L" sells today at
the refineries, and a substantial
15 times earnings. This is not an merly a partnership, has incor¬
dends
have
been
continuously
net work of pipelines carrying the
extravagant ratio for a stock of porated as I. L. Brooks &^Co.,
paid since 1933.
" •*/■
refined products to centers of dis¬
this quality and with such a fav¬ Incorporated and has moved to
Capitalization consists of $370
tribution. All this, plus an exten¬
orable
long-term
potential. larger quarters at 333 Pine Street,
million
in long-term debt,
the
San Francisco. The firm is seeksive tanker fleet. Since 1949 some
Whether by the tankfull. or in
most attractive issue being $167,1 n g
representation
throughout
100 share lots, Sinclair is a desir¬
$640 million have been spent on
Northern California for its Mu¬
194,500 of 4%s due 1986, con¬
these transport elements, financed
able possession.
vertible into common at $65 per
nicipal Bond and Mutual Fund
for the most part, out of retained
share through Dec. 1. 1961 and
divisions.
earnings.
at a higher price thereafter. This Three With Suburban Sees.
President I. L., Brooks also an¬
Sinclair has built up its business
issue at 115 yields 3.8% currently,
(Special to The Financial Chronicle)
nounced that Joseph C. Eldridge
from the refining end, and ranks
and with the common at 67 will
CLEVELAND, Ohio—Frank has joined the firm as Vice-Presi¬
presently eighth among domestic follow the stock with considerable
Gurkles,; Eugene J. Kozell and dent and Treasurer., Mr. Eldridge
oil
companies in total refinery fidelity. As a matter of fact many
Lawrence
E.
Batchlar are now has been active in the securities
capacity. Because it has been a stock buyers today seem to prefer
with Suburban Securities Co., 732 business for several years and is
refiner on balance, Sinclair has
an
instructor in investments at
entry into an attractive equity via East 200th Street.
been striving for some years to
the convertible
Golden Gate College.
bond, providing
,
bolster its own crude oil produc¬
they do not have to pay too dearly
Two With Commonwealth
tion both at home and abroad. Its
for their dual or straddle position.
/ Joins L. A. Caunter
(Special to The Financial Chronicle)
production during 1957 equalled For such persons, Sinclair 4%s
(Special to The Financial Chronicle)
but 34% of domestic refinery runs.
COLUMBUS, Ohio—Thomas O.
represent an interesting vehicle.
A much higher production ratio
CLEVELAND,; Ohio —William
The
lowest price in
1958 was Conger and Karl M. Grau are
has been sought; and the most im¬
106 Vi, and the bond could sell at now with Commonwealth Securi¬ R. Cohen has joined the staff of
portant gain along that line has 155 if the common sold at 100. ties Corporation, 30 East Town St. L. A. Caunter & Co., Park Bldg.
been achieved by Venezuelan Pe¬
troleum Co. (96% owned) which
has averaged over 53,000 barrels a
day in production in 1958, against
25,000 daily barrels in 1957. Be¬
tween import restrictions on Ven¬
I. L. Brooks & Co.
Expands Organization
,
j
are
pleased to
i-
a
announce
the opening of
Direct Wire to
Announcing change of address
telephone number
new
Annett &
CROWELL, WEEDON & CO.
IOS
ANGELES
Company Limited
Members
The
Investment
Dealers'
Association of Canada
and
Annett &. Co.
Members
Toronto Stock Exchange
have moved
into
G. A. Saxton & Co., Inc.
I
new
offices at
220 BAY STREET
Telephone EMpire 3-7361
for
merger
We
and
business
He started with the bond
stations of which 14,000 are
in
1959?
Passenger
cars
use
roughly two-thirds of our gas; and
of
>
combined capacity of 453,-
tributing
price structures. Refinery
enlarging the supply of
heating oils automatically add to
the supply of gasoline. What then
about the consumption of gasoline
most
a
the
listed
Exchange
distribution chain of 32,000
now
vehicles
■
-
in
with
considerable
exceedingly well
company.
firmed
commercial
-
an
refineries
ceedingly cold winter and unusu¬
ally heavy demands for heating
oils in January and February have
sharply reduced inventories, and
runs
levels.
integrated
now
This has been
possessing
Sinclair is
history;
but what about this year?
First
the weather.
as
are
Stock
„
conclude that 1959 the United
States, Sinclair held
will be a substantially better oil
about 9.6 million. non-producing
year, with total demand rising in acres.
Further,.. Sinclair " owns
the order of 4% over 1958; a less
30.5% of Richfield Oil Co., with
burdensome
inventory situation;
rising production and interesting
firmer
and, in many instances, discoveries in Kern
County, Calif.,
rising product prices; better profit and on the Kenai Peninsula in
margins with total net earnings Alaska,
(Sinclair stockholdings of
for the industry rising by perhaps
Richfield have a
we
NASD District No. 9
of Sinclair
York
.
.
1% below 1957.
But there
for
electric
recession
a
Lorenz Chairman of
by lending agencies.
The 15,315,730 common
day's prices is that the company
from its poorest earn¬
ing year in a decade (1958). It is
also
includes formation of two in strong cash position, and with
new
companies,
jointly
owned a revolving bank credit of $150
with British Pete. The first is a million, requires .! apparently
no
marketing company for foreign- further financing for some time
come.-Gash
flow
for
1958
produced crude; and the second to
primarily a South American ex¬ should be around $10 a share, and
considerable higher this year.
ploration enterprise.
r>
\
low-price
attention at this time.
the
(Barinas Tract)
long-term con¬
concluded
with
a
And, of course, the convertible has
a collateral value liighjy respected
British Petroleum for delivery of
Containing some notes on the improving conditions in the
oil industry, and some reasons why Sinclair may sierit special
<•
in Venezuela
production, and
tract
recently
Enterprise Economist
-
allowables,
however,, not
too much progress was possible in
bolstering crude sufficiency posi¬
tion in 1958. This year should be
better, both because of continued
Sinclair in Particular
5
(761)
Private Wire Connections to
NEW YORK
Chicago. Dallas. Philadelphia and St. Louis
:4
?'«
•
(762)
6
The Commercial and Financial Chronicle
]
stretch out
The Outlook for Business
over
period of from
a
12 months. This
8 to
for the
counted
probably
the
to
peak
a
toward stable
durable goods
deplores
1949
lack of will
our
power
At
the
non¬
unanimous
direction of the overall
There
the
are
opinion
to
as
the
economy.
shades
usual
of
dent.
In
the
with
Much
of
Korean
move¬
For the
first
time
several
hear
we
voices
few
are
t
This is not to belittle our
managing
in
great
our
eco¬
nomic
affairs, but is only to point
a significant part of our
success has been due to good luck.
con¬
that
out
mar¬
The
shall
first
a
as
still needed tax re¬
a
failure
about
much
so
to
as
to
1949 recession
brought
was
threat for
the
than
into
put
we
that
simple.
t'me to 1959, and
1960
and
beyond,
(c) venture into
outlining what
It's
by
was
decline
a
in
business purchases of both inven¬
tory and capital products.
In large
and
mining recession. Nondurable in¬
was
ventories
durable
a
in
the
goods
aggregate
not far out of line.
were
Retail inven¬
that
of
others.
when
leads
It
to
The
Three Postwar Recessions
easily
we
with
in
it
began.
is
inflation
However, in each
case consumer
though
sumer
were hard hit.
Because they were
a4 mild, and because government
ud
;
action
consumer
right
to believe
come
seemed
so
each occasion, many have
on
have mastered
we
the art of managing
cycles.
to
pen
to
The
that
us
those
same
who
the business
thing could hap¬
usually happens
they have
think
»eally mastered
art.
any
Since the war, the country has
in
a
dynamic
period
of
the
postwar
vt
as
accompanied by large popula-
ticn increases.
recession
a
terruption
In such
situation
a
resemble an in¬
growth more than
may
of
major setback in the economy.
They were less serious than they
might have been and we seemed
i
handle
lo
them properly.
The "automatic stabilizers" were
powerful aids and in recent years
ae
monetary policy of the Fed¬
eral Reserve Board
has been par¬
ticularly astute. In the two earlier
recessions timely tax reductions
major
were
factors
yet in 1958 in
ihe
s
est
Of
course
tax
ta'ned
becomes
In
the
Yet
both
the
we
the
tax
political
must
1949
party
not
and
support
leaders.
forget that in
1954 recessions
reductions
accidents
came
than
more
as
erate economic measures.
as
delib¬
In
1948
Republican Congress approach¬
ing election day, but unaware of
a
approaching recession, epacted
tax
reduction
objections of
*An
ihe
address
Investment
the
over
a
by
a
strenuous
democratic presi¬
Mr.
McMilien
Outlook
apolis, Minn., Jan. 16,
before
months will be
dramatic, and such improvement
will carry over into 1959.
sumer
out
ployment
such
spending.
promotion of stability could come
about
by businessmen doing a
more
careful
job
make
contribution
toward
companies but in
the
no
Different Industrial Cyclical Peaks
interesting
recent
cycle
aspect.
In
had
the
to
industries
peaks
this
at
time
(a)
would
age
stituted
(b)
three years. The first
industry
reached
its
peak
in December,
The last peak came in
1957 long after the
December,
general decline
had started. In previous recessions
the peaks were
spread over 12 to
16 month periods
compared to the
36 months this time.
Almost
all
major
industries
reached their lows in two months
March and April 1958. It is
more
usual
for
i
such
lows
to
only
to
be
our
future
tween
a
the
few
first
successful
labor must
both
a
typical
experi¬
difficult
more
planning than it is
However, most of
can
take
perience
and
if
advantage
improve
the
of
ex¬
our
proper
per¬
objective
It
seems
ness
to
me
that
early 1960
and
concede that this pol¬
icy is the most hopeful approach
to
reasonably
full
employment
high due to the business .*
During early 1956 it was ::
widely expected that there might v
.
recovery.
be
steel strike in
July, and that
prices would likely increase.
a
steel
It
-vs
knowledge gained
exchange of information
common
was
through
businesmen
among
that there
early in
considerable
was
V
:
1956
^
Even
■}'
'
though the actual extent of hedging was unknown, it was known
to
substantial.
be
conclusion
.
hedg-; 1|
ing against that possibility.
:i
i
The reasonable,:/
have
would
been
that
/
the boomlike rise in final sales.
were
going to continue for art/,;
period, seasonally ad-<
extended
.
ing substantially—first because of V;
impending
increases
and
rt
hedging in
sales
also because of the
an-
h)
ticipation of the steel strike.
Actually
increasing
new
orders
and
in
not '/;
were
view
thei
of
known facts this should have been
the
first
haps
signal for caution and" »'
inventory planning. Per-; l
people in the industry i;
some
noted
this
caution
signal, but in
prevailing psychology -;.*?
view of the
and
not
being
completely con-;, f.
merely
shrugged'?
shoulders.
But, throughout
vinced,
their
the
they
first
half
adjusted
1956
of
inventories
seasonally.^
in
the
in-
n
dustry continued to- climb, indi-nr;
eating a production rate consider-St¬
ably higher than sales. This might,;;
well have been a second signalh?
for caution.
The
July,
had
of
1956.
been
the
able
would
placed
it
But
orders
anticipation
in
that
in
in.4
occur
extra
would
expect
decline
pickup
did
Because
strike
to
.jytxi"
-
strike
steel
be
reason-y
July.
That
did;/
should also have;)
one
the vigorous generator
the final quarter of;
in
in
1956, that new orders would have
increased.
There
orders
new
1956
first
been
for
no
last
such
*
v
in-;)
half
than
This
half.
third-
a
the
less
5%
were
the
was
in the fourth quarter. Total
crease
'
orders j.j-
new
'
of
during
should
,
have v?
signal for caution,
Sales (seasonally adjusted)
the
at
year
v
r*" v
lev- .;■>
elled of "but production continued
throughout
;
v >■.
level*:/
a
sales/ Naturally incontinued to rise until
higher^'than
1
yentories
*
through 1957, but
un
still below output forf i
*
year. Production was cut in
late
Spring but was
increased >
again in the fall through Novem¬
they
were
the
ber
inventories
so
more
in
November
In
an
of
1957
it
was
eco¬
inventory problem, and in De¬
cember
slashed./;
through
April, 1958, production was cut
by nearly 30%.
While final re¬
From
production
was
November,
1957,
some
in
1958
they
held
•;
re-
up
,
markably well, so the drastic slash
in output was almost entirely due;
to the inventory problem.
This
multiplied by repetition
in
story
hundreds of companies is in large
postwar experience indicates
that modern recessions
are
caused
part the story of the
through erratic purchases
by business
(capital
equipment
and inventory)
and Government
than by the consumer. True the
consumer
picture.
1958
reces¬
sion.
more
by
,
;
that there was /
concluded
finally
3%
climbed
1957.
Our
be¬
policy to be
decisions will be made. These
decisions will determine the
alternatives.
businessmen
"
ingly
nomic climate in 1961 and/or 1962.
one,
years
or-
tail sales of the industry decreased
is constantly before us.
produc¬
is the time when the critical busi¬
more
In order for such
careful
formance
aver¬
but it
likely that it will
two
another
that it is much
do
us
choice within the very near
—
at
least
until
we've
wavered
excellent.
and
to talk about it.
,
acceptable
stable
have
we'll
ence
Obviously the last alternative is
the
does not appear
be
can
postwar recession. •
I know from personal
Expand the money supply
just sufficiently to permit
reasonable growth under
relatively stable prices.
of
the J
new
manufacturers during
the last half of 1955 were exceed¬
Sales held
1960 prob¬
period beyond
the
not, 1961 or 1962 may see busi¬
ness
again slashing its purchases
increases
in
1958?
wisely
1960
substan¬
increases
in
If
manner
cause
early in 1960
inventories to
If they handle these
'
lems
can
this
wage
tivity and
major
1954 just after
recovery from the
previous
recession
had
started.
in
point
of
one
their facilities too rapidly?
12% 1
they
become
complacent above those at the beginning of
foj
costs and nullify the effi¬ the year. This was the
/fourth sig- >
ciencies they so laboriously
in¬ nal for caution.*
Losses
consumer.
Confine
different
one
the
In
at the end of 1.956 they were
money, and
within the limits of
industry after another was reach¬
ing its peak over a longer period
•
about
tial unemployment.
(3)
,:
.
-
Will'
longer raise prices and
the wage increase on
would also
boom
that
major
a
pand
increases but,
imposed
an
preceded
the
decline
one/
should not be surprised that dif¬
in
1960.
possible excesses for
they attempt to ex¬
Will
1961?
the crash and
businessmen
watch
prevent the
pass
most
should be
it enters
businessmen
alert to
be
grave
international
comes
that
so
the general welfare.
The
as
increases
Will
em¬
occur
(b) limit the supply of
•
small way for
a
of
wage
own
a
state
growing
unemployment.
Continue such unjustified,
(a)
this
objective, not only for their
unti 1
in¬
mass
(2)
events
to illustrate the
me
expected
Reasonably full employment, only
pricing ourselves
as
then
of
inventory
control and more careful
planning
of capital expenditures.
Many can
The' economy
healthy
market, the markets oft
fixed salary groups, pen¬
sioners, etc. If this policy
continues
ind ef initely
The inference by this discussion
is that the next big step in the
;
goods industries
happen.
1960 and Beyond
This
full
to
maladjustments
—
**eeting, Minne¬
1959.
conducive
security payments main¬
tained personal income which ac¬
counted for the high level of con¬
their
statesman-like
opposition
is
social
But
sus-
wage-
in the money supply.
but
of
improving
of the
ders
we
•
with
durable
last
in
prices,
and
investment by business
creases which outstrip in¬
are
the prospect. If businessmen
creases
in productivity,make major mistakes it is more
(b) Validate these wages with
likely they will do so in 1960 than
corresponding
increases■ in 1959.
Continue
(a)
unem¬
considerable
was
major
were
for. those
profits
current
i
which
.
when
the
slight
(1)
hardships
recession
recent
ployment
times.
was
have three choices:
for several industries.
reach
re-
from
the
the'year Housing and
see the profits
quarter
of
1958.
Everyone,. expects
improvement,,
but
I
believe that
the leap in
Spring
biggest single domestic threat to
long-term economic growth. We
durable goods to nondurables and
situation,
properly
of
con¬
shifts
were
services and this caused
ferent
reduction and
by
the
there
recovery,
different
Administration
sled
of
a
in
none
did
spending, even at the low¬
point, decline more than 1%.
teen
growth due to recovery from the
great depression and the war. This
In
recessions
let
not
Near
the
be
for
galloping inflation with disastrous
should
the year.
,
continue, then at some
point in the process they begin to
act
on
that belief.. All begin to
buy at once' thus bidding up prices
"mild"
ex¬
dynamic factors in the
expansion which they have been
recently.
'
Corporate profits may .well be
the
highest in - history. I think
we'll
get
some
surprises
next
will
We
in
example.
an
careful
well
may
the {recovery will cease
factors in
persistent and most people believe
till
of
the end
resistance
when
economy.
credit
Agriculture
to
with
as- if
billion
$8
* an
until latejn
relative stability of prices obscure
the
fact
that
this
remains
the
the recession
more
billion or more. Unem¬
figures will be. worri¬
$2
some
It
because
the
to
ployment
results.
purchases held firm.
individual industries
stimulus
pand
prices.
increases.
wage
providing
Consumer
in¬
cost
cover
increases
tories, except for a very few prod¬
ucts were in relatively good shape
All three of the postwar reces¬
sions have been mild ones, even
some
-
inefficiency
This also leads to weak
it
aid
can
consumer,
thus
bad and
so
when
will be necessary to improve our
efforts toward stable growth.
or
liquidation of 1958 should turn to
a $2 billion or more accumulation,
almost
hear
is immoral because
it robs from big segments of our
population for the selfish benefit
part it
-decline
1958
about
and
dangerous. It
(b) in view of relative agreement
The
brought
consideration
a
.
in¬
Federal, state, justed new orders for the first
six~j.
local governments, and busi¬
months would have been increas¬
/ The
"mild" inflation is immoral,
it leads to inefficiency-, and it is
dangerous
of forecasts devote somewhat less
it.
be helpful in aiding growth.
may
is
other
billion
$470
compared with an estimated $439
billion in 1958.
immediate
an
should
vigorous fourth quar¬
good automobile year,
Gross National Product should
average
Even
tures.
tedious rep¬
etition of many figures and
a
a
knowl¬
willpower.
often
We
'boiler plate" about the outlook.
Perhaps we can do three things:
(a) review some of the economic
phenomena of the postwar period;
Wayne L. McMilien
of
of
a
our
months ahead. The
unjustified
to
lack
a
ter. With
due
a
steel
a
strike
this
But
afraid
am
ness
will all spend more. Plant
longer term threat, however, will'
expenditures
diminish when and only when we and. equipment
should total $32 or $33 billion as
destroy the pleasant delusion that'
1958.
in the long run we as a nation against the $30 billion of
The estimated $6 billion inventory
can take more from the economy
to
not
dispense with
principally by
year
in which I
one
make for
grips
is
threat
lack
a
creases
deavor
the third
Like sin, we are all against infla¬
tion—as far as the other fellow is
decline in
business purchases through liqui¬
dation of inventories, and the 1954
recession by a drastic reduction
in Federal Government expendi¬
en¬
the
can
strike.
to
come
inflation
the
edge
to
"mild" inflation is not
progress
ket.
I
meant
were
taxes.
form.
about
he stock
in
ending of the
the other re¬
of
some
for
'
,
concerned. It is not
wartime
other
step toward
dicting immi¬
nent calamity
although a
cerned
were
War, the expiration of the
profits tax, and reduction
some
ductions
no
pre¬
sides
reduction
tax
due to the
However,
years
the
of
was
excess
in
in
for
asked
had
Both
that
as
they,
Inflation
beautifully timed.
1954
the
1954
persistent price increases/
Our
some
be helpful in mak- '*
can
1960 decisions. For
1956
Permit
started
that we'd better allow for
surprised to find the tax measure
so
the magnitude
ment.
he
fact,
increase.
tax
a
stance
1959
1958
-
in coming to grips with infla¬
build a solid bridge to the
to
as
in
..
not
almost
for
in
promptly enough and was of such
magnitude that the average Gross
defla¬
a
Outlook
recovery
1957.
we expect for 1959?
had actually increased 0.7% from
the start of the recession. In
the/ ■>. Even with moderately bad luck,
1958
trough there had been am the general economic level should
be the highest in our history. Each
increase of 2.3%.
Recent increases in productivity
quarter should exceed the pre¬
have caused
an
interruption ^* to ceding one except possibly for
we
This year the economic forecasts
are
The
What
will achieve "frequent oscillations" rather
than "periodic recessions."
Utopia but hopes
as
trough
"Fabulous Sixties," and issues the reminder that it will not be :
1
now
ing those
wiser choice of policy.
a
The
:
can
we
will benefit
trough- in/ National Product for the year is
prices had declined estimated at about the same level
consumer
2%.
has aggravated economic maladjustments; and
He discusses how
tion.
-
tionary period. At the
growth, Mr. McMilien recommends better capital
that sizable shift from durable goods to services and
forthcoming decisions.
by
for
considered
usually
plant, equipment and inventory business planning; notes that
Government, too, has been guilty of erratic purchases; praises
stabilizing influence of consumer spending but observes, how¬
ever,
for
of
has
tendency
possibly exceeding $70 billion, and a half trillion economy in
1960. In outlining what will be necessary to improve our efforts
'
bottom
on
Perhaps
ments of the economy
usual
been
a
growing
inflation
to., carry
right through a recession which is
for 1959, with GNP
year
drag
welfare,
study
ment. Not only labor but all seg¬
as
recovery
more
general
can
lead
only • to
periods of super-full employment
followed by periods of unemploy¬
Inventories
There
Bank economist envisions
well
as
toward
the
Thursday, February 12, 1959
.
awhile.
New York
Associate Economist, Guaranty Trust Company of
turn
than
tendency
WAYNE L. McMILLEN*
By
quick
rather
alternatives
relatively greater
depth of this recession
And the "fabulous Sixties"
the long-term. The first two
over
ac¬
.
.
aggravates the situation
switching his purchases from
durables to nondurables and
ices
during
a
Thus businessmen have
responsibility
own
serv¬
recession.
not
businesses
only
but
a
to
also
heavy
their
to
the
Slightly
1956
different
would
complexion
have
of the
Better
decisions
in
the 1
1958 economic :
changed
inventory
man¬
prevented
the recession.
In this example, if
production had been cut 3% in
agement
might
have
1956 and held at that level (rather
than the
cut
in
higher level) the drastic
1958
would
not
have
been
•
-
-
Volume
Number 5820
189
.
.
.
(763)
The Commercial and Financial Chronicle
Of course, hindsight is
necessary.
20-20, but; it does seem that there
were at least four warning signals
in 1956. A similar situation could
develop in 1960.
;
,
Capital Expenditures
!„
'
;
;
,.We shall not take the time to
^
explore in detail the steps leading
to
a
slash. in
capital spending.
However, it jseems to me that, we
respects
the
with employment worrisome dur¬
to what some have called up our surplus-farm crops there
fabulous."'60s.".
•
V
should not be a "farm problem,"
By 1980 the population may in- .and things should get much better
crease by 75 to 85 million people,, for
the farmer long before then,
the equivalent of five Canadas, or. He should be doing well by the
five New York States. '.'-i* ■*.. 7">. .middle ".'60s" by which time .20
•
'The
and
to
fast
as
-This
^increaseA Xm
as
those.; 22
comes
64 from whom
force.
will
65
over
twice
the labor
similar'Situation.
a
underlines
again most of the difficulty arose
trillion
was
in
(5)
80
million
people
(4) The
eat
to
$470,000 bil¬
well hit a half
The
the
so
-
should
"farm
should
called
"Fabulous
see
improvement
problem,"
the
see
of
end
we shall have added
equivalent of Japan, or five
(9) By 1980
bear
a
heavy
the
(6)
year
One
mistakes
were
and
better
planning of
(10)
spending.
capital
may
of
will
conclude that the
businessmen
in
It will not be utopia. There
many discomforts and a
recessions.
few
1956
toward
important factors in bring¬
on
Let
rather than "Periodic Recessions."
(7)
build
With J. Clayton Flax
With better business plan¬
ning in
1960 we
may
solid bridge to
a
be able to
the period
(Special to The Financial Chronicle)
SPRINGFIELD,
Mass.
by
the "Fabulous Sixties." There will
1959 will in most
ton Flax & Co., 1562
Main Street.
February 11,1959
gradual rise for a- while. There
is then a levelling off which might
continue for
$25,000,000
time until mal¬
some
inventories
or in other; segments of the econ¬
omy.
Of course, things ?cannot
always be this neat but if one has
adjustments
to
in
occur
project the future at anytime
in
decisions,
making
the
logical; guess --is- that such
mostpat¬
a
tern may occur.
^ .At the beginning of 1956 there
had
been
uninterrupted
an
Dated
be much
would
continue
it
gradual.
The gradual rise would
by a levelling off in
Principal and semi-annual-interest (February 1 and August 1) payable at the office of the State Treasurer in Olympia, Washington,
DC
~
or at the option of the holder, at the fiscal agency of the State of Washington in New York City. Coupon bonds in
denomination of $1,000, registerable as to principal only or as to both principal and interest.
.
i
...
''
'
more
4«'
V
.
■
A-'*.."
Legal Investment for Savings Banks and Trust Funds in New York and
for Savings Banks in Connecticut and Massachusetts
be followed
'.
•
;.
Yet in 1956 increase in capital
the economy.
,
spending
that
would not be produc¬
1957, and many would
year
come
1958.
one of the greatest
Most plants to be built
r
ing until
not
AMOUNTS, COUPON RATES, MATURITIES* AND YIELDS OR PRICES
into full production until
One
-
V
r
was
record,
on
.
hardly
can
conclusion that
(Accrued interest to be added)
the
escape
Amount
Rate
Due
1960
860,000
1.80%
$1,115,000
3%
1967
Price
Rate
Due
$1,390,000
2.80%
or
3%
1973
3.10%
or
4
1961
2.05
1,155,000
3
1968
2.90
1,440,000
3
1974
3.15
930,000
4
1962
2.25
1,200,000
3
1969
2.95
1,495,000
3 s
1975
3.15
965,000
4:":
1963
2.40
1,245,000
3
1970 @100
1,555,000
3.20 1976 ©100
1,000,000
4.
1964
2.50
1,290,000
3
1971
3.05%
1,610,000
3.20 1977 @100
1,035,000
4
1965
2.60
1,340,000
3
1972
3.10 '
1,670,000
3.20 1978
3.25%
1,075,000
4
1966
2.70
1,735,000
3.20 1979
3.25
unusual.
most
been
Of
Amount
895,000
1
Hence,
in
1956
increase
mammoth
seemed
Yield
a
rapidly rising
be
required
1957
and
possibly
Had that happened it would
production
throughout
the
$
Amount
Price
Due
Rate
would
assumption that
have
Yield
Yield
great portion of
a
the plant and equipment expendi¬
tures in 1956 were made on the
1958,
pue February 1, 1960-79, incl.
February 1, 1959
and
rapid rise for 16 months. The best
assumption at that time- should
have been that while a rise might
big.
too
make
must
one
course,
allowance for the fact that
much of the expenditure was for
The right is reserved to redeem any or ail of the
proper
at par
bonds then outstanding, in inverse order of number,
and accrued interest on February 1, J%9, or any subsequent
semi-annual interest paying date.
improvement in efficiency rather
than increase in capacity.
While one cannot be too dog¬
it
matic
modest
with
that
seems
capital
situation
the
the
drastic
not
would
called
for
more
spending in
are offered When, as and if issued and received by us, and subject to prior sale and approval of legality by
Preston, Thorgrimson & Horowitz and by Messrs. Houghton, Cluck, Coughlin & Henry, Attorneys, Seattle, Wash,
The above Bonds
1956,
Messrs.
have
decline
ex¬
perienced in 1958.
Such postmortems are of little
use except for
knowledge gained
'
which helps us
In
early
be at about
may
of recovery
With
be
in future decisions.
and
1959
late
look
make
to
we
in
were
J. P. Morgan
The Chase Manhattan Bank
1961
and
Blyth & Co., Inc.
& Co.
The First Boston Corporation
Incorporated
1956.
Harriman
we may
The Northern Trust Company
Smith, Barney & Co.
Ripley & Co.
Incorporated
<•».,
1962
Carl M. Loeb, Rhoades & Co.
Seattle-First National Bank
better.
lot
a
we
1960
similar stage
caution in 1960
some
able
as
a
Wertheim & Co.
Ladenburg, Thalmann & Co.
*
scarcely hope to elimi¬
business
fluctuations.
But
We
can
nate
with careful business planning we
A. C. Allyn
*
■
work
can
toward
rather
quent oscillations"
rugged cycles.
Plenty
of
*
goal of "fre¬
a
than
*
Alex. Brown & Sons
and Company
Incorporated
B. J. Van
dominant
and
well
Fidelity Union Trust Company
Francis I. duPont & Co.
will have another explosion in
population.
".'40s"
will
They
own.
new
homes.
antee
The
have
also
babies
babies
will
of
Hirsch & Co.
.
J. A. Hogle & Co.
of their
establish
prosperity but it will be a
that with proper
domestic and international condi¬
can lead to unprecedented
growth in business volume.
tions
good
management
the
1960-63 can stand as a solid
Fitzpatrick, Sullivan & Co.
Laurence M. Marks & Co.
W. E. Hutton & Co.
•
Wm. E. Pollock & Co., Inc.
This does not guar¬
..^With
City
Ira Haupt & Co.
W. H. Morton & Co.
Incorporated
the
basic ingredient
years
Clark, Dodge & Co.
Newark
adver¬
tised fact about the " '60s" is that
we
I
Kansas
Customers
Schoellkopf, Hutton & Pomeroy, Inc.
City National Bank & Trust Co.
Bache & Co.
'
The
F. S. Moseley & Co.
*
Ingen & Co. Inc.
Vv
Swiss American Corporation
Harkness & Hill
Bramhali & Stein
*
Ryan, Sutherland & Co.
Stern Brothers & Co.
Trust Company of Georgia
Spencer Trask & Co.
The Illinois Company
Incorporated
Louis
B. Meadows is now with J. Clay¬
very
a
—
1963-1970, which some have called
—
followed
can
the next recession.
The ^historical pattern of
recovery is one of rapid increase
in
activity
for
the
first
few
months
perhaps for a year -or
is
work
we
"Frequent Oscillations'*
year.
This
us
situation where
a
call them
the recession of 1958. The
mistakes of 1960 may develop into
ing
be
preparation for consumer or final
sales in 1958 and beyond."
'
Recovery from the 1954 reces¬
sion started in September of that
so.
and we
it before
1980.
1960.
Businessmen
ventories
f lation.For; a
With
in
(8)
Product
-
t«
,
capital investment in 1956
exceeding
lion in 1959 it may
cus¬
new
-U) Erratic purchases of busi- responsibility to the general wel¬ Canadas, or five New York States
and government have been fare by better management of in¬ to our population.
<
im-
the
National
Gross
possibly
Here portandeC'bf the ^fight against in-
.
Sixties"
in
P; yOhCIiJSiQi*
;■
"explosion"- of
•„
With
under.In^llioh.people will be added,
number,of those
those
almost
an
tomers for business.
ing the early months and with in-*
flation a threat to follow (in 1960).
the/ causes of modern recessions,
shortage,,of-'laborA2>, The consumer has aggrain * durable
manufacturing
and is a powerful force toward infla- 'vated
the
maladjustments by
mining.
Cap i t a 1 planning, ~of tion.- But there will be"periods in ^ shifting a significant amount of
this span of years when thenum-purchases from durable goods
course,is^ longer-term planning.
Frequently we build a plant and ber of people betweeh 24 and 35 to services and nondurable goods,
equip it this year. We start pro¬ years of age will increase more- But 011 the whole he has been the
duction the second year. Startup rapidly than the general popula- roost stabilizing element.
Youhg pebple ~ may
find ! (3)..Even mild inflation is imtime, including hiring, training, tion.'
working the "bugs" out of the things difficult;for a few years moral, inefficient, and dangerous,
equipment, and bringing it into during the late " '60s." There will We must concede that we can't
full production may consume most be alternating ease and tightening take more from the economy than
of the second year.
Much of the of inflationary pressures. : '
^ we put into it.
•
,
have
be
be the best in history-^
bridge
7
A
1
Incorporated
Northwestern National Bank
of Minneapolis
r
Tripp & Co., Inc.
.
Wood, Gundy & Co., Inc.
3
The Commercial and Financial Chronicle
(764)
.
.
Thursday, February 12, 1959
.
Beneficial Finance
Co.—Analysis—Reynolds & Co., 120 Broad¬
New York 5, N. Y. Also available is a survey of Oil
Stocks, and a report on Union Tank Car.
Botany Mills, Inc.—Analysis—Woolrych, Currier & Carlsen, 210
NASD District Mo. 8
way,
Dealer-Broker Investment
.
Elects Officers
West Seventh
Street, Los Angeles 14, Calif.
Analysis — Edwards & Hanly, 100
North Franklin Street, Hempstead, N. Y.
Burroughs Corporation
Recommendations & Literature
CHICAGO, 111.—James M. Howe,
—
partner, Farwell, Chapman & Co.,
Chicago, was elected Chairman
Chicago Rock Island & Pacific—Memorandum—Hirsch & Co.,
25 Broad Street, New York
5, N. Y.
It is understood that the firms mentioned will be pleased
to send interested parties the following literature:
Columbian Carbon
«
.29
:
r
Company—Analysis — Schweickart & Co.,
Broadway, New York 6, N. Y.
'v
,
Cook Electric Co.—Memorandum—Blunt Ellis &
Simmons, 208
South La Salle Street, Chicago 4, 111.
VE. L du Font de Nemours & Company—Review—Shearson,
.
•
:
Atomic Letter No.
to
45—Commenting on effects of AEC grants
colleges and universities, on radiation instrument industry,
Inc.—Atomic Development Se¬
r
curities
y
Co., Inc., 1033 Thirtieth Street, N. W., Washington
<
y
Burnham View
Company.
.
13 New York
f* *r
—
Houston
123
Mining Stocks—Booklet—Draper Dobie and ComLtd., 25 Adelaide Street, West, Toronto, Canada.
Saunders
—
122
Oil
Co.,
Nomura Securities
Chemical Corn Exchange Bank,
Showa
Oil
Co.
and
Maruzen
York
National Sugar Refining Company
City Bank Stocks—Year-end comparison and anal¬
New. York City bank stocks—Laird, Bissell &
Sugar
13
120
Broadway,
New
York 5, N. Y.
showing an up-to-date
Over-the-Counter Index—Folder
used in the National Quotation Bureau
and
market
performance
over
Averages, both
a
as
National Quotation Bureau, Inc., 46 Front Street, New
4, n. y.
'■ ■ v.". jv;-"
to
Pennsalt
York
&
-
,?«
'
,
*
,
Watson
-
Co., 25
.•wsr
Co., 74 Trinity Place, New York 6, N. Y.
Paramount—Analysis—Cohen, Simon-
Co., 25 Broad Street, New York 4, N. Y.
Arden Farms
—
Memorandum
—
Weil &
Co.,
Street, N. W., Washington 5, D. C.
Co.—Memorandum—Bateman, Eiehler
South
Union Oil of California.
Bell & Gossett Company—Analysis—Blair
& Co.
105 South La Salle
Street, Chicago
on
Coast Exch. Member
,
election
of
Francis
Two With
D.
-Jr.,
general
partner
of
Hemphill, Noyes & Co., to mem¬
bership in the Pacific Coast Stock
Exchange through the purchase of
membership in the Los Angeles
Division, has been announced by
William H.
ald
W.
Air
The
*
4
:
are
and
now
Charles
solidator of international
cargo with
of 278 offices and
agents
been with
Key¬
Pacific
the
on
Coast.
Jones, Division Chair¬
has
been
since
associated
1919. He
general
as
Angeles and became a general
partner of Hemphill, Noyes & Co.,
in charge of the Los Angeles of¬
1952.
The
branch
other
states
Now With Reynolds & Co.
in
FRANCISCO, Calif.—Gro-
G. Jones has become affiliated
with
Reynolds
Sutro Co. Adds
(Special to The Financial Chronicle)
SAN
member¬
Everett
,
a
con-
network
to
the
the
President
tional
Street
for
na¬
The
Inc.,
Fund,
One
and
sales
sales
and
tration
in
active
be
service
in
adminis¬
the
company's main
York, 1 William
Street.
He will also be regional
representative in its New England
territory covering the six New
England states and; Upper New
office
in
New
York State with offices at 79 Milk
Street in Boston.
Price has
staff
New
of
Sutro
Street,
York
been
added
&
Co., 460
members of
and Pacific
Exchanges..
Coast
.
;
.
tive
long been ac¬
investment banking cir¬
in
cles and
recently Viceof the
department of
Burr,; .Incorporated,
and
manager
trust
and
.
most
was
President
r
ihvestment bankers. He is
"FOR SALE"
;
Mr. Amazeen has
Coffin
and
former
a
chairman
mem¬
of
the
Investment Companies Committee
of the
Investment Bankers
Asso¬
ciation
of
several
122-Bound Volumes of the
&
FINANCIAL
CHRONICLE
important committee posts
Jan.
1, 1929-Dec. 31, 1957
-
America
the
both
of
and
National
Securities
National
vestment
From
Teletype NY 1-376; 377; 378
company,
Amazeen will
Mr.
the
Trinity Place, New York 6, N. Y.
the
Scudder Fund of Canada Ltd.
in
Members I\ew 1 ork
Security Dealers Association
of
underwriter
investment
COMMERCIAL
Troster, Singer & Co.
Sales, Inc., it was
an¬
by Dorsey Richardson,
FRANCISCO,,Calif.—
Stock
-
been
L.
Montgomery
-
&
Co., 425 Mont¬
gomery Street. He was previously
with First California Company.
numerous
holds
Street
William
SAN
ver
principal office
City,
offices
and
has
Amazeen
S.
elected Vice-President of William
nounced
Mr. Frost has been active in the
securities business
William Street Sales
Edward
ber
throughout the world.
has
Edw. Amazeen ¥.-P. of
A.
with
Express International Corp.
largest forwarder, clearance broker and
74
underwriter and dis¬
an
resentative
Irving
Lundborg & Co., 710 Winslow St.
ships in the New York, American,
Boston
and ; Midwest Stock Ex¬
changes and the Chicago Board of
i
A Brochure On:
HAnover 2-2100
as
Vachon
stone for 14 years, first in Boston
and Philadelphia and then for the
last seven as the company's rep¬
CITY, Calif.—Don¬
Kirk
Leonard
Trade.
,
—
Mr.
(Special to The Financial Chronicle)
with
financial institutions only'
Going to Press
years
tributor in the mutual fund field.
-
Irving Lundborg
REDWOOD
of his firm is in New York
For
organization,
j
,
a
fice in
:
•
.
>
(Special to The Financial Chronicle)
Frost,
partner with various firms in Los
Incorporated,
3, 111.
•
,
™
man.
& Co., 453
Spring Street, Los Angeles 13, Calif.
Armstrong Cork Co.—Data—Herbert E. Stern &
Co., 52 Wall
Street, New York 5, N. Y. Also in the same circular are
data
/
Mr.:
Swaney has- been
Key?
stone's
representative
in: New
England and New York State for
>the past-eight years, following 14
Organization, 120 Broadway, New York 5, N. Y.
.
The
&
Corp.—Brochure—Troster, Singer &
&
vestment company.
y
—
ACF Industries, Inc.—Memorandum—T. L.
Broad Street, New York
4, N. Y.
Air Express International
son
Key stone. Company of Boston, it
announced by S. L. Sholley;
President of the 27-year-old in-,
was
Corporation—Analysis—A
Signal Oil & Gas Co.—Analysis—Dean Witter &
Co., 45'MontVgomery Street, San Francisco 6, Calif.
,
/ \
.
American Title & Insurance Co.
734 Fifteenth
Vachon of Los Angeles, have been
elected Vice-Presidents
by The
West Canadian Oil & Gas Limited—Bulletin—De
Witt Conklin
-
Market—Analysis—Sutro Bros. & Co.,
Avenue, New York 22, N. Y. >
American Broadcasting
-BOSTON, Mass. — Two senior
Regional
Representatives,
John
Swaney of Boston and Louis A.
"
.
Brady, with the NASD
of
Swaney, Vachon, V.-Ps.
Keystone Company
—
*
named
was
Of
~Skelty Oil—Bulletin—Bache & Co., 36 Wall
Street, New York
; '."5, N. Y.
• ;;
'
!;; '
Technical Trends in the
Comparative figures
A. M. Kidder & Co, Inc. 1 WaU
Street, New York 5, N. Y.
J
Inc.
Co.
National
York 5,
Hayden, Stone & Co., 25
—
Kelly, Vice-President
&
office in Chicago, is Secretary
District Committee No. 8.
G. Becker & Co., Inv..„corporated, 60 Broadway, New York 4, N. Y.- ~ :t
: j;
t v.
;
;
Report
Collett
John F.
First
Corporation—Analysis—Mitchell, Hutchins
—
dealers
Vice-Chairman.
-
American Machine &.Foundry Co.
Sealed Power
,
Companies
of
Co., 1 Wall Street, New York 5, N. Y.
„; on
.
,
U. S. Banks and Trust
—
New
and
Wisconsin.
T. Gordon
Rayonier, Jnc.-^-Data—.Oppenheimer, Neu & Co., 120 Broadway, New York 5, N.-Y. Also in the same bulletin are/data
,
& Co., 72 Wall Street, New York
5, N.Y. Also available are
memoranda on Beaunit Mills and Illinois* Central Railroad, i'.
and a report; on Singer Manufacturing
Company.
r
and
Analysis — Laird, Bissell &
yy Meeds, 120 Broadway, New York 5, N. Y.
■
625 Madison
Chemical
Radio Corporation of America
•
...waukee 2, Wis. - "•
- vv •>
y< --yyy•
Rubber—Report—J. R. Williston & Beane, 115 Broadway, New
...
Street,
'•
Broad Street, New York 4, N. Y.
;y
-y
Refractories—Review with particular reference to General
Refractories Company and A. P. Green Fire Brick Company
—The -Milwaukee
Company, 207 East Michigan Street, Mil-
Shoe Industry;— Review with particular reference to Brown
Shoe Company and-International Shoe
Company—H. Hentz
Wall
organization
largest
brokers
The district com¬
prises of States of Illinois, Indi¬
ana,
Iowa, Michigan, Minnesota
Street,
Seattle
Annual report
—
100
.
Plough, Incorporated
Real Estate Bond and Stock
York 6, N.
Company,
the
of securities
Co.—Analysis—Alfred L. Vanden Broeck & Co.,
55 Liberty
Street, New York 5, N. Y. Also in the same cir¬
cular are analyses of Miles Laboratories, Stone & Webster
Co., and Celotex Corporation.
*,
•
y
•—
Averages—Comparative figurea—
Amott, Baker & Co., Incorporated, 150 Broadway, New York
38, N. Y.
•
-:
-
National Association of Securities
Co.,
A. G. Nielsen
com¬
period
20-year
Refining
New York.
parison between the listed industrial stocks used in the DowJones Averages and the 35 over-the-counter industrial stocks
yield
of Union Bag-Camp Paper and
Kelly
in the country.
Broad
30
T. Gordon
Howe
M.
Dealers,
&
National Bank.
New York.
ysis of
Meeds,
Allyn
S. La Salle
brief analyses
New York 7,
Ill Broadway,
C.
Acme—Analysis—du Pont, Homsey & Company, 31
Milk Street, Boston 9, Mass. Also in the same circular are
Co., Ltd., 61 Broadway, New York 6, N. Y.
Company of New York, Inc.,
Co.—Memorandum—A.
National
Japanese Stocks—Current Information——Yamaichi Securities
New
James
of District Committee No. 8 of the
Midwestern Instruments—Review—Ira Haupt &
Co., Ill Broad¬
way, New York 6, N. Y. Also available is a report on Cessna
Aircraft Co.
Co.
Oil
Securities
Street, Chicago 3, 111.
Loew's Inc.—Analysis—Herzfeld & Stern,
New York 4, N. Y.
International Division, 165 Broadway, New York 15, N. Y.
Japanese Oil Industry—Discussion with particular reference to
Mitsubishi
Corp.-—Memorandum—Woodcock, Hess, Moyer & Co.,
Denver and Chicago Pneumatic Tool.
Limited, Victory Building, Toronto 1, Ont.,
Economic survey
—
Develop-
South Broad
Interstate
Canada.
Japan
General
:
Street, Philadelphia 9, Pa.
Rand—Data—Dreyfus and Co., 50 Broadway, New
York 4, N. Y. Also in the same issue are data on Gardner
Canadian Pre Budget Monetary and Fiscal Outlook—Review—
M.
report on
!
a
JngcrsoII
Canadian
E.
is
ment Corporation.
Gould National Batteries,
;
able is current Foreign Letter.
pany
In the
analyses of Blavv-Knox and U. S. Rubber
are
;
Monthly Investment letter — Burnham and
Company, 15 Broad Street, New York 5, N. Y. Also avail¬
v
Co., 14 Wall Street, New York 5, N. Y.
Also available
Inc.—Survey—Abraham & Co., 120
Broadway, New York 5, N. Y. Also in the same circular is
vf-Ys'a survey of Hussmann Refrigerator Company and U. S.
Rubber.;;:.; c"„
"
J" V ,' y
Bissell & Meeds, 120 Broad-
City Banks—Bulletin—Laird,
New York 5, N. Y.
way,
&
bulletin
same
.
7, D. C.
Breakdown of Government Bond Portfolios of
Hammill
>
.
and discusses Salem Brosius,
has
held
Association
Dealers,
and
Inc.,
Association
of
In¬
Companies.
Dean Witter Adds to Staff
(Special to The Financial Chronicle)
Available
LOS
immediately in N. Y. C.
ANGELES, Calif.—Robert
A. Brown, Alton R. Cary, Jack G.
Write
or
Phone
Edwin L. Beck, c/o
—
REctor 2-9570
Goss, William T. Howard, Donald
E.
Chronicle, 25 Park PL, N. Y. 7
McKee
have
Dean
been
and
Elmer
added
Witter
Spring Street.
&
to
Co.,
F.
the
Wirth
staff
632
of
South
.
.
.-
*
Volume
139
Number 5820
.
.
The Commercial and Financial Chronicle
.
/
(765)
Secular Trend Questions
What Should Be Considered
•.
These
analyses
inflation
In Reading 6NP
Projections
tions
(1)
of the pitfalls and other
(2)
ness
rate
are
resumes
-
"normal"
more
of production, record highs
being projected for this coun¬
try's
N
a
Gross
the
tained
by
nation's
reflect
and
particularly,
terms
of
its
capita
re¬
ards,
in
Orville
Prof.
J.
Hall
in
GNP with
population would result in less
GNP per capita.
Also, record highs
of GNP may be explained in part
by inflation — with more dollars
being required to purchase the
1958
it
pur¬
does
to
not
are
a
than
may
The
of
estimate
of
GNP ten years hence as¬
that these dollars will con¬
the
Sena¬
others
ture date.
same
that
consumers
services.
We
do
not
for
not
basis
However, for
our pur¬
be
Product
It is
believed, however,
method
GNP
rational
a
of
interpreting
provides
evaluating
and
does
such
method
in GNP,
to
predict
goods and services is
in
terms
each
of
real
member
United
of
each
seek
not
Yeager Opens
G.
Yeager is engaging in a'secu¬
rities business from offices at 1820
know
Eye Street.
'
'
dollars
in
pur¬
.
E.
The
GNP
United
per
capita
States in 1947
the-
in
dollars
PHILADELPHIA, Pa.—Willard
Ferrell is conducting a securi¬
ties business from
offices
on
reason¬
compre¬
hensive studies.
Dean Witter Adds Four
1947-49—100), suggest
This announcement is nol
an
offer of securities for sate
or a
solicitation oj an offer to buy securities.
■n'i';'
New Issue
:
f
February 11, 1959
550,000 Shares
a
Reynolds Metals Company
the dollar amount of GNP
used to illustrate this
method is of less importance than
capita
Second Preferred Stock, 4V2% Convertible Series
if an attempt was being made to
project the GNP for a particular
year. For this reason, an arbitrary
GNP
capita
per
of
value
(Par Value $100
$2,500
An increase in GNP to
high could result solely from
increase
in
Share)
share, subject to the Company's
right of redemption
record
a
per
Each share convertible into Common Stock at $75 per
is used.
an
population, even as¬
unchanged, or even a
suming an
lower, GNP per capita, and thus
population changes must be con¬
sidered in any worthwhile analysis.
We
be either generous
may
conservative in
forecasting
Price $100 per
or
popu¬
predicts
a popu¬
lation
million,
and
share
pi us accrued dividends from date of issuance
lation changes. The U. S. Bureau
of the Census' most conservative
forecast for 1960
of
179.4
liberal
most
181.2
--
forecast
million;
is
Similar
its
of
one
low
Copies oj the prospectus may be obtainedjrom such oj the undersigned
( who are among the underwriters named in the prospectus) as may
legally offer these securities under applicable securities taws.
and
high estimates for 1970 are 202.5
and
219.5
million,
respectively.
The
mid-points
between
these
projections are 130.3 million for
and
I960
211.0
million
an
increase
indicating
decade of 30.7 million
for
1970,
for
or an
the
aver¬
of 3.07 million increase
year.
On the basis of these
age
jections,
pro¬
population of approxi¬
mately 205 million is forecast for
1968. Our per capita GNP of $2,500
our
205
discussed
million
The
tion
forecasts
most
a
GNP
conservative
estimates
1970—some
GNP
Eastman Dillon, Union Securities & Co.
Harriman Ripley & Co.
Goldman, Sachs & Co.
Incorporated
Kidder, Peabody & Co.
Lazard Freres & Co.
Lehman Brothers
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
in
Stone & Webster Securities Corporation
Smith, Barney & Co.
White, Weld & Co.
Hornblower & Weeks
Lee Higginson Corporation
$512.5 billion.
of
the
popula
Census
million
of
billion
Bureau's
of 219.5
for
most
per¬
Drexel & Co.
Hemphill, Noyes & Co.
Carl M. Loeb, Rhoades & Co.
F. S. Moseley & Co.
Paine, Webber, Jackson & Curtis
a
that
liberal
million for
¬
for
analysis predicts
$506.25
The
estimate
of
202.5
sons—by like
year.
jBlyth & Co., Inc.
above,
applied to
projected population figure of
1968 of
Kuhn, Loeb & Co.
Reynolds & Co., Inc.
Dillon, Read & Co. Inc.
per
a
1970
L. F. Rothschild & Co.
y
(Special to The Financial Chronicle)
..
analysis (rather than in
explanation of the value of data
used)
1033
age
method of
per
at
Rhawn Street.
was
SAN FRANCISCO, Cal.—Cecil
an aver¬ during the decade ending in 1968.. A. Culp, James A; Gentry, RawEven a 3% increase for the decade
son
E.
rise of 2.3 to 24 points per
Knight and Trevor C.
would raise the $600 billion GNP
Roberts
have become associated
year for the past decade.
If the
same
rate of increase continues to $618 by 1968.
with Dean Witter & Co., 45 Mont¬
for the decade ending in 1968, the
The impact of changes in GNP gomery
Street, members/of the
rounded projection of $500 billion is important, particularly insofar New
York
and
San
Francisco
GNP for 1968 must then be re¬ as it affects each individual. Pro¬ Stock Exchanges. Mr. Knight was
vised upward by 20 to 25%.
A jections of the total GNP become formerly with Irving Lundborg &
20% increase in prices by 1968 more significant in light of the co.
■■■■•
-..
another.
purchasing power. The GNP per
capita in United States in 1955
was $2,370,
the next year it was
$2,466, and in 1957 it was $2,537.
on
'
Willard E. Ferrell Opens
chasing power of each successive
year and
in dollars of constant
Since this discussion centers
-
of
.
<
in
*
SACRAMENTO, Calif. —Albert
may
value of GNP per capita has been
both
of
new
States population.
A. G.
new
high
well being of
the
increasing
a
The post-World War II trend in
upward
of
value
changes
changes.
basis
a
interpretation
This article points out a
of
on
except
misleading view that
record-breaking
total
ward.
necessarily a
for projecting
and,
the rise of output in United States
at a time when we entertain the
whether this will occur, but to the
extent that such an increase in
rate
of other
this
changes in
buying in recent years.
To the extent that improved qual¬
ity of consumption goods would
provide greater "wearability" for
such items as clothing, or longer
life of durable goods, the same
number
of
dollars
(of constant
purchasing power) would enable
consumers
to
buy more goods,
thus contributing* to a rise in the
rate of consumption.
Every con¬
sumer, of course, hopes that his
purchasing power will increase
and thus let him buy more goods
and
individual
in a
most general way, is not offered
as a forecast of GNP at some fu¬
$600
provide a background $1,880 in 1945, $1,953 in 1955, $1,974 in 1956, and $1,958 in 1957.
which changes may be
evaluated.
The data on the rise These data suggest that a rise in
in consumer goods prices (based GNP per capita may be expected
it
against
would have to seek additional
more
is
past
poses
•
interpreting the signifi¬
of GNP projections. If we
making statistical forecasts,
data and undertake
answers
the future.
attempting only
method
or
to these questions
answers
dependable
in
cance
we
we
illustrate
were
estimate
one
accurate
the
The
goods and services.
same
•
and
However,
ing,
still greater increase
a
of
and
your
Representatives,
to
consumption does take
thinking
persons, may provide a basis for place, the $600 billion GNP pro-:
projecting the trend of inflation. jection must again be revised up¬
any
less
even
lationship. For
example, an
increase
dollars
Any projection with respect to
changes in prices of goods and
services is subject to many haz¬
inter¬
pretation in
per
on
power,
or
policy-making positions?
and the
deflationary or infla¬
tionary influences or changes in
our standards of living.
services lies,
its
based
chasing
communication to
Your
pointed out that this projection
is
the
output of
in
in
GNP of $500 billion
be
total
goods
any
tor
by 1968 will be assumed. It should
at¬
organized
expect
you
(3) Have you expressed your
disapproval of secular inflation by
the per capita
of course, reduce
projected GNP values. How¬
for use in this analysis,, at¬
a
Do
is
task
have been
to
ing output?
in
estimate would,
tainment of
of
level
a
decrease
Any
Federal Budget
fringe benefits and thus
increase labor costs with increas¬
GNP of $548.75 billion
basis of $2,500 per capita.
a
in the
question: "How will this affect my
rate of consumption?"
This article presents a method
of analysis of the impact of change
living stand¬
to be spent for
goods and services that
repeated
and/or
ever,
The
importance
of
the
ational
Product.
indicates
in
tinue
expect
you
$600
in the Gross National
sumes
labor to continue to be successful
in obtaining
higher wage rates
the United States.
difficult
changes
1968.
billion
to
secular
financed, in part at least, by
sale of bonds to banks, thus creat¬
ing new bank credit?
hopes that the insight provided in interpreting
changes in GNP furnishes a basis for rational interpretation
continues and busi¬
guide
expect
of
by
be
writer
As recovery
may
GNP
a
ards that will have been effected
three ques¬
general
we
Do
deficits
ascertaining extent of price inflation in the secular trend.
of the rise of output in
a
answer
most
project
inflation.
hazards that should be considered in reading GNP projections.
Dr. Hall also outlines three questions that should be answered
The
as
whether
University of Arkansas
in
profitably
may
By DR. ORVILLE J. HALL
some
Our
basis for their pro¬
a
indicate
billion by that time.
jection. Parenthetically, the reader
College of Business Administration
Arkansas economist exposes
as
would
secular
assume
9
Salomon Bros. & Hutzler
F. S. Smithers & Co.
Wertheim & Co.
...
10
The Commercial and Financial Chronicle
(766)
Secretary of the Treasury on
who
investors
during the year—from 4 years and
in governments:
7 months to 4 years
This
and 9 months.
done despite the
inabil¬
ity of the Treasury to extend any
debt beyond 2% years to maturity
a
in
compared to psychological reaction of
in this presageful evidence of continued
see
8Y2
to maturity. As a result, the
length of the marketable
debt was increased by two months
offing; and believes size of budget deficit is
problem
secondary
and
*
average
anticipates heavy Treasury financing in 1959—though smaller
in dollar volume than 1958—and a new high in short-term
debt in the
notes
years
'
Management of the Public Debt, Washington, D. C.
excesses
intermediate-term
of
bonds running from 4 years to
By CHARLES J. GABLE, JR.*
Treasury official hits speculative
during the
reached a new postwar high.
As part of this $69 billion job
the Treasury issued $2.9 billion of
long-term bonds and $16.7 billion
Treasury's Financing Views and
Debt Management Problem
Assistant to the
issued
securities
able
year
was
unsettled
the
market
inviron-j
ment which characterized the last
half of 1958.
The slight lengthen¬
country, it accounts for one-third
was in
approxi¬
mately six months each in the
average length of the debt during
the
two
preceding
years
and
brought the average back almost
to the level of five years ago when :
the long postwar decline, in the *
average length of the debt came to .
an end.
v-/'. Y;/
■
Despite the fact that there -whs.
an $8 billion increase in the total
debt in 1958, there was a reduc¬
tion of $3 billion in the amount
of marketable debt becoming due
problems
of the total debt owed by all indi¬
within
which
can
viduals,
solved
by
plying
a
inflation and, as a result, shy away
municipal
well
as
from mortgage, corporate,
Federal debt. Mr. Gable
as
ing of the debt last
contrast
announces rem¬
edy is being sought to restrain undue speculation which will not
hamper legitimate dealer operations and he deplores lack of
savings institutions' and individual holdings of governments.
He states Treasury's 1959 financing program
I would like to review
the
child in America.
of
some
These
agement program.
not
are
be
in
the
single
all
debtor
corporations
After
of rules.
are cer-
tain
basic
public
principles
under
which
fense
al¬
reduction
some
grew
burden
of
requirements
War, reaching
billion on Dec. 31,
heavy
th
under the impact of two
the calendar years 1956 and
economic
environment
budget
and the market
reduced
is
erates
Charles
J.
Gable, Jr.
constantly
c
h
a n g
i
n g
approach to debt
management must always be flex¬
our
billion.
crease
The impact of changing circum¬
stances on debt management poli¬
year
i
which
the
again.
year
was
debt
The
debt
growing
was
at
in
year
a
the
December 1958 amounted
end
of
to $283
1
large
a
debt
look at it and
any
which
in¬
any
Marks
Postwar
Iligh
$8
billion
sound
year
the
to
Five years ago
year.
debt
in
and
One
raise
to
cash
new
of
investment
Government
ac-:
-V:';
The
$17
of
new
cash
borrowing
need¬
the deficit
was
class of investor in ed not only to cover
In the savings bond but also to cover the retirement
alone an estimated 40 of other securities growing mainly
major
calendar
tutions—rather than through non-
made somewhat more
was
ment securities is
typically in the
tions
did
add
in the second half of
1958, revers-
further
savings,
their
to
bond
E
holdings
-
in J; July-
December 1958, but again reduced
their holdings of the larger inves¬
tor
type. F and G savings bonds
and. their- holdings of marketable
securities during the second half
ap¬
during
the
whole,
showed
was
as
a
This
investments.
true because of the
expenditures
average
decline of $0.8
a
billion in their
on
period
postwar
of
excess
receipts in the
over
Unemployment Trust Fund, the
Federal
Old-Age and Survivors
Trust
and
Fund
the
Bond
Sales
four
major groups of savings in¬
—
insurance
companies,
mutual
loan
savings banks, savings and
associations and pension
reduced
their
hold¬
from
Credit
Base
I
Treasury financing in the first
half of 1958
was
1958.
This
when
the
tions
conducted in the
atmosphere of recession, with ris¬
ing bond prices, falling interest
rates, and monetary ease. I11 this
atmosphere
it
was
appropriate
that Treasury offerings were de¬
signed
primarily to
appeal
to
done
was
assets
were
of
at
these
growing
a
monetary policy in its endeavor to
increase the money supply and to
savings bonds' better assure the availability of
buying
payroll wartime F and G
' which are now maturing. At the
time
the
Treasury issued
The $283 billion public debt at same
the end of December represents $50 billion of new securities in
bonds
currently
savings plans.
an
amount
through
equal
to
63%
of
total gross national product.
an
amount
equal to
$1,600 for each man,
more
the
It is
than
woman
and
exchange
($28V2
a
statement
by
Mr. Gable
fore
be¬
the
Joint
Economic
Committee,
Washington, D. C., Feb. 5, 1959.
for
billion
maturing
issues
publicly held
and
$211/£ billion held by Federal Re¬
bank holdings of the debt rose by
$5.8 billion in the first half of the
year,
total
of
accounts)
$69 billion
that
so
new
the
market-
rising
only
$1.4
billion.
With the exception of Series E
and H
savings bonds held mostly
by small savers, all types of ponbank investors liquidated Govern¬
ment
securities
the
in
Components of Private Nonbank
Investors
nonfinancial
time
when
corporations'at
their
profits
approxi¬
by
were
Individuals
TuT
Bonds
Savings
Institutions
♦6
'
Other
J
EZ2Z3,
ing Chart, therefore, the
tion
of
types
assets
of
each
institutions
of
Government securities
cases
a
propor¬
these
of
a
low point.
in the form
has shown
substantial decline
rities,
of Government
their
invested
in
percentage
secu¬
of
assets
Governments has
ings of Government securities by
Hi:
for, in
Corps, and Other
and
the
effect,
maturities
to
Short-term Holders
In
with
a
958
the
the
savings
institu¬
paid
selling shorter
bonds
by
were
banks.
second
half
during
the
last
six
years
institutions
year,
covery, two-thirds of the $6.6 bil¬
lion increase in the public debt
♦5.0♦.9
HZHL
+.4
net
directly in securi¬
Of this total
$106 billion was placed directly
in savings institutions, and as has
or
ties and mortgages.
been
already
indicated in the
chart, no part of this flow of sav¬
ings on net balance reached the
Government securities market.
-SAVINGS INSTITUTION
securities
attractive
to
savings-
type investors is not easy to find.
The Treasury is, however, explor¬
ing all possible ways of encour-"
aging
greater
participation ^ in
,
government security ownership by
these purchasers.
Hits Speculative
v
investors out¬
thereby
lessening somewhat the inflation¬
Life Insurance
'
•Companies
Mutual Savings
Banks
Associations-
State and Local
Pension Funds.
by
side of commercial banks
impact of Federal deficit fi¬
nancing at a time when other de-.
ary
mands for funds were rising
Corporote
Pension Funds.
and
monetary policy sought properly
to temper the rise in money sup¬
ply. Furthermore, all of the in¬
.
Wave
in which
Treasury financing took
place in 1958 would not be com¬
plete
without reference
to
the
rather
dramatic
changes
the
in
market environment in which the
Treasury had to do its financing.
With interest
bond
prices
rates
declining and
rising
early in the
the Treasury had little diffi¬
culty selling securities which were
priced very close to the market
year
at
the
time they
were
issued.
Subsequent market rises resulting
from
investor
anticipation
of
continuing
tary
look
recession
made each
ease
quite
and
attractive
mone¬
security
new
after
soon
As a result, particularly
regard to the 2%% seven
bond which was offered in
with
year
there
June,
amount
of
was
increased
an
speculative activity in
government issues on the as¬
sumption of a continuation
of
new
these trends.
The
bond
an
for
June
intermediate-term
as one part of
optional offering in exchange
maturing securities and was
put out
was
subscribed
for
than
ably in
$7
in
an
amount' of
billion—consider¬
of what had been
either the financial
community or by the Treasury.
This
large
amount
presumably
could have been properly digested
by the market, however, if the
excess
expected
by
trends of recent months had
tinued.
ness
con¬
But improvement in busi¬
news,
plus
in
rumors
the
financial community as to a possi¬
ble reversal in monetary policy,
resulted
in
the
many
in
bond
financed
or
a
turnaround
sharp
market.
As
a
result
speculative buyers who had
no
their purchases on
margin
liquidate them.
were
little
forced
to
The resulting dis¬
continued
on
page
36
INVESTMENT IN GOVERNMENTS_
December 1952 and 1958
economy
absorbed
way
during these years, de¬
spite substantial increases in E
and H bonds. During the past six
years individuals
had new sav¬
ings of $137 billion available for
investment either through savings
entering into
period of vigorous economic re¬
was
indi¬
on
balance
Savings and Loan
of the
A
satisfactory solution to the
problem of making - government
more
An analysis of individuals' sav¬
ings
Even the sale
first half of the year did not re¬
sult in a net increase in the hold^
since
de¬
clined slightly.
were
by the Treasury of $2.9 billion of
long-term bonds during the
tions
in
invested
during the last six years. Even in
the case of rapidly expanding sav¬
ings and loan associations, which
have been
building up reserves
a
new
individuals
-.3
111
J
at
have the
issuance.
is shown in the accompany¬
As
shrinking and their tax liabilities
January-June 1958
who
half
first
of the year, with most of the liq¬
uidation being accounted for by
Private
Nonbank
though the total debt
even
by
(See Chart).
banks and Government in¬
vestment
CHANGES IN PUBLIC DEBT OWNERSHIP IN 1958
adequate credit for economic re¬
covery.
As a result commercial
was
serve
♦From
banks, as debt man¬
sought to complement
time
institu¬
mately $100 billion.
in most
Broadened
individuals
A discussion of the environment
.
Government securities
Treasury is up
particularly
difficult
a -
to
of 1958.
of
Government
securities
$27% billion in December,
proximately $2 billion a year foi\ 1952 to $26 billion in December,
for
market
a
out of marketable maturities paid
off in cash and the redemption of
are
-
ings
provided
In the latter case,
opportunity of buying tax-exempt
state and municipal offerings.
;
H
and
into
ing to make its securities attrac¬
inglearlier trends, is an encour¬
aging sign, however. Individuals
added
funds
went
debt management problem in try¬
holdings of Government securities
into Government securities
million
against
their
to
the
investment
years
the
course,
tive
somewhat
agement
eight
of
institu¬
program
about
ernment issues.
the other hand, longer term secu¬
rities
are
purchased by savers
with more permanent investment
savings
of
direct
securities, into mort¬
into state and local gov¬
gages or
is only one step away from
increase in money supply. On
goals in mind.
The fact/ that
all
for
corporate
and
an
shows rather clearly that no
vidual savings found their
bonds and
available
during these six
shortest term obligations available
difficult by the fact that Govern¬ funds—have
ment investment accounts, which,
had
obligations either.
then,
effect,
financial corporations. In the lat¬
ter case investment in Govern¬
commercial
own
Government
had
year
the country.
million individuals
vested
An increase of $7 billion in E and
been ' H bond
holdings was completely
through longer term savers—such offset by a decline in
holdings
as
individuals and savings insti¬
of other government securities. In
the
stitutions
of Treasury financing
job
in 1958
as
cash
more
Moreover, none of the remain¬
ing individuals' savings was in¬
directly in United States
ferred, however, that a larger part
of
its
financing outside of the
banks during the second half of
ago
year
counts.
as
to the market six times during the
Refers to Individuals' Savings
out¬
Singles Out Savings Institution
it was
$7514 billion. It is now $72bil-.
The persistence of the postwar
lion, of which $51 billion is held trend of savings institutions away
by the public and $2112 billion from
Government
securities
is
held
by Federal Reserve-banks highlighted by the fact that the
$80 billion.
possible last
required the Treasury to go
manner
a
ly bill offerings. This large amount
is
of
one
was
side of the larger financial centers.
The Treasury would have pre¬
under-one-year debt stood at
Highway Trust Fund.
raised through additions to week¬
way
structure
one
into the asset
woven
every
largest
debt for
billion, plus $2 billion
is
This
you
the
in the postwar period.
year
billion.
was
of
The job of adding a net amount
of
1958.
This
in the public
1958
was clearly illustrated by our
experience in the calendar year
past
com¬
the
Insurance
cies
The
been
has
1958, which increased the debt by
$8 billion to a new high of $283
ible.
.
of
pletely erased, however, by deficit
financing in the calendar year
op¬
that
means
1957,
years
surpluses, the debt was
to $275 billion.
That $6
reduction
billion
atmosphere in
Treasury
Ko¬
peak of $281
1955. During
rean
a
de¬
the
and
try to
follow, but the
very fact that
the
debt
the
steadily again
debt
the
in
postwar period
the
in
early
ways
which
the
in
Nation.
rigid
There
e
all
and
Government
of
levels
ap¬
we
the
States
largest
problems which the
Treasury faces in its debt man¬
Not only is the
Government
United
current
set
will be dependent
economic growth and fiscal soundness, and he fully
supports a free bond market.
upon
year
declines
to
in bank holdings
crease
Thursday, February 12, 1959
.
.
Otto >r tM fenur, * tm
tmmr.
Number 5820
Volume 189
.
.
.
The Commercial and Financial Chronicle
(767)
Importance of
The New Federal Budget
.
tion
By RALPH A. YOUNG*
-
Director, Division of Research and Statistics,
Board of Governors of the Federal Reserve System
.
monetary policy the duty of
avoiding inflation in fostering economic growth. Traces coarse
of fiscal and monetary measures midst recent recession and
Stresses crucial importance of, a balanced Federal
budget, citing dangers of increased spending — including its
obstacle to effectiveness of monetary policy. Maintains inflationary hazards from larger Federal outlays |can only be
offset by additional tax levies. Concludes stable money requires long-term independence of money supply from the
.' financing of chronic government deficits, although short-term
.
counter-cyclical deficits and surpluses
;
money, has the duty
sustainable
of fostering
>
eco no
mi
c
policies are
si, realization of
goal.
In-
processes nor
Federal
to
are
be
avoided.
Accordingly,
funds would be much intensified.
Admittedly, in these circumstances
budget projection,
have unemployed resources, . and
the public concern Would properly
center more on the unemployed
resources
adequate weight to
If
^e Public interest in, and public
r' a sensi"^e Federal
on
to
the deficit itselfi
be
the
situation,
policy mutually rein¬
prospective pros¬
perity conditions, In addition, pos¬
forcing
under
itive tax action would be essential
to lay once and for all those cur¬
rent
cial
maintain
inflationary
fears
ac-
markets.
This
prospect,
in
other words, would not be infla¬
un-
tionary.
.
and
Recovery
dollar is
stable
a
one
value
recovery after April
took most observers by
surprise, both in terms of timing
Ralph A. Young
the load, monetary poiicy can be
^
terms
of vigor.
By
late
some
ures of economic activity validly..eatch,up with them.
o'vniinrl
Inor
Hitrmrt
rho
retracing ground lost during" the
.
decline—psychology in the finan- two sides of the
cial community had shifted froni
rntvnmnrY
.
Monetary and Fiscal-.Policy in
7
Recent Economic Decline
.7:7 During recent economic contrac-
-
concern about deflation to cOn7 tion; fiscal and monetary measures cern about inflation. Changed atFiscal titudes and expectations were dra-jC action during the recent period matically reflected in the rapid
;C 4had i aj&recession cushioning phase rise of stock prices* in a sharp ad-,;
-apd a- recovery stimulant phase, vance in market levels of interest •
v73Yith regard ,:to recession cush- rates, and in a resulting decline
{tiioning, the important features in stock yields below high-grade ;
included transfer payment sup- bond yields.
■ ;
•
:
7
77 plements to disposable income,
a contributory influence in the;;
budget,
countercyclical surpluses in times
ing
might
At
to
To make the
income-outgo
merely
Federal spend¬
substitute
for
the
monetary
ac¬
supplement
pavings each year must have
limit if inflationary dangers
some
in
times
of
of
recession
once
proved
the
first
of
all
to
the
This announcement is neither
Shares.
an
The
declines
in
tax
pay-
I.meutSvOndPPsitive^
7!7irieasufes
to
offer to sell nor a solicitation of aifdffer to buy any of these
offer is made only by the Prospectus.
:
pro-
y.iCuremerit. .With regard to recovery
:/7Stimu;lptiQn, ^jor. steps comprised;
7 ;, ari "increase in national defense
7!; appropriations, provision ofsUpplernental. unemployment benefits,
:; an increase in Federal pay levels,
; 7 ririd enactment of emergency hous77 ing and highway construction laws,
762,565 Shares
renewal of inflation psychology in
financial markets
swell* defense
was
growing
a
belief that the Federal budget was
of
out
This psychology,
control.
Common Stock
found support in the elastic qual- y
ity of current deficit estimates as
the
(without par
in part reflecting unexpectedly large outlays fort 7
farm price support. It was also :
The Company is
Company and of its subsidiaries rights to subscribe for these
as more fullff set forth in the Prospectus. The subscription offer
expire at 3:00 P.M., Eastern $tandard Time, on
February 24, 1959.
of the
lenses on possible Federal spend- '
of course, had ing programs—a magnifying proc*7.mbtivattoris Other than pure stim- ess which converted possibilities
7 lilus
to recovery;
a l s o,
actual into early realizations.
;.7
shares,
to stockholders will
.
t
resulting from
/ spending increases
lagged.their enactment by
them
Several months.
f
■
;
With evidence of rapid and vig-
in output and
prous recovery
:
em-..
Subscription Price $22 %
nloyment cumulating, and in the
0f the inflationary psychology
,
offering to the holders of record of its outstanding
(including officers)
Common Stock and thereafter to certain employees
telescopic 7
by " focusing
:These fiscal actions,
.
value)
year wore on,
bolstered
a
Share
;Ip retrospect, these two phases face
; of fiscal action had much counter-
.
•vF^c^al7,eff^f^v®n.es,s*.'; First, they
~
"
contributed to maintenance of to-
tal spending in the economy. Sec^oiid, through their optimistic 1mpact on business expectations and
later actual impact in
.
1 .J?.tal
,
expanding
helped to
spending, they
5
stimulate revival in aggregate ac-
5
tivity.
Monetary action to combat recession also had two phases. The
.
cushioning phase came early, beginning in the late Fall of 1957
when
'
recession trends
were
first
sharp
;
Reserve Bank discount rate reduc;
tion and open market operations
i in enough volume to relax financial market tensions, to reduce to
nominal volume fhe member bank
indebtedness to the Reserve Banks,
and to produce in credit markets
a recognized state of ease.
In the
phase of recovery stimulus, mone¬
tary policy followed through with
a
generous provision of reserve
to commercial banks by
funds
-means of open market operations
confirmed.
—
* Round
It
table
consisted
remarks
of
of Mr. Young,
DigitizedYork,FRASER 1959.
for Jan. 23,
"e Fel:
financial markets, it was
both
The several underwriters may
appropriate and necessary that the
Federal
Reserve
System
should
.
take action to temper the expansion Gf bank credit and of cash
balances.
This
action
took
the
(
Copies of the Prospectus may be obtained in any State
effective
in
the last five months
of the
PUTNAM & CO.
year,
THE FIRST BOSTON CORPORATION
advance
the pace of
and in
the
finance
the
system.
bulk
of
its
outside the
Indeed,
the
huge
GOLDMAN, SACHS & CO.
bank¬
KIDDER, PEABODY & CO.
it had
recession-ire-
shown
rather
COVery
movement, was just about
wide
higher, at the end of
.
1958
14 had ^ at mid-summer
1957.
;
BLYTH & CO., INC.
EASTMAN
SECURITIES & CO,
HARRIMAN RIPLEY & CO,
'Incorporated
active
though
supply,
money
21/2%
.
DILLON,
DREXEL & CO.
period the Treasury was able
current deficit
ing
ESTABROOK & CO.
CHAS. W. SCRANTON & CO.
consistent with
economic
to
J
MORGAN STANLEY
bank credit and monetary expangfon was reduced to a rate much
same
__
the
past, so it
again effective this time. In
more
.
the classical method of
retarding bank credit and mone¬
tary expansion.
Just as it had
been
from only such of the
undersigned as may legally offer these Shares in compliance
with the securities laws of such State.
count rates,
was
'
price at which Common Stock is then being
offered to other dealers in the over-the-counter market by a dealer not
participating in this distribution, plus the amount of any concession
allowed to dealers.
operations and of two successive
increases in Reserve Bank diswas
above (less, in the case
the Concession allowed to dealers) and not more
than the highest known
i'orm 0f a curtailment of reserve
funds supplied at the initiative of
^be System through open market
This
offer shares of Common Stock at prices
not less than the Subscription Price set forth
of sales to dealers,
SMITH, BARNEY & CO.
STONE & WEBSTER SECURITIES CORPORATION
•
February 10,1959.
'
-
geared
chronic deficits of government.;
,
-
is
financing
f
7;were mutually reinforcing.
more
expansion
supply
money
by
that stable
money is mot possible if
in
Offset
History has
prosperity.
than z
high levels of economic
tivity,
chance to
more
private spending.
more
.
ViVC:
permits of countercyclical deficits
the
employment with stable
prices furnishes compelling imperative for action to hold down
Federal expenditures so that re-
summer—with most broad meas- ceipts may have
seriously handicapped in carrying
,7out its special responsibilities.
-
automatic
the
longer term
growth of the money supply is
kept consistent with the longer
term growth of the economy. A
of the pace of real economic
expansion. But at the high levels
of activity already projected for
'
level
year ago
and in
f
With respect to the public inter; est side, the national goal of high-
Economic
a
,77their part of
/r
for
in which
some
larger
tax receipts.
.
Towards Less Ease
fail to carry
.
rest
that
fundamentally in ^disbelief of our
ment or monetary policy in fi¬ national fiscal responsibility.
A monetary policy designed to
nancing the deficit through finan¬
,
an
than
were
fiscal
and
untoward problems would be
presented to either debt manage¬
i-
expansion—which is not
this
no.
liscai policy.
v ;
Shift,,in MonetaryPolicy
^adequately
i
additions to
some
tax receipts are needed.
quate Weight to normal economic
•
be expected to contribute to
Economic
Rapid
policies
.■*VrrP a rticularly
; t.-J fiscal policy—
....
penditures and
that
less¬
■
Al"
'deed, if other
; f public
,
all
have
This is a myopic .perspective on
the problem. It neither gives ade¬
.
before the economic
ruary,
7 obviously, also
/essential for
,
the
reasonable expectation—this very
The biggest budget risk ahead
revival fact will generate a substantial
had actually set in, and extending rise in Federal receipts, compa- is that pressures for special spend¬
fiscal policy consistent with sound
§| . through July when recovery wasruble to the rise experienced in the ing actions beyond the Adminis¬
^
tration's budget goals will prove monetary policy is one that
in full swing, the active money recovery-expansion
pro¬
period from
irresistible. Larger Federal spend¬
vides a longer run balance of re¬
supply increased at a very rapid fiscal 1955 to fiscal 1956.
Both
§pf rate by historical standards. corporations and individuals can ing might conceivably accelerate ceipts and expenditures, though it
t inflation.
77 this
in
de¬ monetary policy would be under
spite all advances in the arts of acute pressure in resisting the re¬
7 deficit with alarm and see un¬ economic
forecasting, is basically sulting heavy - demands for bank
avoidable continuation of deficit a judgment process.. The very best credit and monetary expansion.
7 financing. They further emphasize expert judgments in the Govern¬
To avoid: the inflationary haz¬
the inconsistency between a defi¬ ment and in the
ards of larger Federal
spending,
country are
cit" posture of fiscal policy and a
brought to bear upon it. Should if such spending finds support
restraining posture of monetary the economy fail to expand and with public opinion, any. resulting
•7
policy. And they cannot see how increase tax receipts as rapidly Us deficit will need to be met by ad¬
..monetary policy can do other than these experts have judged to be ditional tax levies, preferably in
y eventually give way, becoming in possible, the budget would obvi¬ sufficient size to create a Federal
7 fact an engine for monetizing Fed- ously riot reach a balance. In this cash surplus.* Indeed, only-positive
eral debt,
case, however, the economy would tax action could make monetary
tive money supply and then a very
brisk expansion. Beginning in Feb-
; 7Other public
7.
convinced
dangers
With respect to economic procin esses, if recovery now flowers into
reversal of contraction in the ac- an extended phase of economic
growth, witho u
not
Some observers continue to
view the large recession-recovery
-
rate reductions,
>
/
The aggressiveness of these
tions
was
quicklyy reflected
prosperity and
r
has
inflationary
,77; Monetary policy, through regu- and lowering of reserve • require"relation of the supply of credit and ments, and by further discount
:
balance
.
permissible.
are
into
come
1960
"
recovery.
I
ledger
ened.
■
Reserve economist ascribes to
•
Balanced
budget, the budget makers under conditions of deficit from
Tlie^ maturing of economic re- say that a catching up of tax re¬ larger Federal spending, competi¬
covery arid the shift of monetary* ceipts will not be enough. Beyond tion between
the Treasury arid
policy away from active stimula¬ this, some modest cut-back in ex¬ private spenders of borrowed
.
'■/.; ; 7
'
VJi,
a
Federal Budget
11
WHITE, WELD&CO.
of
The Commercial and Financial Chronicle
.
.
Thursday, February 12, 1959
.
(763)
12
Benefit?
Who Would
Penetiating Effect of Fedeially-
part
rate
Conbolled Interest Rates
the benefit of the lender.
Association of America and
President, Eberhardt Company, Minneapolis, Minn.
controlled
interest
•
1953, the combined volume of
FHA and VA activity (in terms of
guaranteed)
fell 40%, and the number of new
housing starts under those pro¬
grams fell from a high of 700,000
mortgages insured or
banking industry.
mortgage
proponents' belief that fixed interest rates
benefit those whom the Government is trying to protect; points
out the home-builder increases his price to offset discounts he
Mr. Nelson rebuts
in 1950 to
pay;
If
to discuss this
are
we
interest
continuance
rate below
market levels?
and
money
fixed
this
believe
I
of us who deal
in
the
for
reasons
of
those
for
that
the
know
I
rates.
Guarantee
feeling of frus¬
Loan
Veterans
the
that
agree
mortgages, a
generally
can
must take
Program
a
tration
occurs
major portion of the responsibility
for this change in administrative
in
search
thinking.
any
factual
for
Admin¬
intended to
preferential
Veterans
The
istration, of course,
give
the
veteran
data in an at¬
tempt to make
a
case for the
treatment in the home loan mar¬
other side. \
interest rates and from the stand¬
a
rate
FHA
t
a
i
p r
C. Nelson
waiter
fixed
not
was
the
from
standpoint of
point of protection from excessive
prices.
In effect, the insurance
premium on the high percentage
VA loan was to be paid by the
Historically,
the
both
ket
c e
not produce a par Veterans Administration, and the
market for the mortgages. The veteran had a simple rate of 4%
additions
such
as
the
idea that the government should without
fix the interest rate on privately mutual mortgage insurance pre¬
financed mortgages is
of fairly mium.
would
which
It had
origin.
recent
ning shortly after
its begin¬
World War II.
will recall, FHA started
in 1934, and the plan of the au¬
thors of the Act was to promote
If
you
financing for a much larger
home
When the Veterans Administra¬
was
fair
rate
time it
purchase of a home with a much
payment and a small¬
monthly payment. Through the
lower down
insurance,
investors were expected to take
the risk of a high percentage loan
and a longer maturity.
The au¬
thors
also expected the Act to
mortgage
of
medium
better flow of money
of capital surplus
capital shortage.
In
addition,
it was a vehicle by
which
investors
could
legally
make a higher percentage loan to
value without requiring a change
in the various state laws.
It cer¬
provide
a
the areas
from
of
those
to
tainly
expected or de¬
FHA should dictate the
sired that
private in¬
interest rate at which
be
expected to
make the loans in order to accom¬
should
vestors
plish these objectives.
the
On
original
the
contrary,
administrators of FHA were care¬
ful
to
see
to
the interest
that
it
they were required by law
on insured mortgages was
rate
set
to
safely above the market. In fact,
in order to make sure of market
acceptance, at the beginning, they
little by permitting an
charge of Vz% in
fudged
a
annual
service
addition
to
the
maximum
statu¬
tory interest rate.
Following this example through¬
out the
on
mained
FHA
mortgages
re¬
consistently
generally
was
period, the inter¬
prewar
rate
est
above what
going rate in
the
the market.
the
that
It is true, of course,
FHA rate was reduced
time to time,
from
had
and ultimate¬
ly the service charge
dropped
was
4%
on
was
been
the
VA
4%
loan
as
at
a
the
Interest rates
started.
going down for over a
because
of
a
lack
of
de¬
mand for
long-term funds.
and 1953, however, in¬
began to move up¬
ward, and it was felt by some that
a plan had to be evolved to pro¬
In
1952
terest
interest
VA
and
in
taking
these
steps,
always followed the
never
it
preceded
never
dictated
♦An address
4th
annual
the
FHA
market.
market,
to
the
It
and
market.
by Mr. Nelson before the
avarice
Southwestern
Senior
Exec¬
ica and
the School of Business Adminis¬
tration of Southern Methodist
Dallas, Texas, Jan. 27, 1959.
and FHA
rates were held
constant
held under
able to
an
the
was
thought
so
valu¬
investor that he would
not
only be willing to lend a
higher percentage for a longer
term than had been customary,
but also that it could be at an in¬
terest rate lower than the market
rate.
It
determined that Congress
was
for
period of time.
a
this
before
eliminated
was
into
turned by use
has
The
had
FHA
The Mortgage Bankers
a
a
fixed
University,
most
of
Administra¬
to
satisfactory interest rate
constant
differ¬
Vz% that has created
serious problem.
develop un¬
the
and
People
people that
government is try¬
our
ing to protect..
The home-purchaser
our
fluctuation that is created in
pay
new
housing starts as the builder ap¬
proaches each year with uncer¬
tainty
and
mental
trepidation.
Unless his financing has been ar¬
ranged well in advance of his
starting construction, he may well
"lose
his
count
requirements placed on him
provide an unrealistic
shirt"
because
dis¬
of
in order to
rate
the
for
actual
borrower
the money.
In
does
let
al¬
me ; say,
flexible
a
of
;
«
conclusion,
though
should
rate
to secure the financing. Also,
original
purchaser
of
the
pay
the
life
of
pays
the
loan.
By
aujuSLeci
an
interest rate,
From
rate
tied
to
be lifted to its
mum
of
tical
purposes
free
rate.
for
the
It
would
prac¬
provide
wouldn't
market
brought
take
forces
,
a
long
be
to
into
play and the rate
adjust itself to the satis¬
would
faction
both
of
lenders.
All
the
borrowers
and
plans of control
other
forces
and
maxi¬
6%, which for all
than
lender
the
tend
by
borrower
to
develop
Washington
Ahead
have a free or
unsuccessfully to
flexible
fall at
rate
By CARLISLE BARGERON
loans. Last
FHA
on
of the News
annual convention we
our
in
these
countries.
other
remain
the question of what can be
easily understandable why
Department would ap¬
pear
to be intransigent* in the
matter of the Russians' proposal
to
to
East
know
but if there is ever any
flexible
free
or
This raises
rate.
done
flexibility and still
allow Congress or the Administra¬
provide
It is
State
our
turn
Germany
over
tion to retain some degree of con¬
to
Ger¬
trol
mans
without
limiting the market¬
ability of insured and guaranteed
loans to a dangerous point.
Formula
Based
the
based
the past as 1950
Clarke
suggested
a
the
yield of long-term
government bonds. This is a very
interesting proposal and certainly
provides some basis for compro¬
on
mise
between
those
groups
and the investors who must
neces¬
One of the fallacies of this ap¬
investors will look with less
on
property.
a
mortgage on an older
More than almost any
other factor
we
have
the
of
simply because the supply of
mortgage funds exceeds the de¬
par
mand.
have
On
areas
the
about
Communist
the
at¬
War.
that
long.
other
such
as
hand, we
California,
is
is
it
is
Carlisle
Bargeron
the East Ger¬
considera¬
tion. It is difficult to see just what
we would
lose. Of course, that is
stay in
Russians
The
many.
to
refuse
be
say
agree
any
and
Russia
ago.
on
their
worse;
to
all
Polish
thing the
with
the
Germans.
East
to recognize them
separate government. On two
occasions now our aviators have
a
landed in East Germany
and were
hour
the
at
an
customs,
we
there
Half-way
two
guard
yards
apart.
were
about
100
a Russian soldier
Poland. He wore a
bedraggled uniform and carried a
rifle which I am satisfied, would
have fallen to pieces if fired. Atop
the Polish
tower was a nattily
uniformed Polish soldier looking
Atop
one
looking
was
at
His rifle
seemed
in
at
Russia.
in
perfect condition. About
else that I
have not seen mentioned in any
of the discussion about removing
There
Russian
many.
something
is
troops
The
from
Hungary they
lines
They
East
Ger¬
justification
only
the Russians being in
their
of
Poland and
aver, is to protect
of
communication.
East
occupy
Germany;
Poland
therefore they must occupy
Hungary and Czechoslovakia
guard their lines of communica¬
and
to
further
we
Pullmanned
It
cars.
was
they
will
give
up
their
be
to
an
a
fully
about
of
express
all
12
the
different.
so
Nevertheless, hs
we
swept through the Polish country¬
side
there
were
perfectly kept
well
farms,
homes. It
was
darkness
into
will
East Germany
excuse
train
Polish
the
was
be
mile
to Paris. The dining car was
perfect, the accomodations were
perfect. It was amazing that in
such distance conditions-should be
I
what
up
to
a
way
tions.
If
to
came
Drawn
customs.
loose.
train
miles
three
moved
Man's Land.
No
a
about
Russian
same
then
which
the
noon
After
Russian
the
boarded
over
about
day.
jail for days
and days
while
demanding that the Russians turn
captured. We let them remain
them
to
made
several years
Poland
border
following
East Germans are
not as strong as the Russians.
We seem to have a phobia about
as
invest¬
good
a
Leaving Moscow at near mid¬
across
We don't want
is
long-lived.
a
trip I
and
towers
dealing
well, and apparently
aid
our
indications it would be better. For
one
which I can't
reasons
on
the
famous
TransGer¬ night
that if Siberian express we came to the
East Germany to the
Germans they will do it anyhow
and leave it to us to deal with the
East
German Government. That
not
this
West
returning
could
For
remember
I
serious
some
we
The Russians did.
lot of critics in
ment, The hatred which the Poles
have
for the Russians is deeprooted
proposal
assuming
her for
quickly
hold
Administration can't either, I
think
deserves
not
relatively
a
express very
the
Howev e r,
we
have
Poland.
a
the
effort.
man
over
country against our giving aid to
time
of
make
did
Poland
We
and
just
waste
to
They
sians to get out.
the
Russians
hold
will come out
yoke. Russia took
asserted herself and told the Rus¬
to
with
deal
not
after the first World
Poland
over
utterly
impossible
does
Hungary,
relaxation
Poland that country
pull out. The
State Depart-
in
government that opposed the com¬
plete elimination of a ceiling rate
on government-backed mortgages
favor
writer
from under the
it
Bill
own
This
anything
countries?
titude
Yields
As far back in
possible that they intend to
give up their occupation of these
of
to
and
it
Is
ment's
Long-Term
on
rate
ample authority
comparatively
ence
Benefit
Not
Associa¬
supply
mortgages acting as a factor
in line with market requirements.
in establishing the price. At pres¬
It is only the effort to continue
ent, there are a few areas in the
to hold the FHA and VA rates at East
where
FHA
5*4%
sell at
provide
Does
of discounts and an
proach, however, lies in the sup¬
position that all FHA and VA
command the
are sound.
For five years we have mortgages should
same
price.
Those of us who
seen government sponsored mort¬
originate and sell governmentgages selling at something below
backed mortgages know that
par ranging from a
discount of
many factors are introduced into
1% to as much as 12%.
individual mortgages that make a
We are prone to blame Con¬
yield differential important to the
gress
for much of the delayed investor. For example, many in¬
action in providing a workable vestors vary the price on a loan,
interest rate, but we are certainly depending on the down payment
and term of the mortgage. Again,
subject to their criticism for this
thinking.
to
seem
tion, along with others, have tried
forces and political judgment. The
market is just not convinced that
tion
we
present systems
suggest some of the cures.
our
increase in the FHA and VA rates.
another degree of control
has been added by placing a rate sary to provide a marketable FHA
interest
rate.
This
differential,
ceiling on VA loans at Vz% less
according to studies which have
than the FHA loans.
been made, indicates a spread of
The problem that has developed
2 to 2i/2 points would have been
and seemingly is an endless strug¬
required in most recent years.
gle is the contest between market
course,
the
lems that
der
complete collapse, and some
of
marketability re¬
of accuracy the differential neces¬
of
I believe I should summarize,
however, by pointing out some of
the obviously undesirable prob¬
semblance
soon
arguments
pre¬
un¬
practice of increasing
price of the older home to
provide a market for the sale of
secondary financing paper.
Last, but not least, is the great
the
the
you
the
or
miums.
pay
home-building industry had gone
properly fix that rate, and,
ment in the investment of trusteed
know, the FHA program
funds.
Any plan such
as
this
brought into the sphere
certainly require careful
of I congressionally controlled in¬ would
terest
rates.
More
recently, of study to establish to some degree
as
adjusting by
to
This had led to the
excessively high rates by resorting practices which prove harmful to
Fortunately, to secondary financing. This is our entire economy.
...!:•**
sarily exercise their prudent judg¬
could
was
need
discounts
small
unwilling
control of discounts
a
that
utives
Conference,
co-sponsored
by
Mortgage Bankers Association of Amer¬
stiffened
rates
flexible self-executing formula
developed
of
use
moving with market
in spite of their obvious failure
requirements, he pays the higher
to meet market requirements. It rate
only during the period of
wasn't enough that we had fixed actual
ownership.
interest
rates, but insured and
It is not possible to estimate the
guaranteed mortgages were also buyers who are required to pay
some
But
1955.
of the money lenders. The "powers
be"
tions that will
all of the rate dif¬
In 1956 and 1957, ferential based on the anticipated
our
that the VA feature
probably will always have varia¬
1,300,000 property
starts—namely
in
starts
that
large increase in private
a
rates
tect the veteran from the
not
was
a
to establish
proper
decade
er
had
resentatives extol the virtues of a
The princi¬
of our citizens.
we
rate
being,
was
pal factor, as far as the borrower
was
concerned, was
to permit
group
to the market with the result
generally the going rate for
home mortgages, and certainly it
into
came
frequently
the required
-
heard two of the government rep¬
tion
not
do
are
1955, demand the discount.
It is a fallacy to
long-term governments may be
for longer term funds from other believe that the home
builder
better than our present plan, I am
borrowers abated, and FHA and doesn't increase his
price in an
inclined to believe that the FHA
VA
rates were again attractive effort to offset discounts he must
housing
we
sellers
and
desirable
During 1954 and
Just when and how did we get
objectively, it seems to me that
we
must try to understand the sidetracked
from
these original
reasoning of the proponents of philosophies, and what have been
fixed interest
starts.
tional
Continued?
Why Is Fixity
subject
700,000. The fluctuation was ac¬
tually less than 1% on conven¬
because
understand
discount.
free interest rates, we
or
conventional
First of all, I do not believe
remained
that controlled interest rates be¬
at just
under low the market level benefit the
constant,
almost
market
compared to the supply. In other
words, although we may have
all cash arrangements
or
especially true in the used house
flexible
under
starts
of
ber
The banker
-
low of 400,000 in 1953.
a
Texas, and Florida where popula¬
tion growth creates an excessive
demand for mortgage money as
During the same period, the num¬
and reviews other undesirable problems created.
pleads for the lifting of FHA rate to its maximum
of 6% which would provide for all practical purposes a free
rate, and suggests a study be made of flexible FHA interest
rate dependent on the yield of long-term government bonds.
must
point out some of the other
penetrating effects of Federallycontrolled interest rates.
As interest rates rose from 1951
to
describes the effect of Federally-
in the
rates
I should
like to
By WALTER C. NELSON*
President, Mortgage Bankers
Mortgage banking spokesman
the
of some that a more flexible
in a rising market is only for
be a feeling on
There may
Poles
if
lay
they
painted
barns
and
like coming out the
the daylight.
my
ever
money
get
a
on
the
chance.
Volume 189
Number 5820
.
.
.
The Commercial and Financial Chronicle
troit,
Setting the Recoid Straight
13
(769)
this
have
publicly
recognized
historic fact.
not be
paid for by their exports,
willing
the Soviet Union would be
to
accept long-term, credits from,
the United States. This suggestion
Soviet's Goal of Autarchy
About Soviet Trade Desires
We
must
recognize
another, was presented to me as an abso¬
equally historic fact: to Soviet lute pre-condition- to increased
By HON. C. DOUGLAS DILLON*
planners, trade with the free trade during my talks with Mr.
world is always subordinated to Mikoyan.
Under Secretary of State for Economic Affairs
the overriding goal of self-suf¬
Washington, D. C.
The Soviet leaders apparently
ficiency. Let me remind you that do not wish to divert sufficient
once
the Soviet planners
Mr. Dillon says he was the only U. S. official who discussed
com¬
resources into exports to acquire,
pleted their procurement- program the
trade in detail with Mr. Mikoyan in explaining why Soviet over¬
large volume of- capital equip¬
from the West in the early '30s.
ment which they desire, on a pay
tures for increasing trade are insincere. Mr. Dillon declares
trade with the outside world fell
as you go
basis. Hence, Premier
"the only thing the Soviet needs to do if it really wishes to
off drastically.
Khrushchev in his letter, and Mr.
Since then, their trade with the *
expand its trade with us is,.quite simply, to begin trading."
Mikoyan during his :visit have, in
United States has never regained
The former investment banker: (1) compares U.S.S.R. and
effect* invited us to help-finance
a comparable
level—except during the continuing rapid expansion of
U.S.A. avowals and deeds; (2) suggests what U.S.S.R. can
World War II and the immediate Soviet
industry.
do to create greater business confidence; (3) queries low level
postwar years, when, as you will
Now, goods purchased -by a
of Soviet's exports to Free World and determined drive to
recall, this country shipped some country must be paid for either,
$11 billion worth of lend-lease
by its own exports or by obtaining
capture Asian, African and Latin American economies by trade
and UNRRA goods to the Soviet
foreign credits. In * the Thirties,
and aid techniques; and (4) outlines what we should do to
Union.
the Communists procured foreign
From the public statements of
J;;
assist newly-emerging areas.
capital equipment by exporting
Messrs. Khrushchev and Mikoyan,
grain at prices below an already
Recently, the foreign economic them with an excuse for refusing it would appear that they now de¬
depressed world market—despite
policies of the Soviet Union have to include the Soviet consumer sire to
repeat the pattern of the the fact that millions of Russian
become
a
matter
of
increasing in the benefits of their expanding '30s. There is good reason to be¬ and Ukranian
peasants were dying
importance to all of us who have industrial growth?
lieve that their renewed interest
of starvation.
Soviet exports to the U. S. for we
have
solidly
established
trade
patterns for the purchase of these
items in large part-from the less
developed countries.
-Now Mr: Mikoyan has repeat¬
edly, stated that the United States
,
Government does not wish to
increased
He puts the
the
with
trade
see
USSR.
entire, blame for the
present low level of trade on the
United States..
/
\
Sets the
Let.
Record" Straight
look at the
us
facts'
—
at
•
.
,
an
interest
in
In
attempting to find the an¬
swers to these questions we should
in
purchasing from the West stems
Today, as then, Soviet exports
consist mainly of raw and semi-'
I would
like
which is now being unveiled. We*
keep in mind the basic nature of
finished materials, sold in bulk.
to examine the
can anticipate that this plan will
the Soviet system:
Thus, because of its economic sys¬
hard
realities
be a major topic during the 21st,
tem, the world's second largest
of Soviet for¬
Describes Basic Nature of •
Congress of the Communist Party. industrial nation has, in its deal¬
Soviet System
eign economic
This plan has been heralded by
ings with the Western World, a
policies—both
the Soviet leaders as a major step
A v nation's foreign policy, in¬
commodity
export
pattern
not
with the
in¬
toward
the
accomplishment of unlike
that
of
many
under¬
cluding its economic component
dustrialized
their announced goal of overtak¬
reflects its domestic policies and
developed countries.»i
.
West and with
surpassing the -United
To such traditional exports as
institutions. The Soviet Union, as ing "and
the newly-de¬
States—a goal, we could consider wood
products and manganese,
you know, is a totalitarian dic¬
veloping areas
a welcome challenge if the Soviet
they have recently added tin,
tatorship, firmly ruled by a small
of Asia, Africa
people, rather than Communist aluminum., oil and oil products.
elite
in
the
Communist
Party,
and
Latin
world
ambitions, were its pri¬ Because of price cutting tactics, so
which
is dedicated
to eventual
America—and
Communist world domination. mary intended beneficiaries.
typical of a state trading monop¬
|
C. Douglas Dillon
then outline
From what we know of the plan
oly, these sales in the Western
Economically, the Soviet Union is
our
govern- *
characterized by state ownership so far, it appears that the Soviet World have already proven in¬
ment's position regarding trade5
will
continue
to
be jurious to such traditional Free
of land and the means of produc¬ consumer
with the Soviet Union. I shall also
tion, state control of the labor short-changed in favor of another World exporters as Bolivia,
briefly touch upon our own trade
force, and domination of the right major industrial "leap forward." Malaya, Indonesia and Canada.
and financial programs aimed at
of individuals to make economic
Manufactured goods have thus
To assist in carrying out their
helping the riewly-emerging coun¬
decisions by centralizing all eco¬ ambitious
plans, the Soviet leaders far been offered sparingly outside
tries
achieve
material
progress
nomic power in the hands of the are one
again counting on appeals the bloc, and mainly in politically
affairs.
world
under freedom.
We
state.
are
President
Eisenhower
increase
in
peaceful
trade,
an
that
the way was open for the Soviets
to
expand their trade with the
United
States
if
they so desired,
and that the Department of State
was prepared to discuss the matter
further
What
The
them.
with
In
replied
that the United States favored
happened next?
one
first
the
moves
Communist
after
revolution
was
monopoly
over
herent
in
the
the
leaders'
a
series
tions in
the Lebanon and
the
measure
Jordan
foreign trade.
type
of
of
to
to
States
in their
talk
the talk?
chief
are
in
Do
well
limitations
commerce
Or do
States?
forts to
are
of
creation—really desire
own
expand
culate
the
increase in
United
advance
that
with
the
they
cal¬
their
ef¬
one-sided
conces¬
sions will fail—and thus
provide
•An
Soviet
primarily
Pre-condition
on
to
were creating was the need
deliberately isolate the Soviet
economy
from
world
market
forces and allow Soviet planners
exercise
equip¬
credit.
Chemical
Trade
Premier
has
made
selected
himself
abundantly
clear:
is
there
every
indication that the main thrust of
the Soviet export
be
tinue
he stated that it would
"expedient" to purchase plant
equipment for the chemical
industry
from
the
"capitalist"
countries to avoid wasting time on
"the creation of plans and master¬
countries.
pointed out that trade is
of mutually advanta¬
geous agreements between willing
buyers and willing sellers: a
■
In this country, the conduct of
But
we
the
result
our
commerce
.
is in- the hands of
and .'private 'indi¬
private firms
viduals.
So
The
v
in
full control
over
the
secure
From the very beginning of the
Soviet industrialization drive, for¬
eign trade
was
bent to the task
of
address
by Mr. Dillon before the
Mississippi Valley.World Trade Council,
New Orleans, La., Jan. 27, 1959.
new
e
t
aiid to sell. Its' American
outpost, AMTORG, is established
to buy
in New York arid has wide com¬
mercial contacts.
There
is only one restraint on
activities. We cannot
AMTORG's
be
a
expected, as a country or as
people, to provide the Soviet
Union
with
sinews
the
of
war
while its policies menace our own
and other free world
countries
security is linked.
Therefore, such items are em¬
bargoed for export to the Soviet
with whom our
bloc.
We
;.
.
have
only recently com¬
pleted our second major revision
of the list of strategic goods sub¬
ject to export licensing control.
As a result, the list of goods which
the
drive will
field
con¬
basic
of
materials, where it will pose a
continuing threat of market dis¬
which would adversely
ruption
Soviet bloc has
significantly pared down.
Actually, only about 10% of all
our
products moving in inter¬
national commerce are subject to
embargo.
for export to the
been
In this connection, I
understand
that while he was in
Detroit, Mr.
Mikoyan complained of our sys¬
ing the production of new types, trading partners in the less de¬
tem of export controls. He said in
of equipment."
Then, in his let¬ veloped areas of the free world.
ter
to
President
Eisenhower,
he
pointed out that since the mate¬
rials desired by the Soviets could
affect the economies of our normal
concentration
This
in
exports
materials
the
also
Soviet
of
field
of
basic
to
limit
worked
effect that only such items as
chewing gum, firewood, and laxaContinued on page 29
All these Shares
having been sold, this
as a
matter
announcement appears
of record only.
FEBRUARY 6, 1959
NEW ISSUE
100,000 Shares
Wenivood
Organizations Inc,
Common Stock
(Par Value 25$
Price
per
\
Share)
$3 Per Share
industries at levels of devel¬
costly
Thus, by tapping the advanced
technology of the West, the Soviet
Union was able to gain years in
terms of economic development.
Soviet leaders, including Mr. Mi¬
koyan on his recent visit to De¬
.
state * irading
monopoly is at liberty .under .our
laws to enter our free market and
opment which had taken the West
years to achieve through
research and development.
:
r
i
the United States will not license
Nevertheless,
Last May,
and
,
target
increase.
Khrushchev
this
with
trade
countries in the less de¬
veloped areas of the free world.
However,
with the growth
of
Soviet
industrial
capacity,
this
component of their exports to the
free world may be expected
to
this
On
withsome
authority, as I was the only U. S.
official with whom Mr. Mikoyan
discussed trade problems in detail.
First of all, to set the record
straight, Mr. Mikoyan was assured
by ever official with whom he
spoke, from the: President on
down, that the United States now,
as always, favors an. expansion of
peaceful- trade between our two
abled the Soviet Union to launch
lies behind
United
their
of advanced technology and
ment—and
to
trade with the
purpose
that
an
able them to obtain a large stock
motivated
speak
? can
In¬
limitations
Soviet leaders' seri¬
the Soviet leaders—who
aware
profit motive inherent in
enterprise system to en¬
free
officials.
I
economy
importing heavy machinery
and equipment incorporating the
latest technological advances de¬
veloped in other countries. Im¬
ports of consumer goods were
virtually eliminated in favor of
basic industrial equipment. Dur¬
ing the early '30s, these imports
of the means of production en¬
of expanded trade with the United
Stclt6S
What
Year "Plan
States
matter
of
crisis, in the Taiwan Straits crisis,
and most recently, in Berlin.
This, then, is the inauspicious
setting agaihst which we must
ousness
Seven
United
to establish af state
initiated
domestic economy. This absolute
aggressive actions
state monopoly also permits them
against the free world which in¬
to turn trade off and on and to
evitably resulted in a marked
shift its direction to suit the Com¬
heightening of tensions. I refer
munist strategy of the moment.
to the Soviet Government's ac¬
.
our
hew
occurred during Mr.
Mikoyan's .talks on. trade: with
Bolshevik
they
to
Soviets promptly
keeping with Soviet theory,
of
the
the
to
all, of course, aware
As an integral part of Com¬
of
the
well-publicized visit of munist
strategy, the Soviet leaders
Soviet Deputy Premier Mikoyan;
manipulate their economy to at¬
to some of our major industrial
tain maximum growth of heavy
and financial centers. His private
industry under forced draft. Their
tour and meetings with American
objective is starkly simple: the
business groups had, among other
achievement of both economic and
purposes, the airing of the theme
military world supremacy. Their
of greater trade with the United
method is
the concentration
of
States. This campaign began with
investment in heavy industry at
Soviet Premier Khrushchev's let¬
the expense of the Soviet con¬
ter to President Eisenhower last
sumer.
Thus, they subordinate
June. In that letter, you will re¬
the economic well-being
of the
call, Premier Khrushchev pro¬ individual
to the rigid demands
posed a significant expansion of
of overall state planning.
United States-Soviet trade, claim¬
Now, what role does foreign
ing it could amount to "several
trade play in the Soviet scheme
billion dollars over the next sev¬
of things?
eral years."
.
from
what actually
MICHAEL G.
KLETZ
Incorporated
& CO.
M
The Commercial and Financial Chronicle
(7701 1
sleep
Electricity in Oar Future
night,
By S. L. DRUMM*
V
As electrical
the
compared to 3,000 kwh. in 1930 and 10,800 kwh. in
1957; and such industrial-commercial usages as: electronically
be
cars,
additions to tomorrow's electric home. Mr. Drumm predicts
will entail four-fold increase in generating
$150 billion of
>
;■
-
Let
the
100
old,
years
what
on
utility
be
mav
industry will
and speculate
before
the
under
Once
In
first
fea¬
new
development
rapid.
applied for his
incandescent
patent,
lamp
and
the first electric public
able to the
ties
began to
people
be
to
by the
industry
is
20
hence. "
years
/
and
take it for
to
look
engine
the
Drumm
power
that the utilization
L.
S.
fact
of
electricity is still a
developing art. So let's
quick look at what has
taken place in the fast BO years',,
to
a
show
how
fast
and
direction the industry
developing. • :■-// * ; >
The
now
ing.
this
electric
live
was
in
age
very
Scientists
now
in
2nd
New
address
had
erated
industrialization
has
•
which
we
about
and had
for
long
appreciable
a
millions
of
Mr.
Power
Drumm
Progress
City, Feb.
5,
before
Dinner
earnest
that
correct
brought
of the whole world.
195^.
cheap in cost
A
most
requiring
Census
1979
no
the
there
holds
To¬
that
expects
by
be 267 million, if
fertility rates now
realized.
take
us
of
look
a
households
In
of
ours.
than 10
and
able
in
million
the
at
to
ANNUAL report to the
Investors look
to
throughout
Investment
them
the
for
houses
them.
higher
By
1979,
services
on
So
use.
when
year
standard
require
the
planning
of
there
in
vastly
than
of
living,
goods
more
currently
size of the
we
probable
is
what
our
lies
ahead
labor force.
as
to
There,
17 million in the labor force
1879.
our
by 1979 it should total about
110 million, which would be about
Addressograph Department
41%
investment banking and brokerage firm in the
alphabetically
by firm
by
States
and
of
Cities,
you
the
population
at
output
of the
course,
has, of
that
also increased
labor
Part of this
years.
force
over
increased
output is the result of the steady
expansion in the size of the labor
most
up-to-the-minute service available.
force; but the biggest part of the
list
greater
charge
for addressing
(United States
approximately
or
9,000
envelopes
Canada)
names
in
for
is $7.00
United
the
per
the
complete
States,
900
output has resulted from
increasingly better tools used
One
in
these
of
the
tools
most
important
of
is
electricity. It does
faster, better and
cheaply than ever before,
and, through electromation, it is
entering the supervisional field.
physical work
more
can
also
supply the list
small additional
on
gummed roll labels
at
a
charge.
Back in 1930 the
ity
sive
HERBERT D. SEIBERT g CO., IHC.
25 Park Place
roll
along guided and
electronically — safe
from collision, and over-speeding,
while the drivers play games and
These
chat.
ditioned,
automatic
only
will
cars
will
and
r
features
air-con¬
be
contain
most
available
now
the most expensive cars,
plus some others that do not exist
on
a
,
REctor 2-9570
L-.
shopping centers are springeverywhere, and we can
expect this trend to continue. For
ing
/
f
up
,
idea of what these centers will ''
an
the
future, here is "
Shopping Center at
in
like
look
the Southdale
Edina/ Minn.
5
.
''
//.
.
,
New York 7
per
of
employed
use
of electric¬
person,; exclu¬
agricultural workers,
little
over
3000
was
kilowatt-hours
In
1957 it was about
10,800 kilowatt-hours per year. By
per
year.
Because
tion
cars
special transporta¬
they can fulfill, elec¬
now
coming back.
needs
tric
The
will
tients
makes
are
utilities
on
the
Other
Electric
way.
are
miles
is well
mile¬
the
above
requirements
for
of
many
Batteries will
their needs.
be
re¬
charged, usually at night, by plug¬
ging the charger provided into a
The
These
' Y,.'
1
color
the-.1 **
essential
eleYu;
y> a
and
become
will
rooms
desired
be
equipped
changes in
so
tempera¬
tion can be accomplished by
ad--^
justing a dial. As a result, bed'Y
covering will be minimal. Walls
will be wired for color changes
effect
color
therapy and music
tq^
ideal
Electric incinerators
will find/*)
increasing application in hospitals,tyt
to dispose of the great array of Y
"disposables"—linen,
gloves,
hy-Zp
podermic needles and dishes..^;
food
the
hos¬
of
production",5/
mass
a
with
the
near
of
electronic,. /
patient will solve
operate than existing cars, will be
and
to
easy
will
maintenance
major
meals.
v
-
Improved
air
and
proc-Y
filtration
equipment
providing: /
against. radio¬
100%, protection
active narticles will be in
:
use.
tion that
now
but heavy,
drive,
and
As
electrical
the
perhaps the
in
be
the
New
era
on,Yi
will pi
goes
biggest changes
home.
.7/
-»,■
Things in the Home Y' \
"
But
takes
unknown,
an
toll of health.
will
be
increased,
permit their use
cross-country travel.
may
Another
is
three
reduces
new
the
electric
even
develop¬
automotive
field
is
called the "silent milkman."
This
electric delivery
that
noise
to
a
whisper
hardly
f-> j
begun, to
the
that
fh'ng;
new
we
truck
the
of\r \
ex-,,.'
can
pect to find in the homes of 1979.
Climate control will be
sal
in
all
spread
houses, and wide-.
the older ones. It will
new
in
hard
sell
to
house
a
that does
not have it.
Push
dows
..
univer-Y,
and
operation
of
1
7
;
,
button
win-'V
will be found in
doors
homes.
>?_.
Luminescent lighting from walls,,'
and
new
ceilings will be common.
cleaning
machines
will
New
rinse
wash,
and
dry
kitchen »
a
floor in minutes.
automatic
ment
iron
will
be
a
„-Yj
laundry
sort,
up,
the
fold
and
Dusting
will
pick
r
equip-*
clean,
electrostatic wand
improvement
by
welcome
Electronic
.
be
widespread with complete meals
taking only five minutes or less
from freezer to table by the push
of
a
button.
cooking
will
*»
,
Greatly
improved
television
equipment will give better recep¬
tion and greater conveniences, in¬
cluding shopping by TV.
j
With respect to
here
is
a
new
r
wash.
for the housewife.
limi¬
tation, further advances in the
storage battery field seem certain.
When
they come, the range of
autos
have
we
live electrically. Here are some
New
While the battery is still a
in
7
*
be negligible.
City noise will be greatly re¬
duced, and so will the air pollu¬
electric
>.
discomforts of;v
hospital stay—lukewarm or cold
one
a
processing
on
together
ovens
cars
for
city and sub¬
They will cost less to
use.
simple
Y
will be keyed to the color changes.,
many
cars.
electric-driven
new
be
an
con-YQ
ture, humidity and electric ioniza¬
In this
utilities will supply the elec¬
tricity to operate these
urban
pa--K'
her
electronic
control
will
that
be
for
/,.
of
ments of hospitalization.
manufacturer
one
ordering them. They
find that their range of more than
and
condition
Climate
rapy
study and ; *
screen;
remote
by
trol.
and7'1^
her/J^
observe
to
TV
be:u"
will
point
.
which
car
will
able
the
future
central
a
on a
record
electric-driven passen¬
has about ready for market.
way
at
be
charges
the
of
nurse
stationed
are
an
each worker will be
using almost
electricity used
and
because of the
ment
the
type of transpor-: ;■
permit moving patients. £
throughout the building without
removing them from their beds.)
esses
in
and
improvements
materials, storage batteries
manufacturing "know-how"
age
monorail
basis
;
"
,
of
;T;
proce-
tation will
popular in the-early days of the
1979, it is expected to reach 29,000
kwh per year.
In other words,
times
head
pital
Cars
hospital
j(
Centralized
Electric-Driven
70
of
extensive. An over-;
dures will be
today.
by the workers.
thousand—
Canada.
We
tomorrow,;
conventional house outlet.
The
names.
This list is revised
continuously and offers
the
time.
the
Our
of
controlled
ger
and
and within the Cities
we
highway
will
cars;
Y
Today the labor force
has increased to about 75 million,
SERVICE
arranged
the
house-, automobile::
tance.
Here
country,
On
force, and the productivity' Here is
its members, is of prime impor-,
the size of
every
indicate
examples
have
hardly
begun to live electrically.
work
were
for
other
some
house¬
with;
and
of
information
purchases for their portfolios."
metal stencil in
are
had
none
will
a
Here
this
holds in these United States.
//;
All these additional
people,
their
We have
processes
being.
Invention
have
always
been
change
there
1879
should be about 75 million
Reports
company
and
Moreover, the motive power of
electricity.. many of these cars will be elec¬
Today, there are 51 million, and, tricity,/ As you may recall, elecnearly all have electricity avail¬ tric-driven cars were quite
Annual
your
the
will
are
let
less
1879
million., The
177
are
Bureau
maximum
were
In
to .serve.
there
day
country
your
-
prime
number
Country.
Projections
consideration in the
utility industry's planning for the
future is thfe number of people it
.
It is the house¬
—
.
areas,
into
come
and
which
Population—Housing
hold and business servant of today
—
will
r
nation had 49 million people.
her
by
made
us
wife
.of
metal,
inventions
New
country
our
ing toil, and has freed the house¬
many
and
along the road thaty characteristic of our country, and
prosperity and a we are sure they will continue to
standard of living that is the envy be in the
years to come.
has
Now
the
that
and
envisioned
Mail
hope of our
these assumptions
will, have
from
wood
both
of the
will continue
and, step
It has released
burdensome tasks.
by
the
industry,
from backbreak-
men
by
continuation
A
is
are
industrial processes, and has cre¬
ated
new
fields
of
endeavor
hitherto unknown.
i£.
automobile
and suburban
urban
on
Automation
upon
No catastrophic war.
(2)
It
industrialization,
and
the
im¬
provement of urban living.
The
introduction
of electricity accel¬
by step, has reduced muscle power
to an insignificant proportion of
beenour
total energy requirements.
Electricity
has
revolutionized
known
with it
Annual
York
muscle
the start of
and permitted
traffic
purify the refuse.
Widespread pipeline transporta¬
tion systems
electric processes, will be charac¬
pri¬
teristic of all types of structures.
vate property and free enterprise
New
electric furnace applica¬
system as we now know it. ;
.
/
tions will extend to many addi¬
(3) No runaway inflation.
tional fields.
1
the steam
and
reduced
and
our look into
will be operated and
stating three as¬ controlled by electronic comput¬
which our -fore-* ers.''""'/' '/ "• Y- '/•".■
,• V
based. They are:
Preformed
structural
shapes,
are
(1)
which
slow in dawn¬
time before it had an
*An
in
form of energy
experimented
the
that
the next 20
Y Y'/;Y-.;//■; ;■
preface
we
future
casts
t
rapidly
take
*
during
■
sumptions
the first mechanical
were
devices
over¬
the
choking effects
increasing
-
for
being
May
we were an
The water wheel
granted and
tend
into
agricul¬
tural
nation.
Muscle
power,
of
men
and beasts, supplied the en¬
ergy needs of a rural economy.
abundant that
3%
years.
the
Originally,
so common¬
we
a
old.
Electricity
place
utili¬
few of our
cities
by the use of arc lamps.
Thus
in
this
year
of 1959 the
electric utility industry is 80 years
light
only
are
ever
the
of
Because
of
Fully air-conditioned buildings
will be practically universal for
%
u
electricity in the commer-
of
cial field is in shopping centers.
changes
„
example of expanding
Another
use
,
in
way,
Edison
1879,
advances
these
what
list
This
like.
be
endorse.
there
will
and commer¬
of electricity?
illustrates
States.
changes
an
ment which all of us
developments con¬
industrial
uses
cri¬
improve- ,-Y
can heartily Y
It's
f
avail¬
served
Its
of the electric industry was
and
tures
:
communications field.
provements
daily event that is some¬
a
Turning now to another field,' w
the "answers"'; to,"
Fully automatic operations will
hospital care and medicine will
better living and higher produc¬
be standard and they will be di¬
be
improved by new electronic
tivity (the two [2] largest actually rected by punched cards and
developments. Here are some of ri*
spend 6%).
tapes.
the possibilities.
;l Yd
In 1979, we may be having a
Flying vehicles will be almost
press conference to mark the com¬
100% electronically controlled to
New hearing devices will be ^
pletion of a century of utility eliminate risk of collision and developed. Electronic engineering >'
may enable even stone-deaf peo¬
service, and we have an idea that- pilot error.
"
those participating in it may have
New
revolutionary : industrial ple to hear by means of tiny in- In¬
difficulty in visualizing what it processes will be commonplace in duction coils' implanted in thfe
was
like way back in the primi¬
many
industries.
For example, bone structure and attached to
tive
year
of 1959 without the, ultrasonic waves will debark logs, nerve endings that go directly to
wonderful things that will come homogenize the pulp, disperse it the brain.
.;
YY/?J
to indus-
sum
these
cial
way. will
very
United
these
in
spend
impact on our daily existence.
first major practical use was
in the
us
of im¬
way
capacity requiring
much larger
a
this
tries, homes, etc.
*
look ahead to 1979, when
us
electric
be
capital with
new
our
the
in
Changes
beginning. The electrical era has factories and commercial enter¬
just begun. One indication of this prises. It will be difficult, if not
is the fact that expenditures for impossible, to get workers, or cus¬
research and development by all tomers,
otherwise.
In addition,
manufactureres
control
will
average
1%
of first-class- climate
their gross sales dollar while the * improve
worker efficiency and
electric
n.::tyv
\
industry
manufacturers V healths.
revival of electricprocesses, and countless
flying vehicles and guided
driven cars, fully automatic industrial
life
But
person,
controlled
revolutionized
what
tinue
contributions the
industry
has
made
to
better living during the first 80
years of its existence the industry
of
from
tical time of day.
Only the Beginning
1950
Thursday, February 12,
.
times disastrous to sleep at a
Possible
Details
Through
has
of
.
electric
Electricity's revolutionalism on our life has only been the be¬
ginning Mr. Drumm insists in providing an insight as to what
lies ahead in 1979—marking a century of utility service. The
industrialist envisions 29,000 kwh. of electricity per employed
results
the
instant call,
on
t
,r
Company, Greensburg, Pa.
President, West Penn Power
and always today to multiply
day and ; his efforts..
rest periods,
or
available
.
.
climate controlof structure
type
t
,
pw
Volume
189
Number 5820
.
The Commercial and Financial Chronicle
.
.
(771)
which has just been built to house
the swimming pool at the Shelburne
is
Hotel
huge
a
in
Atlantic
bubble-like
cash
generation as the result of
larger - than - average depreciation
It
City.
Public
enclosure
plastic—shaped and sup¬
entirely by air pressure
created by fans. It is located right
next to the ice skating rink and
ported
conditions
while
Arizona * Public
winter storms blow without.
Service
follows:
units
generating
are
use.
v
population.
"
"
Natural
"
-
is
gas;
,
'
maining small plants
sup-
Hugh W. Long & Co.
PALM
used for
are
BEACH, Fla. —Paul A.
joined Hugh W. Long
Company
Incorporated
as
Just
has
and
.
%
$77
47.3
Long-term debt
Preferred stock_^^__-
bubbles
cal for home
Paul A. Just Joins
ac¬
fast
and
Millions
Two> major
In 1979
;
from
depreciation, etE, Last June- the
sold about $12 million
preferred stock, making the capi¬
tal
structure
approximately
as
• u
serves
savings
amortization
company
Arizona Public Service Co.
that the bathers will
so
summer,
tax
celerated
By OWEN ELY
-•
have
charges,,
Utility Securities
made of
is heated
15
31
Gonv. $2.40 pfd. stock
Common stock equity
9
(2,939,000 shares)!.
46
28.3
$163
100.0
Im-
18.8
5.6
,
conuse
What
with
does
this
respect
all
the
to
J
■
use
elec¬
;
:
j
i
'
,0,,0
In
-
to
up
of
use
tricity in the home?
t-
add
.
:
.
,
ayerage residential
j11!
Was^ zfro;
^
5tatl0n
ser\lce< In 1939, 20 years
usf
.
i
f
kwli.'
u
..
,
u
o
JLoday it is about 3,600 k\vh,
1979, 20.years from now, it is
in
yse Wl11
con-
be^10,000 more than
kwh. It could be
siderably
that,
for
lor
average
average
«?omo
some
the
as
ic
rnmnaniAc
companies
is
ciowding that figure today. Many
customers will
from 30,000 to
use
40 000 kilowatt-hours
u'u
a
vear
Kiioyau 10111 s a year.
Warren-Lowell area.;:">
Arizona is one of the
purchased
w5+h <tn ni
in 1Q51
rL* 5/
2
th^ nro«eht
nnH
•
«J?
~
to
750
billion
kilowatt-
electric
utility
by the
for all
industry
purposes.
<
,
V
.
What will this increased
electricity
industry?
growth
has
averaged
"14%
over
u
vertible to other fuels.
tie, farming, tourist trade and di-:
versified industry. Total income
of 'manufacturing concerns was!
$475 million in 1957, over four
ten
1st^
Generating
Capacity
business
In
rate
the utility
dustry by 1979 will have to proto"pro-
something
2%
over
trillion
kilowatt-hours and have about 600
million
kilowatts
of
generating
capacity. This capacity is about
times the generating capacity< in service today and will require tremendous amounts of new
four
capital
"quh-ed
quired
nunitoi
511
-.1
continue
to
the
m
facilities
electricity
to
from
improvement
impiovement
deliver
the
the
generating
the customer, improve¬
stations to
ments which will include the rais¬
ing of transmission and utilization
voltages, and the providing of new
and improved facilties of all types.
The amount of
new
capital that
required by the industry
by 1979 will be well over 150
billion of today's dollars. It could
will
be
well be
tioir clauses
designed
to
contract expiring 1968.
a
0.29
12 months ended March
yeai
penoa, ana me tour-
three
was
times
d
as
power)
Q
as
follows: 22% from
-the^|ault ;River
1958
(estim.)_
&
(Special to The Financial Chronicle)
R.
and
Peter P. McDermott
Pacific
of - bank depositgrowth,
^Tfrom^hTu3 S°Bu-
was formerly in the trading de¬
partment of Cantor, Fitzgerald &
(?£«
should encourage continuing to keep abreast of anticipated
"r ZS
Tbe
company's ' revenues are fanticipates, plant should approxiabout three-quarters electric and mate $375 million and revenues
^li^honfd
one-0uarter £as with a negligible about $100 million,
amount from other services. Elee-..
revenues
34%
are
29%
commercial
industrial.
Gas
two-thirds
sales
residen-
are
with
was
Peter
Feb.
Morgan
will
John
admit
*
Joins Walston Staff
.
>
(3pecial to The Financial Chronicle;
LOS
about
were
made
in
1952-53
but
Walston
Spring
has
&
joined
Co.
Street.
the
Inc.,
He
staff
/
■
^
'f
♦
Sutro Adds to Staff
generating capacity approximates
389,000
kw.
from
owned or leased plants with an
additional
176,000 available as
purchased power under contract,
550 South
formerly
staff
of
Sutro
&
Co., Van Nuys
Building.
Co., Inc.
since
We maintain
a
market in:
l'ering,
conversion of preferred stock,
etc.). The company has enjoyed
an increasing amount of internal
Arizona Public Service
Company
more.
Large
this
as
figure
sounds,
a
much larger sum will be required
to equip factories, industries, com¬
Common Stock
Arizona Public Service
Company
Common Stock
mercial establishments and homes
to'
these
use
great
electric energy.
amounts
of
Blyth & Co., Inc.
This will greatly
stimulate business throughout the
entire electric industry as well as
associated
businesses
and
NEW YORK
STREET
WALL
5
G. A. Saxton A Co., Inc.
indus¬
tries and the nation itself.
14
Better
Teletype
NY
1-1605-1606-1607
living and greater comfort for all
the
people
of
the
United
States
will be the end result.
As the electrical
the
future
of
all
Wall Street, New York 5, N. Y.
Private
era
of
52
progresses,
LOS
Wire
Connections
ANGELES,
to
WHitehall 4-4970
CHICAGO,
PHILADELPHIA
and
DALLAS
ST.
LOUIS
becomes
us
We maintain
brighter. The electric utility in¬
dustry is proud of the services it
has rendered to its customers and
to
nation
the
in
the
past, and is
proud of the trust and confidence
placed in it.
that
the
Company
ARIZONA PUBLIC SERVICE
Common Stock
privately-owned business-
managed electric utility
industry
Established 1931
(
REFSNES, ELY, BECK & CO.
Miss Edna Moser
Members New
Miss
Jan:
Edna
30.
for 25
a
firm
passed
Moser,
last
years
vestment
Moser
Miss
retirement
&
Arizona Public Service
Corporate Stocks
will
people
for their electrical future.
.•V
market in:
Specialists in
We hope and believe
American
place similar trust and confidence
in- the
Firm Markets in Arizona
a
April,
away
before
partner in the in¬
of
Candee,
Moser
Co.
Stock Exchange
The
FIRST BOSTON
(Asso.)
her
been
had
American
York Stock Exchange
112
W. ADAMS
Telephone ALpine 8-6646
Teletype PX 488
CORPORATION
ST., PHOENIX, ARIZONA
*
Mail Address:
P. O. Box 2190
15 BROAD
STREET
-
ANGELES, Calif.—Harvey
Yatman has been added
to the
to do
oflate in 1955 (some additional shares have been issued for
*
LOS
of
was
with Daniel D. Weston &
then there has been only one
Electric
on
Joseph
(Special to The Financial Chronicle)
ANGELES, Calif. —David
Aranoff
h
equity financing recently,
Three offerings of common stock
residential.
Co.
partnership in
Jr., to
McDonald,
& Co.
&
McDermott
P.
19
much
33%
and
The company has not had
Peter
To Admit J. McDonald
the firm.
population growth. The mild!'r^ Construction expenditures were
climate, natural resources and estimated at $32 million for last
varied transportation facilities to- year, part of a $200 million fivegether with, an ample water sup- year . spending program required
industrial development.
Mr.
3115 Wilshire Boulevard.
formerly with the trading
Company.
Staats &
York
was
department of the First California
Co.,
640 South Spring Street, members
New
Co.,
He
ANGELES, Calif.—Thomas
E. Moore, Walter E. Peter and
Thomas Sidenberg have joined the
Co.
Calif.—Earl F.
LOS ANGELES,
Berry has become associated with
Eastman Dillon, Union Securities
LOS
in
tial,
(Special to The Financial Chronicle)
Three With Wm. R. Staats
the
Berry Joins
•
around 21.
tu.re Improvement & Power Dis-
first,
was
formerly Execu¬
of Television
Eastman Dillon Co.
price
around 37 the stock yields 3.3%
and sells at a price-earnings ratio
in
state
ment, farm income and personal;
fam
^
Or»i,w>oe
li^me
.and 1% from other sources,
income, and was a close second.
trie
0.36
Coast Stock Exchanges. Mr. Moore
the
was
Earl F.
-
Projectf Agricul-
*1957
Just
Management Corporation.
.
At the recent over-counter
of
Just
0.21
1957
A.
tive Vice-President
recover
any increased cost of gas which is
obtained from El Paso Natural Gas
^ ^t^a^ur^^mpfey^
electricity
'
corn-
0.11
1956
.
$0.04
1955
staff of William
Because of the increased popu-
Mo,
The
rate sched-
Y
lation and the increased per capita
duce
gas
uies contain automatic fuel escala-
In the
me
of
pany's electric and
con-
Paul
Vice-President for the
southeastern
states,
with head¬
quarters at 226 Chilean Avenue.
regional
Mr.
1954
:
currently
is
appears
Share earnings include the fol¬
lowing approximate amounts of
tax savings resulting from the use
of accelerated depreciation, which
savings were allowed to "flow
through" to net:
«
iNaiurai gas is curienuy
by the four major
«
to be
in
position from a regulatory
point of view, rate of return on
year-end net plant having aver¬
aged below 6% for some years.
company
coal
Ti
plants, but.they are.largely
of
use
Four Times More
use
•
near
-
sound
oerviLe aiso ex
i
giowtn nas averaged over 14 /0 being used
.times that of 1947. Crops and live- under
.
u
to the utility
mean
.
//.
*
homes, farms, stores,
m
and industries
■'
^
The
Pects to build a large-scale power
.
dividend rate of $1.20 with 65c in
;Dlant located at or
1943.
jn the postwar period. load
mirteNatural
gas
.
hours.-This is considerably more
than today's entire output
as
T
. per annum.
. .
,
Seyenty-five million households'
More important activities in the
each
using 10,000 kwh a year service area inchide mining, catamounts
of
well as profastest vide-fori additional 'growth. : The
growing states and the population, Ocotillo plant will have a capacgained4 56% during : 1959-58.;;':AI?ity-of,220,000 kw. when completed
further gain of 70% by sl972 - is.jin <1960; completely ioutdoor inindicated by projections of/ the stallation will cut construction
Bureau of Census. The company costs and increase efficiency. The
itself has enjoyed phenomenal Yucca Plant is being built jointly
growth, with revenues quadru—by the company and California
piing from $14 million in 1948 Electric Power, the latter company
(pro forma to reflect a merger) installing the first 80,000kw. unit
to $56 million currently.
Share'this year,
earnings of $1.88 for 1958 compare .
Arizona Public Service also expower
.
Totals,
:
•
NEW YORK 5, N. Y.
"
The Commercial and Financial Chronicle
(772)
16
about
or
Projections for Various Industries
Volimie
The
Commerce
Department of
the
that
all survey by
annual
over-
its Business and De-
fense Services Administration
in-
dicates that industry looks optimistically to 1959 operations.
The outlook for
75 indus-
some
trial
segments of the economy
have been appraised by 24 industry divisions of the BDSA, Administrator
H.
B.
McCoy said.
The survey is a consensus of industry and government experts
It summarizes spe-
in each field.
cific industry reports on both out-
look
for
and
1959
activities
in
1958.
for improve¬
ment in 1959 is based primarily on
the general strength of the econorny, following its recovery from
expectation
the 1957-58 decline.
improvement are automobile production, now estimated at 5.5 million after the 1958 low, a record
are
fm lni?n« A™
nSi/PPn
A„fn««KiiAc.
Lumber: Based
on
economic
favorable
the generally
outlook, the
industry expects produc1959 to increase
about
lumber
tion
in
3.5%
over
the estimated 32 billion
in
1958.
Gross sales are expected to rise
6.6% and total lumber consumption about 3.8%. The anticipated
level
of residential construction
produced
board-feet
This indus¬
to establish its
13th consecutive production record in 2959^ with output in excess
of 6.5
billion square feet
(%"
try
expected
is
increase approximating
an
ulS
nfth^TTq 11
PQthlfntif
SS fLl™
Sfanv
SSv
R
Shipments for 1959
estimated at $155 million.; .
are
:
itarvCind"iSdus^irndecds
total
electronics output in 1959 is estimated
ord
by $7.9 billion, a new recexceeds 1958 levels by
that
technical correction and
miiitaiw0re than half g°GS t0 thG accomplished
Consumer demand for radio and
registered in 19o8, while the output of industrial and commercial
electronics
equipment will follow
the trends of the expanding eeonomy.
Electronics
sales, in
1958
pected to help the industry.
SSSST an
dieting
competition continues to cut into
^
demand
for
domestic
hard¬
were estimated at
760 million square feet, surface
measure, compared to 793 million
Copper:
were
With many important
volume of
increased demand
for copper and its products which
appeared in late 1958 is expected
to carry through the coming year.
Supply and demand are due to
come
into
better balance? and
greater
price
stability
conseimproved
the
business,
2erntandiS SSte
public attitudetoward
buying, engineering and
styling changes, a general up¬
swing in the economy, and more
stability in the industry itself beof the
cause
new
labor contracts
the principal factors respon¬
for the optimistic outlook.
are
sible
Trucks and Truck-Trailers: Low
inventories of new and used ve¬
hicles
and
increasing
tonnage
by the trucking indus¬
movement
try are major factors to which the
commercial motor vehicle produc¬
ers look for
a
strong market in
1959
after
a
disappointing ,1958.
Truck production should reach
1,-
ises
10% , increase-in sales in
a total of $6.5 billion. The
a
1959 for
industry covers transmission and
distribution
control
and
equipment,
equipment,
motors
apparatus, lighting
and electrical con-
generation of elec¬
trical energy and new construc¬
tion are two of the leading factors
in the anticipated build-up.
Steel.
Generally-im¬
business conditions plus
inventory build-ups are expected
to push 1959 ingot production to
and
proved
105
110
or
million
tons.
20% increase
a
a
truck-trailers,
21% increase
manufacturers
Truck
stiffer
over
56,349
over
1958 and the
ure
of 117 million tons in 1955.
The
Construction:
The
biggest single industry in
the - American
economy is expecting to pass the
$50 billion mark for the first time
in 1959, with advance estimates
putting construction spending at
$52.3 billion, a 7% increase over
1958.
This would
reflect
high in physical volume
a
new
as
well
dollar volume.
Private
largely
—
expected to account
for $35.2 billion of the
total; ?publie
construction, including the
highway program, is due to reach
$17.1 billion. The prospective in-
is
14^
'
for 1959
^
4.
.
Construction expansion will be
reflected
in
increased
expendfor
a
°n
many building mateother allied lines.
Manufacturers of
tons over .Jan. 1, 1958.
Paralleling the ingot production
expansion, increased activity also
is in prospect for the forging,
castings, and ferroalloys indusSteel
would
be
helped by
the anticipated pick-up in
con-
struction and in automobile
man-
ufacture.
.warm
air fur-
*
•
"
Steel prices are expected to remore or less stable during
the first half of 1959.
«
i-
!
.
building outlook.
Homes
Prefabricated
(Wood):
The manufacturers of prefabri-
cated
homes
expect
their gams in the
in 1959 and reach
to
continue
Tools:
This
industry
on
new
peak in
was
return.
steadily
a
: •
*
*
*
rui*
About
the
+L comPany>. more
°ther fail equipment
^ b
i
£
t moved in firms has been pushing diveraround the 575 area where it station aggressively and is
had generally been expected n°w ln material handling
to be found. The whole ma- work> electronics and nuclear
neuver retraced less than 4% reactors E a r n i n g s w e r e
only
and
f
,
.
..
.
tee
over
000
mtl
J.-™!
+-
m-pat
-a llt^le„t9 ™Pei rfVf *???
amount of caution with which
X.
n
,
sharply lower last
^
A
aSUr?
able last
but
a
ho
issue was aYa3.
;
year at half of its
book value of more than $80
ue OI more; inan?oy.
•
,
^
Motors Uncertain
; Auto s h a r e s,.except for
quired to establish the fact American Motors which was
that a solid floor has; been given to moving widely but
:
;
a new base without too much overall
the ladder is progress, were still the; unknown quantity and showed
that
or
down
t
VnT'
■■Volatile issues
around: without
v
high-P"^.
Some layquality offs by General Motors hinted
much
conviction.
American
the
were
•
,
and.
Minnesota Mining and bled' for supplies of glass.
Telephone; and Only Ford of the Big Three
w" PoMt'
of
that were first seemed to be perking along
the rebound, smoothly. Steel orders and
ones
to rally on
aluminum Lukens Steel
Magnesium:
anticipate
the new models might
not be getting a rousing greetof du ing; Chrysler was still trou-
selling,
was
a
standout operations
were
Jcely
creased usage in normal channels
of
year
a
yearseems to be
^
the market is being viewed in
12%: the brunt of. the final
ex- issiies
of the calibre
tons^a falltog^off
Aluminum
Producers
is
u
^958 to^imate of^ items were,the ones(that bore that
UWMtteoi
short
which
mal full-scale correction and
zinc is the
million short tons—a figure
below 1957.; Zinc usage is
milted
was
01 xne DUU swing wnicn is
short of what would be a nor-
; Th e
is%
clearcut
aspect in the performance
needed.
.
consumption, plus the growing
for the metal, in new
demand
picking
up
appatoW,
pert.™., able tonak, good
but,
ilt£
progress when the rest 01 the out important new demands
list was retreating and then from the auto front. :
soaring when the general list
*
&
*
^as rebounding. The Issue has
A candidate for a better
runs about 6% below 1957, been building up a following dividend
is Blaw-Knox. inl¬
shipments of mill products since it broke out of its range portant supplier to heavy inand ingots to consuming industries
0n the
upside amid glowing dustry and the construction
1958
and
Recently °Uanuounc™d ^stobilized
fix
..
i
.1
At-
•
_
_
_i
A
prices will aid the industry.
The magnesium outlook also is
reports of its going on to fan- business.
4-nofin
I
AtTAlO
well
tastic levels.
castings, and wrought products barometers, the list was still
continuing. The growth may ap- studded with issues
with
proximate 20%. Aircraft and mis-
above-average
S1
Ll?8ramn
diverse11 gmip "of
last
company
Unlike~the .various market the
yields
Earnings held
up
4-A
according to
estimates, covering
year,
$140_ cash payment more
than
twice over. The cash
payment normally is larded
that with small stock payments.
to go before Moreover, a forthcoming acthey are in position to joust quisition of Aetna Standard
with their previous peaks, Engineering will lift the comeven including du Pont which pany's earnings potential
to
is being felt ini had nudged 250 in 1955 and some three times the cash re-
ki
have
r
long
a
way
industries generally is optimistic for 1959, after
a mixed record in 1958.
Competi-
so°mGfmmrt?J?0rts
•
Manufacturers of household apitems as washing
pliances—such
machines^
freezers,
and
vacuum
^ane,r^loot. lor ua 5%,
declined from
tC^?956
?ven 237. m
been within
of
even
S
1956 and hasn't q^ement.
a
The stock is one of
those selling at a, conservative
price-earnings ratio. On proleader in the min- jected earnings for this year
a score of points
the latter figure since,
Joy Mfg.,
peak.
ing machinery field, similarly :the recent market price was
activity declining, and
imports
continuing to offer serious cornpetition to the domestic market.
Tools:
11118 segment of the industry opera ted at the lowest level of the
past 10 years, with 1958 shipments
approximating
$410 million, or
about 40.3% below the $793.3 milGross new orders
are
spite the slowdown in 1958—8% has been
from 1957—sales remained
for
the
Re-
housing market lion level of 1957.
a
in both Pull-
hovering some two only mne-tunes earnings.
points below its 1957
T h e below-ayerage price^Xarison wlth other years gen" high although at recent levels
its yield was in the 4% earnings ratio in the rubber
The furniture outlook warrants
group is U. S. Rubber which
in- "considerable
optimism," accord- bracket,
dustry during the past year, with
has
normally had a lower
ing to the industry, with the
the replacement market failing to
downtrend apparently stopped Railway Equipments Favored ratio than its competitors in
come up
to expectations, export
Machine
optfmisttcforthTai959markret hp® J?utting Type Machine
causeofthel oVilrfim.
lead
for
main
19®9 with prospects
n?rv? " moderate improvement over
disappointing year of 1958.
1 slSbt cession factors disturbed the
tl0'
aL Sw.
r
m
•?" enters
nnhlip
ltures
no
a '^ element into the picture,
' As ihe ne.\Y year begins, ingot
capacity will approximate 147
mliiion ,tons> an '"crease of 6.3
tries.
construction
housing—is
Y.
sumes
b however, and this could inject
market
case
dwindling
Strengthened
This
with 85 million tons in
peak production fig¬
compares
,
Zinc:
and
demand
Increased
Iron
1957.
Lead
7.6% from 1957.
struction materials.
consuming industries. The threeve*T labor contract expires July
units,
ii®'
tneal equipment market after a
disappointing start in 1958 prom-
are
facing
competition in the export
and
tinn
Jr.al. strengthening of the clec-
1958.
1958
as
Electrical
1f02 m'mT'
Equipment. A gen-
projected 1959 level as¬
major strikes in steelproducing raw material or steel-
000,000 units,
which is the
W*U Street Time will be re-
supply situation is rated the best
from
°f
Better
UP
television
only slightly below 1957.
Increased promotional activity aimed at diversification in market outlets is ex-
L
new-ear
make
around half of the lost ground and Alco Products, both of
but the feat was mostly a which offer an adequate 5 %
,
dustries;
selling cli- the recession pinch in the rail-
snaPPed back to
further
holstery leather. The automobile
industry is the largest single customer for the output qf these in¬
a
of
a four day road business. Moreover, the
string of declines to start off rail equipments generally are
week and then promptly selling even below book value
in 1957 and 891
in 1956' in
years, due to expansion of minr
Consumption—domestic shipments
+S plus imports — which had been ing capacity and mill facilities, reached,
be reflected in increased markets*.
for metals, glass, rubber, and up-
STREETE
for
?or0aSpproximater$115ei^-
10% over 1958.
whnS me'nts in 1958
c«
By WALLACE
AND YOU
turnover that
ACF Industries, despite an
receivers, phonographs, robbed it of much possible occasional
surge, has been
and other consumer products is
is the biggest single factor in the
significance
available at a score of points
expected to recover from the dip
b
' ■„ ■
optmistic outlook.
„
under its 1957 high and a 5':-.
plywood, and the industry
expects the downward trend to
continue in the new year. Ship-
rru*
million
$258
level.
single-family occupancy,
wood
The Industry-By-Industry
/ Outlook Follows:
with
compared
Hardwood Plywood: Foreign
i 05 n nn
between 105 and 110 million tons.
THE MARKET..
"
Stocks staged
units pected
and for 1959, 64,000, largely for lion, or about 18% under the 1957 niax at the end
basis),
Key elements in the anticipated
\
Shipments for 1958
estimated at $148 million, as
at 61,000
is estimated
1958
Softwood Plywood:
The
1957
Tools:
chine
Thursday, February 12,1959
..
1959
Forming and Shaping Type Ma¬
Production in
output and sales.
the
that
below
estimated
million.
optimistic overall expectation. Department of Commerce
ascribes key elements of strength to automobile production
recovery, construction, and increased steel output.
an
announces
42.4%
is
It
shipments will approximate $420
industry by industry outlook appraisal for 1959 results in
An
r
level.
.
estimated at $310 million,
_
high in dozen
,
after
bringing 1958 manufacturers'
shipments to less than 10% under
.
The
shares
1957.
,.
in favor in many
diversified
industrial, quarters, mostly because an
and
household
use upturn in the fortunes of the
along with the hign level of in- nation's railroads should
logicome is expected to raise sales of
ii
benefit them handsomepressed and blown glass products cany Denem inem iianubume
—excluding handmade glassware ly. Maintenance expenditures
—to a new record. A 5% gain over and
buying of new equipment
Widely
scientific,
Continued
on
page
37
because of its larger outstanding issues of senior obli-
railway equipment part
were
were among
gations. Here, too, the recent
price is a dozen points under
the high for 1956 with a comdividend well into
fortable
xPe ^/° bracket.
Although the rail business
the first to feel is recovering generally, even
Volume
189
Number
5820
.
The Commercial and Financial Chronicle
.
.
(773)
the
quality issues in the
rier
section weren't
favor
of
although,
Southern
its
t J*
0
the
j
y
o
+
holdings
of
Cl^ln
-i
St.
u
to
to
Washington,
institution
some
projections are for a $9
profit for Southern Pacific.
Yet the stock
hovorincr
Feb>
The
^7
of-
W
and
earnings
stock dividend
as
combination
Illinois
Co.
National
/
Rvan
A. C. Allyn and Company Inc.;
ST.
Trust
Inc.;
Northwestern
of Minneapolis;
Bank
Sutherland
Brothers & Co
•
wnnTr,%^?x
Alex. Brown & Sons; F. S. Moseley & Co.; Schoellkopf, Hutton &
&
Co-
ppTy~
*«
of Co., Inc.; Bache & Co.; City Naa
tional Bank & Trust Co., Kansas
Stern
Trine, & Co
Wood, Gundy & Co., Inc.
Pomeroy, Inc.; B. J. Van Ingen &
*"
Co.;
Loeb, Stein; Harkness & Hill Inc.; The
M.
Wertheim & Co.;
,
is"
&
well
LOUIS, Mo.—The St; Louis
Dealers Group will hold
-ii
Inc>
'
i
'
their annual spring
party April 29-
May
be
1.
The
I WO With Merrill Lynch
be
Country Club,
April 29.
party.
(Sycciai to the financial chronicle,
CLEVELAND, Ohio-Thomas
L. Curran and Robert K.Schuster
Joins Bache Staff
'
(Special to The Financial Chronicle)
COLUMBUS,
Bache
1>J<U
.«
day itself will
A preceding opening will
held in the St. Louis Room
Floyd Beatty, A. G. Edwards &
Sons, is General Chairman of the
i_
n
as
field
Sunset
the
at
May 1.
Howard
Sopac a candisomething in the way
better cash pay out
a
Carl
Trask
being made at nrices to vipld from
ului,
a
Building Bonds, due
lf :1960 to 1979, inclusive,
submitted a -bid-of
Spencer
Municipal
Party
Dealers Annual
Company of Georgia; Bramhall & Municipal
Seattle-First
Ladenburg, Thalmann & Co.
of
group
Public reoffering of the bonds
-
of
Bank;
netinterest cost of 3.17472% to city, Mo.; Clark, Dodge & Co.;
the state.
'
'
Francis
J. duPont & Co.; Fidelity
windfall makes
.a
Savings
and
Obligation
^s, 3s, and 3.20s, representing
anri
cwon
t
date for
General
lately has been 100.049999 for
hAtxuppri
Pitht tim„c
eight-times
Northern Trust Co.; Harris Trust
National Bank;
^ underwriting syndicate Rhoades & Co.;
awarded
heln
help
earnings
earnings
reported
reported
Inc-I Smith,. Barney & Co.; The Co.; Swiss American Corporation,
•
r
t>
this, which will add about an issue of $2o,000,000 State
$2.20
■
SI. Louis
Co'*> IncU The First Boston Moulton & Co.; Wm. E. Pollock &
Corp.; Harriman Ripley- & Co. Co., Inc.; Shearson, Hammill &
he™s an:Underwriting 1'S
Louis
M.Marks & Co.;
W. H. Morton & Co., Inc.; B. H.
j. p. Morgan & Co., Inc.; Blyth
■
-
U|A«|iiiiiyftAH
01316 Of VVdSiHIIKiOII
* -j ''f£w ■
from
With
tho
With the
Participating in the offering are: & Co.; Laurence
v
WllCTa DOIIUo UI
$20 -mil-
a
dividend
Southwestern
Southwestern.
01
case
there is
Pacific
windfall
Qkoco Manhattan
vll*P*tt ■"Wmmwimiii
■
' firamm (Iffarc Rftltdk nf
in the
as
added note of
lion
car-
much
in
17
has
&
Co.,
Ohio—Ronald
joined
30
the
East
staff
Broad
V.
of
St.
,
thari ;tht?v^
iririicatgd $3,
'
this
or one-third of:'t
year's estimated results. :1;
f oy.
; ;;
■*
-Unioii Pacific is also -afnoag .%
the: candidates
•
for " di vidend:
improvement sinqe. it covered,
.its, payment, twice,over in the V;
.recession
•ing in
year of 1958, turn-;"-:
profit only a few pen- V
a
:nies; under
that-earned
the
'year before;'Operations point V.
,to a new high in earnings for *.
•this year, even without its oil :*
'revenues
picking up impor-. ^
Itantly. The-return on UP Ls-rone
of the smaller for
rails, around
quality*-
-
but obvi- "
ously that picture would alter
swiftly with any change in
"
the present rate.;r
\
*
*
*
\ '
;
,
r,
,
;
;F o o
rather
d stocks have been
neglected recently although some of the spotlight
turned in their direction
was
•
when Standard Brands
bobbed up ;as
stock-of-the- -
a
month selection
by
one
-
serv-*.";
ice. Standard has had
a quiet .-:
steady upturn in per share
profits since 1955, first time
but
in the decade that it failed to
improve on the previous
year's results. Further growth
assured
seems
has
pany
and
the
been quick
How many new cars
com¬
to
re¬
ward shareholders when busi¬
is
ness
good,
dividend
increasing
twice
last
Completed last year as a part of Republic's expansion and
year.
*:
*
*
Plant is
modernization program at
its
new
45-inch universal
Despite this largesse, its re¬
cent yield of nearly 4%
is
still an above-average one for
a
quality item.
the
up to
make thirteen automobiles
mill
the Cleveland Plant, this giant
slabbing mill
shown above)
one
or
can
roll steel ingots (like
The increased
with the
270 file cabinets. The
in Chicago,
new
permits Republic to roll ingots faster, more efficiently
ever
sufficient
before.
will
to
make
more
than
seven
million
refrigerators.
25 tons... enough steel to
*
than
-
in this 25 ton ingot?
capacity of the Cleveland Plant, together
expansion of other strategically located facilities
Illinois; Warren, Ohio; and Gadsden, Alabama,
provide better customer service and still greater pro¬
duction
efficiency for the years ahead.
Fansteel
Metallurgical,
which
could benefit impor¬
tantly from the recent success
in
casting molybdenum,
a
hitherto
balky metal, has
shown
the
least
response
The
biggest single steel expansion in Ohio history
included the addition of two
furnaces and the
sixteen
to
new
new
375-ton open hearth
soaking pits, expansion at the 98-inch hot strip
mill and the addition of
new
coke
ovens.
the
development. Throughout
all of last year and this the
issue has held in a range of
around 14 points and hasn't
made
any
The
REPUBLIC
enlargement of four other open hearths,
additional 918,000
tons of annual
steelmaking
capacity added in the last three years at the Cleveland
STEEL
General Offices: Cleveland 1,
Ohio
Titanium • Bars • Plates • Sheets •
Strip • Tin Plate • Terne Plate • Cold Finished Steels • Steel and Plastic
Pipe • Tubing • Bolts • Nuts • Rivets • Wire • Farm Fence '.Nails •
Pig Iron • Iron Powder • Coal Chemicals • Fabricated Steel Products •
Steel Building Products •
Steel and Aluminum Windows • Steel Kitchens •
Shipping Containers • Materials Handling Equipment • Drainage Products.
Alloy, Carbon, Stainless Steels
•
serious attempt to
"reach its 1957 high. The com¬
is
a low-yielding item
growth has been im¬
pressive, with; profit ahead
more than
400% in a decade.
It has been busy expanding its
facilities and is a large sup¬
plier to the electronics indus¬
try where the romance of the
pany
but
its
field has
spurred
wide,
even
;,
.
illogical market movements.
[The
views
expressed in this
article do not necessarily at any.
time coincide with those of the
"ChronicleThey are presented
as those of the author only.]
r
The
largest single project in Republic's Expansion
program
universal
up to
at
the Cleveland Plant is the 45-inch
slabbing mill which can produce slabs
75 inches wide.
One of the 16
new
soaking pits which heat steel
Heated steel ingots are shown entering the mill from
ingots to 2400° for rolling in the slabbing mills.
the
Lifted from the pits
carried
by overhead
cranes,
they
carried to the slabbing mill on an ingot
are
buggy.
background. After reduction to slabs they
on
the conveyor
are
table through two separate
operations, cooled and shipped to the strip mill.
18
The Commercial and Financial Chronicle
(774)
life. No matter how able the full-
Future oi the Bank of
By PAUL EINZIG
that
recommendation
to
dropped,
even
tical
be
Cobbold,
recently
was
re¬
that
appointed, he made it plain
he
may
not
wish
♦
to
Another Advantage
Nor is this all.
term
mending
be
Such
resigna¬
tion
in
of
the
of
advent
a
In
Labor
Paul
Or.
Einzig
A
Party
occasion
an
alleged
inquiry over
the
of
in
leak
Rate
Bank
1957, it would indeed be difficult
collaboration
to visualize friendly
between
Harold Wilson, who will be
the
Exchequer
next Labor Government.
cellor
of
For this
visable
to
Chan¬
in the
considered it ad¬
right
the
reserve
to
his new term of
There is, however,
another reason. It is the anticipa¬
tion of certain recommendations
before
resign
Office expires.
Committee,
Radcliffe
the
Bank
1957
was
inquiry presided over by a senior
judge
(the present Lord Chief
Justice) and its findings complete¬
ly cleared the part-time directors
of all such charges.
Even
that it is wrong to re¬
part-time directors. Whether
or
not the Radcliffe Committee
will recommend the abolition of
tain
the
no
there
is
not
the
middle
this
of
year.
though the Committee has
completed its deliberations,
and its proceedings are a closely-
guarded secret, several witnesses
who gave evidence before it came
away with the distinct impression
that some key members of the
Committee
are
strongly critical
of the Bank of England and are
in favor of recommending some
drastic changes.
indicated
was
This at
by
the
any
way
rate
these
members of the Committee ques¬
tioned
the
witnesses
concerned.
Even though the members who
disapprove of the
land
include
they
Bank
constitute
may
Eng¬
of
minority,
a
highly dy¬
As it usually
such Committees that
some
namic personalities.
happens
their
on
conclusions
are
influenced
be
must
that
will
rescue
before
realized
there
that
trouble.
was
assume
part-time directors and the Gov¬
on
the one hand, and be¬
ernor
Chancellor
Needless
to
the Radcliffe
only too familiar
with this line of argument.
But
some of its members
at any rate
are
inclined to take a political
and
say,
the
recommend
to
directors
interests.
feeling
For
among
decisions
by
their advice to the
the Exchequer, their
position in this respect does not
differ from that of senioi) Gov¬
ernment officials who have direct
access to their Minister.
Evidence
the
But
Bank
under consideration.
decision whether to rec¬
ommend
him,
about
directors
full-time
change
a
the
to
Chan¬
Exchequer rests with
and in any case the Chan¬
his
cellor is at liberty to disregard
advice.
gest the termination of the exist¬
The
is
true
about
other
and Nelson
same
mistake for
ernment
to
In
doing
a
Conservative Gov¬
try
cialistic than
to
be
force
only
it would
so
the next Labor Government to go
further
even
its
in
measures
Government
its
of
would
satisfy
merchant-bankers,
but during the last 30 years or so
a
number of senior officials of the
Bank
were
made full-time
direc¬
if this change is made
by
Bank
a
of England under Treasury
control.
When the Bank
tionalized
if
a
in
Governor is in
to assist
it withqut
was
the
out any
other
be
can
These directors
a
position
ernor
are
of
to influence
course
the
in
Gov¬
and, through him, the Chan¬
cellor,
about
by providing information
developments that are lia¬
Bank's
effected
Labor
a
to
influence
stream
of
information
position
in
con¬
banking,
element con- industry, commerce, etc., reaches
represented to an the Bank enabling the Governor
extent that, as critics argue, is to judge the situation and pros¬
entirety out of proportion to the pects correctly.
merchant
iinues
to
relative
bahks
be
in
the
of
merchant
national
economy.
The Committee
is
not
likely
confine itself, however, to
to
recom¬
First
of the
an
Letter"
British
examines
talk
the
of
the
in
heard
.
"Letter"
*
notes
need
price
that
for
"more
been
than
of
anywhere
"Curiously,
It would
for
ernment
to
the
next
doing
be, therefore,
a
a
steal
Labor
the
Gov¬
thunder
Government
in
radical
the
and
next
Labor
even
more
Should
the part-lime
directors
be removed, the Bank of England
find .itself largely isolated
■would
from
the
realities
of
economic
1951
Annual
for*
International
Report of the
Settle¬
striking perhaps is the re¬
markably consistent upward trend
in
the
price of gold from the
-Middle Ages up to the time of the
founding of the Bank of England
in
-
1694.
out
by
to
The
0.38%
rate
a
year
that
harmful.
since
U.
S.
is
1949
London.
With Ross, Borton
today—and
—
It
the
is
ruling
has
price
equivalent
price of $35
an
to
ounce
CLEVELAND, "Ohio—Byrom E. vrate of 14 cents apiece.
"Thus,, the current gold
Kennel
is
now •] affiliated
in
the
after
price,
/according to the trend of long
history, would seem-to be just
'right.' Raising it to 714 shillings
..
Building.
been
Coincidence
Apart from upsurges during
the Napoleonic Wars
after
First
the
and
British
the
World
War
Government
depreciate
pound
when
let
the
terms
in
of
gold remained steady at
shillings an ounce. Coincidentally, this is also the period
gold,
about
78
which
in
tannia
the
Bank
of
world-wide
the
to
ruled
world
the
England
renown
as
while 'Bri¬
'
seas.
"These 200 years of
stability are
especially impressive since they
span
a
period in which popula¬
growth, world-wide economic
development
and
industrializa¬
;
tion, and expanding international
commerce
far
in
in the
were
in
increase
have
converting shillings at the official
(Special to The financial Chronicle)
Euclid
1931.
and
compounded
produces
this
this
trend,
right price for
years."
special interest is the long
period of stability in the London
gold price, from around 1700 to
have
rise
Projecting this age-old
for 1958 a price
for gold in London of 250 shillings
per ounce., It is an amazing fact
trend
the
the
Favorable
Notes
works
of
annually.
more
with
study.
some
Most
of
Ross, Borton & Co.. Inc., The 1010
278
"Of
tion
.
"The chart is worth
Govern¬
something much
the
ments. :.
from
be
not
another
banker
Bank
away with part-time direc¬
In doing so it would only
induce
would
attained
as¬
grave
range
price of gold,
chart, of the London gold price
reaching back 700 years to about
1250. The chart is found
On the
Conservative
discussion
longest
the year
,
mistake
ounce,
Calculated
a
Govern^
Parliament, and
the
inevitable
publicity attached to it might do
the
the
Harrod's proposal
extant record of the
with¬
any
all
has/'ignored
Mr.
increase
an
gold has
London
perhaps
in
the sterling equivalent
of $100
would be premature.
ounce,
of
The
control of the
reserves,
long
supply
an
"Bank
banking
importance
issue
economist Roy Harrod's prescrip¬
tion of $100 for an ounce of gold.
na¬
sistance would have to go through
cerning the
ble
assume
hidden
merchant
the
month's
National City Bank of New York's
publicity;
public discussion.
hand, if
ment to do
so,
This
Exchequer informally," but the
transaction
stant
Even
in total money
position
a
any
inflate." Further,*
between the
gold price stability from 1700 to 1931 and dynamic population
and economic growth changes wherein there was no shortage
He may consult the Chancellor of
include representatives of other
economic interest in addition to
banks.
favorable coincidence
the
notes
Socialists with
1945
the price of gold when¬
feel cramped reduces the gold price to
reserves
the bank
private bank gets into difficul¬
ties the
tors.
now
gold
"an index of the willingness of governments to
But
Con¬
Left-wing supporters.
policy decisions.
Under the existing system a con¬
tors, and part-time directors
New York bank concludes that raising
ever
many
incalculable harm.
were
National City Bank Reflects
On Gold Price Rise Argument
So¬
more
Labor Government.
a
the country.
Until the late 'twenties all di¬
Co.;
?
mendation to that effect. For it is
a
tors whose main interest lies out¬
rectors
Schaenen, Partner of Smith, Barney & Co.
would not implement any recom¬
ride
T
Charles J. Stewart, Partner of Lazard Freres &
corporated;
that the Conservative Government
ment should
Bank.
Co.; Stuart F. Silloway, President of Harriman Ripley & Co., In¬
It is to be hoped, however,
important policy decisions.
It seems, therefore, that the So¬
cialists
grossly
exaggerate
the
alleged influence of part-time di¬
rectors on the- montary policy of
the
left to right, are John M. Schiff, Senior Partner of
•
else * in
the
world,
though the subject is also of ma¬
inside knowledge were very jor interest in South Africa, the
pleased with the compulsory ac¬ leading, gold producer. Ideas vary
quisition of the privately-owned "on how high the gold price should
be raised; the most extravagant
given during the Bank Rate in¬ stock at a price which did not even
quiry showed that the Governor pay for the hidden reserves. But figure mentioned is the $100 an
is in the habit of consulting the those reserves have been left in ounce proposal put forth by Pro¬
part-time directors as well as the the possession of the Bank, so. that fessor Roy Harrod of Oxford.
Chancellor of
and (seated, right),
Vice-President of the World Bank. Standing,
Kuhn, Loeb &
Davidson Sommers,
next Labor Govern¬
by the
ment.
City
Bjorn Olsen, of the Danish Ministry of Finance,
because they feel that it
is bound to be carried out in any
change
case
York
New
equivalent of $40,000,000.
effected through a public offering of
is
view
the
of
Denmark
pity to terminate it.
reality,
the Radcliffe Committee will sug¬
ing system under which the ma¬
jority of the directors of the Bank
of England are part-time direc¬
relating to the borrowing by
The borrowings were
$20,000,000 Kingdom of Den¬
mark bonds by a New York underwriting group of investment
banking firms headed by Kuhn, Loeb & Co.; Smith, Barney & Co.;
Harriman Ripley & Co., Incorporated and Lazard Freres & Co.,
and through a $20,000,000 loan from the World Bank.
Participating in the signing ceremonies are/ (seated, left),
documents in
ing
advantage, and it would be a great
Committee
to the
of Denmark
the other, is a great
on
Knuth-Winterfeldt, Ambassador of the Kingdom
United States, is shown (seated, center) sign¬
Count K. G.
the
and
Governor
the
tween
It is inconceivable that a Labor
all major decisions
of the Exchequer if
of policy are taken by the Gov¬ Chancellor
ernment. Even though the Gov¬ forestalled in respect to the' re¬
moval of part-time directors might
ernor and other high officials are
able at times to influence these place the hidden reserves of the
In
cellor of the
recommendations
displease the Bank of England.
particular, it is expected that
full-time
strong
a
tain
In
it was
postwar pe¬
many
important
the
public
even
the
leading Socialists that so long as servative Government then the
the present system continues the Labor Government will have to do
Bank of England is not really na¬ something more drastic to show
tionalized but is still under control its Left-wing supporters that it is
more radical than its predecessor.
of private interests.
Rate changes
a
is safe to
outside
small number of dynamic
members, it seems reasonable to
expect that the report will con¬
by
during
to
firms,
board of
By such means
against the present organization of
will take an early opportunity to the Bank of England than it would
lay down the rule that henceforth really wish to go. By doing away
all directors of the Bank of Eng¬ with part-time directors a Labor
land
towards
possible
suggests
of its
the reinforcement
directors.
the Bank of
and
it
the next Labor Government
with
Even
it
system,
that
Whose report on the currency sys¬
expected to be issued
remained
Socialists
so,
tem is
now
all
of
preceded
the
of September
carried out by a court of
that
change
Rate
convinced
alone, Mr. Cob¬
reason
bold may have
Mr.
and
Cobbold
Mr.
investigation
thorough
transactions
of England on
Bank
the
inside in¬
personal gain.
formation for their
attitude of the
towards the
worked
of making use of
habit
the
of
The
up mainly with the object of dis¬
crediting the system of part-time
directors by conveying a suspicion
that
such
directors are
in the
Socialist Gov¬
ernment.
would
with the
Labor Party.
the
Bank Rate leak affair was
the
case
accordance
in
of
advises
The informal contact between the
recommendation
a
fully
firm is in difficulties
England
riod
Fully
Cleared
wishes
view
altogether.
Directors Were
inter-
possibility of
by
of
Part-Time
preted as fore¬
shadowing the
his
advocating the
the system of part-
time directors
This
years.
was
the pro¬
increase in
an
five
of
system of Bank of England
as a high-class clearing house
for
top-level business appoint¬
ments. Whenever some important
ent
portion of industrialists and other
non-bankers on the beard of the
Bank.
It is credited with the in¬
abolition
serve
'
.»•
Under the pres¬
acts
tention of strongly
entire
the
a
gradually lose touch with the
ever-changing situation.
/V*
part-time directors.
Mr.
experience they had gained
their appointment would
wasting asset—they would
He hopes the present government will not mistakenly
LONDON, Eng.—When the Gov¬
of the Bank
of
England,
di¬
chosen among
were
before
try to be more Socialistic than the Labor Government in urging
the former not to try to steal Labor thunder by eliminating
ernor
bound
disadvantage.
a
of the full-time
some
on
former
bankers and businessmen, the prac¬
charges of dereliction of duty.
economy.
if
rectors
though they were cleared of all
Dr. Einzig maintains that use
of full time directors without any outside interests will isolate
the Bank from the realities of economic life and make it impos¬
sible to forestall trouble in firms that are important to the
directors be
place them at
Even
of England's part-time
Bank
Bank of England is
of the
Radcliffe Com¬
Thursday, February 12, 1959
.
S40,000,000
Borrowing Jiy Kingdom of Denmark
Signing Documents
their lack of
practical busi¬
outside the windowless walls
are,
direct contact with
ness
Commentator from Great Britain anticipates a
mittee's
directors
time
England
.
.
producing
demands
of
excess
for
the
a
rapid
money,
expansion
supply of gold. One. might
thought
that
this
would
.
increased
the
price of gold.
What helped hold the gold price
stable was the widening use of
supplements to gold as money, in
the
form
bank
of
paper
deposits.
themselves
currency
The
and
supplements
kept valuable
by limiting their issue and mak¬
ing
into
them
fashioned
on
demand
"i
'
essentially,
—
Victorian
caution,
trend for
the
convertible
gold.
."Thus,
and
were
over
which
it
—
was
i
morality
defied
200 years and
gold price stable.
'
old
/the
kept
People/be-
■
Volume
189
Number
5820
.
The Commercial and Financial Chronicle
.
.
(775)
lieved
all
in
that
but
most
served
pay-
the
957,300,
extraordinary circumstances
honor.
/ riods
of
failures
ness
bitious
'
whenever
commitments
unsustainable
"Today,
ered
the
to
the
About
1957
of
the
of the Company's op¬
ance
from
1958
came
service, and the bal¬
had
total
operating
$77,954,000
of
revenues
net
and
income
$12,709,000, equal to $1.41
a
the Company reported total
op¬
erating revenues of $74,900,000
of
and
com¬
service.
gas
For the year
population,
for
revenue
from electric
^
state's
86%
erating
mon
1958 the Company
preferred stock. For the year 1957
share
after
dividends
net income
$1.21
on
dends
a
common
on
of
$11,258,000,
share
or
after divi¬
preferred stock.
,
'
-
'
overam-
reached
an
consid¬
are
All
intolerable.
over
world
governments have acresponsibility for main¬
cepted
to
level.
deflations
be
41%
busi-
and
population of about
fstimr nthe
were
retrenchment
a
.according
Department of Health, which is
willing to limit
liabilities undertaken accordingly,
and accept occasional painful peThey
has
19
,
taining high levels of employment
and
all
more
it
makes
take
to
necessary
We, too, pioneer
timely action to check inflation
before it gets rolling too fast."
f'
l
•
•
'
:
1 "
■■
Index of Inflation
h
r
This
production.
the
"Determination. to
-
tion
«■
make deflations
can
But
sary.
valued
'
whenever
;
•
A
v '
^
i
>
unneces¬
currencies
if
:
infla-
resist
in the Modern
de¬
are
gold
reserves
feel
cramped, the price of gold
simply become an index of
the willingness of governments to
inflate.
And
inflation,
equally
with deflation, brings social in¬
equities and stresses and strains,
Upsets political stability, and un¬
will
*
i
I-
dermines the
functioning of
tion and trade.
responsible
government
should
want to raise the price of
gold to heights which would cre¬
era moves
toward
new
worlds... and in the spirit of our times
John Hancock takes its modern
mar¬
kets for money and credit which
are
essential to orderly produc¬
"No
Our
place.
With the help of today's
>
almost t unbelievable
electronic machines
service to millions of
our
policy
we
deliver ever-faster
owners.
ate
a monetary base for accelerat¬
ing inflation and a flight from its
Nearly 2,000,000 policy records
are
maintained
on
magnetic tape.
currency."
Our giant
W. M. Lendman Joins
Granbery, Marache Co.
William
M.
Lendman
associated
come
.
has
be-
Granbery,
& Co., 67 Wall Street,
York City, members of the
New
York
tices every month. Our
Stock. Exchange,
as
Manager of the Sales Department.
Bankers Underwrite
automatically prepared—in two hours weekly! Modern electronic
equipment contributes to
dend and
offering
stock
common
holders
to
the
right
major actuarial operations, to divigroup
insurance accounting.
'
its
of
to
our
annuity computation, and to
ways
of serving
our
The Connecticut Light & Power
is
no¬
payroll for 6,000 Home Office employees is
We believe that John Hancock's alertness in
Conn. U. & Pow. Offer
Co.
400,000 premium
some
with
Marache
New
computers create and print
sub-
policy
owners
has been
a
adopting
.
ever-newer
'
•'
i
-
*-
vital part in the great
growth demonstrated in the 1958 Annual Statement excerpts below i
scribe for 762,565 additional shares
of common stock at a subscription
.
price of $22.50
basis
of
unit of
one
share
shares
10
share
per
new
less
or
the
on
for
each
held
on
Feb.
5, 1959. The company is also
offering
to
employees
of
the
company and its subsidiaries the
// privilege of subscribing for the
shares
new
of
common
stock
not
How
we
How
paid benefits
we
safeguard the future
^ subscribed for through the
exercise of stockholders rights, at the
/^subscription price of $22.50
il''
share.
The
per
offer to
subscription
^ stockholders will expire
^ 24,
1959,
'Voffer
to
Feb.
subscription
the
and
employees
on
on
Feb.
19,
In 1958, John Hancock
$418,000,000,
paid total benefits of
an average
of $1,674,000
working day, and $34,000,000
more
every
than in
The
offering
written by a
is
group
.'V banking firms of
being underof investment
which
Morgan
Stanley
& Co., New York; Put¬
Co., Hartford, Conn.; Chas.
W. Scranton & Co., New Haven,
nam
&
Conn.; and Estabrook & Co., New
Net
ternal
(Obligations,
contingency
reserve
reserves,
industry
and
communities
strengthened by John Hancock investments
—an
average
of $1,950,000 invested every
working day.
$673,437,000 paid to
or
set aside for policy
beneficiaries in 1958—an increase
of 3.0%.
:
A
in force at the end of 1958—an increase of
sources,
■
€&**
*■''
.
1959 construction profor other
corporate
and
purposes.
'
i c
Company's
}
Wv
billion of John Hancock insurance
^ Company
-gram
»v
:
Over $22
7.9%.
will be used by the
to repay outstanding
;/■; bank loans, to finance in part the
f
special
state and ter¬
Canadian provinces.
the financ-
j* jijig, together with funds from in-
every
ritory of the United States and into various
owners or
proceeds from
and
American
Payments flowed into
York and Boston, are managers.
;
$5,518,219,000.
$511,266,000.)
1957.
V: 1959r...
Assets:
$5,006,953,000; general contingency
It is estimated that the
v\V\ i
'
construction program will require
j*
expenditures of about $39,000,000
"
itr
in 1950.
*
"•
.
1
'
The Connecticut Light & Power
>■
-
i
-'AW i
the largest electric and gas
-utility in Connecticut, is engaged
Co.,
,
principally
in
the
production,
transmission, distribu¬
^.purchase,
tion
V
and
sale
of
electricity
for
residential, commercial, industrial
and
municipal purposes within
the State of Connecticut. Territory
served
by
/Electricity,
the
Company
with
both,
covers
about 3,286 square miles, or 67%
of the area
gas,
or
of the state. The
area
MUTUAL/LIFE
INSURANCE
BOSTON,
MASSACHUSETTS
COMPANY
-
WM.
■
±
20
The Commercial and Financial Chronicle
(776)
V
The
h
•
.
,
.
'•
'
'
■'
•
t
,
t
However, Soil Bank payments to
farmers will be susbtantially re¬
well this
in the
year as
year
will
reduction
expansion
commodity
market¬
ings as a whole should hold well in 1959 compared to 1958.
And, despite certain income decreases, farmers' total realized
Agricultural marketing official lists 1959 outlook
Reserve
by commodity and surmises cash receipts from farm
which
by
Conservation
the
of
offset
be
in¬
Further,
Program.
creasing interest, tax, wage, and
other costs will likely bring some
production ex¬
penses next year. Thus, some re¬
duction in aggregate or total real¬
increase
past.
estimated increase in Jan. 1, 1959, agricul¬
$13.3 billion as against $2.4 billion increase
He reviews some basic underlying problems;
farm
situation
in
farm
three
or
of
the
farm
The
production growth.
opening paragraphs of our
"Demand
Situation"
Price
and
r
Perhaps
prices are
until late summer, and
likely to be lower.
Supplies of all
oilseeds and
keting Service, U. S. Department peanuts are abundant, and farm
of
Agricul¬
prices will likely average near
ture, last Nov.
support in the 1958-59 marketing
12, 1958, sum¬
year but less than a year earlier.
agricultural
for
1959
fol¬
as
lows:
"Prices
received
by
farmers,
which
'this
of wheat at the
end of this marketing year next
may
be over 400-million
bushels higher than in July, 1958
best
their
and
five
in
the
in
largest
historyT
A
in
further
show some
increase
1959-60.
Oris v. Wells
may
years,
carryover
July
at
averaging
level
The
are
year
word about the estimated
of
Sheet
1959,
Balance
1958.
The estimated value of all
The supply of rye totals
bushels
compared
may
occur
47.2-million
surpluses
with
a
likely
are
for
us
to
final
agri¬
assets,
continuing problem for
apparently no im¬
single painless, costless,
there is
solution.
what
should
should
1959,
for
be
attention
the
to
recover
from the recent reces¬
now
farm
provides about one-third of
people's total net income.
outlook for 1959
for:
and
for
Increased
a
agricultural
the
"Underlying
the prospects
consumer
income
are
stronger domestic demand
and
most
other farm
food
products; slightly reduced foreign
takings of U. S. farm products
the
in
current
fiscal
year
com¬
pared with 1957-58, with exports
again aided by extensive govern¬
ment
programs; . and
continued
heavy supplies of farm products
generally, with wheat and feed
grain supplies especially burden¬
some."
I
shall
organize
remarks
my
around these summary statements
and the "Commodity Highlights"
which
are
report. These are
Prices
well in
in
included
cattle
of
1959.
as
the
follows:
will
Prices
same
hold
up
of
probably remain fairly
stable.
Consumption of milk products
in
commercial
outlets
in
1959
probably will be more nearly in
balance
with
milk
production
thah in any of the past six years.
A slight increase in milk output
and
in
consumption are
both
probable next year.
Supplies of poultry meat will
be larger and broiler prices lower
in
the
first
few months
of
toes
will
be
available
at
least
into
spring, and prices to farmers
expected to continue well be¬
of a year earlier.
The supply of cotton in 1958-59
is expected to total close to 20 V2
million
hales.
With
exports of
are
low those
around
million
4
bales
and
do¬
mestic mill consumption of around
8 million bales, the carryover into
1959-60
below
ried
is
the
likely
8.7
be
to
million
little
a
bales
car¬
into the current market¬
over
ing year.
Mill
of
apparel wool, after
declining since mid-1956 turned
upward in early 1958, and with a
further expansion of economic ac¬
tivity in prospect, consumption in
use
1959 will
likely be
Cigarette
continue
output is likely to
upward trend as a
its
an
from 1958.
up
increase in population
of
smoking age and additional
smokers among women. The utili¬
zation of tobacco, which turned
upwards in 1957-58, is likely to
increase further in 1958-59.
livestock
and
inventories,
crop :
while the increase in liabilities, is
equally, divided
about
if
f
J*
•
'
,
<t
,
S
I
f
increase in
In
than in the same months of 1958.
summary, cash receipts from
Also, egg supplies will be larger farm marketings should be well
maintained
•An address
by Mr. Wells before the
7th National
Agricultural Credit Con¬
ference sponsored by American Bankers
Association's
Agricultural
Commission,
Omaha, Neb.
in
with
Somewhat
1958.
1959
as
compared
lower re¬
wheat are
ceipts for, hogs and
likely to be offset by larger re¬
ceipts from other commodities.
drive.
Chap¬
is
who
pell,
Vice-Presi¬
dent
First
of
Boston
Corpo¬
ration,
enlist
will
aid
the
investment
of
and
bankers
raising
in
$500,-
for
000
the
Central Ref¬
Li¬
erence
B.
W.
Chappell
Street.
He
is
of
one
leaders -of business
a
group
of
and industry
to help the privately
tendency noW working
only at possible ways supported library balance its
controlling acreages or produc¬ budget.
/'/,v./'.--'-"".4"- •/ /
'
tion, an approach tjbat is not only,
/
The goal of the current appeal
difficult but sometimes has dis¬
"represents the amount that must
astrous side effects, but also to be
added to the instituticm's in¬
look at possible ways and means:
come; from
endowment
during
of
of
loans
Credit
creasing nottfafm
income man
would be the case were ;the com/
increase in .-j
and
j
Commod¬
nonrecource
ity
.
-v
(2).
problems
The
with
the
associated
"ecbnomies
new
of
scale."
The problem
farm supplies.
(3)
"surplus"
of
general
have had
more
the
structure
cost
effect
on
farmers'
costs over the last few years than
ton
prices
farmers.
of
products
sold
by
Farmers must not only
pay higher per-unit cost rates, but
current technical advances are also
such
that
farmers
must
increas¬
ingly use purchased rather than
farm-produced
resources.
Fur¬
ther, the cost of handling, proc¬
essing, and selling food and tex¬
tile items is also climbing, which
of
course
increased
means
costs
sumer
and
sales
con¬
resistance.
All of this adds to the farm "cost-
price squeeze."
Meanwhile,
quainted
occurred
nificant
costs
all
ac¬
speed-up in
that has
recent
years.
Sig¬
we
with
agricultural
are
the
technology
in
economies
in
per-unit
of
mergers.
In short, American agri¬
culture and our whole food han¬
introduction,
the
process
wholly
places
new
an
of
adjusting
more
amenable to sensible
an
expanding
the population
and per capita standard of living
are
bbth
increasing, than they
in
management
.
where
economy,
would be
were
this not the
technology
growth greatly facili¬
adjustment process: it
means
not only better markets
for most products but also new
employment
opportunities
for
both capital and labor.
the
tution only in the sense that it is
freely open to the public; the sole
support; it receives from the city
is for maintenance of the building.
The
Library was created by
public-spirited individuals more
than a hundred years ago, and it
has
been
continued
and enabled
to grow through
the years by in¬
from endowments and gifts.
come
"It
is
when rising
rapidly gob¬
bling up the Reference Library's
available funds, that many more
costs
hoped
are
now,
ever
more
organizations and individuals who
use and
depend on its resources
Wainwright & Ramsey
Consultants on Huge
Municipal Bond Issue
Wainwright & Ramsey Inc., 70
Street, New York, consult¬
ants on municipal finance, have
been retained
as
consultants to
Pine
the
Public Utility District
#2 of
Washington, rela¬
financing
for the construction and operation
of the Wanapum Dam (Wanapum
Development of the Priest Rapids
Hydro-Electric Project
on
the
Columbia River in Washington),
Gruntal & Co., 25 Broad Street,
it
was
announced hy Wm.
New York City, members of the
Schempp, President of the Dis¬
New York Stock Exchange, an¬ trict's Board of Commissioners.
County,
T. F. Bullen Jr. Now
With Grunfal & Co.
that Theodore F. Bullen
nounced
is
now
associated with the firm
of
manager
search
the
Investment
Department.
as
Re¬
Bullen
Mr.
formerly manager of the re¬
was
search
Baker
&
Co.
Incorporated
and
prior thereto he was with Gold¬
man,
Construction bids for the Wana¬
Dam, sister to and 18 miles
upstream from the Priest Rapids
pum
Dam, will be let early in the sum¬
and financing through a rev¬
mer
enue
bond
Amott, in the
for
department
issue
summer or
will follow
late
early in the fall
this year.
The Board of Commissioners of
PUD #2 Grant
County, Washing¬
ton, is comprised of Mr. Schempp,
President; Paul Neihart, Secre¬
tary, and. Geo. Schuster, Commis¬
Sachs & Co.
Named Director
sioner.
Duncan
Miller,
of
New
York
City, has been elected a Director
of
Inc.,
Electronic
it
which
firm
of
on
of the incalculable advan¬
tage of having access to this great
research
center,
many, rio
not
know that it is a "public" insti¬
tive to the $200,000,000
of
opera¬
Chappell pointed out that,
while
most
New ; Yorkers
are
Grant
dent
increased premium
quality of product; size of
case.
Economic
tates
a
to
V
Mr.
complicates the farm adjustment will come forward to help," said
problem. But I assure you that Mr. Chappell.
our
shorter-run
problems
are
was
the
With Lee Higginson /
Communications,
Lee
officially announced
Broad
dling and marketing system is in today. Mr. Miller is
the
these
of
longer-run considerations further
much
The continuing increases in
nation's
that
;tati.'/"•/
aware
Balanced Rates of Growth
conventional commercial credit or
ft
Cash'Receipts Outlook
the
Mr.
to look not
between -modifies not produced. ;'\l
production are possible
not only in commercial farming
but also in the assembling, proc¬
With economic activity rising, essing, and selling industries han¬
dling farm products.
In many
a stronger demand for
pulpwood,
veneer
logs, and sawlogs is in cases, however, the new technol¬
ogy offers opportunity to cut costs
prospect for 1959.
only as size or scale of operations
The downtrend in naval stores
expands." Increasing the size or
supplies is expected to continue scale
of operations not only has
in 1958-59. With production down
to do with the size of the farm, of
a
little more than domestic dis¬
the processing unit, or the retail
appearance
and
exports, prices
market, but also leads into such
are
likely to average higher in
fields as contract farming, agri¬
1958-59 than last year.
J 1
business integration, and business
*
}
li'l*
1959
of
constructively using the sur¬ the /coining:year: if it is to meet
pluses themselves. • 'Such
uses f
operating expense's and mamtain
the value of farm land and esti-• certainly contribute-far more to
/the/high "standard of service that
mated
increase - due
to; larger • maintaining farm markets and int
/has* wonit an international repu-
little larger than last season and
result of
hogs will
decline considerably during the
year and be much lower next fall
than now.
Prices of sheep and
lambs will
a
materially larger than the 1949-56
average. Heavy supplies of pota¬
ley, Chairman
fact that there is a
.
to
appeal for funds, it has
been announced by Morris Had-
Ave. and 42nd
a
.,,
sion,
the
income
which farm
people get from nonfarm sources
should increase. Off-farm income
Chappell will help
Library in
1959
considering
done., Perhaps I
is
/ Finally,
I want tp. once again
mainly because
with
36.4-million
a
year
ago. farm mortgage debt, r •
;
/ call attention to the fact that we
of lower prices for hogs. Although
Rice stocks are likely to be re¬
do live in an expanding economy
an
increasing flow of products
Basic Problems
duced during the current year. In
//•, and that
our
farm ; problem is
from farms will probably main¬
1957-58
the
price received for / The main burden Of this discus¬ essentially one of balancing rates
tain total cash receipts from farm
rice averaged 34 cents above the sion has been the current
agri^ of growth—that is, of»trying to
marketings,
the elimination
of
support rate of $4.72 per cwt. This cultural situation and outlook for see that the rates of increase in
acreage
reserve
program
pay¬
ments after 1958 and prospects for year it is again expected to be 1959. Meanwhile, there are some farm output are about in line with
well above the support rate an¬ basic
underlying problems which the rates of increase-in demand.
a further slight rise in production
nounced at $4.48.
?
we
also need to keep in mind, In addition to taking into account
expenses could well bring a re¬
Production of citrus fruits in problems which have much to do shortrun problems, we must'also
duction
of
some
5 to 10%
in
realized net farm income, depend¬ 1959-60 will probably be up from with the current agricultural sit- have policies which will assure
this year; deciduous fruit produc¬ uation and which are likely to adequate food for the American
ing largely on the level of crop
production next year. This year tion will be about the same, as¬ also continue with us for some people as our population grows,
time ahead. These are:
recognizing that the rate of popu¬
net income is running some 20% suming average weather.
lation growth may vary materially
above 1957, and the highest in 5
(1) The problems of the "infla¬
Supplies of canned vegetables
from
time to time. I recognize
years. As the economy continues available up to mid-1959 will be tionary creep."
in
decline
its
brary at Fifth
call
also
William B.
The New York Public
sound
This
mind
of
Wm. Chappell Aids
Drive for Library
time. /brokers
some
difficult
which
mediate
frame
cultural
acreage or
illustrated by
40% of the
as
about
However, we recognize that this is
a
Agriculture for Jan. 1,
compared with Jan. 1,
as
that
Farm
add
with
do
increased
an
business
continue
Sheet
to
farmland transfers last year were
for purposes of farm enlargement.
,
also
should
I
has
as
including
the
farmers' financial assets, will run
aoout $200-billion Jan. 1, 1959, as
The total feed supply is 10%
compared to $186.7 billion a year
larger than in 1957-58. Feed grain earlier.
Liabilities against these
prices are expected to average a assets are estimated at $22.6 bilr
little lower in 1958-59 than in lion for Jan.
1, 1959, as against
1957-58, reflecting both the larger $20.2 billion a year earlier.. The
production
and
slightly
lower estimated increase in assets / is
government price supports.
about equally divided . between
the
outlook
in .1958.:
case
Agricultural Balance
released by the Agricultural Mar¬
marize
the
been
well in 1959
as
has
change and the individ¬
fact
fare about
the last two
chinery and management skills to
size
farmland values; believes
farm surpluses will remain for some time; and calls attention
to the fact that rising population will require balanced rate of
per-acre
by increasing the scale of opera¬
tions—that
is,
an
able farmer
often finds himself with the ma¬
handle
per-acre
'
ual farmer's desire to reduce costs
from farming appears
to be in
prospect, although indications
now
are
that many farmers will
continuing rise in
that
over
years
technical
tural assets of
notes
is
for this
reasons
ized net income to farm operators
liabilities.
impor¬
most
interesting factor' in the
Mr. Wells reports
in
perhaps
and,
One
accounted for $700-mil- farmland values continue to rise.
payments. Some part of I believe that one of the chief
this year
lion cash
this
tion;
tant of all management skill;
the
of
Acreage Reserve Program,
V. WELLS*
Agriculture, Washington, D. C.
net income should fare as
elimination
with
duced
Administrator, Agricultural Marketing Service
U. S. Department of
Thursday, February 12, 1959
.
■
Agricultural Outlook
By O.
-.
.
a
Vice-Presi¬
investment
Laird
&
banking
Company, Cor¬
Higginson Corporation, 20
Street, New York City,
members of the New York Stock
Exchange, have announced
Barry E. Thors has become
ciated with the firm
poration, of Wilmington, Del., and
tered
New York.
York office.
as
a
that
asso¬
regis¬
representative in the New
.
Volume
Number 5820
189
.
.
.
The Commercial and Financial Chronicle
Substantiating Upturn Evidence Reported by
Purchasing Experts
Purchasing executives latest report states there is
able basis for expecting
.
(777)
The Canadian Economic Outlook Los Angles Bond Club
Prime Minister of Canada
a
stocks and believe that automation will
labor costsf
Canada's Prime Minister summarizes "unmistakable
renewal of economic growth in
definitely hold down
k
^
"
V-\
fidence that
,
•
world, Canada has been definitely
affected, by: the international recession which has depressed most
world trading
;
' - - /
; ~
; "*
the uncomfortable recession of a year' ago*.
Again this month, however, the consensus does not rerleet any >
>since 1 a te
emphatic bptimism in moSt industries. More new orders arerbeing
f 1957. We have
received by 46%
of the purchasing agents who comprise the
therefore
N, A. P. A. Business Survey Committee, whose Chairman is
bddh pleased
: Chester F.
Ogden, Vice-Presiclent, The Detroit Edison Company,
in recent
-Detroit, Mich., compared with 32% in December, while '39% are
months
to
:in an unchanged position. There is a reduction to 15% from the
note the un¬
recovery from
\
The better new-order status ties in with the
j
;
signs
to contain or to reduce their stocks.
double-barrelled
directed toward
of
i
n
g,
w
,rVu '"
f "
'
no
A
In the pricing category, there seem to be no extreme pressures,
•either upward or downward. The survey reports this month re¬
flect continued uncertainty and Concern> over the inflationary
John
G. Diefenbaker
i t h
potential rather than
the imposition of any strong or general
levels.
Just 28%" point to increases,
.against 27% a month ago. There are:64% who show prices un¬
changed, and 8% are purchasing some items at lower prices than
.last month.
•
Inventories
advances
in
the
over
current
Club is
an or-
iz ation
g an
whose
bers
mem¬
are
en-
William s. Hughes
gaged in the
tax form has been pre¬
new
be
the
the
more
deleted
by members outside
and is also a former Chairman of
State; they may use instead
District No.
2 of the National
appropriate state transfer tax
good
the
dinner
annual
King
;
Form Harbor Securities
BAY
Hotel.
ttkHBtiR ISLANDS, Fla.
—Harbor
has
been
Securities
at 10043 East Broadview Drive to en¬
John gage in a securities business. Of¬
10
Lascelles,
improving
Corpn. Ltd., is in charge of dinner
President,
arrangements.
Secretary-Treasurer.
internally
and general international recovery.
ficers
Securities
Dominion
are
Lawrence
and
"Purchased goods inventories," one of the more important of
the
'lagging" business change indicators, is outdoing itself in
running true to form. Our survey reporters, again this month,
indicate
considerable
a
reluctance
to
add
to
inventories.
their
majority of businessmen acknowledge
reversal from
a
National Sugar Refining Reports
the recessionary trend, only 24% of our committee members show
•
willingness to increase their inventories.
a
who
There are 27%
report that they are still reducing stocks on hand.
Higher Sales and Earnings for 1958
Employment
Although
members report improvement in general busi¬
steel and automotive areas,
no overall betterment in the employment
While 22% indicate a gain in their working force, iden¬
our
conditions, particularly in the
ness
The National Sugar Refining
Company increased its sales,
their statistics indicate
picture.
tical with
.
•
December, there
earnings and net worth in 1958, as
indicated in the highlights from the
Annual Report presented below.
However, the special dividend was
held to $.25 per share, so that a
greater portion of earnings could be
14% of our reporters who show a
decrease, compared with 11% showing a decrease last month.
While most steel products and passenger car outputs are reported
optimistically, these are counterbalanced by the seasonally poor
performance in the road building and heavy construction indus¬
are
tries.
Buying Policy
The percentages of
.
change are so small from mohth
that only by plotting the figures for the last 8 months is
gradual lengthening of lead time in production materials
ital expenditures apparent. There has been no change
Supplies during this 8-month period.
to month
the very
and cap¬
in MRO
retained in the business to
Mouth
and debt-retirement programs.
The Company invested $1,884,-
Production
Materials™
00 Days
90 Days
to I Yr,
20
5
Supplies
Capital Expenditures
__
35
49
25
2
2
10
8
16
25
41
8
better service to both industrial customers
tures for the
plant improvement program for the past ten years now total
$18,233,820, with plant property carried on the books at $27,037,298.
December
Production
Materials.
31
33
19
6
46
21
5
2
11
Supplies
Capital Expenditure
11
26
__
MRO
during 1958 in plant improve¬
and
expansion to provide
and homemakers. Capital expendi¬
ment
32.
22
MRO
780
GMos.
80 Days
assure
continuance of the modernization
-Per Cent ReportingHand to
January
6
13
23
47
A
copy
of the Annual Report giving details of operations is available
upon request.
r..
Specific Commodity Changes
While prices generally are quite stable, there are a number
spotty price changes, both up and down. Some early inven¬
torying of special steel alloys and sheets in anticipation of a
STATISTICAL
of
steel strike this Summer is
On
the
zinc,
rope,
wheels.
up
side
causing minor shortages of these items.
HIGHLIGHTS
Net
Net
Sales
Copper, stainless steel bars, scrap, tin,
plywood, coal, oil, bearings and grinding
Earnings
are:
lumber,
Earnings
(per share)
Dividends
Net Worth
(per share)
1954
In short
supply are: Some steel alloys and sheets, helium and
glass (temporarily, due to strike).
Public Inv. Co. Formed
KEW GARDENS,-N. Y.—Public
Investors
Company ^ h
a s
been
formed with offices at 123-35 82nd
Road
to
business.
engage
in
Partners
Breslaw and
are
Bertha
securities
a
Bernard J.
G.
Planning Corporation
Plan Portfolios.
and
Sire
$2,254,631
$3.96
$2.50
$33,114,037
$144,856,086
$1,850,929
$3.25
$2.50
$33,542,928
1956
$172,071,752
$2,558,258
$3.86
$2.50
$37,306,076
1957
$187,673,950
$2,191,066
$3.30
$2.50
$37,838,097
$194,381,199
$2,321,909
$3.50
$2.25
$38,666,866
Form S. Schramm Co.
S. Schramm & Co., Inc.
formed
with
offices
at
has been
143
West
29th Street, New York City, to en¬
gage in a
ficers
securities business.
Sidney
THE NATIONAL SUGAR
Of¬
M.
Schramm,
100 Wall
Schramm,
President; Leonard R.
are
Breslaw.
Both were formerly with Investors
$140,714,410
1955
1958
On the down side are: Lead, aluminum, vegetable oils, phthalic
anhydride, naphthalene and phthalate esters.
Secretary
and
Treasurer;
MANUFACTURERS
OF JACK
REFINING COMPANY
Street, New York 5, N. Y.
FROST
•
QUAKER
•
GODCHAUX
•
ARBUCKLE'S SUGAR
and
Sarah Schramm, Vice-President.
l
Solverman,
Shari Silverman,
.
While the
Corporation
formed with offices at
conditions in 1959 in keeping with
conditions
Dealers,
'
April
Edward
of Securities
embracing California, Nevada and
Hawaii.
*
TORONTO, Canada — The
Bond Traders will hold
their
better
Association
Toronto
been achieved but Canadians have
for
to the as Governor and National Viceshould President of the Investment,
Bankers Association of America,
Annual Dinner
calling forth hew production.
to. look
tax law
Toronto Bond Traders
was
has not yet
Reference
State
York
laws.
the full effect
recovery
Code;
Revenue
New
■,
sumer
reason
direc¬
pared by the National Association
Mr. Hughes
of Securities Dealers, Inc. to be securities business;
has been active in the investment
used by members in connection
business in Southern California
with the stock and bond transfer
for the past 30 years. He served
tax
provisions of the Internal
level in any
Complete
Ryons
investment
of continued market demand
Commodity Prices
Club
v
HASD Members
and more and
think that employment:Will rise, 44% say
of
following the
organization
meeting of
Hew Tax Form for
carefully tp. be sure the end results will justify the costs.''/?, .-.-n *j.
bers responding, 47%
mem¬
Club
tors. The Bond
starts
-
Bond
and Company,
a nn o u need
starting to respond
is
Wagenseller
&
elected
Vice-
the
Presi¬
Lester,
the economy of the free
quickens, sparked by the
too
was
dent, Mark
Davids, of
as
sector
of
of
Angeles,
Club
to increased external demand.
change, with 9% assuming less employment. There are 63% who
believe automation will assist materially in holding down labor
costs. In this aJreja, many committee members warn, "Investigate
j vices might play toward holding labor costs down. Of those
,
Los
up*
revival of the United States, this
substantially
above
the
preceding year. Con¬
spending remained strong
and in December, a broadening
general improvement in industry
was discernible.
Inventory liqui¬
dation appeared to have ended,
together with what roles automation and other labor-saving de-,
ever,
re¬
housebuild-
question for the month was
of average employment for 1959;
special
measurement
a
expresses con¬
will pick
important sector of our
economy that remains to be re¬
vitalized is that producing indus¬
trial materials for export.
How¬
world
month, with 42% of the committee reporting on the
newal of eco¬
up side against 35% in December. The number of those indicating
nomic growth.
less production is reduced to 13%, from 19% last month.
Most specCommodity prices are under no great pressures, either way,
\tacular has
with most items available in completely adequate supply. In view., been the
sharp
of plentiful goods, 76% of the committee members continue either
'increase
in
The
President
One
mistakable
production fig- "
for the
ures
his country and
industrial exports
even
Like other countries of the free
reporis of, the executives of the National.Asso¬
ciation of Purcnasing Agents substantiate the opinions expressed
last month that there is a reasonable basis'for expecting a mod-;
.* 21% who listed fewer new orders a month ago.
ANGELES, Cal.~~William
Hughes,
Durst, Inc.,
signs" of
:
•
The January
crate
LOS
S.
moderate recovery: from the reces¬
Most agents polled continue to contain or 'to reduce their
sion.
Elects Wm. S. Hughes
By ItT. HON. JOHN G. DIEFENBAKER
reason
a
21
22
The Commercial and Financial Chronicle
(778)
Disposable personal income
family has tripled.
Social
Responsibility Acceptance
a Corporate Must Today
Is
migratory with
000 persons
Farm
T h
Chairman, Institute of Life Insurance
the
life
business
to dealing with
long-range statistics, for, as we all
know, some of the decisions our
and
actuaries
k
n a
has
tended
not be
may
has
company's
operating
results until
and
our
economic affair^.
children
public
relations
can
increase our goodwill, service, ef¬
fectiveness and our ability to meet
Conversely,
factors
the
the
of
change
tant effect
at
on
individual in
every
institu¬
evaluate
them correctly we should start by
back in the days of our grand¬
studying more closely the specific
parents.
Although we are nowf
events
that
brought them
into
beginning to take for granted the
being.
Institute's objectives and opera¬
In 1939 America was walking
tions, I'm sure that many of these*
objectives would have been con¬ into the shadow of history's great¬
sidered too radical for enactment est war; the preparedness effort
prior to 1939. The same can be was about to turn a manpower
said about American business" as« surplus into a shortage; the birth
rate was low; the
k whole, for since that time, pub¬
income level
lic relations has become a new was also relatively low; deflation
was
one
of our major economic
supplement to traditional oper¬
problems;
the
great
depression
ating concepts.
was
barely behind us; business
was
Firm's Social Responsibility
operating under a cloud of
public misunderstanding, ill-will
Objective
*
and government scrutiny; women
It is now
generally acknowl¬ were home bodies
except when
edged in almost all areas of our
necessity
dictated
they
should
economy that a company's social
become
a
second
breadwinner;
responsibility
is
an
important atomic
power was still a formula
corollary to profit making and on
paper;
except in New York
meeting competition. The business
restaurants, automation had not
firm or institution which ignores
begun; as a nation we were in¬
this will not prosper for long and
clined to be isolationists.
n
ay not survive.
O. Kelley
had
genesis
present
their
.
Anderson
business and
every
in
tion
transition
ceptance
of
represents
he
to
corporate
social
ac¬
responsibility
of the
one
greatest
changes that have
many
curred
in
business
over
the
of
oc¬
past
20 years. It has special significance
for our business, for it is
closely
related to the Institute's program.
One
of
life
reasons
achieved
recognition and
wide
high
standing in
American industry today can be
attributed
to
its
activities in
f'eld of public interest,
vwiich have been helped
the
activities
materially
years
by the
the
past 20
Institute of Life Insurance.
rganization
has
This
conducted
an
outstanding public relations pro¬
gram since its inception and I'm
confident
its
we
can
look forward
to
achieving greater success, pub¬
lic:
service
years
A
and
goodwill
in
look
into
at
the
with
future
twentieth
any
is
an¬
But in order to
any
degree
of
accuracy, a glance back is also in
*: rder. Let's look then at
the social
and
political aspects of the
omy
to elf.
.stand
(1)
well
as
In
This
has
unprecedented
"An
.cfore
'""
as
at
our
business
been
a
change
period
titute
by Mr. Anderson made
Annual Meeting of the
Life
Insurance, New York
20th
of
of
affecting
address
the
econ¬
retrospect, several facts
clearly:
our
where do
Fear
of
terrible
keeps
a
of
any
on
on
known
nervous
in spite of heavy defense
spending at home for the first
guard;
time in many years we may face a
surplus; the birth rate
is high as is the income level; we
have enjoyed the biggest business
boom
in
history; inflation is
^ity.
own
in
one
^ey
T
Insurance's
,,
of
in?Y. an<? m
..
jngti£ute
Si««
the
?S
times
tntai
total
tne
entire previous
rpu
f
vou
*4.
of
restated
!f
growth
economic
Takp
time
theSSK
status
tn
amnlp'
This
nf
mentioned
we
thpm
p.-potiv
ihp
this
at
from
changes
nmnir
pnhanppH
a
for
■
.
w.
respects, however, these
are
material changes
from those of two decades earlier
and
reflect the vastly different
atmosphere
of the business world.
Hidden in
each
of
these
observations
are
further,
more
significant
facts
which account in
part for this up¬
heaval.
life
insurance
hv
py
women
from
figure
small
total of
to
4„4.„i
present
billion
also
4.1
en.-
than
more
the
creation
a
the
$65
of
the*-
family'income
plan and the famplan policies and more re¬
cently the widening interest in
premium rates which give recogily
nition to the
of
span
relatively longer life i
the
eiforts
the
larged
than
work
income
tripled
of life
Iforce
of the
and
ily
which
the
jobs
have
them
for
Thomas
P.
Phelan
know
to
from
wan*s
what
it
what
the
President, has been announced
by William II. Jones, Division
Board
Chairman,
following
an
organization meeting of the Governing
Board.
Other
officers
elected were McClarty Harbison,
Harbison & Henderson, as Viceas
public
insurance
life
thinks
life
about
Chairman;
and
Harry
insur-
&
.
and
.
,
.
...
,
benefit
.
J
growth,
devellarge
a
of
Group
in
insurance
force
health
group
insurance
in
Exchange, has been
President since 1946, after having
served
as
Executive
Secretary,
Protection we provide is the only
1]nk to future financial security,
since 1934. He became
a member i
of the Los Angeles Exchange in '
-
will continue to
every.-.year and
Just
as
we
!lave tr'^d to give growing and
uriproved service to our client
families year after year in the
ognize
will
we
Good Business
This
growth
of
Citizenship
effort
,
,
„
large
now
their
own
of
persons
own
homes
has affected life insurance agency
and investment departments.
not
tunistic
a
protection.
ments
sizable
volume
(1)
home
have
grown from less than $6 billion
in 1939 to more than
$37 billion.
we
on
economic
surance
can
which
trends
has
mortgages
see
the
these
two-way
social
meet.
benefited
Life
in
and
innew
business and investment opportunities
from
these
developments,
whil* home buyers and the whole
is
to
proceedings
review
of
his
career
became
be
clerk
a
department
of
in
the
the
Los
and
was
Assistant
he
became
Assistant
to
the
Vice-
President of Production of Vultee
Aircraft, Inc.
few facts
Form
FLORENCE, Ala.—Shipper and
public relations philosophy:
Finney, Inc., has been formed with
offices at 212 East Alabama Street
give
describe
a
the
The need for disseminating
(2)
.
.
publicity
integrity
(3)
presenting
.
.
.
not
absolute intellectual
.
.
.
The
.
courage
that
fact
life
that
in
life
business
news,
and
is
bigness
insurance
can
best
.
a
.
(4)
competition
is no vestige of
The fact that the life.insurpublic is many publics,
(5) The need for greater cooperation with an understanding
by government as one of these
publics.
(6) The introduction of advertising as an instrument of public
relations.
|
(7) The need for the Institute
.
to engage in a securities business.
Stanley E.
Shipper is
a
principal
of the firm.
-,-i
Form
Systematic In v. Co.r
.
serve
through
there
Shipper & Finney
truth.
monopoly in the business.
ance
statistics
Secretary from 1936 to 1940 when
our
The usefulness of the agent,
of
Life company invest-
in
started
with the Exchange in March, 1929,
following graduation from UCLA
evolution
will
our
public
for
He
was
^9 annuaj meetings.
the
counts
belief
printed
event
ac¬
a
haphazard,
opporThe best evi-
this
the
owner
on
approach
program.
of
dence
a
that
the
1951.
and
Vice-President
.
and
ail(j
of
of
1947,
lieve, because our public relations
fact
death
since
Executive
efforts have been channeled
Mortgage insurance to assure the
family clear title to their home in
of
made
Angeles Curb Exchange. Follow¬
ing the merger of the Curb and ;
Stock
Exchange,
he was made
Manager of the Clearing House
and later was in charge of listing
interest, this development
of a high level of good business
citizenship has come about, I be-
that
20
the
public
pas^.
.
number
President
statistical
in
"
Mr. Phelan, the newly elected
President, has served
as
Vice-
in
ree-
responsibilities in this
our
field in. the future.
in¬
past
full - time administrative
assumed
be a challenge to our public rela- duties of the Exchange1"
turns', consciousness.
in-
has
the
...
.
Mr. Paul who will continue^, •
serve as Administrative Consult-.r
This responsibility does not di, Apr^,O^and. was a.specialist,.
minish
with
time
but
increases^fromv 1928 :until* 1946- when
he
I would like to
life
12-fold
and
Witter
Dean
Vice-Presidents;'*,
Roger Hopkins, Hopkins, Harbach;,
in our hands. For large numbers
of these families the life insurance
?*?
almost entirely since World sound, broad philosophic
War
II, now accounts for
Gilbert
R.
Wought by the new and greatly .& Co. Treasurer.
en¬
insurance owned per fam¬
Fringe
A.
Johnston,
Assistant
growing •' awareness P. V- Shropshire, Mitchum, Jones,;
& Templeton, Secretary; and B.'j
of the responsibility and challenge
more
more
than tripled thQ
size of the ordinary pol¬
icy bought.
^
Z.
Co.,
has come a sobering recognition
amount
average
^
the election of Thomas'P. Phelan,;
the
of
20 years,
management-down
when
has
average
street
Women have achieved full stat¬
ure in business
as well as at home.
Paul
^
past
past, so also I'm sure
women.
Here
we see that:
G.
^ funds of millions of families is ant of the
ppo
for
wnmon
h^r^ultVdinV
relatively'
who
of
plans
S?hanc,ed stature oHour industry.
'The* stewardship of the pooled
startling increase in ownership of
The
half
competitive
financial
to
a nee.
u
WnZ;-
nnntrihutinna
nr
our.
u-
£
hi,
stems
m,
isolationist.
created,
in
,
butkhev de*- * • With - this.
aware
be
to
Mnch
up
history of
^
"are'all
serve
.-times
f,Sfn
in,
hniit
built
facts
been
•
through the rank and file of the
business and out into the field I
think all of us are seeking at all
than
women.
example,
percentage
Admittedly
certain
0ver
from
automation, atomic
and
moon
rockets,
our years, while individuals covered
thinking and planning is gradually by insured pension plans have in¬
becoming more global in nature creased seven-fold.
new
large
a
a
Thanks
-
power
Twenty million
;
of
pybijc services,^ since they play
vital;. role
U S nearly five-
i
lufe
tnree
creased
example,
the Los Angeles Di-
vision of the Pacific Coast Stock ;
Exchange, effective March 1, and
re-
awareness
options, for
have
of
For
President of
„
Paul >asA.
value, but beyond that they
represent one of our important
told, and annual puichases of new
our
television,
economic
,
of W, G.
gales
life insurance
assets have increase nearly fourfold; aggregate ownership of life
plans.
and
_
Resignation
V >.has been our acceptance of it
Growth
...
OA
In these 20 years,
surance
form
economy; and with the advent
social
......
.
course,
In most
our
-
and, of
conditions
By Coast Exch. Division,
of
good repute;
segment
Thomas Phelan Named
and
each
'From
scrutiny, business is generally in
women
impor¬
social c responsibilities: *
0f insurance in force.
portmn
important
part
apply to
now
20 years we
through group hfe insurance, pensmn
plans, salary ^savings plans
our major economic
concerns;
although under close government
an
in
new
Settlement
of
career
vital
of
be
few;
a
more
war
divided world
fleets
brief list, it
Then consider the effect
ever
only
The insurance contract itself
60%./Our-
a
social
into
changes.
increased
another
than
stand
we
1959?
Lists Significant Changes
niversary occasion.
forecast
now
threshold
the
ahead.
appropriate
the
manpower
the
has
insurance
ever
every
country. To
..
And
The
our
mention
to
we might-have chosen to abandon
economic;them lppg-ago,
"
.these
Nevertheless, these illustrations
items, we can see a direct rela- show
perhaps how far we have
tionship to some of the-.- basic, movecj
up this road of social retrends in our own business.
*
ksponsibility and how widespread
ties
.Life
These facts have had an impor¬
our
business
which
dislocations
should
This
new
accomplished;
/■ v;...
-millions of families. And yet, conS T ?,s,
list, incomplete as it is,/'Sjdered purely, as a sales medium;
usually brings.
which
affect
exercise good
we
•
The fact that performance
great fundamental base of
relations.
the
also illustrates how life insurance
•::
J
judgment,
come
of age.
some
Provided
(3)
grand¬
our
time, a closer relationship
developed among individuals
in their; social and
groups
adult ; high
telescoped history, for our
grandfathers
or
fathers
would
have expected to live a full, lifetime to see most of these things*
same
in
our
Singles Out Settlement Contract
increased-,
have
and more on its job. At
reflected
aircraft
homes have increased by 50%vW
does illustrate that
corpo¬
v,
nearly
-
of
for good
.
cov-
:"
percentage
top
developments tance in shaping our efforts for
creating turnpikes, shopping cen¬ .the, 20
years.,ahead, both insti-'
ters, industrial parks; gas pipetutionally and individually.
• \
lines;, giant dams, and new jet
grown
to
has
The need
citizenship.
(10)
is
of
*
all public
>Equally i important,' today's
life
have been insurance assets reflect the capital
years
citizens
senior
The
depend
the
to
and
more
(9)
rate
of financing for
source
of
many
while
school graduates has jumped
Families
owning
their
self-suffi¬
cient
has
six
than
75%.
eco¬
today
e
important
v
of
family
the
less
become
fourth
a
Although this is
Economically,
(2)
than
long list of
a
As the life in-
expectancy at birth//junds back of several million ijobs
The share of the total popula- vvhioh result from this industrial
tion which has reached age
65 and civic expansion.
has risen 30% while the number\
..."
>
nomic and political.
unit
underwriters
social,
business,
see
function
a
management.
to life
added
virtually every area of our lives—
personal,
bulk
programs,
the toial.
More
Proud of another change, Mr. Anderson
growth of the life insurance industry and its
insurance
the
ago,
pension plans has
less
half
paralleled stewardship growth. Explains how such socialeconomic changes as women's new economic status, increased
labor force and labor income, spread of fringe benefits and
home ownership, has aided and been aided by insurance industry ;
In
years
benefit
by
from
survive."
we're accustomed
20
'
.
urban worker families have
ered
:
one
would
we
relations
lic
dustry has grown to be one of the
important sources of institutional
capital funds, it has become an
has
the number of these persons
of the greatest business
changes in the past twenty years, the insurance head opines
that the firm "which ignores this will not prosper for long and
the
ness,
America's
of
"interurbia"
and
fringe
matter of fact, if we turned
a
Thursday, February 12, 1959
.
providing leadership to the conipanies.
(8) The need for making pub¬
important contri-
similar situations.
Uniike
of all
important corollary to profit making and the meeting of
recounts
As
declined
has
industry have bene-
the
to the investment side of the busi-
year.
doubted.
nearly
Corporate acceptance of "social responsibility" is said to be
not
population
population
e
suburbs
Boston, Mass.
may
than 30,000,-
more
moving each
from
butiorn made by life insurance;
one-third.
President, New England Mutual Life Insurance Company,
an
fited
American families have become
By O. KELLEY ANDERSON*
competition. In stating that this is
construction
per
.
.
.
Systematic
has
been
106 Fort
York
ties
Investors
formed
with
Company
offices
at
Washington Avenue, New
City, to engage in a securi-'
Siegbert
Oppenis a principal of the firm,
business.
heimer
Union Sees. Inv. Co.
MEMPHIS, Tenn.—Union Securities Investment Company is con-k
ducting a securities business from
offices at
1503 Union Avenue,
A. D. McClellan is
the firm.
a
principal of
Volume
189
Number 5820
.
....
Commercial and Financial Chronicle
The
23
(779)
Puerto
Awarded
Halsey, Stuart Group
1
Offers Denver & Rio
^'"1*11'
-
Grande
By ARTHUR B. WALLACE ==
This Week
Insurance Stocks
—
RELIANCE INSURANCE COMPANY
.
<
At the time
.
of its
of
writers,
The Reliance Insurance
Association fleet
affiliates
'
a
companies.
attained,
was
However, growth since
most recent
hot
In
'*•
-
i
then has
and
two
other
not
was
It began
until
'
:'
been
1917
that
The
Commonwealth of Puerto Rico
000,000
public
improvement
bonds,
Jan. 28
on
due
1960
^
awarded $20,-
through
to
1979,
and,
group
headed
by
the
Chase Manhattan
Bank, J. P.
Morgan <& Co., and Ira Haupt & Co., and including Banco Credito
-f .
Ahorro Ponceno and Banco de Ponce.
y
.
when
Eureka
changed.
The
■
-
'
.
••
.
V
r
Another unit, Hoosier
r
■
t
'
.1
_
The current tug of war between
water.
President Eisenhower, cast in the
role
131.5%;
In trying to calm down the
what
salesman.
'
of
n
•
•
•
.
,
tutes f liberal¬
;
ism."
view
.Referring
to
the
-
y
international"
financial
syndicated
Stanley Ru¬
keyser, econo¬
for international
>
conferences is motivated by a de-
-
mist and
sire
pub-
to
licist, in a
speech Jan. 30
before
the
the
Hatters
San
from
Hi
at the
The
Club
in
Diego,
Cali¬
"In trying
to
stop the erosion
through
legalized
larceny, sometimes called infla¬
tion, President Eisenhower may
,
the
be
dollar
repeating
significant
as
an
as
historic
his
service
invasion
Normandy. Ike is seeking
a
of
format
for sustainable prosperity through
balanced budget and fiscal pru¬
dence. To the extent he succeeds,
savior
be
of
all fixed in¬
groups, including pensioners,
those living on the proceeds
come
and
of
life
insurance
bonds
on
and
and
on
interest
mortgages.
"It
the
is
sheer
threat
of
illusion
to
are
outstanding
and well managed enterprises, but
I know that the national
economy
will be disrupted unless there is
revival
of
demand
for
bonds.
For the first time in nearly a dec¬
ade, corporate bonds of the high¬
est grade were recently yielding
more
than
the
average
of
500
bonds,
the
the
of
have
been
of
enough
now
result
of
assets
%
the
■
Common
,:'
dictators
find
17.7
All
7.3
Other
is
indefinite
with
substandard
as a ;
%
,...'
Assets
they
incon¬
tary
intended
Russian
to
held
have
netted
approximately $21.12
budgetary
balanced
by
undue
situation
use
of
a
O'Toole
T.
been
has
George
Bank,
has
Cham¬
pion,
President,
He is
in charge of the press
announced.
sec¬
tion of the bank's public relations
and
advertising department.
Before
joining the bank in 1951
had
been
writer
staff
a
for
Magazine,
re¬
porter and feature writer for the
"New
Hampshire
News," Man¬
chester, N. H., correspondent fox
"Newsweek" Magazine, and news
commentator on a New England
network.
radio
Reliance
per
share
..
Robert W. Hotchkiss
With Bardon Higgins
(Special to The Financial Chronicle)
—1.2
_____
have largely
income
has
been
years
$16,083,000, or
outstanding.
at
on
of
the
now
Hotchkiss
with
Minn.—Robert
has
W.
associated
become
Bardon
Higgins Company,
Building.
Mr. Hotchkiss
formerly Vice-President of
Torrey
was
First
the
and
with
Bank
of $10
American
he
which
National
had
been
annually; and at
The
present dividend rate is $2.20
insurance
an
value
par
better than average return
it has kept pace with the
the theory that the industry
associated for many years.
Three With Daniel Reeves
a
stock.
Pricewise,
body of fire-casualty stocks, on
losses in
underwriting
(Special to The Financial Chronicle)
BEVERLY HILLS,
Liq.
—
Per Share *
Adj.
Invest.
Val.f
1948
Und.
Income
Taxes
$62.34
.
$4.56
$3.08
$6.52
Net
the
Co.,
After
Price Range
Dividend
High
Low
45%
$1.85
Calif.—Betty
Barber, Theodore R. Litwiller
and Leon Rochlin have been added
J.
to
Ten-Year Statistical Record
staff
of
Daniel
Reeves
South
398
members
Beverly
of
New
the
79.97
9.00
3.34
8.87
1.85
58%
and
2.90
4.20
6.66
2.32
62
48%
4.28
3.56
2.32
56V4
47%
5.86
2.41
67%
49V2
5.72
2.68
67
55%
Pacific Coast Stock Exchanges.
421/2
83.10
1951——
93.60
—0.39
1952
102.14
2.19
4.35
1953—
10356
2.46
4.77
.
1954
71.22
—1.46
2.74
1.08
1.96
1955
77.50
—0.12
2.97
2.79
2.19
$65
59%
71.69
—2.37
2.82
0.36
2.14
56%
64.55
BANK LIMITED
Amalgamating National Bank of India Ltd.
and Grindlays Bank Ltd.
40%
1957
NATIONAL AND GRINDLAYS
1145%
1956
—3.96
2.85
—0.90
2.20
38%
Head Office:
26 BISHOPSGATE, LONDON, E.CJ
30y2
45
London Branches:
stock
54 PARLIAMENT STREET, S.W.I
13 ST. JAMES'S SQUARE, S.W.I
'-■Adjusted for 12%
dividend
+On
in
paid
in X5)t>(J
,
in
stock,
and
for
20.77%
in
Bankers to the Government in
in
1954
240,000 shares
and
1955;
on
l<>48;
701,000 in
340,00 shares
1950 and
1040
thru
1953;
on
080,000
shares
: aden, kenya.
uganda, zanzibar a somaliland protectorate
1957.
Branches in
$01d
un¬
:
1
capitalization.
india, pakistan, ceylon, burma, kenya.
fiXew capitalization.
the
tanganyika, zanzibar, uganda,
aden, somaliland protectorate,
productivity of the Russian people
the
of
channels
destruction.
weapons
best, the Bolsheviks can
hope to gain time. Ultimately the
enthusiasm
presages
for
domestic
a
democratic
self
education
demand
for
government.
with
the
aware
of
Mortgage Loans.
Bonds Owned
Stocks
Owned
the
Cash
169,761
Other Assets::--.
forces
northern and southern rhodesia.
$7,616,000
27,119,397
1,318,825
Annual Comparison
$36,054,222
Losses
-
2,162,310
1,429,037
29,885,140
100,706
792,706
Adj. Expense
Unearned Prem.
Accts. Payable
Taxes Accrued
Conting. Com.
Other Liabilities
at
13 If. Y. CITY
13,278,817
Loss
4,320,917
Union, should be
hidden
December 31, 1957
Conting. Res.
51,799,496
2,839,260
Agents' Balances
1
LIABILITIES
world, in negotiations
Soviet
—
Capital
Surplus
$2,454,642
17,909
20,300,181
Int. Accrued
"The United States and the rest
of the free
Sheet
ASSETS
Real Estate
"At
new
Balance
of
'
"
Government,
the
states, the political subdivi¬
sions, including the local school
districts, would indeed be in hot
Any
thoughtless
appease¬
ment of dictators will tend
tard
the
fluences
constructive
at
work
behind the Iron
to
:
225,000
2,298,828
reform
Curtain."-
$84,064,456
$84,064,456
BANK STOCKS
Bulletin
Available
Laird, Bissell & Meeds
Exch»ng<
Members American
Exchangt
120
re¬
Reliance
in¬
underground
&
Drive,
York
34
1949
condi¬
correct
Of Chase Manhattan
DULUTH,
Exchange, the yield is about 4.31%,
fancy schemes for mili¬
disengagement and disarma¬
are
0'Toole Press Officer
9.5
Market Adjustment
its present approximate selling price of 55 on the American Stock
on
&
Inc.
ensen,
2.8
share.
per
Hutchinson
McMaster
36.1
,__
1950
on
patience
iiving
1957
'
•
___
Other Investments
.
that
Russians
creative
of
on
can't have it both ways. Dictator¬
ship depends on having a docile
population of stooges and boobs.
The new emergence of educated
and
Stocks
underwriting results in recent
industry trends, while investment
dictators
emphasis
new
end
24.1
_____________
values
Co.;
are:
■-
,:
-
"37
important rate
the
of
as
•"
j
.
of their rope on
education.
"The
was
partly
the
on.
v-
j,
making
on
The
war.
the end
near
work.
ability to market
Federal
there
]l
of
&
offering
Co.; Freeman
Members New York Stock
representative stocks.
"Without
then,
and
up
this type of argument,
in
(bonds,
annuities and thrift accounts)r I
am second to none in
my admira¬
a.
ground that it
was
for
tions. The
regard
obligations
of
>
new
concentrate first
to
munitions
with
oncoming
shares
the
on
tooling
fixed
the
that
Russia
necessary
1957
ratio
expense
has turned for the better after the serious
in the past three years,
ment
tion of
and
main
inflation
as, a mere
inconvenience against
which you
hedge by putting a
larger ratio of your saved dollars
into equities
(stocks) instead of
dollar
ended- with
Reliance's capital consists of 761,600 shares
dictators have been defer¬
ring the promised millennium: in
sistent
A Sheer Illusion
rate
the Bol¬
years
loss
shevik
a
he will
living
the
and
decade
In the 10 years ended Dec. 31, 1957, profits or losses
security sales, together with the appreciation or depreciation
between
civilian
low
Russia
in
the
steady.
asset
a
basic di¬
story springs
the
W. Pressprich &
he
99.6%.
expected
followed
in science and technology.
Up to now for 41
Merryle S. Rukeyser
fornia.
of
existing
upsurge
San
inside
contradiction
the
standards
Diego
from
escape
lemma.
in
GoV't JObIigationsr_i
S.
in
Associates
R.
12.2
14.4
_______
Reliance's
stated: "The Soviet Union's eagerpressure
Other
combined
average
was
Other Bonds
Merryle
beaver
IT.
columnist,
consultant,
business
6.2
Preferred Stocks
author
by
and
13.3
percentage- break-down
h
Cash
estimated to
cost not less than $2,920,000.
Manhattan
Bodily Injury
Property Damage...
Auto Physical
i
'.'<•/
expressed
was
premiums
follows:-'-
stresses, Mr. Rukeyser, nationally
This
A
by
named Press Officer of The Chase
Auto
increases to make themselves felt from
-
.<•
X The Soviet DilemmaU.
consti¬
is
covered hopper cars,
Edward
7.1
~
i!::r
\
*
It
'■<.
■
The
secured
be
to
115 box cars and 28
cars;
"Cosmopolitan"
in
period
same
is
issue
The
109 flat
acquired in 1958.
was
subject to authorization
are
the Interstate Commerce Com¬
of
was
Auto
5.6
,
rock 'e rolls enthusiasm for infla¬
re-def-
a
com¬
name
8.9
4.6
Growth
budget balancer, and the ;■ tion. Mr. Eisenhower has become
Congressional spenders will call the nation's number one : bond
initio
the
27.7
Coverage
Workmen's Compensation.
of
for
business
%
Ocean Marine
■
by publicist. Warns against thoughtof dictators.
^
Casualty,
the
Wisconsin
a
ac¬
Issuance and sale of the certifi¬
cates
distributed geographically.
Inland Marine..
less appeasement
.•Vi
well
are
of
to
4.25%,
Co.;. and Peters,. Writer & Christ-
Casualty Company
with the parent'when
merged
was
its other
.
%
Fire
President's efforts to calm down the "rock 'n rolls" enthusiasm
for inflation commended
acquired control of Eureka
.
"Ike, the No. 1 Bond Salesman"—Rukeyser
-"t
it
company's risks
Extended
r
.
A break-down of its net
premium volume for 1957 follows:
retary of the Treasury of Puerto Rico; Dr. Rafael Pico, President
of the Government Development Bank for Puerto Rico; and E. A.
Bird, Executive Vice-President of Banco Credito.
^
^
^
little later, General Casualty Company,
a
pany.
Shown here, left to right: Roberto de Jesus Toro, Executive
Vice-President of Banco de Ponce; Jose R. Noguera (seated), Sec¬
added to
were
\
Considerable expansion in the casualty end
occurred
a
banking
V'
priced
are
mission.
■/'
only
.
certificates
The
yield from 3.50% to
cording to maturity.
rapid, and at the
more
mergers, but stock dividends and issues of rights. It is
licensed to do business in all states and in
Canada, and its agency
plant numbers some 8,250 representatives. In 1850 it became a
multiple-line writer when casualty lines
inclusive.
company;
report, for 1957, it stood at $1,616,000.-There have been'
categories.
and
$2,-
certificates, maturing semi-annu¬
ally Sept. 1, 1959 to March 1, 1974,
of the units in the
one
1950' Reliance
capital of $50,000,' and it
$1,000,000 mark
•
a
were
business with
the
Company had been
merged with Fire Association, the parent
early 1958 Association adopted the present title.
in
and
of
was
Fire Association, of Philadelphia.
as
Inc.
offered
5
of Denver & Rio Grande
4% equipment trust
190,000
1812, this company
stock corporation in 1820,
making it one
a
oldest insurance
our
Co.
&
Feb.
on
Western RR.
organization in
mutual, and it became
associates
;
Equip. Tr. Ctfs.
Stuart
Halsey,
,
has
one
insurance companies.
for
100
Since
of
the
longest records among American
Payments have been made uninterruptedly
organization
218,000: stock $3,714,000.
vears.
the
total
cash
has
been
$39,-
Stock
BROADWAY, NEW YORK 5, N. 1
Telephone: BArciay 7-3500
Bell Teletype—NY 1-1248-4#
(L. A. Gibbs, Manager Trading Dept
Specialist« in Bank< Stocks
'
24
(780)
The Commercial and Financial Chronicle
Monetary and Fiscal Controls
To Meet Our Economic Goals
Thursday, February 12, 1959
.
opportunity and if people cannot tive credit controls thaYican be ; Proper. Role of Monetary. Policy
or
do not want to increase:«con- /administered by*
rttieR*£-."-Tfce?
geS^&t'J
sumption from borrowing because serve, and it does not come under monetary policy, as it has been*
of mass unemployment. The Fed- its general credit policy.I.u
paused up torrnow, may do more;
credit
make
eral
Reserve
more
plentiful and less expensive;
but
By YA-LUN CIIOU
.
.
it
can
make
cannot
:
:
v
:
V
t
combating eco-f
harm thah. good in
-
Would Savings Increase?
nomic fluctuations does not mean
banks
the
that there should be no place for
it in an over-all stabilization policy- As a matter of fact, monetary
this connection is that
You can
An industrial as well as academic economist, Dr. Chou suggests
credit may beCome less available measures can contribute much to
lead the horse to the river,
a program to overcome
inadequacies said to exist in our mone¬
b^ for emergencies or because £av- Prornote price stability and facilwJ^Thi most recent UuSt a- ings become more attractive with Rate economic growth, if properly
tary and fiscal practices which stresses an innovation in our
water.
The
rising interest rates, - this is in designed and wisely used. First of
personal income tax system. To our existing general monetary
J}?
inrrpoc^
Reserve decreased rediscount rates reality wishful thinking in view, all, it should be recognized that it
policy, the economist would add a battery of policies com¬
of present-day conditions.
Poor should not be used as a weapon/
prising permanent easy credit and selective credit controls.
r€nt i f dollars of excess people do not save at all ln: times for stabilizing price level; instead
billion and a hall nil
good or bad savings of the well- it should be employed solely for
Regarding fiscal policy, he lays great stress on his proposal
1 eserye by reducing reserve
leto-dp have gradually been institu- the purpose of facilitating capital
of flexible personal income
system utilizing a "range-rate"
an!\g
tuin, but a great poition of this tionaiized — in forms of life and formation. To do so, the Federal
instead of a "single-rate" system of taxes and a "Personal
non.]ife insurance, mortgages on Reserve must always maintain an
excess
reserve was
used to purIncome Tax Board for Stabilization."
j10uses, and regular purchases of easy-money policy—always make
Depicts investment as
chase government
securities inmutual
funds
or
the basic cure for inflation, gives
government credit available and costs of borstead ol making new loans by the
monetary policy the job of
bonds__a temporary rise in inter- rowing low—so far as investment
commercial banks. Clearly, monefacilitating capital formation, and calls for cooperation of
egt rate can hardly have any de_ demand for loanable funds is conlabor and management.
nm?
'nofflrSi
and completely ineffective foice cisive effects upon their long run cerned. Capital formation is not
pjans for savings. As for the rich, only the substance from which
The American private enterprise
you-go personal income taxes, un¬
tkL °nniveVpnnt^ihiitfnn savinSs often are more or less economic growth is created, it is
system is capable of doing many employment insurance, farm price illpSnn
liw tan nL
SlJ?, i mtribution autbmatic with them; their ,sav- also the basic solution for avoidthat
be
Associate Professor of
Economics, Pace College, New York City
"*
^g
proposition that tight
grant loans or the public borrow, credif
may induce individual savmoney. Am often used analogy in
-ngg because people may fear that
,
,
0
n
wonders; but it also has
inherent
weakness.
is,
is
progress
supports
and
so
forth.
These
its built-in stabilizers automatically
tend to check economic activity
characterized
by
when
erratic
an
of
course
eco¬
de¬
can¬
not be avoided
without
rediscount rates, and open market
gov¬
ernment
operations.
in¬
System
in
tervention
in
rescuing a
from
easy
downswing
factor
comes
investment
jng_decjsjons may be quite, i-n.dependent of interest.. It niay be
or
consumption.
The Federal
also
can
Reserve
regulate
pur¬
chases of securities and consumers'
;'
'*r •
ut'iut '
.Tight. Money
the
Even
'' ■'
'a'-"
and
''''
I
rice
'
develop. Tight credit as a source
of {business.failures will be less-
that
policy, if not prudently administered, may actually set a
money
•>;/,.
.
-Elective credit controls in the hands
...
Investment ^Experience
,
downturn of employment and out-
xo
limited
-a
extent
Jffdi "the Federal Reserve can also
some positive contribution
succeed in. in promoting economic stability,
*
a
*
general^ake
lLroi
pnncnrripr
1052, President
with
ment
all
to be in agree¬
seems
the
of
purpose
"practical means"
economic
using
to promote
stability.
For instance,
in 1954 he said: "I give you this
assurance: every legitimate means
available
ment
the
to
that
Federal
Govern¬
be used to sustain
can
prosperity will be used."
been far from being stable. Since
WWII, the general price level has
increased by more than 50% and
have
been
already
over
and which lasted
than 10 months and had
five
million
more
unemployed.
than
This
that the instruments available for
the
implementation of stabiliza¬
tion policy have failed to be ef¬
fective.
What
are
How
the stabilization
do
meas¬
they work?
Why
have they not been effective? How
can
a
more
effective
stabilization
policy be devised. These are the
questions which this paper at¬
tempts to
set
a
recovery
answer.
Stabilization
can
measures
be classified
into
available
two
kinds;
namely, automatic stabilizers and
discretionary policy. Automatic
stabilizers
are
those economic
stitutions which have
in¬
already been
feuilt into the economic structure
since
the
the
Great
Depression,
progressive
and
such
pay-as-
ttnnirwmA
'liri crimuitanJnifeiv rfrWc nrL tn
held in line fuch
chaSe in Professor John Kenneth Galbraith
be
a
I nnlncS
fluctuation-swings should
onlv
minimized
in consumption expenditures
of
not
be
and
many
ad¬
vocate
they should be strength¬
ened and improved to do a
bigger
job, nevertheless, the promise of a
lies in
this
of
stabilization policy
discretionary devices.
reason,
this
the central
still
For
attention
will be directed to
discussion
of
discretionary
the
paper
policy.
Ineffectivenes of the
Monetary Policy
tary
policy
is
to
tighten
under
inflationary
to
it in face of
ease
credit
pressure
and
downturn of
a
prices and/or employment.
Credit
restraint is achieved by
raising the
rediscount rate so that borrowing
becomes more expensive and
ridiir-Bon
a
mitt^d
to
his
the
wh^h
piMicy
nmney
firs? Mon°Poly Sub-Committee, -both
aRempts to
restram both investmeiit
anc?
con
sumption^outl?vs iTthus no?
appropriate prescription
tn
lure
inHation
ascription to ciire
an
* .'
*
last
the
more/general
are
defined by Regulations T, U, W and X. Under the
first two regulations, the Board of
powers
Governors of the Federal Reserve
System can set the marginal reRegulation
quirements.
W
was
used in the past to control the extension of credit for the purchase
of automobiles and appliances by
changing
ments
>
and
minimum
maximum
downpayperiods of
Regulation
W
op-
repayment.
erated in the same fashion during
the Korean War to limit the
chase of
new
residences
on
in
a
rise
requirements-
marginal
the
pur-
credit.
When inflation threatens,
'
which has to be financed by the
statement- sub- buyer's
Anti-Trust'-and
*be effects of higher interest and
sources
be transferred from the4 lesser" availabilitY' of credit are
consumer-^ood? to the invest- ^elt b^ that sector of the-economy
ment
without where
prices are ' market"conpushing up costs
A general tight
trolle& but not
the industries
In
The upshot of the general mone¬
W
Dr^ucttve
tt^n
Onlv
,
Present
in
reasoned
achieved
be
In contrast to general monetary
policy which has been previously
discussed, selective credit controls
regulate specific, uses of borrowed funds. These controlling
ment spending are far from being an increase in the percentage of
general across the economy. As the market value of .securities
in
tion
own
funds—would
the use
courage
dis-
of liquid assets
for speculation and thereby make
available more funds for investment in plants and equipments. A
decrease in the marginal require¬
ments in a slump encourages the
extension of credit for stock spec-
which only a few .firms exist ulation which, in turn, may have
and prices are administered. Big a favorable effect upon business
firms can continue to borrow for expectations and investment
investment at higher intGrest:be" Plans- Changes in the size of
cauge this increaSe in costs can be downpayment and maximum pepassed
on
into
higherprices. riQd of repayment would tend to
further- Whereas, in the more competitive influence consumers' spending on
restraint is industries, the small firms have to durables
appreciably
even
if
analysis,
credit
almost
helpless in discouraging accept market prices .as they are, credit is plentiful and cheap, inconsumption and its power to cut and, therefore, have to forego their asmuch as
a
few
hundred lor
investment expenditures is very investment plans when:.costs of
thousand dollars more or less for
much
limited
success may
tor
itself
in
this
and
become
an
causing
a
limited borrowing b e c o m e prohibitive,
active fac-- Also, small firms will be the first
downturn,
to
rationed
be
out
of
downpayment and
of
tens
dollars
for
a
rise or fall in
monthly pay-
credit
the
ments weigh heavily on fhe minds
The
hope
that
a
tight-money market when credit becomes less 0f m0st buyers. "
by policy can reduce
consumption lies available because:-they are less
TTndnllhtpdiv '
oPiPrtive
credit
increasing reserve requirements in that it
discourages installment "credit-worthy"
compared
with
and sales of government securities
quRe elective
purchase of durable goods and the big ones.
{
in the open market so that the
in
encourages mdividal savings. But
There
is
little
wonder
that
few specified areas.
availability of credit is reduced. can it do these?
Or
at
With high level
monetary policy alone has never least they would not have the'adOpposite actions are taken if easy
co^sU^end%
a?bievinJ "hrdesLred Faults
credit
is
the
objective.
There
is
no
denying that the Federal Re¬
serve can
readily increase or de¬
crease
Current Stabilization Measures
Of
automatic stabilizers to the reduc¬
was
more
unsatisfactory record indicates
ures?
themselves
bring inflation to a complete
halt. While the net contribution of
or
three
recessions, the last of which
just
cannot
positive
However, despite these repeated
of promoting economic
stability through government ac¬
tion, the American economy has
assurances
there
and
»i
ecbnomy.
Eisenhower
a
small
is
It
fis
policy will also enable
financially weak, but
potentially important firms, to
Such
Rise
claim
common
put while failing to stop further credit restraint
may
durables with its power of selec¬
price increases. The direct effect
perhaps
Dr. Ya-lun Chou
.reducing investment expenditures
tive credit controls. Fiscal policy
expected from general credit re- .by
in recognition
jdampennig optimistic expectais the deliberate manipulation of straint is
of this that political leaders of
the^ reduction in con-.^jpng, of profits, by decreasing
government spending, tax collec- sumption and investment
both
spending capital values of 'existing-capital
parties have accepted the .ions and
public debt to compen¬ from borrowed funds. This
effect, -assets and by increasing costs of
thesis that a condition of continu¬
sate
or
influence
the
private even could it be
realized, would producing new equipments. Howous high level of employment at
sector of the economy.
As such, not necessarily be consistent with
stable prices is a Federal respon¬
-ever, as it has been pointed out
its application is a joint effort of
the twin goal of stability, high
sibility.
earlier, this is exactly the wrong
a
great number of government level of
employment and stable thing to have for
relieving inflaPresident, Truman, in the in¬ agencies which include the Treas¬
prices. Since inflation is essentroduction to his first Economic
tionary pressures., vlf investment
ury, the Bureau of Budget,
the tially a process of the flow of
outlays are reduced while-, conReport, submitted under the terms Federal Housing Administration,
goods and service running behind
of the Employment Act of 1946, the
sumption remains high :{for emFederal Security Agency, the the flow
of monetary
expendi- ployment remains high), inflation
announced that the ".job at hand Federal
Deposit Insurance Corpo¬ tures, the basic solution for it is
would certainly be worse instead
is to see to it that America is not
ration, the Federal Loan Agency, to spend up the flow of
outputs. Gf better, since now the flow of
ravaged by recurring depressions and others.
In the long run, increase in outand long
goods will decrease. If the decline
periods of unemploy¬
The purpose of built-in stabil¬ puts depends upon
improvements 0f investment is great enough to
ment, but that instead we build an izers is
that they go to work auto¬ in technology which raise produccause prices to fall, there will cereconomy so fruitful, so dynamic,
matically without factfinding and tivity. In the short run, the only
so
tainly. be mass unemployment on
progressive that each citizen fresh
policy decisions. Their ef¬ feasible way to increase outputs is hand as well.
can
count upon
opportunity and fect,
however,
are
limited
to to increase production of investsecurity for himself and his
Moreover, the impacts ;qf a genslowing down the processes of
family."
From his various pro¬
nf
if
eral tight-money.policy ori investinflation
and
depression.
They
nouncements since
the
ing inflation if high level of employment is to
be maintained.
*2"
interesting to observe: while tight
credit may not necessarly encouraJ?"S to age people ; to save more; durihg
prosperity, people may actually/
{•{:attempt to., save more because of
enmo
vniihiJ
vorable
is
-1 fear f°r insecurity when ;pnem- ened. Efficient management and
•
ployment threatens even Jf inter?'•consumers' preference will be, as
/est'fates are, low./Could the; report 4hey should, the main factors for
serve System and its implementa¬
monetary policy can be more ef- of all-time> high individual sa^/success :of business firms, whether
tion is mainly through the devices
fective
in
checking inflation is in ^ during 1958 be a proof of thisj: large, or small.
of reserve requirement provisions,
very doubtful. Worse still, a tight- point?
'£? J*.'In"addition, the power for se-
that
and
credit
induce
policy centers
around monetary-fiscal measures.
Monetary policy is the central
responsibility of the Federal Re¬
periodic infla¬
tions
to
and
depression
Discretionary
generally
pressions
threatens
when
starts.
Furthermore,
agreed
inflation
stimulate it
nomic activity.
it is
«
expected
serious
a
That
the costs of borrowing and
make
credit
whereas
an
plentiful
whether
easing
of
desired response is
ferent question.
or
can
or
easy-money
prevent a slide
entirely
chasing
they
bvp
a
dif¬
more
effective
device
to
re-
can
neither
depression
nor
bring about an upturn if there
exists
no
profitable
investment
a
the
consumption spending on
installment basis is not high
interest
of
rate
larger
shorter
but
duration
The latter
is
the
requirement
and
downpayments
a
of
repayment.
measure
of
selec-
.o,--
be
considered
powers
is also reason to be- and
a
few
economic studies have at-
tributed
upon
investment
activity
economic
^at general credit restrain might
lieve that this is why quite
recent
aggregate
have. Hence, these controls should
one
general prosperity and high profits- There
and
of
been
Charges
iSr etreS9
the factors
impacts
verSe
occasioning business
it may have
failures of small firms at times of
durable
A,=35T t VZLZ iGJP?
a
dition,
rGstraine^ fromcredit
p"r"
goods on
h
strain
policy
into
*
of
produce
There is little disagreement that
an
rismgu m0ney been able to arrest inflation, dur«! -e T+ usually
ing the whole postwar era. In adtheir future and
f;
fident
scarce;
tightening
a
credit
inmfT6! 31
tight-money before
of
be
the
used
as
the
Federal
standing
Reserve
resolutely
and
P3^sa|vde^tf^e^e^"0mlC
p
Oct.
Need
for Other Measures
_
imporfactors for the most recent
recession.
'
a permanent easy-money
can
in
a
policy
facilitate economic expansion
slump if^other factors favor-
189
Number 5820
.
.
.
PICTORIAL
The Commercial and Financial Chronicle
v
MEMBERS
v
OF
d'*.
35th
.
*
y,
.
uM
*
•
■
•
-
..
At The Sheraton Plaza Hotel
ANNUAL
DINNER
February 6,1959
President
V ice-President
Corresponding
Secretary
Recording
Treasurer
Secretary
t
Wilfred G. Conary
G. H. Walker A
Co.,
Providence, R. I.
Frederick V. McVey
Childs, Jeffries A
Thorndike, Inc.
W.
Joseph A. Buonomo
David H. May
J. Russell Potter
Arthur
"P.:
May A Gannon, Inc.'
Wood
G
L.
Putnam
A
Company, Inc.
Company
O
V
E
R
N
OR
S
f"
Clement Diamond
Dabney
Tyson
Town send,
<ft
CliveB. Fazioli
White, Weld A Co.
Leo F. Newman
American
Securities
Corporation
Edward J. Opper
/. B. Maguire A
Inc.
Co.,
John A. Putnam
W. E. Hutton A
Co.
Daniel L. Quinn
Schirmer,
A
Atherton
Co.
The Commercial and Financial Chronicle
.
.
Monday, February 9, 1959
.
(732)
AMERICAN STOCK EXCHANGE
Week's
Friday
STOCKS
American
I
Stock Exchange
a
si
Low
Nestle-Le
Mur
Co
New
Petroleum
Englaud Tel & Tel
New
Havca
New
lclria
New
Jersey
Clock
Min
New
Pacific
Park
New
Process
New
Superior
Coal
&
2
Ltd—.
York
New
York & Honduras
Auction
Co
Nickel Riui
♦
20
09
17
Mines
Ltd™
Jan
167%
Jan
21«
Jan
Cumulative
Jan
1 'ft
Feb
Cumulative
Jan
Cumulative preferred
15% Jan
lftt
Jan
Sapphire
214
Feb
Savoy Oi 1
Jan
Saxon
Feb
Sayro & i* enter Co
1
110
ft
000
1
ft Jan
6,800
18'/4
20%
69
17%
17%
50
200
131
2,V
17%
Jan
23
Jan
63
Jan
73)4
Jan
18
Jan
17% Feb
Jan
H.
1ft
1ft
27,900
2 %
2%
2%
800
2ft
Jan
12%
0,900
11%
Jan
7%
7%
1,400
7
Nortli
10
39
36%
40%
7,300
33
Jan
40'ft
Feb
10
39
Feb
Class
Cement
class
A
13
Canadian
Pcnn
RR
Northern Ind
Pub
40%
2,035
34% Jan
40%
4%
3.100
4% Jan
4%
Jan
4%
4%
43,700
3
4%
Feb
7%
6%
0%
0,000
4 'ft
}j} Jan
G'ft
Ltd
7% Jan
Jan
72
250
Nuclear Corp ol' Amor A (Doh),——10c
87%
88%
2'ft
15
2%
47,400
llj Feb
1%
2%
1ft
24,500
1%
3%
78,800
•
3
1%
:
Feb
Jan
214
Jan
86
87%
1
Jan
88 T 4
67% Jan
%' pfd—lou
Mines
Jan
1%
Ohio Brass
Ohio Power 414.%
Okalta Oils Lid
Old
Town
40c
—-.—50c
19*
—1
Jan
.4'ft
Jan
Corp
Jan
37
Jan
39%
Jan
92%
Jan
90%
Feb
180
1%
i,200
lft Jan
3 %
1,500
2% Jan
l'ft Jan
3 'ft Feb
4%
4%
38 %
96%
2 Tit
———1
preferred———
7
O'okiep Copper Co Ltd Amer sharcs_10s
Oxford
22%
1
cumulative
Overseas Securities
Jan
18%
37%
90c
common
17,800
4%
200
4% Jan
414
'ft..
1,100
75
74
76
660
68
Jan
76'ft
1
18%
18
18%
200
16%
Jan
18
—1
——,
Electric Corp———
8%
7
9%
75,300
5'ft
Feb
Jan
'
Jan
9'ft
Jan
Feb
V
1
-ft— .—.—-25c
5%
6%
Ltd.
Co
Serrick
Servo
Sel.on
Leather
Shattuck
common-
Den 11
preferred
Class
B
$1.25 preferred
Silver-Miller
Silvray
Mines
29%
Jan
2714
Jan
Singer Manufacturing Co,—ft—
Singer Manufacturing' Co Lt d—
26
Jan
25%
)
1,100
25
Jan
26%
24*%
24 %
114
800
24'ft Jan
26
22 Tit
i
300
22% Jan
23%
Jan
22
2%
300
21%
23
Jan
Northern
Tubes
pfd
4%
3,000
17
17%
19,100
11%
11%
12%
2,800
100
101
35
36
"
35%
4%
4%
lc
%
ft
Pantepcc Oil (C A) Amer shares—113oI
Company
2
11%
15
2
.
—1
—2
—_—1
9%
Minerals
Philips Electronics Inc,-——
Philippine Long Dist Tel Co
Phillips Screw Co—.
ft
10c
Piasecki
Aircraft Corp,
Pierce Industries Inc
Pioneer Gold Mines Ltd.,
Pittsburgh
&
Lake
——-50
Pittsburgh Railways Co,.
Pneumatic Scale
1
—
Erie,,
•
—
common
———.10
Poloron Products class A,,—^——1
Powdrell & Alexander common
2.50
Power Corp of Canada common—.—*
Prairie Oil Royalties Ltd
Pratt Si Lambert Co——
——.—1.
Preston
East
Dome
Mines
Inc
131b
Jan
Feb
Jan
82,400
ft
Jan
'ft
Jan
Jan
4.24%
4.08%
Jan
2'ft
18
Feb
Jan
0,300
14
Feb
14%
Jan
121b
Jan
60%
.
I.ithhfn Corp
3,300
4%
Jan
8,500
9'/a
Jan
2,100
9%
9,700
1%
Jan
lib
Feb
84%
1,550
83%
Feb
80%
Jan
Jan
8%
11'ft
11%
Quebec Power Co
Jan
Feb
2% Jan
12 %
12 %
12%
700
12%
Feb
4%
13%
08 lit
67%
69%
1,575
63%
Jan
69%
3,300
2Tb
Jan
350
61%
Jan
83
Jan
15% Jan
21
Feb
12,000
233,200
12,900
3%
Jan
lb
Jan
l'ft
Jan
6ft
Jan
7
Jan
10%
200
15%
15%
1,700
10%
11%
800
10%
Jan
11%
Jan
11%
1,800
11%
Jan
11%
Jan
89
25
33%
33%
400
/22%
23'ft
1,700
59%
"2,600
10%
141b
Jan
10 3
8
Jan
Jan
1514
Feb
85% Jan
90
Jan
3 3',4
35%
Jan
18%
Feb
Jan
24%
Jan
46'ft Jan
60'ft
Jan
1,300
41b
Jan
24'ft
Jan
25%
Jan
29
Jan
3 8'ft
Feb
Jan
25%
600
34%
38%
11,800
23%
23%
24',
19%
Jan
24%
59%
59%
62
3,600
54%
Jan
62'ft
Jan
12'ft
12'ft
13'ft
12'ft
Jan
131b
Jan
20
23
23
23%
1,600
1,500
22'ft
Jan
24'ft
Jan
1
Co
Oil
25%
1
Reda Pump Co
.
21
20%
21
700
18'ft
Jan
22
7,300
%
Jan
l'ft
Jan
Jan
1
Jan
1
1%
l'ft
50c
Corp—
%
a
1%
2,550
%
1
9,500
51
50%
51
600
1
12%
12%
13','4
7,700
1
8%
8%
37,700
1
31%
31%
34%
8,400
1
1ft
1 %
lft
14,000
50c
3%
3%
Ridgeway Corp—
Ex-liquidating
distribution———1
9 'ft
914
Reliance Insurance Co—
ft
Remington Anns Co Inc,
Republic Industrial Corp
Rio
—
Corp
Petroleums Ltd:—
Rico Argentine
Grande
Mining Co—
Valley
Vtc extended
to
Gas
Jan
3
10
1
49-
Jan
54%
Jan
11%
Jan
13'ft
Jan
8
Jan
8%
Feb
29
Jan
36'ft
Jan
l'ft Jan
1%
Jan
500
2%
Jan
3'ft
Jan
700
9'ft
Jan
9'ft Jan
Roxbury Carpet Company—
4'ft
4 'ft
4%
5,600
3%
Jan
4%
Jan
86%
85
~5
120
82%
Jan
86'ft
Jan
5%
4'ft
9,400
4%
Jan
5%
Jan
Russeks Fifth
Ave
see
%
"8)4
514
5%
Jan
151ft
Jan
4,700
7%
Jan
8%
Jan
7,900
5%
Jan
6
Jan
page
19'ft
2,400
18%
Jan
3%
3%
3%
3,400
3%
Jan
3'
Jan
11)4
11%
5,000
11'ft
Feb
12%
Jan
4'ft
4%
20,200
2%
Jan
1
—
18%
11%
1.25
common
(The F C) Company
footnotes
5%
"7
:—*
Ryan Aeronautical Co
Ryan Consolidated Petroleum
Ryerson & Haynes common
For
14%
"7%
x—1
50c
Royal American Corp
Royalite Oil Co Ltd
Russell
34
3)4
;
/%!
174 -Jan
7,700
Jan
Jan
11%
Jan
38
4714;Jan
Feb
35%
Jan
60
Jan
'ft
6
Jan
33%
1,100
.
50':, ft
Jan
187
Jan
13
Jan
Feb
100
4114 Jan
45% Jan
9% Feb
12% Jan
714
21%
22
37%
3714
56
56%
25% x26
290
25%
500
24%
24%
24%
600
5414
54%
100
5414
—,—25
54% Jan
Jan
13,100
10%
9su
4
3,300
45
45
9%
■
6
8%
9
Jan
2,900
7%
400
20 'ft
Jan
23%
Jan
2,000
,
36 'ft
Jan
3714
Jan
56
Jan
59-
Jan
24%
Jan
26
Feb
2414
Feb
25'ft
Jan
Feb
55)4 Jail
Jan
51'4
Jan
50'ft
400
23'ft
1,100
2114
Jan
23%
Jan
l'ft
21%
200
21)4
Jan
22
Jan
2 l'ft
21)4
200
20%
Jau
preference——25
preferred——25
22%
50
'
California Petroleum Corp—2
Materials Co Inc——,——2
Jan
21% Jan
5% Jan
5%
5%
5%
900
4'ft
12 7 it
12%;
12%
1,100
10
10)4
600
11%
8'ft
Jan
10
Jan
10% Jan
81
81
82
300
80
Jan
84
Jan
Corp
warrants.
Oil
Co—_—
Inc
Standard-Thomson
Standard
3%
43,100
2%
Jan
4%
13%
3,900
11%
Jan
14%
Feb
10%
25,600
9%
Feb
11%
Jan
9%
17%
3,600
4'ft
Jan
914
Jan
14%
Jan
27%
200
8%
12%
1,800
23'ft Jan
4'ft Feb
24%
7
Jan
7%
Jan
lis
Jan
2'ft
Jan
3%
Jan
4%
Jan
4%
4%
5
3,000
7%
7%
7%
2,000
114
—1
Steel
of
18,500
1U
4%
3%
ordinary——.—•
75%
75%
Steel Parts Corporation,.
—.—-—5
(A) & Co eommon—
•
15%
16
1
7
Stein
Si
Strooek
Shop
(S)
&
Co
Jan
1,200
23
Jan
2714 Jan
225
71
Jan
79%
6
Jan
Jan
7%
Jan
200
7%
15% Jan
16%
Jan
300
19)4
900
18
Jan
21%
Jan
16 %
100
1514
Jan
16)4
Jan
4%
79,800
3
Jan
4%
Jan
Jan
2 l'ft
20
Jan
21%
600
33% Jan
34%
Jan
22%
1,200
21%
Jan
22%
Jan
36'ft
37'
1
700
34
21%
—1
21%
33%
—5
Inc_
G
4%
•
common,
(Hugo) Corp——_—
Container Corp—
Feb
Jan
18'ft
18'ft
10c
Stinnes
13
16%
Sterling Aluminum Products connuon_5
Sterling Brewers Inc
1
(Del)
Jan
514 Jan
11'ft Jan
900
25%
Inc.,—
6,100
v
Jan
6
13
12
23%
Stone
Feb
13% Jan
1,500
24%
Stop
Jan
70%
1314
Instruments
B)
18'ft
24%
Statham
(J
Jan
64'ft Jan
13 %
4
Stetson
Jan
16'ft
1,400
23%
13
Corp
814
1,200
13%
—1
Sterling Precision
2,400
.1
Corp—
Canada
Jan
23%
convertible
Co
Jan
28
—l
Corp,,
Tube
(The)
17%
26% Jan
8% Jan
4,000
1
preferred,—
50c
Stateeourt Enterprises Inc———25c
50e
Jan
1
common—.
class B-,
Stanvock Uranium Mines Ltd
Starrelt
3%
7'.4
10
Products
Shares
Jan
12%
9%
9%
*
(Ky)
Jan
13%
;
Inc
13%
3 lit
37)
400
33%
Jan
37)4
Jan
a
14% Jan
16%
Feb
15%
3%
16'ft
3.900
1
4%
8,400
3
Jan
4%
Jan
—25c
2214
23%
1,100
21
Jan
23%
Jan
20%
4%
3%
20%
100
19'ft Jan
20%
Jan.
4%
10,500
Jan
2,100
4)4 Jan
3% Jan
5%
4)4
4%
Jan
6%
7)4
13,600
614 -Jail
7%
Jan
*
common—
Stylon Coi'povation
Ray Drug common—
Sunrise Supermarkets Corp
Sun
1
Sunset
1
4'ft
1
3
«
4
7
1
5%
5%
5,300
5%
Feb
37)4
800
1
33,
18%
3%
5%
36
1
.—1
life
Class
B
class
A
cumulative
Tampa
Electric
Technicolor
Inc
—
—
preferred
Co
common—
Tel-A-Sign Inc
Teleprompter Corp
Television
Co
1614
1,100
1414
15'ft
1,100
14% Jan
15% Jan
8%
300
8
Jan
8'ft Feb
1,900
42
Feb
8
42
42
41,900
7%
Jan
8%
Feb
3%
20,600
2'ft Jan
314
Feb
9'ft
9%
1,300
6%
6
6
1%
%
%
—
—
2
'ft
8,600
12%
Jan
16%
Jan
1%
Jan
2'ft
Jan
46,700
14
Jan
'ft
Jan
Jan
95
Jan
2.300
25%
Feb
28%
Jan
1T4
8%
Jan
3%
Jan
—
26%
25)4
25%
5
414
5)4.
3%
3%
3%
33'ft
Jan
20%
4%
Jan
Feb
214
3
51,200
1214
12%
13
2,700
25c
34
34
1
34
3314
Tilo
1
19%
19'ft
70c convertible preferred
Thorofare Markets Lie
Roofing Inc—
Amer deposit rets ord
Cuba
Lux
Co
Jan
Jan
True
Tri-ConLinental
Temper
5%
Feb
Trunz
2,500
3%
Jan
4%
Jan
Two
Inc,,
class
A
Corp
Triangle Conduit Si
6'ft
40'ft
Jan
•
Oil
Cable Co
32'ft Jan
36
3,700
1714
20% Jan
Corp
Guys
Harrison Lie
814 Jan
8%
Jan
400
314
Jan
4
Feb
600
35'ft
Jan
3614
Jan
88
88
88
100
84'ft
Jan
89
4
~2'ft
214
Feb
3'ft
Jan
6%
14
1,500
2.400
6%
Jan
7%
Jan
15%
6%
6%
2,900
13%
Jan
.2%
56,100
'ft
1,900
1%
37,100
8%
-
Jan
2%
2%
214
14
1%
-
1,200
%
7
29)4
20% Jan
Jan
2%
Jan
1
Jan
Jan
8%
Jan
Jan
Feb
37'4 Jan
10
10c
341,4
34'ft
36
27%
*
*
from
Jan
36%
4
8%
warrants
Inc
Feb
Jan
3,000
19%
50c
1
34%
36
1
Industries
Jan
32
35%
4
-
Cont
Trans
Trans
13% Jan
35%
deposit rets def registered—5s
Todd Shipyards Corp
20
Toledo Edison 4%%
preferred
100
Tonopah Mining of Nevada
1
Tower Acceptance Corp class A
1
Trans Caribbean Airways class A—10c
Trans
Jan
2,400
J34%
registered*—£1
Amer
4%
fl
10c
—10
Tobacco Security Trust Co Ltd—
17,100
-
3
4% Jan
10% Jan
7% Jan
3,500
1414
13'ft
1%
—
2,900
Jan
9
9114
13%
—5
Thompson-Starrett Co Inc
Jan
8%
2%
9'ft
1
common
46
7%
3 'ft
1
Inc
43
Jan
8'ft
20c
Industries
Shovel
'ft
14%
8
Tenney Engineering Inc—
10c
Texam Oil Corporation
1
Texas Calgary Co
-—25c
Texas Power & Light $4.56 pld
—*
Thew
16
1414
5
10
7
1
common
Jan
18
16)4
5
common
common
4%
Thriftmarket Inc
Royce Ltd—
American den rets ord reg,_—£1
Roosevelt Field Inc
1-50
Roosevelt Raceway Inc—
30c
,
8
%
Jan
Co—•
1965
Rochester Gas & Elec 4% pfd F~,—100
Rokeach
(I) & Sons Inc
1
Rolls
150
35)4
180
Jan
10
$1.25 convertible preferred—
Richwell
38
3414
175
7%
common
International Petrol Corp
Superior Tool & Die Co
Symington Wayno Corp warrants
10
Reading Tube Corp common
Resistotlex
36
38
37%
Standard
37
1
—
&
9% Jan
163,500
50',4
Standard
Jan
1
Corp
Rath Packing Co common
Raymond International Inc
(Robert)
5,100
'
21%
Rand
Feb
Talon
Investment. Ccr
Reitcr-Fosler
10%
4% Jan
5% Feb
10%
25% Jan
•
Rapid-American
Reis
A Jan
6,300
35%
R
Ramo
20,800
10%
Pipe Line
——————1
Southland Royalty Co———
5
Jan
Jan
Fei)
4'ft
Jan
2,400
I !
Hi
,
17
10'ft
Hit
4%
Jan
46
5%
3
!>
Ut
70%
Feb
Jan
4%
Jan
44
2%
16%
11%
77%
1
36
Jan
5'%
69
Jan
7%
Q
Quebec
Jan
% Jan
24% Jan
2% Jan
114 Jan
3
~8%
28
Jan
55
Jan
38
5%
70%
Jan
6%
11'ft
«
Feb
Vi
42
200
3%
Standard
23%
67
55
25
3%
16%
Jan
5
25
27%
8%
4,300
89
ft
8ft
17%
Jan
%
Jan
8,300
43%
44
Standard Dredging Corp common
1
$1.60 convertible preferred
20
Standard Financial Corp.—
——1
Standard Forging#
Corp—ft——.
1
Feb
10'ft
33%
%
23% Jan
50
41%
44
Stabl-Mcyer
32
22
Jan
29,900
tit
Sperry
1,400
3
11
Feb
3,700
20c
19% Jan
Feb
2,200
foico Telephone Co,,—ftft,
400
Jan
3,500
•
22'
9'ft
25%
7%
7%
11%
22'ft
7%
4
11%
54
9
Feb
10%
97
49
Spear & Company——
10c
Spencer Shoe Corp—ft,1
11%
15%
Jan
94% Jan
275
Jan
5%
58
1
Jan
110
54
%-ft
Southern
Jan
1%
250
2
Southern
15%
63%
7
192% Feb
22%
Southern
Jan
Jan
24'ft
1%
1 %
Jan
2,000
cumulative preferred———25
4%
Jan
6ft
Jan
4%
33
Co
cumulative
1414
Jan
6ft
36%
cumulative preferred——25
1,300
1%
1%
Jan
3% Jan
96
41%
cumulative
4.32%
514
221/2 Jan
3
v
1
Corp
Oil
convertible
36
500
21
2,500
192% 205
„
cumulative
4.48%
101
Jan
26,400
Tit
32%
600
4%
•
preferred——25
preferred—
25
4.56% convertible preference——25
Jan
lit
2
33%
4'ft
Co—.—_——1
original preferred—
Jan
10%
Puget Sound Pulp & Timber com,
Pyle-National Co common———
Puerto
Feb
63%
15%
—
11%
49
2*5
Jan
common——12.50
California Edison—
4.78%
4 T it
24
70
Providence Gas—
Public Service of Colorado—•
4'ft'ft cumulative preferred—100
4.88%
Jan
%
20%
1
5%
Jan
400
1
———
Jan
514
19'ft
10%
25c
Progress Mfg Co Inc
Prophet (The) Company,—
89'ft
Jan
Feb
Jan
10c
Ltd—
;
Feb
Jan
7%
70
7%
53 'ft
—_————
17
8'ft Jail
6% Jan
3%
Jan
7-% Feb
50
317
6%
1,400-
4%
Southern
1,500
1
Prentice-IIall Inc common
Pressed Metals of America—
P R M
1%
84
~7%
Jan.
Jan
9,100
10
Oil
.
Jan
1%
10%
10%
•
Jan
3
9%
6%
1
1
Jan
514
143'ft
9 Tji
7
7
Jan
35
;
-Jan
16,200
0%
24%
10%
43,900
24%
M.1
5
10 pesos
—ft
19%
7%
Jan
"7%
1
14%
Feb
9.'ft Feb
,
4%
83%
—1
'
Jan
14%
6,200
4,300
3'ft
1343/4
8%
23%'
Si
•
6%
Coast
Jan
xG2%
Oils
1214
3,700
•
-
95%
Airways Inc
—ft.-,5
Smith (Howard) Paper Mills
——•
Sonotonc Corp
1
Soss Manufacturing common
—1
Pcnn
4%
24
Peruvian
9%
4'ft
88 ',2 Jan
8% Jan
2.50
Perfect Circle Corp_,—
91%
Jan
10%
Slick
South
4,800
03
Jan
14%
9%
Jan
South
2,200
Peppered Manufacturing Co (Mass)—20
Jan
Jan
Jan
~G%
1
Jan
1%
5%
98 'ft
5%
5%
Feb
33%
48 %
3218
—2.50
—
Jan
114
16'ft
Jan
'•ft Jan
H t r.
99
14,900
Jan
28%
5718
7
19,300
.
13%
6.800
26,000
U9',ft
105,300
15%
14
14%
10% Ml %
5%
Patino of Canada
Ltd,—
Peninsular Metal Products
Penn Traffic Co
2 Tit
18
9%
14%
14%
10%
Parkersburg-Aetna Corp
150
29,600
1
20
Jan
3aft
16%
31%
%
Amer dep rets ord registered 4——£1
Ski a tron Electronics Ac To lev Corp—10c
1,300
5%
%
2
1
2
Parker Pen Co class A—
Class B —.—_—.—,——
Pep Boys (The)
4%
17%
vto—2 Bol
(C A)
Pan Israel Oil vte
Park Cliemicul
"4%
100
eommon
Pancoastal Petroleum
Jan
Venezuelan
85 3ft
_•
;
Pacific Power Si Light 5%
Pttgc-Hersey
Jan
86 % Jan
Airlines,————1
Ltd———1
Petroleums
Warrants
14'ft
29%
1
—
Jan
Pacific
Jan
14%
—
Jan
Pacific
Jan
7%
!«
Inc
25e
Simca American Shares—_——5,000 fr
Siimnons-Boardman Publications—
24%
320
2
13'8
Corp—-10c
Ltd,
Lighting
25%
141%
Jan
Jan
,
95'ft
——1
300
139
Jan
1%
6'ft
Jan
-ft
-ft
5,—,——25
Si lex Co common——
Silver Creek Precision
1,100
140
2%
1,000
2,800
;
3214
2
1,500
conv
Jan
7ft
1
o»
'"*7"
Siboney-Caribbean Petroleum Co
10c
Sicks Breweries Ltd———■—.—*
Signal Oil & Gas Co class A
2
l'ft
$4.36 dividend preferred—
II',
35
100
1%
88
2
n
'
p
19914
common
».%
95
114
-
Jau
2IA- Jan
12% Jan
Jan
Jan
25
Sherwin-Williams
28%
130
1%
4',4
20%
25%
690
Jan
10%
2%
*
25*1«
L'ft
7%
6,500
1
Products Inc
26%
98%
Jan
4.800
Shermun
5%
90%
5T»
48;00(J
a
5%% 1st preferred—*.——
25
5%
1st preferred———a.,——25
971
Jan
2,500
J.V
2%
Mining— i
Sbawinigan Water & Power
Sinclair
97%
5%
9'ft
$3 convertible preferred—
——*
Simpson's Ltd common,————*
91
Jan
*
—
Jan
*
5%
16%
20c
Jan
preferred
500
13%
—
Inc
31Tb
preferred
•
dividend preferred——•
1%
10%
11%
1
Corp class B
1
America,——ft—~——1
37 'ft
cum
Jan
Jan
Jan
7
Corp of
Servomechunisms
Jan
dividend
23
1
7%
7'ft
m
15%
Jan
dividend
Jan
Jan
O'.It
1 1
1
30%
34%
$4.75
$4.75
22
lift
Sentry Corp ,2.ft——ft^ft^ft,—i^ft—lOc
30%
$4.40
Jan
4
3,600
/
11
Seem an Bros Inc—
200
;
Jan
18%
2%
2
11
Seaporcel Metals Lie,—wftftx.»ftftft,10cSecurities Corp General—ft
1
Security Freehold Petroleums
*
Seeburg (The) Corp,——.——
1
3,500
5%
4.50% redeemable 1st preferred,—25
4.50 % redeemable 1st preferred—25
4.36% redeemable 1st preferred—25
Pacific Lighting $4.50 preferred
•
17%
2%
50c
—.
21
Jan
18.100
6%
Airhncfi.,ri,*-,~—-1
Western
Jan
Jan
18
100
22%
5%
..
Scurry-Rainbow Gil
Seaboard
22%
.
1 %
i%
28
20%
100
18
9%
31 %
redeemable 1st preferred
25
redeemable 1st pfd scries A—25
100
20%
18
1%
35
10
.
Jan
9%
31
Products,,—.
Jan
8'ft
1
31%
Clay
Pacific Uus <fe Electric 6%
19%
Feb
—25e
(Deb
no
1st pfd—25
Pacific
Feb
7%
22%
—.20
1,1 d
Petroleums
Paper Corp.
4%
95
preferred——100
;
20
19%
17%
700
17%
Shoe Corp of America common——3
common—;
Co common—
2,100
8
Jan
o
Corp
Feb
18%
7%
20%
Sherwin-Williams of Canada,—,*
Ogden
19%
,
30%
4%
—50
Hcrv
Jan
7% Jan
4%
—1
Co
Uranium
14'ft
.
4 3 it
1%
Northspan
Jau
1
Oils Ltd——
Northeast Airlines—
Nor til
% Jan
H2
;—25
North American Royalties Inc—
North
14
12%
7%
Jan
1
an
18
4.40% series.20
preferred
Jan
Feb
—1
American
5.60%
18'ft
%
50
17
7%
pesos
preferred 5% series—.—20
preferred 4%'ft series.20
1%
Jan
Feb
9,000
Diego Gas &, Elect ric Co-
10,100
Mines™,——————1
Noma Lifces Inc.—.————,-—-—1
Norfolk Southern Railway
-1
Nipissing
San
06,700
ft
Ltd—16
Jan
2.500
High
19%
17%
-——
1
00
••
'ft
SaJeui-BroMMs
San Carlos Milling Co
28%
115
1
Rosurio——10
common
Feb
Jan
1%
Jan
17%
.
110
Mer<9»anriise,—18
York
16'ft
7,500
Tit
2
—-—
36%
Jan
105.000
Low
High
18'ft
18%
Ltd common,,,—_*
Inc——-—2.50
2%
10%
-*
Jan
St Lawrence Corp
1%
Range Since Jan. I
Shares
S
Jan
Jau
Jan
lft
160
Low
Par
3)4
Jan
27%
%
2%
2%
1%
%
26%
1%
16%
1
Oils,—— *
10,700
27
-20c
comuioii..---~
2,890
2%
2
27
1
lmnd—
11.500
103% 106%
l'ft
—25c
—
Oils
New
New
1 /I.
%
1
166
Mining Co
Co
13%
1
-50c
—
New
33%
7.000
12,500
13%
1%
CO-
Co,
Zinc,
Mexico & Arizona
New
1,30 J
16%
10%
Z
-100
Watch
Ss
Chem
&
34%
34%
1
—,5
common—
Chamberlain
2%
-50c
Neptune Meter common—»—.—New
2%
for Week
Range
of Prices
Sale Price
High
Low
3
Last
STOCKS
Sales
Week's
Friday
ENOEI) FEBRUARY 0
American Slock Exchange
High
a;
33%
FOR WEEK
Shares
of Prices
Par
RANGE
'
for Week
Range
Sale Trice
—30c
Sales
;
27%
28%
41.900
27%
Feb
30%
20'ft
19%
20%
1,600
19
Jan
20%
37
42%
90
34
Jan
42%
Feb
10'ft
3,000
10'ft
Jan
9%
9%
Jan
Jan
Jan
Volume 169
Number 5819
.
.
The Commercial and Financial Chronicle
.
(733)
33
AMERICAN STOCK EXCHANGE
RANGE FOR WEEK ENDED FEBRUARY <J
Friday
STOCKS
Week's
Last
American Stock Exchange
Sale Price
Par
Sales
Range
of Prices
Low
•
for Week
Shares
Range Since Jan. J
High
Low
Unexcelled
Chemical
Corp
Union
Stock
Yards
of
Aircraft
Products
United
Asbestos
2,500
9
7% Jan
10!i
Jan
BONDS
Interest
17% Feb
17%
Feb
American Stock Exchange
Period
Feb
11%
Jan
common.
United Canso Oil & Gas Ltd vtc
Cuban Oil Inc
10%
2,600
24 !i
100
23 % Jan
24%
Jan
A Baden
7%
8%
8,800
Jan
CeDtral Bk
6',8
61 h
21,600
7% Jan
6% Feb
8%
Gig
7
Jan
lis
-10c
Corp
2
H2
35%
35
10
2 A
-
Amer
dep
United
«
rets
common
ord
...
-1-5
43i,
Conditioning
U~S Ceramic
U 8 Foil
A6s
ADauzig
Jan
A German
5%
Feb
43A
6%^
Corp—
182% 182%
7
6%
2,500
10%
Co
B_
U-S-Rubber Reclaiming Co
10%
10%
2,100
42
44%
-10,900
5%
U-S-Vitamin & Pharmaceutical
United Stores Corp common
Universal American Corp
34
Universal Consolidated
Universal Controls Inc
48%
4%
2%
2%
25,600
46%
49%
33
33
33
14% *
14%
15
Corp
Sugar—
-
7%
;
7
1952
Feb-Aug
Jan
Maraulmo
10%
Feb
48%
Jan
Mortgage Bank of Bogota —
A 7s (issue of
May 1927) 1947
A7s (issue of Oct 1927) 1947
Jan
7
Feb
Feb
14
Feb
2% Jan
53
Jan
Jan
49% Feb
37% Jan
32
Feb
34%
$186%
1947
(City of) Germany—
redeemed)—.
(Prov)
6%s
Feb-Aug
1949
(Plan A)
16%
16%
8,800
13% Jan
15 %
3,200
-6% Jan
7%
Jan
Jan
•No
215
186%
186%
$140
101%
102%
48%
39%
50%
"
$60 " "
"
May-Nov
April-Oct
$80
June-Dec
102% 102%
$52
$80
Mar-Sept
Jan-July
50%
50
stamped (Plan A) 2s 2012—Jan-July
50%
$39%
value, a Deferred delivery transaction
f Ex-liquidating
distribution,
g Ex-stock
dividend,
(not
par
included in
tribution.
x
16%
215
15
__
Jan
33
High
$15%
Feb-Aug
May-Wow
2%s 2008
Mortgage Bank of Denmark 5s 1972
Parana stamped
(Plan A) 2 %s 2008
Peru (Republic of)—
Sinking fund 3s Jen 1 1997
Rio de Janeiro
Jan. 1
Low
'
June-Dec
7s
Range Since
No.
$162
16%
$215
(80%
stamped
$135
Jan-July
1947
7%
48
220
7%
1939
6s
AHanover
2'A Jan
1% Jan
1,600
47%
7s
Munic
Jan
30
3,600
Universal Insurance
Cons
secured
Hanover
6%s
Jan
3% Jan
62,600
50%
48
F
Waterways
Bonds
.Sold
High
$135
Feb-Aug
April-Oct
1951
&
5%
Feb
Friday's
Prov Banks—
182%
9% Jan
16,200
14
Port
&
1952
Jan
42
18,100
34%
6
2%
Oil
7
30%
10%
Universal Marion
Utah-Idaho
AS
A
Jan
180
or
Bid & Asked
Jan-July
4% Jan
10
42%
Tile
class
4§0
registered
182%
series B
Jan
Jan
A
JRR& Canal
U S Air
\
5%
-series
4
3
1951
7s
of German State
A 6s
49%
Jan
35
500
Molasses Co Ltd—
Products
(Germany)
Feb
113 Jan
30,300
37%
Last
Sale Price
Low
4% Jan
6,500
1.V
1°0
u,
•
Milk
10
8
-50c
1
United
United
600
10%
1
United
mi
—20
Corp
United Elastic
8%
24'A
—4
Omaha
United
8%
17 %
_
Week's Range
Friday
—5
Union Gas Co of Canada
Union Investment Co
Foreign Governments and Municipalities
High
u
40
(not included in year's range),
d Ex-interest,
h Ex-principal,
n Under-the-rule
transaction
cash (not included in
year's range),
t Ex-dis¬
year's range),
r Transaction for
Ex-dividend, y Ex-rights, z Ex-liquidating dividend.
ABonds being traded flat.
Valspar Corp
8%
1
6%
10%
32,700
6
Jan
6
Jan
88
6%
7%
87% 101
1,100
5
370
83
Jan
Vanadium-Alloys Steel Co
Van-Norman Industries warrants.
5
41
41
Vietoreen (The) Instrument Co
1
New
common
(when
delivered)
«..._
$4 convertible preferred
-
Vinco
Corporation
'
Vita Food
...
VogtManufacturing
3%
Jan
6
Jan
7%
Jan
8%
4%
no sales being transacted during the current week.
^Reported in receivership.
above—"cod," certificates of deposit; "cons," consolidated; "cum," cumula¬
tive; "conv," convertible; "M," mortgage; "n-v" non-voting stock; "vtc,"
voting-trust, certificates;
"w i," when issued; "w w," with
warrants; "x w," without warrants.
Jan
4
3%
3%
1,900
—
4%
4%
5,800
15%
15%
2,300
10%
10
10%
700
—
$Friday's bid nnd ask prices;
Abbreviations used
Jan
4%
•
Jan
4%
7,100
15%
■'
44%
1,900
7%
...25c
-
Feb
5%
2
Products,..
Feb
5%
•
7
1
-
38% Jan
1,500
Feb
7%
7
•
Virginia Iron Coal & Coke Co
x43 %
10%
101
Jan
4%
19%
9%
Jan
Jan
10%
Slock and Bond
Jan
Jan
Jan
3% Jan
15
Below
listed
on
are
the
Averages
daily closing averages of representative stocks and bonds
Exchange as compiled by Dow, Jones & Co.:
the New York Stock
-Stocks*
Waco
Aircraft
Co—
...»
_
Wagner Baking voting ctfs ext
"I'.'o- preferred
-
.100
—
Waitt & Bond Inc
i.
Instrument Co
Rights
3%
Feb
24% Jan
29%
Feb
Jan.
30
40% Jan
Feb.
2
2%
27,700
2%
1%
1%
3,300
1% Jan
1%
27,800
113%
112
100
109
Jan
22
Jan
pfd
4%
2,500
3% Jan
4%
2%
2%
1,000
2
2%
-2ft
2%
10,800
1% Jan
fs
:ia
10,300
& Jan
89%
90%
40
3%
3%
1,700
313
4
200
140
10
3%
140
10c
1
Wichita River Oil
1
Wiekes
%
"j <t
—
31%
31%
140
-.
32 %
32%
34%
550
pfd
1
1
19%
Jan
29%
32
84.17
85.26
86.28
85.53
84.03
85.35
86.26
90.16
85.43
84.02
85.22
86.21
586.12
160.84
90.65
203.67
90.13
85.53
84.03
85.37
86.27
Closing
Low
Jan
Wed.
4
105.91
ThUTS. Feb. 5
106.09
Range for 1959
High
107.32 Jan 22
Fri.
106.51
Low
34% Feb
Jan
1%
28%
1%
Jan
8,400
3%
5,700
2%
Jan
14%
15 J/«
900
14%
Jan
15%
Jan
14%
15
15%
9,700
13% Jan
15%
Feb
6
8%
11,8J0
20
21%
5,000
5%
8%
Jan
Feb
13% Jan
23
Jan
21
:
The SEC index of stock prices based
i
stock for the week
30
93%
Jan
98!2
26%
50
26%
Jan
27% Jan
14
14%
2,950
12%
Jan
14%
23%
500
22%
Jan
23%
62%
64
900
62 %
Feb
68% Jan
Feb
Jan
Composite
—
Durable
5s
1%
17,200
1
17 %
17%
17%
1,500
17%
Feb
—10c
8%
8 %
8%
2,300
8%
Jan
Interest
Last
l'eriod
Sale Price
or
1978
84%
85%
80%
May-Nov
May
Utility
Trade, Finance and Service
Mining
332.2
—1.2
534.8
—1.4
534.8
402.2
355.9
—1.9
356.3
219.7
212.4
212.5
0.0
216.3
155.5
397.2
404.8
—1.9
404.8
263.2
—2.9
360.4
261.3
350.1
360.4
Daily, Weekly and Yearly
Int'I
and Miscel.
56%
39%
Mar-S«pf
$97%
8
56%
39%
15
80%
87%
Mon.
Feb. 2
3,609,980
87,241,000
$463,000
—
80
82
Tues.
Feb. 3
3,217,380
5,696,000
253,000
—
Shares
Wed.-
53
36%
98
—
56%
Feb. 4
Feb. 5
Fri.
Feb. 6
Bonds
Bonds
5,941,000
171,000
3,137,317
6,212,000
3,009,870
#,230,000
293,000
244,000
16,140,757
$30,320,000
3,163,210
.
•
98
164
$37
44
40
81%
81
82%
—
86%
86%
Total
National Research
f5s
convertible
1970
subord
1953
debentures
1976—Jan-July
extended to
110%
1963
93%
Harbor Water
Power
3%s
3s
California Edison
series
series
2%s
1973
A
B
series
Co
6s
May-Wow
1981—May-Wow
conv deb '62—Jan-July
3s 1965
Mar-Sept
Jan-July
series
D
E
1978
F
3%s
series
G
4%s
series
H
series
series
i
1982
K
——
2
103
92%
1983
Southern
California
Southern
Counties
Gas
Gas
3%s
1970
(Calif)
3s
87
94%
3
120
70
94
96
5s
debs
1974
1960
Western Newspaper Union 6s
U. S. Government
$1,424,000
1958
99,394,171
12,371,238
1,180,000
62,242,594
6,893,000
145,130,000
$152,052,000
69
93%
84
5
83!'2
83!
a
84
65
92
83%
5
81
84
91%
92%
82
82%
89
91
1971
2
89
99% 100%
41
$105%
99
105
100%
,5
106%
107%
103
ko
102%
Jan-July
86
Feb-Aug
Feb-Aug
105
89%
8
89
June-Aug
1959
Feb-Aup
Mon.
Feb. 2
Government
Bonds
2,076,175
Foreign
Corporate
Bonds
$5,000
$5,000
$136,000
Feb. 3
1,666,605
66,000
Wed.
Feb. 4
1,811,395
94,000
13,000
Thurs.
Feb. 5
1,612,234
86,000
2,000
Fri.
Feb. 6
1,422.426
105,000
1,000
Tues.
Total
1,000
Total
Bond*
$146,000
67,000
107,000
88,000
3,000
8,588,836
$487,000
$9,000
$21,000
109,000
$517,000
$60
86
8
86
86
91
101% 101 %
1
91
62
67
65
101%
103
96
96
1
95%
96%
70%
71%
37
69%
72
100% 100%
1
99
5
99
99
99
1959
Stocks—No. of Shares—
1958
1959
1958
8,588,836
3,176,590
51,914,841
16,607,707
$487,000
$331,000
$3,573,000
$1,936,000
21,000
95,000
272,000
216,000
9,000
15,000
122,000
216,000
$517,000
$441,000
$3,967,000
$2,368,000
Bonds—
Domestic
Foreign government
Foreign corporate
100%
99
Jan. 1 to Feb. 6
Week Ended Feb. 6
90%
$91
70%
Bonds
105%
89%
Jan-July
Foreign
Domestic
105
106% 106%
April-Ocf
Stocks
(No. of
Shares)
..
83%
89
$180,686,500
Daily, Weekly and Yearly
84%
10
$24,169,000
$4,000
25,000
Transactions at the American Stock Exchange
—
97
100%
Total
95%
—
..
22,964,000
$31,744,000
$25,000
.
Railroad and Industrial—
78
73
__
70
94%
«*•»
30,320,000
$1,000
4,000
8,001,000
172,680,500
..
_
_
„
$81%
June-Dec
Traction
16,140,757
-
,
1959
1958
1959
Mares
International Bank
100
$88
June-Dec
Penn
■'A%
Stocks—No. of
123
32
$92%
Webb & Knapp Inc
West
$31,744,000
Jan. 1 to Feb. 6
86
99
83 %
Gas & Electric 3%s 1970
& Chemical 6s 1973
Wasatch Corp deb 6s ser A 1963
Washington Water Power 3%s 1964
Dye
5s
6,505,000
5,474,000
96%
86
91%
'
Southwestern
United
—
97%
85
123
$81%
April-Oct
Feb-Aug
Jan-July
Mar-Sept
Mar-Sept
1982—
J
93
94%
*87
Feb-Aug
1982
4%s
103
21
94
Feb-Awp
1981
4%s
97%
Feb-Aug
1979
4%s series I
124%
98
Feb-Aug
1976
series
series
98
Feb-Aug
1976
3%s
88
97%
123
1998- Jan-July
1973
C
3%s
3s
94%
$86
Corp 3s,
..Sapphire Petroleums Ltd 5s
Southern
$85%
J an-July
—
Electric <fe Gas
141
$101
Jan-July
Rapid Electrotype 7s deb 1967
Safe
6,112,000
—
~
Week Ended Feb. 6
Foreign
1st mortgage 3%s 1968
April-Ocf
mortgage 3s
1971
April-Oct
Pennsylvania Water & Power 3%s 1964—June-Dec
Public Service
v-H 00
—
,
Power
1970
107
$98
May-Wow
1st
3%s
Sale*
Bonds—
England Power 3%s 1961
Nippon Electric Power Co Ltd—
-6Vis due
81%
$86%
_y~
Bond
167%
Corp—
New
Ohio
81%
139%
—
—
—;
Total
$7,704,000
p,949,000
$1,424,000
47
4s
Bonds
Bonds
39%
163
RR
Government
83%
Jan-July
.Altalian Power Realization Trust 6%%
liq tr ctfs__
•Midland Valley RR 4% 1963—April-Oct
Western
&
Foreign
94%
122%
Jan-July
Guantanamo
United State*
Bank
Railroad
Stocks
No. of
89%
Thurs.
Mtge Bank 5s 1961
Flying Tiger Lino 5%s conv debs 1967-
476.6
475.5
349.3
45
Division—
Finland Residential
373.3
120%
Jan -July
1st mortgage 4s series A 1993
A 1st mortgage 4s series B 1993
>.
_
299.0
511.5
527.0
.
High
Western RR—
Lackawanna of N J
Goods
413.2
—1.3
470.0
Goods
—1.2
Range .Since
41%
36
94%
Lav
High
413.2
511.5
.9% Jan
Low
44%
89%
$123
-
———1958-1959-
504.8
,
Jan. 1
No.
High
June-Dec
Steel 6s Aug 1 1998
.Boston Edison 2%s series A 1970
Lack &
$37%
90
Sold
Quar-Feb
-Bethlehem
-
June-Dec
June-Dec
Jan
" °
Chang*
Transactions at the New York Stock Exchange
Bond*
Friday'*
Bid & Asked
Low
AAmer Steel & Pump 4s inc debs 1994
Appalachian Elec Power 3%s 1970
18
Jan
Week's Rang*
Friday
BONDS
-Delaware
1%
Jan
Jan. 23, '59
408.4
_
Manufacturing
Non-Durable
1%
the closing prices of the common
Percent
Jan. 30, '59
Trnasportation
lfc
on
1959, for composite and by major industry
groups compared with the preceding week and with liighs and lows for the
current year are as follows (1939=100):
Feb
98%
26%
1
103.19 Jan 2
ended Jan. 30,
Jan
Jan
96%
14%
6—
72.75 Jan 2
SEC Index of Slock Prices
Feb
3% Feb
19%
98%
Feb.
102.82 Dec 31
—
Jan
20%
Feb.
Jan
40%
% Jan
17% Jan
6,900
Jan
20%
7%
40c
Range for 1958
High
2%
American Stock Exchange
-
85.57
90.12
204.69
105.71
Jan
■
-
90.11
205.61
105.81
dep rets ord reg
Wright Hargreaves Ltd
■
205.17
90,97
3
23%
Chicago Transit Authority 3%s
i
f
2
8
Jewelry Co..
Zapata Petroleum Corp
1
86.16
Jan
32
Jan
Total
>
Bond*
85.12
Feb.
Ltd—
Zale
Ities
91.20
Mon.
%
r
84.02
162.33
Jan
2
(F W)
Rails
1
40
161.60
140
18%
3
•
Amor
Rails
*
Total
589.38
I»*te—
1
Woolworth
TJtil-
-
85.49
Jan
Woodley Petroleum
-
90.02
Jan
Wood Newspaper Machine
-
trials
205.69
3%
Wood all Industries Inc
■
Stocks
90.72
4
Jan
37%
21%
100
common
ities
90.88
161.57
Grade
1
(35 Stocks)
Compiled by National Quotation Bureau, Inc.
Jan
27%
1
Ltd
roads
161.91
592.23
i
■
'
Over-the-counter Industrial Stock Averages
Jan
91
■f'tf J an
25
Lt 4%%
Jan
3%
100
1
common
_
Jan
2ii
3} 3 Jan
10,800
i«
5
.10
Jan
89
1
(R C) & Co
Grade
'
10
Tues. Feb.
Is
preferred
-
10
Second
24% Jan
a
•
Williams-McWilliams Industries
_
Jan
2-,^
Indus¬
'
10
First.
Feb
2%
65
^
592.34
5
3%
Util¬
10...
trials
...
4
Feb.
Total
15"
593.96
—
3
Feb.
3%
I
Industries
Feb.
Jan
Jail
100
100
Corp
(The) Corp
Dale
Jan
1%
117
24%
^
White Eagle Internat Oil Co
White" Stores Inc common
Pwr &
2%
1% Jan
24%
.1%
Weyeuberg Shoe Mfg
(John)
Rail¬
37% Jan
2%
1.25
-
dep rets ord shares
Wisconsin
Jan
Indus¬
1,150
3%
■
24%
Western Tablet <fc Stationery common.*
Westmoreland Coal
20
Westmoreland Inc
lo
Wood
3
Jan
1,200
Western Maryland Ry 7% 1st pfd__100
Western Stockholders Invest Ltd—
'5%
Feb
29%
30 1
l
Manufacturing
Wilson Brothers
71'•
38%
72
-Bonds-
20
l"
:
.
Jan
3%
V72
30
37! 4
—
———
Williams
Jan
Jan
V
5
Western Development Co
Western Leaseholds Ltd
*Amer
2ya
1,100
3%
Jan
71
3%
•
West Texas Utilities 4.40%
3
27%
1
West'Canadian Oil & Gas Ltd
.?;•
300
37 %
10c
Webster Investors Inc ("Del)
Weiman & Company Inc
3%
72
1
.
3%
3%
30
Webb"& Knapp Inc
$6 series preference
Wentworth
3%
3%
3%
1
—
■$2 -cumulative preferred
Wallace & Tiernan Inc
Waltham Precision
•„
•
"
-
-
:
34
The Commercial and Financial Chronicle
(734)
.
Monday, February 9, 1959
OUT-OF-TOWN MARKETS
RANGE
Friday
Low
ttbarea
Range Since Jan.1
High
Low
Union
High
"
American
Motors
American
Sugar
Tel
American
ik.
Corp
Refining
&
8
25
33 7k
Boston
Personal
Calumet
Cities
Service
Copper
—
607k
Range
Co
Nat'l
Ford
Motor
1st
pfd
Inc
Co
Kennecott
Corp
U S
56
Jan
Jan
19
637k
150
597k
Jan
647 k
30
65
277k
Jan
3174
387
2874
83%
63
174
200
155
50
7874
1,821
767k
Feb
8074
Jan
A C F
457k
4674
388
457k
Feb
487b
Jan
Alien
397k
192
39 74. Feb
44
Jan
Briggs
310
9074
108
Feb
Brown-McLaren
Eagle
Gas
Jan
12
Jan
Buell
Feb
37
Jan
1274
Jan
14
Jan
Burroughs Corporation
Chrysler Corp
:
Gc
Jan
14c
Jan
Consolidated
13c
7,300
21 %
1,933
167
19 7k
473
Jan
21:%
Jan
Consumers
Jan
160
1667k
Jan
205
437 k
Jan
47-74
Jan
Davidson
17%
282
16%
Feb
197 k
Jan
Detroit
27
25
Jen
27
Feb
Detroit Steel
%
16
17a
150
Feb
17a
128
32%
Jan
3674
Feb
29%
150
297k
Jan
30%
Jan
59
120
5674
Jan
5974
Jan
Jan
74
174
3774
30
337k
Jan
37 %
297k
30%
1,116
28%
Jan
32 3 «
Jan
4274
41
Jan
447 k
Jan
487k
4574
Jan
497-1
Feb
46%
Jan
517k
Jan
3574
Jan
37%
Jan
82
Jan
84
42 74
—
—
437k
2,268
48%
4974
661
48%
-v."
49 V*
,
90
357k
56
157k
72
216
82 7k
16%
140
1474
Jan
16 7 k
Jan
72
—
3674
82
767k
246
717k
Jan
7674
~~
Gibson Art
Low
Procter & Gamble
Randall class B
for Week
15%
15 7k
327k
157k
Low
High
415
32%
Jan
105
15%
Jan
15%
Low
ft. /
2%
11%
500
87k
340
17-k
Jan
20 38
677
3
1,597
i 564
993
12
V
3
Feb
387k
Jan
41%
Jan
517k
Jan
54%
Jan
Jan
1574 Jan
96% Feb
39
1,728
137k
96 %
17
967k
Feb
11%
623
117k
Feb
.
Jan
Jan
27k
52%
15
Jan
Jan
17k
21% Jan
Jan
20
57/«
57e
270
57k
44%
7,309
42 7-4
19%
412
157k
Jan
57k
Jan
19%
11%
Jan
43%
—1
27k
Jan
1%
Jan
1
43%
2374 Jan
Jan
11%
—20
High
■
Feb
27k
Goebel
Jan
45
Jan
1974
"
Jan
Hastings
5,555
18%
Jan
217k
Feb
7,470
477 k
Feb
507)
Jan
1
3%
3%
4%
1,008
3 7k
Jan
47k
Jan
Oil
*
1
3%
3%
4
5,510
27k
Jan
4
1%
1%
27k
6,280
17k
Jan
1%
_2*
434
4%
474
100
474 Feb
47'4
Chemical.
&
•
3274
81
27 %
Jan
33
Jan
15%
5
16
Jan
15%
Jan
47%
50
158
41%
50
Jan
4574
4674
163
4174 Jan
49%
Jan
*14il
347k
357k
315
34%
Feb
37% Jan
J
427k
427k
20
38%
Jan
957k
96 74-
245
9174
Jan
'57k
5%
178
5%
Jan
,4574
Electric
-
47
62%
327k
Feb
96%
Feb
Jan
5%'Feb
47^ # Feb
60
Jan
62%
Jan
Jan
34%
Jan
44
110
31
42 r! 8
,
31%
186
6174
Jan
1,675
■
'74a;
74%
76%
1,336
73%
Feb
77%
Jan
-,a v.
34%
347k
10
34 7 k
Feb
34%
Feb
2
3Q3^
357k
377k
152
29%
Jan
373k
Feb
52%
52 7k
4
52%
Jan
52%
Jan
Park
28
200
25
Jan
22%
23%
6G1
2074
Jan
8%
97k
3,308
6%
Jan
97k
Feb
6%
67k
100
57k
Jan
6%
Jan
1
Mtrs
28%
287k
282
287k
Jan
28%
Jan
27 k
27«
100
2
Jan
2%
Feb
33%
337«
2,174
32
Jan
337k
Fei)
1
10%
107k
175
107k
Jan
11%
Jan
274)
2%
1,000
27 k
Jan
147e
157s
635
2
15
3
Metal
27k
1.000
27k
Jan
274
Jan
237k
443
197k
Jan
2474
Jan
274
200
274
Feb
3
Jan
274
1
>29
312
29
Products—
Metal
37'
1
137 k
37
97k
Jan
9%
9%
2%
,_2
Jan
11%
Feb
11%
2%
27k
Jan
2%
,
15%
147 k Jan
15%
Feb
33
307k
Jan
337k
Jan
12%"'
12%
13
97 k
Jan
13
Jan
24%
227k
237i
7%
77k
10
class
B——
13%
14 7k
,4%
4 74
11%
11%
.1
common
15%
7%
Feb
Feb
15%
Jan
474 Feb
37i Jan
4%
Feb
15%
37 k Jan
15% Feb
157k
Jan
12
Jan
11
474
4.
1
__1
L
common
2474
1374
117 k
•
Dist
Co
Jan
Jan
774 Jan
247k
1
1
Corp
Jan
1474
1
Superior Tool
A
Jan
3274
10
Shirt
Jan
47k
11%
5
Studebakcr-Packard
United
6
57 k
11%
2%
■ *:
5
Corp
Dillon
Tube
Feb
Jan
97k Feb
5%
i.Ji'n-r?
1
Paper
Standard
13%
Feb
8
Jan
41
13% Feb
387k
5
Rudy Manufacturing
Udylite
13%
*
29%
2874 Jan
37
;——1
—
Brewing
Scotten
Feb
2%
22%
10
:_
Prophet Co (The)
Rickel (H W) & Co
Standard
15%
Jan
1
common—
Chemical
Raisin
27k Jan
1374
1
Products
Parke Davis & Co < new)
River
Feb
1
;
Corporation
Peninsular
23%
10
:
__:
Screw
Rockwell
Feb
28
—3
Refineries
Pfeiffer
Jan
Jan
28
2%
common
Wines
Clemens
Mt
Feb
1
Industries
Ironite Inc
Murray
Jan
21%
487s
1
Houdaille
Howell
56
5274 Jan
207a
47%
Manufacturing
Manufacturing
Hoskins
1,652
20%
47 %
Paige
Lakes
Great
547k
1
1.66%
Corp
Brewing
Graham
54%
i—__—___5
Company
Trailer
Motors
Jan
>
46
50
Range Since Jan. 1
96 %■
34% Feb
5
1
Jan
Sales
Shares
39
14%
Michigan Chemical
Range Since Jan. 1
471/3
,
Jan
76% Jan
,-v
for Week
51%
14%
—
1
Corn
Motor
General
Masco
Shares
34%
62 %
Ford
Fruehauf
Leonard
2
pref
62%
High
2%
pfd.
Bros
Walker
.
Jan
213k
27s.
51%
______
Edison
LaSalle
High
33%
5
60
$11,500
20%
—25
King Seelcy
Kingston Products
Kresge Co <S S)
Kysor Heater
Sales
Range
15 14
Jan
Exchange
of Prices
I™"
new
61%
306
Jan
Week's
jp
_
5674 Jan
100
Feb
3674
2974
50
—
Motors
4574
12.50
*
—_
Jan
2%
—
10
$4.50
Pr
167k
3774
8.50
54 78
1%
5
—
Paper
Continental
58
10
Telephone
Transit 4-
Machine-
&
337k
207 k
8
com—
Jan
11%
1
Feb
95
1
•
Electric
71 %
2,733
"III
Die
1074
35%
„io
«fc
35
21%
2%
•
Manufacturing
Mfg
50
164
:
0
Feb
Feb
21%
5
40
297k
.
:
'
Jan
92%
Exchange
LOW
,/v/
1
34
j
Milling
Rapid
U S Printing
107 k
20
IIII
:
of Prices
-—1
Wrigley Stores
Electric
13 7 k
11c
21
1667k
Last
Picher
Kroger
'
Par
13 7 k
50
—
.
55
Range
Sale Price
27
*
-
Week'a
<
Last
337k
12.50
______
Friday
STOCKS
767k
—
—;
Piano
Detroit Stock
Jan
100
Co
Burger ——^
Carey
Champion Paper
.
Jan
567k
Par
Laundry
Balcrank
Cincinnati
50 74
Jan
Sale Price
Cincinnati
Jan
527k
"
STOCKS
k.
Jan
48
334
Friday
Cincinnati
1%
547k
Cincinnati Stock
Cincinnati
Jan
53 7k
5
—„_
Baldwin
Jan
75c
•
RR
Jan
33%
70
53
.75 '%
.
547k
61
Jan
8474
28
:ixz
36%
208
J
.
..
Jan
337k
•
Corp common
52%
Feb
Jan"
Jan
_•
Co
A*' y
4%s.
Jan
2974
Waldorf System Inc__
Westinghouse Electric Corp
American
307 k
Jan
7874 Jan
42
1074
.
;■
49%
127 '
r-, ->•+
81 Va
2
__
9234
.4^ V":- .72
72
25
367k
.
.16% Jan
...'
Jan
Transit
447 k
1
Mass
2*4
... WW.—
Jan
BONDS
:
Cincinnati
Feb
_—2.50
Inc
Co
ft
Jail
123-%
Jan
Jan
3974
——
Smelting, Ref <fc Min Co
Vermont &
617 s
Jan
18
Feb
5
Stop & Shop Inc
Torrington Co
Fruit
Feb
53
10
7474
25
Rubber
mi
Budd Company
Quincy Mining Co 'q_
Reece Folding Machine Co
S
59
199
1874
387-4
,25
Chemical
United Shoe Mach
m,LJ I.
11-
.>
16
50
U
736
547k
1067k 108
Pennsylvania RR Co
Webster
[-[
r
15%
'
497k
35%
927a
I
__
Woolworth
—
Corp
___—_____4
Racing Association—
_l
National Service Companies
1
New England Electric System
20
New England Tel & Tel Co
100
United
Jan
299
Lone Star Cement
&
11
7674'
Narragansett
Stone
Westinghouse
39
-
,
..16.66%
..
High
54
52
49%
357k
.
777^
'\/-
common,... —50
Theatres——
LOW
'I
167B
124 74 126
Shoe
Steel
—
8
Rexall Drug Co
Shawmut Association
S
7474
—
1
16%
Rubber
S
S
Range Since Jan. J
High
Low
5
C&rbide
3874
_
5
Copper
U
U
U
.
of Prices
Jan
O «v *
617k
48
Co
Mathieson
Feb
127
1%
Ry Co
Gillette Company
Island Creek Coal
Olin
70
Jan
82 7k
Stores
Eoston
Jan
3174
General Electric Co
Loew's
Jan
607k
124%
y
297k
Assoc com
class A_
cumulative preferred class B_
First
CM
224%
278
1874
—
cumulative
67o
347k
53%
—
pl'd
cum
Jan
Jan
59
"
.
Co
Eastern Mass St
6c/o
1
437k
Feb
61%
Inc
Eastern Gas & Fuel
4 %%
—
—25
Prop Trust
Heela
&
'r
100
.
__
_„
75
Feb
337k
2,216
126% 1267k
2327k
50
Boston &r Albany RR
Eoston
Edison
Co
327k
3,145
33%
2307k 2347k
70
677k
'
Anaconda Co
377 k
337 a
100
Tel
327k
si.ii;
—
for Week
Shares
Range
\
>
Par
Toledo Edison
Sales
Week's
■
Last
Safe Price
for Week
*f Prices
Par
STOCKS
Sales
Range
Sale 1'rlee
FEBRUARY <;
Exchange
Week's
Last
WEEK ENDED
Friday
Boston Stock
STOCKS
FOR
Feb
Unlisted Stocks
Allied
Stores
0
American
Can
American
Cyanamid
American
Telegraph
100
(111)
Ashland
Oil
2
_
&
Ohio
Gas
Power
System
Jan
2134
Jan
10%
12%
560
10%
Jan
13
Jan
14%
14%
25
14
Jan
15%
Jan
Abbott
47%
Jan
Acme
in
Light
43
__
~I_
50
14% Jan
157k
Jan
63
63
45%
45%
.
>
">
60
5474
Jan
57
597k
Jan
6474
Jan
25
45%
Feb
49
Jan
Aluminium
89
172
37%
120
2ii'?
o?L8
52%
coy*
iUf
f®%
in
25
54
28%
560,;
77%
17
105
77%
35
J
National
Cash
National
Distillers
Register
American
54
Jan
5774
Jan
American
Cyanamid
American
Investment Co
(Un)
(111)
__—10
287k Jan
1
20
American
Machine & Foundry
7
55
2774 Jan
5431. Jan
75 m Jan
Corp
Republic Steel
Reynolds Tobacco class
37%
100
36%
Jan
38
Jan
222
52%
Feb
58 74
Jan
184
59
Feb
66%
Jan
77
78%
135
77
Feb
807k
46%
48%
501
46 7k
Feb
51
Jan
18%
19
94
1774
Jan
19
Jan
73
3974
Jan
427k
Jan
59%
175
5974
Jan
647b
Jan
29%
70
28 %
Feb
2974
Feb
867k
Jan
86
20
33%
35%
32
32%
Jan
49 %
220
4374
Jan
497k
Feb
39
Jan
4274
Jan
70
407k
Jan
76%
129
72
Jan
30%
110
297k
Jan
3174
Jan
50
277k
Feb
2974
Jan
29%
29%
50%
51%
zlif
47 4
Standard
Oil
(Ind)
Standard
Oil
(N
"H
J)
?=
22
7
For footnotes
___
IIIIIHi
gee
page 42.
Tel
American
Tobacco
American
Viscose
Oil
Amurex
Anaconda
&
Armour
Stand
137k
(Un)_
(Un)
A
26%
Jan
700
1774
Feb
197k
200
12 74
Jan
1674
Feb
1,500
107k
Jan
11%
Jan
100
4574
Jan
517'8
Jan
1,600
27%
Jan
30
Feb
Jan
400
82
Jan
907k * Jan
8,700
317a
30
Jan
33%
Jan
1,300
247k
Jan
3074
Jan
900
207k
Jan
227k
Jah
4774
Feb
507k
Jan
337k
167k
4774»
20;
Jan
600
53%
7,200
337a
517b
Feb
300
1,300
Jam
'*
207e
Jan
Jan
587k
Jan
Feb
437k
Jan
..
Ashland
Oil
&
Sty
1
Products
Jan
Jan
Baldwin-Lima-Hamilton
517k
Jan
Bastian-Blessing
(Un)__.
Bendix
Feb
747k
Jan
Benguet
Jan
10374
Feb
Bethlehem
Aviation
Steel
Corp
41
50
39
Jan
44%
Jan
Binks
43%
55
397k Jan
4574
Jan
Boeing
Manufacturing
Airplane
Fisheries
67%
67%
30
637k
Jan
Feb
Booth
47%
49%
173
477k
Feb
52
Jan
Borg-Warner
34%
34%
7
3474
Feb
36%
Jan
Brach
21%
23%
196
217k
Feb
247k
Feb
Brad
47%
48%
157
477k
Feb
487k
Jail
714
54%
Feb
59 7k
Jan
63 Ta
65
5974
Jan
64 74
Jan
Burroughs
13%
14%
139
137k
Feb
15
Jan —*-
Burton-Dixie
10
5
Inc
&
Foote
Gear
667k
Jan
72 %
Jan
1,500
23%
Jan
14 74
600
277k
Feb
1174
Jan
1474
Feb
Jan
2174
Jan
10
Jan
28 74
700
44
Jan
507k
Jan
107k
Jan
127s
Jan
6,600
ft
35,200
1,300
Feb
Feb
10
Jan
Feb
ft
Jan
1174
Jan
.
1674
Jan
900
14
200
667k
30
Jan
350
67%
Feb
Jan
17k
Jan
557k
Feb
6774
17k
17k
X5274
287k
42%
287k
427k
25
397k
247k
397a
ill
*
0
697k
174
4,300
17k
55 7k
5,700
507 k
297k
437k
2574
397s
ill
Jan
70
33
71
Jan
\Feb
Jan
Jan
100
27
Jan
29%
Jan
800
42
Jan
467k
Jan
2,800
600
100
20%
397k
109
2
Jan
Jan
Jan
Jan
25 ¥4
Feb
417k
Jan
113
2%
Jan
Feb
274
__
2 7k
600
20 74
20%
300
1974
Jan
21 Va
Jan
500
147 k
Jan
157k
Jan
1
-
Jan
1074
Jan
800
687k
20c
(Un)
31
Jan
2474
147k
x5274
5
Jan
107k
70
33 74
3174
5
Works—
107k
28
700
200
69
33
5
1
-
1074
2874
50
11%
ft rl5/64
107k
26%
48%
107k
147k
1
J)
(Un)
Oorp
10
__
5
Co
Corp
(E
Company
Burlington Industries
Corp
600
8
Corp
Sons
Feb
PI
(Un)__
(Un)
Budd
55%
*
Corp
Consolidated
1
13
Co
Manufacturing Co
Jan
Feb
6974
2,200
1-32
Bailey Selburn Oil & Gas class A
5074
Feb
47s
Jan
3
29%
117k
Feb
417k
Jan
607a
287k
4874
4474
Jan
7k
900
287k
3
40
377s
100
697k
727k
277s
1,600
lo
Belden
500
47k
68
7074
25%
207k
Refining Co
Manufacturing Corp
Rights
Atlantic
Jan
Jan
207k
10
Avcn
457k
Jan
107
207k
267k
Jan
240
Jan
19
4
43
Jan
967k
10
<
Corp
30 tk
677k
277k
:
65
22374
200
1
preferred
non-cum
15%
1,000
& Santa Fe—
Common
Athey
Feb
5,100
13%
7074
—10
Refining common
Atchison Topeka
17%
Jan
177k
23274 23374
4%
6874
-
207k
727k
Jan
800
177k
1 6 74
107k
497k
2874
83%
104
5.
Jan
9174
1674
133%
50
(111)
Feb
10
33
62%
30%
1047k
407k 41%
5
Warrants
Jan
65
337k
25
5
common,.
17
72%
Jan
Feb
1,700
477k
25
(Unj
(Un)
48
47%
7074
617k
48%
4834
20%
567k
3774
2074
47%
100
Corp
Corn
Co
San
Co
(Un)
class
Co
Steel
Armco
&
& Tel
Company
62%
ZZ
81 -ndard
Oil (Ohio)
Stndebaker Packard
Rad
American
267k
44%
.
High
;
500
30
217k
287k
477k
_5
Corp
American
54%
ZZ*
1
Motors
41
9
™
""""
American
48
44%
.
48
12.50
Co
42%
~~v
(Un)_l
(Un)
75
72%
,
Co
Co
66
101% 103%
.
42% Jan
7974 Jan
'
44%
~~2,
i
Mobil
Feb
73%
nq 1/
-f 40
Sears Roebuck
Sinclair Oil
35 7k
42
27%
T0
in
Jan
41%
17
29 /4
,
B
Jan
40
787k
(Un)
Paramt Theatres
Can
Low
High
Jan
57%
61%
17
%
Schenley
80 7k
Airlines
Broadcast
Range Since Jan. 1
Shares
2167k Jan
59
27%
5333c
Radio
Jan
38
—
$3333
J™
74
29%
nZv
ln
„
60
41
'IIIIIII*
RR
Oil
Rand
Am
Jan
41%
5
287k
2074
American
Jan
208*" Jan
95
1
Jan
52%
49%
307k
387k
*
Central
Pennsylvania RR
Pepsi-Cola
Phillips Petroleum
33 /8
83
3074
—
•
2474
86
,
277k
1
9574
28%
~~o
~~
America
Ltd
Jan
30
,
10
Manufacturingof
Co
497k
Feb
57
Co
Aluminum
17%
16
10%
497k
277k
1
1
30
2274 Jan
39%
86
Allis-Chalmers
-
35%
135
208% 210
*
~*10
_~II II
-
5
Alleghany Corp
Allegheny Ludlum Steel
*
17%
1 674
1
Castings
(Un)—
Jan
30
_10
Aluminum
7274
89
56%
ZZV
Advanced
617k
61%
5
common
Co
Corp
Feb
23%
27%
Laboratories
G874 Jan
89
Low
Par
Steel
for Week
Range
of Prices
Sale Price
Admiral
Sales
Week's
,
Last
STOCKS
507k
22%
54
27%
•
'
IIIIIH
—
'
.
455
37%
23
•
Co
Snen-v
15
15
50"
1/8
common
So—nv
Jan
70 "4
t
iaf
Motors
Southern
Feb
>: 44%
52%
1
Monsanto Chemical
Pure
55 74
Jan
50%
Department Stores———2.30
York
Jan
42 74
69%
f
Montgomery Ward
New
Feb
51%
45
70
1
International Telephone
.
43
288
43%
50 r>«
<=
International Harvester
Mead
45
55%
42%
"~
43%
53
»
7
Auto-Lite
(P)
»'
5
Greyhound
Martin
Friday
2874
HIII~IIH_1
&
compilation of the round-lot transactions only
Feb
Jan
in
General Dynamics
General Electric
f
697k
Jan
IIIII l
~io
Dupont
New
Jan
A
197k
I_IH_*
„j;
Chemical
Lorillard
Jan
60%
100
Midwest Stock Exchange
Feb
Jan
106
23%
25
Wright
General
177k
24074
95
25
Products
Federated
Jan
Jan
.96% Jan
142
I
Columbus & So Ohio Electric
Corn
Products
Co
-
G9%
„
20%
~2
Colgate-Palmolive
Electric
25
26%
Cities Service
Dow
157k
2247k
70
171
20%
a
Burlington Ind
Chesapeake & Ohio
Chrysler Corp
Dayton
17%.
234
25%
100
Steel
"
Curtiss
Jan
67%
13
Boeing
Colubibia
Jan
517k
103% 103%
IIIIIIIIIIII"
City
Feb
507k
Feb
5
Baldwin-Lima-Hamilton
Bethlehem
54%
Feb
4874
2
__.
Avco
Baltimore
Jan
47%
118
231
50
Armour
5274
176
48%
17%
233'A
25
Anaconda
20
48%
48%
5
&
Tobacco
54%
47%
.
4H14
,
American Radiator
American Telephone
54%
^
--———12750
*10
15%'
15
15 7a
5
3733
377k
39
_12.50
2274
22%
237k
500
3774
Feb
417k
Jan
1,050
2074
Jan
247k
Jan
Number 5819
Volume i£9
.
.
The Coirdnetcial and Financial Chronicle
.
(735)
35
OUT-OF-TOWN MARKETS
RANGE FOR WEEK ENDED
Friday
STOCKS
Week's
Last
Range
Sale Price
Hecia
Canadian
Export,
Canadian
Inc
Pacific
Carrier
Corp
Low
5
Ltd—
Gas
2%
30c
(Un)
Celanese Corp
of America (Un)
Brewing Corp
:
South West Corp
Champlin Oil & Ref common
Champlin Oil & Ref $3
pfd_
conv
Chemetron Corp
2%
Jan
3%
Jan
Montgomery Ward & Co
300 ,*i.
29%
Jan
31%
Jan
Motorola
44%
Jan
27
Jan
27%
27%
,300
'
4%
9,300
-•
3%
Jan
55%
56%
1,400
:.
65%
Feb
58%
23*4
24Va
Jan
55%
56
Jan
56
Jan
4
33
100
-
33*4
69%
70
26%
26%
28'
-9
51%
-•
35%
«
36
Low
Shares
Range Since Jan. 1
Low
High
High
2
40%
40Vi
41%
2,400
39
•
40%
40 V2
41%
2,100
40% ,Feb
43%
Jan
3
60
60
60
62
Jan
Inc—
73
Jan
30
9%
150%
53
53%
50%
Feb
55
Jan
42% Jan
100
58%
Jan
3%
200
2%
Jan
3% Feb
27%
547
Feb
37
88
53
Jan
54%
Jan
89%
&
RR
Jan
60%
24%
Jan
27%. jan
1
30
Feb
32
500
30'
:
60
Jan
63% Jan
250
341/4
Jan
40
4-.
60%
63%
39%
39%
-
Jan
Jan
American
Gar
(Un).
12%
11%
12%
600
11%
Feb
13
*
:.
Aviation
26%
267/a
27%
400
28%
Feb
30%
Jan
41
42%
39%
Jan
45
Jan
60
1,100
16,800
48%
Jan
60
1
10
*
56%
53%
17
25%
25%
26%
•
50%
50%
34
-
17
—5
Corp
Corp
Illinois
30
1
Mfg-
American
Northern
30
10
Co
York Central
27
1
Co
27
5
(Un)__
North
Jan
87%
■„
•
North
Jan
250
Tile
New
3%
l
A
Standard
National
Jan
35%
Gypsum
National
Jan
'
500
88
National
Jan
Jan
class
National Distillers Prod
Jan
Jan
Convertible
Jan
8%
(The) Co common
Muskegon Motor Specialities—
Jan
Jan
t
600
1
common—
-
Feb
-
147
1,300
-
:—100
Iron
-
25
52
.
25 Va
900
35%
54
Jan
66%
2,300
150
22%
33
300
50%
-—8.50
.
.
.,300
9%
150
:
.32
69%
9
(Un)—
ef Prices
Jan
23%
Chemical
Mount Vernon
48% Jan
29% Jan
4V4 Feb
4%
55%
*
.25
;
Cincinnati Gas & Electric
Cliff's
-.=
5,100
45%
1
25
(Un)
common
prefer:-.'d —
Monsanto
30%
Chicago Miiw St Paul & Pac—1
*
Chicago South Shove & So Bend—12.50
4% %
Feb
900
3
19%
far Week
Range
Par
High
Jan
Sales
Week's
Last
Sale Price
1
18%
44%
25
—
Chesapeake & Ohio E.v
Cleveland
>2%
50
30%
•
50c
5
1
CentHrvxe
Co
Low
19*4
10
Central^ &
Chicago Towel
Chrysler Corp
Range Since Jan.
25.
common
STOCKS
Shares
High
19%
6
Friday
for Week
of Prices
Par
Calumet. &
FEBRUARY
Sales
-
100
Jan
Feb
17
Jan
17% Jan
25%
Jan
28
50%
5,800
1,400
50V8
Jan
51% Jan
34%
500
32%
Jan
35
Jan
23%
24ya
1,300
22%
Jan
24%
Jan
91%
91%
150
90
Jan
94%
Jan
17%
18%
1,600
17
Jan
43
44%
28%
28%
42%
45
6.25
83
83%
25
Electric (Un)_.
Fan American World Airways (Un)—1
2
Parker Pen Co class A
62
Illinois
Northern
Gas
Co
Northern Indiana Public Service Co
Northern Natural
Gas Co
10
Jan
Northern States Power Co—
Electric
Cleveland
Coleman
Co
Colorado
Fuel
Columbia
Gas
Inc.—
5
Feb
55%
Jan
(Minnesota)
19%
19%
350
16
Jan
20%
Jan
26%
27%
800
23%
Jan
28
System
(Uu>
10
22Tb
22%
23%
Jan
24Va
Jan
Oait
(Un)
Power
Corp
57%
56
Jan
57%
Jan
Ohio
42.
3,700
38
Jan
42%
Jan
26 %
1,100
23%
Jan
26%
Feb
Olin-Mathleson
59
59.
100
56
Jan
59
Feb
27%
28
650
27%
Feb
29%
54%
55,
900
54
Jan
57%
Jan
11%
11
11%
1,600
11
Feb
11%
Jan
30%
36
5,100
26
Jan
36
Feb
37%
1
—5'
38%
35%
Jan
39
Jan
41%
.
33
—25
Co
tCrucible Steel Co of America
Cu'dahy Packing Co
1
.Curtiss-Wright. Corp (Un)——
—
•
200
30%'
30%
31%
300
27 Va
Jan
31%
14%*
14%
14%
500
13%
Jan
27%
28%
2,300
27%
Jan
29
Manufacturing
Oil
Co
Pacific
Gas
Class
Jan
Detroit Edison
Co
53%
54»,
20
43%
43%
44%
Chemical
5
25%
25%
26
800
77%
78
500
,
_
■iDodge Manufacturing
lDow
100
31
2
10
(Ul))—,
—
&
Co—:
Co—
__
54%
■
5
;
1
Drewrys Ltd USA Inc.—
>Dii Pont (E I)'de Nemours (Un)
26
__
5
.
1,000
1,600
4
"
26
100
30
Jan
31
4f7%
Jan
4fi%
Jan
54% Jan
45
Jan
24%
Jan
26%
Jan
74%
Jan
80
Jan
23
Jan
26%
;Jan
Eastern Air
Lines
Jan
Eastman. Kodak
El
Natural
Paso
Elgin
t.
Co
Potter Co
National
Gas
209 %
Jan
216 %
Jan
Public Service
300
34%
Jan
40%
Jan
Pure
Dairies
Four-Wheel
400
138 %
Feb
160%
Name
37
37
37-%
Jan
39
10%
15%
10%
10%
50
10%
Feb
10%
15%
400
13%
Jan
16%
Jan
21%
21%
100
20%
Jan
21%
Jan
52%
54%
2,900
51%
Jan
56%
Jan
Trailer
21%
21%
800
20 %
Jan
21%
Jan
Feb
89
62(4
200
62
Feb
65% Jan
27%
900
23 Va
Jan
30%
14%
14%
200
14% Feb
14% Feb
14% Jan
15%
15%
100
15%
Feb
15%
14
Jan
14
14%
800
13%
Jan
15
Jan
7%
'
7%
7%
loo
17%
17
171/e
25
53%
52%
54
29%
29%
29%
Jan
Feb
14%
2,600
21%
1
103% 103%
——
3
25
49%
49%
General
Bauk'shares
General
Box
General
20 %
21'%
2,700
53
new——
53
54%
700
8
600
x7%
ex-distrib
36
12V«
Jan
Corp——
of Indiana-
Co
18%
Jan
21%
Jan
53
Feb
56%
Jan
7%
Jan
8V8
Jan
Jan
Jan
46%
46
Jan
48%
Feb
61
61
100
58%
Jan
62
JAQ
44%
1,000
43 V4
Jan
46% dan
1,300
2,200
49%
Jan
46%
1,800
44%
Feb
49% Jan
5
59
57%
59%
700
57
Jan
64%
Jan
..10
72
72
731/4
400
72
Jan
75
Jan
47%
49
400
473A
Feb
54%
Jan
35%
37
1,200
31
Jan
37
400
70V4 Feb
78
400
91
Jan
241/2
Jan
14%
Jan
2.50
;
35%
—1
70% 71%
102% 102%
10
(Un).
5
Gerber
Co._
Products
Gillette
(The)
Graham
;
Paige
St Louis
Jan
St
76%
Jan
80%
Jan
Gray. Drug
d
Greyhound
Corp
Co
48%
Feb
50%
Jan
200
1,900
.60%
44%
Jan
Jan
38
>
-
'
Dec
64%
Jan
Feb
Sheaffer
64%
100
64
Jan
64%
Feb
47
500
45%
Jan
48 %
Jan
Signode
13%
700
11%
Jan
13%
Feb
Sinclair Oil
500
119%
Jan
12534
Jan
Jan
1
Hein
.
(G.t
Werner
1
—2
1
25
Co—
Brewing
Corp
19
Feb
—
Hertz
Corp new common
Hibbard Spencer Bartlett
Howard Industries Inc
-
1
—
10
Huttig Sash & Door common
Illinois
Brick
Illinois
<
Central
Steel
Indiana
Steel
Inland
Co
Interlake
Products
Steamship
International
international
Tel
300
20%
Jan
27
35%
66
42%
42%
Public
Sperry
Corp
Rand
Spiegel
Inc
Square
Jan
66
Power
Alum
Kaiser
&
Co
(Un)
Kennecoct
Copper Corp
Salle
La
Laclede
Leath
Gas
Co
&
Co
University
Feb
Jan
Jan
Swift
Jan
42%
42%
Sunray
Jan
91%
Jan
121
Jan
36%
34%
57%
58%
600
57 %
Feb
64%
29%
800
28 %
Feb
31%
18%
18%
600
18%
Jan
19%
—
65%
700
60%
Jan
67%
2,200
38%
Feb
43
30%
500
28%
Jan
31Vs
60
60%
4%
4%
97%
Jan
400
60
Jan
6514
Jan
4%
3%
12%
29
13','2
23%
208
Jan
22
Jan
25%
Jan
29
Feb
12
Jan
13%
Jan
3,300
100
93%
80%
93 %
Jan
21
21
50
31
Feb
23%
43%
43%
100
42
Jan
43%
Feb
634
6%
5,200
6%
Jan
7
Jan
Feb
42J/a
Jan
45%
33%
33%
100
36
1,200
32 V2
Jan
36
33 V4
Jan
36%
Jan
70 %
Feb
76%
Jan
&: Scott (Un)—12.50
Metropolitan Brick Inc—;
—4
Meyer Blarike Co__
•
Mickelberry's Food Products—
1
18
Jan
22
Feb
15%
16
400
13%
Jan
16
Feb
20%
20%
16%
20%
412
20%
Jan
22% Jan
Utilities.7.'——i.—_7_10
Minneapolis Brewing Co.,
—l
48 %
471/8
48%
8%
8%
8%
Missouri Portland
Mo«ine
•
116%
—
:_10
391/4
Ce uent_.
12 50
Mississippi River Fuel
Manufacturing
—•
Co
spe
page 42.
——
^
1
35 %
300
15%
j»n
.17%
300
46%
Jan
48 %
1,300
7%
Jan
llSVi 119%
800
113%
Jan
17%
'
59%
59%
200
35%
36%
5,200
1,000
35%
84
85%
32%
32 %
20%
21%
21%
59%
57%
25%
..
18%
39%
200
36%
Jan
84%
850
78%
Jan
18
19
350
16%
r
4%
575
-
1
2
15% Jan?
57% Feb
66% Jan
2t>%
29%
Jan
27% Feb
29
Jan
35
Jan
38%
Feb
59%
Feb
62%
Jan
Jan
35% Feb
83%
Jan
1,100
500
28 %
3,150
31% Jan
19% Jan
S
Steel
57% Feb
21% Jan
66% Jan
23%
*
28 Va
Feb
17
Jan
Jan
17
900
15% Jan
67%
'
70
400
62% Jan
70
Feb
29
600
27%
Feb
31%
Jan
4%
Jan
5%
Jan
27%
27%
5%
5%
5%
15,300
39%
39%
39%
500
39%
Feb
41%
Jan
39%
39%
40%
300
39
Jan
41%
Jan
71%
71%
120
71%
Jan
71% Feb
500
*
•
Corp
_
123% 125%
46
48%
123%
25
46
10
37%
(Del)
•
126 Va
Jan
Jan
48%
Feb
35%
Jan
377/8 Feb
36%
500
30%
Jan
36% Feb
500
8%
Jan
900
41%
Jan
200
48%
48%
200
46 V2
Jan
52
Jan
90
95%
1,800
90%
Feb
99 3/i
Jan
50
Jan
108
——
•
Feb
'■
Public
(F W)
(Wm)
Monroe
33%
33%
97
Jan
72
30%
17%
17
17%
77
77
Co
(Un)
Chemical 5s
32
Jan
15% Jan
Beb
18
Jan.
78
Jan
31
1,900
Jan
31
Feb
40
500
37% Jan
40% Jan
26
27
600
25%
Jan
54%
54%
300
53%
Jan
90%
90%
300
Jan
27% Jan
59
Jan
90% Feb
127% 129%
300
117
Jan
129% Feb
$2,000
70
Feb
30%
39 Va
26
54%
127%
76% Jan
Jan
Jan
39'A
•
Jan
30
28
30%
90%
Jan
71%
77
10
*
30%
35%
40
»
10
Service
Jr Co
Jan
13% Jan
400
31
44
108 Va Feb
Jan
11
500
75%
30%
47% Jan
6,600
1,000
1,200
35%
72%
10
Corp
(Un)_.
BONDS
Jan
L
—
Youngstown Sheet & Tube—
Jan
!-
*
Bankshares
12%
•
.
-
100
48
12%
12%
K
2%
12.50
L|
Electric Power
Wrigley
'/if
48
1
preferred
Woolworth
Feb
90%
Co
Inc
Wisconsin
Jan
5%
—16%
Corp
8% Jan
8%
43%
108%
8%
42%
42%
4
.
Feb
44%
2^800
35
1
(Un).
U
123%
800
37%
36
10
Inc
Co
Wisconsin
19% ' Jan
Jan
3Vi»
S4.25
Jan
33% Jan
1
RR
Line3
B6%
1
St Corp.
California
of
>38% Jan
1
Wisconsin
89% Feb
92
1
13% Feb
17
5
—
100 '
60
28
•
Wleboldt Stores Inc common
8% Jan
121% Jan
81
39 Vi
3%
Monroe Chemical Co.
-For-footnotes
34%
34%
*
(Un)_.
37
12,100
5
Union Telegraph
Westinghouse Electric Corp
Whirlpool
Corp
800
Mfg
400
1,200
38%
5
Western
1,900
&
700
28%
Corp
Corporation
Webcor
1,250
Min
10,400:.
(Un)—
Air
Walgreen
45
74
Minnesota
16% Feb
Jan
22
South
Oil
Pacific
U
701%
Middle
Jan
29
.3.33%
Gypsum
U S Rubber Co (Un)
Jan
43%
45
Feb
13%
27%
Co
United States
Feb
21
—
Jan
10
16%
15
28'A
.
Jan
64
Jan
37%
59%
—
United
21%
•
—
—
58%
Jan
59%
12%
27%
I
Corp
Carbide
United Fruit
70 %
i
(Un)
57%
49%
500
28%
Co
United
21%
Co
14%
(Un).—7.50
Co
Salle
Union
Cement—
w
common
Tool
Radio
So La
Union
16%c
New
13%
13%
100
1
Ex-distribution
Jan
11
600
22 %
12%
Merritt .Chapman
15
1,600
8,500
.
5
Tri-Continental Corp (Un)
20th Century-Fox Film (Un)
Feb
100
300
22
28%
*
Merck &
14%
16%
25
Company
Trav-ler
Feb
13%
—1
64
Jan
500
12%
93 Vi
55%
64
.
25
Ramo-Wooldridge
Edison
Union
'■
48%
54%
64
50c
Transamerica
Feb
600
4%
29
—
108
47%
54%
10
__
Producing
Power
Trane
Jan
60%
12%
—
58% Feb
47% Jan
54% Feb
59% Jan
Inc
Toledo
Jan
106% 108
—
400
(The)—
Thompson
Jan
39%
30%
30%
59%
58%
1
Transmission
Gas
Co
Thor
Feb
62%
22
1
25
1
7%
Jun
38%
,
.58%
17% Jan
613/4 Jan
Machine Tool
Gulf
Textron
Jan
7
62%
Jan
.
'
Jan
6
Jan
Tennessee
Jan
28%
300
15
6.25
Company
Texas
Jan
300
58%
7%
200
Mid-Continent Oil Co
&
Texas
Jan
29%
*
7
Sundstrand
Jan
30 Va
Jan
7
17%
_
Jan
Feb
35%
Feb
17%
—
Sylvania Electric Products
150
Jan
35
Jan
66%
——
47%
0
27% Feb
33
Jan
(Un)„
55
39 34
*
common
Studebaker-Packard Corp
Sunbeam Corp
27
118
Jan
Jan
62%
10
Jan
200
23
2' %
400
Equipment
Jan
87%
""
24% Jan
700
48
Jan
28%
Marshall
Portland
Feb
400
118%
Feb
900
7
31%
*
213/4
66%
10
23%
Jan
Jan
5,000
31%
_
51%
39
42%
27%
Furniture
1,550
1,600
5
Electric (Ky)
(The) Co
Storkline
200
1
Martin
Jan
92%
Lytton's (Henry C ) 6c Co_
Medusa
6J/e
42%
4
„
McNeil & Libby
Liggett & Myers Tobacco (Un)
Lincoln Printing Co common—:
Field
Railway
30%
5
1
common-
&
Standard
41
Jan
66%
(Un)
Jan
Feb
4134
31%
66%
"IIIl
California
3%
141
35 %:
of
Jan
40%
*
(Unt
common
Gas
N J
92 %
8.75
Libby
Louisville
of Indiana
Oil
29
33V?e
Co—
Extension
Oil
Standard
300
Jan
100
26%
Standard Oil Co (Ohio)_
39%
& Shinkle Shoe—_*
Steel <Uni_
It)
Light (Un)
Monarch
Standard
Feb
142 %
3.50
—
Kimberly-Clark Corp —7—
Knapp
46
118
Dredging common
400
53%
42%
Jan
69%
27%
*
-
3,700
52
373%
Jan
23%
5
inc (Un)
1,850
25% 127
Jan
34% Feb
64
400
3,200
21%
—
Brands
Feb
29
Feb
21%
common
Co
D
Feb
Jan
100
._50c
;
Standard
96
*
Chemical
Kansas Power &
24%
1,900
-2
(Un)
19
5
*-
(Un)
i——
Laughlin
300
'
1
Service—
38%
*
Tel
&
w
Johnson. Stephens
&
29
:—7.50
Paper
(Un)—
Shoe Co..—
Jones
28%
9%. Jan
26%
*..n
c"
Jan
65%
Co(Un)_.
Southwestern
Jan
*
International Nickel Co (Un)
Interstate
2,600
41 %
39%
*
—
& Chemical
International Mineral
common
6
3%
Feb %
Jan
34%
(Un)
Jan
141
*
Co
International Harvester
New
5%
29
5%
—*
Co
international
2,000
42%
1
Co
3%
52
*
—
3%
Feb
8%
.
93/a
26%
Lathe Works
Jan
S3
25
26%
10
—
RR—
38%
96
It %
26%
Bend
Jan
16%
35 %
19
96
3%
1
—
Hupp Corporation
r
4
in
Feb
South
Oil
600
17
37%
—
Jan
'
•
8%
52j/8 Jan
Standard
1,050
1,500
9%
35
Feb
Jan
Jan
14%
23%
2,400
3,600
1,400
.
473/4
Co
15%
12%
14%
9%
Feb
126%
'
Feb
12
Jan
Jan
43%
8%
3,700
Feb
17%
34
30%
-41%
49%
66
11%
Jan
47%
46% Jan
118%
59%
47%
Jan
700
Jan
53% Jail
40
45
1,100
553/8
67% Jan
Feb
2,700
53%
Jan
40%
12
44%
Socony Mobil Oil (Un).:
"
11%
Jan
Jan
250
19
18%
Jan
38
39
Co
2ys
47%
700
40%
40%
8%
,
Pacific
Jan
Jan
61%
Southern
1%
Jan
353/4
1,200
Southern
4,200
Jan
47%
40
Feb
4,500
11
Jan
67%
65% Jan
2%
Jan
8%
Jan
66
Jan
10%
43
40
Jan
41%
54%
66%
3
3%
Jan
8%
Strapping
Corp
60%
118% 125%
14%
19
Jan
49%
400
47
41%
Standard
Hcileman
15% Feb
33% Feb
50%
66%
Steel
400
Jan
40%
B
200
64
40 %
19
11%
20 %
25
Class
300
61%
118%
27% Feb
100
441/4
32%
3%
3%
3
Jan
"
Pen Co class A
23%
23
25
29V4 Jan
'45% Jan
Feb
Jan
1023/4
300
44%
46
& Co
(W A)
64%
10%
44%
55%
Sears Roebuck
49 %
13
23
10%
Corp
Schwitzer Corp
45 %
125
class A
Schering
—
123
Stockyards
Public Service
49
Feb
900
1%
.
46 %
62%
X61%
(Un)—
10,900
National
Regis Paper Co_.
Sangamo Electric Co__
Schenley Industries (Un)
Jan
48%
1%
—
80%
49 %
1
————
Gulf Oil Corp
Jan
60%
61%
41
x61 %
Great Lakes Oil & Chemical—.
75%
48
—1
*
—
300
Louis
47
*
*
12.50
Stores—
Great Lakes Dredge & Dock
Griesedieck
77 %
5
-*
—
3,000
Jan
8
Granite City Steel Co—
10%
9%
66%
47%
1
Goodyear Tire & Rubber Co
Gossard
(W H) CO—
'
2,700
Feb
60'%
10
—
Co
51
Feb
48
10
83%c
7 Goldblatt Brothers
49%
7%
X46%
x46%
Utilities-:.————5
*
50%
59%
76
*
.1.66%
Corp_—
3,200
400
'
Rubber—
47%
1,400
2,000
8Vb
7%
77%
&
461/2
St
78
Public
46%
& Axle—
Petroleum Co
Dutch
Feb
62
Telephone
300
Paper
Spring
c
Jan
77
Tire
3,800
2,000
33%
2%
59%
General
15%
11%
59%
General
271/2
331/4.
Royal
54% Jan
53
441/2
15%
Jan
__
General
91/4 Feb
52%
'
:
26 »/4
Jan
1
„
u
44%
5
15%
2%
2
Corp.—
8% Jan
500
f,
27 %
10%
Finance
Motors
Jan
51% Jan
44
1
Raisin
Rockwell
152
(Un)—
7 General
26
Jan
44
9%,
48%
Rlchman Brothers Co
1,000
Contract
Corp—
107% Jan
99%
48%
9
•
™—~5
Drug
(Un)
Reynolds Metals Co
Reynolds (R J) Tobacco cl B
2%
Dynamics
Foods
Feb
»
_
(Un)
of America (Un)
Raytheon Manufacturing Co
Republic Steel Corp (Un)__
11%
General
General
Jan
54
29% Jan
f
9%
Radio Corp
11%
11%
General
General Electric Co
20%
Feb
.1
Quaker Oats Co
2%
1
5
Corp
Candy
7% Feb
Jan
22%
47%
100
,.
Jan
Jan
100
23%
49%
Jan
50
400
23%
•
Jan
15
Jan
17
Jan
26%
900
River
J General Arner Transportation
7
2,550
33 %c
Rexall
14%
14
14
Co
Fniehauf
83
5,700
1,300
Revlon Inc
52%
1,300
FWD Corp
to
200
Feb
15%
Auto
changed
47% Jan
Jan
Inc——
Drive
30
Feb
15%
1
Co
3
(Un)_ 5
Firstamerica Corp ——:—
Fovd Motor Co—
Foremost
44% Feb
Jan
42%
•
50
Company
(Un)
Oil
6
—
WatchPhonograph
Radio &:
Emerson
Jan
27%
14%
I——1-5
(The)
138% 142%
138%
39%
400
14%
#
RR
'200
38
10
(Un)
800
1,800
2
People's Gas Light & Coke—
Pepsi-Cola Co
Pfizer (Charles)
& Co (Un)_
Philco Corp
(Un)
Phillips Petroleum Co (Un)__
19% Jan
26
42%
.5
&
39%
209% 210
—
1
Inc_
Corp
B
Pullman
(
*
7.50
Chemical
Patterson-Sargent Co
Peabody Coal Co common
Penn-Texas Ccrp common
Jan
18%
1
:
(Un)—
Pennsylvania
Deere
r
31
common
Corp
Company
i
Co
Owens-Illinois Glass
15% Jan
27%
25
5
——1
—
...
Jan
54%
10
Oklahoma Natural Gas
25%
__
.—.10
Corp.——
Motors
56%
40%
__
5
America
Northwest Ban corporation
1,800
2,900
57
,
*
Controls Co-of. America—u.—_;
T M.
5
26%
-1
1.33%
Co
of
__
25
common
Corp—
—Li
Continental Can Co -—:
>D
24%
Jan
22 %
Foods
Crane
48
26%
Cement
tContinental
200
♦
—-
Consolidated
.
48
Corp
Consolidated
Container
48
Iron
&
Commonwealth, Edison
Consumers
15
Ilium
-•
■'
84%
'
—
1985
70
70
70
Feb
The Commercial and Financial Chronicle
3(i
(736)
.
.
.
Monday, February 9, 1959
:
.
1
-
OUT-OF-TOWN MARKETS
RANGE
FEBRUARY 0
FOR WEEK ENDED
Friday
STOCKS
<Un>
industries
ACF
—25
—
Corp
Corp
Reduction
kcco
Air
—
1
_10o
Admiral
Alaska
Pictures
Artists
Allied
Chemical
Aliis-C'halmers
82
Feb
4%
Jan
Jan
11%
Jan
4V« Jan
4%
Jan
Fargo Oils Ltd
Feddws Corp
Jan
99%
Feb
Fibreboard
30
Jan
3314
Jan
10%
4%
4%
200
99%
99%
194
27%
28%
1,659
30%
31%
5,035
al01al03%
170
27%
*
a
103 %
94'A
27%
Jan
Food Mach 62 Chem Corp.
American
&
640
1,054
1
36%
36%
18
18
102
33%
33
37%
11,754
44%
44%
16%
51 %
•
51%
Corp
Warrants
Friden Inc
Jan
Fruehauf
13%
30%'
Jan
39
Jan
Garrett
—
-
Corporation
Jan
General
Amer
Feb
43%
Jan
General
Controls
250
44%
Feb
45%
Jan
17%
4,421
15%
Jan
17%
Feb
General Dynamics Corp—
General Electric Co (U11)
52
493
46 711
Jail
53%
Jan
General
1,770
225 Vs
18% Jan
Oil
Exploration
240
Jan
General Foods
106%
Jan
General
Motors
Corp
407 b
Feb
General
Pacific
70%
70%
72%
2,364
68%
Jan
73%
Jan
General
Public
68
70
1,564
60'A
Jan
70
Feb
General
Public
Utilities
46%
46%
46%
100
General
Telephone
:
a—
—
■
a
Corp
53
196
46%
Jan
53
Feb
-72%
837
66%
Jan
72 %
Feb
Georgia
26
27 %
1,135
23%
Jan
28
Jan
Getty
Avm
vffg
*
(Un). .13
Oil
Bankline
Barker Bros
Corp
Aircraft,
Steel
Bishop
Oil
Airplane
Boeing
Chlca
Bolsa
Oil
6%
Hill
Burlington
Burroughs
Co
Industries
Corp
Inc (Un /
Cement
Co
California
Canada
Packing C'orp—
Carrier
259
4411,
Jan
50%
Jail
Goebel Brewing
7%
1,637
7%
Jan
8%
Jaii
Good
4%
210
4
Jan
4%.
Jan
12%
8,802
Jan
127b
Jan
Grace
47,528
13/64 Jan
•h
Jan
Graham-Paige Corp
10%
(W
R)
Oil
450
14
Jan
16
Jan
230
43
Feb
47%
Jail
5
12,614
3%
Jan
5
8
18,802
6%
Jan
8% Jan
Feb
Great
Northern
Great
Western
Gull
Oil
(U1.1/
(Un)
Jan
7%
Jan
Idaho Maryland Mines Corp
Ideal Cement Co cap new w
8%
Jan
Imperial
—
—
__
15
38
Feb
6% Jan
Jan
Jan
Feb
Howe
Jan
Hupp Corp
.7%
835
8%
8%
294
12%
154
14%
38
15
955
14%
Jan
15%
Jan
38%
468
38
Feb
41%
Jan
7%
Jan
8% Jan
12%
Feb
13%! Jan
Sound
Company
(Un)
40
427
36%
Jan
41%
20
20%
1.799
-19%
Jan
20%
Jan
53%
1,264
49%
Jan
54%
Infc'l
Nickel
of
Co
Intex
Oil
Jan
21%
Jan
3%
Feb
3%)
Jan
1%
Feb
30%
30%
585
29%
Jan
31
44%
44%
262
44','4
Jan
48%
Jan
24%
26%
1,186
20%
Jan
26%
Feb
Kennecott
86%
881/4
458
84%
Jan
89%
Jan
Kern
County
27%
28%
1.057
27% Jan
14% Jan
29%
16%
% Jan
Jade
6%
45%
Jan
Jan
Feb
Feb
2.680
17%
Jan
329
124%
Jan
5YB
19
126%
Feb
Feb
Jan
a45
50
a—
a—
140
8%
Jan
10
Jan
18%
5,258
17Vb
Jan
18%
Jan
55
216
55
Feb
56%
12%
31%
12%
347
12%
Jan
14%
Jan
32%
525
31%
Jan
35
Jan
38-%
39%
120
37%
Jan
41%
1.35
1.50
14.223
89c
Jail
1.50
Jan
3%
1.40
101 it
17%
55
18
3%
100
2.60
Jan
3VB
Jan
45%
47 %
a9%
a
Jan
Jan
752
43%
Jan
48%
Jan
14
14%
460
14
Jan
15%
Jan
5%
32c
6
580
31c
32c
11,305
32%
31%
32%
1,863
61c
64c
39,050
39%
39%
40
1,804
92
386
92
5%
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Jan
6
Jan
Jan
38c
Jan
31%
Feb
32%
Feb
34c
Jan
67c
Jan
39%
Feb
42%
Jan
92
Feb
86%
Jan
120
291
118
Jan
121%
Jan
56
59%
1,308
56
Feb
63%
Jan
29%
190
291/4
Feb
31
Jan
10%
100
10%
Feb
11%
Jan
2.50
Jan
120
58%
50c
2.35
2.35
n
55
Lone Star
(P)
M &
I111
Jan
17%
Jan
Macy & Co
56%
Jan
57%
Jan
Magnavox Co
50c
Jan
69c
Jan
19%
Jan
20
Jan
(Un)—
(R H)
Co
60c
67c
50,400
19%
19%
19%
100
65
64%
65
1,758
64 %
Jan
42/64 49/64
34%
35%
34,201
Si
Feb
538
34%
Feb
40
Jan
430
23%
Jan
2534
Feb
Merchants
231
53%
Ft/b
53%
Feb
Merck
McKesson
Robbins
&
62%
68%
Jan
35%
Jan
39
Jan
Mission
4% Jan
6
Jan
Mississippi River Fuel Corp
622
200
56
906
95%
9514
32
30%
30%
845
2%
2%.
120
56
Jan
60%
Jan
94%
Jan
95%
Feb
27% Jan
31%
Jan
Develop
Preferred
14%
14%
660
14
Jan
15%
Jan
27%
28%
1,841
27%
Jan
29
Jan
21%
Jan
34%
Feb
36%
Jan
319
79%
Jan
86%
Jan
174,415
55c
40%
1.25
1.25
405
1.15
Jan
Jan
Motorola
2%
Jan
1.30
Diablo
65c
48c
Jan
65c
Feb
40%
150
38
Jan
41%
54%
594
49%
Jan
54%
Feb
Jan
35%
Jan
r
Feb
58
Feb
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Feb
7
Feb
f
160
65% Jan
67
Feb
!■
17%
270
15 %
Jan
22
Jan
1.75
Jan
2.20
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}'
71
Feb
75%
Jan
i
Jan
22%
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1
47% Jan
32%
49%
67
67
17%
7
71
71
219
21
22 y8
2,115
18%
47%
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2c
Jan
Jan
47%
47%
197
p. 10
2c
3c
166,300
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26
Jan
23%
24%
190
221/2
—10
38%
38%
282
Feb
com(Un)_*
26%
10
36% Jan
26% Jan
38%
26%
27
Jan
14
14
100
13
14
Jan
41%
41%
1.437
38% Jan
42%
Jan
32 3
33%
511
29
33%
(Un )—
5
33%
4
Jan
40%
41%
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43Va
1
17
16%
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13
Jan
20%
5
—1
59%
59%
61%
106
58%
Jan
4%
4%
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2,000
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Fibres
1
16
16
236
15 Vs
Jan
18
Jan
53%
53%
270
49%
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30 V8
30%'
412
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Feb
31%
Jan
Jan
(Un)
Co
18%
18%
1.800
Jan
19
515
48% Jan
55
Jan
National
Auto
13%
13%
592
13%
Feb
15%
Jan
National
Biscuit Co
13
14
2,991
13
Feb
14%
Jan
•
National
40%
18
4%
(Un)
10
City Lines
1
National Distillers As Chem Corp (Un) 5
47
50
710
43
Jan
50
Feb
18%
18%
250
18%
Jan
19%
732
41 %
Jan
47
Jan
Feb
12
Jan
14%
Jan
Gypsum Co (Uni
National Steel Corp (Un)
National Theatres Inc (Un)
54% Feb
59%
Jan
Natomas
47
47
13%
13%
137
r437
54%
56%
1,203
475''
Jan
«%
618
9y2
20%
7%
Jan
Jan
216%
Jan
% Jan
168
146%
100
20%
180
19%
Jan
21%
Jan
1%
1%
300
%
Jan
1%
Feb
1
2%
2%
100
1%
Jan
2%
*
26%
27%.
560
26% Feb
30%
Jan
Jan
Niagara-Mohawk Power (Un)_.
Nordon Corp Ltd
♦
39%
40
564
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40%
Jan
24c
Feb
32c
Jan
146%
Jan
Norris
1 %
Jan
1,255
36
Jan
39
k
37%
38
220
37
Jan
39% Jan
5
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Jan
Park
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North American Invest common
2.70
1
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31
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46,344
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1,093
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31
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40
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Jan
Jan
35
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45% Jan
310
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Jan
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48%
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2.70
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-
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Jan
Co
N Y Central RR Co (Un)
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12
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Jail
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214%
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10%
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314
37a4
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250
4
255
11%
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81%
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62%
11
80%
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441/4
29%
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8%
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250
77%
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7%
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30 Vu
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30
63%
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1
10
National
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New England Electric Svstem
43%
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24
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Jan
51% Jan
36
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g
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—10
56
14
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7
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101
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354
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Jan
63
Lockheed Aircraft Corp new com w i__1
67%
Jan
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57/64 Jan
Jan
Jan
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62%
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Jan
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Jan
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22
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55
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Jan
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57%
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Jan
1
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10
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576
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3%
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5
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10
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4
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4
32%
Jan
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3
27%
Jan
I
Feb
27%
5%
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44%
31%
24%
(Un)
Industries
338
Libby McNeill & Libby common
Liggett & Myers Tobacco (Un/
List Industries Corp
(Un)
199
Consolidated Edison Co of K Y (Un)
Rights
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Chemical Co
44%
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—
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87%
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■'
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312
Jan
10
1,404
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Dorr-Oliver Inc common
4%
A
Jan
14
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44%
20
2.058
(Un)
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Jan
33 %<>
100
28
Productions
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45%
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633
61/8
Dome Mines Ltd
Jan
51c
——
580
381/4
E
23%
119%
1
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&
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1%
38%
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1,137
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•
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3%
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Co
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21%
1
Cudahy Packing Co (Un)
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Jan
23%
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Crucible Steel Ce of America
Cuban American Oil Co
Feb
2.95
122
1
Development
1%
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38%
Jan
93-2
1
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Jan
•
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Jan
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.
International Harvester
3 %
10
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(Un)
Crestmont Oil Co
Feb
37%
2.413
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8%
53%
20%
'■
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45%
575
2.70
122
1
—
73%
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—
Oil
Jan
180
38%
4%
2.50
Corp
1%
Colorado Fuel 6c Iron
Continental
Jan
93c
25
(Un)
Jan
12%
7%
Co
3%
.
Motors
23%
(Un)———1
Co
46%
39%,
•
Continental
Jan
28
Feb
21%
20%
•
25
Continental Can Co
Feb
60%
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5vb
19%
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(Un)
(Un)
49
Jan
25%
122
3
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cap
Jan
56%
665
Jan
40%,
Jan
Co
44%
527
26%
5%
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72%
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601
.60%
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com.
——
Holly Development Co
Holly Oil Co (Un)
Homestake Mining Co (Un)
Jan
Aircraft
45%
38%
49
60%
Feb
40%
Hoffman
Jan
9c
20
68 %
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Douglas
45%
47%
25%
Jan
37% Jan
Jan
Jan
262
Disney
25%
48%
940
38%
Feb
69%
Class
Jan
Jan
41%
6c
17%
69%
Co
Jan
64%
40%
Corp———
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69%
Records
52
Feb
577
Jan
Hilton
25
&
Feb
44
Feb
lliller-Aircraft
Jan
Deere
48%
60%
43
39%
Feb
Jan
41'A
Decca
159
824
1
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73%
55%
11
Jan
Abbey
48 3 T
64%
Jan
680
2,226
Jan
Feb
38 %
Electrodynamics C'orp
Consolidated Foods Corp com
Feb
48%
60%
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51
377
Consol
5%
60%
7%
2 1/12
10%
39%
—;
Jan
56%
;
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38%
Commonwealth Edison
5%
Jan
236
2.718
Hercules
38%
System
Jan
16% Jan
48%
Inc
Leslie Salt
Solvents
Jan
50%
Jan
50%
73%
39%
2,606
Jan
Lehman
Cypiess
127
79%
Feb
16
1.230
23,600
1?»
Lear
Natural
5%
Jan
46%
56
Producers
Organ
Jan
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5%
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Jan
C.as
116
54%
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Stores
.wauan
Jan
.
75
15,008
16%
•
11
H
15%
■
317
48%
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7c
20
43%i
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Jan
17%
/
76
46%
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2%
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Jan
20%
24%
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Jan
Jan
6c
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Feb
30%
Jan
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41%
1%
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46%
Jan
Jan
13%
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Jan
4,070
657
Jan
22-% Jan
Broadcasting
351/4
2%
6,448
36%
110
Corp
144
Jan
590
Columbia
39%
1%
55%
Jan
1.00
370
Clary
Feb
39%
1
Jan
8%
Feb
7%
15
(Un)
21%
Co
1%
1,964
Jan
60c
17
Co
Jan
46%
•
_.
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Corp
23%
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.
Chem
&
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Great
Greyhound
14%
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68%
18%
l
.
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&
Lakes
23%
com
Jan
4,941
5
1
Co
Humor Co of Calif
1
1
&
60%
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1
RR
62
20%
Jan
50%
4,900
1
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60%
Jan
8
21%
Corp
Paul
Jan
Jan
Jan
Gladding McBean & Co
38%
Instruments
St
Jan
29 5 b
Jan
Certain-teed Products Corp
Milw
Jan
21%
Jan
31
Champlin Oil 62 Refining (Un)_
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Chesapeake <fc Ohio Ry (Un)
Chic
56
Jan
17%
Jan
1%
•
Chicago Rock
Chrysler Corp
Jan
1,085
1,289
;
7,070
27%
39%
38%
Celancse Corn of America
Cenco
51
20 Vu
54%
21%
a25% a29%
2,880
19%
12.50
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2,886
52%
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29%
6%
73%
10
(J I) 6c Co (Un)
Case
451/4
1
29
25
(Un)
C'orp
Feb
Jan
Corp
1
Canadian Pacific Railway (Un)
41
80%
5
(Un)
Products
1%
Oil Ltd
Homestead
1,390
Feb
Gladden
10c
(Un)
Corp
Dry
Canadian
42
76%
Gillette Co
150
5
Southern Petroleum
Canada
41
Jan
1,050
Gimbel Brothers
116
—
•
Jan
77%
Feb
6%
5.50
14V2
76%
Jan
11%
29%
19%
5
California Ink Co
Jan
1
International
Calaveras
11%
76%
Feb
40%
1
I
„
1,837
Jan
46%
42%
2.50
14
65%
4
29,950
—
—10-
(Un)
Feb
13%
26%
Corp
8
—
50c
Plan common
preferred——-
25%
38%
21%
5
Budget Finance
Bunker
96%
Jan
Feb
15 %
1(1
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21%
Jan
Jan
common
1.00
46%*
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;
Jan
Jan
21%
Jan
Jan
1
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Corp (Un)
Broadway-Hale Stores Inc
2,552
21
Feb
60%
Jan
&
Borg-Warner
Jan
24
10
83 %o
60c
43
19%
(Un)——————————15
Borden Co
49%
35%
Feb
52%
(Un)
Co
Jan
936
19%
52%;
3
48*%
5
(Un/
7%
■
5c
199
22%
10c
(Un)
204
—
2
Min
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Jan
a45% a47%
1,154
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B
Diamond Corp
18%
2,488
105
1%
Co
Mammoth
Black
Blue
Jan
62
713
29%
19%
1%
(Un)
Corn
17%
26
107
-1
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PI
(Un)——
Benguefc Cons Inc (Un)
280
76
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17%
37%
%
14%
43
m
37
15%
14%
43
4%
7%
10%
Jan
1%
common
1.00
45%.
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.
Aircraft Corp
Bethlehem
4%
7%
—-5
—,—
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43
1
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Baruhart-Morrow
Beech
100
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Petroleum
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—
Feb
6%
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Pacific
OH Co
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Baklwin-Llma-Hamilton Corp
Baltimore & Ohio RR (Un)-
9%
60%
46
11
Jan
165
2,214
24%
28%
11%
Jan
9%
712
37
20%
.
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25
44%
7%
Jan
60%
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4%
12%
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General Tire &
51 %
71 %
48%
Feb
100
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hi
1.15
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7%
Jan
90
8
.
Co of Calif
(Un)—
Jan
48
14%
Jan
83c
1
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Jan
*——
—
18,550
5
Texas
of
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Jan
1
(Un)
(Un)
Ooro (Un)
Corp
1.15
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20 >/a
2
15%
Warrants
90c
{•e Jan
00%
——
—
13/64 15/64.
Atlas
1,000
21
99%
46
%
Jan
41%
——
37%
(Un)
1
Associated Dry Goods Corp
1
Atchison Topeka & Santa Fe (Un/—10
Atlantic Refining Co (Un/
30
Jan
170
Ci
382
Refining
13
13%
;
—
Trailer
1,043
53
Jan
Jan
40%
(Un)
Oil
Ashland
Jan
51%
39%
10
—-—8
(Un)
Armour & Co (III) (Un)
Steel
25
Feb
Jail
39%
80
*
5
Gas (Un)
Louisiana
Arkansas
Jan
12
28
——.
12%
21%
~l
Co
350
775
52%
173/4
100% 100%.
Jan
12%
25%
Dairies
47%
23%
.
48
24%
.
Co
Motor
33
233% 233%
20
(Un)
Archer-Daniels-Midland
Armco
16%
8
—
Co
260
37%
20
•
—5
(Un)
Corp
(The»
Anaconda
Foremost
1,891
Smelting & Refining (Un)—•
Tel 6c Tel Co——
100
Ainpcx C'orp
r'ora
Jan
24%
<Un»
corn
Viscose
Jan
50%
12%;
American Tobacco Co (Un)
American
22%
Jan
48%;
Potash <5: Chem Corp
American Radiator & S S (Un)
American
Feb
47%
24
American
American
20%
12%
Power (Un):
Foreign
Motors
Aiueiicuu
403
1,382
47%
(Un)„—
Ltd
Factors
American
21
48%
48
16%
Jan
a89% a90%
Power
47%
12 %.
Jan
46
21
Corp
34%
Florida
Fluor Corp
a—
20%
10
Inc.:
Electronics
Firstamerica
Jan
24%
Cj ana mid Co (Un)
a47
Paper Prod com
31 %
25
preferred
Cement
American
14%
235
17%
140
4:;
360
46
9%
—
—
Jan
12.50
High
15%
46
7%
(Un)
30%
31%;
American
A
24% Jan
31%
(Un)
Jan
1.15
& Light (Un)_
Ltd.
Flying Tiger Line Inc (The)
Corp (Un)
3
American Bdcast-Para Theatres (Un)_l
Arma
Feb
30%
a—
2,009
American
(Max) & Co. class
Fairchild Eng & Airplane
3%
(Un)
com
class A
Factor
10%
30
American Can Co
Jan
Ltd
Co
116
28%
Bosch
Jan
88
Oil
430
1
American
Exeter
4
10%
Low
15%
46
.60
Jan
a81
(Un)—
Inc
Jan
85c
3%
—-•
Airlines
American
19 */»
a79 'A
;_18
10
(Un)
Mfg Co
Petroleum
Amerada
Feb
Jan
3%
1
(Un)_
Corp
17%
470
Range Since Jan. 1
High
14%
—
—
E ureka Corp Ltd capi tal
a 80%
Corp
Ltd
Aluminium
Jan
68c
1,111
31,460
—1
Corp common (Un)
Alleghany
Allied
75c
Shares
%
—
(Un)
50
*
Mining Co
Gold
70c
Erie Railroad Ci
(Un)
—
Jan
50
164
850*4 852%
17%
17%
Emporium Cap well Co
High
Low
High
Low
5
for Week
Range
of Prices
12%
Emerson Radio & Phono
Range Since Jan.J
,
2
(Un)
Co
Juneau
71c
Shares
of Prices
Low
Par
Par
for Week
Range
Sale Trice
Last
Sale Price
Sales
Week's
Last
Sales
Week's
Friday
STOCKS
Pacific Coast Stock Exchange
Jan
■
.
!
Volume
189
5819
Number
.
.
The Commercial and Financial
Chronicle
<
37
(737)
%
OUT-OF-TOWN MARKETS
Par
Oahu
Sugar Co Ltd
Occidental
Ohio. Oil
(Un)
Petroleum
-
J
Ca(Uni_j-
Olaa Sugar
t-eiueiit>
Pacific Clay
1st
5Vxfo
19
Jan
Tidewater Oil
common
3%
19,705
3%
Jan
4
Jan
Transamerica
44%
Corp
Feb
Trans
Jan
Trl-Conlinental Corp (U11)
Twentieth Century-Fox Film
43
7
45 Yi
43
a81%
a81% a84%
a
22%
22%
35%
645
40
100
Jan
7
Jan
1,863
43
Feb
140
44%
a—
1,791
8
47 ¥2
Jan
a
19%
Jan
___
23 ¥4
Jan
World
Carbide
Union
Electric Co
35
25
61 J/2
¥4
Jan
61%
62
4,125
28
common
preferred
preferred
35
31%
61 ¥4
Jan
31%,
31%
65 ¥b
Jan
2,569
31
Jan
31%
Jan
Jan
United
25
28%
28%
645
34
287
28
37%
Jan
Jan
''Union
Air
25
26%
26%
red
26%
1st
350
25
25%
27%
Jan
Aircraft
25%
25% Jan
United
25%
red
1st
683
25
25
26
Cuban
25%
Jan
United
25%
485
25% Jan
Fruit
22%
22%
26%. Jan
United
130
Industries
Pacific
Lighting
$4.75
22%
Jan
21%
22%
23 ¥4
Jan
225
67%
21%
Feb
67%
60
22%
Jan
500
5
67 ¥2
Feb
5%
70¥t
Jan
2
_•
common
91
Pictures
Petroi' um
Jan
5%
Jan
2.25
3
3,300
Jan
17
17%
3.00
2,163
17
Feb
156% 158%
19 %
867
149
Jan
157
135
Jan
30 ¥a
Jan
46%
Jan
47
Jan
37%
Jan
41
Jan
Jan
Westmgiiouse
29%
1
7%
326
25,590
1,930
p. lo
7
7
7%
49%
51%
75%
440
22%
a
(Un)
44
Feb
103%
Feb
Republic Aviation Corp (Un)
Republic Pictures (Un)
Republic Steel Corp (Un)
Youngstown Sheet
Zenith
44
130
43%
Jan
46
895
1,188
600
28%
36%
Feb
50
Jan
Jan
22%
Jan
56%
Jan
66
Jan
Va Jan
1
Jan
Alan
Jan
37%
26%
Feb
2 8 ¥4
8%
Jan
9 ¥2
Jan
490
American
71 ¥4
Feb
74%
Jan
Arundel
Cltv
38
Jan
Atlantic
Jan
54 ¥2
Jan
67 ¥4
Jan
67 ¥4
72
37 ¥4
910
~ "•
(Un)
Feb
103%
227
101 ¥2
18%
951
18'/a
Jan
1.05
12,950
96c
185
Jan
103
Jan
20 ¥2
Jan
Jail
1.05
Jan
Jan
¥2
99
Feb
74
Jan
a
102% 102 ¥2
106%
Jan
33 %
—...
\
33%
468
29% Jan
33%
Feb
22%
46%
'
20 g
.
67 ¥4
1.00
l
Co (Un)
¥4
18%
102 ¥2
5
new
100%
—
W Fine
Bafewav
Foods Inc—
23
1,211
21%
Jan
23 Va
Jan
48
V 2,69.9
45%
Jan
50
Jan
37
37
37
347
16
Stores
16
125
16
Jan
16 ¥2
Jan
39
lo
Inc
1.66%
39
Jan
42
Jan
21 ¥2
Jan
23 ¥2
Feb
39%
34'%
5,042
23
23%
645
44
44
48
287
10
Louis-San Francisco Ry (Un)
Regis Paper Co (Un)
San Diego Gas & Elec com
26%
2G%
26%
1,661
21%
21%
270
•
Bt
5%
preferred
20
Sapphire
Petroleums
Bchcnley
Industries
Ltd
1
(Un)
1.40
Sobering Corp (Un)
Scott Paper
Co£
Seaboard Finaifte Co
Bears
Roebuck
Servel
&
1
Jan
39%
Jan
Incoroorated
Sharon
Steel
Shasta
Corp
Oil
a54% a55%
73%
74%
(U11)
;
& Gas
Jan
683
23%
Jail
24%
Jan
39 ¥2
Jail
45 ¥4
Jan
9%
9%
250
9%
47
128
9%
115
47%
408
73 ¥2
Jan
9%
Jan
10 ¥2
Jan
9 ¥4
Feb
10 ¥2
Jan
36%
Jan
47 ¥4
Feb
7%
8
621
¥2
Jan
8
Feb
20%
20%
985
20%
Feb
22
Jan
32%
1.132
27 ¥a
41
41
43
6
33
Jan
Jan
5,499
37 Va
Jan
25
43%
Jan
25
25
106
23 ¥a
Jan
25%
Jan
66 ¥2
67%
1,050
63
Jan
67¥4
Feb
21%
Jan
Inc
5
20
20
20%
18
47%
47%
2,637
20%
49%
20%
60%
60%
3,082
59
50
152
50
1
common
pfd
20%
60%
28
469
220
20
Feb
47%
51%
Baltimore
Bankers
Jan
23
Jan
Jan
62 ¥2
Jan
52 ¥2
Jan
25
22%
22%
242
Calif Gas Co Dfd series A__2B
Southern
21%
Jan
23%
Jan
30%
30%
1,608
30
Jan
31%
Jan
30
30
100
30
Feb
30 ¥4
Electric
Transit
Secur
5%
600
Jan
5%
Southern
Pacific
Bperry-Rand
Brands
Standard
Oil
Co
Standard
Oil
Standard
OH
Standard
of
Co
Oil
Co
a34% a35%
Duquesne Light
Electric Storage
Stanley Warner Corp
Chemical
(Un)
Studebaker Packard
International
Madison
Fund
Martin
Co
(Calif)
&
Co
Corp
(The)
Gulf
Jail
8
Jan
9%
Jan
11%
11%
¥2
¥2
11
Jan
13%
Jail
42 Va
Jan
44
Jan
13%
Jan
15%
390
30 ¥2
Jan
203
32 ¥2
858
15%
35
35
32%
73%
73%
59%
—
180
312
1,635
71%
42
32%
Jan
59%
-
*
,
,
A
190
I
Feb
35
Feb
Jan
34%
Jan
Jan
74%
Jan
59%
Feb
56 ¥2
Jan
13c
Jan
33
Jan
35
Jan
58
7%
7%
100
23
23
150
128% 128%
290
126
Jan
128%
Feb
268
183
Feb
183
Feb
183
183
183
7%
Jan
22 ¥2
17c
Jan
Jan
Jan
¥4
Jan
9
Jan
23
Jan
Low
35
Jllgh
31%:
35
Low
4,721
24
Jan
35 Va
Feb
332
96%
Jan
104%
Jan
3,302
224%
Jan
240%
Jan
233 ¥4
•
35%
34%
35%
40%
40%
42
__
High
¥a
9% 101 ¥2
99%
717
30%
Jan
35%
Jan
¥4
14%
2,623
39 ¥4
Jan
44 ¥2
Jan
14 ¥4
785
14¥a
Jan
16%
Jan
8%
.
8%
1,842
8%
Jan
9%
8%
.
'
96
96
75
19%
53
Jan
50%
52
Jan
21 ¥4
Jan
408
48%
Jan
54%
Jan
2,246
¥4.
Feb
19¥i
55%
¥2
51 ¥2
96
21
51 ¥2
Feb
572
20 ¥a
52 ¥4
96
50%
Jan
14%
15
375
14%
Feb
16%
Jan
57%
59
353
57 ¥2
Feb
61 ¥2
Jan
2,567
25 ¥4
Jan
26%
Jan
—
58
Jan
25 ¥4
25 ¥t
25%
¥4
39%
40 ¥2
606
38%
Jan
40 ¥2
Feb
51%
51%
54%
796
50%
Jan
56%
Jan
21%
21
21%
2,125
20
Jan
21 Va
Jan
17%
18
130
17¥a
Jan
18
Jan
46 ¥2
46%
49
9,489
46%
Feb
51
39
38%
39
57
37
Jan
39
Feb
18
19
150
17 ¥2
Jan
19
Feb
75
10%
Jan
ll¥a
Jan
40
5
_k>
10 ¥2
Co
10
10%
Jan
18 ¥2
18%
20
511
18 ¥a
Jan
¥8
Jan
34%
36
347
32%
Jan
36
Feb
69%
69%
73%
540
69%
Jan
77 ¥4
Jan
76%
74
76%
157
74%
Feb
79 ¥4
Jan
56%
1,924
Jan
1
16%o
io
"
¥2
>
56
¥a
55
,
55
20
r
Feb
58
17
16%
17%
3,090
16%
Feb
20 ¥a
51%
49%
51 ¥2
5,675
48%
Jan
51 ¥2
Feb
8%
23%
8 ¥4
9%
10,967
7%
Jan
9%
Jan
23 ¥2
25 ¥a
1,504
22
Jan
26 ¥2
Jan
2,191
29 ¥2
Philco
Corp
jjZ
Potomac Electric
Progress
Public
Mfg
Reading Co
3
Powpr
CO-
Service
IlO
10
common
"
com
common
Jersey
Oil
Union
Gas
Jan
14¥2
Jan
15%
Feb
38%
Jan
41
Jan
22%
23%
273
22%
Feb
24%
Jan
73%
73%
75
540
72 ¥4
Jan
76 ¥4
Jan
99%
99 ¥4 101%
44 %
48%
627
97%
Jan
104 ¥4
385
44 ¥2
Feb
48%
Jan
63%
62%
791
62
Jan
65 V*
Jan
42
Jan
53
•
of
Co
27 ¥4
575
2,120
50
5
Co
Trust
¥4
15%
40%
'i-r''-.
33%o
Co.-.
29
15%
39%
•
Smith Kline & French Lab
Sun
¥2
28
39%
"
•„
•
50
Scott Paper Co
South
.7.
1
Electric & Gas
■
64
¥4
the, District
of Columbia
10
United Corp
46
1
United Gas Improvement
Jan
8
I_Il3%
Washington
Gas Light common
•
Woodward & Lotlirop common—,——10
46
¥2
100
8%
110
8%
658
48%
46
Jan
53 ¥2
Jan
9
Jan
Jan
Feb
Jan
53%
Jan
50%
51 ¥4
191
47%
Jan
51 ¥4
Fob
58 ¥4
59
120
57
Jan
59
Feb
83 ¥2
84
$1,500
83
Jan
84
Jan
BONDS
Baltimore
Transit
Co
4s
Jan
42%
134
41 ¥2
Jan
42%
Jan
21%
23 %
5.608
21%
Feb
24%
Jan
10%
420
10 ¥a
Feb
11%
Jan
27
27
318
22%
Jan
27
Feb
aG6% a66%
57%
60%
6,461
57%
Feb
62
Jan
Lydlum Steel
Apollo Industries Inc
Armstrong Cork
22
181
a—
a—
—
—
A
soy
-
Allegheny
47¥4
Jail
49%
Jan
55%
9,457
•54 ¥4
Feb
59
Jan
Blaw-Knox
64
170
60% Jan
64
Feb
Columbia Gas System
Feb
Duquesne Brewing Co of Pgh
Duquesne Light Co new
Equitable Gas Co
Jail
Harbison
24%
716
18
Jan
24
¥4
Feb
25%
835
23
Jan
26%
Jan
104
537
45
45%
379
a58 a58%
100
101 ¥2
45
104
Jan
Feb
•
48
¥2
Home
i
Co
1
Co
110
Walker
(Joseph)
14 ¥2
5,089
13 ¥2
Feb
15 ¥2
Jail
McKinney
28 Ya
1,304
27 ¥a
Feb
29
Jan
Natco
4%
6,030
4 ¥4
Jail
Federal
^
Refractories
Co
Corp
4%
al999%a2000%
37 •/*
37%
19
667
22%
22%
23 Va
1,873
21%
.20
22
2,749
—
a23 % a24¥s
1
34 >4
36
157
37
155
22% Jan
40
22%
36 Va
8V2
2234
8 ¥2
23
5
5
25%
25%
26
8.50
37%
37%
45%
38
*.«*•
34 ¥4
16
15%
/-7Vz
£
»
„
1
5
1
¥4.
8%
9
Jan
38%
Jan
Jan
40
Feb
24 ¥4
Jan
7%
Jan
8%
Jan
1,259
25 ¥a
Feb
26%
138
35 ¥2
Jan
38 ¥2
Feb
46
130
44¥8
Jan
46%
Jan
35
60
34
Jan
35
¥2
1%
Jan
l¥a
Jan
14%
Jan
17%
Jan
Plymouth
Reymer
Jan
5
5%
5%
37
5
Jan
5
19%
19%
20 ¥4
375
16
Jan
1
5%
5 ¥4
1,600
5
10
32 ¥2
32 ¥2
12.50
72 ¥a
72%
Oil
&
Corp
35%
Feb
38
Feb
86%
Jan
21% Jan
19% Jan
23%
Jan
Corp
Manufacturing
United Engineering & Fdry "Co
22
Feb
U
Westinghouse Air Brake
Westinghouse Electric Corp
180
23%
Jan
23%
Jan
1.027
32%
Jan
36
Jail
Rockwell-Standard
Ruud
S
Glass
<fe
70
3%
3%
2,725
77%
76%
78 ¥4
291
1
—6
83
.
1%
3%
10
5
Bros
Chemical
1 ¥2
2.50
....
8
28 ¥4
■
3%
.
32%
5
8
Feb
1%
141
Feb
Jan
•»
:
Jan
600
16
Jan
63¥4
Corp
i
1,137
10
5%
Jan
Jan
24 Va
22%
•
38%
115
•%;
Jan
190
220
50c
40
¥a
51%
8 ¥4
Feb
536
9
919
37
Jan
Penn
60
2,537
37 ¥4
5%
High
Jan
1,801
Pittsburgh Brewing Co common
Pittsburgh Plate Glass
Pittsburgh Screw & Bolt Corp
24'%
84%
~..'
45:%
Jan
9
36%
7%
77
8
Jan
60
83
Low
50%
Jan
24%
35%
Mfg
1
High
1840
Jan
1
35%
49%
8
37%
1835
35% Jail
59% Jan
—
Low
1
378
23
SfiDck Exc hangie
Par
.—5
48 %
104
1975
Pittsburgh
54%
a58
■'
47%
50
13%
Inc
Jan
*
_•
27 Va
preferred
Thriftimart
Feb
46
192
Jan
¥2
Pennsylvania RR
4%
(Un)
29 %
Jan
1
common
32
Feb
246
•
1
Jan
28
Sulphur Co
Textron Inc
4%
25%
5
42
Feb
29 ¥2
46
—
5
59
25
(Un)
Jan
30
128
Jan
Philadelphia Electric common
Philadelphia Transportation Co
27 ¥a
(Un)
36%
900
9 ¥4
—
1.66%
Inc
13%
Tel Autograph Corp
Tennessee Gas. Transmission
200
29%,
1
69 ¥2
104
"I 51)
39
30 ¥4
23
vtc
37
25
(Un)
Electric Products
Jan
30
7%
Inc
(The)
Merck
1
Co
Jan
7¥a
„
i~80
_~_~__25
~~_i
Pennsalt Chemicals Corp
Pennsylvania Power & Light
..1
Petroleum
52 ¥2
Jan
9 ¥4
1
Lehigh Coal & Navigation
1
Sunray Mid-Continent Oil (Un)
Oil
¥a
Co
64
1
Inc
Feb
7¥a
54%
;
Watch
Feb
5
Texas Co
Hamilton
Jail
23 %
Stone & Webster
Oil
Gimbel Brothers
Jan
54%
Sterling Drug Inc (U11)
48
100
6 50
48%
5
1,109
845
~
42%
10
common
50
7¥a
39
•
Co
56
1
Co
98%
■
-•
ZZ~2
Motor
63%
10
Instruments
Stauffer
Feb
55 ¥2
Dairies
General Acceptance Corp
General Motors Corp
Ford
35%
58
(Un)
Btatham
Va
14 ¥2
5
351
27
(Un)__.
(Ohio)
90
42
10
625
„
1
2,902
54%
Battery
4,688
aG6%
(Un)
96
.
Jan
54%
new
56%
28
of N J
Jan
■
ll %
Curtis Publishing Co
Delaware Power & Light
common__13¥a
66 %
8V«
(Ind)
50 ¥2
46
5
56
♦
California
Jan
Jan
29%
1
„
64 %
__2
.
(Un)__
48%
48
partic pfd__50
66
S0fl
Jan
46%
124
common
56%
•
1
Inc
Co
5Vt
a35%
•
(Un)
Service
common
Standard
5%
42%
293
-ta¬
13
10%
Co
Corp
(Un)
Warrants
Spiegel Inc
2
5
Southern Railway Co
Southwestern Public
—
10
Company
Campbell Soup Co
Chrysler Corp
Jan
Petroleum
(Un)
318
49
8,100
(U11)
Co
Corp 6%
Jan
25
Calif
48¥a
16c
Budd
Jan
Feb
20%
Feb
50
preferred
$1.25
Jan
-25
Southern Co
Texas
Jan
Jan
Jail
is
preferred
Southern
TXL
58%
Feb
1%
44%
2,431
I_8
Co class A
;
conv
&
129
21 ¥2
«,
31%
Southern Calif Edison Co
Superior
Jan
24 %
__
Solar Aircraft Co
w»)van(»
Feb
10
38% Jan
42%
J2.5Q
Bocony Mobil Oil Co (Un)
Swift
21 ¥2
,
41%
•
(U11)
Smith-Corona-Marcliant
Sunset
Feb
Jan
23%
73%
20c
Preferred
4.48%
48
27 ¥2
1
(Un)
Sinclair Oil Corn (Un)
4.32%
Jan
Jan
300
1,476
Corp
Signal
6%
1A
40%
54%
23%
Transport & Trading N Y shrs
Biegler
1%
39%
¥4
59%
75%
•
Inc
Water Co
1A
40%
a
43
26 ¥4
3
Co
Servomechanisms
Shell
39
5
6t
11%
33%
_
Foremost
S and
Jan
14c
Baldwin-Lima-Hamilton
31
—
10%
40
33%
"
Jail
4 7 ¥2
1
Corp
--
IIIIlOQ
31 ¥4
■
Jan
287
29%
1
Tel
&
235
g
Jan
1%
1%
7%
10
Corporation
Tel
7,227
Ii
Jan
42%
200
11
48%
1
2,915
Co
43 ¥2
Jan
115
1%
16c
common
48%
a
Jan
Jan
n40
90%
Par
Steel
37 ¥4
102%
i¥ Jan
Philadelphia-Baltimore Stock Exchange
Wood
35
a
Jan
41 ¥2
43%.
33%
,
(U11)
48 ¥2
10
Jan
62
Jan
1.414
42%
90%
lo
American Stores Co
;
356
72%
34%
44%
20%
620
9 ¥4
9%
71 ¥4
71 ¥4
36%
Jan
i9o
■>
& Tube
Corp
Jan
59%
Jan
1,196
Radio
31
300
49
25
Feb
Jan
728
663
10c
Preferred
Feb
51%
77
36 ¥2
61%
47%
10
common
35 ¥2
Manufacturing Co
34%
Jail
%
—-
Yellow Cab Co
Feb
Jan
11
(Un)_____12~50
Corn
Wilson & Co Inc (Un)
Woolworth JF W)
<Un)
Jan
61%
(Un)
Wheeling steel Corp (U11)
Williston Basin Oil Exploration-
Jan
Jan
%
26%
'
Westinghouse Elec
74%
59
60
"l
Drug Inc Co
Reynolds Metals Co (Un)
Reynolds Tobacco class B (Un)
38%
37 Va
Jan
21¥a
1
7¥a
Brake
2 50
_
Rexall
Jan
(Un)~_7"2.50
Air
47%
24 ¥4
46%
10
Jan
Jan
Jan
57% 1
1
Reserve Oil & Gas Co
Revlon Inc
7
26 ¥a
18 ¥4
20%
¥4
50c
.
Jan
Jan
156
44 ¥4
50c
65
267
g
Co
7 ¥4
Jan
22%
j
Corp
Jan
a60% a61%
61%
44
•
30 ¥a
Jan
%
21%
2,412
75%
Jan
Jan
934
49%
2
g
Petroleum
5%
20%
60
:->• 182
24%
104%
99%
200
64 %
Jan
16% Feb
26¥j Jan
730
22 %1
23 %
101
914
63 %
3
Co
Dutch
29%
6%
7%
103% 103%
l
12.50
(Un)
,.35 ¥2
.
Coast
Life
Insurance (U11)
5
Dept Stores
~_25c
Western Union Telegraph
33]/3o
(Un)
955
Western
381
al08%alll%
16%
17%
Jan
37% Feb
1%
West
473
16%
35
a39 ¥a
1
4,487
Pure
Aeronautical
(Un)
47
108%
4
48%
2
28%
a
Feb
Jan
II_»
(Un)
com
26
•
33%
Jan
'
5
a37 a38 %
23 ¥4
317
44%
~1
46%
•
Ryan
Preferred
Jan
new
Jan
35%
1
47
3
Royal
138
Petroleum
Jan
124 ¥2
4,499
5
27
50
(Un)
common
Feb
Power
~
a37
5
Rockwell-Standard Corp
135
168
41%
Jan
3,712
43 Va
in
*
inc
Raytheon Mfg Co
Reiter-Poster Oil
107
Feb
124 ¥2
U
i«iu,
l
(Un)
Radio Corp of America
Rayonier Incorporated
135
Jan
38%
145
33%
60 ¥a
—11—8
Oil
Water
-41%
573
"
48%.
1
Westates
4%
2.25
4%
3
Feb
39 ¥2
1
Jan
37%.
1
Jan
Feb
19%
36
10
Washington
89 ¥2
Jan
1%
Feb
3 ¥2
'
Jan
1%
Jan
74 ¥2
Feb
3%
,
Jan
84 ¥4
Jau
8 ¥4
Jan
¥a
60
28 ¥4
20
27%
Jan
30
Jan
30
3% Feb
29 Yb Jan
4
Jan
4
33 ¥2
6
364
7
Jan
33 ¥2
Feb
¥2
Jan
20 ¥4
Feb
6
¥4
Feb
6 ¥2
Jan
469
32 Va
Jan
35 ¥8
Jan
462
32%
75%
71
Jan
76
Jan
CANADIAN MARKETS
RANGE FOR WEEK ENDED
FEBRUARY
C
Par
Montreal Stock
I'ricea
Shown
Are
Last
Sale Price
Par
Ahltlbl Power &
4% °lr
Paper
preferred
Acadia-Atlantic Sugar
Class
common
*
»
footnotes
see
Range
of Prices
Low
38%
page
42.
■
Low
■
High
200
12%
Jan
14%
5,595
35%
Jan
39
Jan
38
37 ¥2
•
29%
29 Va
30%
27,988
29 ¥a
Feb
32 ¥a
Jan
a21% a21%
45
20%
Jan
21%
Jan
42 ¥2
Jan
44
Jan
Aluminum
for Week
4 ¥2 %
Shares
Ranee Since Jan
pfd
preferred
28
50
43%
43
%
44
3,885
Jan
53
150
50%
Jan
53
Feb
43
43
125
41 ¥4
Jan
43
Jan
35 ¥4
38
4.740
32
Jan
38
Feb
7,160
Jan
40
366
23%
Jan
23% Jan
110
11
Jan
11%
Jan
Asbestos
21%
Jan
Atlns
20% Jan
4%
52%
11
4
Can
50
40
.'6
of
50
23 ¥4
_
Co
Anglo Can Tel Co 4%% pfd
Argu* Corp Ltd common.
11
r
Ltd
Angl° Ca»adian Puln pfd
I
Wiih
Low
40
1
14 ¥2
Aluminium
High
a21
High
14%
•
38%
a21
Low
14 ¥3
Aigoma Steel
Sales
Week's
*
38 ¥2
23%
common
A
For
•
Agnew-Surpass Shoe
Expressed in Canadian Dollars
Friday
STOCK8
Exchange
_
Feb
37%
$2.40
preferred
50
$2.50
preferred
50
Corp
Steels
Ltd
:
Jan
.Jan
45%
njn)~~_i
Jan
Feb
Jan
32
17
1,123
Feb
36%
34%
•
common...
Consol
39%
High
25% \
27%
36
81
__
„
Plywood Corp—
U S Rubber
(Un)
Corp
40%
33%
~~~_10c
Jan'
88%
86%
180
_
Utah-Idaho Sugar Co (Un)_11I—
Vanadium Corp of America
(Un)
Victor Equipment Co
Warner Bros Pictures Inc (UnT"
88% Feb
60
4%
(Uo)
Inc
Co
U S
Steel
39%
■
,j
37 ¥2
10
United Park City Mines Co
U S Industries Inc
common
S
350
Low
•
23%. Jan
46
United Gas Corn (Un)
U
17%
38%
33 %
"tq.
;
Corp
"1,414
3.413
0,124 al26¥a
12.581
Inc
Oil
29
17%
38 ¥4
"To
Universal
50
17
_
Co
~
_
•
-24%
27%
39 ¥2
1
_
Feb
91
88%
Pullman
Aircraft
Jan
4%
Corp(Un)
Co
Procter & Gamble
Rohr
90
Jan
89%
Puget Sound Pulp & Timber
Oil
130
143 ¥2
88%
(Un)__l
Pfizer (Chas) & Co Inc (Un)
Phelps Dodge Corp (Un)
Philco Corp (Uni
Philippine Long Dist Tel (Un)
Richfield
135% Jan
88%
100
World Airways
oil
Jan
90%
100
Ranch
55%
i
Parke, Davis & Co (Un)
Penney (J C) Co (Un>
Pennsylvania RR Co (Un)
Pepsi-Cola (Uni
Pepsi-Cola United Bottlers
Rice
Jan
30
33 Vac
common
Preferred
Rheem
52
1.905
141
*
Pacific Tel & Tel
Oil
Jan
*
Pacific Petroleums Ltd
Philli
5%
54%'
1
Pacific Oil & Gas Development
Paramount
Jan
141
preferred
American
5
53%
preferred
$4.36
Pacific Northern Airlines
Pan
53%
1,655
*
preferred
preferred
$4.40
.
21%
10
*
convertible
$4.50
25
Inc
Corp
1
(Un)
I_ "•
(Un)—
Lines
5%
Pacific
,
I"
High
24Yb
27%
17%
Oil Co of Calil
5%
25
Low
2
Union Pacific Ry Co
(Un)
Sugar common..
1st
Jan
'
iq
Corp
5%
preferred
pfd
pfd "A"
4.50% red 1st preferred
4.36% red 1st pfd
:
Pacific Indemnity
Co
j
.
dist"
Union
28%
,
"Ex
Airlines inc
Union
8
1st
Par
.
Jan
,: 7
8
-_6.25
Products
Pacific Gas & Electric
6%
Corp
.v"
15%
3%
'
Co
\
High
343
43%
20
Aggregates
at'
Low
18%
3%
*
OUn -Matiiieaoo Chemical
**«mc
RANGE FOR WEEK ENDED FEBRUARY
G
High
18
_20o
_
.
Co Ltd (Un)
Owens-Illinois Glass
Low
20
;
¥4
82 ¥a
79
84
165
71
84
Feb
47%
47%
40
46
Jan
48
Jan
•
35%
34V4
35 ¥4
2,305
32%
Jan
35%
Jan
•
28%
28%
29 ¥4
1,250
25%
Jan
29 ¥4
Feb
Jan
-
The Commercial and Financial Chronicle
(738)
.
.
Monday, February 9, 1959
.
CANADIAN MARKETS
EAXGE FOE WEEK
Par
Eailey
Selburn
5%%
pfd
Canadian National
Banque
ol
ttmtu.
Bank,
25
59 *A
.1*
Class
Bell
B
Paper
53
55%
66
67%
4,650
36
3,171
34%
Jan
4,885
4.15
Jan
45
Ltd
class
Jan
6
7,843
120
Jan
44%
88
330
46
Jan
47
890
49% Jan
13%
14%
39
40%
42
1.55
1.90
4,660
5,771
5,823
II,162
13%
14%
1,640
a9.00 a9.50
175
$1.00
32%
Jan
521
26'A
Jan
2874
35% Jan
3774
100
75
98
Jan
100
Jan
72
81
70% Jan
72
Feb
25
280
25
Jan
...
41
42
120
Jan
43
12
12
1,225
11
Jan
55%
56%
7,861
54
Jan
5674
4.85
4.70
4.85
13,670
38'A
38
13
13%
A
20
18
100
18
950
&3.00 a3.00
13%
8%
20
18,816
a77% a77%
29
29%
55
11%
11%
480
29%
29%
29%
13%
12%
13%
v
2974
Jan
preferred
com
1474 Jan
Triad
United
4974 Feb
Walker
732
12% Jan
1474
Jan
Feb
1574
Jan
Webb & Knapp
Weston ; (Geo)
Jan
12
Jan
5,790
20% Jan
4.10
14,12,0
2.25 Jan
11%
11
145
*
33%
97a
3,785
4.10
33%
4315
33
19%
coo
19
al9
al9
100
1874
56%
40
60
22
1,305
21
22
a4.25
a4.25
25
34
34%
34%
Jan
11%
Jan
Jan
7%
235
625
a6%
a6%
a6%
2,327
43%
44 %
101% ioi y«
1,663
44
—
90
90
7
4474
88
Jan
20
Jan
8414 Jan
15%
14%
20%
11%
17%
30,443
20%
100
11%
18%
8,390
92
Feb
Jan
2074
Jan
Canada
pfd
Jan
Canada
preferred
5%% preferred
187a
Feb
Jan
40
Jan
Canadian
General
19'A
Jan
2174 Feb
Canadian
79
Jan
Ingersol
Rand
80
Jan
Canadian
Marconi
27
Jan
28
Jan
50
54
Jan
5474
Jan
875
7% Jan
14
19
19
Jan
485
a50y#
®50%
15%
15 y8
34%
8.55
1
•
•
*
PaDer common
*
preferred
Canada
•
•
com
preferred
Indus Acceptance
Corp common
Warrants
—
39
•
Jan
19
24
Jan
53 74
Jan
Crain
1574
Jan
Jan
34 74
Feb
Jan
8.95
Jan
37 3A
Jan
40
Jan
Fpr footnotes
see
page 42.
Ltd
David
.
(R L)
1374
Feb
Feb
22%
Jan
3974
790
38
Jan
3974
Jan
13
12
13,763
1
"80
78.%
•
-
50
Jan
100*4
Feb
2774 Feb
Feb
30
1,275
!
25
•
a_-
.
1674
*1774 Jaii
Feb
99
Feb
3874
Feb
2472
210
1774 Jan
3174 Jan
2474
.
■r:
28
'
-
!
Jan
Jan
"24-74
12
Jan
-10174
Jan
,51
Jan
25 74
Feb
10174
Jan
Feb
690
Jan
L
Feb
76
Jan
68
Jan
5.00
Feb
655
53 7g.
Jan
6874 Jan
23% Jan
'
.12,680
Vv
Feb
,,36
357'a
Jan
11
Jan
13674
J
.2,245
5,595
~
Feb
Jan
,
""52% Feb
Jan
3274
-
Feb
"43
4.90 Jan
..,1,505
„
.C3%
-35
Jan
Jan
32%
3074
500 ■:
69
52
4634
132
200
.
.
J.Jan
40—
-
-
326
36
68
98
10
34 34%
,ii
12
72%
74
,23% ,257410174* 10174
/
1674 Jan
-
6,222
Y,-';- -175-
.
69
Feb
-5374
Feb
'
27%
297a
3,794
5.60
.
Dominion Engineering
5.85
2,165
al2 al2 74
27%
3674
31
Jan
5.65
Feb
127a
Jan
'
10%
4,325
Jan
34
2,975
3.95
Feb
4.70 Jan
295
,35
r
38
4074
Jan
1
3674
Feb
3.90
Jan
""40 y*
Feb
3.55 Feb
'
850
3474 Jan
200
18
3934*
600'
34 7
36
3674
130
36
4574
4574
25
4p
,,18
,
187
a.
Jan
18%
Feb
Jan
39%
Feb
Jail
3974
Jan
Ji$n
2
48
Jan
an
103
107
Feb
59%
Ford
1,686
58
Feb
63
Jan
Hubbard Felt Co Ltd class
4874
Jan
Investment Foundation 6%
50
47% Jon
-39
Co
of
Can
class
pfd
conv
Lambert
42
43%
20
18%
43%
19%
45
41
245
1,203
21,893
-
*
pfd-50
Lowney Co Ltd (Walter M)—;
9% Feb
36
Jan
974
Jan
Feb
40
Jan
37% Jan
45
Jan
21
Jan
576
1974 Jan
1874 Feb
763
40
Jan
45
Ffi$
40
Jan
41
Jan
1,955
150
447a
7,156
57a
300
39
36%
39
13%
4,750
13
-1"_ '
'%.95
Name, changed to
Texaco
A
;
al. /5
r'^26
26-74
"• -
22 74 Jan
4674
13% Jan
5!A
Jan
14% Jan-
Jan
Pac
13
Feb
15
Jan
Premier
Jan
91
Jan
Quebec
2074
Jan
90%
125
18%
18%
965
a23
a23
25
89
90
3,558
114
117
598
113
90
1774 Jan
Power
*'
674
30
Feb
Feb
a—.:
'—-1'
l2.60
Jan
2574
Jan
27
Jan
",1474
Jan
.
v.---5072
^
5
Jan
51
125
a44
•
-
46'7,
20-
11074 *
S
Jan
2,000
,
—
'
Jan
Feb
.108
Jan
-Feb
TSe
Jan
124
Feb
20
Feb
20
Feb
5574
Jan
56
Feb
1,270
1074
Jan
12
Feb
150
29 %
Feb
33
Jan
82
Feb
Jan
Jan
13% Jan
14% Feb
35
>J ,*29% ::3174
~22^-* % 82
"83
•
--
*■
-*- 400
Jan
Jan
Jan
112.
Jan
•
47
Jan
v65c
--1,545
125
—
12
12
Jan
20
11074
'
.
Feb
.*• 43
Jan
J44
600
56
"
1474
20
20
; .'56
'
4(f;•
124
.20
-42-
r r2Y
.
37
Jan
.19
74c
""*2::ni3%
Jan
1374
r
250
112
70c
45'
50
20
..
Jan
4.933
.
Jan
.>41%
13,500
;J:;13%
Jan
56
a
34%
-5.637,
45
3674
?
44
'
.;
Jan
Jan
5274 Jan
Feb
a— '
3
Jan
7
Jan
54
38
-
-
—
-
-
674
2.00
Feb
41
38
54
a3©
-3474
,,,
50%
Feb
Jan
4874. Jan
Jan
-54
'
30
Y
Jan
6"a
1.00
2,760 7
Jan
-3374
Jan
25
-
'2 **44 7 '^43%
-'UL
44
1,180
a30l
.
...
36
-2.00
•*« a445
-
;
5...
1474
2574 Jan
33% Jan
1,690
^,.^6 674
'
v
-
Atlantic Canadian Investm't
57a Feb
3974 Jaq
Jan
Jan
Jan
.
.
20
h.
45
'.'•-i'-" S2.00
.-^^*. *447a *14%
35
*
•
Telephone
Ltd—
Corp
common.
95 74
Feb
Jan
"774
117
4.80
Jan
a_
i
25
Jan
;
Feb
Feb
49
a—,
—
4074
Jan
43
Jan
72
26
1,100
Jan
46%
Jan
"5
.Jan.
--4.50
Jan
4.90
Jan
v
Jan
2974
Feb
1138
Feb
12
Jan
50
20%
Jan
2074
Jan
24
1,075
11s
ll3a'
27%
200
:2974
28
*
i
24
.*435---
a74
-
...
755
-
4174
•J-4.75
-
75
a67i
A
2974
-1.711
25
a7274
.5
——
Jan
7%
49
-'"-'--'41'
•
Warraivts
Feb
89%
250
a674
Co__ 1
Corp of Canada 4 7474: 1st pfd_50
cum part 2nd pfd
50
Mills
35 Ya
460
"- '-47
-
Feb
33% Jan
I \2
"7%
25
--
*
14%
957'a
92%
-
,.Jil4%
5-i-14G
-
100
^.-.3«%"f357A-
non
Steel
'
1474
'44%
£*
5
Newfoundland Light & Power Co Ltd_10
3674 Jan
"
1.95
2.00
1,300
fx*?.* al574al574
•
Royal Dairies Ltd
Royal Rice Mills Ltd_
Mount
6Va
'
Ltd ■
Melchers Distilleries Ltd 6% pfd—^^-10
Mexican Light & Pow Co Ltd com_13.50
Mount
Jan
Jan
«.a__
50
*
il
1.60 Jan
30
»tr-t
^
60c
Jan
6%
200
all-
High
Jan
37%
-
Canada
12% Jan
4474
-
3.925
al.75
—-
1
62% Feb
Feb
-
-•40c
-
-620
-
-i.95
:'
Co—
Minnesota & Ontario Paper Co
Moore Corp Ltd common
2174 Jan
3,507
235
class
11
4,265
22%
Inc
5774 Jan
1,856
22%
44%
14%
5%
r.
2074 Jan
(Alfred)
MacLaren Power &
Paper
MeColl Frontenac Oil'' '
36,760
-
.-774-y'- V774- 7%
*
A
A
Range Since Jan. 1
LOW
41
'
-*
1374 Feb
19%
90%
Motor
Shares
52e
?
—
90
18%
43%
13%
Ltd,
Feb
19%
14 %
Fleet JVIfg
85
43%
11%
-50c
100
Jan
1
11
—
for Week
,.
Low 'J High
-vV
52c
•
Sale#
-
of Prices
50
11
330
62%
Week's
Range
Prljjj®
;
pfd—*
*
10
1,794
4
85
61V*
Jan
J
See
pfd—
Jan
13
Expressed in Canadian Dollar#
45
Works Ltd;
100
9%
'
89
574%
a—
preferred
-vV
8374 Jan
an
-
90
U7
3074
.
Feb
Jan
Reltmans: (CanadaV Ltd
St Maurice Gas Inc__
2974
30%
2,425
29
Jan
5474
5474
55
2,900
49
Jan
55
13
13 Va
Jan
1,375
12
Jan
1374
Jan
Standard Paving &
Rights
24
Jan
Supertest
24
3,825
20
a26% a20 74
:—-—.2.20
Jan
dan
*
23
-24
890
—————1
1.10
1.20
3,600
Shop & Save (1957) Ltd——*
:f
Southern Canada. Power 674. pfd—100
29%
2274
;
Jan
*
8
23
-
78%'Feb
11% Jan
1,540
...
Feb
Jan
10% Feb
5,317
.
11
a22
13%
Jan
Jan-
80
150
•*-"
Jan
9974
21
465
--
27 72
..31% -3374
Dominion Oilcloth & Linoleum Co Ltd*
East Kootenay Power 1%
8
•
Jan
27-%
& .Frere Limitee class A
104
39%
-
Jan
1374
20
39" ;:3874
■3.
*
25
85
14%
270
*^a33,/2
,
58
44%
Jan
38
30% Jan
•
new—2
70
12%
11%
5074
Jan
1,885
Ltd—*
Lt0—
107
9%
38%
——II
Powders—
Jamaica Public Service Ltd
com
Standard
Consolidated Paper Corp
Consumers Gas ———
6%
Corp
Interprovinctal Pine Lines
Iroquois Glass preferred-
Div
101
85
100
preferred
25
International Nickel of Canada
com—*
International Paper common
7.1#
International Utilities
Consolidated
Jan
8.65
1,300
2,005
39
4.68%
——-—
$4.50 preierred
Inland Cement Preferred
International Bronze
■
Jan
1.75 Feb
32
3,525
a47% a47%
25
Jan
Jan
88
4
^
_1
107
62
A
574
Co
101
B*v
of
8.55
38%
58
674
4574
~~r^L4 ?#. Jan;
25
3874
Ltd—-*
Investment
22'A Jan
5174 Jan
14% Jan
6,282
8.55
19
150
15%
34%
41
Rome Oil class A
Class B i
Mining.
Imperial Investment class
$1.40 preferred
Imperial Oil Ltd
a53
33
13%
Feb
,24
.
;
Jan
8674
35%
;
;
Jan
3974
250
39
Paper Inv Ltd
*
Canadian Silk Products Corp class A—*
Canadian Westinghouse Co -Ltd—*
Catelli Food Products Ltd class A
*
Class 3
Feb
18
1.30 Jan
55
23%
1%
10%
Jail
"*•:? 8,790
——
21
I
774
Jan
5
i
25
200
19
preferred
100
Greater Winnipeg Gas Co voting trust *
Great Lakes Paper Co Ltd
*
Gypsum Line & Alabastine
•
Imperial Tobacco
18
5%
1.75
21
5%
1,700
,3.55
Canadian Power &
110
100
1074 Jan
36%
61% Jan
—
18%
.17%
36 74
•
-1
Co_
Jan
125
39
Jan
2,584
-;1^177.4
'
al2%
100
Flooring Co Ltd class B
Canadian Dredge & Dock Co Ltd
40
54 ya
100
common
pfd——
Butterfly Hosiery Co Ltd
1574 Jan
7%
27%
-*
5%
'33
Jan
2,094
"• a22
:
53 74
27% S
2734 :
5.60
1
54%
II
3034
1
100 10072
& Dominion .Sugar Co Ltd—-*
11'
9% Jan
1
•
Feb
21
-1.27
68%
*
1674
a75
—5
Oatlneau Power common
Corp Ltd——
Belding-Corticelli 7%
9074
Jan
75
•
:
:
1374 J:'
r 127a
74 ;
'257/4 ^
•
14% Jan
1,615
5%
Timber—
8c
Arcan
58
17%
Lumber
Jan
2,166
*
—
55a
4934
3874
'ii
aiv
Par
Abltca
2274
a40
1.75
Foundation Co of Canada
Prater Cos Ltd common
French petroleum
3474
r:
7
Sale
I
21%
.
31% Jan.,
1,405
48
Last
|
a40
5%
Jan
.6674...
65
Friday.""
Jan
20%
•
Canadian Corp
%
5.00
Are
1474
a40
23
18%
5
4.95"
.
Anglo-Can Pulp & Paper Mills Ltd—•
Anglo-Nfld Development Co Ltd5
7%
27%
,
Feb
200
,.
STOCKS
Fell
21%
a
pfd
16%
f
Jan
Canadian Slock Exchange
20
^
(T H> 4.16%
Jan
1,365
4.95
Feb
*
Enamel & Heating Prod class A
26%
-
35.7a,
*
Price# Shown
Jan
Jan
1,105
90%
15%
1
Jan
'575"
,35
—100
Feb
10174
4174 Jan
1,967
21%
Corp
"
3974
'-36
Jan
Jan
88%
20
Feb
.25%
2.845
10%
% % preferred ———————50
Jan
Jan
14
21%
18%
'
35%
)
•
i
14472
»—-^.13674 136 7b
Jan
85C
101
115
88%
11%
:
*
common
Jan
8%
22
25c
525
14
1374 Jan
19% Jan v
6% Jan
195
92
14
-
General Dynamics
General Motors
General Steel Wares
Limited
44%
Jan
The transactions for Friday, February 6, on this Exchange were not received in
time for publication. However, prices for the more active securities are included
34% Jan
24
Jan
7% Feb
281
50c
45c
Jan
32% Jan
11% Feb
6,490
21%
pfd__.—
10%
—-
lA %' preferred
Jan
-132
1,000
3,"501
:
,
347:;
3174
,
-.42
33
nrr
80
1
—•
A
Jan
4.25
•
t
class
195
"T
•
.^4i'A:;; m. -4174
^—1, -5174 :52%
•
(Canada) Ltd—
An
1974 Jan
2174
200
23%
7%
(1956).
_
4
-
34
Jan
4.00 Jan
4,300
11%
22%
23
—•
A
Feb
-'
Jan
21%
—•
(1956) common-..
1 5774
-
.v.
Jan
Jan
56%
18% Jan
56% Feb
10
Brewery
P)
4
Zellers
Feb
19%
22
;
•
Warrants
22% Feb
33%
al9
22
—Ilk
Jan
«•
20
,:31%
10
Steel Corp——l
Gooderham & Worts
22% Jan
49 y2 Jan
2374
200
Jan
Bank
—
500
22%
•
Ltd
Feb
'24;
*
Oils
13%
10%
21%
Dominion Tar & Chemical common—•
Redeemable preferred
23%
Dominion Textile common
———•
14%
„
10674 al06 74
100
Pipeline.:
49%
3.00
*
Dominion steel & Coal
Dominion Stores Ltd
Dupuis Freres class
Eddy Match
Eddy Paper Co class
Trans Canada
23%
21%
100
7% preferred
Jan
38
1
—
12% Feb
4.10
50C
common
13
,
Jan
99
•
:
Texaco Canada Ltd—J
Feb
610
—*
—
135
U3"4
—
*
Canada—-—__—
class A
;
preferred
4,820
22
Rights
Dominion Foundries 6b Steel
Feb
.14%
3774
1874
5
of
5 'A %
Feb
101
Co
Toronto-Dominion
11%
28
—
1474
—7876%
—^
Steinbergs
1174 Feb
3074 Jan
—•
common
preferred
Steel
11% Feb
28% Jan
22%
—•
Dairies
100
9%
11%
2.50
Bridge
Jan
^
-3474
:
1
—
14
30*4
rr
-
Feb
45
10% "ZIOKV-
f
Steel
Jan
1474
.
•
—
.2834
'35
19
_>
—
——
Standard Structural
12%
*
Petroleum
Dominion
preferred
49%
*
Leather Co Ltd
Distillers Seagrams
Dominion
6%
Jan
Jan
j33 %
*
:
"
Jan
.———100
Voting trust certificates
Jan
50
16
3974
com
Eeb
19Yb
Jan
46
'
94
20
*
Canada
40*4
Jan'
* 17%
"
27
574 '
—100
common-—:—-—.—-*
Breweries
40! i Jan
40% Jan
~
'750*
.V.^275
*
>"a89;1-'*a89
—-——25
common
Jan
150
'hZ2?*i$X
e,,'
J'
Jan
26%
.130
■
a
1
class A_-_-
27
Jail
1,440
:
•'
23%
A—_—*
Davis
6%
Corsets
Jan
13% Jan
27% Jan
5,228
101
23%
Sicks'
>
Feb
11%
'
,
—
•
of
..^-855.
^
47
-it#4
-
,34
„
♦
—
Williams
22%
52"
3974:6674
•
common
3.30 Jan '
Feb
14%
—100
—
preferred
2.75
19
3174 *
•
common
preferred
7%
Jan
14
101
•
A
47'A
7!3
10%
Co
46
14
29%
•
■<"-
Shawinigan Water as Power common—f
Series' A 4%
preferred—,——50
Jan
47
Jail
95
.
16%
Jan
24
14
12%
—•
80
46%
25
*
78% Jan
40%
1874
.,r.;267A ,,267y
20o
;
——
Warrants
Feb
20% Jan
46%
100
20
12
2274 Jan
43
•
Salada-Shlrriff-IIorsey
Jan
Jan
Feb
'
-,,ti •'
1
—
Cement
5%
Jan
874
1
23
14
1474
Jan
11
1,438
2674
*
100
—:
Corp common—
Feb
2,266
22
_J•
•
preferred
Sherwin
28
4974
1,500
1,075
--144%" 144%
•
St Lawrence
a
———
Jan
Jan
Jan
28%
-
Jan
15 *A
205
16
974
13% Feb
7% Jan
5,200
7%
22
—
—_——.—
Coal
25
18
Smelting
class
425
13%
—•
Seal
ft—■»
28
7%
:
6c
1
25%
27%
*
•.1454
.—_——*
—
St Lawrence
4.50 Jan "
Jan
550
47 74
1472
•
common
Tubes
common
Preferred
5.50 Jan
8% Jan
133
1874
^
Jan
18
Jan
Feb
28.%
,
100
Jan
9%
1174
146
12%
Jan
3274
200
% 40%"
2774
Jan
18
Railway.
Zellerbach
Howard Smith
1474
8%
*
Famous Players
Ford Motor Co:
50
a
9%
Class E
Estabrooks
14%
14%
29%
.94%
(Canada) common—i—
5%% preferred
i
100
Paper class A
*
474% preferred
100
Royal Bank of Canada
10
Royalite Oil Co Ltd common
*
Jan
Cellulose——•
Glass
Electrolux
25
5.30 Jan
180
Consolidated Mlnins
Consolidated Textile
Bros
4.50 Jan
24% Feb
32%
———
Donohue
20
696
32
Farm EaulpmentCoghlln (B J)
Combined Enterprises
Glass
100
25
■,A High
•;.
4
4874
25%
Rolland
Jan
5.50
107
2,895
T2574 2674
Roe (A V)
Feb
15
32%
Chrysler Corp
Preferred
35% Jan
12% Jan
38 74
905
1,950
Cockshutt
Dominion
610
13%
28
25
Pacific
Dominion
38%
2,633
•
Quebec Natural Gas
Quebec Power
Jan
19
Canadian Petrofina Ltd
preferred—IB
Canadian Vlckers
Dominion
39 74
18%
■—
Crown
35% Jan
LOW
51,980
a
130
2.*75 '*3*00.
.
1874
14 y
'
Feb
4,265
19
———1*
Jan
47 ;;
1
preferred
Provincial Transport
4.85 Feb
14% Jan
18 *A Jan
29% Jan
warrants
&
4.40 Jan
a4.25
a
commoz
Preferred
Canadian Locomotive
Feb
13%
•
4%
Jan
24%
Canadian Oil ComDanles
common—
5% preferred
A
41
a4.25
-
International Power——.*
Cork
39%
38%
SI
•
43
Jan
43
137
1874%": ;' t8
100
Petroleums
Price Bros & Co Ltd
12% Jan
56%
*
Jan
10%
25% Jan
*
.H
36%
41.74,
48
4074
*
common
Power Corp of Canada
Premium Iron
Ores—
Jan
100
Mills
Flour
6%
Jan
630
Feb
25%*
—*
Placer Development
Powell River Company
Jan
2,861
37
—
Corbys class
35
35
28%
37
3074
•
Weaving--—
Page-Hers-jy
Feb
5.50
&
Crown
101
Jan
:
2674
5
preferred
Ontario Steel Produces
Penmans
Feb
99% Jan
29%
3074
11
.*
7%
Feb
89
28
———
Consumers
4.25
Jan
Jan
Jan
525
48..
•
B
Pacific
Jan
34%
25
Husky
Canadian
39
Jan
11
12%
•
Jan
72
Canadian Hydrocarbons
Canadian Industries common
Canadian
4.00
79
9
Jan
'f
———————40
Wire
Ogilvie
Jan
100
Converters class A pfd
Preferred
37%
147a
Jan
Jan
'
"
•
Norancia Mines Ltd—
1
Feb
37
v
12.50
Fairbanks Morse-
Canadian
25
26
series
Canadian
1,565
101
9
200
89
•
common-
Canner class
Canadian
4.25
85%
13%
Feb
eld13
129 ? .12474
4%% preferred
100
National Steel Car Corp common—•
class
Jan
1.90
A—C
class
Trust
Niagara
Jan
45
1274
200
„
.
BO
-*
Morgan & Co common-:
.
Feb
40
Jan
1.50 Jan
1,207
commoz
Celanese
series
Chem
38%
14%
Jan
40%
28
warrants
Canadian
37%
Jan
35%
12%
Feb i
'
Jan
50
12%
30
-42.;,
12%"
*
10®
-—-—
Preferred
Feb
50
B
Montreal
Feb
47
•
common
Montreal Locomotive———
Jan
41%
38%
8a Bloedel class B
Breweries Ltd
Class
Jan
Jan
Jan
34%
common
Molson
Feb
86%
39%
Jan
400
2.75
Jan
40
28
.
:
Feb
47
75
101
SB
.—.——
$1.75
6%
6%
Jan.
41%
4.25
100
Bronze
Canadian
6%
Jan
45
14%
warrants
B
$2.00
6
100
44%
100
-*-*
ola n
Hudson
7,382
47
13%
common
Canadian
}
13,651
6%
40%
British Alumlm
Class A
t
6%
87
Preferred
r
Jan
43%
—5
—
Steamship
Canadian
•
50%
440
30%.
Paper 5Vt% pfd
Mitchell (Robt) class A
Jan
Jan
38%
common.
preferred
774%
45
49%
38
Canadian Breweries
Dow
Jan
250
a87y2 68774
a9.50
preferred
Do Pont
43%
49%
2974
'1274, 12 74
10% 11074
Power
Feb
49%
——
Dome
Jan
41%
46%
A
Dredging.
Malting
1953
41
45
12,622
620
High
*
Mersey
Jan
42%
33%
42%
6
44
—
5% preferred
Canadian Bank of Commerca
Rights
h
Jan
47
——
Canada Iron Foundries
common
Class
26%
1.65
Preferred
Cat
105
Ltd
Massey-irerguson
Preferred
Jan
33%
class
—i-———
Lawrence
St
MacMiJIan
Jan
51
;
Low
,'2874
2974.
*
A
Acceptance
Bros
Lower
Jan
Jan
6%
a87J/2
Lewis
Jan
5.15
47%
6%
50
Canada Cement common..
$1.30 preferred.
Canada
5.50
37
120
45
6%
,
V/2%
Jan
51
49%
50
Building Product#
4Ya%
Canada
5.15
41%
60
Company
Calgary Power
Feb
5.40
50
preferred
50
British Columbia Forest
Products——*
British Columbia PowerBritish Columbia
Teltphoz
Gold
67%
4.75
5^2%
Mills
Jan
5.25
42 *A
pfd-100
Bulolo
65%
4.40
JU
preferred
preferred
Bruck
Jan
33
4^2%
Rights
56
35 Va
—
Paper
f
Brazilian Traction Light 6c
Power——*
British American Bank Note Co
•
British American Oil
common
*
British Col Elec 4%% cum red
Brow.
P-eb
Laurentide
Jan
36
Bowater
5%
61%
51
5% preferred
preferred
5Ve.%
Jan
5.40
class
Par
53
I,376
fc
Labatt Limited (John)—
a—
•
571
4.75
Telephone
Bowater
59 \'a
ENKEB FEBRUARY
High
—V
a__
1,831
5,319
-IB
&
57
100
67 Va
Nova Bcotla
Power
Low
55 'A
-II
Rights
Banque Provincial* (Canada).
Rights
Bathurst
High
a23 a23 *A
10
Montreal
ol
LOW
Petroleum
18%
:**
Materials Ltd.—*
128
51
19%
:
,
52
.
Jan
18
Jan
20
40
127
Jan
131
.250
48% Jan
1.35 Jan
Jan
Jan
52
650
.
.
,-Jan
1.20
90c
9.105
.
129
•
22
..
Jan
Feb
-
2.05
L——
Ltd^
—•
16
"
2.10
1674
■_
1.000
15%
Jan
2.10
Feb
ley*
Feb
-
(739)'
CANADIAN MARKETS
Par
Texaco Canada Lid
_____1
ITatters Piuarice Cori>'clash
_!lr
'
red
cum
pfd
TraiihrCanada Corp Fund
ii'aiis
Mountain
oil
1.
Pipe
Mfg Co Ltd
Mining,
Line
.'
/%__«"»
*
,
Ltd
Ltd
Resources
Oils
Feb
Jan
13%
Jan
17%
Feb
Satellite
>
Sheep
v
io«r
Jan
Jan
15%
Jan.
Feb
Standard
Jan'."
7
yVpi1 6C
180
' 6C :
-
10
71c
67c
4VaC
Jan
5c
1.15
.
'
6c
Feb
Jan
13c
Jan
10%
Jan
Jan
25,200
25c
Feb
33c
46c
Jan
73c
Feb
9c
444.000
*
42c
Jan
83c
15,000
6c
Jan
11c
600
64c
Feb
70c
44 c
49c
78,284
33c
Jan
60c
13c
3,500
7tic
Jan
15c
65c
1,500
63c
Jan
65c
18c
11,000
14c
~~
1
1.10
1'™
a5c
II
II V 5.65
'
II
'1.65II
9c
I'15c
.' 15c
com_3
*
*
:_10e
1
.
1
Ltd
Quebec
Jan
300
5.05
Feb
1.65
Feb
1.86
Jan
9c
10,766
15c
Feb
23c
Uc
Feb
21,570
21c
Jan
28c
Feb
1.5o
121
-
1
l
Jan
9.15
Feb
9 Tic
Jan
Jan
74c
Jan
11 Tic
Feb
12c
Jan
6,500
12c
"7c " Jan
17c
Feb
Feb
16c
Jan
6c
Jan
10c
Jan :
2,000
6c
Jan
7 Tic
Feii
1,543
12T8
Jan
"14 T»
Jan
200
r
95c
1
3.15
Feb
3.15
!
Dome
Mines
l
Ltd
3c/e
Feb
Jan
95c
6c
Jan
7 Vic Feb
Duvan
•
Copper Co
East
Sullivan
Alines
El
Sol
Ltd......
2,000
1
2.25
8 tic
Gold
Mines
Ltd_a_—
Fab
Metal
Mines
Ltd—,.
Falconbridge Nickel Mines Ltd
Mining & Exploration
Fatima Alining Co Ltd—
Fontaua Alines (1945.) Ltd
v
1.14
>
•
1,14
X._ ;
14c
Feb ;
Jan
Jan
2.27
1
5tic
10c
9c
Futurity Oils Ltd
;
Gateway Oils Ltd..
•
:
*
Geco
;
1
Alines
Glacier
—
y—
Ltd
Alining- Ltd_i—...
Golden
Age Alines
Gui-Por
Uran
Gunnar
I
*
u
—
Haitian Copper Corn LtdHbva- Gold Mines Ltd:
u
Hlllcrefet
Collieries
"V
__
i
Alines—
Kerr*-Aj|$fson
Kontiki
Gold
Leail A:
Labrador
Alining
Alin
1
Alines
Jan
Jan
90c
Corp
Exploration
Marpic
Mclntyre-Porcunine
McKenzie- Rt'd Lake
Gold
—
Alines
New
;
20
200
19 ti
Jan
20
Feb
1,000
Ltd.
Corp
Uranium
Oils
Mines
Ltd
Ltd-
Norths American
Rare
Oils
Jan
20c
25c
59,600
15c
Jan
25c
Feb
21c
23c
7.800
21c
Jan
25c
Jan
3c
Jan
4c
Feb
7c
Jan
17c
800
7,000
27.400
-
12c
18c
12,500
93 ti
41c
49,500
*
8 Vic
30
80c
6
Jan
tic Jan
26
5c
13c
9 tic
Jan
Week's
10c
Sales
1
'
7c
17 Vic
Jon
18c
94
23 %
395
23%. Jan
23%
10%
21
23%
11%
21%
95
/95
7%c
7%c
8%c
3.95
59c'' Jan
88c
88c
94c
45c
50c
10c
11c
3.10
2.90
3.15
2.60
1
2.00* Jan
21% Jan
24 V*
33,704
43o
Jan "
54e-
14%
14
15%
14,333
1*'
Feb **•-.
99%
99%
30
.100
£l0
trust
3.00
4.85
31,490
20%
20%
20%
256
38%
37%
.37
37c
38c
3,055
4,925
29%
29%
30%
19,719
25
22
22
22
50
44
43%
*
preferred
1
Jan
Jan
44
800
43
Jan
29c 31 %c
35,383
24o
Jan
18c
18,209
15c
Jan
18c
Feb
49,400
16c
Jan
25c
Jan
7,175
67o
Jan
89c
Jan
Anacon
Oil
I
Develop
4.10
Rouyn
1.18
141,416
8'/2C
8%c
9c
5,045
B
53
3,432
30c
1,600
26c
'Jan
32c
Jan
50c
116,097
34o
Jan
52c
Jan
42%
43
170
36-
Jan
45
96
97
255
96
Feb
97%
Jan
Jan
7c
Jan
Jan
23c '•
Jan
42%
100
5%c
4%c
5%c
70,000
j
20c
20c
21c
180'
•
—__-_r
j
1.60
3.15
14,050
54,461
1.01
1.20
27,950
99c
Jan
35%
38
10,966
32
Jan
38
Jan
48
Jan
84%
Feb
Jan
15c
Jan
3.15
-50
preferred
-50
•
.40.
;
Ashdown Hardware class B
48
47
48
390
46
79
84%
1,887
69
15c
10,500
1.80
2.08
202,529
14
14%
375
27% t 29y4
13,730
13
1.94
-10
14
27%
common
Atlas
Yellowknife
150
Steels
Alines
_1
Alines
Gold
.
.
River
Alines
Fabric
Alines
Feb/
Baryniin
1.49
Jan
Basco
1,500
5c
Jan
8c
Jan
Base
86c
Feb
1.02
Jan
65c
Jan
:3.60
Jan
16c
54c
10,500
10c
Jan
15c •
Jan
18c
Jan
22c
Jan
5,000
37,000
193,000
2.01
1,300
tie
23,150
1.23
1.23
900
19 tic
19c
20c
3,500
10
10 ti
4.550
1.29
1.22
1.39
119,100
72c
72c
2.74
2.70
2.74
2,150
2.65
18%
19
380
18%
7
7
7
30
7c
7c
1,500
21c
I
-.
i
93c
-
1*■■■■
42..
1.90
1.23
17c
Feb
Feb
Jan
Feb
4.45
"
*
Uranium
;'31c
3.30
Bell
*
i
Jan
27c
Jan
34c
'
Jan
7c
Jan
25c"
124i*
21,200
4c
Feb
oc
Jan
28c
-.23,200
22c
Jan
30c
2,300
13
Feb
12%. Jan
2,200
65c
Jan
72c
an
65c
74c
65c
Feb
77c
Jan
21c
21c
24c
67,800
17,000
17c
Jan
26c
Jan
18 Vac
17 %c
14c
Jan
19c
Jan
5.15
5.90
Jan
Jan
1.69
Jan
1.40
Feb
'W
•
Mines
Ltd
Jan
7
Jan
Jan
18% Feb
18% Feb
90c
1.30 Jan
Jan
1.61
1.54
1.65
Jan
1.75
41%
42%
14,777
413a
Jan
423i
1.00
1.08
19,200
90c
Jan
16c 16 %c
10,871
15c
Jan
15c 18 %e
543,600
17,896
16 %C
15%c
9Dc
95c
99c
3c
pfd
5c
16e
20c
,
16c
19c
35,150
33,240
20c
21c
8,600
50
1
50
35
1.53
10%c Jan
95c
Jan
3c
Feb
18Tic
Jan
1.10
Jan
10c
*
24c
Jan
50
Jan
19c
Jan
18c
Feb
Jan
18c
Jan
12c
50
Jan
1.09 Jan
Jan
Jan
'
Jan'1
7c
6%c
7%c
22,000
6c
Jan
80
Jan
1
8C
8c
8c
2,000
8c
Jan
16c
Jan
64c
62c
53c
Jan
43%
Jan
45
Jan
% Jan
50
Jan
50
1
6%
Petroleums
common
common
1
12c
*
7.60
1
•
32,100
45
215
49
70
6%
6%
2,814
11 Vic 13 %c
7.55
7.70
75c
6 %
*
50
66c
44%
49
45
50
Mines
Traction
1,600
i
,
L*d
Corp d'o
preferred
Eowater Paper
Preferred
>
1.02
50
5%%
Warrants
Jan
1
Mines
Gold
6% Feb
42%
•
,,
preferred
Mines
26c
30c
19Tic Jan
29c
Jan
Feb
1
1
Bonville Gold Mines
Bridge Tank
95,022
1
Mines
Uranium
5
395
1.21
3c
Ribbon
Bralsaman
—
,
Bay
18%
1.06
1.15
i
Mines
Uranium
feoymar
1
7c
28
Mines
Brazilian
-
%c
80*
Copper Corp
Yukon
Bauzan
6
18%
"
Jan
13
common
Baalorne Mines
Feb
6c
a
Co
Eowater
}
Jan
6,800
67c
•
Mines:
Telephone
Bordulac
Jan
2,000
G7c
A
Bidcop
Eeb
5c
67c
•
_--u.
Warrants
Jan
34c
4c
14c
66c
Bros
Bethlehem
6tic.,6,tic
Jan
.1
Ltd
Belcher Mining Corp
Bellcterre Quebec Alines.
Jan
2.30
10c
260
Jan
63c
3,500
9,820"
280
64c
Jan
49,203
14c
10,392
6 Vic
Jan
1.69
13c
29
Jan
Jan
5.45
1.51
24c
Jan
1.84
5.25
1.62
13 %c
6%
5c
2.99
Feb
29
30c
50c
Jan
10c
6%
500
2,700
67
Jan
22 %c
32,700
2,100
65%
23c
Black
3,000
Jail
2,476
25c-Feb
Jan
6%
Blue
.
56
8c
•
Feb
■
52%. Feb
i
Jan
58e_ 59c
1.90" 2.00
Jail
6,807
]
B
Class
*
Feb
Jan
18%c
5,032
36
Blcroft
f
"5,760
10c
Jan
Jan
Feb
1.24
25c
55%
22c
9c
Feb
2.00
26%
Jan
12c
Jan
795
1.41
50c
1.76
36
Jan
Jan
2,200
Jan
Jan
33
72c
Feb
" 1.90
10%
25
23Ti
Jan
35%
49c
Jan
1.81
9.40 Jan
22%
22%, Jail
*
23c
9c,
990
51% Feb
Jan
87c
1.390
23%
Jan
Jan
33c
6,680
25
23
Jan
Feb
4.100
10 %
23
6c
41c
25,000
9.75
47 3 i
21c
121,650
Jan
557
1,000
44c
8c
4,000
1,000
96c
Jan
34;200
12,860
33c
Jan
5c
19c
45c
,
Jan
8
6 %c
58c
6c
2.85
19% Jan
Jan
51%
21c
12c
Jan
Feb
7
6c
42c
6c
Feb
51
10 Ti
Jan
16c
51%
Bibis
Jan
Jan
•
Beveon
.9.25
Jan
11c
•
Jan
1.01
20c
Batliurst Power <fe Paper class A
Jan
1.32
Jan
9.75
.1
Mining
Jan
22c
Feb
15c
23%
Gas—_•
Baska
72c
2.99 '• 3.00
2.00
•
8c
24%
1
Beattic Duquesne
2.30 Jan
20c
Jan
86c
.
•
Quebec Cliilmugamau Goldfiekls Ltd__l
Quebec Cobalt & Exploration Ltd
1
^.Quebec Copper Corp Co Ltd—..:
1
Quebec Labrador Development Co Ltd.l
Quebec. Oil Development Ltd—
:
I
Quebec. Smelting Refining Ltd___,
1
Quemont Mining Corj> Ltd
*-
4.40
14C
10c
•,
i
l
—-
Metals
49c
1
\
300
5%C Jan
28
Scotia:
Eeaver Lumber
Jan
1.90
Feb
2f
Mines
<fe
Beotty
Feb
Jan
-
A
I
Exploration
Oil
Class
Feb
11c
Jan
Bata Petroleums Ltd
;
10Tic Feb
45c
a
Ltd
;.
Jan
1,500
;
(Chib^ Alines Ltd
10c
Jan
5.150
Ltd
Alining Co Ltd.
Porcupine Prime Mines Ltd
page
Jan
1.05
16c
Ltd;
Pitt Gold
Warrants
7 tic
400
Jan
Feb
5.00
27,464
16c
1
Consol
7,000
Jan
14%
29%
Jan
8c
12c
Rights
Jan
14e 15
Gas class
Alines
Jan
Jan
Feb
lie
13c
1
Bankeno Alines
Mines
1
;
u
.
Barvue
6c
Feb
20c
16c
80s
Barnat
3.40
Feb
18c
15c
*
Oils
Feb
46c
Feb
Jan
2.05
4.85 Jan
19
preferred
Feb
50c
1
Exploration
Uranium
Pennbec Alining Oorp
Banff
Jan
15c
5%%
Feb
300
1*'
15c
A—
Mines
Jan
25%
1
class
3.15
1.22
6 %c
19c
i
common
3.95
7,500
1.64
1
Mines
Prods
20c
28,900
13c
j
Mines
Electric
Auto
lOVic
l
Mines
1.50 Jan
%c
82%
13 Vic
•
Temple
31c
3.G0
Jan
1.09
Feb
9c 10tic
40'
37%"
Corporation
Alines
Jan
4.50
_l
„
-
•
Nickel
7c
64c
Jan
10% Feb
46c
5.40
>
23c
28c
67
6c
Jan <T
13%
66
Jan
•'
9.00 Jan *'
14
67
5c
19c
Feb
Feb
9%C Jan
30c
lo
10,000
0c-' Jan
46 Vac
9c
6c
4.10
1.18
f
1
*>.
—
Nova
9c
Jan
1
Mines—
of
50c
Ltd
194
3.80 Jan
67c
14
52%
9c
3.60
1,741
-
53
Feb
50% Jan '
1«% Jan ^' —1*—Feb
55%
5c
-
11,600
10%
'"■*
preferred
Resources..
Avillabona
9.45
52%
1st
Cons
20c 22%c
20c
10%
Imperial
Class
Ash
100
1.00
Petroleums
Mines
Area
4.10
1.14
Lead Mines
lo
Jan
Jan
89c
Montreal
5c
Jan
390
21c
of
7 tic Jan
Feb
44
150
Bank
6,800
Jan
22
*
80c
Bankfield
6,000
Jan
32
19c
Jan '
14.000
Jan-
39 Vic
18c
Bailey Selburn Oil &
5''o
preferred
-
Jan
8c
Jan
39%
35%-Jftii
21"
75c
6
6V's
24
*
24
480,566
6,725
.
.-*
700
12,081
165
44
_
66C
Jan
6
Jan
6% Feb
8c
Jan
13%c Jan
7.05
Jan
75c
Jan
6
Jan
21% Jan
■
5.70'Jan
21 %
Jan
295
Feb
Jan
;
Feb
8c
3.00 Feb
19%
Jan
99%
»
Jan
Jail
93c
2.60> Feb
-
87c
Aunor
Jan
7c v
99% jan
29%
75c
86c
*
350
20c
7 tic
60c
.
»
4%
-
16% Jan
Jan
6c
3.15' Feb
17,158
Jan
1.42
2.70 Jan
32,705
Jan
Jan
15cJan
24
65c
3.95
Jan'
53c *> Jan
*
54c
13c
30c
1.02
Jan
'9o— Jan
50c
85c
200
; Jan
FebJan
*
2.35
4,600
1,000
3,500
3.65
23%.
46,600
337,700
68o
450
Jan
23%:
Jan
6c"
92t
9,600
16,125
46,525
3.15
50c
5
14c
3.95
1.35
;»■
'*
Jan
16c, 20c
9tici; 10c
Jan
50o~ Jan
13c
31c
29c'
8,981
14,050
Jan
30c';
Jan
-
58c
56c
55c
1.72
13c
15
Jan
k
8%c Feb
7c
7,800
12% Jan
Jan
A- :
Jan
12,588
Feb
*
225
500
73c
Feb
21% Feb»
96
15
Jan
j 17c
11%
Jan
Jan
-
63,000
46c
1.15
Feb
20' '
95-
21c
Auto
Jan
41c
10%
Jan
3.65
99c
-
540
65
21c 21 %c
32c
V" ' 69c
16c
935
...
.
.
Feb;
'
3.50
45c
Alines
Co
Aumaque Gold
Jan
Jan
40
23%
Ncpheline
Aumacho
Feb
15c
36% Jan
•
Aubelle
Jan
90 ti
High
8.389
3.25
Afclin-Ruffner
Jan
12c
Low
40
1.000
14c
Range Since Jan. 1
High
38 %
2.55
Atlas
Jan
Jan
Low
14.100
.
16c.
Shares
l
$2.40
Feb
30
8%c Feb
forWeek
Range
14,300
1.20.*; 1.30
'
-u
70c
16,000...
.
~'
Gold Mines
Asamera Oil
2.50 Feb
Jan
Feb
.
of Prices
41c
I 14x;
.
Exchange
55c
50c
—
23,300..
....
Feb"
in Canadian Dollar*
1.22
1:12.:
_
.
4c
10c
Arjon
Feb'
8c
4.40
Porcupine Alines Ltd
see
99,700
»
-5tic
-
931 i
I
Uranium
For footnotes
*
25
90c
Producers
Jan
Jan
Feb
Jan
7.25
7Vic Jan
1
Ltd—
Pamour
«ras
7c
187n
_25c
Metals' Ltd__
Ltd—
Orchan
Portagr Xland
2,000
a29 tie -a29ti
-1
Opemiaca Explorers Ltd
_i:
i
Opemiska Copper Alines (Quebec) Ltd .A
Provo
8c
15,500
_i
Ltd:
Lake
Jan
Jan
tic,- 10c
8
-
«
Corp
Northspan Uranium Alines Ltd..
Paudash
Jan
4c
Feb
'
Partridge Canadian
6.60
JlMl
l
:
Mines
17 y8
Jan -■
1
Corn Ltd
North
(1945)
16c
8c
:
common
Argus Corp common
$2T/a preferred
84c
1
Alines Ltd
Asbestos
Oils
1
Jan
20%
5t)e
;
North American
Okalta
7,000
American Loduc Petroleums Ltd
-
Jan
10c
60
2014
.
80c-
'
Obalski
Feb
80c
Jan
58c
*
20c
New Vinray Alines Ltd...*.
Canadian
37c
Jan
Jan
„:42c
19 ti Jan
1
Santiago Mines Ltd
Mines Ltd
20c
i
Arcan
Feb
60c
78,100
3,200
Spring Coulee Oil A: Alinerals Ltd_*
Normetak Alining
Jan
17c
1
I
preferred
Arcadia
5 tic
7c
■
,4Vir«
Apex
35c
965
,
84c
25c
New
Nocana
*■
-
Jan
i.l*
—
Limited. _X
Amulet
Jan
Jan
__
i
West
93c
25c
■—
1.1
New
New
Jail
8c
Bank
Ltd
&
Jan
33 3 i
_1
Pacific Coal
Feb
4%c Jan
16c
:_l-
Mines Ltd—
Lake
9c
1,500
14,900
5c
l
Goldvue Mines Ltd.——
New*-jack
Jan
Jan
15c
i
New'Hosco Alines
5c
8c
-
Anthes
Jan
Ltd—_—l
Nationat Petroleum
31.000
37c
.9.tic..
ft
Montgary Explorations Ltd—
New Formaque
Jan
2.59
Jan
.50c
Gold
Trunk
Roxana
Ansil
Jan
Ltd—1
—
Ltd
Molybdenite Corp of Canada
Alonpre Alining Co Ltd.
New
6.60
Jan
6c
.
14%
Anglo
Feb
2.50
-
-A. -
5
.
Alines
Feb
2.42
i
Jan y*
6c
1.95
15c
I
Ltd_
6.10
3,100
3 Vic
common
Jan
1.10
Jan
Feb
30%
"
Kama Creek
Jan
4c
1.95
100
<■
Mid-Chibougainau Alines Xtd—.
Mogador Alines Ltd
700
2.850
1
LtcL—
Merrill Island Alining
2,250
16.000
,__1
._
Mines
•*'
69c
19t»
1
Goldfield
350
1,800
7c
"
3.55
Anglo American Explor
Anglo Canadian Pulp & Paper pfd.
Anglo Huronian
r
32
—
1
Lhagside Copper Mining Co Ltd
Long- Island Petroleums Ltd—..
Louvicourt
6.35
2.48
21 %c
Aluminium Ltd
Anchor
15c
9%>c Jan;
2.50
53c
1
Ltd
1
—
Ltd
Analogue Controls
Jan
19c*. y 20c
58c
1
;
Explor. Co Ltd
&;
10 Vic
3Xtis
.
|
Mines Lid
Ltd—
Corp
Zinc
13c
Feb
•
29
~
Ltd
Gas
Amurex
Jan
Jan
Feb
a0.35
I
Iso Uranium
tic
1.20
? 12c
A2.5CL
fi
Internafflnnal
I Kirkland Minerals
8
Jan
Jan
6,000
'6tie.
8c-I
Ltd—
Hollinger Consol Gold Alines Ltd
Ceramic
6.10
2.40
11
I_
Mines
Oil
Distillers
American
1,000
-
18 ti
—
1.07
;
Feb
4 tic
18
l
;
Jan
2.40
70c
,
Jan
Amalgamated Rare Earth
Jan
25c
2.000
a6,35
—
19
Jan
Jan
35c-.
—
Jain
Jan
2.05
Jan
65c ;
8c
68c
17%
21c
78c
20-
1
:
Jan
Feb
'
Amajgamatcd Larder Mines
9%C Jan
4 tic
4c
•
Ltd.—
Warrants
.
___1
Ltd
Alines & Aletals Ltd
Alines
75c "
-
Jan
7c
1.95
7c
A
9c
21 y2
debentures
Allied
Jan
28%
370
-
5tic
1.95
l
Ltd
&
Mines
Aluminum
13,500
96c
_«
Frobisher
r
7,000
•-
-
8tic
90C
—
6c
11 tic
5,500
15c
•
8c
-
Fundy Bay Copper Alines Lld____-__
„
2,000
*
284a>- 28 ti
1
|
1,600
__
•
•
Inc..
1,200
r
2.40
—alltic alltic
y 8tic :. :10c
l
•
Fano-
—
l
:
625
r
24c
.
2.30
1
Empire-Oil & Minerals Inc
3,000
18 ti
23c
«
i
i
___■
...
9c
-
18 */*:
.
l
Alines Ltd:.
Ltd.l.
93c
Jan
.100
Algoma Central voting
Algoma Steel
*
Feb
400
10c
•
8tic
—-
—
Elder
Jan
6c
6Vic
—
common.
Warrants
•
Ltd
74c
14,000
Jan
Jan
♦
38%
Alberta Pacific Cons Oils
Algom Uranium common
62c
4,550
2.27
10c
7tic
2.23
l
Alines
239,200
Are Expressed
Alines
Alberta
'
.7,000
Shown
Voting trust
13
v
'7c;
Copper Rand Chib Mines Ltd
Dolsan
93c
8 Vic
i
"
i
;
_1
^iII_I_III
Uranium
Alberta
3.15
r
190c
Cournor Mining Co
Ctd—
27c
.
__
common
Sugar
Ajax Petroleums
Akaitclio YellotVknife
Alba Explorations
Jan
7c
'
:
25c
22c
Jan
,
21c
1
j,
Gas
Agnico
Jan
65c
10,500
169,500
7tic
3.15
Yellowknife
8.30
11%
Atlantic
Advocate
'
14c
123/i
II
■.
Jan
675
:
10c
t
Ltd—_1
Ltd..
Jan
—
10
Aguew Surpass Shoe
6,000
12c
10c:
7tic
•
l
Mines
800
' 74c
9 tic 11 tic
13c."
17c
i
9.75
Acme
^
-
5,200
7c
72c;
I"
1,650
8.65
7c
,
«-
11
Paper
Class A
Acadm
Jan
13c
8.35
18c
98,800
2.2fr Jan
19 %c
Last
Preferred
.i
Jan
Jan
Jail
I~
Feb
15% Jan
Jan
18%c Jan
i
Preferred
Acadia
..
8c
;
13 %c
Jan
30,500
v
Par
Abilibi Power &;
Jan
28c
Jail
2.05
"' 82c
Sale Price
Jan
6c
16'c
11-
9c
13
3,700
49,700
_y
STOCKS
5.80 Jan
100
17,500
8c
1
Consolidated DenLson Mines Ltd
Halliwell
5 Vic
10,400
l
Ltd..:
Consolidated
Jan
26,100
__75c
Cleveland Copper- Corp..
Compagnie Miniere L'Ungava
Consolidated
tic
5
10c:
.
Chibtmgamau Jaculet Ltd
Chipmari Lake Mines Ltd—".'—
__
'__
l
Jan
9c
25c
Jan
Jan
20c
Friday
Jan
6c
13c
II
:
8.90
9 .tic
•
warrants.:
Jan
-10c
~~
Cadillac
Jan
7.35
ioe
<■
8%c
12c
25c
Toronto SM
Feb
1.65
*
Jan
Jan
Jan
u.c
Corp Ltd—
.
i
1.15 Jan
l
:
Limited_l
Mines
5tic
18c
34
j
Ltd
Mines
Jan
200
5.80
>
•
Jan
.100
.
Jan
1.07
28Ti
1,750
a5c
| 8.90
8.90
a5!-ac a5',L»c
10tic
2,000
33 V<
V
1
Jan
6c
8c
II
Prices
2,125
1.1Q
3244
70c
18Vic
—
Jan'
.
23c
Feb
4.20 Feb
Jan
12c
'
6,275
,
77c
Feb
22c
•
Jan
•
Ltd—
21c
,
20c
Jan
12c
1
Ltd
2.25
Feb
4.15
70c
16,000
15 %
2.20
i
Jan"
'•
63c
25c
Ltd
14%
l
Feb
64c
l
,
65c
3.51* Jaw
"
Feb
11C
64c
:
49c
12 Vsc 13 Vic
__
•
Ltd
„„
Jan
Feb
7»/2C
*
_i
1,000
x
Ltd
Jarr
7,000
1
I
Feb
6c
Jan
4 tic
10,500
*
8c
_r
Corp Ltd
69c
Jan
,2,500
12c
1
;
Alines
.
High
Feb
3.30
1.000
.
.
Low
64c
2c
.
2,500
1
Wcedon Pyrite & Copper
Corp Ltd
Wendell Alineral Products Ltd
Westvllle Alines Ltd
Jan
70c
7c
Ltd
.
Ltd
Lithium
77c
4.20
70c
12c
Ltd
Vanguard Explorations
Virginia Mining Corp
.Feb
80c
Mines
Ltd
Oils
Valor
I
65c
4.15
*
Exploration Ltd—
United
Jan
'
7,000
1
Alines Ltd
Alines
3.50
1
Ltd
Ltd
Mines
United Asbestos
■.
Ltd
TiCii'n Petroleum Corn
Tre"t>or Alines Ltd
I
Jan
I2e
415,250
'83c
Tib
Jan
a__■<
Jan
9.90
Tarin
-
'
Jan
10c
550
9c
60c
Jan
U;
5c
32,000
73c
1
<2c
Feb
16c- Jaft"
Jan
8tic
a
Feb
27 Vic
3-30
3.35
1
(1944)
Iron
3,000
2,600
1
Ltd_
_I
Alines
Cons
69c
5 Vic
1
:
Mines
Alines
Mines
Tache Lake
16% Jan *
Jan
4c
56c
29c
3.60
Feb
lbtic
1,500
10 Vh
25c
Jan
;
Jan
115,776
-
67c -.1 80c
-
3.30
15
.,19c
Gold
Gold
G4c
5%c
l
Ltd
No.
High
1
Mines Ltd
Mines
Dufault
Ltd—
•
Alines Ltd
Stadacona
39
.5%
11,000
a2c
"
Explorations
Central* Manitoba
Gold
Feb
16,50%
9,600
24.700
6*
10c 10 Vac
1
Explorations Ltd—
CanubaAiines Ltd—
i
Central-Del Rio Oils. Ltd
Creek
Sisco
>
Mines
Alines.
River
Metal
14ti
500
.
16'-it;
5<r'
1
Nickel Mines Ltd—____X
Ltd
Jan
25
39
150
16c
72c
Canoratna
Mines
Gold
St Lawrence
42
Jan
ti
Crest
South
"16,402
a2c
1
Petroleums
Canaaian Homestead
Mines
Red
i
Devonian
B
,i
25c
Campbell Chibouiianiau Mines Ltd
Class
Jan
100
1.02a 1.14 I'v
2
__l
Ltd___i„i__
Canada Collieries
:
v
%V-II
1
Ltd
Calgary nfc Edmonton Corp Ltd
Calumet Uranium Alines Ltd
Bi-Ore
12
15
15c
*
Ltd:
Consol Central
44
Uranium
100
.
*
3.60
15-c
IsIIL >
1
;.
____
.%_•
Burnt Hill
Tungsten Mines Lftt
Consol
Raciiorc
Feb
15 3
317
Low
90'i
Feb
Jan
a
4.865
'*
25c 27H:c
-
1
Bornife Copper Corp
Petroleum.
3.50
-•
__i
;_i
_
Asbestos
20
2,600
17%
r 6.00
39-1.. 39
•
Belle-Chibougamau Mines
Cassiar
38J
350
i*%i:'i4%
....
V-' %.[
20o ->
Bluewater- Oil & Ga.s LtcL——
Bonnyville Oil <fe Refining Cofp__:r
Quebec
»
\
-
.
Baker Talc Ltd
Bateman Eay Mining Co^
Beatrice Red Lake Gold Mines Ltd
Bellechasse Mining Corp Ltd...
Cartier
16%.
"6.00:
.
f •
>
Alines Ltd—
Capital* Lithium
200
25
.12%,. 13% *
6.00
*'V''CI-'
'
25- "
6
High
Sullivan
Bailey Selburn Oil & Gas Ltd cl A
Canalask
Feb
Low
Steep Rock
.1
Augustus Exploration
Canadian
39 ti
>%__
___i
3E
iL*
1
_2
Sulphur As- Iron Co Ltd.
Cal&ita
1.960
__i
■
Atttnonian Mining Corp
Arno
Mines Ltd
Mines
Feb
■
~l
—•»
.
I...;
Atncraniunv Minos. Lid
Anaeorv Lead Mines Ltd
Bouzan.
90ti
38 %-"38%
,
I_*
.
.
AlgonvUranium- Min~.es; Ltd—
Aull- Metal
78
Sloek.v—
Aiacope Exploraftitnv fa-d-
Atlas
_l
~
"
•.
Ltd
Altai Mines" • Ltd
'
Co
m—
and. Oil
Advocate Mines
90%
39^-40t4
'••..'2:
L_lo'
Union.Gas of Canada Ltd—___
vvaternian Pen'Cu Lid. tL httCtz
Wes*eeV Product* Ltd
i.*,
Woods
High
90%-
40
i
RANGE FOR WEEK ENDED
FEBRUARY
Low
__«■
7.95
Jan
Jan
75c
6% Jan
25
Jan
48
48
48
135
48
12%
12%
12%
167
12% Jan
_
Feb
/
The Commercial and Financial Chronicle
40
.
.
Monday, February 9, 1959
.
(740)
CANADIAN MARKETS
RANGE FOR WEEK ENDED FEBRUARY 0
Par
2.84
3.10
43%
43%
44%
n
75
preferred
—160
4%f/c preferred
:
4% % preferred -——00
4%%
preferred
A0(J
6%
preferred
JjJJ
5%% preferred
6(J
British Columbia Forest Product*—.—•
British Columbia Packers class A
*
4
Class B
.
Erown
;
Class
A..
44%
Feb
13%
15
Fel)
76
Jan
40%
Jan
:onsondaied
Jan
41 %
Jan
Consolidated
Jan
88
Feb
Consolidated
Calliman
Central
Jan
47
Jan
Consolidated
49 "2
Jun
51%
Jan
joiisohdatea
11,622
12%
Jan
15
Feb
15
Feb
17 %
300
15
15%
400
15
39%
8,481
35
42
1.70
1.55
1.95
28,803
52c
52c
56c
15,700
13%
14'. i,
Die
9%
Consolidated
Feb
Consolidated Dragon Oil—
Jan
Consolidated East Crest
Fenimore
Jan
44%
Jan
2.00
Jan
Consolidated
Gillies
59c
Jan
Consolidated
Golden
A..——
class
14%
Jan
Consolidated flalliwcll
10
Jan
Consolidated
2.75
Feb
6c
7%e
Jan
8c
Jan
Consolidated
Marcus
8c
10,750
6'Ac Jan
9c
Jan
Consolidated
Mic
3.60
3.50
3.60
5,115
.3.40 Jan
3.65
Jan
Consolidated
Mining
16c 18'Ac
144,700
Jan
11c
Marbenor
Mines
37%
-*m*m
10c
*
1.77
9c
37%
38%
6%
6'A
300
6'A Feb
9c
11c
16,500
6'Ac Jun
1.30 Jan
29,421
1G,200
37 %
39
Consolidated
6% Jan
Bread
Canada
Negus
Consol Nicholson
Peak
,Class
Canada
Cement
Preferred
12% Jan
1,680
13
Jan
Consolidated
Pershcourt
Quebec
42,167
17%c Jan
11,130
27 %c Feb
32c
77c
25 %C Ft?!)
Jan
36c
Feb
1.27
Jan
preferred
255,060
33%
1,225
28% Jan
35
Jan
Consolidated
89
305
78'% Jan
89
Feb
Consolidated West
4.00
150
4.00
Jan
Consumers Gas Co
8.30
3.85
Jan
6.95
Jan
Malting ,common
4.80 Jan
53%
55"*
25
34%
35
2.264
32
Jan
35
Feb
281 i
135
27
Jan
28%
Jan
12%
Jan
14
Jan
35
Jan
37%
Jan
Class
Southern
Canada Southern
Canada
100
55%
55% Feb
Feb
14
75
1.040
9.9
100
355
97
Jan
100
Jan
Cosmos
216
150
205
Jan
216
Jan
Coulee
.
B
Class
B
Canadian
Canners
Canadian
Celanese
Jan
Cournor Mining
Jan
2.35
Jan
Cowiclian Copper
Craig Bit
75c
Jan
1.00
Jan
57
Jan
54
Jan
Crestaurum Mines
99c
2,900
53%
50
53
Jan
Jan
82c
53%
.
51% i ■
52
205
50
63
63
63
110
58
Jan
03
Feb
89
89
45
89
Feb
90
Jan
64c
75c
700
Jan
85c
ZHI
3.10
3.35
2,773
42
527
40
Jan
11%
334
3.30
41
•
.
11%
Crown
42'%
Jan
Crown
11% Jan
12'A
Jan
Crows
15%
1,200
15
9%e
9%c
10c
56 %
55%
56%
14,506
6,365
54
Preferred
Canadian
15%
7c
Trust
15'%
Jan
Crowpat
13c
Jan
Cusco
Minerals
.
18,268
4.40 Jan
4.90
Feb
Dacring Explorers
12,338
35% Jan
39 %
Jan
35
38%
Fe'D
Decoursey
Jan
Deer
Jan
5.70
2,195
4.75
Jan
6.50
Jan
4.20
4.40
1,635
4.00 Jan
5.00
Jan
Delnite
187/e
14%
15
5%
Devon
18 Vb
jail
19% Jan
Distillers
17% Feb
18% Jan
235
29
33
Dome
8%
9%
2,885
8%
Jan
1.45
1.45
1.54
17,200
1.35
Jan
1.57
Jan
5%
5%
57b
4,325
4.55
Jan
0%
Jan
75c
700
17%
17%
32%
Jan
'
Jan
9% Jan
75c
75c
3.55
3.35
3.85
43,297
2.95
Jan
4.10
Jan
5.55
5.55
5.90
14,425
5.40 Jan
6.05
Jan
11
29%
27%
55c
11
64c
Can
50c
1.70
47c
1.65
13
12%
13%
7.20
7.65
8
8
•
17%
80c
Jan
Bridge
Dominion
Dairies
Preferred
Jan
25
Jan
26'A
18
Jan
19%. Feb
47c
Jan
62c
1.65
1.85
Feb
Jan
Jan
Dominion
Jan
Donalda
Circle
Cody
Coin
Colomac
20%
Feb
84c
Jan
Combined
Feb
East
G9o
65c
72c
65c
Jan
82c
Jan
Eastern
Confed
Jan
10Tb
11
1,635
10%
Jan
29%
29Tb
4,442
28
Jan
32
32
32
140
8c
8 %C
11
Economic
Eddy
Eddy
14'%
Jan
32
Feb
126
Jan
Or
Jan
Investment
,
Elder
Mines
..
Eldrich Mines
Jan
12,352
52
260
2.00
600
2.20
Jan
146% Jan
Jail
50% Jan
1.45
52
292,281
73c
35c
Jan
78c
75c
85c
591,964
36,275
75c
Feb
35c
37c
12,725
35c
Jail
55c
Jan
12 %c
12 %c
13c
1,000
10c
Jan
15c
Jan
Fargo Oils
85c
85c
88c
2,550
82c
Jan
94c
Jan
Farwest
•
11
10%
11
9.40
Jan
11 Vb
Jan
Fatima
5.00
4.95
Jan
Jan
*
Federal
Grain
2.85
2.85
2.85
100
2.85
Jan
3.10
Jan
8.25
Fittings
class
8.20
8.65
20,803
7.95
Jan
9.20
Jan
Fleet
1.30
1.24
1.32
18,350
1.05
Jan
1.35
Jan
16C 17%C
15,500
Jan
1.70
2,950
1.62
500
19%
Feb
Jan
1.07
5.00
Jan
1.90
21
.
see
42.
Francoeur
Fraser
French
Petroleum
Froblslier
18.92G
64c
Jan
75c
Jan
'
8,800
82c
320
50
50
165
100
1.23
59,700
2.85
62c
7c
429
23
23'A
300
I
1.25
1.65
50
Feb
2.85
Jan
50
Feb
2.00
2.00
4.10
55,890
3.30
Jan
12%
12%
13%
2,525
12%
Jan
17c
19c
23,500
15c
Jan
21c
16 %c
19c
32,200
15c
Jan
38c
6%c
51c
50c
58C
264,615
8c
7%c
8c
15,000
11%
1,670
33c 34 %c
17,599
3.50
3.50
400
11
11 Vb
905
149
150
45
17,500
2.00
2.00
32c
54 %
Feb
22%
Jan
Jan
V 58
'
Feb
Jan
23%
"
Jan
•
14c
15c
44,100
11c
Jan
17c
.Jan
13c
14c
25,327
13c
Jan
18c
•Jan
36 c
32 %c
36c
23,875
30c
Jan
46c
44c 40'% c
92,515
33c
Jan.
29c
27c
30c
7,449
27c
17c"
21c
"38,300
16c
Jan *:
Jan
14c 14 %c
14,000
20,500
12c
Jan
62c
Jan
-
1
;•
14 '%c
C2c
G5c
G9c
;
34
18
12%
23%
6%
1.44
34%
18
'
.
18'%
1.33
30,303
1.28
Jan
Feb
Jan
Jan
'
3,635
2,140
22% Jan
>34%. Jan
17-T-i Jan
11%
12%
675
21Ta
45c
50c
2,880
332
200
5%
10c
20
13% Jan
•
24,-
Jan
Jan
v
Jan
9
Jan
85c
Jan
Jan
Jan
19
v
11V* Jan;
23'%
6%
320
6 %
•
Jan
.1.54 Jan
1
23%
.
Jan
74c
,
Jan
17c
•
34c
21c
•
,
39c
47c
'
Jan
Feb
20%
20'%
20%
33
v
34'%
1,520
243i
Jan.
34%
Jan
23
1,175
13 'A
Jan
23'A
Jan
21"
43%
.
:
44'%»
43%
"4,660 '
4134
.
44% Feb
•: Jun
Jan
11
11
11
"1,050
"11
Feb
12
47
47
47
5
49
Jan
49-
21%
21%
22
500
19%
Jan
22% Jan
88
92%
V 1,531
"83%
Jan
92 %
Feb
•
88%
15%
14%
15%
2G.843
"14
Jan
16 ',8
Jan
20%
20
20%
650
19%, Jan
20%
11%
11%
11%
4,110
13 %c
13c
14c
34,900
Jan
*
40
40
40
Feb
11%
Jan
Jan
40-
•
Jan
Feb
14c
9%, Jan
10c
.
24 %C
Jan
Feb
21c 24 %c
33,500
17c
Jan
16c
20,250
13c
Jan
V 16c
Jan
13 %c 14'%c
27,0C0
13c
Jan
16c
Jan
Jan
1.58
Jan
2.00 -Jan
2.40
13c
1.46
1.46
1.49
14.750
2.23
2.40
8,175
9c
9c
10c
12,000
20
17
17
17
100
38%
250
,
1.35
17
17 «A
Feb
Jan
37%
Jan
38%
Feb
27'A
Jan
28
Jan
53
Jan
60
Feb
Jan
60
53
1.14
1.11
1.20
1
46c
40c
12'%c
lo
63
'
Feb
10%c Jan
7'Ac Jan
%>
1.35
Feb
Jan
56,715
80c
Jan
50c
313,700
28C
Jan
50c
Jan
12 %c 13'%c
17,322
Jan
,
10c
Jan
14c
60 %
63
94
60
Jan
63
Feb
6
6
275
6
Feb
6
Feb
36c
?4c
36c
6,000"
20c
Jan
45C
Jan
10%c
10c
12c
144,000
9c
Jan
+
28%
28
29%
5,092
28
Feb
29% Feb
♦
23
*
15'AC Jan
1
1.00
1
15c
89c
•
Cop
7.30
51
23
23%
1,445
22%
Jan
24
Jan
18%
1
18%
350
17%
Jan
18%
Jan
1.00
1.03
14.400
96c
Jan
1.05
Jan
21c
7,660
20c
Jan
6.90
7.65
13,515
14 %c 15 %c
8,700
13c
Jan
1.00
90,700
86c
Feb
86c
655
50
51
10%
10%
175
•
A
69c
75c
4,000
IB
52
52'%
385
•
A
52'A
120
118'%
125
1,380
15'%
15%
15 %
1,430
9c
9%c
10,400
20o
9%c
6.10
35c
7.65
Jan
Jan
Feb
17'Ac Jan
1.12
Jan
Jan
51
Feb
10 %
Jan
10%
Jan
65c
Jan
75c
Jan
50
Jan
54
Jan
Jan
125
44
108%
8c
Feb
15% Feb
14% Jan
Jan
10 %c
Jan
34%
Jan
•
34%
1,370
31%
8.40
8.60
445
8.40
Feb
9.00
Jan
2.00
1.95
2.03
22,680
1.80
Jan
2.10
Jan
77
76
78
65
•
Debentures
32%
8.40
•
preferred
common
34%
10
100
Ltd
39
38%
75
80
Jan
Jan
40
Jan
37%
Feb
Gatlneau
Feb
Power
Jan
39
867
100
101
101
.27
100
Jan
102
100
common
5% preferred
5%% preferred
Feb
106
107
50
105
Jan
107
Jan
19%
20
7,867
17
Jan
20
Jan
7
Jan
Jan
Geco
4.10
Jan
General
*
19%
7%
7%
8%
625
8%
Jan
14%
Jan
General
Development
1
36%
36%
40%
9,950
28
Jan
40%
Feb
Jan
General
Dynamics
1
58%
58%
59%
326
58%
Jan
6314
Jan
19c
Feb
General
1%
46
46
47
587
46
Fel)
49'A
Jan
Jan
58c
Feb
General
1
4.10
3.90
4.10
750
3.90
Feb
Jan
8c
Jan
1
3.60
3.60
3.95
7,420
3.40
Jan
12%
13
1,700
12%
Feb
13
Jan
89
90
140
89
Feb
90
Jan
15c
Jan
19c
Feb
12
Jan
37C
Jan
Mines
Class
General
Ltd
1
Bakeries
—
Motors
Petroleum
A
Steel
Canada
com
■
Wares
common
•
"
Jan
3.00
Jan
10%
Jan
50c
Jan
'
Feb
Feb
11% Jan
149
30
Jan
82c
Jan
Jan
3.60
J
Jan
11c
s
13c
-
'
3.65
63c
54'%
Jan
1.85
34c *
•
Jan
• -
100
Companies
Feb
Jan
60c
26
•
Jan
75c
61c
275
60
Ltd
35c
2.65
33c
30
60
Co
Mines
20c
\
page
Foundation
Feb
Jan
78c
2.50
Jan
Jan
—10
-
of
Jan
2.65
•
,
Ford
6c
74c
HI*
Petroleum
28
GO
—
(U S)
Canada class
19c
11%
28
•
Jan
Jan
9%c Jan
«
Manufacturing
16 %c
1.50
11Tb
2,700
*
7,000
70c
•
11c
75
A
class
14,600
j
Mines
10 %c
1.80
23c
133
A
123,605
*
Conner
345
1
Tungsten
7c
1.31
17c
600
30c
25c
35c
72c
18c
1.85
30C
60
Ltd
20c
1.32
1
1.80
20C
19c
*
12c
Warrants
24c
1
Equipment
Jan
23 %c Jan
Jan
21
*
Mines
footnotes
16c
1.67
1
j
Mines
25c
77c
16%c Jan
20%
75a
.
Jan
27%
Ford Motor Co
1
common
8c
•
57
Mining
5.00
8,065
2,100
25
14,750
37%
i.7'%
Nickel
Famous Players Canadian
Fanny Farmer Candy
Faraday Uranium Mines
1
Smelting
9c
54 %
1
25c
6%C
8c
60
Corp
64c
33c
2.60 Jan
1
class
20c
i
Jan
Jan
2.00 Feb
Jan
Flooring
66c
1
1.82
373A
El Sol Mining Ltd
24c
Zl
Jan
2.29
10
Falconbrldge
ZZ
4.10
20
Explorers Alliance
,
Jan
1
3.00
2.66
1.99
1.67
3.00
2.20
1,630
20,280
v
•
-
common
2.30
50%
•
3.80
13 %c
.
Eureka
•
3.G5
1
Common
Jan
16 %c
Jan
3.70
•
15%
1
Jan
2.65
1
Jan
1
1.06
22c
Trust
A
14%
Ltd
Jan
Jan
14 %C
Co
class
240
1.99
Jan
1.00
2.55
.
—
Match
Paper
15
2.66
12c
*
-
Jan
200
-
Hi
15
•
8%c Jan
_
58c
400
2.25
pfd_20
'
-.275
>
1.06
«
Empire Life Insurance
60
,
.13% Feb
Feb i
•
Easy Washing Mach pfd
Feb
Jan
7%c Jan
9,200
7,500
Jan
47c
'
_50
Metals
Jan
30%
30
50
8c
100%
12% Feb
1.041
..
Feb
11%
-
2.55
1
Erie
Metals
For
98
11
13
11c
1.255
.16,850.
.
2.55
■-
1
Feb
Life
Conlagaa
29% Feb
Jan
29%
1
National
53c
Mines
Jan
Mines
Commonwealth
Conduits
27%
Sullivan
23
Enterprises
Combined
13%
47c
H*
II
East Am phi Gold
East Malartlc Mines
40c
1
Yellowknife
13%
,1
24
Reeo
Coldstream
19 %
HHIHHl
Feb
-
Gold
19% Jan
Jan
1
common
Duvan Copper Co Ltd
Duvex Oils & Minerals
23
Wines
Farm
Jan
18
Jan
•
Knitting
Lake
Jan
8%
22% Jan
Wiiians
Cockshutt
8.50
105
,
Bar
14% Jan
>;
Jan
1
&
19
50
HZH35
1
•
Mining
1,735
19%
•
Brewery
Jan
12%
Jan
19%
.I-H*
;
common
Jan
12%
Jan
2.28
1
Textile
68c
j
Chrysler
Cochenour
Jan
7%
245
16c
Jan
19%
34
Mines
21c
100% 100%
Feb
Jan
1.98
19%
1.37
Preferred
15% Jan
__
12c
Jan
42c
1
Dominion Tar & Chemical
23
Mines
Gold
Chromium
7.20
9,309
34,882
Jan
7
•
34,882
29%
Jan
4.50
j
& Coal common
364,140
2G.849
29
106
Jan
29'Ac Jan
41,858
1
Stores
40c
29%
Jan
Jan
-
3.90
37
185,500
16c
Feb
Jan
Jan
42c
2.28
Jan
5.85
23.50
Steel
140
Cblboug Jaciilet Mines
Chlbougamau Mining & Smelting
Chimo
12% Feb
55,169
Jan
6% Feb
13c
Jan
84e
Jan
760
2.18
Jan
8c
10'%c
.1
Dominion
gc
Min
102
3,830
-10
Dominion
2.90
23%
Oil
Cop
11
4.50
■
23
Mines
Kayrand
102
4.15
Jan
11c
19c
.
•
140
Gold
nhestor^ille
Chib
34
—5
Jail
Jan
1
.
5,531
52C
1
preferred
.23
Rio
Gai
36'%
;lic
Jan
7% Feb
2.31
1,728
43c
1.05
8
Feb
35c
Oil
34 %
Foundry & Steel common—*
5,012
1,000
16%c Jan
Jan
4.15
Feb
1.85
——
*
Mfrs class A
Porcupine
CheskirK
35%
32 %C
33c
2.22
Dominion Electrohome Indus
Warrants
c.
a—j
76c
*
common
Athabaska
Charter
3,195
45c
30c
~i
Corp
Trethewey
Chateau
5.G5
*
Magnesium
10
Mines
Pat
5.20
I—*'
I50C
common
70c
*
Central
72c
Rights
16%
21
Natural Gas 4%
Central
85,300
Feb
13%
H
;
71c
loo
Williston
Del
84c
,2.50
Dominion
*
Ltd
Cariboo' Gold Quartz
Central
79c
*
34c
•
-
Mines
Cayzor
,7c
2
•
Warrants
Castle
8.500
14c
Dominion
«
Corp
8c
2.23
Seagrams
8%
20%
_
Asbestos
7c
:
2.05
13 %C Jan
102
Dominion Scot Inv
.
11,617
26,200
80c
Dominion
7,911
Can Met Explorations
Cassiar
7'%e
Feb
33,350
Exploration
Captain
Jan
Jan
53c
Vickers
Erin
9c
lie
16c 17 %c
1G%C
43c
10c
lie
1
Jan
1.76
Westinghouse
Candore
Jan
11%
255
-
Western
Feb
43c
75c
925
Canadian Salt
Canadian
15 %c
580
H-28o
1
Canadian
500
43c
30
18
•
Canadian
Jan
15 %C 15 %c
15 %c
10% Jan
26
Ida
;
Wallpaper
7c
55c
18
Railway
Canadian Petrofina preferred
West
5%c Jan.
25% Jan
25%
*
Pacific
Canadian
5,000
6,755
100
warrants
Canadian
7c
200
,
15,704
Mines
Canadian
6%C
7,205
30
61c
7%
1
Corp
Jan
Petroleum
500
33
9%
32%-
2.85
common
Thorium
Feb
35c
Mines
Jan
Dome
20c
common
Tire
8c
Feb
,1
Oils
15
7%
Gold
Canadian
Palmer
Jan
2.65
Inca
Canadian
Jan.
26'c
•
Jan
*
1,445
19%
7.20
preferred
1953
Canadian
Jan
6c
8,100
1
14%
7%
OIL
Cos
25c
14,000
Mines
1.265
'
Oil
117,500
30c
7c
1.50
5.65
Dcldona Gold Mines—
2.05
Oils
Canadian Northwest
33c
2Gc
Hi
5.25
*
Hydrocarbon
Canadian
29c
Horn Mines
12% Jan
Dow
North
32c
27c
HI
2,355
16%
Crest
Malartlc
=Jan
Mining
13%
*
Oil
Canadian Industries
Jan
88c
—
Brewis
12%
•
Canadian Export Gas & Oil
Canadian Fairbanks Morse com
Canadian Gen Securities class A
Canadian
24c
Jan
1
Daragon Mines
345
1
Canadian
Jan
63c
—_
4.90
19
•
Canadian
18c
18,246
—IZ-III
ZIZ
ZZZZZ'.
Mines
38%
•
Dyno Mines
Canadian Husky
Warrants
2,750
75c
56'% Feb
Jan
1
High
23c
72c
—10
Nest
Jan
•
9
Petroleum
Homestead
2.05
22c
73c
II'—'
Zellerbach
Jan
•
Wright
Canadian
1.83
22c
;
4.40
25
25
common
Canadian
22% Feb
Z IZZZZZ""
39%
14%
Canadian Drawn Steel pfd
Canadian Dredge & Dock
Eagle
Jan
common
Pershing
4.70
14 %
Canadian
Canadian
20 %
1.97
9,798
105,625
51c
30c
37%
•
,
Curtis
22%
—
37%
*
A
Pete
Devonian
21%
;
13%
—
—
Canadian
22 %
—1
37%
—
k-
Collieries
Feb
4.90 Jan
H
li-'—.
5.55
com
Chemical & Cellulose
Canadian
Jan
75c
Jan
1
—
3814
.-25
*
common
Canadian Chieftain
57c
Jan
.
Timber
Warrants'
Jan
3.60
3.10 Feb
1
15'/«
Crestbrook
Jan
60c
20
•
class
Jan
„
Croinor
Jan
3.80
Crec Oil of Canada warrants
95c
——
1.80
Feb
Feb
4.50
57c
Craigmont Mines
common
48c
Jan
45c
—
73
$1 preferred
$1% preferred
Canadian
..
25%
warrants
warrants
97c
48c
H
Zinc—
Jan
10
—
Jan
3.50
12,937
Ltd.
Imperial
Lead
Jan
Aluminium
warrants
«lc
5,845
10%c Jan
19'%
69% Jan
-
A
954,875
7%c Jan
19%
25
common-—
Class
97c
4.15
Z
Z
130
;
British
87c
4.00
91c
,
4.85
Canadian
29c
38c
505
Minerals
-
Jan
4.15
l
Coppercorp Ltd
j
Copper-Man Mines
Copper Rand Clilboug
Corby Distillery class A
6,900
class B
Breweries
19c
6%
73
■
Preferred
11.500
26c
1UU
2.15
Canadian Bank of Commerce
Canadian
29c
28c
Exploration
25 %
Petroleum
Astoria
1,700
Copp Clark Publishing..—
73
12.50
Wire
Canadian
Jan
i 8i:
■:
10,000
;
;
Conwest
Jan
25
Preferred
Canada
63c
8c
IP
1.95
•
Steamship Lines
Fell
4.15
;
Jan
37%
14
37
preferred— -100
Oils
50c
Jan
19,765
common
2.15
RXtge
Permanent
Safeway Ltd
17,261
Petroleum
4.90
52
Canada
55c
3.90
1
Jail
75c
Basin
25%
class A
Canada
Jan
50c
52c
1
12c
216
14
*
——,,
Packers
Jan
45c
Minos.. .2.50
•
Lands
Warrants
47c
Jan
3.65
4.90
Mine..
,———26
Preferred
Jan
38c
CGc
Mines
Sudbury
Class A
Feb
9.00
10%c Jan
750
-10
Canada
Canada Oil
27c
1.000
4.70
Poplar
1.27
28
100
_—
14,900
43c.
i
Consolidated Regcourt Mines
2,230
IlO
Associates
Life
Canada
Consolidated Red
11,515
v
Foundries common—
7,112
40c.
43c
•
—1
Gold
Consolidated Sannorm
5
.20
Canada
Canada
13
55%
common
Canada Crushed.Cut Stone———
4 %#>
12%
Jan
9.00
5
50
—
3.90
35c
Jan
—i
19
34%
T
3.75
Jan
Jan
3.95
-
'
43c
————:
Jan
16%
225
5
•
——-——
Canada Iron
18%
ll%ell%e
8.30
11'Ac
—
preferred
B
Feb
70c
Oils
4.00
.
3.05
8.551
1
Mines
Mines
87
—
common
3.30
3.80
'HI*
Consol Northland Mines
33
Calgary Power common
Calvan Consol Oil
Campbell Chlbougamau
Campbell Red Lake
3.05
8c
14%
,
4.85
Explor
Jan
16c
1.03
Calgary & Edmonton
Jan
Jan
*
Consolidated Moslier
Consolidated
27 %c
-
Petroleum
Cftlalta
Jan
15c
Jan
1
Ltd
Smelting,
Consolidated Mogul
Consolidated
Morrison
Jan
9c
Feb
19%c 25%c
Mines
Jan
17c
Jan
2
&
Feb
1.77
6'Ac Jan
1,495
18'A
—
Oils
Mines
14c
Jan
13c
12%>
1
Ltd
Oils
Consolidated
-*
13
Cable
Jan
11c
Z_Zi
Gold
Mac
Jan
22c
Jan
1.37
8c
'
Cadamet
11c
5.900
23,775
'
■
Burlington
30,001
15c
6%c
1
Howey Gold
7c
16c
Jan
2,500
1
Jan
2.50
1.77
Feb
9%
;
23.911
1
Feb •%:
Consolidated
——. -
Hill Ext
8% Jan
7c
1
Arrow—.:
7c
1
1
"
Products
Ltd
350
Jan
9%c Jan
8c
Z—7
Mines
8'A
2.75
9%
13c
35c
13%
5c
6%c Jan
13
*
950
2.20 Jan
15,625
12%
i
Lake.—
•A—
J
Ankerite
Red
Lake
Discovery
Feb
340
9c
13c 13 %«
7c
"ZZZi
Jan
52c
10,000
26c
12%
.—j
200
„•
32c
Jan
3.10
Mines
Warrants
Consolidated
40
'1—1
Jan
22c
11 %C 13%c
13c
13%(:
Cadillac—
Denison
1.50 Jari
5,626
U %c
I
»
Klin
17%
% Jan
40%
Mines—
Gamina
40
Fel)
38
13%
BelleKcuo
Jan
27c
4,375
7%c
uil
Consolidated Bakeries
46
High
1.082
26c
9
ftlieuucts
86%
V
Low
29c
23c
25c
.
Beta
High
29c
Mines—
38
230
Low
l
40'A
41
1
Smelting
Buffadison Gold
Bullcchs
Key
1,098
;
15%
15
75
15%
*
Building
Con
Mines
126
15
——*
.«
Mining &
Conlaurum
105
47%
2.75
Brunswick
Bunker
Jan
—
Mines
Brunsman
Buuaio
3.20
305
'
50%
.
Mines
Brunhurst
Buffalo
46%
49%
14%
}
B
130
88
47
l
Company
Mills class
Bruck
Par
High
Jan
39% Jan
18,036
39%
41%
87
—
50'A
*8
Mines
Reel
39%
41%
83
--
Columbia Telephone
Brouiau
2.71
38
BntibU Columbia Power
British
18,620
-
75-"
75
—
.
*y—
.—
Lew
uqusoiiuatcu
Electric—
Columbia
British
2.84
1
Britalta Petroleum —
British American Oil——--—
High
.Low
Feb
Jan
,
Preferred
100
90
4.00
Jan
Genex Mines Ltd
1
15c
15c
19c
12,200
11%
Jan
Geo
•
1.20
1.20
1.30
13,400
Feb
Giant Mascot Mine
10c
11c
6,000
Jan
Giant
7.15
7.30
7,425
150
63c
Scientific
Prospecting
Yellowknife
1
Gold
Mines
1
7.15
1.05
9c
6.85
Jan
Jan
Jan
*
-
4.25
3.95
1.30
11c
7.45
Jan
Feb
Feb
Feb
Jan
:
Volume'189
The Commercial and Financial Chronicle
Number 5819
(741)
JJ
CANADIAN MARKETS
Mining
' '
Glenn
Uranium Mioes____
Goldaie Mines
.r
J,
\
.
•
Gold
|
'
Eagle Gold
Gold fields
:
4
*
!
L
Gordon
i
Grafton olass A
.
uraadroy • Mines
Granduc
-
33c
46%-
33c
1.92
26
Jan
Maple Leaf Gardens
Maple Leaf Milling common.
4074
4174
185
3.00
3.10
1,200
18
674
1874
674
47
47%
974
9%
1,264
974
2,235
15c
9%
17c
4.30
4.80
__
27
27
Mines.-
1.00
1.20
Maritime Mining Corp..
Martin-McNeely Mines
Massey-Ferguson Ltd common..
974c 1074c
54
Jan
Feb
10% Jan
10
Jim
Jan
20c
J&n
Preferred
Matachewan
Jan
13
Jan
Maxwell
Feb
2.00 Jan
26
■
4.80
27
Jan
Feb
1.20
1.00 Feb
13c
Jan
Jan
11c
Jan
Mclntyre Porcupine
91%
19
Jan
McKenzie Red
35c
35c
6.70
10,210
Feb
McMarmac Red Lake.
10c
10c
12C
McWatters
34c
31c
8c
974c
42
437i
16
23,683
500
97i
1074c
20c
24 c
1974c
100
-
225
12 c
20c
20c
974 c
50c
-
510
•
10,700
-
56,900
2,005
10c
2,000
52c
~21,800
14,600
8c
8c
8c
6%c
67iC
67jC
4.25
'
-
1,770
4.25
4.50
76
76
,76
6 %c
6C
1.77
1.80
1,200
20e
35c
3374c
35c
30,482
.t
49
49
'49
62
•
6%
6%
774
250
.a
32
31
-32
6,550
lpo'i:
i
Golu
38%
8%c Jan
Feb
Jan
25
....
'
•
5
15,600
,
19%
1974/
197 a
10%c Fob
14c
Jan
Jan
25c
Jan
Metal Uranium Mines
18 %c Jan
20c
Jan
16
:15c
58c
Jan
5%
.
1.61 Jan
9c
50
Jan
6% Jan
an
Jan
7%
Jan
Jan
21
19
19
1974
3,119
19
Jan
20%
44%
470
40
Jan
44%
Jan
4.75
5.10
Z*
02 %
*6174
62%
11,625
3,336
*
"
1934
: 19%
1
Oils
18c
1
A
•
Life Assurance
68
11%
1074
87%
44%
4474
Tobadbo of Canada ordinary^!
Lake Gold
1
14%
19
Jan
17c
Jan
1.86 Feb
62%
21%
Jan
20c
1,875
62
Jan
68
3,510
88
300
.45
1474
12,570
i4
9c
4,810
10% Feb
92
44%
Jan
Jan
13% Jan
6c
Corp
Ltd
46%
Jan
14% Feb
9%c
39
common.*
Warrants
Machine
class
Nickel
_•
4%
150
11%
19
787
17% Jan
20%
7
3,835
6% Jan
7%
Jan
2.60 Feb
3.05
Jan
19
j
pfd.;
674
2.60
com
89
35
34c
•
warrants..
21c
Line
class
»
A
»■
*54
.
i
Warrants
V.
Kenville
of
Canada
Gold
Kerr-Addison
Kilembe
Mines:
(John)
Lake
Cinch
Jan
Jan
7,742
49
Jan
55%
Jan
Lake
1,600
Jan
Jan
17c
Jan
5,500
15c
13,100
43c
Jan
Luz
New
New
New
Pete
Goldvue
Lamaque
31c
150,150
23o
Jan
34c
New
-Jan
New
Feb
53
Feb
New
Jan
39c
Feb
New
78,850
38c
Jan
25c 26 %e
26c
30c
2.41
9%c
Jan
32c
26c
8c
10c
32,625
14c
15c
1.28
1.44
Mines
1
') % c
9c
•
10 %C
31c
Mines
9%c 10 %c
28 c
34c
53c
1.91
7%c
8 VaC
18c
24C
6%c
6c
6%c
1.25
1.38
Mines—
15c
15c
15%
Jan
11c
Jan
Jan
35c
Jan
Jan
54c
1.18
9c
Jan
10c
Jan
25c
Jan
6c
Jau
10c
1.20
15c
Feb
19c
15% Feb
500
13
Jan
69,027
73c
Jan
1
8,577
96c
Jan
1
2.35
2.33
2.40
7c
7%c
25c
21c
28c
9,150
4,500
103,000
56%
57%
370
11,500
12.871
8c
8c
19%
1974
2074
2,50
2.40
2.70
46c
50c
5,425
65,500
10c
18c
54,135
74c
74c
85c
80c
80c
2974
29
91,117
85c
2874
Jan
2.96
Jan
Nickel-film
Jan
10%
Jan
Nipissing Mines
6.10
Jan
Nisto Mines
10%
Jail
Nor
5%c Jan
Noranda Mines
4.90 Jan
8%
Jan
1
...
Gold
Acme
10c
Jan
19%
Jan
20%
Jan
Jan
3.25
Jan
Norlartic
9c
—1
•
...
Jan
Normetal Mining Corp
Jan
Norpax
56c
Jan
86c
Jan
75
Jan
Norsyncomaque Mining
Northcal Oils Ltd
95
Jan
27% Jan
29%
Jan
Jan
Preferred
2874
2974
3,561
25% Jan
30%
11
11
1174
1.455
10% Jan
11%
Feb
1.20
1.14
1.20
1.22
Jan
North Goldcrest Mines Ltd
90c
36c
95c
20,500
24,200
1.03 Jan
Feb
North Rankin
2.80
2.75
2.85
11,705
8074
8374
394
9%c
974 c
11c
3,800
5,500
620
3.75
8,800
35c
35c
1,020
27
240
_3
26%
26
1
1.50
1.41
1.56
83,350
13c 1474c
Jan
2.75 Feb
80
Jan
9c
Jan
22c
Jan
4.45
26c
Jan
Jan
3.50 Jan
95c
3.00 Jan
86%
Jan
ll%c Jan
26c
4.35
3.75
Jan
Feb
Jan
1.36 Jan
1.56
Feb
Northern
Jan
Northland
24,000
12c
5%c
574 c
6c
33,900
4%c Jan
2.30
2.20
2.39
12,250
2.15
Jan
Jan
17c
6%c Jan
2.48
25
141
Feb
141
Feb
31
1,710
30
Jan
31
Feb
30
3074
•
40
3674
40
•
40%
3774
40%
50
46
4474
46
17
14%
17
11,095
5%
29% Jan
34
6,275
34% Jan
40% Feb
510
44% Jan
46
Jan
Ocean
Jan
17
Feb
25
4.80 Jan
40
Feb
140,000
43c
25,350
40o
Jan
16C
18c
6,650
10,300
15c
Jan
24%c Jan
9o
Feb
ll%c Feb
138,700
25o
Jan
62,500
7c
25c
12%c
U«
34c
15o
Jan
4.60
35
35%
350
1.55
1.80
4,605
59c
57c
59c
12,428
56c
Jan
59c
Jan
45c
Jan
52c
Jan
Jan
1
26c
40c
15c
Jau
Feb
1.42
Jan
1.80 Feb
50c
6,800
1.80
75,100
1.35
Jan
1.97
2.14
1.85
2.20
68,745
1.85
Feb
2.55
Jan
1.80 Jan
Jan
1.21
1.34
6,900
1.20
13%
13%
13%
670
13%
Jan
13%
Jan
14%
14%
15
3,740
1,460
13%
Jan
16
Jan
75c
90c
4.00
4.35
2,590
1
Jan
1.05
Jan
5.00 Jan
Jan
1.53
Jan
13% Jan
16%
Jan
75c
3.55
1.30
Jan
1.52
14,806
7,171
27
175
25
Jan
27
Feb
50
49
49
35
49
Feb
49
Feb
20
3.50
3.70
400
Jan
3.70 Jan
37c
39c
8,500
77
78
242
•
77
100
3.25
23c
75
13 %c
42c
Jan
79
Jan
Jan
17c
Jan
15c
15c
1.40
1.50
420
1.40
Jan
20c
23c
10,500
18%c
Jan
8c
8c
9%c
25,000
8,000
15c
1
9,100
67c
G7c
69c
15%
Mines
15%
15%
3,525
8c
24,500
1,000
7%C
7c
14 %c 14 %c
1
Jan
75c
Jan
Jan
16
Jan
Jan
13c
Jan
15 %c Jan
1.12 Jan
1.35 Jan
1.25
22C
11,800
19c
2.20
2.30
50c
20
.
50C
55c
18,125
3,500
37c
10
9%
10
1,386
9%
9%
375
Jan
9%c Jan
6c
1.25
5,265
1.60 Jan
23c
14%
66c
19c
10
1.28
7%c Jan
2.20
—90s
Clib common.
Jan
Jan
20%C
—1
..
preferred
Jan
4.60 Feb
35% Feb
1.70
Malartic..
Class B
36c
Jan
Jan
16%
preferred
Preferred
Jan
3.70
35
/1.75
1
1
Cement
Ontario Jockey
Warrants
20c
26
Mines
Gold
Feb
46c
Obaska Lake Mines
O'Brien
22c
1.45
Oils Ltd
Util
Jan
15%
O'Leary
18c
36C
18c
25%c
4,15
Feb
14 %c
27
Jan
15c
38c
Zl
20 Vac
4.40
Jan
Jan
1.45
Jan
15c
9c 11 %c
23c
2fto
50
3.85
27c
15%
18c
•
1
lie
22c
Jan
Feb
•
48c
5.50 Jan
Lerado
1
17c
3.15
22c
common...—*
Ogama Rockland Gold—
Oka Rare Metals Mining.
Okalta Oils.
Long Island Petroleums...
6%c Jan
17%c
8,417
23,100
29,750
114,700
7,120
30% Jan
1,495
574
24c
1.21
Telephone
Northwestern
5,605
12
3.85
22c
•
—
Norvalle
141
30
5%
Preferred
Nova Beaucage
Nudulama Mines
141
30%
Jan
3.50
23c
_1
Natural Gas
Ontario
Jan
3074
30
..
3.75
Northern Canada Mines.
28%
•
37c
warrants
24% Jan
]
13 %c
Jan
75c
Northern
1
Jan
4.00
Northern Quebec Power
Mines
9c
33c
.
Feb
Mines
57% Feb
Feb
65,600
1956 warrants
Feb
Jan
Feb
22,250
Class A warrants
35c
3.00 Jan
33c
Gold
!
Uranium
North Star Oil common
1957
Jan
7%c Jan
28c
36c
Jan
5.00 Jan
31c
52% Jan
4.905
Jan
1.20 Jan
2.55
12c 13% c
Warrants
Northgate Exploration Ltd
Northspan
6%C Jan
Jau
15c
77c
'
33c
•
——1
1
Nickel
10
eoc
33c
Jan
1.60
62c
20c
Jan
12 %c
2.30
Jan
•
Mines
Jan
40c
56%
—1
—1
Norgold Mines
2.35
795
38,600
Mines Ltd
15%
Jan
1.40 Jan
Jan
85c
Mining & Smelting
Jan
1.91 Feb
Jan
7%c Feb
500
*
12c
35c
2,475
21c
Jan
Jan
27c
168,940
25,440
1.25
Jan
1.50
6%c Jan
10,000
46c
Feb
15c
Jan
9c
494,281
7%c
1
1
Jan
2.60 Feb
IOC
Jau
1.05
107,861
32,170
1.61
49c
1
34c
Jan
13 %c
19,500
1.75
—1
Mining & Smelting
Exploration
10%c!
2.25
Jan
Jan
26%c Feb
7%c Jan
4,100
112,475
6,800
73c
Jan
2.60
21,850
1,180
14,190
20c
30c
2.40
1.18
3.60
71c
15%
35c
page 42.
62c
1.48 Jan
Jan
75c
3.60
see
22,530
62c
1.07
1.06
•
For footnotes
1.43
79c
6,350
•
1.40
1.07
50c
Lynx Yellowknife Gold Mines
1.40
1
4.35
CO
Feb
43c
*
4.25
Mining
12c
Jan
Nickel
4.30
Lvndhifr«»
Jan
31c
13,650
Niagara Wire class B
•
Gold field
Jan
8C
38,600
7c
Jan
355
Louvicourt
7c
26,775
42c
Jan
3,350
Mines
Jan
12c
36c
Jan
31c
Uranium
5C
9%c
28c
5.90
Warrants
5%C
39c
22c
1074
London Hosiery class A
5%C
70c
10
warrants
Jan
Jan
Gold
A
58c
Jan
25c
B
9%c Feb
Jan
Jan
Long Lac Gold
Class
Jan
34c
22,850
16c
5.00
Preferred
8c
39,515
23c
Lexlndln
-Class
Jan
16,100
51c
55c
9
Jan
27c
9 %c
3,000
5.50
8c
33c
30c
9c
12,093
30c
A
Jan
28,900
10%
•
Jan
15%
25c
*
30
15c
Jan
65c
1.95
Jan
Jan
16c 1774c
4,700
Jan
27c
Rouyn Merger
Senator Rouyn
Superior Oils.
Taku
15
"20c
r
42c
14c
Gold
13 %c
Jan
Jan
Feb
9c
•
Newlund Mines
28c
28c
'*100
840
19
Jan
45c
1.30
Jason
New Kelore
53
15
-
16
60c
24c
Groceterias common
1,465
25c
4.45
1st preferred
Loblaw Cos class
4.15
New
30c
Class B preferred
Jau
1
Newnorth
27c
Lencourt
Lob law
3.00
1
Feb,
Jan
4.45
Laura Secord Candy
Leltcb Gold
9,300
1
Mines
Jan
Jan
13c
1
Mines
4.00
Mines..
Hosco
20c
10
1
Gold
3.65
..1
Harricana
12%
2,665
327,233
1
American
3.65
6O0
—
Mines
Manitoba
20c
Mines
—
27%
5%
•
Oil of Canada
Mylamaaue
12%
Mining
Mines
Feb
50o
Petroleum
Mines
New
1174
10,885
I
Jan
4.95
1
Dickenson Mines
New
1674c
83
Mines
Osu
Shore
Wasa
Little
Da vies
Now
New Delhi
New
Jan
64c
I8%c
10
•
27%
175
1
1
Llngman Gold Mines
Lake
Latin
Jan
13%
Continental
Feb
80
5.00
2O0
1
Gas
Lake
La
2.55
Jan
51c
Debentures
.
2.05 Jan
12
New
Jan
27%
j
Bidlamaque Gold
New Chamberlain
14c
j
*560
New
Jan
1
1
-Mines
Dufault .Mines
Lakeland
Lake
Uranium
Mincs.^
37,300
29%
Labrador Mining & Exploration
Lafarge Cement class A
Lake
Lablne
Alger
36c
2.52
20c
New
1174
9%
Ltd
9c
4.95
<
Jan
15% Jan
14% Feb
1,765
25,500
27%
_•*
New Athona Mines
33c
49c
.1
Nesbitt
.
1
North Canadian Oils common
Labatt
15%
5.00
*
;
Products
Jan
1
Kroy Oils Ltd
Mines
42 %
2.41
1
14%
11 %c 18 %c
<■
^
National Petroleum
Feb
16c
1
Minerals
15
11 VaC
1.04
25c
Hosiery Mills class B
35
15c
Kirkland
Jan
179
9%
Warrants
Jan
3874
65c
Feb
32c
35
12
103
Jan
Feb
41% 6 Jau
48% Jan
16c
90%
Jan
Jan
Feb
9,061
Jan
Feb
Feb
19%
135,000
63
9% Jan
Jan
93c
46
100
92
47
Jan
32c
11,271
46c
i5«
"•Rights
46
40% Jan
30c
9074
1
Gold
46
Jan
Feb
17%
1,225
,
Jan
Jan
40
45,918
18%
26%
36
100
is va
Jan
30c
8274
575
Copper
36
93c
Jan
80C
311
36
84c
Jan
13
1
New Bristol Oils
•
A
40%
36
92c
103
New Calumet Mines.
15c
•
;
Kelvin a tor
40%
-1
Mines
Feb
5ic
65c
40%
.40
21C
26% Jan
Creek
Jan
15c
\»c
22%
100
iu«
1
;
319
1,000
1,300
Jowsey Mining- Co Ltd
Jumping Pound Petrol
Jupiter Oils
Kelly Douglas class A
26
15
2.41
•
25%
15c
2.30
„
22% Jan
15
2.40
Jonsmith .Mines_
14%C Jan
12
Feb
52c
70c
25
100
547
Jan
24%
58.870
53,800
12
26%
Jan
14% Jan
Jan
Jan
53
18c
12
26
Jan
Jan
Feb
Jan
39c
16%c
8c
45c
58c
53
Jan
3:75
65c
23
30c
13%
18%
Nello Alines
12%
32c
2,850
11
89 Vs
Neon
1
j
14%
Jan
3.904
Feb
10
1
14
'
2.85
287,912
Feb
Iroquois Glass preferred
...
Feb
2.95
800
Jan
Feb
„
7%c
"
Jan
103
6%
Feb
Mines
1,700
13,000
Feb
34%fe Jan
Jan-
52c
11%
3.30
Joburke Gold
-8c
49c
:
*
Jaoi
65c
Jan
27%
Johns Manville
3.4b
: 1
Jan
1.65
45c
Feb
2.30 Jan
-JOUetoQuebeo Mines
21.
"""
Jan
900
-
Jan
7%c
15c
21c
•
2.35
15c
27c
35c
29c
10; 506
12c
21% Jan
ZZZl
*■
2,200
56,929
33c;
12c
6,690
(1939)
49C
83c
Jan
2.70
•
90,775
Jelllcoe Mines
Feb
1.35
Jan
75c
7
3.30
1
80c
19
2774
_j
7,200
7,409
Jan
14% Jan
Jan
18
24
20c
690
18
2.77
.
82c
1.60
42,300
•
3 30
■<
80c
1.50
12c
Feb
14% Feb
'
Feb
Nealon
27%
Lake
C2c
49
Jan
13%
National Steel Car
j
Mining..
Exploration
700
Jan
25c
Jaye
-
: "14
75c
<
13%
5
Jan
1
Jan
1.23
50c
100
13%
14%
10c
791
Jan
32c
Jan
-1
1,400
1274
115
22,500
Feb
Jan
III
18,800
55%
48
3.35
25c
Jan
1.00
26%
25%
...
common
70c
54
-48
10c ll%c
14%
37c
Iron
Minerals
2.95
500
47% Jan
?
8 Vac
-
31c
5
2374
21c
17 %c Jan
..I
62c
21c
2.20, Feb
12,100
1,750
29,950
Jan
Irish Copper Mines
Tron; Bay Mines
Jack Waite
Corp
34,611
19c
15%
Jan
Jan
12%c Jan
Jan
2.42
a
A
...
11
•
•
Interprovincial Bldg Credits
■■
Jan
3.35
39%
Feb
Feb
45c
Jan
Jan
27c
Feb
.*■7
95
90
27 %C
16 %c
_l
23 74
65c
_*
)
7
1874
6%
2.65
1
Powders
Syndicate
6,346
574
1174
30
Co common
Pipe
125
6
1174
5%
*
International Petroleum
international RariWick Ltd,
Tnterprovinciai
7
Jan
72,225
36% Jan
12%
28c
3.20
Porcupine
National
Jan
.
7
Inspiration Min & Dev
Bronze
14
...
Inland Cement Co pfd
Inland Natural Gas common
Warrants
interna clonal
39
1274
A
Inglis (John) & Co
Ingram '& Bell preferred
International
3674
Jan
Jan
Jan
15c
7%C
,JZ
Corp
National Drug & Chemical common
b
National Explorations Ltd
•
National Grocers preferred.
....20
Jan
66,700
3,495
2,975
Jan
5
133
Nama
12% Jan
77 %
22c
Feb
Multi
Feb
1174
Jan
Feb
Mt Wright
Jaa
14
Accent
Moore
Jan
53
Jan
4%
37c
46c
Montreal Trust
2.00 Jan
Jan
106%
~17c
32c
Montreal Locomotive Works
Feb
49
774 c
8%c
,'57% Jan
13% Jan
14
Metals
Molybdenum Corp
Moueta
5.10 Feb
230
-68
87
•
500
.52 "
6574
30
-
:
5,544
1,666
1.88
52
10
...
Investment class
19c
1.86
...
20
:
2074
4.25 Jan
Jan
2.45
Preferred
Jan
43%
4.75
80c
1.60
Containers class
Molsons Brewery class A
Class B
Jan
43%
10%
8%c Jan
20c
77c
Z.JZl
Modern
"
Huron & Erie Mtge
Oil
19 V2
1
Mining Corp
Min' Ore Slines....
Jan
33%
40c
999
133%
1
Mhidamar
Jan
Jan
Jan
Jan
28,553
1.23
13.50;
Milllken. Lake Uranium
Milton Brick
lr80 'Jan
47
Feb
1.07
136,600
.
!
48
common
Mill 'City Petroleums
Feb
37c
1.29
Jan
25 %c
-
15c
10c
Power
Warrants
Jan
Jan
&
Midwest Industries Gp.s
Jan
27c
Light
Mldcon Oil & Gas
Midrlm Mining.
Jgn
5,662
1
smeltiug
Feb
1.10
1.15
Preferred
Jan
76
Feb
•5y2c Jan
Mexican
Jan
9c
Jan
4.00 Jan
•76
-
15C
Merrill
Jan
7%c
7%c Jan
6c
Jan
11c
8%C-Jan
"uttc
Feb
•9%
Jan
8% Jan
•
Bay Mining &
Hudson Bay Oil
Hugh; Pain Porcupine
15c
2.20
3.35
Mercury Chipman Knit
Island Mining
Mersey paper 5%% pfd
15
•
Hudson
Jan
18c
Mines!
Gold
Petroldums
Mentor Expl & Dev.
2.00 Feb
•
j
common
92V4
Lake
Medallion
Jan
45
2.00 Feb
"
1
—
8c
•
~
16
974
7.65
6.00 Feb
30,500
2.00
1
Gils.
•
41c
6;00
ZZ
(
..lie
95
Jan
2.00
Vi
Jan
TeXaco Canada Ltd
Jan
8c
i9»;>c
*
Jan
15c
:
changed to
9o
11 %c
.1
42c
Jan
92,900
17%
•
.
Jan
.-10c
27c
13,500
4,000
43%
-4
27c
22,350
12,600
83,490
•
.
130
30,037
i
.
Jefferson
Name
Feb
96
4.50
130
Jan
13% Jan
Feb
17c 18 %c
.
22%
Feb
Jan
Jan
21c
Consoi
Ltd
13%
Jan
10c
12%
251
857,400
91,523
7,070
>24,500
12%
124%
Maybrun Mines
McColl Frontenac Oil Co Ltd
9% Jan
Ltd—
Bank
40c
10c
i
•
Class B
1.29
18%
9C
■
s
..
Howard Bmith Paper,
Hoyle Mining
1.17
Jan
61,525
15c
27 Vac
,
4c
1.12 Jan
93
-.
4.50
.
21
233
-
14c
17%
_1
•
Investors
Jail
6%
Jan
Jan
.22
Jan
7%c Jan
1,625
-
37c
12c
15c
8,746
lW_i
.
Class A
B
Marigold Oils
35C
12 %c
Mines
12
1,119
•
Hlnde- & Dauch. Canada
Hi Tower -Drilling......
Class
Jail
Jan
95
is
—*
Preferred >__iuL
i
21 %
9%
14,800
27
_•
Hev&vGold, Mines....
Ingersoll
Marcon
5%
1,760
l
HeadwayRad Lake^uSi
Heath -Gold Mines.
Industrial
Maralgo Mines
Jan
45
77,200
ioc
Feb
3.30
13%
93
41%
22
13
Feb
18
475
13
gy2C
21
Preferred
6.10
Hees (Geo H) & Co..
Hendershot iPaper.. common.;
t
1,360
17c
4.70
Jan
•
1274
J
6%
3.35 Jan
Gotdfieids
3.00 Jan
40%
395
1
Head: of.'Lakes 'Iron.
Indian
9c
2.90 Jan
_l
Minerals
Imperial
Imperial
Imperial
Imperial
Imperial
8%c
8,775
7,525
1.04 Jan
23% Jan
5% Jan
L
Mines
Humber
1.07
40
9c
Hasaga-Gold Mines
*
1.04
955
974
Harding Carpets
4
Malar tic
1,875
•
Mines
Consoi
Jan
6%
3.00
.
Mines
Co
39^4
an
21%
-
Jan
14% Feb
3%c Jan
24%
l
Home Oil
22,000
6
10
Hollinger
265
4c
Feb
1.10 Jan
12c
.
14% Jan
100
22
2.90
is
14V'a
2.05
Jan
22
6
40%.
Feb
3%c
2.95
v
Jan
9c
2.55
Maher Shoes Ltd
Maneast Uranium
.
920
16,050
Majortrans
Feb
'
200
11c
Feb
1.47 Jan
43% Feb
Feb
30%
3f
44,440
1.05
14%
;
2.95
Jan
;
Jan
1.19
Feb
23% Jan
•
Hamilton Cotton common—,
f
Jan
4,665
•
.
Typsum Lime & Alab
<
1
23
35% Jan
1.92
Jan
3074
•
A
-
•
33c
9,400
5,194
9c
24%
•
Highland Bell
Higfawood Sarcee
17
1.25
43%
1.05
2674
3.00
Warrants
Gwillim Lake ' Gold
;
Feb
Jan
1.54
16c
2:80
Red- Lake-.
Mages Sporting Goods
Magnet Dons Mines.
Magnum Fund Ltd..
24%
l
class
Gold
15 %
20c
-
1.10
Harrison
Jan
29%
Bights
Hard. Bock
Jan
8
Jan
21% Jan
950
Jan
55c
1.19
-1,700
~50
,
K
48
Feb
Jan
11c
40,900
%
High
3.05 Feb
2.66 Jan
25c
41%
& Bloedel class B_.
3974
1
Gulch Mines
Hallnor
Feb
Jan
6%
Cockshutt
•
Guaranty Trust
.
191.
Madsen
25
;
Freehold
Gulf Lead
Macmillan
3874
common
Voting trust
Greyhawlc (Jranlum
Gunnar
MacLeod
Jan
46%
■
450
Jan
42c
Jan
42,500
22
.u.
39
common
Greyhound Lines
~
-
32c
Jan
2,269
38c
11c
Macleotis class A pfd
Jan
3.05
31c
Macfie' Explorations
Jan
22c
133,057
6,450
29 % c
•
40c
-32c
15
29c
Winnipeg Gas
Gridoii
145
1.80
_
Coal
-
674
15%
20%c Jan
185
285
674
warrants-
West
22,300
235,200
36c
191-
4674
-
Low
High
2.85
...
•
Great West Saddlery
Greater
30c
,
-
1574
Great Plains Develop
Great
Jan
34c
6%
•
Gas
B
Jan
20c
-
15%
__i
preferred
18c
27c
18c
33c
j
Class
4,500
127,295
Low
Macdonald Mines
*
—1
-$2.80
Jan
-
*
_
Warrants
.
12c
190
_50
Mines
Greafc Northern
Macassa Mines
Jan
_*
Preferred
-
Feb
-10c
—_•
_
Great
Lakes Paper
Great Lakes Power
38c
7,600
27c
-
l
i
:
preferredMacliay ,class A
.
)
Jan
26c
*•
;
Par
30c
-30c
«
counnon
High
104,625
31%c
1
.r—.
Uranium
-
-
l
Goodyear "Tire Canada
Low
38c
10c 1074c
_l
.
Mines-,
High
33c
37c
i
-j.
Golden. Mauitou
RANGE FOR WEEK ENDED FEBRUARY 6
Low
Par.
.
Glacier
Feb
8c
23c
Jan
Jan
Jan
2.40 Jan
Jan
65c
9%
Jan
10
8
Jan
1.90
9%
Jan
Jan
Feb
,
{
,-42
The Commercial and Financial Chronicle
(742)
.
.
Monday, February 9, 1959
.
CANADIAN MARKETS
RANGE FOR WEEK ENDED
Low
Opemiska
27%
400
9.85
10%
27,135
3.50
3.50
3.50
100
12c
4,500
32c
36c
13,100
Debenture
Copper
——
Gold
Grenada
Mines
Ormsby
Oslsko
28
10
&
Crush
Orange
Lake
Low
10c
Loan
Ontario
High
36c
—
36c
Mines
36c
'
40C
26
FEBRUARY
28%
8.90
Jan
10%
Jan
3.50
Taurcanls
Feb
3.35
Jan
9%c Jan
40c
Voting* trust
Taylor Pearson
Jan
32c
16,500
12c
Jan
Jan
36c
Jan
45c
16%
16%
17%
9,152
16%
Feb
18
Palllser
11%
11%
910
11%
Jan
13
Jan
34
Petroleum
Pamour
33%
Porcupine
——
.
Uranium
Pato Consol Gold-—
PQfe
Pipeline
55c
65c
2.15
3.25
3.40
18%C
20c
Powell
River
Gold
___
—
1.55
1.64
12,155
22 %c
25C
9,600
1.55
1.71
16%
21,775
1.54
5,315
8c
East
Prospectors
18,100
7%c
7%c
10%
223,960
61,120
16
1.01
1.40
67
9c
9%c
5%
5%
3,175
136
6.35
6.30
6.65
4.20
4.65
90c
""~0
1.03
3.05
2.95
3.10
1*55
12,806
23,195
4,900
6.25
4.20
90c
2.95
4.50
17c
17c
88c
86c
•
Quebec Natural Gas
43c
Jan
50c
Jan
50c
49c
50c
11,200
2.10
2.27
17,425
06c
65c
63c
42,950
65c
Jan
6%c
8c
20,700
6c
Jan
1.25
1.25
100
,
60c
1.55
western Decalta
19c
Jan
24c
Jan
35c
Jan
46c
Jan
10c
Jan
12
Jan
99%
Jan
12%
10,940
100
100
100
1,050
9%e
11c
42,733
78
76%
78%
4,754
ioy8
10%
11
1,195
23
•
23
23
255
10%
10%
11 '/«
14c
Jail
78%
10%
Feb
11%
Jan
23%
10%
Jan
11%
Jan
16%
Feb
17%
Jan
Feb
17%
16%
17%
812
18%
17%
18%
12,280
16%
Jan
18%
Feb
98
99
370
97%
Jan
99
1.20
1.20
26,700
90c
Jan
1.25
Jan
35
38%
1
common
38
9,054
29 %
Jan
70
38%
70
313
53%
Jan
70
24'/a
5,735
14 %c
—1
62c
Jan
68c
Jan
18c
Jan
48
48%
7,150
40|
56,325
Jan
55c
Jan
55
Yale
Jan
Lead
Yankee
23,120
13%
13%
425
7.00
6.90
7.00
4,400
6.60
Jan
31%
31%
33
3,368
35
31%
Jan
35V1J
350
35
Feb
46
35%
Feb
46%
100
45%
Jan
48
Jan
95c
Jan
Jan
Zulana
_
-50
_50c
1.09
1.10
4,300
4.20
4.10
4.25
31,721
35
35 Va
98
4.95
5.00
2,630
4.15
4.95
I
7,500
18c
Jan
23c
Jan
12
Feb
Andian
Jan
35
Jan
Anglo
4,919
72c
14,700
1.35
26%
26%
150
18c
38,000
10c
69
Oils
26c
Services
16c
8c 11 %c
1,215
1,700
36,200
68
6934
675
24c
30c
164,400
7
7
2.20
2.20
2.25
100
20c
19 %c
21c
49,830
12 %C
11%C
14c
64 2*8
—
II
—30«
~
Stand
Paving & Materials__I~II~~
Rights
;
Stanlelgh Uranium Corp
IIH
50
w
—
50
2.00
52
155
2.695
2.30
8,403
1.09
21,265
-1
1.05
5lc
51c
55c
II
5.525
1.60
1.60
,1.92
10.310
.1
70c
70c
80c
Warrants
Stanrock Uranium Mines Ltd
Stan well oil & Gas__
Starratt Nickel
—
J
_J
1.03
18.256
65c
1.15
.1
"""""
—•~«-
.1
Jan
73c
Jan
Anglo
Jan
Jan
Feb
ll%c
Feb
Asbestos
Canadian
Jan
70
Jan
38c
Jan
Jan
Jan
Jan
Dalhousie
Jan
__
I".
--
Jan
"lYw Feb
Jan
87 ;
-7,575
.40%
Feb
>
106
40
Feb
-91
Jan
•
Jan
11V2
140
175
19%
jan;
107*4
Feb
29
,
7*/.,
8%
Feb
1.95
Feb
Feb'
31*2 Feb
Jan
Jan
11:35
Jan
j 00
60.800
-
—
r8,100'
,
.
Jan
2.60 Jan
:
9,400
_7c
.
14
14,430
-
Jan
.1.80 - .1.80
.
6V2C
i
28 %c
86c
.■: 300
.
28c
30c
24c
.
Jan
9%-c Jan
1.64
1.80
Feb
Jan
1.60
Jan
97c
-
Jan
14c
1
Feb
Feb
30
25c
Feb
25c-
45,150
6bc
Jan
86cFeb
.5.700
5%c Jan
7*be Feb
34,700
28c
Feb
32c
Jan
7.000
7%c
,
37c
F»b
7*/2c Jan
79,265-
25c
77c
Ki'-c
5,500
Feb
1.48 Jan
Jan
-Jan
-26c
226,822
Feb
Jan
10% Jan
203,4
Tan-
1.35
-174^50
li46
25c
'6c
6%c
.
26%
9.10 Jail
18
Jan
Jan
Jan
4.50 Jan
Jan
...
_
-6c
19%
Jan
4.25
25 %
8,945
'9C
!
1>31
•
,
I
S7c
8*/2C
22c
-.
Jan
1,310
"
8*2C 13 *,2C
;
.
485
*
1:85
Jan
16c
250,400
8.C
30c
-34c
%c
20c
Jan
28c
Jan
7.
_
,.
...
25c
Low
_>
20c
Jan
Dominion
52
Feb
Dupont Co of Canada
Gaspe Copper Mines ;
Feb
2.00
Jan
1.40
7%
Jan
Loblaw
Pend
Jan
Price
Products
8c
11,500
,14*8
6c
14%
Jan
8%c
Jan
15%
Yukon
38,339
12%
Jan
15%
Jan
Zellers
e
23%
Jan
13c
25%
22,400
12c
Jan
14c
18,000
6Vic
Jan
8c
2.35
30.608
Con3. Gold
Jan
8% Jan
Feb
36
.
Jan
Jan
4.20
Jan
26%
790
25%
Jan
27 Va
Jan
54 V4
520
32%
Jan
6V«
5.205
3.50
100
•
43
45
%c
18c
90
15
"91
4,030-
-
5
--
Jan
41%
3.50 Feb
Jan
Feb
'45
Jan
15c
18C
Jan
90
325
Jan
6*4
Jan
•
3.05
5,300
-
-
34%
.
Feb
Jan
91
89
89
91
345
-20%
21%
3,017
Feb
32%
31*2
32%
530
'.J>
21
114%
__5
28%
g
147
28%
>34*4
__i
■
1
•
48
J.IIIIIIl
65c
;
Corp__:
;
,
,
"1
2.60
'•
47
65c
•35%
.
91
Feb
Jan
21%
Feb
30
Jan
32 %
Feb
21
•
3,825
450
Feb
,
112%
25
Jan
28%
Feb
138
.
Jan
117% Feb
31
Jan
.Jan
149% Jan
-100
33%
Jan
35Vb Jan
100
34%---
2.55
Jan
2.60
48%-
740
Jan
19%
115
--
--
30 Va
147 148%
2>50
:
21
114% 117Vb
87
375
-
65c
225
2 .*75
Jan
Jan
50
Jan
66c ,/Jan
35* 2" Feb
40 % -Jan
4.630
36%
46
61c
-
,-Jan
Jan
10c
Feb
3.30
3.50
Jan
12c
8%c
Feb
6
41%
1.950
5 6c
3
18c
7.50
t
;
Jan
4.10
2134
&, Ontario /Paper
Oreille .Mines.
Bros
7c
3,023
•
'
26
-
__<=
;
Minnesota
Jan
34%
35%
-
__i
Jan
Jan
Jan
5
34
44
i
41
6%
7%
34
(1956)
Hayes
7 Vic
4.200
Hi'ih
Jan
34*4
V
6%
common—
International Paper'
International Utilities
Inc
37%
"
Jan
Steel
100
185
7%
■
35%
_Z*
Jan
2.07
6
41 Vb
•' 3.95
_5
II_»
Jan
66c
Jan
Low
High
6
41
41%
26%
82c
Jan
70c
Jan
Glass
•r
6
.
■,
Jan
Curb Section
—
Expressed in Canadian Dollars
Par
;
^
Jan
76
—
1.06
ilair
5'
7*2
20%*
.
9c
Are
;
Oil
10c
Jan
,16
Feb
y y. 3.-75 Feb
•
V 17c .19 %c y
13
;
47%
Jan
12
Feb
28
.
uU.ll
r t
Jan
39% Jan
-Jan
•34
1,520
Ipvestments____^._*
Disher Steel
22c
Jan
19c
220
16%c I8V2C
__5
Consolidated; Paper
2.50
Jan
Jan
5c
7,205
90c
6,710
2.30
__5
7%
68%
25%
-
•»
'; 3.75 Feb
*4,750"
■;»
1
Shown
Coast .Copper
30%
23*,b
Jan
6,900
v
3f*,2
T.05
4.40
Jan
27 '■'• Jan
Jan
Jan
2.10
Feb
1.58
100
20%
'
Canadian Marconi
Feb
365
2.20
100
General
63%
5,356
13c
17*8
1^'%
3.20
.36*4
1
,
4,550
-
90*%
31
50
800
-
----
40%
'40
-
10%
.
24c
7c
3.30
"HIT
^
99c
2.10
,
Corp
74
.1
Pete" ordinary—
3.75
=>.
"*10%
Canada & Dominion Sugar
40
25%
42,676
28
-,1
Bulolo-Gold Dredging
Jan
6%C
-1
Exploration
IHII
Propane common.
Warrants
I..
National
72%
.1
1,295
^.10
38*2
4,30
—1
.
Corp
"
Pulp Paper
Newfoundland Develop
"V2C
II
3.65
38
im" r 1.40 -1.42
1
;
Con
39%
39,800
■
;
•
74
_
11
;-25c
Prices
6*,be
II~~H~
32a* Jan
Jan
107 107%
1.36
_
...
1.65
1.00
Jail
10
'17%
"
*
\'m
19c
1.43
32%
437
90%
,20*2
—41
^
28%
45c
145
10
26*4
'
Jan
1.35
32 %
10
'10%
1
A
Feb
2.00
18
25%
'
Jan
16c
Jan
->38
19c
__20c
Mines—
16c
6%
-Jan
Jan
14*/2
Toronto Slock Exchange
40
Bros
Canada
Bear
26%
8c
Jan
■Ac
6c
925
;26:/4
.'J
Feb
11%
32
12
34%
lie
93,000
■''••1,47
1
,
Jan
68c
Jan
15
•'**>'•70
1
Oil—
'
Feb
65c
11%
17% C
Jan
Jan
1.25
;
Ltd_II_
Zinc
Mining
56c
33%
2.30 Jan-
5c
'
Jan
Jan
13,256
4.15
Jan
I.80
9c
V * 17%-
.
18c
—-T—
Young (II G) Mines
Jan
19,845
>*
—7-5
Class B
Jan
12
I"
4.60
36 %
7c
y4.25
York Knitting class
Jan
23c
;
Jan
Jan
■r
5.00
34%
Roi
1.15
Jan
4.35
25
63c
common
Jan
38
38
58c
71c
Feb
7.30
Feb
38
62c
19c
4.90
13%
35
5c
'
.'••95c
—:_i
Klines
Mines
Yellowknife
Feb
500
38
1
23c
4.00
32%
Jan
Jan
9,550
23,782
107
1
Canuck
Yeljorex
38
4.25
-40
.50c
12
Jan
"93c
90c
2.30
7%
'
,
35
1
•
Feb
Jan
Jan
Jan
3.50 Jan
,
;"85c
86c
2.11
Yui:eno Mines
Zenmac Metal
'
corn-
_____
Bteeloy Mining
Steep Rock Iron—
Steinberg class A
Sturgeon River Gold
Sudbury Contact
Sullivan Cons Mines.
&
80c
2.58
517c
-
Jan
.-3.60 Jan
Jun
3.20
■<18
Oils
2.01
80c
12c
-
36% Feb
Feb
.
Alexander
59c
/
-4% Jan
-
1,800
-8.-40 Feb
:
'
1.90
Jan
315
12,760
Jan
16c
1.48
72c
1.80
2.50 Feb
'
6*20 Jan
33%
7V2C
:50
Class' A
Wright-Hargreaves
,
42
8,665
11,263
•
>, >2.25 Jan
>1.75 Jan
•
25c
Yukon
1.92
♦
Jan
Jan
-
"
Feb
,25c
90%
II100
;
1.15
^2.25
>
"-2,225
■
,.2.10 Feb
.
.
.7%
Jan
391 -';'438
—100
'. •
Jan
Jan
31*4 Jan
f 14%
39*4.7
■
Mines
mi
;
Switson Industries
SylvanltGold
I 1.35
Jan
106
14,600
•
Jail
32%
4.*
;
;
.60c
_
Oils
94c
9c
Jan
6%
,
_.
Jan
*
—
0
J
;
(J) Indus class A
Woodward class1 A-warrants—
Jan
14c
common
&
Wood
Feb
60c
99,200
1.19
Manufacturing
Mines
24%c
9,184
16c
1.10
Mines Ltd
Spooner Mines
Jan
63c
14c
1.10
—5
Union
61c
15c
1
A
Wood
:
—1
class
>
Jan
3.75
■
>,100
.
;
15c
3.90
1
28
'
Winchester Larder
Feb
20%
.21
Jan
1.09 Jai,
;
Jan"
27%
3,915
sfcit"
2.07. t 4,-1.08
'
Pass
Windfall
7c
f
2.56,Jan
12-*2
* 1.35 'Feb
.
19c
20
Wlltsey Coghlan
:1
Jali
>
21c
-
38%
Warrants
V
y"88c
.
*
,
■••>•'
Jaif
6,750
-V
-2.10
■
preferred
VVlllroy
;■
Feb
65
24%
Souris Valley Oil
Southam
White
Jan
80c
lOVbc
32
•
—3
6%
preferred:
White- Hardware preferred
i
Feb
1.10
.100
—5
PetroL-...,...,^..
'class B__
Warrants
Jan
2,010
4Va '}b
,
Gold
(GcoJ
Class B
Feb
23
1
..
__
Weston
Jan
—*
com
Naco
r
14%c
9%c Feb
75%
,
Jan
:
Jan
Jan
10,600
Leasehokls i_
Western
Jan
Jan
37.475 y
2.00
14%
Western Plywood
13%
100
2.38
■50c
:l624 Jan
•
1,225:.
20,700
Jan
4.65
>
'
Jan
Jan
2.03 Jan
2.V
-
14,600
'.8 Vac
—1
Petroleum
Western
■i
•
•i
Jail
14,000
v -
;.5c
•
Western Grocers class A_
Preferred y__
Jan
39c
•
.29,620
.
28c,s»an
.•nrtg.90
23c
3.65
Feb
17%
10,001
Jan
-17-* 4 Feb
,
4.15 Jan' >
1^10.
•
i
•23% Jan
320
•■
-11
Jan
:1.7o
Jxm
11*be Jan
:
13%cr 1.6 c
t23c
24c
iV'-
Jan
Feb
••
>-24c
Jan
23c
1,382
7_.
,Jan
•5.00 Feb
Jan
~6."05 Feb
>
Feb
Feb
■30c
.
>-15%
•
.
Jan
:38 c'
:
.10*% Jon
,
5,900
8c
—
86C
:
•
Breweries
16c
16%
450
-
"31
- -
2.10
.2.05
:
—
77c
14,100
9%c
-
Feb
97,900
125
4.25
Jan
.
5775
r
19c
Jan
8%c Jan
y y
700
.
:
Jan
Jan
1,650
..
14
21c
..-.■SWklFe b
Feb
21c
•«•.
21,606
.
^TS0:"1.75
14c
Warrants
/
Feb
i;30%
y24c
Feb
46,896
Silverwood Dairies class A_
Simpsons Ltd
Air
Warrants
Jan
-3
1
60c
39c
Gold
Spartan
1.16
:
Western Copper
y
4.75
7,800
3(Ha Jan
*
nJan
30 %c
9,805
y
'1.30 Jan
Jan
..25
25,873
-
:2r48
t: 73.60
22c *' ** 22c
1
Ltd
9%c
,■
13c 13 %c
Quebec
preferred
Preferred
9,800
Feb
-
123*. Jan
3,190
;
4:90
■:*T;
—1
,
Jan
27%
,y
,12.550. ,,^J7c
:/-44c
7^44.-ei3c
.
-
V
Feb
43
yjan
/•8*2 Jan
• Feb
Feb
/,89c
19,415
6,000
*3(5527 y.35%
Nichel
Canada
56c
37c
Mines
Supertest
4,166
Lake
Western
1.26
Jan
VJ0
Pyrlte Copper
Werner
Wespac Petroleums
VVestburne Oil
Products
13c
Silver Miller Mines
i
Silver Standard Mines
Sunburst
52,883
16c
63c
Weecion
;
6,740
7
19.662
"2.4o' ^2:20^2^0
;8.40,;7.J0:,8,4O
—A
Ltd
Knapp Canada
Westeel
38c
preferred
Superior
1.55
60c
Jan
:
13.900
'i
i litJS
1
Jan
17
-—10
Gordon
Stedman
1.44
1.25
30c
"f"
i
Jail
1.55
23c
common
Breweries
Steel of
600
10,450
12%
preferred——
Sheep Creek Gold
Stadacona
1.26
37c 39 %c
1
——
Southern
1.26
<5;
so :
.
.
Jan
'
;j
Webb
Jan
jan
'
7%'-r7%
8c
1.25 Feb
20c
Mines
—1
*. Feb
"
4ir*2 Jan
Jan
4 *>3
25c
f i4)o
,*' 43'; 7%c ;
Jan
4'4c
>." 44
.
Feb
38%
y'16%-17%
-30%^
Jail
16%
—50o
——_J
%80?
.
350
21c
2.40
58
*-
39*4 Jan
39
Jan
4 80,
5.00
40c
Jan
10c ' Jan '
y
: 1.150
:
■>
West Canadian Oil & Gas
Rights
:
West Malartic Mines
i
Ltd
Mines
75c
2,01 Jan
23c
Gas
Van
Feb
16%
—
B
Slocan
8% c.Jan
4
80
Feb
30*2
'
'
25
,yi;35l ^LOO y:I^5-
,
Prod ^ Ref__—
Waite
Ajnylet Mines
''■'If Walker tu & W) common.
r Waterous
Equipmen t Wayne Petroleums Ltd
Jan
2.27
Feb
13%
mii
Class A
:
Feb
Jan
23c
3-
Feb
'45*2 Feb
■
Feb
56%
600
6,225
...
39
."
27 y4
880
•
:
...
I—
.Vrly^a'Hrrlglijt
Feb
22%
Jan
58
,41*/AJan
550
7
11
10%" 16%
2.44 3.,.
;
Viceroy Mfg, clas§. A
plass B -1—_-V-p ^
Vlolamac Mines
-
9%c
Security Freehold
Shawinlgan Water & Power
Slater
Jan
11%
74c
II—25
River
D
15c
12,210
12c
1.55
Scurry Rainbow Oils Ltd
Scythes common
K
Feb
55,669
Jan
i
Petroleums
Debentures
Satellite Metal
S
20%
23c
IIIIoo
Antonio
Siscoe
21%
44c
37c
series B pref
Silknlt
Jan
14,291
1-26
Sapphire
UHgma
Jan
95c
226,400
Warrants
6%
17c
Jan
74c
r„_.
Salada-Shirriff-IIorsey
Sherrltt
Jan
80c
12c
Uranium
-
Sicks
14%c
49c
Mines
Corp
preferred
Class
2.000
26,663
2,969
Jan
10c
Mines
Maurice
Ban
17c
95c
4.80
70c
—i
Lawrence
-Band
Jan
13%
Industries
5a/t%
4.35
20%
—,i
Lawrence Cement class A
5%
1,100
12%
nzii
Preferred
Bt
Feb
6%C
Royal Bank of Canada
6t.
4.75
235
29
4.50'
>!"41C"
_1
——
Vandoo Consol Explorations Ltd
.
Jan
7%c Jan
-8%c
rziiii
Preferred
St
63c
34c
Jan
1214
IOV2C
£oe (A V) Can Ltd—
Russell
Jan
Jan
-6c
2.24
Roche Mines
Oil
49c
25 %c
39%
;'l.tBd"" 1.85/
■■'■2^4^.23 % 23Vs»
.^4.30. *;.,;4,30. 4.50
^
-
-_
Steel Corp
United. Telefilm Ltd:..
y;
Jan
Jan
United
y
Jan
20%
•
Uranium
Uniled Oils
37
'21
V
"
Fortune
jy\ Upper Canada
19%c
Ltd
New
Feb
1
Mines
Consol
.'
Jan
__J
Macdonald
Untied
1,475
/ 6.05:^46^)5 "-6545:
1
United Kcno Ilill—
Jan
•
Ranger Oil
-Rayrock Mines
Reef
Explorations
Rocky Petroleum
I-"
—1
—1
voting trust
Corps Ltd class B—'
■'Cl United
39 V*
45%
"19c
-17
.
-Jan
53%
yi0%'
;
.Jan
34c
Jan
38c
•'
,.Jan
'27c
Jan
5.75
10%
22%c Jan
1296, Jan
51
30%c
-*
.Jan
10c
''
27c
*39
>Wc
99c
Feb
1..44 Jan
4,229
,y5.60
^5.00
:
Oil
Jan
I
"Radlore Uranium Mines
Canada
Canso
1.10
—1
..Queenston Gold Mines
Quemont Mining
Quonto Petroleum
pfd
United
3.30
Feb
4
5%c
;
Feb
—17,000
'22c/3t24c-'
Ventures I.td
4.50
Metallurgical
of
Jan
19,300
7.25
—>
Gas
67c
38c
—1
4,1'!
Union
93
5.65
—
5.00
.
-1_
Union, .Mining Corp—*1.
United Asbestos
•
,
Lithium Corp
Quebec Manitou Mines
Royallte
6.80
Feb
Pipeline—^
69*2 Jan
Jan
"0"''T- 19%c 5,21c
28%
*
{
Feb
12c
13,920
-Rowan
Jan
Feb
-J
Resources
Feb
Jan
90
-<92c >
,<--89c :,'85,c
27?4 ?'■ ? 27%T.!'29%
12% ;..v 12Vi " 1 13
■i
—
Fell
64c
13,900
Rock win
2.51
Jan
162,032
Mfg $1
136
Jan
Jun
7c
Robertson
Feb
Jan
tic
59c
Athabasca
6%
1
2.30 Jan
45c
63
38%
.
Jan
Jan
34c
: ici-'2- 80
—
1.87
36c
25
ilO%c 10Vi>C
—3
"•
Jan
Jan
49c
34c
RlchwelJ
Rio Rupiinunl
12c
60,263
55c
Quebec
Feb
7,600
30,000
Jan
53%
'39
II—1
Pipe Line—
Shawkey Mines
Acceptance common-—.
2nd preferred
'
Jan
37,700
30c
Mines
5%
Jan
135
7,905
99c
57c
2.48
2.01
1,072
.-^7.15
Ultra
Jan
v
4.40
9c 10 %c
3.55
Jan
4%
70
1
Jan
9c
GO,460
51c
Jan
Jan
84,576
'
v439%y40%
—40
Union
Feb
2.85
4.50 Jan
Oil
4Q%
;
_
-A'.
Prairie
Triad
:
Feb
Jan
1,700
8,675
8,500
2.51
;
Trinttr
■
Jan
8c
61%
2.95
55c
9%
5,300
-p57%
.r":
b
.
Trlbag Mlnlng Co Ltd—J_
Cliibpuaajpau
Twin City Gas—
'/
Jan
1.56
12
Jan
5.00
9%c
Trans
>
Jan
905
36 %
4.85
6 Vac
Rix
Jan
2.85
7c
Rexspar
Jan
65%
1
Jan
13,300
.-38.%
—L_,
Transcontinental
Jan
135
—1
A
preferred
Transmountain
Jan
22c
Renable
Feb
6c
10%
1.23
39%
.mm9'
Ltd
17
Jan
45c
56c
Reeves
Feb
Feb
1
Producers
'
■
.
58
—50
class
Trans Canada Pipeline
:
'
.
40c
1.70
;
.
•% Trans Canada Explorations Ltd
Jan
500
67
Finance
1956 warrants
Feb
1.64
3,650
Quebec Copper Corp
Quebec Labrador Develop
Ralnvllle
2.12
4.90
Ascot Copper
Quebec
Jan
66%
5%
5"o
Feb
40c
135
;
Jan
39%
2.10
Dome
1.71
Jan
Jan
1.24 Jan
1,685
•
Airways
26c
10%
37%
Quebec Chibougamau Gold—
/
1.57
Jan
Feb
40c
39%
.200
Purdex Minerals Ltd
i
1.00
325
1.14
1.40
1.80
,1.52 Jan
22 %c
9,600
.100
Pronto Uranium Mines
; Quebec
20
1.05
+
I: Class B
——.m.*— m*
4%% ptt»ferrr.vl
—100
Tjm.l
48% Feb
Jan
9%c
Trust
fProvo Gas
11%
Jan
19%
10%»
9
384
339*185
-
•
.
Jan
45
140
1.51
Gold
President Electric
Preston
9%
275
2.90
Premium Iron Ore
Premier
Jan
14,770
20
1.08
•
70c
72c
—i45V2
J28 - s-27%
3 1
'
•
Border
Premier
Feb
_•
Oil Roy
Pipe Mfg.
Prairie
.
traders
Feb
16
Power Corp
Prairie
20c
26 %c
1.60
I—•
IITi
-
Powell Rouyn
Jan
Jan
2.12
11-20
'
Tovagmae Exploration
17c
1
b,
Feb
8c
1,95
.
.{,"-£iOc
* 51%
*
38.%
Toronto Star preferred
Jan
21c.
1.99
.>-1
Develop
Jan
65c
24%c2C%c
'
—
68c
OVie,
S
53
—
Fell
Jan
t
.
10
y, Toronto Elevators
3.45
6,100
•
Uranium
Ore
Jan
■83c
93
-
t-v.1.75
,
25c
•
—1
___
Bank
2.15
23c
3,000
1.40
Dominion
1.84
,
Toronto General Trusts
48%
;—
.
Columbia-
British
31%
Jan
69
93
"
.
"v7%C
m
Toronto Iron Works class A
20c
1.57
Engravers new...
Placer
Jan
Jan
70C
1
Jan
23%c 26 %c
10%
11%
2.Q3
of
1.15
3.25 Jan
18 %c
Toronto
67
H
-10e
Feb
5.30
24c
Pickle Crow Gold Mines
Pitch
14,714
65c
Jan
L60
——
Phillips Oil Co Ltd
Gold
-Jan
20
Mines
Jan
69c
4,000
2.20
2.10
68%
_
—
Torbrlt Silver Mlnes_
V
4.00 Jan
1.65
& Oil preferred
Gold Mines
Pioneer
Jan
4:45
Petroleums
Tom bill Gold Mines
■■
Jan
Jan
47
48%
——
Petrol OH & Gas
.Photo
7%c
32c
16,017
-
Jan
56c
Feb
3.50
2,362
19c
12c
45c
3,480
2.00
Jan
Feb
5%c Jan
16,800
5.20
11%
common
Gas
&
9,500
6%c
300
.
—
Oil
6%c
4.000
27,400
26 %C
Preferred
Perron
Tidal
11c
18c
Peoples Credit common
Permo
Thompson Lundmark
Tiara Mines
Jan
3.40
,
Exploration Ltd
Exploration
Peruvian
Jan
75c
60c
Peerless
Pembina
60C
51c
—
_~
Consol
Paymaster
High
27
14,350
"3 42c -;45c
100
Jan
3.60
■
2.48
2.15
43%c
i
«
common—.
Feb
34%
1
'■
M -
.
31
45c
Warrants—
Canada Ltd
Preferred
59c
3.50
...
—
Texaco
50c
3.50
Canada
of
,2.26
2.26
.
2*0
1,500
Jan
1
—r_
Calgary
2,465
49 %c
—
65c
91/2
r
common
7,730
5.00
Drilling
Pa tino
59c
74c
6c
Amalgamated Mines
Pater
34%
10c
-—-—
Parker
50c
70c
paramaque Mines
Parbec Mines
Pardee
-
,:65c
:.,9%
600
29
75c
29
,
—
Hughes Gold——
Temagami Mines
Jan
11%
Hersey Tubes
Page
Low
High
""710
leek
Jan
—
—
29
-
Mines
'
—-
Petroleums
Warrants
Low
Par
Tamblyn common
Jan
Texas
Pacific
6
High
Jan
2.18
2.00
Jan
17c
20c
7,460
16c
11%
12%
3,750
3.25
3.40
2.35
10% Jan
1,160
15%
17
4.141
98
98
135
4.00
3.80
4.15
1.07
1.01
1.18
2.115
92,565
Jan
Feb
Jan
3.15
Jan
3.50
15%
Jan
17
97 Va Jan
3.80 Feb
1.00
Jan
Jan
20c
12%
98
-
-
Jan
FOOTNOTES FOR OUT-OF-TOWN AND CANADIAN MARKETS
*
4.35
Fab
1.18
Feb
-
1
•"*
range). *
;
1
dtDeferred delivery sale
In year's range).'
e
Cash sale
—
_
:
•
'
•.
•/-.
-
t
Ex-liquidating dividend.
-
(hot included
Selling eai-interest.
f Flat price.
r
r
_
:^Un) Admitted to'unlisted
"
Feb
Feb
No par value. *
Odd lot sale (hot included in year's
a
-
(not Included in year's range).
;
-'•r-
trading privileges.
wd When delivered.
t wi When issued.
x
Ex-dividend.
y
Ex-rights
zEit-stock
dividend.
:
..
..
Volume
183
Number 5819
.
.
The Commercial and Financial Chronicle
.
v
NATIONAL LIST OF OVER-THE-COUNTER
(743) -43
SECURITIES
Quotations for Friday, February <»
The
following bid and asked quotations are obtained from the National Association of Securities
Dealers, Inc., and other selected sources.
They do
transactions. They are intended as a guide to the
range within which these securities could have been
sold (indicated by the
"bid")
bought1 (indicated by the ."asked") at the time of compilation; Origin of
any quotation furnished on
not. represent actual
or
request.
which have
-
Industrials and Utilities
/
Aero vox
Far
Bid
Ask
'
Par
"
Par
„
Corp.——
_____1
Air Products Inc.;
7%
814
American Box Board Co.—*■*; 37%
Amer Cement
Corp
5
24%
40 %
*
__
21%
22%
73%
77%
44
'
32%
46%
-
.
Amer Hospital Supply Corp___4American-Marietta -Co
_____2^
American Pipe & Const Co.
1
Amer-Saint Gobaiti Corp
.7.50-
39 %
A
M IP Incorhoraled
Anheuser-Busch
liicv
Hagan Chemicals &
Haloid Xerox Inc
86%
Hanna (M A) Co class A com.10
Class B common
10
Husky Oil Col—
Oil' &, Gun
Bates
^
MJ3g
Bell
&
46^8.
23%;.,
14%:
15
37 V2
Corp..,^—-:v——^.1„
Hathaway The.——.5/
13%
14%
Corpy.:.——_
Berkshire
Beryllium
39
com_l«r-
-
Brown Si
Brush
->
•
:
37%
40
55'A
5834~
28%-
Co
10
17
18%
25
20
Co.—
Landers
39%
Frary & Clark
Plus
17%
Lanolin
Lau
26%
28%
Liberty Loan Corp
Corp.—6.
26%
28J/2
Lilly (Eli) & Co Inc
Ling Electronics
67%
71
Blower
_lc
*
27
7
-
Steel
'
•
7%"'
491/2
tR
Rr
Co
_
&
Sous
Dunham
Bush
Iiic—T
$1
preference
—1
——_
Aircraft
.:
.
•
t
Eqliity Oil Co
•
201/4" '"22
197S"
*
.4gi8*"
11%
-
37%/'
19's.!
351/2
38%
Telep-
.__10
<
34%
19%
Tlierniador
/•
v
7%
17%
187/a
-
6JA
100
10
Wltco Chemical
Conversion
Co
9%
12%
13%
,16 Vi,
17%
35%
34%
33%
32%
0
.
Wood
5
Wurlltzer Company
17
10
'9%
58'/a
1«%-
Tuba Consolidated Industries—1
Zapata Off-Shore Co
50c
10%
54
Wyandotte Chemicals Corp____1
17%
9%
8%
Co
Trust
Natl
\
.
Corp.u—50c
Co
;v,:
Bank
13% /
76%
pfd_*
L_19
n
x3'A
.
/
81'A
,
17%
:
19
.
slf,.
•>.*
3%
'■,<>,•
v.-.
5%.
Manufacturing
Coxgl—S
;
Pabst
—i—•
Brewing Co
•
14% "
16%-
47%
57%
Cleve—16
41%
44%
44%
47%
(NY)_12ya
60%
63%
10
61%
64%
10
50
(NY)
(Savannah)
(Chicago_25
80
50
302
Co
Trust
Bk
No.
of
Amer__5
N J
25
(Chicago)
33Va
8
Trust
(Buffalo)
84%
20'A
22
10
90c
._6%
Uranium Mines
.
41%
5%
1
45
49%
1
18%
20%
1
12
13
6%
/
•'/
-
,
t
Tool
Indus
General
:
Bottlers
1
25%
/
27%
71
75%
40%
43%
112%
116%
Natl Newark A Essex Banking
Co (N J)
25
33%
35%
Natl Shawmut Bk of Boston_12 %
35
37%
Natl state Bk of Newerk—12%
New
237
35%
Jersey Bank A Trust Co.ll
Lumber
10
Cori)—
34%
31
34%
Philadelphia Natl Bank
First Bk Stk
46
48%
Provident
Corp (Minn)
123b
10
33%
Natl
Natl
Bk
Bk
A
8%
29%
30%
6%
(Atlanta)
Bk
10c
Natl
40
10
60'A
63%
85%
89 y4
Co
(Pittsburgh);
61%
8
65%
22%
47%
10
45
20
55'%
59
12
69'A
73
Tradesmen's Bank
(Phlla)
Republic Natl Bank (Dallas)
153
168
Rockland-Atlas Natl Bank of
Boston
346
37'A
361
40'/«
68
43
47%
Royal Bank of Canada
io
Royal State Bk of New York—5
Bye National Bank (N Y)
2
80'A
84
19%
21%
St Louis Union Trust Co
100
_10
First
Natl
25
of St
Louis
City Bank
Westchester
68
20
72
(NYt__20
First Pennsylvania Banking
A Trust Co (Phlla)
72%
79
10
9'A
76%
79%
49%
52%
Roclielle
10%
Trust Corn
39%
32 %
34%
Exch Bk„ 15
56%
60
937«
97%
Guaranty Trust Co
Long
(NY)
8
101
20
82
10
30
35%
12%
54
57%
Security First Natl Bank (Los
Security Natl Long Island N Y_5
23%
25%
State Bank of Albany
36
of
96
83%
Trust
Mass)
Angeles)
10
Bank
NY
(Boston
Second Natl, Bank of Phlla
10
5
Natl
20
Seattle 1st Natl Bk (Wash)—20
Second Bank-State Street
Natl Bank
10
43
47%
28
43
45%
10
25
27
Sterling Natl Bk A Tr Co
20
Trade Bk A Tr Co
(N Y)
10%
11%
45%
50
49
10
20
29%
32%
83%
87
(Phoenix Ariz)_5
49%
53%
Trust Co of New Jersey
2%
-
Union Bank of Commerce—
*?
Hanover
Bank of New York—10
Harris Tr
<
&
Sav
Bk
(Chic)
9%
10%
Hartford Natl Bk A Tr Co
6
19%
21'A
Hudson
Pub Serv Co
of New Mexico
29%
5
28%
31
%
34%-
Punta
Alegre
1
16%
17%
301/4
32%.
Purex
Corp
1
49%
52%
20%
21Vi>
Purolator Products
1
33
35%
Hudson
Tr
Co
(Union
footnotes
(Cleveland)
10
20
94
10
38'A
58
63%
United States Trust (N Y)
16%
18
Valley Nat Bk
101
40*%
see
Union Tr Co of Maryland
City)—8
preceding
page.
10
United States Trust Co—
(Boston)
'
For
54%
County Natl Bank
(Jersey City N J)
30%
51%
25
1
'
90%
20%
20
(Hackensack N J)
Rlggs Natl Bk of Wash D C—28
Co
of
Sugar Corp
Ltd
10
(Jersey City)__25
Bank Trust
First Natl Bk
Girard
38% '
7%
34%
571
Peoples Tr Co of Bergen City
(New York)
28%
.
26%
12%
Baltimore
Pub Serv Co
New Hamp
24%
21
33%
535
52%
59
Tr
NJ)
Natl Bauk
Franklin
35%
7%
.19%
Producing Properties Inc
(Camden
13%
•
Portland General Electric Co.7%
Portsmouth
Steel
1
Potash Co of America
l_
6
30%
Camden
Island
2
36%
87%
(Chicago)—100
67
--
76%
of New
33A
1
31%
New York Trust Co <N Y)—25
Northern Tr Co
62
28%
62%
49 'A
54%
38%
Eng Trust Co (Boeton).lOO
72
First
27 %
32
*
V
!
72%
401
25%
95
of Patterson
25'A
.'
385
58%
97
First
233/4
,
184
National City Bank (Cleve)—If
National Commerce Bank A
Trust (Albany N Y)
7.50
98
33
,
69
48
National Bank of Detroit
10
National Bank of Westchester.5
29%
88
First Natl
43%^
"
174
'
-
70c
Co
29%
30%
(J P) A Co (N Y)„100
92
First Natl Bk of Chicago
First Natl Bank of Dallas
5'%" .'y;;
13%
10c
American
27%
28%
321
20
First
19%
5
6
Mellon Natl Bk A Tr Co <Pgh)_25
Morgan
36%
.5
Meadow Brook Natl Bank of
Nassau County N Y
Fidelity Trust Co (PgU)
10
Fidelity Un Tr Co (Newark) __10
Fiduciary Trust Co (NY)
10
First Natl Bank of Boston
12%,/.13%'""'
<
Tr
92
Fidellty-Plilla Trust Co
First
33 /,/." 35%
4%
12%
A
(Phlla)
Mercantile Tr Co (St Louis)
25
Merchants Natl Bk of Boston.10
(White
(SF)_10
Co
26%
50
"Co
•'
16 >/* '/ '
'
33%
54%
220
First
6%
14%
—•
10
41%
102
Peoples First Natl Bk A Tr
:
23%
;
.
22%
95
New
12%
5%
,
20
Manufacturers Tr Co (N Y)_lo
Manufacturers A Traders
50
Federation Bk A Tr Co (NY).10
12%
—1
39W
30%
Fidelity-Bait Nat Bk A Tr Co.10
;
17%
22 Va
.
27%
Empire Trust Co (N Y)
20%
20'A
8
10
43
of Phila_10
of
Crocker-Anglo Nat Bk
23% '
,
-
(Phlla)
Irving Trust Co (N Y)
Kings County Trust Co
(Brooklyn N Y)
Long Island Trust Co (N Y)„10
12%.
16
51%
8
(N J)
Natl Bk
County Trust Co
Plains NY)
37%
4'1%
48%
10
Ask
47%
Citizens A Southern National
Bank
38 '
44
50%
26%
40%
25%
Bid
'
10
Connecticut Bank A Tr Co_12%
Continental 111 Bank A Trust
.,
23%
46
46%
260
Providence R I
Industrial Trust CO
■*
80%
29%
34%
11%
22%
18%
43%
42%
249
Par
Industrial Bk of Com (N Y)__ 10
Industrial Natl Bank of
72
Commercial Trust of
25%
37%,
56
77
Commercial
.,
53
Companies
Liberty Real Estate Bk
Pubco Petroleum
Corp.__5
—5
Williams Bros
1
Wisconsin Power A Light Co—10
68%
28
.
—50c
Pfaudler-Permutit
20%
-
Whiting Corp
231/4
47%
16
(N Y)
46
10
Permanente Cement
21%
Glddtngs&Lewu? Mach'Tool Co_2
Green (A P)
Fire Brick Co.—5
8%
Ask
Natl Bank
Louis
29%
27
Plymouth Rubber Co
-20%
l
44%
10c
44%
56%
20
Boatmen's
Cleveland
18%
28%
,
Bid
■.
.
—
30%
Calif/ 5%. prd.__20
.—.20
:_10
(Newark)_25
City Natl Bk & Tr
.—5
Pepsi-Cola
Gen Telep-Co of the Southwest
17%
i—1
Pendleton
7Vs
Green Mountain Power
Supply Co
Sulphur
Parker Hannifin Corp
16%
6%
Co.—
16%
17'A
26%
114%
/.y ' /
6% ;,
13%,,...,,
Pan
29%
_.2.50
Giant Portland Cement
35%
5
1
Pioneer Natural Gas Co
28 Va
Co—.2% ....27
preferred.—
•
Chem Corn Excli Bk
29.8
58
33%
National Shirt Shops of Del—_1
New Eng Gas & Elcc Assoc.—8
Nicholson File Co..
:
*
Pickering
5%%
Fuel
Class,B common
Pacific
42
39
1
27'A
54%
1
Pacific Power & Light Co
62%
-
.
Gen
■.
,
Centl-Penn
Pacific Gamble Robinson Co
Pacific Mercury Electronics
_21734; " 19Ve
Foote Bros Gear & Mach
Corj)_2 ^ 14
■ * *• 15%
Ft Wayn^ Corrugated
Paper_MP
35 V2
37%
GenerahGas Corp___
)
Central
•
23%
Pacific Airmotlve Corp.
—1
Pacific Far East Line——;—5
Inc—
General Crude Oil
19%
6%
Broad St Trust Co (Phlla)
15%
'
2
—__:—71/2
Inc
National Aluminate Corp
2%
National Oas & Oil Corp.i—5 '
Natfbnal Homes Corp A com_50c
Opelika
49%-53%
10%•11%
r
—:
14%
211/2
Otter Tail Power Co—_—2.—6
/
23%
'"
Packing Co
18%
•
Chase Manhattan Bk
Old Ben Coal Corp
43%
17%
Gas Service Co:
1
5
Oklahoma Miss River Prodi^lOc
12%
y/40%"
——•
25%
53%
7.50
A Trust
22
15%"*
Garloek
V
St
.
68%
38%
38'A
35%
Northwest Production Corp*«—1
Northwestern Pub Serv Co.i—3
20V4
27%
:_x_—4
5
Co
':/v
v
6
36
17
.
1534
Cor))__.—•v76%'','i" 80
Co—
5
Penn Gas Co—
Northeastern Water Co $4
Northwest Natural Gas
50%
9%.
9
59
65'A
23%
■
.
Floridat Steel
Frito
23%
Corp—1
lc
(San Francisco)
North
26%
25
Corpx—_J—-___1
1
Inc
Bank of America N T A S A
Nortex Oil ft Gas Corp
North American Coal..
40%
3734
AssnilOO"
51/2
5
Missouri-Kansas Pipe Line Co_5
Missouri Utilities Co
1
Norris
31%
Fisher Brothers Co——2.50
Fisher Governor Co:
1
Food Mart
JT
203£
17
:
^"29
.
Laboratories
Mountain
11%
16%
3214
,
29%/.
_10c
fedcraV-Kati Alortgage
First EostOtl
'.■*
13%
12%;
15'A
68 %
: I2V4
10 J/4
..k.1:^.1
Publishing
14%
2%
Minneapolis Gas Co
Mississippi Shipping Co__
Miss Valley Barge Line Co
Mississippi Valley Gas Co
12 %~
.
EmctrchiS'Corp——/^tl':1~ 17%*Empire SMte OlbCto:'
Miles
35%
64 J/2
Co_./:tL_t.iii-_—7%"'":*
3
lie
Class A common
UV2
814
EeonomiC3'Labors!fnfyTliKiIbltA.T*'*' 21%'
El Paso Electric CD
(Texas)—•;
34%
E'mhart Mfg
22%
10%
Par
Mlehle-Gross-Dexter Inc—
-17%'
Hi/4.
'11%
-
Shipbldg & Dry Co_50c
Metropolitan Broadcasting
Michigan Gas Utilities Co
*"
17%"
16%
^
Eastern Utilities-''Associates—MO
26
1
East Tennessee Nat Gas Co
—1,
Eastern.. Industries 3nc/;_„_^_50e
6%
9%
41%
White Eagle Oil Co
Bank and Trust
Camden
211/4
32%
2
27%
51/2
20%
Synlex Corporation
10%
:-t
7 J/2
Dynamics..Corptof America*5^^.
27%
1
Propane Gas
37'A
15%
10 J/2
2
25%
2%
_1
Refining Co
34%
2%21 J/2
2—
Suntide
Bank of Virginia
Bankers Trust Co
16
Co—5
1
;
Service
58
'...__—1/.^. 47V2
Duriron -Co
Gas
54
9%
——111
& Ercdstreel' ihc
9%
Stropg Cobb & Co Inc
Stvuthers Wells Corp
Stubnitz Greene Corp
1
81-Noc Chemical Arts 3nc—__ 11 * 18 7
ictaphone Corp __2x———22546" *"
Dun
46%
9
25%
1.25
Marqxiardt
'19%
nouiielley
Weyerhaeuser Timber
43%
25
Stutler Hotels Delaware Corp—1
24%
"
Duffy-Mott
21%
Bank of Commerce
15%
..5'
44%
40
Bank of New York
19%
I tic
411/2
16%
24%
Diobold
7%
22 y4
18%
5
21
Gas Corp
1
Connecticut Light s Power Co.*
!
18
30%
7%
1
14%
Consol
SpeciulUes_'_—5r*
Darling. (LA) Co__—_——1/Del in-Taylor Oil Corp/——2—1"'
Dentists*" Supply Co of N
Y—2.%/;{'
16%
28%
171/4
19%
Meredith
-
Westcoast Transmission
20%
1
26 3 4
Danly Machine
50%
•
1
Corp
Ilerringtoix Co Inc
24%
vlg—^1
—1
27%
57
46%
Manufacturing Co.*
Marmon
McLouth Steel Corp—
McNeil Machine & Eng
vlgl.—
26
53
Western Lt A Telephone Co__lo
Western Massachusetts Cos
1
Western Natural Gaa Co
1
Marlin-Rockwcll
16Tb
.Cpmmou Ltd
1
5
(SD) Co_
•
Washington Natural Gaa Co—10
Washington Steel Corp
1
Watson Bros Transport "A"—1
West Point
19%
15%
,
17
31%
Suburban
24%
Industries
■
46%
15%'
14%
Suburban
53
22%
Prods
(W L) Corp
Refrigeration. Corp_-l
Craig Systems Inc.——_____—1;,
Cross
Company—.—————5
Cummins- Engine Co luc—-—5
43%
29%
29%
luc——1
Auto
McLean
Cutter Laboratories com
27%
Madison Gas & Electric Co—16
Maxson
©opcland
1
131/2
35%
Maremoufc
29%
Maryland
.
40%
,
38%
2814
Consolidated Rock Products—_5
Continental Transp Lines Incll
24%
50c
Varlan Associates
Vitro Corp ol Amer
52 y8
22%
1
29%
35%
58%
Freight ways————2.50
32
44
37%
15%
48%
5
2.50
19'A
18
33%
27%
1
28%
Commonwealth
13%
57%
34%
7%
1%
Co
26%
25
29%
41
10
79'A
1
55
Gas'Corp com—3
27
3%
32'A
7%
75%
_50c
Co
-25
$1.25 Conv preferred
2Va
25%
32
*>
.551/2
51
cl B—5
com
Co___5
-
6%
1,
Colorado- Milling & Elev Co—_1
Colorado Oil &
1
2%
Stand Fruit Ss Steamship
23 J/4
Inc.—.——2 %
Co
Speer Carbon Co
Sprague Electric Co
Staley (A E) Mfg Co
25%
*
18%
common.!—.—_____1
30%
54
Warren
23%
Coastal States Gas Prod——1
Collins Radio Co A com——JLl
46%
2oy8
-
2%
5
Warner A Swasey Co
Warren Brothers Co
American Trust Co (SF)
Macmillnn
30%
•28 %
Cliptoiv Engines Cpi'p-————1'
•
■
7
6%
.33 %c
Star
7%
1
Co
Lucky Stores Inc
Ludlow Mfg Ss Sales Co
po cbhf cl ftI_:33MiC*;
28%
44%
30
2%
Valley Mould & Iron Corp
Vanity Fair Mills Inc
36%
2IV2
6'2
37
,-1
26%
28%
Utah Southern Oil Co
31%
33%
18%
25 J/4
50%
Gas
37%
12%
5
5%
Lone
Colonial Stores
35% V
xlli/4
Koehring
'
29%
Colorado Interstate
28
44'A
23
B
25%
41%
21%
Class
52%
3
16%
Common class B__..
11%
1
11%
25%
29
Universal Match Corp
12%
Upper Peninsular Power Co.
9
13%
Stepan Chemical Co
'
■
42%
Keystone Portland Cem Co
:
47 >/2
—
10%
49'A
Ketchum Co Inc
15%
29%
10'A
24 'A
10c
19%
Sioiiffer Corp
39%
41%
.
States Sugar
Corp
1
United States Truck Lines
Inc.l
United Utilities Inc
10
United Western Minerals
11%
non-voting
Stanley Works
43'/2. *
33
14%
1
United
18
Common
\
6
•75%
23%
27'A
1
1
Register
Stanley Home Products Inc—
45V8
Kentucky Utilities Co.
5%,
21
Standard
26%
22%;,
27
Citizens U til
*
24%
.
1
25
1
Tele
5%
17%
72
Standard Pressed Steel
.
.,
10
Central;Telephone Co.:——10
Chattanooga Gits-Co
,
.
5%
Inc
—5
Serv Corp——0
"
.
1
Tracerlab Inc
1
Trans Gas Pipe Line
Corp..50c
Tucson Gas Elec Lt A Pwr Co_5
1
Stutes
55 y2
15%
•
Southwestern Eiec Svc Co
59%
Kennametal
23%
—.—
•
Eng Tele Co
Southwestern
.
,
-18%
56%
62'/2'"
Central Vt Pub
-
4%
16%
...
New
27%
10%
"■
52
1
:
-
9%
5%
1
Southwest Gas Producing Co
j:;
12%
30%*
•*
Southern
15%
HV2
.
Co
Southern Nevada Power Co
12%'
45%;,,-
14%
50c
Co——10
Power
11%
—16
Co_5
Central-Indiana Gas Co
.
1
■
Power
Southern Union Gas Co
39
Central 111 Elee & Gas Co——10
Central Louisiana Elect vie
22%
•
Kendall Co_^_
-
32%
21
' :
.
19%
41
Kellogg
8%.
22%-
12%
37%
19 %
31%
"
42
Kansas-Nebraska Natural Gas.5
Kearney & Trcekcr Corp
3
11%
35
29%
21
208
-
42
2
Southern Colorado
/
;/
11%
18
Kalamazoo Veg Parchment Co_10
1
7%
Corp
14%
1
common
55%
18%
—1
T
Kaiser Steel Corp
$1.46 preferred
51%
32%
29%
•
5
2
14
21%
1
—
Supply
9%
17%
20 J/4
Cedar Point Field Trust"
clTsi/:—'?
Central Electric & Gas
Co—_3%;
Central Public
Utility
Cen tral Soya Co
>
Water
197,
8%
Southeastern Pub Serv Co—10c
Southern Calif Water Co
5
-•
15
__5
25%
30%
South Shore Oil & Devel Co_10c
63
20
5
Co
-10%
28%
Sierra Pacific Power Co
58 %
Camion,/Mills class B com/.
.25
Carlisle .Corp™;*;——i
—.*1Carpenter Paper Co.
;l__
1
Ceeo Steel- PfotluClfr
qdrp^-ii^IO'
Centg&l Maine
.
*
8%
Co
Utilities
Jessop Steel Co
-.I-'.--"*.•/ "--i
21%
5
9%
1
Seismograph Service Corp
25%.
:
;
30
xl0%
—1
Service
Jervis Corp.
33
26%
Co
42%
20c
—
Co
& Co
(G D)
13y2
39%
47%:
58%
Electric Co
Jefferson Lake Petrochemicals-1
15%:.'
of Cnlif.l
Freight
Bantam
12%
•
27%.
23%
1
Sys_l
.1
Inc
Scarlo
10%
25%
Jefferson
T.
51%,;
14%
CanadiuJWSuperior Oil
Corp:
Jack .& Helltbi Inc—
20%
48%
California Water Service Co—25
Calif Water
'I'clcp Co.—12%"
Canadian- Delhi OilT.tcl—10c
Public
Jamaica
Fewer Co__20
■
California-Ori>g(jn
Motor
Southern
35%..
1
lac«>3LJ^"^_^ri-/%l'inT,
Burncly Corp"
9%
Co
Class a cpjtnmpn
30 '/a..
-
Water
System
77%;
73%,-
1
Inc..—.___1/. 44 ■/-/
Securities
Iowa
6%.
"
Topp Industries Inc
Towmotor Corp
—
Diver Services Inc—
Iowa
22%.;,
Shurpe Mfg, Co .___.lO Jt\ 27%
BeEyiiiiimwCo—..iv—i-il:
19.
feuckeye £ teeV Xit»st-iiigs CoJ, 30%
Bullock's
Investors
26%.
24%
6%
.^.1
$1..20v.preierrei%v25\.fc' 20%
1
—
Bakeries
Interstate
42
Coi._tTv'^33%
Botany Mills Tx.xc—•
Bowser'.Inc
%u
8%
7%
*
Blade Hills Po\v.er &
LigJit
Black SiVttlls Ss Brysbn luc
Mills
Das. &
Interstate
40%
25
Head
Interstate
22
Gaasort
Beinis Eros Bag Co
Beneficial
Co
,/Indianapolis Watev Co—
-10
International Textbook Co—:
•
9%,
43%
,
1
Production
Indiana
2'..
8%
-
-
Baxter Laboratories.
Bay less (A: j) -'Markets——-.
Indian
v
.*
Tokheim Corp
15%
Sabre-Pinon Corp
San Jacinto Petroleum-
Skil
b:
18%
17%.
»?,<.•» 1'
,
Time Inc
38%
14'A
8%
Hugolon
Aztec:
27%
35%
8%
22 J/4103
.;
25%
1
*
35%
10
Ryder
12%
33%
Corp_5
Texas HI Nat Gas
Pipeline Co.l
Texas Industries Inc
1
Texas National Petroleum
1
Texas Natural Gasoline
Corp
1
Manufacturing Co__2%
Rose Mario Reid
31%
37 y4
Thermo King Corp
Three States Nat Gaa Co
31%
28%-
71/4
35 %
531/2
1
6O1/2
6%
773A
Corp
78%
57
1
48
Plywood
Schield
74
Corp
Texas Eastern Transmls
Corp.7
Texas Gas Transmission
73%
27%
1
Tekoll
Bid
II—~6
•
24
Gas
Par
Tampax Inc
Tappan Stove Co
1
22%
36'^
96
Myers Inc
(H II) Co
25%
Hugoton Gas Trust "units"
33%
&
Robertson
-
29%
25%,.
0..:
Robbins
140
_•
Houston Oil Field Mat—...
Hudson Pulp & Paper Corp —
Class A common
Spring Corpi^—^j-J.O.% 20%
13%
2%
1
39
Construction
25%
12
Roddis
233n
Product 9
23'A
25c
Rochester Telephone Corp
60%-
Metal
River Brand Rice Mills Inc„3%
Rockwell
36%
Avon
15%
45%
11'A
22
Associated
13%
15
57
Art
7%
33%
421/2
59
Arizona Public Service
Co_____5
Arkansas Missouri Power Oo-.-_.5-'
&23?/*
6%
31 %
3
10%
22%..
Co-__.J},
Co.liTO
5c
Stoker. Corp
13%
26', 2-'
Cms
Co
55
Houston Corp
Houston Natural
4%
2
High Voltage Engineering
Hoover Co class A
1
53y2
4
Roadway Express class A
136
'
Ask
49
1
12ya
Riley
71%-'
%• -91% ''-
133
Helene
■fi Partic. preferreii^^i.b2—':—!**•
•
130
Bid
5
Co
Htarst Cons Publications cl A-25
Curtis Ind class A
1
42 V2
28^
26% J
Western
Richardson
32'A
67%
—.—5
20%
Arkansas
5%
30
Controls—1
24%
L—.4
coamioiCi-^iF
Republic Natural Gsb
31%
4%
2.50 *
24%
Arden Farms Co
198
29 %
10c
Corp
Ask
182
1
Ralston Purina Co
Rare Metals Corp of America
Reeves Soundcral't Corp
•
711/4
26',2
*
Society
Gulf Sulphur Corp
Gustln-Baeoh Mfg
26 J/4"
American, Express Co——:.I0
68
American. Greetings, CT "A'**—lv^-30%
Corp
Grolier
-
«.«•
•
Amer Commercial
Barge Line2_5
Grlnnell
35 3 8*
^^F:y':33-%/
Bid
The "National" list is composed of securities
wide national distribution.
a
44
The Commercial and Financial Chronicle
(744)
Monday, February 9, 1959
.
..
NATIONAL LIST OF OVER-THE-COUNTER SECURITIES
Quotations for Friday, February 6
Insurance
Mutual Funds
Far
Funds—
•Mutual
Bid
1.91
Ask
2.11
Fund
25c
Affiliated Fund Inc
,—1.25
American Business Shares
1
American Mutual Fund Inc—1
Amer Research <Sc Development _•
Associated Fund Trust.,
•
Atomic Devel Mut Fund Inc__l
Axe-Houghton Fund "A" Inc—1
Axe-Houghton Fund "B" Inc—5
Axe-Houghton Stock Fund Inc.l
Axe-Science & Eieet'nits Corp.lc
Axe-Templeton Growth Fund
Canada Ltd
—1
Blue Ridge Mutual Fund Inc—1
Bond Inv Tr of America
*
1
-1
1
17.05
18.43
25.38
—1
Aberdeen
Eoston Fund Inc
Investment
Fund Ltd
Street
Eroad
Buliock
Mutual
Funds—
7.20
7.79
Investment
4.59
8.85
9.67
40! 2
Istel
1
10.19
Aetna Insurance Co
11.30
12.35
Aetna
34.64
Agricultural Insurance Co
10
American Equitable Assur
5
American Fidelity <fc Casualty.5
$1.25 conv preferred
5
Amer Heritage Life Ins—
1
33.96
Mutual Fund—1
Funds—
a22.44
Bonds)—_1
25.18
25.24
(Medium Grade Bonds) _1
22.92
25.01
16.40
17.89
10.47
11.43
9.45
10.32
Fund Inc—
Johnston
(The)
Keystone
Custodian
1.61
1.77
5.48
5.99
B-l
(Investment
X5.66
6.15
B-2
8.46
9.20
B-3
4.29
4.69
E-4
(Low Priced Bonds)——1
(Discount Bonds)
i—1
12.03
13.08
K-l
(Income Pfd Stocks)
30.34
33.16
6-1
12.04
13.09
5-2
(Income
20.73
22.29
6-3
19.96
Amer
Stocks)—1
Amer Nat Ins
(Speculative Com Stk)—1
(Low Priced Com Stks)_l
14.09
15.38
American
11.63
12.70
Keystone Fund of Canada Ltd,l
12.90
14.66
Knickerbocker
7.89
8.62
14.99
16.21
X18.83
20.37
———1
Ltd
/ Fund
.
Securities
Christiana
8.71
9.52
1
1
27.82
30.08
10.92
11.93
50c
19.40
20.98
Corp—100
100
preferred
7%
Commonwealth
Investment
Commonwealth Stock Fund
11.65
9.62
10.47
9.67
10.51
14.60
15.87
& Stock
Bond
--1
Fund Inc
20.43
16.21
17.62
1
Fund Inc
15.83
17.11
19%
20%
Consolidated Investment Trust-1
Western Investment
Crown
18.80
1
Composite Fund Inc
Concord
139
10.73
1
1
1
Fund Inc
'
133
Income
Commonwealth
Composite
14.300 14 ,800
1
Fund Inc—
Colonial
Inc
Dividend Income Fund——.—1
S-4
Com
Fund
——-1
7.13
7.80
LazaTd
Fund
Lexington
Inc
1
Fund——-25c
Trust
Lexington Venture Fund———1
Life Insurance Investors Inc—1
Life
Stk Fund
Insurance
Loomis
Inc—1
Sayles Mutual Fund
•
14.58
7.08
6.45
6.45
5.89
American
Bankers
12
20.47
18.73
11.33
12.38
6.72
7.33
a45.70
Co
Stan Life
34
32%
233
Loyal Amer Life Ins Co Inc.
1
4%
5
Maryland
1
42%
45
37%
31
59
221
36%
39%
Mass Indemnity & Life Ins_.
5
48
53%
Merchants Fire Assurance
5
73
36%
39%
Merchants & Manufacturers —4
20 Va
22%
Monument
Crum
is
Life
27%
29%
10
332
347
5
177
186
Co
5
114
10
Inc..
72
118
76!
81%
—lc
3.76
4.14
lc
2.66
2.93
Federal
4
60
63%
Special Investment shares—lc
3.13
3.49
Transport
2.53
2.79
shares
Massachusetts
shares of
beneficial
Investors
Mass
lc
Investors
Trust
13.22
14.29
12.85
13.89
1
21.29
23.02
int_33%c
Growth
33 %c
Massachusetts Life Ruid—
Units of
beneficial interest
Missiies-Jets
Fund
Automation
&
51
—10
47
Fire
5
34
—2.50
43
3.33 %
13%
15 Vs
12%
48 %
51%
——_
River
—
Ins
Co
of
Y
N
Northwestern National Life
Insurance
4! a
Pacific
(Minn)
95
68%
Pacific Insurance Co of N Y.__10
64
68%
Peerless Insurance Co_
23%
25%
Phila
Life
Insurance
—5
5
80%
84%
65
Phoenix
__10
78%
82%
85%
Providence-Washington
—10
22! a
24 "e
F>
(S
Insurance
100
106
Pyramid Life Ins Co
General Reinsurance Corp
Co
(N C)_.
1
(Pa)_
5
6
10
71%
75%
Falls
5
38%
41%
Quaker City Life Ins
Globe
&
5
23
Reinsurance Corp (N Y)
2
Republic Insurance (Texas) —10
74
1
al4.64
1
3.34
Ins
(D
Nation Wide Securities Co Inc.l
20.49
22.17
National Investors
11.90
12.86
19.75
3.01
3.30
12.41
13.49
-1
1
23.28
24.89
Bond
,1
6.16
6.73
23.43
'25.05
Dividend Series
1
4.29
4.69
Corp—1
6.53
7.14
Preferred Stock Series
1
8.34
X18.72
18.91
1.50
142
157
St
Employees Life
C)
5
43%
46 %
(Jacksonville F2a)_2%
25%
27 %
Insurance
Co..
.10
Insurance
Co
10
43%
197
Paul Fire
Seaboard
&
Marine
Surety
2
6.25
Co
19%
78%
60%
63%
10
90
97
34
36%
35%
37%
Standard Accident
Title Guar
116
17%
Security (New Haven)—
__10
2
Springfield Fire & Marine.
$6.50 preferred
10
..
46%
205
49%
Trust
&
106
111
—10
60%
63%
8
24%
26%
(N Y)_
Travelers
91
94%
85%
90%
3
31%
33%
2
43%
46%
33
35%
5
6.99
Industrial Fund Inc.l
125
46%
9.11
Fund Inc
10
Equity Fund Inc
20c
Fidelity Fund Inc
—5
Fiduciary Mutual Inv Co Inc„1
117
Hartford Fire Insurance Co—10
Hartford Steam Boiler Inspection
and
21%
4
American
Hanover
2.50
—25c
6%
-H"
69
Republic Natl Life Insurance
Republic
Government Employees Ins
(D C)
Shares
——1
72%
■
61%
Mutual
3.63
103
—10
—10
Indemnity Co
82%
11.19
Corp
46%
4
10.18
beneficial interest
36%
2.50
Delaware Income Fund Inc—.-1
Mutual Trust Shares
22
54%
50%
:
r
__10
Fund
Life
Gulf Life
Inc
45%
Fidelity & Deposit of Md
10.90
of
2
Fireman's
Franklin
Government
Inc
Fund
42%
20%
..
Glens
Stock
Fund Inc
York
New
Northern
4
52%
3%
New
North
77
—
113
5
5
.
Casualty
Hampshire Fire
Northeastern
48%
shares
108
Fire—
New Amsterdam
5
shares
123
Nationwide Corp class A
Employers Reinsurance Corp
9.93
22.30
National
117
-10
Natl Life & Accident Ins
17
Union
70 %
66
-10
—
38
Eagle Fire Ins Co (N J)—1.25
Employers Group Assoc.
0
Petroleum
—,
15%
3.01
Paper
Fire
14%
13%
-10
(Bait)
35%
4.04
1
Shares—
28%
Life
—5''
1
2.69
Investment
8.87
26%
National
2.73
lc
Mutual
9.99
/■
3.67
shares———
13.08
8.09
64
2.44
Electrical Equipment 6hares_lc
General Industries shares—lc
"Metal
11.90
9.12
5
Managed Funds—
1
Inc—1
10
Co
Casualty Co
Forster
Great
Fund—1
10
Assurance
16.94
Trustee
12%
23%
55
41/2
2
General
11.99
Diversified
11%
Ins
Connecticut
15.67
Fund
23%
21%
„10
National Life
Lincoln
_5
Continental
10.97
Stk
22%
1
10
5%
...
Continental
1
Investment
—3
Tenn
5
Ins
Life
<Ky) '
Muutal Income Foundation Fd_l
Growth
of
Life Companies Inc_.
Life Insurance Co of Va
12%
Shippers—.
Commonwealth
17.52
Diversified
24%
3%
T
83%
Diver
19%
221%
11%
1
Boston Insurance Co
17.34
Fund
18
1
Corp-;
(Wash D C)
(Galveston)
Bankers Natl Life Ins <N Jt
Beneficial
17%
167 s
79
Delaware
52%
Casualty
Massachusetts
Bonding
Re-insurance
&
1
De Vegh
41%
3%
21
49%
39%
38%
ABk
2%
19%
6.25
Investors
Mercury
1
Investing Co Inc
Mutual Fund Inc
De Vegh
37%
Bid
13.95
X13.38
256
Lawyers Mtge & Title Co—65c
Lawyers Title Ins Corp (Va)—5
Liberty Natl Life Ins (Birm)__2
1
American Surety Co
27.44
Canadian International Growth
Century Shares Trust
Chase Fund of Boston—
Chemical Fund Inc
American Home Assurance Co_5
Amer Ins Co (Newark N J)
2%
13.50
81%
78
1
Par
199
246
.....
Companies
Ask
190
10
.
Fla)
18.29
1
Fund Inc
Canadian
(Jacksonville
10
10
—.—.—
12.37
1
Ltd—
(1954)
Life
13.36
K-2
General Fund—
Canada
Casually & Surety
1
(Speculative Pfd Stksi—1
(High-Grade Com Stk)—1
Knickerbocker Growth Fund—1
California Fund Inc
Bid
11.14
lc
America
of
Aetna
4.62
Boston—1
Investment Trust of
Co
Par
Bid
4.23
Intl Resources Fund Inc
4.30
38 %
Par
f
Series E—...
Dividend
Shares
Dreyfus Fund Inc
Fund
Balanced
Electronics Investment
Energy
Financial
Mutual
Florida
Fund
Founders Mutual Fund
Series
17.25
18.65
New
England
4.11
4.50
New
York
6.05
2.72
2.97
9.83
10.68
—
12.22
11.18
1
6.40
.r.l
8.73
1
7.26
21.60
lc
11.17
12.26
Preferred stock
lc
5.99
6.61
Fund
2
18.14
19.88
1
3.15
3.45
Fundamental Investors Inc
Inc
Futures
Nucleonics
Gas
Industries
Fund
39%
37
William
Inc
1
eireet
14.60
15.96
Pine
-1
16.28
12.83
11,74
7.24
7.87
—lc
8.37
9.17
Group Securities—
Automobile
Street
Price
12.07
13.94
12.89
Inc
(T Rowe)
Fund
Putnam
(Geo)
7.58
8.31
8.87
Quarterly
Chemical
lc
12.82
24.95
2s
Stock Fund.lc
13.39
14.66
Scudder Fund of Canada
10.26
Scudder Stevens' & Clark
Fund Inc
*
lc
9.36
lc
8.16
8.94
Fully Administered shares
lc
10.50
11.50
General Bond shares
lc
7.44
8.16
Food
shares
Industrial Machinery shares.lc
Institutional Bond shares—lc
Merchandising
Mining
lc
lc
shares
shares
Petroleum
shares
8.12
8.90
8.11
8.45
12.80
14.01
7.01
7.69
Dist
Shares
Inc
Feb.
18.29
36.35
7.64
8.26
13.70
14.89
14.86
16.15
7.38
8.02
25c
12.90
•
a'38.72
13.95
—
;*
Scudder Stevens & Clark—
9.52
10,
13,
Oct.
June
10,
11.19
—1
15.37
13.49
14.04
State Street Investment Corp—•
Stein Roe & Farnum Fund
1
37%
Common Stock Fund
Selected
Shares
Amer
(Edison B) Fund
Southwestern Investors Inc
Sovereign
Investors
2.36
2.61
lc
6.03
6.62
Railroad Stock shares
lc
10.37
11.36
Steel
lc
10.28
11.26
lc
7.90
8.66
lc
11.53
12.53
United Accumulated Fund
1
11.78
12.80
3%s
Nov.
1
17.26
17.78
United Continental Fund
1
7.75
8.47
3%s
Feb
1
19.26
19.85
United
Income Fund Shares.i
shares
Utilities
Growth
Industry Shares Inc
Guardian Mutual Fund Inc
Hamilton
Series
Punds
Inc—
Sterling Investment Fund Inc-1
Television-Electronics Fund
1
Texqs Fund Inc
United
Funds
H-C7
10c
4.91
10c
1
Eaydock Fund Inc
1
Income Foundation Fund Inc 10c
a26.03
,12.26
12.97
13.74
14.98
9.70
10.60
10.85
Income Fund
of
Boston
Incorporated Income
Incorporated
Inc
Fund
Shares
Institutional
h
Value Line
9.34
Value
9.53
10.42
8.97
9.70
lc
12.37
13.53
lc
Fund
10.88
11.90
Institutional Growth Fund.lc
Institutional Income Fund—lc
10.97
6.99
7.65
Institutional
*1
Canada
12.25
13.39
1
Ltd
Value Line Fund Inc
2.75
Ltd—
Bank
Rinds
8.55
1
Inst Foundation Fund
United
2.51
«1
Investors
Institutional
1
13.40
14.66
12.00
100.24
4VbS Feb.
95
20,
94
15.
94.16
94
1969
94 %
100.20
101.4
102
103
92%
101%
92%
93%
98
99
95%
1972-19G7
93%
100%
96 %
99.30
Fund
..Wall
Income
Line
99.26
Special
100
16.77
18.23
Bid
3%s Sept.
15,
1972.
100
100.4
Ask
99.28
99.18
99.20
l%s
99.9
99.11
3%
99.31
100
3 ViS
Nov.
1
April
3.86
1
8.10
100.1
4s
1 %s
10.07
1,
3Vis May
3V4S May
12.27
99.26
1%S April
98
4s
Aug.
1 %s
Oct.
1.
98.8
3%s
Nov.
15, I960
99.26
99.28
2%s Feb.
15,
99.13
99.18
l%s
99.8
93.8
93.16
100.16
100.20
100.1
1962
1962
15,
95.4
99.4
.
1962-
15,
100.4
100.16
94.28
1962
1,
99.18
100.12
1961
15,
96.6
99.14
1962 wi_
15
99.8
100.1
1960
19G1
97.8
95.30
1960
1,
Oct.
99
15, 1959_
1,
Ask
97
100.3
99.12
1962-;
„
99.20
99.6
99.10
15,
1963
94.28
95
1,
1963
91.16
91.24
90.12
90.20
11.01
11.29
1,
99.20
8.85
1
Vis
point
a
Bid
April
4s Feb
IV2S April 1, 1959—
1%8 Oct. 1, 1959
6.33
32nds of
May 15, 1961
Aug. 1, 1961
3%s Feb.
7.43
3.53
more
l%s Oct.
100.2
Treasury Notes—
6.80
10c
or
99.26
15, 1959
15, 1960 wi
5.79
Situations
one
Maturity—
Treasury Notes (Continued)—
IVis March 24, 1959—
1%S May 15, 1959
l%s Aug. 1, 1959
Inc..1
Inc
1959
Certificates of Indebtedness—
1
Fund
1,
11.79
1
4.87
5.37
98
96.14
99.26
March
4%s July 15, 1969—;
3 Vis April 1, 1970
4Vis Oct. 1, 1970-1967
3 Vis May 1, 1971
100 6
94%
Maturity-
Inc—
United Science Fund
Series H-DA—
100.8
99.16
Figures atter decimal point represent
11.89
lc
shares
96.6
4%s
100.4
U. S. Certificates of Indebtedness & Notes
lc
Tobacco
100.4
98%
100.4
99%
40
a34.96
100.4
98.22
99.20
May 1, 1962
2%s May 1, 1963
3%s May 2, 1966.
100.6
99.8
1963
98.14
98 V*
1
19G1
Street
Investing Corp
Washington Mutual
Investors Fund Inc
Wellington Equity Fund.
Wellington Fund
1
13.81
1
12.74
13.77
1
5.80
6.27
April
l%s Oct.
1963
1,
Federal Intermediate Credit Bank Oebentures
15.05
Whitehall Fund
1960
Fund
lc
nc
Wisconsin Fund Inc
...
Rate
Dated
Bid
Ask
Rate
1.60%
6-
2-58
3-
2-59
99.26
99.30
3.60%
11-
3-58
8-
3-59
99.31
100.3
1% %
Insur
7-
1-58
4-
1-59
99.20
99.24
3.50%
12-
1-58
9-
1-59
99.30
100.2
5-
99.24
3.45%
1-
5-59
10-
1-59
99.29
100
99.24
3.45%
2-
2-59
11-
2-59
99.28
100
2.00rr,
Due
Bonds—
Barium
Bid
Steel
British
5 Mi6
I
Bid
90 Va
National Can 5s
58%
60
N Span Uranium 5%s ww__1963
93%
95
Pacific Petroleum
1975
1976
5s
4%s
8412
100
100%
Pacific
1969
Puget Sound
5 %s
Tel
4%s
10614
100%
101
105%
106%
101%
105
106%
102%
103
1977
107
108 !'a
Commonwealth Edison 4%s_2009
Commonwealth Oil Ref 6s__1972
Quebec Natural Gas 5%s
100%
100%
San
Diego Gas & Elec 4%s_1984
156
160
El Paso Natural Gas 5%8__1977
Sheraton Co of Am 5s ww__1967
Southern Bell Tel 4%s
1993
120%
122
Southern Natural Gas 4%s_l979
101%
100
Sperry Rand 5M2S
1982
Corp 3%e
Fruehauf
1975
Trailer
4s
1976
3%s
95
117
136
140
167
172
Household Finance 4%s_
1984
101%
101V 4
101%
&
4% s
Mueller Brass 3%e
Sons—"
13,
1959
99.972
99.976
Mav
7,
15,
1959_
1901
83
85
.'1975
94
98
—
99.396
99.319
19,
1959.
99.932
99.939
May
1959
99.282
26,
1959
99.884
99.896
June
11.
1959
99.051
1959
99.840
99.853
June
18,
1959
98.943
98.892
98.874
5,
1959
99.793
99.811
June
22,
1959
100%
100%
March
19,
1959
99.747
99:763
June
25,
1959.
114
119
March 26,
99.688
102%
103
April 2,
101%
April
123
125
1971
94
95
April 16,
April 23,
April 30,
1987
99%
100%
101
Underwood
112 Va
115
5s
Trans
97
9.
99.713
July 2,
99.632
99.646
Julv
9,
1950
99.566
99.590
July
16,
1959
99.514
99.542
July
23,
1959
1959
99.463
99.492
Julv 30,
1959
99.411
99.444
August
98.800
1959
1959
1959
1959
1959
5.60s
100%
:
'
1
5%s
Washington
Wtr
Pwr
Westeoast Trans 5 Vis
1971
1970
4%s_1989
1988
92
96
101%
102
102
105
1959—
—•
FOOTNOTES FOR OVER-THE-COUNTER ISSUES
•No
Corp
6,
par
a Net
d Ex-rights.'
value
asset
k Admitted
Stock
b Bid yield
t New 'stock,
value.
to
listing
Exchange
price
on
the New York
x
Ex-dividend:
wi When xssued.
y
Ex-stock
99.085
,
98.979
98.929
98.912
98.840
dividend.
98.742
98.783
98.674
1959
Pipe Line—
Canada
Ask
99.360
February
12,
U S Industries 4%s
February
March
1985
101%
1989
(M)
Yield Price
Bid
Ask
100 y2
ww
Ask
Bills
Yield Price
February
Lgt—
Textron Amer
Inland Steel 4%s
Lowenstein
United States Treasury
Bid
Bid
March
Pow &
96%
1975
Port
Due
100
Transcont Gas Pipe Line 5s 1979
96
Cement 5s
1977
Gen'l Tire & Rubber 6s ww
1982
General
99.28
Dated
107%
1990
Chance
Ferro
99.20
1-59
119
Corp 4%s
-_1P82
Cent Illinois Pub Serv 43/4S-1989
Vought 5 Vis;
1-59
7-
87
116
103 %
Carrier
99.20
6-
1-58
Ask
1983
Tel
&
4-59
2-58
10-
116
1973
1989
Canadian Pacific Ry 4s
113
1977
5V2s
Financial
T
Bonds—
88%
1980-76
Burlington Industries 4%s
C
Ask
1969
Petroleum 6s
1-58
9-
3.25%
Security Issues
8-
2.30%
Recent
"
99
100.2
99.30
4s
100
99.4
98.24
19G1
Sept. 20,
100.4
98.28
I960
3.
99.20
100.2
April 1, 1959
15.37
1,
4s
99.26
100
I960 wi
3%s April
99.24
100
wi
Central Bank for Cooperatives—
1.70s March 2,
1959
shares
Bond
3%s Feb 1,
99.16
4%s June 10, 19G5_
3%s March 11. 1968
Equipment shares
RR
100.1
99.30
13.02
Railroad
98
97.24
14.58
1
100.4
100.1
4%8
16.84
1
A>k
99.22
1959
l,
12.23
Smith
3%s May 1, 1959
l%s Oct. 20, 1959,
2 %s Feb. 1, 1960
100
May
2%s June
wi
June
point
a
Bid
99.20
1951
12,
32nds o!
more
100.2
3%S Aug. 23, 1960
3%s Feb. 13. 19621
3%s March 11, 1963
Nov.
or
2%s
99.31
1959
1960
one
10.30
Shareholders Trust of Boston—1
—2
100
99.31
1959
3.50s
a27.69
City of N Y
Westchester Fire
Ask
97.16
Wi
1959
June 10,
3%s Aug.
4s
_
1959
10,
2.85s
1
1.25
U S Lite Insurance Co in the
Mortgage Assn—•
10,
3%s
16.83
14.04
Equipment shares.
Federal Natl
24.70
1
Putnam Growth Fund
8.09
Electrical
1959
1.65s April
1
11.02
lc
&
1963
3s
1
Fund
lc
(The)
15,
17,
5.12
35.99
-
99.30
1959
3%s April
3%s Aug
10.84
1
Inc
16,
1959
16.23
1
Puritan
43
_
-
99.29
15,
9.94
■
7%
89%
39%
_
Fidelity & Guaranty Co —10
Federal Land Bank Bonds—
1959
April
4.68
2.50
:
lc
Electronics
3%s March
14.81
Growth Stock
Aviation shares
Common
16,
1
Inc
Fund
Fund
6%
85
Figures after decimal point represent
*
Building
shares—.
Capital Growth Fund
shares
Ins„10
Federal Home Loan Banks—
1
Corp
Inc
Fund
Fund Inc
shares
1
U S
Obligations of Government Agencies
1
Securities
Pioneer
1
General Investors Trust
Fund
Fund Inc
15.04
Standard Life
54%
U S Fire
Jersey Insurance Co of N Y—10
1.60s Feb.
Over-the-counter Securities
1
Inc
Capital Corp
Jefferson
51%
Co
Bid
1
.
Shares
Philadelphia
General
Ins
1
9.54
Chemistry &
Electronics
Peoples
Life
Capital Fund
of Canada Ltd
One
Owners
(Fla)
3%s
Common stock series
•f
5
Home
23.15
Growth Stock Series
Franklin Custodian Funds Inc—
series
Home
7.93
1
Stock Series
15.66
5.54
•
Income
7.94
16.93
1
Inc
1
1
Series—
7.66
10c
Florida Growth Fund Inc
Corp
Security Series—
Balanced Series
Eaton & Howard—
Stock Fund
National
98.718
98.642
98.585
98.507
98.597
98.537
98.477
Volume 189 .."Number 5819
The Commercial and Financial Chronicle
45
(745)
u*
Third faderat Reserve District—
pj
r'-Vv-
Week Ended January 31
*
c
"
"r
w
1959
-
Bank
clearings this week will show an increase compared with
liminary, figures compiled by
based
us
a year ago.
telegraphic advices from the chief cities
upon
$
Pre¬
Pennsylvania—Altoona
»,
BethlehemChester1
of the country, indicate that for the week
ended Saturday, Feb. 7, clearings for all
Our preliminary totals stand
-Scranton
-
at
$25,386,559,311 against $23,389,033,185 for the
-there is
same
gain for the week ending Friday, of 6.3%.
a
At this center
week in 1958.
Our comparative
,
the week follows:
-
-
-
945,000,000
3,850,780
6,315,753
5,970,828
Willces-Barre
3,722,418
3,503.045
6,238,982
3,533.131
York
New
;
4,157,492
4,778,356
1,070,000.000
;
__
2.9
— 8.0
+19.0
+14.9
+13.2
+ 3.4
+ 5.8
+
1,433,24*
2,062,225
2,211y32sl
,
-
1,932,374
1,206,000(06®
~
•
3,544,652
6,370,365
4,411,357
6,155,29*
3,839,0^
3,548,311
0.9
2.3
14,848.521
-1-49.9
5,695,940
15,684,109
18,433,389
—23.7
16,653,169
1,007,161,439
+12.8
1,275,419,213
+ 20.7
—
l,925,d'5«
4,683;\34*
V '
'
4,172,643
1,214,000,000
14,065,613
.
Jersey—Trenton—
'*•"
1956
$
1,755,425
+
22,264,094
6,096.072
Delaware—Wilmington
for
summary
'
;
.Philadelphia
Reading
cities of the United States for which it is possible to obtain weekly clearings will be
8.5% above those of the corresponding week last year.
2,058,851
Lancaster
1957
Dec. c/o
$
1,501,449
2,055,230
1,730,085
1,545,665
1,878,964
Inc.or
1958
j
0,881 >9®
18,103,28*
19,594,28®
_
Total
cities)
(11
1,136,387(279
—
1,275,264(06®
CLEARINGS—RETURNS BY TELEGRAPH
Week Ended Feb. 7—
.
New York
1959
;
_
Fourth Federal Reserve District—Cleveland—
■+; 6.3
1,197,344,524
1,076,430,631
1,088,000,000
942,000.000
737,202,258
645,613,044
+ 14.2
412,487,726
+ 12.1
332,400,000
11,893,028
+ 15.5
'<!. 452,490,451
—~
+ 15.0
9,857,825
276,094,283
270,537,985
+
2.1
11,019,578
277,457,184
568,851,840
518,495,298-
-i-
9:7
592,155,681
+
4.6
51,900,000
+ 11.2
-—
Philadelphia
1958
$13,645,032,447 $12,831,635,428
—
Chicago
.
,jGiudio:iaCi
——
Cleveland
......
10,816,30®
260,246.6 L#
529,934,44*
54,071,90*'.
"
1
Boston
Kansas City—w
St.
Louis
-
382.100,000
San Francisco
Pittsburgh
Ten
Other
+
+
362,128,944
+ 10.0
Total
.—
+
^ 4,842,818,245
+12.1
4,318,345,645
7.8
cities, five days-*-.
; $24,477,995,662
$22,525,364,055
908,563,649
+
Virginia—Huntington
863,669,130
+
5.2
+
appear
week.^We cannot furnish them today, inasmuch as the week
ends Saturday and the Saturday figures are not available at time of going to press.
Accordingly, in the abovp the last day of the
week in all
cases
has to be estimated.
statement, however, which
we present
further below,
ablfe to give final and, complete results of the previous week—the week ended
we are
Jan. 31. For that week there
increase of
was an
16.4%, the aggregate clearings for the
whole country having amounted to $25,246,472,129 against
$21,691,267,790 in the same
week in 1958.
We group the cities according to the Fed¬
eral Reserve Districts in which they are located and from this
New York Reserve District the totals show
we
note that in the
expansion of 17.8%, in the Boston
an
Reserve District of 4.6% and in the Philadelphia Reserve District of 12.8%.
Cleveland Reserve District the totals
Carolina—Charleston
District the totals record
are
In the
larger by 4.6%, in the Richmond Reserve
an
improvement of 7.0%, in the St. Louis Reserve District of
10.3% and in the Minneapolis Reserve District of 11.1%.
District the totals register a gain of
In the Kansas City Reserve
17.4%, in both the Dallas and San Francisco Re¬
Districts of 12.5%, "
v.;';.;',/, /;.V •£,;'?
furnish
we
a
summary
■
1959
$
1st Boston
12
4th
Cleveland
5th
8,392,441
+
4.5
7,169,538
339,756,528
+
4.6
350,568,909
121,569,095
+
7.7
117,813,182
733,716,038
682,658,251
+
7.5
697,904,592
646,588,23*
+ 19.5
28,273,790
114,774,870
356,800,000
;7,022,710
5,591,700
27,953,02*
143,182,84®
337(900,00®6,338,94®
11th
cities
33,270,293
146,268,338
27,836,011
120,029,705
382,000,000
382,600,000
Augusta
7,326,801
5,907,480
+ 24.0
Macon
5,059,173
4,696,982
+
7.7
+
4.9
...
Nashville
—
Georgia—Atlanta
-
i
Mobile
$
847,964,105
799,760,239
Inc.
13,781,278
••
Mlssissippl-^-Vlcksburg
Total
>
+
7.6
658,620
204,556,916
(10 cities)
1,201,018,417
+
7.8
11/114,64®
067,00®
• 1,153,886,323
-
.
'183,105,807
1,103,423,64®
1
•
Seventh Federal Reserve
Michigan—Ann Arbor
Grand Rapids
20,334,395
-19(791,46*
10,596,785
•If,932,66*.
+
3.3
15,040,846
79,889,000
78,953,000
+
1.2
8,043,726
+
8.7
32,516,000
9,002,363
3,401,390
3,172,587
+
7.2
148,235,188
129,574,571
16,230,748
„
-
South Bend
Haute
Wisconsin—Milwaukee
Iowa—Cedar
10,539,608
8,746,840
Indianapolis
Des
2.424,33*.
9,135,608
_
Wayne
Rapids
—«
—17.8
—
9.7
+ 14.4
,
54,641,176
+ 20.6
—
Chicago
44,085,136
+ 23.9
+ 27.1
I 2,183,385
+ 43.7
13,347,156
1,394,691
1,127,774,599
7,971,043
1,125,133,427
8,342,488
12,809,833
7,772,654
—-—
13,576,341
10,211,984
—
6,386,144
5,170,943
——_
1,594,865,595
1,491,097,819
-
(17 cities)
3,778,681
130,121,56®6,-1-01,56*
49,341,968
15,001,640
3,136,788
1,193,389,059
——
—
9(823,56*
•
6,318,175
19,072,211
Moines
Sioux City
Illinois—Bloomington
11,734,00*
82,-144,00*
•
3,794,282
133,422,735
6,498,390
7,837,934
...
—
10,193,593
+
—
6.1
6.3
+
6.0
+
0.2
1,561,97®'
1,064,206,89®.
'
5,867,279
7.0
43,157^8®
13,"99,40*
14,702,404
11,020,978
+ 23.5
1,515,514,805
+
■
3,069,106
10,884,726
2,317,804
Lansing
Terre
:t
9.7
2,566,271
18,819,155
10,010,061
«...
■
'■
District—Chicago-
■
7,559,69®*
.;;.14,136-,40!ti
9,910,22*
5,923,60®
v
1,439,164,83*
v."
■"(
"T
Eighth Federal Reserve District—St. Louis—
Dec. c/o
820,757,358
9.4
351,400,000
360,200,00*
Kentucky—Louisville
187,859,216
357,000.000
172,955,452
+
10,937,548,710
+
8.6
1,275,264,860
Tennessee—Memphis
139,866,023
120,84.4,927
+15.7
205,292,945
129,019,405
+
6.0
7
"
1,392,525,585
1,331,190,695
+
4.6
1,473.033,119
1,345,059,424
"
733,716,038
682,658,251
+
7.5
697,904,592
646,588,235
"
1,294,844,634
1,201,018,417
+
7.8
1,153,886.323
"
1,594,865,595
1,491,097,819
+
720,657,428
7.0
1,515~514,805
1,439,164,837
653,250,898
+ 10.3
688,213,960
691,285,105
624,193,629
562,009,750
+ 11.1
527,830,124
510,980,852
721,457,536
614,493,101
+17.4
572,590,741
575,497,269
9
"
"
591,465,593
525,802,335
+ 12.5
498,793,478
463,165,995
10
—__
"
"
6
City
add
Missouri—St.
"
1,336,210,985
1,188,267,561
+ 12.5
1,147,451,197
1,160,926,513
_
"
citiej
25,246,472,129
21,691,267,790
+ 16.4
22,490,675,176
20,932,906,903
—
our
11,968,670,483
10,517,979,416
+ 13.8
10,860,348,408
10,423,335,777
detailed statement showing the figures for each city for
four
the
2,432,189
Total
(4
cities)
0.8
2,501,610
+10.3
688,213,960
691,285,10>
—
7,470,150
424,167,827
6.5
9,009,145
Minneapolis
378,175.561
+12.2
364,323,291
345,4,1.3,75®
St.
156,031,111
144,168,520
+
8.2
126,511,400
1.28,481,26 J.
10,815,226
9,136,881
+ 18.4
7,783,835
4,710,119
4,458,828
5.6
5,970,447
4-15.2
4,107,999
4,819,789
15,028.749
5,184,623
12,898,423
+ 16.5
11,274,665
7,859,08*
3,931,11V
2,973,50#
13,451,23#
624,193,629
562,009,750
+11.1
527,830,124
510,980,85*
—
4.2
1,971,465
I,039,33 V
905,18#
North
Dakota—Fargo
South
Dakota—Aberdeen
Montana—Billings
Helena
Total
(7
cities)
$
Dec. r/o
1957
$
+ 30.2
2,610,110
3,093,037
6,990,772
—15.6
6,937,215
664,629,334
5.3
672,099,716
637,066,603
3,403,388
2,962,913
+ 14.9
3,246,080
1,382,499
+
Colorado—Colorado
Total
1,664,761
1,361,476
1.3
3,433,433
13,820,073
14,069,406
10,316,654
+ 17.2
12,887,008
10,562,415
Fort
40,396,196
+
5.7
47,557,415
45,150,534
+ 19.7
24,559,365
26,835,108
29,827,000
+ 10.6
29,523,100
29,840,000
2,939,941
2,453,909
+ 19.8
2,419,082
2,670,134
847,964,105
Rhode Island—Providence
New Hampshire—Manchester
cities)
i
1.4
+
5.8
9,490,706
9,429,06®
+13.5
138,034,453
6,501 ,795
10,024,029
133,51^7-7*
II,785,08 #
30,285 341
399,316 208
+14.7
+20.6
25,735,725
+18.5
368,349,477
13,065 272
+ 26.9
13,384,893
4,951 ,983
+31.4
4,892,222
10,870,10#
6,023,26*
614,493,101
+17.4
'572,590,741
575,497,26*
473,305.493
16,579,04.4
6,504,848
799,760,239
6.0
820,757,358
721,457,536
Galveston
21,147,964
32,977,800
Haven
+
707,771
26,162.62#
375,762,21:1
3,202,263
7.3
25,317,121
Connecticut—Hartford
,.
Springs
(9 cities)
42,681,483
*'v.
City
Joseph
703 984
9,646 125
149,045 727
36,526.037
Wichita
St.
J
976 666
10,201,133
169,231,214
_
Kansas—Topeka
2.0
784,001,455
+
3,112,4.48
3,153,355
14,291,642
—
.
3,361,375
,1,410,024
—
,
+
8,870,891
935,603
714,158
.
6,789,104
699,705,512
River
Lowell—
3,175,373
—
'7,460,006
I
__
1956
$
7,987,114
Tenth Federal Reserve District—Kansas City-
Omaha
5,897,560
Massachusetts—Boston
-
Paul
Missouri—Kansas
?
653,250,898
208,195,70®
120,452,74®
2,436.65*
Ninth Federal Reserve District—Minneapolis-
Lincoln
4,133,414
Portland
—
Minnesota—Duluth
Hastings
Week Ended January 31
Inc. or
1958
First Federal Reserve District—Boston-
Bedford
2,450,519
720,657,428
Illinois—Quincy
Nebraska—Fremont
years:
1959
Springfield
390,500,000
Louis
1,103,423,648
-108
(12
7.0
206,155,913
1,275,419,213
Maine—Bangor
Total
+
+ 69.8"
1,020,792
221,720,594
•••
165.420-.59®
;
12,119,280,266
$
New
,
221.886,737
.t
1956
7
__
Worcester
„
6,054,03®
,
250,527,542
173,145,211
12,534,964
+ 17.0
13,324,270
+
12,093,772
—
+
Eleventh Federal Reserve District—Dallas—
13,599,225
Wichita
10,144,34*
420,750,009
367,807,92*
+14.5
33,702,031
6,757,000
6,716,582
—24.0
8,038,000
6.3
5,700.927
34,114,08®
7,422,00*
7.321,77®
+
11,871,351
(6 cities)
12,208,651
2.8
14,849,299
16,355,261
591,465,593
Louisiana—Shreveporfc
Total
10,753,212
+12.9
36,558,624
5,133,000
7,138,965
Falls
+ 35.5
453,521,715
41,855,111
w^th~::::i:::zzi
10,039,763
511,867,941
Texas—Austin
525,802,335
+12.5
498,793,478
463,165,995
177,430,665
—
Twelfth Federal Reserve District—San Francisco—
«-
1
New
York—Albany
47,037,887
Buffalo
71,407,571
141,062,175
129,714,781
2,750,578
2,868,434
3,102,712
2,912,334
Syracuse
—34.0
+
—
+
13,277,801,646
_
Connecticut—Stamford
+
26,949,784
(a)
New Jersey—Newark
Northern New Jersey
39,445,277
29,954,064
—
11,1^73,288,374
43,211,250
32,536,648
68,505,014
24,300,162
8.8
142,837,799
128,054,384
4.1
2,683.841
3,040,661
6.5
3,428,900
2,835,717
+ 18.8
11,630,326,768
10,509,571,126
9.5
46,522,547
45,905,833
+ 11.2
26,449,822
California—Long
..Total (9 cities)—
90,302,158
iaSq'iw
16,848,177
+
8.7
20,412,647
7o-'^o'loZ
3a,41)3,520
^-'noaasn
2o,098,850
+
9,671,255
13,828,620
7,309,330
10,357,387
1.336,210,935
Beach
Pasadena
1,188,267,561
.
-
Sail
Francisco
Sail
Jose
Santa
Barbara-
Stockton
Total
rn.rn.m~—mi
39,260,469
♦37,500.000
69,192,751
+
4.7
76,773,085
75,273,379
90,181.869
86,241,331
+
4.0
82,492,021
-
(10 cities)
Grand
total
(108
Cities)
13.707,622,242
11,634,557/185
+ 17.8
12,119,280,206
10,937,548,710
+
4,833,721
171,555,72*
77,358,22®
21,021,62*
24,904,740
+ 21.2
17,992,077
16,397.601
9.0
643,884,49*
+ 32.3
621,811,913
21,503,401
6,614,806
+ 21.7
10,327,438
+ 12.5
1,147,451,197
+ 41.3
25,848,51®
6,218,28*
9.367,16*
1
1(160,926,51*
25,246,472,129
21,691,267,790
+16.4
22,490,675,176
20,932,906,90*
11,968,670,483
10.517,979,416
+13.8
10,860,348,408
10,423,335.777-
85,735,136
Outside New York City_
.
9.7
Oregon—Portland
Utah—Salt Lake City
25,332,312
72,460,061
—
172,131,400
+
181,211,15*
4,432,539
+ 14.0
Yakima
Elmira
Rochester—
6.8
177,187,361
90,672,467
213.390.946
-
Jamestown
New York.
179,964,392
4,389,275
+ 18.6
4,689,705
202,006,604
99,500,003
Washington—Seattle
Second Federal Reserve District—New York-
.
(a)CIearlngs operations discontinued.
m
„
+ 12.8
Clearings at—
New
12,885,833
<•
601,045-
:
1 /,
:
+ 17.8
week ended January 31 for
Fall
186,217,544
1,294,844,634
—
Louisiana—New Orleans
Total
1957
or
4
now
254,087,904
s.
0.2
1,007,161,439
Dallas
We
266,607,669
217,789,691
„
Alabama—Birmingham
+ 21.9
—
11,634,557,285
Outside New York City
.
1958
17
^
12th San Francisco
Total
114,770.69®
1,136,387,279
Louis
Kansas
7,600,82*
325,273,59®.
•
13,707,622,242
Minneapolis
10th
"
Sixth Federal Reserve District—AtlantaTennessee—Knoxville
Springfield
6
Chicago
St.
8,770,043
(6 cities)
Peoria
by Federal Reserve Districts:
10
9th
4,062,97*
20,819,06®
-174,061,*4*.
"
_
_
8th
3,887,991
23,541,421
194,923,551
+15.8 1
"
Richmond
Atlanta
1.5
—
—18.0
11
Philadelphia
6th
21,315,318
9
3rd
7th
1,345,059;4C*
784,001,455
York
New
1,473,033,119
•
-
Week Ended Jan. 31-
2nd
4.6
130,972,389
Rockford
following
:
•
+
186,917,405
__
Decatur
SUMMARY OF BANK CLEARINGS
1
466,852,64*
355,330,504
Indiana—Fort
District by 7.5% and in the Atlanta Reserve District by 7.8%. In the Chicago Reserve
In the
515,079,922
Outside of this city there was a gain of 13.8%, the bank clearings at
this center showing an increase of 18.8%.
serve
4,707,464
4,637,078
17,484,000
216,522,024
Florida—Jacksonville
;In the elaborate detailed
0.1
8.5
issue of next
our
8,249,95®.
14,887,06*
14,350,858
+
District of Columbia—Washington
Complete and exact details for the week covered by the foregoing will
in
11,069,896
8.9
Maryland—Baltimore
Total
Total -all cities for week
1,331,190,695
Richmond
8.6
$25,386,559,311 $23,389,033,185
(7 cities)
Virginia—Norfolk
South
Total &II
All cities, one day
,1,392,525,585
+16.9
—
Fifth Federal Reserve District—Richmond—
West
-
455,289,931
14,002,417
5.9
.$19,635,177,417 $18,207,018,410
-cities; five- days_
455,787,049
Pennsylvania—Pittsburgh
4.2
515,314,726
398,299,028
cities, five days
52,917,900
10,089,339
.
+,11.5
441,707,759
545,511,279
Baltimore
-
647,300,152
430.150,430
i
;
55,344.500
11,798,998
12,755,887
—
Mansfield
Youngstown
719,047,000
;
„
Cleveland
Columbus
.
.
u-
The Commercial and Financial Chronicle
(746)
Company and Issue—
FOREIGN EXCHANGE RATES
Merchants
51:zco
Pacific Finance
requirements of Section 522 of the Tariff Act of 1930, the Federal Reserve Bank
Pursuant to the
•
'
•
"
I "VI.
' *-••—. —1966__.Mar 1
_Mar yi
ser. due 1967.
:
March
due
debs., 4y2%
cap.
"v.pagij
'•;,••'/
'"
Corp.—
debentures
Corp.
Monday, February 9. 1959
.
y
.
t
Acceptance
subordinated
.
.
•
1,
yy .349'
_Feb -15 (
Secretary of the Treasury the buying rate for cable transfers on the different
counties of the world. We give below a record for the week just passed.
.
certifies daily to the
-Feb
Public
EXCHANGE
FOREIGN
1930
CERTIFIED BY FEDERAL RESERVE BANK TO TREASURY UNDER TARIFF ACT OF
JANUARY 30, 1959 TO FEBRUARY 5, 1959, INCLUSIVE
RATE8
50
20
Service
Electric, & Gas Co.
debs, bonds'darted March 1," 1957,
4s8%
Sixteen
East
due 1977.—:l"Mar
V1'
>;
Co.—
BToad
Feb
*^
:■*
.JFeb«27
Country and Monetary Unit
Noon Buying Rata for
(Value in United States Money)
York
Cable Transfers in New
Toledo
1st
Monday
Friday
Australia,
i
pound
Belgium, franc
Canada, dollar
due Oct.
.0200062
.0200100
>
5%
first income- debentures
1.029687
1.028625
1.028359
1.027968
.210660
.210660
.210623
.210660
American Art Me this iCo.-6%
.00311405*
.00311405*
.00311405*
.00311405*
.00311405*
American
4(4%
.00203784
Machine &:
.00203773
.00203714
.239425
.239425
.239437
.239350
.239355
American
.210703
.210740
.210740
.210685
.210753
5%%
2.810000
2.809375
2.810312
franc
.00203784
2.810000
2.808750
stock
Metal.;*Products' Co.—
Black Hills Power.^&.Ljglrt Co.,
.00277912*
.00277912*
.00277912*
.329004
.328970
.329004
.0800560
.0800560
.0800560
.0800560
.265187
.265170
.265200
.265150
.265150
Consolidated Telephone Co. 5%%
Continental Can "Co.,: Inc.—v
2.781559
2.782487
2.780940
2.782178
2.782178
$4.50
.140200
.140200
.496950*
.496950*
.496950*
.0349580*
—
.140218
.496950*
.0349420*
.0349680*
.0349740*
.0349780*
1.
convertible
.0238095*
.0238095*
.0238095*
.0238095*
(R. E.)
.193286
.193290
.193282
.193280
.231968
.231950
.231950
.231962
2.798256
2.799501
2.799501
2.798879
2.799813
2.808750
2.810000
2.810000
2.809375
2.810312'
5%
Funsten
Federal Reserve Ranks Combined
thousands of dollars)
(In
Increase ( + ) or
Decrease (—) Since
Feb. 4,
ASSETS—
18,957,891
308
—2,287,502
+
76,913
40,310
—2,210,589
50,268
—
'
gold certificate
reserves.
19,891,997
F. R. notes of other banks——
Other cash
626,773
485,090
Discounts
408,382
and
Industrial
advances.^
loans
—
—
5,108
—
36,633
255,321
+
335
Acceptances—bought outright—
50,317
—
87,082
—
177
—
+
3,205
—
3U. S. Government securities:
Bought outright—
1,597,550
Certificates
•1.1,026,277
—1,283,886
+160,400
18,649,726
>«». Notes
J > Bonds
:
Total U. S. Gov't securities—
Total
loans
and
securities—
+
160,400
63,850
+
63,850
in the Cleveland
25,662,462
26,107,812
Due
from foreign banks
Uncollected cash items
224,250
+
40,450
+
+ 137,169
+
2,251,527
Bank premises
94,076
Other assets
141,928
v<4_
assets..
1——...
59,293,250
+
483
152
143
+
55,702
—156,113
742,621
+
1,781
—
+
.
434,615
Deposits:
Member
reserves
18,662,297
421,564
Foreign
287,159
Other
351,687
173,049
+
—
396,051
65,590
+
214,908
+
33,160
+
3,406
11,487
—
+
30,563
Deferred availability cash Items..
Other liabs. & accrued dividends
19,722,707
4,029,820
23,512
50.896.150
.+
85,786
+.
469
—168.320
+
1
:+''
410,809
8,944
707.194
(CAPITAL ACCOUNTS—
paid
Other
accounts
to deposit & F.
ties combined
R.
note
♦Net
vll
purchased
loan
for
Gas
Transmission
19,360
+
.1%
y—
.
Hays
commitments
2,956
119
13b
surplus of $27,543,000
Condition Statement of Member Banks
The condition statement of weekly
reporting member
banks of the Federal Reserve
System in leading cities
-
principal
changes
for
the
week
ended Jan. 28:
justed, $164
Decreases of $198 million in loans ad¬
million in holdings of U. S. Government
securities, $254 million in
reserve
balances with Federal
Reserve Banks, $572 million in demand
deposits adjust¬
ed, and $518 million in demand deposits credited to
domestic
banks, and
an
adjusted!
Loans
industrial
brokers
to
„
53,896
—
—
district and
a
and
dealers for
estate
Other
2,119
—
...
bonds
Reserves
19
+
„
9
5%
—
■—
164
48
—
107
8,123
—
24
+
25
—
18,294
56
1,748
+
221
+
with Federal Reserve banks—*.
—
254
—
+
26
+
—
97
—
preferred
Horn &
58,620
demand
—
28,320
—
.
2,947
4%
8
10,268
1—
were
$23 million
million each in the Cleveland
£nd San Francisco Districts, $16 million
each in Chicago
1™*
district,
$15 million in the Kansas
Ctty District. Changes according to
industry appear in
fnother press release. Loans to brokers and dealers for
2-16*
2-16
—
41
_■
16
+
Gas
of
Hugoton
133
—
—
2-
3
3-26
3-
3
V 2-16
1-24
2-16
1-24
3-
$1.25
2-10
1
30c
4-15
3-31
93 %C
4-15
3-31
(quar.)
;—
u
$1
4-15
3-31
$1.10
4-15
3-31
l—''
35c
2-20
2-
$1.06*4
3-2
2-10
•
(quar.)—
-
(quar.)—
+14
316
1,172
+
6
loans
to
loan
banks
items
and
after
shown
are
+
390
deduction
of
gross.
valuation
'
30c
3-10
2-27
$75c
3-16
2-13
stock
1-31
2-27
2-27
2-10
3-16
2-27
5%
3-16
dividend
preferred
&
Idaho
re¬
2-20
3-16
interest
(quar.)
Industries, common (quar.)—
dividend
5%
-
27c
60c
12*/2c
5%
beneficial
Production
Extra
198
228
+
—
Trust—
Hunt Foods &
Power
Erie
1—
(increased)—
Co.,
(quar.)
(capital gains
40c
.
—
Gas
Steel
Water
<fe
Products
a
(quar.)
Shares,
Institutional
list of corporate
income
International
plus
Business
OF
net
from
cents
Company and Issue—
Date
Sylvania Electric Products,
debentures
Textron, Inc.—
15-year subordinated
March
1980
1,
s.
f.
debs,
due
Feb.
Feb
International
16
'.,
<
.
Resumed
Page
..
Engineering Co., Inc.—
convertible
Plywood Corp.,
Salitrera
5'/*%
de
'
.
debentures due
April 1,
debentures
Tarapaca
y
»
1968
—.Feb
15
Mar
.
Antofagasta—
Investors
Investors
:
Georgia Power Co., 1st mtge., bds., 5 *,4%.
mortgage 5 %
bonds, due Feb.
ser.
due 1987
-
15,
1977
20
15
2-10
3-
2-
2
5.
security
3-
1-23
1
3-10
2-10
5c
3-
2
2-13
37*aC
3-
1
2-11
30c
(quar.)
Utilities
—
3-5
3-
2
2-
50c
3-
6
2-26
U7*/2C
3-
2
2-16
"I45c
3-
2
2-
-
-
(
of -Rhode
preferred
preferred
8c
2-11
!quar.)
—
——
371/2 C
5-
^
1
6-
1
1
—
6-
1
'tL,
1-30
'
4-20
1
5-
37V2c
25c
Extra
.
-r
(quar.)_
.
2-13
2-15
-
—
6
>26
2-25
2-28
9
1-26
fcland—
(quar.)
preferred
„
12VaC
15c
4
(quar.)—
Fund
Co.
3%
„
(quar.)l_
Lines
Mutual
Trust
2-15
30c
quarterly
Motor
2-5
25C
(quar)
Reinsurance
$2.50
481
47
2
income
(quar.).
$2.50
Feb
•
Feb
1-30
3-10
25c
-
May Stores Realty Co.—
2415
65c
$1.75
(quar.)
2
—Jan
—
Co.
Co.
2-
3-
65c
(reduced)-————1
$2.50
debentures, due Jan. 2, 1968, 1969, 1971,
1975
Silver
v
Stock dividend
Interstate Engineering
Interstate
1
c
1
se¬
Interprovincial Building Credits, Ltd. (quar.)
Intel-provincial Pipe Line, Ltd. (quar.)
Interstate Department Stores, Inc.— -" - "
-
Date
2
2-17
22c
investment
Resistance
Inter-Ocean
1970
2
6-
2
Telephone & Telegraph Corp.
Stock-split (One additional share for each
share held)-
•
1,
2-
1
International
Page
Feb 24
• -
-
2
3-
12c
Inc.—
due
3-
7-
from
from
from-realized
Petroleum
International
2-16
2-25
$3
(quar.)
Machines
(quar.)—
International
TENDER
lr2l
1
3-10
75c
common
International
NOTICE
*:■
■I $1
—
(11c
11c
International Harvester, 7% pfd.
International Investors, Inc.—
seven
30c
.
—
Corp..
plus
1-26
3-
25c
.
Fund
Foundation
cents
2-20
Ltd.—
Interchemical
(Five
3-16
2-13
57c
—
(quar.)
profits)
curity
1
dis-
Ingersoll-Rand Co., common (quar.)
6%
preferred (s-a)
Inland
Steel
Co
!.
Institutional
•
2-10
4-
45c
common
Investors
2-27
2-27
$1.25
(quar,)
Mortgage
Incorporated
ing tenders, and the page number gives the location in
the current volume (except where otherwise indicated)
In which the details were given in the "Chronicle."
*
General
2-26
;
$1.50
(quar.)
Hugoton
The date indicates the redemption or last date for mak¬
and
2-13
>31
62*/2c
Company (increased quar.)——
Hudson Bay Mining & Smelting, Ltd. (qiiar.)
bonds, notes,
preferred and common stock called for redemption,
including those called under sinking fund provisions.
1972
2
2-16
3-
15c
25c
(quar.)
preferred
Units
Below will be found
Various 5%
2-27
3-25
1%%
Hubinger
Redemption Calls and Sinking Fund
Compania
2-13
2-16
$1.06*4
common
preferred
Indiana
Atlas
3-
3-
—
+ 3,530
,
518
1,395
—
—
individual
6%%
2-13
$1.18+i
—
preferred (quar.)
preferred (quar.)
Huron
Adams
3-
(N. Y.)—
Finance,
Stock
f.
1
2-13
Ltd.—
+1,766
1
358
deposits:
banks
banks
s.
2-
2-16
—_—
Hoiusatonic Public Service
PARTIAL REDEMPTIONS
banksj the principal decreases
,
Co.
2-16
2
1
3-
4.40%
104
4 2,486
572
+
From Federal Reserve banks——:—
From others
4+4%
3-
3-
(quar.)
(quar.)
Hardart
4*4%
deposits adjusted
of
3-
2-13
$1.25
(quar.)
common
'
5
3-
preferred (quar.)
3+4%
Borrowings:
serves;
3-
'
5%
Household
t
Time deposits except U. S. Government
U. S. Government deposits
Foreign
3-16
*45c
A.),
1-20
2-20
5c
—_—
—
common
2-26
Howard Stores—
LIABILITIES—
Demand
1
3-20
343'8c
Paper Co. of Canada,
(George
6%
445
1,039
2,373
2-
——
(quar.)
Chemical,
preferred
$4.25
Horniel
291
13,013
banks-———_
(quar.)
preferred
Hooker
638
9,157
Cash in vault
$1.25
12 */sC
—
E.) Co.
(quar.)
Honegger's & Co. (stock dividend)
+1,841
+ 3,458
+
266
+1,138
+
+
1st preferred
Holdett
2
(quar.)
common
Quarterly
Hires (Charles
,+ 6,203
—
-
Products,
preferred (quar.)
Hinde & Dauch
92i
518
+.
7
4-
.
4:f+%
194
-*.+
3,640
—
domestic
5&%
474
+
2,069
banks
with
160
11,744
—
Other securities
to
523
+
32,126
—.
securities—total
bills
Treasury certificates of indebtedness—
Treasury notes
Loans
+
9,665
loans
S.
—•
79
—
1,319
—
loans
Government
S.
-
Gallon
■When
Payable of Reo.
15c
-
+8,992
+1,651
2
+
Per
Share
v*
Hercules
pur¬
Company and Issue—
loans decreased in all but
total of $141 million at all
reporting
6
30c
6% preferred B (quar.)
Powder Co., 5% preferred (quar.)
$1.25
10c
Iieyden Newport Chemical, common—'——
87j/2C
3*2% preferred (quar.)
$4,375 preferred (quar.)
J $1.09+8
30c
Hilton Hotels, common (quar.)_—
1958
141
,—
597
or
securities
U.
"
29,678
loans—i
——
increase of $358 million in U. S.
Commercial and industrial
one
-Mar
188.
'
Jan. 29,
1959
418
198;
carrying securities
Other loans for purchasing or carrying
chasing
Real
Jan. 21,
.
95,179
—
adjusted!.———v——
Commercial and
Agricultural loans
Government deposits.
member
$In Volume
(E.
investment
following
issue.
F.) Co. (quar.) ^———
5% pfd. (quar.)———_:—;
Mining Co. (quar.)
—
Hercules
71,351
960
1958.
the
this
in
Corp.,
Hecla
Indiana
57,048
89
3
Co.—
preferred stock—
.
Kauserman
Notices
shows
-Mar
(Continued from page 12)
742,621
5.0%
1967— .'aFelrifr
1983
due
■«'
change after elimination of Section
Dept.
Loans
! Exclusive
^correspondents
Industrial
—156,113
*31,669
series B_:_
17
DIVIDENDS
accept¬
foreign
42.5%
Contingent liabilities
9~726
+
23,118
liabili¬
on
52,293,250
-f
+
157,792
Total liabs. & capital accounts
Ratio of gold certificate reserves
ances
2,481
+
-Feb
>■-
debentures
convertible second
♦Announcement
(In millions of dollars)
investments
and
; Domestic
370,898
868,410
capital
Loans
28,
1959
Interbank
in
Surplus
subord.
conv.
Tennessee
147,174
—251,856
—
*
,
Jan.
Balances
deposits
AWlo
of assets and liabilities of reporting mem¬
summary
ASSETS—
U.
bank
U. S. Treas.—general account-
" '*■
'
-preferred stock,
conv.
—
c
Name of Company
Treasury
27,120,108
conv.
Sylvania Electric Products, Inc.—
Decrease (—) Since
30,726
LIABILITIES—
Federal Reserve notes
cumul.
1961
15,
;
Increase ( + ) or
9,781
—
Dec.
cumul.
5%
-1
*
ber banks follows:
521,492
—
347
9
Corp.,
due
.
2,503,466
—141~751
!2246
19
notes
Borrowings from Federal Reserve Banks increased
$14 million and borrowings from others increased $228
million. Loans to banks increased $221 million.
/
r
15
4,945,559
16
District, and $53 million in the Rich¬
mond District.
+ 2,291,977
—
Feb
preferred stk.. —Feb
Steel
5.16%
317,979
—
'
25,598,612
conv.
Standard Coil Products Co., Inc.—,
5*/o convertible "subordinated debentures- due
•
adjusted decreased $143 million in
the New York District, $139 million in. the San Francisco
District, $82 million in the Boston District, $62 million
,
Total bought outright
Held under repurchase agree't
i
debs—Feb 28
—-
Demand deposits
2,867,565
+
2,867,565
2,483,771
2
Co.—
Salada-Sh^rriff-Horsey .(Ltd.—
i
Jan
1»
May
Cash Register Co.—
x.
convertible subordinated debentures due 1981_ ._Feb
5 Wc :
Holdings of Treasury bills decreased $48 million,
Treasury certificates of indebtedness $107 million, and
Treasury notes $34 million. Holdings of "other" securi¬
ties decreased $56 million.
A
Bills
Government and other secur
-----
Hotel
483
40,002
—■
934,106
Redemption fund for F. R. notes
1958
1953
1959
Gold certificate account
Feb. 5,
Jan. 28,
.148
344
21
McLouth
or carrying U, S.
rities decreased $79 million.
-
1
—Jan
lien
second
AV2V0
dated
debentures
Engineering Corp., 5Vzft subord.
Angeles Biltmore
5%
Nominal,
purchasing
cumul. conv. pfd. stock
subordinate
1957, due May 1, 1967
Interstate
Los
Statement of Condition of the Twelve
I
——Ma«- (3
Inc.—
convertible
National
Capital
Co.*4(2',b
Groller Society,
.231943
—
'*
5
"
second
cumulatlven(cbnyertjble -preferred stock
4%
.0238095*
—
479
Fibreboard
.193252
*
Total
479
r
pfd. stock—— Jan 31
conv.
preferred stock—Feb 20
Equitable Gas Co.,.AW* convertible preferred stock—
Feb
*)
Paper Products Corp.—
.140187
.140156
.496950*
peso
cumul.
United Kingdom, pound sterling.
Total
597
478
Catalin Corp.
.0800560
V'
*
'
::V
Botany Mills, lag;;* >5% and 4% cumul. conv. pfd. etk- Feb 14
of ^America, $1.20 cumul. conv. pfd. .stk.— Feb'16
.00277912*
.329004
Union of South Africa, pound—
*
i*i
yy'~+.y.
• -
cumul. pfd. stk.—Feb 24
4.56%
.00277912*
Portugal, escudo
Spain, peseta
Sweden, krona
Switzerland, franc"
.
145
-—Feb"y 9
WWW''+•"
cumulative .convertible preferred stock—~——Mar31
.328904
yen
Norway, krone
Philippine Islands,
;
J2637
—Mar 10
1—Jan 22
Foundry Co.—
Netherlands, guilder.,
New Zealand, pounds
TOtal
;
-
bonds
and/or
cumul. pfd. stock
Malaysia, Malayan dollar
Mexico, peso
Jfcpan,
:
—Feb 27
pfd. stock
subordinated-deben+ures diTe 1981."
.00203782
Germany, Deutsche mark—
ipdia, rupee
Ireland, pound
Pag*
Date
;
-i
-
.210560
(Metropolitan),
1966
1,
Agnew-Surpass Shoe 'Stores, Fitd. 5Va %
Algoma Central
Hudson "Bay Ry.—
1.031406
Ceylon, rupee
Finland, markka
France
debentures
Company and Issue—.
2.239292
.0384765*
.0200062
.0200062
.0200037
f.
s.
'
Feb.l-i
'■vt entire issues called
.0384883*
.0385154*
.0385154*
.0385154'*
2.238545
2.239043
2.239043
2.238047
Austria, schilling..
6%
h
.V
-Mar1
1978
due
$
.0153192
.0153445
.0152936
.0153093
Feb. 5
$
$
$
$
.0151282
Feb. 4
Feb. 3
Feb. 2
Jan. 30
Argentina, peso—
{■
bonds,
mortgage
y t'■J*?''*'
.V
Co.—
ZVn'/o series
Vendorlator Manufacturing Co.—
Thursday
Wednesday
Tuesday
*
Edison
4t20
,
,
7--20
7-20
37%c
11-
2
10-19
25c
11-
2
10-19
■'[
'
Volume
189
Number 15819
of Company
Iowa-411inois
-
&
Per
Share
t
,»•
.
"Electric, com.
When
45c
3- 2
40c
(quar.)—
4.35*0
43,30%
1
3-13
1
3-13
Special
4-
1
3-13
term
3-
1
2-13
3-
1
2-13
3-
1
2-13
2%
3-
2
40c
-1-30
v
4%%
(quar.}_—'r: 35%c
preferred
Irving Trust Co".- »N. Y.)
Fund,
Jamc&tcwn
Inc. " -Z
(stock dividend)
—_
~~—
$1.40
£>'7' 1st preferred
(quar.)_—$1.25
jantzen, Inc., 5% preferred A (quar.t—$1.25
Jefferson Standard Life Insurance (quar.25c
Telephone
Extra
(N.
Y.>,
^
Tea 00.;
Stock
.5
V'
Laughlin
Steel,
Aluminum, fc
1
20c
3-11
3-10
93%c
—.
tinitial
>
-
.—_
Chemical,
yf-
$1.25
-
si
>
.
_
Kerr-Addison
Gold
Income
Kerr
Ltd.
Mines,
Fund
Company
Fibre Co., common
Keyes
*4.80%
1st
Keystone
(quar.)—
Funds—-
1
1-30
y3-
6
Menasco
2-13
2-13
1
2-13
Metropolitan Edison Co., 3.80%
3.85% preferred (quar.)
3.90% preferred (quar.
4.35% preferred (quar.)
4.45% preferred (quar.)
2
2-13
2-13
2-
3-16
2-25
3-2
2-16
Midland
3-25
2-27
2-26
1
2-
9
1
3-
9
4-
4
Koehring
Co.,
5%
convertible
'5%
convertible
.
Krueger
preferred
Knudsen
6-15
2-28
1-27 "
3-30
3-16
—
62 Vic
3-30
3-16
————
10c
2-16
2-
'Common
(year-end)
(S. S.> Company
Kroger Company, new
6%
■
1st
1-
2-10
1-
5
40c
22Vic
$1.50
j
_j7% 2nd preferred (quar.)—-—
Kys or Heater Co.* (quar.)4—_i—1_
$1.75
,
15c
95c
4-
96Vic
4-
1
4-
1
3-
$1.08%
4-
1
3-
$1.11(4
2-10
1-
4-
1
Class
1
Public
5-
1
2-20
$2.65
(quar.)
15c
37V2C
12c
L\Aiglon Apparel
(quar.)——
/-7%
Bryant,
>
Laura
Service,
preferred
preferred
2-16
23-
5%
2
2-
3-
2
-
pfd.
(quar.)
Class
B
•
1%
Lee
Life
Cady
Co.
Portland
Leslie Salt
Lester
JX5c
-
A:j$l
2-15
2-
9
Beneficial
Mutual
1-26
:
22-
6
2-27
2-13
4-
1
1
3-14
3-17
2-27
3-17
2-27
75c
2-13
1-30
18c
3-12
Vi%
.
:
1
2-12
$0,043
4-30
4-15
$0,035
4-
4-1
3-
1
2-16
1
2-16
1
$0,047
3-16
3-12
3-
30c
...
&
2
"
from
!
2:
•
*
2-16
3-2
90c
10c
3-10
2-20
•
3-
2-
1
...
$1.25
37Vic
30c
3-
4%
3-30
3-
for
2-18
each
Nashua
2-20
4
;
Class
B
$1
3-
2
3-
2
shares
100
class A
Corp.,
B
3-10
50c
3-10
2-13
3-
2-
60c
RR.
Special gtd. (quar.)
?
50c
(quar.)
—__—-——
$1.10
class A (qiar.l)
UOc
——f 10c
$2.40 preferred (quar.)
?60c
Lpblaw Gfoeeterias Ltd., common (quar.)—
%5ic
1st preferred (quar.)
—
—•—_
+37Vic
42nd preferred
(quar.)_.
4:54c
local. Finance 'Rhode Island) —
Original" capital
■
Loblaw Cos., Ltd.,
' Class B
(quar.
—
2
National
4V4%
2-19
3-10
2-
4
3-
2-
4
3-
2-
2
4.84%
Lorain
5%
preferred
Coal
—-
60c
7%
7%
"7%
non-cumulative
(quar.)
Lucky
Nashville
&
Steel
Lunkenheiiner
Co.
-
4
4
%
4
—
3-
9
2-20
Increased
(quar.)_
2-20
1
3-20
5-
1
4-23
National
Shirt
8-
1
7-23"
National
Starch
11-
1
National Screw &
Mallory
C.)
(P.
Managed
Metal
K,.)
2-15
2-
35c
3-
2-13
...
Special
Manning,
Calumet
6
New
3-13
New
3-10
2-10
New York
3-10
2-27
New
York,
3-10
2-13
New
York
Jersey
Jersey
(quar.)
—
—
Ltd.
1-21
2-10
1-21
(quar.)__—
—+„
-
5c
I7V2C
2-10
1-21
3-
2-10
2
Inc.
2-20
3-14
2-27
80c
(quar.)__
3-10
80c
Moore,
3-14
2-27
35c
J
(quar.)
'
4%
pfd.
quarterly on common
preferred (quar.)
3%% preferred (quar.)_
$4.50 preferred (quar.)—
Newport Electric Corp., com. (quar.)
3%% preferred (quar.)
Newport News Shipbuilding & Dry
2-20 '
2-10
4-15
3-
2-27
(quar.)
Quarterly
Niagara Share Corp—
(28c from long-term capital
6
..
.
preferred
Lighting
Mills
2
2-
6
I
3-16
2-13
2-16
1-30
2-16
31c
«
1-30
2-16
1-30
3-10
2-13
2- 9
.
1-12
2-13
l-i»
2-13
1-1«
3-
3-13
6
(
4-
20c
.
3-23
1
2-25
$1.25
2-
3-
20c
,
4-17
4-
$1
*
1
4-23
$1.44
—
1
3-16,
1
-
<
2-13
1
$3c
3-
2
15c
3-
1
$0.3281 Vi
3-
1
60c
3-
2
Ltd.
2
2-20
North
(quar;)
1-30
1-30
1-30
2-14
1-30
1-30
2-14
1-30
2-14
2-16.
3-
.
1-20
1
2-
6
$1.50
2-14
2-
7
$1.50
5-15
5- 8
.
2-27
$1-
1-
2
15c
1-30
2-13
1-23
20c
4%
preferred (quar.)
Papercraft
Corp.
(initial)
Paramount Pictures
(quar.)
2-13.
20c
45c
$1
.
2-27
3-27
3-16
4-
1
V
3-13
50c
3-16
1-30
Chemical
Sheraton
2-28
2-20
3- 2
2-20
2-16
2- 2
10c
30c
2-18
2-
3-
2
2-1*
3-
2
2-14
3-
2
50c
Special
(quar.)
Paterson Parchment Paper
Pearl Brewing
(quar.)
(Increased
quar..)
—-—»—————
3-20
3-16
2-16
4
Pembina
Pendleton Tool Industries
5c
..
Pipeline, Ltd.—
preferred (quar.)
(quar.)
Penman's, Ltd., common (quar.)
Penn Fruit Co., common
(quar.)
4.60%
preferred
(quar.)
3-
2
2-
6
3-
2
2-
6
5-
1
4-17
2-16
1-29
1st
4.68% preferred (quar.)
Penn-Texas $1.60 preferred
Pennsylvania Electric Co.—
4.40%
4-
4-
1
3-13
3.70%
4-
1
3-
4.05%
3-
2
2-13
3-16
2-18
1
3-13
:
6
4.70%
»
4.50%
—
L
—
1
3-16
2-14
1-30
Penobscot Chemical Fibre Co.—
1-30
4-
4.64%
9c
2-14
2* 27
2-25
2-10
Voting common
2-13
30c
3-
2-16
1
2-13
2-
4
3-
1
2-10
2-10
2-10
3- 2
2-13
3- 2
;
2-13
3- 2
2-14
■
30c
—
-
20c
3- 2
2-14
30c
3- 2
2-14
20c
———
3-
2-14
2
1-31
tl5c
2-27
4-
3-17
(quar.)
Perkins Machine & Gear, 7%
2-16
2-
Peter
3-14
2-27
Circle
Paul
pfd.
Inc.
Petersburg &
(quar.)
Hopewell Gas Co.
(quar.)
2-16
1-31
25c
Corp.
2-16
UOc
—
.
Extra
2-
2
2-10
1
—
3-16
1
2-10
1
'
Peoples Credit Jewelers
Perfect
2-10
1
3-
1
$1.16
2-16
2
1
3-
3-
(increased)——
Year-end
3-
$1.06%
"
(Increased)
Year-end
Non-voting common
2-20
3-15
3-
3-
(quar.)
preferred
2
3-31
$1.15
10c
62Vic
2-13
2-20
2-30
$1.12Vi
Pennsylvania Power Co.— ,%
4.24% preferred (quar.)—
3-10
-4)
1-1«
3-16
3- 2
$1.10
92Vic
$1.02
$L17Vi
(quar.)
G
2-
2-16
8%c
5 7 Vic
58Vic
-40c
—
2-13
2-14
t45c
(accum.l
preferred (quar.)
preferred C (quar.)
preferred D (quar,)
preferred E (quar.)—
preferred F (quar.)
preferred
$G2I/aC
22Vic
+
—
3- 3
1-30
2
2-20
3-
$1.75
—
t
—**—
50c
"
3-10
V
2-20
2-11
25c
2
2-
9
2- 2
250
Pheoll
3-
50c
(quar.)
Corp.
3- 2
2-16
2-16
1-30
Mfg.
(quar.)
Phila.-Germantown & Norristown RR. (quar.)
2-16
1-30
Philadelphia Electric, com. (increased-quar.)
56c
3-31
3- 2
$1
12c
3-
2
2-
6
25c
3-31
3-
2-20
2-
6
preference common (quar.)_.
Philadelphia & Reading Corp. (quar.)
4-1
3-
6
4-
3-
6
$1
$1.01%
4-24
1
4-
3
2-16
1-28
2-11
1-28
2-27
2-13
50c
4-
2-27
1
2-15
1-19
4-
3-
1
6
4-
1
3-
6
4-
1
3-
6
3-
2
2-16
$1
$4
preferred
Pioneer
—
2-13
2
2-10
"
9iy4c
3-
2
$1.25
*35c
62 Vic
•
$1
.
3- 2
3-
2-10
2-10
3- 2
42 Vic
"
1-30
2-16
2
2-
5
4-15
4-
1
2-13
2- 2
3-
2
-
Finance—
6%
preferred (quar.)i
Pittsburgh Coke & Chemical, com.
$4.80
2.
2-27
3-
40c
———
(quar.)
2-20
3- 4
12 ViC-
Philadelphia Suburban Water, com. (quar.)
$3.65
preferred
(quar.)
5% preferred (quar.)
Phillips Petroleum
(quar.)
Photo Engravers & Electrotypers, Ltd—
(Initial)
—
preferred (quar.)
1
3-16
$5 preferred
3- 2
2-13
5%
4-
$1.50
(quar.)
preferred (quar.)
preferred A (quar.)
15c
(quar.)—
———+—
5Vi%
—
25c
3-
2
2-17
$1.20
'
3-
2
2-17
3-
2
2-17
$1-25
$1.37Vi
$1.25
90c
3-10
25c
2-10
1-15
Pittsburgh, Youngstown & Ashtabula Ry. Co.
Quarterly
$1.75
Plymouth Rubber (quar.)+
5c
Pope & Talbot, common (quar.)—
—
25c
6%
preferred
(quar.)-,
7Vic
Portsmouth Steel (quar.)
—15c
15c
2- 9
1-26
Pogue" (H. & S.) Co.
3- 2
2-
6
2
2-
8
3-
-
and
7c
35c
—
$1
-
-
(Kansas City)—
35c preference
+—
1-30
2
5c
——
(quar.)
Parkview Drugs, Inc.
2-13
8%c
(quae.)
Corp.
3-
$2
Park
v
2-16
~
2-14
60c
Corp. (quar.)
American World Airways (quar.)
Panhandle Eastern Pipe Line, com. (quar.)
Extra
2-13
'
2-14
.
—
2-13
2-13
•
2-14
37V£c
37Vac
31 Vic
30c
28Vic
,27 Vic
,
2-10
35c
2- 4
gains
income)
Corp.
6
3-
15c
1
93%c
3-10
Coal
2-
10s
—
Cquar.)
(quar.)
2
Dock—
2-16
American
2
/
Investment,
(quar.)—
4-
93%c
40c
25c
investment
9
3-
8c
125c
$$1.75
(quar.)
3-
27Vic
$1.06Vi
net
2-
25c
f
preferred (quar.)
preferred
(quar.)
90c
"
from
2
6.45% )
preferred (quar.)
preferred (quar.)
Mfg.
Quarterly
2-10
$1.12Vi
3-15
50c
57Vic
3-31
*
2-26
$1.12 Vi
Nopco Chemical Co:, 4% pfd. (quar.)
Norfolk & Western Ry., com.
(quar.)
4%
adj. preferred (quar.)
(quar.)
2-26
5
65c
4 Vi %
2
(qu8r.)*
Canadian
Pillsbury Co., common
2
Mgthews Conveyer
5
3-
Electric & Gas—
2-
preferred
(quar.)2—
Massachusetts BondiDg & Insurance
3-
25c
(quar.)
2-
4V(%
of
4.50%
10-30
25c
Louis R.R.
2-15
2-20
9
3-
35c
Brake Co. .(quar.)
2-20
15c
(quar.)—-
11-16
tl5c
(quar.)
2-28
common
2-
.
5V'2%
5%
Petrolite
(quar.)
50c
Co.,
2
61 Vic
$1.06V4
20c
—
(resumed)
5%
-
&
9
3-
60c
IvJarshall
Field
9
2-
" -
5c
20c
\
-
Fully Participating (quar.)—————
Marmon-Herrington
(increased)
<•.
Stock, dividend +
..
2-
.•
(quar.)
40c
Realty (increased-annually)
Realty Title Insurance
Chicago & St.
2-16
2
3- 2
20c
East
Park
20c
(quar.)
(quar.)
Increased
2-10
7-31
50c
Fibre
(quar.)
Mines
State
1-30
4-30
20c
(increased)
Power & Light,
Air
2-16
5-15
+_
50c
Casualty Co. (increased s-a)
preferred
2-
8c
Maxwell &
New
35c
Investment shares-——
Stock
preferred
3-27
shares
Co.
$2.40
New Amsterdam
3-16
9c
"
4.60%
(quar,)
Co,
| •'
30c
Pan
Castings-
(increased-quar.)
Nehi. Corp.
(quar.)
Neiman-Marcu3, 4%%
pfd.
(quar.)_
Neisncr Bros, (quar.)
Neon Products Canada, Ltd.
Common
(quar.)
Neptune Meter Co., com. (quar.)
4.05%
•
Co.
■
2- 2
l
Line, common (quar.)
preferred (quar.)—.
Pacific Finance Corp (quar.)
Pacific Gas & Electric, 6% pfd. (quar.)
1
Research
Products
3-
$1.10
$1.12Vi'
Pall
$1.75
Shops, (quar.)
Cement
30c
30c
—
(quar.)
Chemical
Nease
50c
(quar.)—
&
'
2-27
2
3- 2
$1.14
$1.02
$1.05
<
conv.
50c
series
Vulcanized
97c
——.—
Shirt
National
Nazareth
gains
—
Far
5V4%
fl5c
*37Vic
(quar.)
Corp.—
(from net inv. inc.)
(from net inv. income)
stock
series
New Jersey
Bancorporation—
Initial
5
6
2-
25c
-
Mfg.
Securities
National Tea
•
1-31
2-25
1-31
Inc.—
Funds,
Manhattan
1-21
25c
(quar.)——
Co.
&
1-21
2-15
.
shares
Petroleum
Marine
Co.
2-27
2-13
6
2-15
payable In cash or stk. at holders' option)
(R.
3-10
10c
5c
2- 2
£30c
(15c payment plus 82c from capital
Mahon
2-
,
74:30c
pref. A (quar.)
6% partic. preferred (quar.)
Macmillan Co., common (quar.)
MacWhytc
2-18
35c
-
—
.
MacLeods, Ltd., 6%
f"
10-23
25c
——
Magor Car Corp. 'quar.)
Mahcr Shoe^, Ltd.
(quar.)_.
quarter.
4-
Preferred
common
(quar.)
7% pfd. A
3-15
2-16
Co.,
3-
$$1.75
59%c
deduction
*
2-10
Gas—
Opelika Mfg. (quar.)
Orange Rockland Utilities, Inc.—
5.75% convertible preferred C (quar.)
4% preferred D (quar.)
Outboard Marine Corp.
(quar.)
Oxford Paper, $5 preferred (quar.)
$1.12 Vi
Lead,
Malleable & Steel
1-30
2-15
15c
(quar.)_
National
-+—
—
—
Co. (quar.)
Fund— =
pref.
National
20c
Lynch Carrier System (quar.)_—^
I Extra
Madison
$1.50
2-16
2-2
9c
15c
2-
2-16
tax
Pacolet
-~*
20c
2-
3-12
3-13
ordinary income)
Africa
5%
preferred (quar.)
2- 4
$1.25
3-10
25c
preferred (quar.)—
O'okiep Copper, Ltd. (Ainer. shs.) (interim)
(Approximately $1.39, less Union of South
Pacific
(Canada), Ltd.—
1
—
1
Co.
(s-a)
(quar.)
(quar.)
Stores
Lukens
RR.
2-18
(quar.)
William Street Fund—
Pacific
$1.06V/4
3-
$1.75
$2.50
(quar.)
Louisville, Henderson & St. Louis Ry.
Louisville
3-20
2-18
7%
1-30
$1.75
...
Electric
$1.75
$1.75
(quar.)
preferred
preferred
non-eutnulative 2nd preferred
2-25
Corp.—
3-
Stock
2nd
Co.
25c
Chemical
&
Chemical
(quar.)
conv.
National
non-cumulative 2nd
2-27
50c
33-
2-14
1
Ontario Steel Products Co., Ltd., com. (quar.)
2-13
50c
Welding Machine Co
National Casket Co. (quar.)
National Grocers,*Ltd., common
(quar.)
Lord Baltimore Hotel—
'
3-15
3-10
8-17
....
HV4c
$1.21
4
Corp.
(quar.)
preferred (quar.)
62Vic
(quar.)
3-13
2-
J.
(quar.)
Distillers
National
Co.—
convertible preferred
1
2
50c
National Gypsum
$4.40 preferred
(quar.)—.—
(quar.)——.——
Dock
&
—
2
4-
r
(initial quar.)—
Pacific Atlantic
3-
profits / v •
capital- plus ——
(quar.)
45c
'
3-
•
—
Natural
Pacific
plus
(quar.)
Common
2-19
3-
2-14
6%c
2-27
4-
held)
National Drug &
'
Preferred (quar.)-.
Lone Star Gas, common
income
'Common
2
3-10
2
35c
Cement—-
Olin Mathieson Chemical Corp.
(From
1
2-14
3-
25c
4.36%
Biscuit, common
(quar.)
preferred (quar.)
National Company, $3.60 preferred
2-13
2- 5
5
3- 2
;
2-14
2-20
security
short-term
2- 9
$1.31%
Portland
preferred A
4.92% preferred B
One
9
2-
2-
2-15
25c
(quar.)
4.80%
7%
2-20
50c
• -
(increased).
Miami
2
3-14
62Vic
National
Link-Belt Co. (quar.)—
Little
3-
3-10
8c
long-term)
National Acme Co.
2
(increased)——
A
2
15c
Stock div.. (1 sh. of Narda Ultrasonics
Class
—
30c
Stock div. (1 sh. of Narda Ultrasonics Cprp.
for each 100 shares held)
6
—.—»—$1
class
Co.,
2-
Stock div. (1 sh. of Narda Ultrasonics OTorp.
for each 100 shares held)
2-16
1-30
(quar.)—>
•
1 Ell)
1-23
2-16
40c
investment
from
from
1
5%
States
New common
Inc.—
realized
3-
2-15
-
■
Microwave Corp. (N. Y.)—
: t :
Stock div. (1 sh. of Narda Ultrasonics Ctorp.
for each 100 shares held)
2-16
2-
,
3-36
23)~.—
Myers Tobacco
Extra
■
Lilly.
2-30
14Vic
net
'
Liggett
2-10
Narda
3- 2
2
3-
2-16
—
•
3-16
75c
(quar.)
(quar.)
Fund,
1
3
$1.12 Vi
common
Palestine Economic
3-16
4-
40c
7Vic
,
Fund—
Libbey-Gweiu-Ford Glass tquar.)_.—
Libby, McNeill & Libby (quar.)
Life Insurance Co, of Virginia
(Richmond)
Quarterly ■—
Stock
dividend
Vsubject
to
approval
ol
Feb.
2-18
3-16
1
11c
——
ExighieeringVfquar.)
—
2-12
50c
■
Lexington Trust
Stockholders
3-12
3-
25c
;
Lines
Service,
4% %
2-18
$1.38
(Bait.)
2-25
3-
18c
$1.43%
(quar.)_
preferred
Oklahoma
3-14
4-
Inc.
6
2-15
90c
shares
from
1
25c
—__
(quar.)
(quar,)..
2
$1.07Vi
(quar.)
Investment
3-
tic
15c
-
—
(quar.)—
(quar.)
Cement
2-
$1.15
....
...
2-25
3-16
$1.12Va
;
(quar.)—
(quar.).
4Vi%
preferred
(quar.)
Okanagan Telephone Co., common (s-a)
40c preferred (s-a)
Oklahoma Mississippi River Products Line,
Mutual Income Foundation—
1-31*
V
¥$1
:
preferred
& Sons
(Janies)
Lehigli
2
2-15
(quar.)
com.
3-16
i68c
82Vic
(quar.)
(quar.)—
Pliarmacal
4.40%
2-13
(increased-quar.)
...
3-31
{$1.50
Mfg. Co. (quar.)
Ogilvie Flour Mills Ltd., 7% pfd. (quar.)__
Ohio Edison, 4.56%
pfd. (quar.)
Ohio Power Co., 4.08%
pfd. (quar.)
4.20%
preferred (quar.)
;
1-26
common.
Insurance
preferred
($0,008'
%
:
1
non-eumulative
&
Lees
class
Lid.,
Junes,
3-
$1.10
......
...
,
-
&
2
3-10
Co.'.(quar.)
Morton Manufacturing (initial)
Motor
Wheel Corp.
(quar.)
2-13
Ltd—
■
-
2-
2-10
Morrlson-Knudsen
24
3-
10c
15c
+25c
Lauren tide Acceptance Corp. Ltd.—
Class B (quar.)
Lawson
1-30
2
35c
Engineering, common (quar.).
$2.50 prior preferred (quar.)
2
30c
Shops,
2-25
3-
$1.37!/2
(quar.)
Moore-McCormack
4
3-16
$$1.75
—
(quar.)—
Candy
1-30
37Vic
pref.? (quar.)..
Moore-Handley Hardware—
3-
Secord
2-16
40c
(quar.)
partic.
$3
4-15
10c
(quar.)
.—
Industries
Lanston
3-18
1
Moody's Investors Service—
3-2
40c
*
—
(quar.)
Inc. (quur.)
Lang Company.
9
'
preferred
Lane
4-
2-
37J/2C
Morgan
Lake Superior &. Ishpeming RR. Co.
Lake ol' the Woods Milling, Ltd.—
2-11
9
5c
Cement
dividend
Monumental
3-16
3-20
3-13
(quar.)
Monsanto Chemical (quar.)
1-30
4-
20c
4Vic
Portland
'5.52%
'
3-
2-
B
Stock
2-17
2
Co.
2-
4-24
■
7-21
(quar.).
(resumed)
3-13
2-10
Oak
7-31
(quar.).
Louis Ry,
St.
Missouri
'
Norwich
2-16
(increased)
Missouri
,
1
25c
Missouri-Kansas Pipe Line,
5
3-10
3-
;
2-20
1
3-
97V/2C
2-20
3-20
4-
25c
—
Stock dividend
5
$25
Power, 4.40%
$4.60 preferred (quar.)
5
—20c
(quar.)—__
(initial)
(quar.)_—
preferred
2-10
10%
com.
3*
(quar.)
(annual)
preferred
4.30%
:
3-
2-16
3-20
44c
—
com.
Quarterly
Co.
Mississippi
r
6
10%
dividend)
<stock
Voting trust ctfs. (stock dividend)
Kresge
$1.50
Creamery Co.—-
-Common
3-31
2
40c
(increased)
com.
(quar.)
Gas,
Public
preferred
Northwestern
6
2-16
3-
f40c
preferred
5 Vi %
2-28
2- 9
2
50c
Natural
preferred
6- 3
3-
Service'—
(quar.)
4 Vi %
3-11
2-
3-10
5c
Mining
Minneapolis &
1-31
Co.
pfd.
Minneapolis-Honeywell Regulator (quar.)
Minneapolis-Moline Co., $5.50 pfd. (quar.)
r
(quar.)
preferred B
(quar.)
(W. A.)
10-31
(quar.)-i—_
A
3-26
2-16
i,> Extra
7-15
(quar.)——___■
common
Abrasive
(quar.)
Public
preferred
5.75%
(s-a)
Tube
Enterprises
Mineral
income
from
50c
Piping Co.
(quar.)
Miles Laboratories, Inc.
(monthly)
2-20
5%
:
v
—
<2 1/10c
capital gains)———
2-16
5
(s-a)
(quar.)
Northwestern
Midwest
11c
10c
62 Vic
—
from
Seamless
Mid-West
2-11
3-
2-
.
1-15
dividend'-
2- 6
3-
Mickelberry's Food Products
Michigan Central R. R.
2-10 /
8 9/lOe
2-20
Y.)—
(quar.)—
2-20
2-15
Stock
Brick
2-28
3-10
'and
(N.
25c"
1
2-15
:
Northwest
70c
1
12c
Knickerbocker-Fund
4Vi %
2-13
I2V20
3-
:
t-erly from net investment income')
j
2-13
1
(resumed).
3-
2-15
Keystone
1
3-
Tubing Co
3-
15c
30c
(quar-
3-
*
pfd.
7- 2
$1
$2
2-16
$1
——
(Conn.)
preferred (quar.)
prefer red (quar.)
Bancorporation,
5 Vi %
50c
Corp.
Metropolitan
Steel &■ Wire (quar.)-——50c
King Bros. Productions, Inc.
5c
>
Assurance
2-13
Michigan
3.60%
15c
Fire
3- 3
Ohio
$1
Mfg.
2
preferred
$1.183/4
1
5
series)
Co.,
Northwest
W\0,'o preferred A (quar.)
4% ; preferred (quaT.)
2-13
(1956
Common
3-13
4-
25c
preferred
Insurance
6
2-15
Minneapolis Gas
series K-i
Fund
Income
6
2-
4-
3-
30c %
2-
1
50c
Metal Hose &
.—
1
3-
30c
2-13
.
3-
5-13
f62Vic
(quar.)
Telephone (quar.)
Northern Oklahoma Gas (quar.)—
Northern Quebec Power Co., Ltd.—
2-19
42Vsc
2-16
0-15
t62Vic
series)-,
Water
2- 6
3-14
-
(1956
Indiana
2-27
2
il5c
(quar.)
preferred
4.40%
69c
1
prior preferred
2-27
3-
25c
$2.50
2-27
2-27
3r-20
3-20
$2.50
+I5c
class A
(quar.)
Northern
-
Ltd.,
3-20
34%c
inc.)
(quar.)
Northeastern
Corp.—^
1
——
preferred
Custodian
'Keystone
—
3-14
Oil,
(111.)
Northeastern
2
(quar.)
5c
(quar.)
2-
2
(quar.)
Telephone
Shoe
3-
;20c
3-16
3-
Meadville
Quarterly
+
Mergenthaler Linotype Co.
Messenger Corp.' (quar.)
(quar.)
3-30
Gas
Holdera
Payable of itec,
37Vic
$2.50
Melville
Merchants
■
2-13
9
2-16
3-
2-27
2-
1
Star
Class A
2-20
2-16
'
1-31
$1.06V'4
2-16
(monthly.)-
Ketchum
(quar.)^___x
1
$1,75
North
Common
(quar.)
1
Inc.
2-28
Shore
Northern
1
+6V4c
!___—:—25c
Kentucky Utilities, common 1 increased)
38c
,5'4%% preferred (quar.)_-—
.—$1.18%
70c
North
12-31
(entire issue called for
common
preferred
S/io£fi.
47'.
common
preferred (quar.)
preferred (quar.)
$4
$1.083/4
$1.12 Vi
$1
$1.05
<-
?50c
(quar.)
preferred
Corp.,
4Vi%
.
——
iquar.)_
2-16
Corp.—
95c
City Power & Light Co.-preferred (quar.)__—
4Vi% preferred (quar.)—.
'4%:. preferred (Quar.)—*
4.20*0
preferred
(quar.)3.80*0
preferred (quar.)
Kansas City Public Service—
r 5*0
preferred
(aecum.
Kelly Douglas & Co., Ltd., class A
*4.35%
50c*
x~v.
62VaC
3-
.—
Kansas
•••/•
r
.
(40c
•
(quar.)
Robbins
&
(quar.)
com.
(quar.)
3-
-
Kfennametal,
Ltd.,
3-
preferred (quar.)_^———- 59%c
.4! k % .'preferred ? <quar.)
$1.03 Vi,
iy.i4%% preferred (quar.)—.-.-——
$1.18%
'
12c
Oil,
"
Investment,
($2 fr. capital gains and 50c fr. net
Mead Johnson & Co.
12-28
22Vic
(quar.)
com.
2-16
American
5 Vi %
gains
preferred
conv.
Mead
4-17
.; .'£*,4%*%
'■
2
5-
2-25
long-
redemption on Feb. 19 at $105 per share
plus this di^v.). Convertible into com. to
F3b. 19 k.
i——
-•
2-13
,
(quar.)—.....—62 Vic
com.
5%
2
2-
2-10
■
20c
When
Per
t
Name of Company
6%
realized
net
common
McLouth Steel
2-13
%% preferred A (quar.)
Kaiser
2-
2-27
preferred (quar.)—
Johnson & Johnson, new common
Jones-&
$2.50
McKesson
2-25
2-10
Corp.,
of
Mclntyre Porcupine Mines Ltd.
4 3-13
2-27
60c
quar.)—
split)—.—
(two-for-one
3%%
.
25c
—.
(increased
common
dividend
4
1
1
capital
McCord
2-27
4-
Holder1
North
-
distribution
McColl-Frontenac
4
3-
When
Payable 0} flee.
Massachusetts Investors Trust-
12-24
3-15
(quar.)
com.
2-
Per
Share
Quarterly
2-26
4-
Southern Utilities,-common (increased"
*
34c
$1.76 preferied (.quarJ)___"_-_r_,I._r—44c.
>
,,
Company
Massachusetts Indemnity & Life Insurance—
4-
(747)
.
3-26
tquar.i
common
Iowa
Jewel
; •
Name of
1-30
tquar.)—- $1.20
&, Light,
4.80^- preferred
Istel
Holder»
Payable 0/ Jiec.
preferred ' (quar./
—
$1.08%
preferred (quar.)__—___—+_■—4w82 Vic
Power
Iowa
'
Gas
The Commercial and Financial Chronicle
.
.
r
Name
.
.
3-12
3- 2
2-26
2-20
2-
9
(quar.)
—2.-
15c
3-
2
2-20
2-16
1-20
2-lfi
1-30
2-16
1-30
2-16
1-30
2-13
1-3*
48
The Commercial and Financial Chronicle
(748)
Poor
Potash
$2.44
Washington
$2 preferred
(quar.)
2-10
1
2-
5
Class
Class
1
2-
5
Insurance—
dividend
Hancock
3-
10c
2-18
shares
2
2-16
2-14
1-23
1-14
$1.06%
3- 2
2-13
Silvray
$1.05
3-
2
2-13
Simmons
$1.12%
3-
2
2-13
3-
2
2-13
$1.16
(quar.)
—'—
Hampshire—•
(quar.)
preferred
5%
Service
Public
of
Co.
——
New
Co.
1-30
1-30
Skil
$1.12 %
36c
2-14
1-30
Smith-Douglas
(increased)—
Stock
4-
3-
1
3- 2
55c
2-16
10c
2-14
25c
2-12
1-
(quar.)-.
Stores (quar.)_
Redondo Tile (quar.)
Refractory
Reichold
Insulation
Aj
Chemicals
Drug Co.
Stock dividend
Reynolds
—
(quar.)
Rochester
!4.95%
Transit
Rockwell
Mfg. Co.,
Corp.
new
Rockwell-Standard
Rohm
<fc
4%
Haas
B
Ryan
Aeronautical
Ryder
System,
4.15%
3- 5
3.90%
3-14
2-13
3.70%
3-31
3-20
3-
4.36%
Spencer Kellogg & Sons
2-13
$1.02%
3-
2
2-13
$1.18%
3-
2
2-13
Stamford
$1.02'%
3-2
2-13
Standard
$1.23%
3-
2
2-13
10c
3-
2
2-13
3-5
2-20
3-10
2-16
3-
1
2-
6
Standard
3-
1
2-
6
J25c
3-
2
2-16
Standard Oil
Y3- 2
2-16
3-16
3-
2
Standard Packaging, $1.20
$1.60 preferred (quar.)
2-
2
StanleV
pfd,
2-13
2-15
1-31
Statler
t50c
-
2-15
1-31
Sfcauffer
3-10
Stein
1-31
Steinberg's,
10c
3-
6
2-16
1-19
150
2-13
10c
2-28
1-30
IOC
3-31
2-27
$1
5%
1-30
4- 1
,
2-27
2-27
Stetson
Stewart-Warner
6
4-
1
2-
6
4-
1
3-
6
1
2-
6
1
2-
6
Sun
6
5 %
-
common
(quar.)
Mfg.,
Co.
B
Seaboard Surety
(G.
(quar.)—
D.)
1
4-17
4.32%
preferred
8-
1
7-17
4.16%
preferred
5.10%
preferred
Talon,
& Co.
3-
2-11
4-
4-10
3-19
$1.25
4-10
3-19
Zh
$1.25
4.10%
(quar.)
(quar.)—,
^lerra Pacifie Power Co.,
United
Keno
2-11
United
New
2-13
7%
3-12
3-10
2- 9
3- 2
3- 2
2-16
6
2-25
3- 2
3- 2
3-18
6
2-18
2-25
Common
Common
1-30
1-23
3-10
2-24
$3.50
3-10
2-17
Universal
3- 1
2-13
3- 1
2-13
4- 1
3-16
3- 7
3-10
3-31
1
•
Van
2-27
2-
2-13
1-30
2-16
3- 1
2-
Stock
1-30
4- 1
3-16
6
25c
3-10
2-
Common
5%
2-10
3-16
3-1
2-
3-
2-
5
3- 6
2
2-14
5-
1
4-
(quar.)
common
(quar.)'_
•
'
2-15
2-15
-
,
2- 2
Walker
&
2-
2
Class
112%c
2-13
8c
2-28
2- 2
3-17
2-19
Walworth
Ward
2-25
3-
2-16,
2
common
-
Texas
1
„
2-13
2-28
3-27
y
Gas
2-16
1
3- 2
4-
1
3- 2
3-16
2-27
5- 1
4-16
15c
.
8:
3-
'•
2
2-28
2-16
1-31
3-20
2-27
3-20
2-27
y 3-20
2-27
3-20
2-27
50c
3-18
3- 4
25c
2-20
2- 3
4-
3-
20c
*
" $1.43%
$1.56%-
(quar.)
common
(quar.)
Co.,
2%
(stock div.)
Co.
•
62%c
1
2-13
2%
—
Common
6
$4.50
2-20
31 ViC
3-1
62 %C
(quar.)
6
1-23
2- 2
2-15
preferred
cash
40C
Fund, Inc.—
income)
3-
6
2-
6
2-
6
3- 1
2-
6
3-
1
2-
6
3-
1
2-
6
3-
1
2-
6
3-
1
2-
6
2-
6
2-
6
2-13
2-26
2-13
1
1-31
2-16
2- 2
2-16
2- 2
3-
8c
3-13
50c
2-23
Western Stockholders' Investment Trust, Ltd.
3- 1
-
60c
Western Pacific Ry. (quar.)
$1.43%
$1.46%
$1.45
$1.33%
2- 6
2
25C
Washington Steel Corp., com. (quar.)
4.80% conv. preferred (quar.)
Washington Water Power (quar.)
Wesson Oil & Snowdrift, 4.80% pfd. (quar.).
West Point Mfg. Co. (quar.)
West Virginia Pulp & Paper—
3- 1
2
2-26
5%
dividend—
2- 4
3-
,
3-31
3-
35c
$1.12
dividend)
Washington Mutual Investors
(Quarterly from investment
6
—
2-24
1
2-25
20c
(quar.)
(stock
Bros,
3-10
4-
$1.12%
(quar.)
preferred
Warner & Swasey Co. (quar.)
Warren (S. D.) common (quar.)
$1.1834
$1.25
2-
3- 1
2-
3- 1
2-
3- 1
4%%
preferred
Western
6
6
5%
6
preferred
Inc., com.-(quar.)
7%c
2-13
....25c,.
:
V
2-16
3- 5
/: 25c
2-16
—
Whltaker
v
.
Ltd.
Inc.
2
1
2-
2
3-
1-3.1
530
(quar.)
Paper Co.
White PasB &
(quar.).
Yukon,*Ltd.
{initial
4- 1
50c
30© J
-
2- S
3-13
40c
■■
4-
1
4-
1
3-20
4- 1
-60c-"
519c
3-10
2- 9
2
3- 2
95c
^
2- 6
3-
91.25
(quar.)
2- 2
4.13
9%
(quar.)
2
2-16
75c
.
-
2-13
2-15
2-11.
2-
2
2-
(quar.)
Electric, common
preferred B (quar.)
Westmoreland,
3-
$1.12%
AVestinghouse
1-30
»
2-14
dep. receipts for ordinary (final)..
Western Tablet & Stationery—
3.80%
3-15
Canada
(quar.)
Breweries,
60c
20c
'
Amer.
Pipeline-
*
2-13
2-14
12%c-
•
(quar.)
7-17
2
3-16
'
10c
common
1
3-
.
$1.25
r -U2%c
(quar.)
(resumed)
Corp.
1-15
15c
—
$1.12%
-
C
1-30
$30c
$1.37%
(quar.)—
4-
2- 6
4-
(quar.>__
Co.
3-10
$1.67%
(quar.):
2
$.052
.
(s-a)
Grey Trust
4- 1
30c
Co.
3-
2-10
-
Co.—
60c
(quar.)
(quar.)
(quar.)
(quar.)
•r.Thompson... (John -R.)
Ry.
35c
(quar.)
Industries
—>
Pacific
Industries Corp., $1.25 pfd. A (quar.)
&
Lambert
Pharmaceutical
Co.—
6
preferred
(quar.)
1st preferred
(quar.)
preferred (quar.)
1-30
2-16
3-29
Warner
3-
-
1-30
3- 2
25c
Stock dividend
1-30
35c
(quar.)
2-20
2-20
1-30
$2.50
&
(s-a)
(quar.)
Wallace & Tiernan, Inc.—
1
Natural
2-17
40c
A
4-
Hlinois
2-17
-
3c
Wagner Electric Corp.
2-15
Inc.
1-15;
2-13
$2.50
Slireveport
2- 2
2-15
$1.04
$1.27%
(quar.)
1
2-17
-
.3-20
3-15
,
7-15
10-15
2- 2
30c
$1.08
—
(Canada), Ltd.—
Fund,
•Texas Pacific: Coal & Oil
^
1-21
1
3-
.
10c
...
.
5%
preferred (quar.)
5%% preferred (quar.)
6%%
preferred
(quar.)
1-21'
2-14
6
3-14
25c
2-14
25c
6
Texas
3-
75c
27c
4%
Materials,
3-
2-13
2-27
$1.37%
.
3- 2
3-
2
2-1-60
65c
•
20c
Vogt Mfg.
25c
—
1*
4-15
50c
2-16
3-
3-
8-
87% c^
(quar.)
4-
Vulcan
1
11- 1
87 %C
(quar.)
4-15
50c
8-15
11-13 >
11-30
5-
2-14
5-15:
8-31
-
•
>
-
5-29
Fimd. Inc.—
15c
1
1-30
2-14
2-28
<
7%c
(quar.)
Virginia Coal & Iron (quar.)
Viceroy Mfg. Ltd., 50c class A
1
preferred
7%c
■
Oil
2
4-
preferred
preferred
15c
7%c
87%C
6
$1.28
$1.29
$1.31%
5.35%
2- 3
new
-
2-
Extra
6.70%
2-20
-
87 %c
2-13
6
5.80%
2- 6
v
2-
3-
2
3-11
3-10
—
2-20
4- 1
4- 1
4- 1
1-30
&
3- 2
4-1
75c
(Increased-quar.)
3-14
$1.22%
$1.25
$1.27%
2-16
15c
$1.25
3-16
1
$1.75
Corp.,
Virginia Railway—
6%
preferred
(quar.)
6% preferred (quar.)—:
5
3-1
Co.
preferred
Victoria
5
41Ac
5.50%
5.75%
$1.25
;
$2
(quar.)
dividend
Vicksburg,
Warren
preferred
30c
*
Vanderbilt Mutual Fund
2
6
5.85%
6-12
Vanadium-Alloys Steel (quar.)
Vanadium Corp. of America (quar.)
2-16
33c
28Ac
Raalte
4- 1
5%
2-13
7-
-
Van Waters & Rogers
2-13
$4.50
2
3- 6
:
—
inc.
(From
3-16-
2-13
•
Line
2-13
3-1
.
22%c
^
and 2c from capital gains)
Special Situations Fund, Inc.—
income)
from
2-27.
3- 2
25c
65c
(8c
6
2
3-20
changed to U. S.
name
Consolidated
Value
2-13-
6
1-19
3-20
4-10
7%c
Value Line Income
3-11:
4-
3-
2-
2-23
4-20
$1.12%
Valley Mould & Iron Corp., com. (quar.)^—
$5.50 prior pref. (quar.)
Line Fund, Inc. (from capital gains)-
3-
2-
'
2-23
3- 2
50c-
quar.)
preferred
3-
2-25
3-13
3- 2
'
preferred (quar.)
$3.50 preferred
(quar.)
$3.50 preferred
(quar.)
1
2-13
2-27
$2.50^
$3.50
4-
2-25
1
4-1
50%
(quar.)
2-13
4- 1
15c
2-27
4-
;*6c
(quar.)
2-16
$1.15
$1.16
$1.16%
15c
(Initial
2-10
2-14
25c
31V4C
—
1-14
3-31
(quar.)
2-15
t$1.25
(quar.)
5%
preferred
(quar.)
5.10%
preferred
(quar.)
5.12%
preferred (quar.)
5.16%
preferred (quar.)
5.25%
preferred (quar.)
Texas
Company
(increased-quar.)^
Texas Eastern Transmission, com. (quar.)
4.50%
preferred (quar.)
4.75%
preferred
(quar.)
2-1G
1
3-
2-10
(quar.)
Common
433Ac
preferred
4-
2-24
55c
(quar.)
United Whelan Corp., com.
(quar.)
(quar.)
(quar.)
3-10
2-24
2-10
...
Pharmaceutical
&
common
2-16
40c
6
3-10
Ltd.
Vitamin Corp.,
Vitamin
1-90
3-10
—
common
2-10
2
2-24
Jersey
preferred
U. S.
4- 1
G
1
1-30
approval of stock¬
3- 2
3-
1
to
3-16
3-
4-
1-30
2-28
17c
(quar.)
preferred (s-a)
U. S. Pipe & Foundry (quar.).
U. S. Playing Card (increased)
3-
4-
2-14
32 %c-
4%%
Steel
2-11
2
4-
U. S. Lines Co., common
S.
2-13
3-16
3-
$1.06%
17)
Mines,
2- e
America—
of
(subject
Feb.
2-6
3- 2
4-15
—
1-31
1
4.90%
(quar.)
Co
Co.
3-11
.
—<—--
2-11
U.
1- 0
2-10
40c
2-16
2-20
6
25c
$1.75
*
(quar.)
com.
2-16
40c
2-14
X15c
25%
dividend)
3-16
4-1
3-1
J38c
"
,
;
2-14
30c
RR. & Canal (quar.)—
U. S. Borax & Chemical, 4%% pfd. (quar.)
4-
5
^
2-10
4- 1
4- 1
2-
IOC
*2.44 preferred A (quar.)
1
3-26
div.
holders
$1.12%
2-20
$1
of America (quar.)
Siegler Corp.
(quar.)
3-
Stock
$1.06%
preferred
r
(quar.)—
common
2-10
.
2-
1
$1.12%-
(initial quar.)
common
2
25c
—
(quar.).
Hluminatlng
New
3-
3-
$1.25
(quar.)
preferred
$1.02%
preferred
preferred
90c
38c
••
(quar.).
2-
5
(stock
i
1-20
2-16
$1.12%
-C
12 %c
Gas. Improvement, common
4%%
(quar.)
t33%c
America
United
(quar.)
(quar.)
4.65%
'
Co.,
4-20
preferred
4.64%
1-20
..
Coal
preferred
preferred
preferred
6
2-10
4-
1
4-20
5-
United
4.50%
2-
tl7c
(quar.)
Elastic Corp.
4.25%
3-19
2
1-20
2-16
20c
preferred
2-20
2-16
$1
(quar.)
2%
Tennessee Gas Transmission, com.
3-
11%%
Co., com. (quar.)
Shenango Valley Water Co., 5% pfd. (quar.)
Shoe Corp.
convertible
1-20
92 %c
—-
B
4.60%
4-10
30c
& Power
Class
1
(quar.)--—
(quar.)
Television-Electronics
9
$1.12%
.
5-
25c
30c
(quar.)—
(quar.)
10c
~
1
$1.10
(quar.)
(quar.)
31 %o
common
4-
Inc.
3-
:
common
30c
(quar.)
Pen, class A (quar.)
(quar.)
of
A
35c
(W. A.)
preferred
class
common
65c
(quar.)
(quar.)
Corp.
B
87%C*
2-16
40c
50c
Taylor, Pearson & Carson
3-19
.
Shawinigan Water
1-30
1
(quar.)
Sherwin-Williams
Inc.,
Class
2-27
2-14
5-11
■'
Servel, Inc., $4.50 pfd. (quar.)
4%
5-
4-10
Selected Risks Insurance—
Stock dividend
B
G
3-31
$1.18%
I~—
4-10
6
2-
25c
(quar.)
Acceptance Corp.,
preferred
(quar.)
A
2-
2-23
4-15
2%
(quar.)
Shakespeare Co.
2-23
91 %c
(quar.)
~
Securities
Sheraton
Syracuse Transit Corp.
5%
preferred
common
Bealright-Oswego-Falls
Class
Symington Wayne Corp.
2- 2
*
..
preferred
2-13
(quar.)
(Increased)
4-20
:
of America, com. (quar.)
(quar.)
Corporations, Ltd., class A (quar.).
$4.50
2- 6
(quar.)
7-20
1-20
1-31 :
3-10
(stock div.)
Paper
5-11
35c
—
dividend
preferred
Sheaffer
Biscuits
Sutherland
8-10
3-13
preferred (quar.)
preferred A (quar.)
Class
Supercrete, Ltd.
27 %c
$4.75
5%
Sunshine
-
(quar.)—
$3.65
Finance,
Stock
Searlo
2-13
1-20
2-10
27 %c
_
(quar.)
Sootten-Dillon
6%
5%
2-27
2-10
Tampa Electric,
_
(quar.)
Bcoville
6
30c
(quar.)
Williams
Seaboard
2-
5c
preferred
<fc
1
37 %c
—II
(quar.)
Sclxwither Corp
5%% preferred
%
3-
5%
5%
—
I
preferred
Scott
6
2-
(Canada)
5%
—-
-
Extra
.
2-
10c
dividend
Sobering Corp.,
2- 6
1
25c
(quar.)
dividend
Stock
1
34% c
dividend
Stock
1
3-
2-16
V
2-20
Biscuit Co.
United- Insurance
Sun
Oil Co.
(quar.)
Sunray Mid-Continental Oil Co., com. (quar.)
4%% preferred A (quar.)
5Va% preferred, (quar.)
3-
Air Lines
United
25c
4%
3-
3-
United
3
30c
3-
29 %c
1-30
3-
2-13
4-20
Wells Corp., com.
(reduced)
preferred
(quar.)
Suburban Propane Gas, common (quar.)
5.20% preferred (quar.)
2914c
3-10
(quar.)
2-16
3-14
5-
-
3-13
4-17
5-
4%
United
$1.25
Life Assurance
2-11
3-28
1
Stock dividend
4-20
Struthers
29 %c
Union Tank Car
50c
65c
—
2-16
$$1.31
29 IJc
»:
2-16
2
15c
2%
—
8-14
3- 2
56c
2-
2-20
9-15
3-
4-20
(quar.)
3-13
3-15
5-15
5-
B.)
1
tl8c
3- 2
40c
Value
1
$1.10
(quar.)
(increased)
Ltd.
6-15
2
12%c
121%c
3-
6
2-13
55c
;
4-
3-
2-13
3-13
25c
Stix, Bacr & Fuller Co., com. (quar.)
7%
1st preferred (quar.)
Stonega Coke & Coal Co. (quar.)
Stouffer Corp. (stock dividend)
3-27
3-
3-13
25c
35c
-
A
Industries
(John
62%c
$4
3-13
50c
(quar.)
2-11
Y
$3.70
25c
preferred C (quar.)
Textiles,
4% %
preferred
(quar.)
2-27
3-2
ice-
Co.—
5-
(quar.)
t-
I
3-15
35c
(quar.)
Electric
United Electric
—
2-27
62%c
preferred
(quar.)—
preferred (quar.)
preferred (quar.)
$4.50
preferred
(quar.)
Union Carbide Corp.
(quar.)
Union Gas System, common (quar.)
5% preferred (quar.)
Union Oil Co. of Calif, (quar.)
1-20
2- 2
6
30c
./.
$1.25
„
(quar.)
(increased-quar.)
Stock
A
2-16
3-
& Stern
2- 4
37 %c
(quar.)
com.
(quar.)
4%% preferred B (quar.)
4.70% preferred C (quar.)
4.70% preferred D (quar.)
5%% preferred E (quar.)
Savage Arms Corp. (quar.)
Echenley
preferred
Rubber
Union
United Engineering «fc Foundry,
Corp.—S/_
5c'0
Stern
Tycr
*
45c
(quar.)
2-27 Y
3-13
Sl¬
4-20
t.
2-27
3-10
$1.25
(quar.)
(quar.)
2-13
(quar.)
(quar.)
Co.
Clutch
*
3-10
30c
>
i—
(quar.)
4-20
-
Ltd.,
1
4-
25c
preferred scries A
preferred
&
2-16
$1.07%*
.
(A.)
St.
1
pfd. (quar.)
5%% preferred
Sterchl Bros, (quar.)
Sterling Brewers (quar.)—
Sterling Precision Corp.—■
'.y
2-17
30C
Corp.
Delaware
Chemical
1
4-
75c
(quar.)
Hotels,
2-15
$1.12%
(quar.)—
San Jose Water Works—
4%%
Warner
25c
t).5C
-
—
of New Jersey
,
2-16
2-16
Disc
Salle
1
-
*15c
-
2-16
2
3- 2
10c
2-27
:..YY.> y Y7y :yY
Materials, Ltd.—
£$1.06%
(quar.)
2
3-
La
1
•
quar.)
Co.
Twin
v
2- 2
45c
50c
(increased quar.)
South
208
3- 2
2-16
65c
87%c
„
2-16 V
;r
5-
-
3-10
\
$1.05
20c
$1.12%
-
1-30
10c
3-
-
$1.60 convertible preferred (quar.)
Standard Forglngs (quar.)
&
2-16
3-
2- 2
3-10
70C
5-
(quar.)
50c
preferred (quar.)
Common
(quar.)
Brands, common
$3.50 preferred (quar.)
Standard Dredging Corp.,
Paving
3- 2
2-17
30c
Tung Sol Electric Inc., common (quar.)
5% conv. preferred series 1957
Twentieth-Century Fox Film (quar.)
5
y,
2- 2
40c
Temper Corp. (quar.)—!
Trunkline- Gas, $5 preferred A
.
5
2-16;
2-17
20C
(quar.)
60c
(quar.)
Spraguc
(Increased
5
'
(Del.)—
True
5
22-
2-
2
(quar.)
(quar.)
10c
i—
$1
5%
preferred (quar.)
St. Regis Paper Co., common
Stock dividend
.
(quar.)_,
(quar.)
3- 2
-
2-
2-28
2-28
&
preferred
$1.10
27%c
27Ac
$1.03%
97%c
92'Ac
20c
(quar.)_
com.
$1
37 %c
;
2-15
3-
-
2-12
3- 2
■;
Y-
Coal
Truax-Traer
Oil
2-13
•
(Increased)
Cable Co.
&
$1.15
Service,
Co.
Trico
;
$2.80
2-13
2
Gas
'
'
2-13
3-
10%
Insurance
Conduit
45c
37c
preferred (quar.)
preferred
(quar.)
Water
1-27
:
3- 2
•2-27
8c
21c
(Increased)
United
Engineering Corp. (quar.)
Spencer Chemical, common (quar.)
4.20% preferred (quar.)
Spcrry Rand Corp., common (quar.)
4%% preferred (quar.)
—
(quar.)
(quar.)
6t. Croix Paper (quar.)
St. Joseph Light & Power,
1st
2-10
3- 2
3-16
2-11
2-13
vY:'
class A
(initial)
—
(N. Y. C.) (quar.)—-
Trust
50c
(quar.)
preferred
preferred
preferred
2- 3
3-12
35c
&
16c
($100 paj)
(quar.)
($25 par) (quar.)
2-14
Common, (monthly)
4%
preferred (quar.)
.40
2
3-10
Public
preferred
preferred
12-22
RR.
Balada-Shirriff-Horsey,
4.40%
2-20
562 %c
32 %c
50c
70c
j
25c
25c
25c
15c
30c
-
2-28
S. & W. Fine Foods Inc., common
Safeway Stores, Inc., com. (monthly)
'4.30%
4.60%
2-14
Triangle
71- 7
1
$25c
(quar.)
dividend
Travclcrs
(Dallas)—
12-31
(quar.)
Inc.
Southwestern
2-14
5
Insurance
5c
(increased-quar.)
4%%
6
5
3-
75c
(quar.)
.
(initial quar.)
Corp.
Whitehall
2-
6
3-
Stock
1-26
3- 3
9
4-
2-27
25©
$3.50
,
-
J25C
Co., common
(Jacob),
3-
40c
-
&
Life
9
Ltd.
.10c
Quarterly
$1
(quar.)
preferred (quar.)
Roxbury Carpet Co. (quar.)
Royal Oak Dairy, Ltd., class A
i Class
B
(annual)
Ruppert
Southwestern
6
15c
4% %
Rutland
6
2-
$1.12%
preferred
Class
2-
3- 2
4.40%
com.
(quar.)
Holland Paper, Ltd., cl. A
y. !
2-28
2-
Bank
3-18
25c
Investors
t
preferred series K
Rochester
Southwestern
$1
preferred series I (quar.)
preferred scries J (quar.)-
4.10%
2
$1
„j
4% preferred series F (quar.)
4.10% preferred series II (quar.)
4%%
2-
3%
—
(quar.)
Electric
&
Gas
Ltd.
2-23
25c
(quar.)
Riley Stoker
(quar.)
Roberts-Gordon Appliance Corp—
Co.
1-23
2
2-20
Elevators,
3- 5
2-
$1.14
Tower Acceptance Corp.,
Tractor Supply, class A
Trade
?
7
20c
$1.06%
Toronto
2-11
1-
25c
45.7%
(quar.)
2-1G
3-12
1-30
V
2- 9
17%%
(quar.)
(quar.)_-
Scale
2-20
2-23
Natural
12 %c
Corp.
Corp.
&
1-15
2-16
3-
2-10
2-13
Co.—
preferred
preferred
2-14
2-5
non-cum
2%
—
—
—
3
1-23
1-30
8c
•
Little
3-
2-16
2-16
15c
—
Tobacco Co., com. (quar.)
(quar.)—
—
Rheein Manufacturing—
.4%% convertible preferred (quar.)
—
Rlegel Textile Corp., common Uiuar.)
$4 preferred A
(quar.)—
Robinson
3-17
25C
10c
(R. J.)
Oil
1-30
4
2-28
Gas
(quar.)
Railway, common (quar.)
preferred (quar.)——u
5% non-cum preferred (quar.)5% non-cum preferred (quar.)
Southwest Gas Corp., common
$1.20 conv. prior preferred (quar.)
Southwestern Drug Corp., common (quar.)—
Southwestern Electric Service, com. (quar.)
5%
2-10
2-28
•
Ltd.—
Co.,
3-16
2-13
Southern
1-30
2-16
15c
—
(quar.)
Class B
Richfield
Southern
2-16
2%c
& Brass (quar.)—
(quar.)
—
Rexall
2-19
2
3-
.
Republic Industrial Corp. (quar.)—.
Republic Pictures Corp., common
Research Investing Corp.
Reserve Oil
Gas
(stock dividend)
Revere- Copper
3-12
31 %c
40c
Qwl
3-
2-27
.—-—-
(quar.)
(final)
(final)
3-14
40c
-
2-16
50c
—
Red
Toledo
25 %c
26%c
29%c
30%c
(quar.)—22 %c
34c
$0.2656%
5.44%.
8
2-20
2-20
4%
1-30
(resumed)
4%
non-cum.
1st pfd.
(quar.)
Reading Tube, $1.25 conv. pfd. (quar.)
common
3-12
Co.—
4V4%
1-28
(quar.)
Inc.
Reading Co.,
4.56%
6
1-30
.
4-10
15c
32%C
5%
Registeres
Edison
4.25%
2-
3-10
(quar.)
Edison
California
Toledo
2-27
.3-10
preferred (quar.)
preferred (quar.)
preferred (quar.)
Southern Canada Power Co., Ltd.—
Common
(quar.)
—
Southern Co.
(increased)
2-19
2-13
3-16
4%
—
.—
3-12
2-27
Works
Lathe
2-27
1
2-15
50c
1
,
Southern California Water, com.
9
30c
i
——
(quar.)
preferred (quar.)
preferred
(quar.)
4.78%
4.88%
87%C
(s-a)
Oil
1
4-
30c
25c
30c
—
preferred (quar.)
preferred
(quar.)
4.24%
.—
International
Raymond
Rayonier,
Bend
4.08%
3-20
3-31
30c
Wesson
4-
45c
30c
(quar.)—
Co.
Mobil
Southern
Inc.—
(quar.)
dividend
South
1-15
12 %c
Co.
Corp.
&
———
—
Snap-On Tools (quar.)—.—_——„-——.—
5
2-16
2-25
J40C
—
Hydraulic & Machinery,
preferred A (quar.)
Radio Corp. of America,
$3.50 1st preferred (quar.)
Purina
Smith
1-26
2-
1
3-16
30c
(quar.)
$1.20
Raymond
2-15
3-
Oil (quar.)
0k>rp.' (quar.)
Tobin
2-10
Tokheim
60c
591.25
515c
75c
55c
25c
pfd. (quar.)—
Skelly
2-14
2-10
2-10
515c
7%c
Co.
2-14
1
1
1
'
Trust
&
2-10
3-
Payable in
Registeres
Packing (quar.)
Corp. (reduced)
3-
?15c
—
(quar.)-——
Sivyer Steel Castings Co
Mfg.
Guarantee
1
(initial-quar.)—„
com.
Deferred
Simpson's, Ltd. (quar.)
Oil
Corp.
(quar.)
Singer
new
3-
30c
shares)—
.
-i
30c
(quar.)
A
(quar.)
B (stock dividend)
Stores,
3-
25c
62%c
.
Ltd., 5%
& Sons,
(II.)
class
&
A
Ordinary
(quar.)—
(quar.)-.
Inc.,
payable oj Rec.
Share
Company
Tobacco Securities Trust
(quar.)—
(quar.)
84c
—
Title
Sinclair
2
Socony
Racine
Ralston
Simon
Co.
2
—
Thrifty
:
Lighting
3-
40c
Quaker State Oil Refining Corp.
(quar.)
3-16
(quar.)
Quebec Power Co.
B
25c
(quar.)
———
——
(quar.)
preferred
4.50%
preferred (quar.)————
Puget Sound Power & Light Co. (quar.)
4.35%
Oil
Class
$1.25
Common
Pure
2-
2-16
20c
and
A
Siguode Steel Strapping, common
5%
preferred (quar.)
Silverwood Dairies, Ltd., class A
2-1G
——-
A
class
Gas. Merger was effective on Dec. 31 on
a share-for-share exchange basis.
2-20
,
B
of
class
1
3-10
Public Service Co. of New Mex., com.
-
stock
1-27
3-
5%
.
B
Class
9
re-issuod as
Signal Oil &
been
have
2-27
50c
4%%
preferred (quar.)
4.20% preferred (quar.)
4%% preferred (quar.)
4.64%
preferred
(quar.)——
which
55e
—**—
Class
2-
dividends also payable to the
Oil Co. class A and class E
25c
common—.—
2- 0
3-10
(quar.)_—-Y——~
B
2-13
,
————
on
A
3-16
Public Service Co. of Colorado—
Stock
3-10
These above
3-
52 %C
__—
Name of
Tliriftimart,
;
Holder*
When
Per
Holder»
Payable of Rec.
Share
(quar.)—20c
——_
20c
2
33-
530c
Prentice-Hall, new
(Initial) ————»
President Electric, Ltd.
Prince Gardner Co.
(quar.)
———
Procter & Gamble (increased quar.)———
When
Per
.
61c
45c
$2.40 pfd. (quar.)preferred (quar.) —
—--——
Pov/ell River Co., Ltd. (quar.)
—
Potomac Electric Power,
Providence
y
Signal Oil &i Gas Co.—
2-13
2
61 %c
(quar.)
America
of
Co.
3-
•
Name of Company
Payable oj Rec.
37 %c
(quar.)—-
Company
<&
y'YY
Holder*
Wlien
Per
Share
Name of Company
1959
Monday, February 9,
.
.
.
189
Volume
' Number
5819
.
.
The Commercial and Financial Chronicle
.
Per-
.
Stores
White
(S.
Wickes
Dental
S.)
Corp.
Williams
Bros.,
&
Wilson
40c
2-
1—
(quar.)
_l'8%c
.
i—'.
—
$4.25
Winn-Dixie
1
Stores
(monthly)
Monthly™
Wisconsin-. .Bank-shares
2-28
2-13
3-31
3-13
32%}0)Vv2-13
1-30
9c
__
9c
Electric
6% -preferred
-—-
Power
Co.,
1__
(quar.)
(quar.)
3.60% preferred
Wisconsin Power. & Light
Wood
Newspaper
Woolworth
(P. .W.)
Woolworth
(P.
American
4'ii •%•
,
Corp.,
preferred
iWm.
"
Stock
&
Towne
Yellow
Cab
6%
3-10
2-27
3-3
2- 3 >
1-26
3-20
3-2
3-16
2-20
4-
25c
The
3-20
2-13
2-13
♦Transfer books
_a—__.'r
3-10
.
10c
15c
2-16
37*^4-
a
3-12
•
-4-30
75c
...
——
1-15
3-13
♦
income
Payable in CL S.
Placed
placement of
•
of
will
not
the
to
accrue
but
company,
go
authorized
company
Gardiner
Symonds,
officer, to redeem ail 188,317 shares
the
*
so
payment
to
$106.43
State
agreed
to
close
of
taxes.
business
flat,
share
per
This
less
less
convert
into
them,
compensation
per
stoclc
common
illustrated 20-page catalog, in color, describing the extensive line
for hydraulic and pneumatic applications has
issued
The
by
Titeflex,
Inc.,
Springfield,
Mass.,
bulletin, No. Q.S.R. 58, discusses
Quick-Seal couplings—straight-through,
flex
new
all
and
Santa
three
Monica,
single
types .of Tite*
check-valve,
and
double check-valve, which are available in a
variety of sizes and alloys
to meet any operating requirement. Quick-Seal couplings are designed
to
handle
chemicals, oils, greases,
through a line.—V. 188,
will flow
liquids
gases,
or
material that
any
2690.
p.
the
higher
stock
common
and
for
Is
that
The
all
has
company
their
than
above.
described
as
shares
of
to
agreed
undertaking.—V.
189,
and
5.16%
The
at
York. 15,
Co.—Partial
.
,
Redemption—
Chase
N; Y.—V.
Tucson
188,
Manhattan
995.
p.
Bank,
43
Exchange
•
Place,
New
""
.
Gas, Electric Light & Power
Co.—Secondary
Offering—A secondary offering of 3,000 shares of com¬
mon stock (par
$5) was made on Jan. 20 by Blyth & Co.,
Inc., at $33.25 per share, with a dealer's concession of 70
cents per share.
following day.
The unsold balance
withdrawn toe
was
■
'
Another
secondary offering of 9,000 shares of com¬
(par $5) was made on Feb. 4 by The First
Boston Corp. and associates at $30.75 per
share, with a
dealer's concession of 65 cents per share. The unsold bal¬
ance was later withdrawn.—V.
188, p. 2787.
stock
mon
New
stock
the
made
be
payable by
purchasers
pay
Edison
The company has called for redemption on March 1, next, through
operation of the sinking fund, $50,000 of its first " mortgage bonds,
3»/8% series due 1978 at 101.85% plus accrued interest.
Payment will
Chairman
($18,831,700),
24,
requisite Federal
Toledo
pur¬
154.
p.
Twentieth Century Investors, Inc., Kansas City, Mo.—
Texas
nonresident! t#T
Canadian
15%
$7
share, plus accrued interest.
preferred stock may be converted into class A
26, 1959, inclusive.—V. 188, p. 291.
to
15, N. Y., at
1959 at a price
Feb.
on
the
price
redemption
upon
purchased by
chasers
the
transfer
company
called for redemption on Feb. 27, next, through
fund, 3,446 shares of its 50 cent convertible
sinking
at
California.
■
will
the
V
the
prior
to
°
.
proceeds
executive
time
have
•
.
corrected
«;
(The
188, p. 590.
Quick-Seal couplings
been
^
tax.
funds,
Non-
source.
.
..
Jamaica
Co.—Secondary
The
York
,
xLess
Transmission
The company has entered into a
Standby Agreement with Stone &
Webster Securities Corp.. and White, Weld &
Co., and certain other
securities dealers under which the
purchasers have agreed to pur¬
chase all shares of the 5.16%
stock tendered to them at the office
of The Chase Manhattan
Bank, 37 Wall St., New York
4- 9
2-16
3-31
the-
(DEW).
of DEW capital stock.)—V.
Titeflex, Inc.—Issues New Catalog—
of
redemption proposal.
4-9
"
chief
equal
Previously published date was Incorrect. The
date and/or record date is indicated here.
f
*
for
used
company's 5.16% convertible second preferred stock on March 6
$105 a share plus accrued dividends; The shares will
b^' redeemed
Chase Manhattan Bank, 43
Exchange Place, New York, N. Y.
Each share- the 5.16%
preferred is convertible into 3.4 shares of
the common at any time before the close of business on the tenth
day
preceding redemption, which
would
be
Feb.
24
under
the
present
1-31
:
in Canadian funds, tatf deductible Wt
resident'tax-15% J resident tax".7%i "
f
Less British income tax.
*
; v"
•
.
be
the
at
closed for this dividend.
not
will
at
2-13
-
4-2...
'37
: 37^20"
(quar.)_i
of
2-25
2-27
payable -
*
Gas
stockholders.
Directors
and
any
'•
stock
new
645.
p.
•
1
.-•
Radio- tincreased)
the
of
189,
To Redeem Preferred Stock—
3%',:3-16
25c
net
selling
3-2
3- 2
y 6%
convertible preferred (quar.)—•
-f7-31
York County Gas (quar.)-—:—, G5c ,..<.'-2- 2
Youngstown Sheet & Tube (quar.)_
$1.25
3-16
Zenith
4
•
■■.v'108;^3- 1
convertible'preferred
sale
purposes.—V.
Feb.
An
Tennessee
•••,-.
.
Mfg.. (quar.)..
the
from,
corporate
-
-.
Co.—
proceeds
42,210 shares of 5% cumulative convertible second pre¬
ferred stock (par $100) with institutional
investors have
been made by E. F. Hutton &
Co., it was announced on
Feb..3.
•■,,./ ;
"?'J
Wyandotte Chemicals (quar.)—
——{
Wyandotte Worsted'(reduced"—_—_——
Wysong & Miles Co. (quar.)—___—__—
Yale
Net
Privately—Arrangements for the private
(quar.)i
dividend
Thp
to
2-13
3-17
stock
company
general
;W'4
{Monthly)-.--—-----—-1
Z
Monthly * "
Wurlitzer Co.
3-10
of
preferred
1-31
10c
62Vfec
$1.12
25c
Edelstahlwerke
Deutsche
94%
Time Finance Corp.—Partial Redemption—
proposes
to offer the stock publicly, and a group
by F. Eberstadt & Co. and White, Weld & Co. will underwrite
offering.
the
62 Vac
—___
wdth
now owns
The corporation has
2-14
—
stock
of
operation
headed
22120
(quar.)
Jr.)
exchange
Thyssen concern
2-2
34c
___
common
per
4-15
(quar.)_
%
$61.50
4-30
3- 1
(quar.)_
deposit receipts
Worthington
Wrlgley
Co.
at
York
3-1
___—n.
W.i,; Ltd.—
New
$1.50
90c
____
__
(quar.)
Machinery-Corp.
Street,
42Vzc
(quar.)
com.
(1987)
■
Wall
One
stock.
common
The
7-10
Sl.OO'^
(quar.)
•
10- 9
,
Wisconsin
8-
value
4-10
11- 1
4- 1
35c
trustee,
154.
p.
This corporation filed a registration statement on Feb. 4 with the
Securities and Exchange Commission covering 150,000 shares of $9
par
3-10
1
35c
—
Common
(quar.)
preferred
2
1-30
3-20
" 5-
35c
<
Co.,
189,
(James) Talcott, Inc.—Registers With SEC—'•
2-13
2-2.0
.
(quar.)
common
2-17
3-10
25c.
V".
__
Trust
share!—V.
1-23
2-15
15c
(quar.)—
(quar.),
Co.,
Common
Mfg.
(quar.)___
Irving
Holderi
Payable of Rec.
20c
,—
(quar.)
When
.
Share
.*•
(increased)__—
Wilcox Oil Co.
49
'
-
Name of Company
White
(749)
Industries, Inc.—Acquisition—
Sales—Assets—
.
See
Dallas
Lightweight Aggregates
above.—V.
Co.
189,
This
645.
p.
corporation which initially
shares
General
l.#| t
-
-
■
.
Gorporation ami
'
:
See
~ij>h
>>
■.KlXQ.j
*5
American, Inc.—Tenders
Textron,
-4 ki'-'X
The Old
Co.—1958
Oil
totaled
year
nounced
This
net
close of
•
$32,061,000,
Feb.
on
figure
of
this
Joseph
Pew,
The
business
an-
will
with the consolidated net
of $47,492,000
income
the
carry-back
■'
•;
,
provisions
of-the
-
on
total
A
company. under
Revenue Code. *
■
'
:
'The
.net
Nov.
15,
in
1958
Thomas &
The
stock
In
Sun Ray Drug
stockholders
this
and
company
Consolidated
Inc. on Jan. 28 approved the merger of Sun
under Consolidated Sun Ray. Inc:
'<
- •
-
Ray
Retail
into
to
Consolidated
company's new fiscal year..
Sylk, President of Stin Ray,
Consolidated
Retail
Vice-President,
Consolidated
Stores,
will
will
and
William
H.
become
Executive
Sylk,
N.
Sun
of
This
Oct.
new
of The
N.
F.
with
the
loan from
Bank
of
at
30
Pieferred
price,
31,
of:
cents
1st
The
In
until
1958
the stock
A
.To
$22
share—
per
call
Dec.
110,000 shs.
sold
was
with
plus
sale
first
series
at
exchange
41,954
or
6,287
shares
$20
offer,
of
of
shares
warrants
forth
in
said
the following shares of stock in The F.
have been purchased by Super Food Services, Inc.:
of
181,
basic
use
of electrical
in
virtually
689
p.
reported
a
12%
sales
for
the
fiscal
ended
sales in the previous
increase
over
Federal
year
provision
income
for
was
more
products,"
for
these
than offset by increased sales of HITCO
said.
He emphasized
that the im¬
elements
in
is
the
particularly
significant in that
outlook for future
company's
N.'
liabilities
ratio
of
2.8
to
1.
Working
rose to $2,523,294.
capital
company
Inc.
of
company.
prospectus.
Issued "
.
Common.
($15)
To Issued
3,000
90.0%
168,997
96.5%
ayj
compared
$25,415,151,
completed
1959
3,
with
an
further
He
.
Jan.
year
total
increase
stated
total
sales
of
that
recently
and
with
the
for
40%.
The
sales
.
preceding
Johnson
into
its
Co.
had
system
control
to
and
through the expanded
handle receipts and deliveries of merchandise
warehouse operation.—V. 188, p. 2511.
Sylvania Electric
.
The
N.
Guaranty
for
sale^ to
the
1980.
to
Trust
until
will
Y.,
an
3:30
it of
amount
Products, Inc.—Tenders for Debs.—
Co.
The
corporation
its
1043i%
4%%
plus
debentures
43i%
of
"business
also
on
the
to
a
Holders
redemption
York,
New
the
sum
of
$500,000.
interest.-
call
for
have
a
the
due
will
be
March
on
in
right
share, up
Payment
at
t
redemption
debentures,
will
aty.$41.40
date^
Broadway,
24, 1959, receive tenders
fund" debentures, due March 1,
exhaust
subordinated
stock
140
Feb.
plus accrued
announced
convertible
common
York.
on
sinking
accrued interest.
into
New
(ESTi:
sufficient
prices not to exceed 100%
J" of
of
p.m.
8s
to
1983.
at
to convert
.the
made
at
for
Investors,
current
which
cash
has
divi¬
as
its
;
the Income Investors was
188,
p.
1970.
$4.96; Growth
%
.
and
Exchange Commission has ordered proceedings
Exchange Act of 1934 to determine whether pro¬
Federal
Securities
Corp.,
94 River St., Hoboken,
Inc.,
North
Franklin
Co.,
156
St.,
N.
Hempstead,
J.;
N.
and N. Plnsker
Y.
*
•
^
According to the orders of the Commission, information developed
an investigation conducted by its staff tends,
if true, to show that
the two repondent companies offered and sold class B stock of Tyrex
Drug & Chemical Corp. in violation of the registration and prospectus
in
requirements of the Securities Act of 1933, Similar violations are
charged to Anne Egenes, C. Edward Scott, and Ivor Jenkins, President,
Vice-President and Secretary-Treasurer,
well
respectively, of Dennis Securi¬
to Norman
retary-Treasurer,
Pinsker, President, Natalya Plnsker, Sec¬
and Bradford O. Smith and Samuel Shatz, directors,
of Pinsker & Co.
The sale of the
as
as
said
is
to
Tyrex Drug class B stock by Dennig
have occurred
April 28, 1958, and by
to Feb. 28, 1958.
Plnsker &
during the period July 5,
Co.
1957, to
during the period Dec. 2,
1957,
according to the order with respect to Dennis Securities,
it further appears that that company was in a control relationship
with Tyrex Drug at the time the latter's class B stock was being
Moreover,
offered
and
sold by Dennis Securities; and that such fact was not
purchasers of Tyrex Drug stock by Dennis Securities q*
officers, as is required by the Commission's rules;
that Dennis Securities failed to make and keep current and to preserve
certain books and records, as required by the Commission's rules; and
that it failed to cancel or otherwise liquidate
stock purchases by
customers notwithstanding the failure of such customers to make full
cash payment therefor within seven days after the date of purchase,
as
required by Regulation T of the Board of Governors of the Fed¬
eral Reserve System.
/
disclosed
to
three
its
named
The time and
place of the hearings for the purpose of taking evidence
respect to the foregoing matters will be announced later.—
p. 386.
with
V.
185,
Union Pacific RR.—EarningsPeriod End. Dec. 31—
Railway oper. revenue
Railway
Net
opcr.
revenue
expenses
oper.
189, p.
1958—Month—1957
1958—12 Mqs.—1957
$
$
$
$
44,618,93142,197,295 505,215,191 517,060,109
32,935,960
33,469,345 371,257,945 382,354,717
from rail¬
operations
income—
way
—V.
8,727,950 133,957,246 134,705,388
1,129,361
43,461,084
38,818,024
11,682,971
2,820,804
193.
...
United-Carr Fastener Corp.—New President of
This
of
its
r
Unit—
3 announced the appointment of E. J. Pool
corporation on Feb.
President
division, the Cinch. Manufacturing Co.,
components. For the past five years, Mr.
and General Manager and prior to thft$
of sales.—V. 188, p. 2077.
Chicago
of
Vice-President
has
been
Vice-President
in
electronic
charge
close
the
which
year,
Sept.
ended
30.
United Funds, Inc.—Registers Additional Shares
Securities and Exchange Commission—
This
steel
crude
production of the Thyssen Group, consisting
and its associate companies. Niederrheinische
Edelstahlwerke, reached 2.7 million metric tons,
000
8%
an
of
Of
totals,
produced
previous
crease
year,
of
ment
of
and
the
preceding
year.
totaled $423 million.
over
9%
will
cash
Gross
sales,
of
crude
gross
sales
yea*.
recommend
dividend,
the
major component of
steel, a 13.4% rise over
the
16%
a
to
the
same
$232
million,
result,
the
next
annual
as
In
the
a
250-ton open
hearth furnace was initiated in Open Hearth Plant No. 1,
in 1957.
In addition, the expansion and modernization of
soaking pit plant was completed and major headway was made in
the construction of an eighth blast furnace.
This project is expected
to be completed early this year.
completed
the
capital
and
the
face
underlying
amount
of
shares of United Accumulative Fund,
Periodic Investment Plans with insur¬
the underlying shares of United
Accumulative Fund.—V. 188,
United Stockyards
See
Corp.—Proposed Exchange Offer—
Canal-Randolph Corp. above.—V. 186, p.
53.
year.
Despite the late fiscal year slackening in business activity, ThyssenHuette's
extensive
capital investment program,
emphasizing higher
operational efficiency
of the production
set-up
and
the
purchase
of
more
modern
equipment, which bas already
totaled over $200
million in the past six years, was continued according to schedule.
Early in
the
period,
operations
of
the
newly
constructed fourth
The
$2,500,000
1562.
p.
Thyssen-Huette
meeting, pay¬
preceding
City, Mo., Investment company, on Jan. 22 filed with
amendment to its registration statement covering $10,000,face
amount
of
Periodic
Investment
Plans without
and
insurance
ance
in¬
of
As
the
an
additional
and
Thyssen-Huette,
tons
reported
preceding
directors
a
August
2,041,000
the
over
board
increase
inter-company sales,
these
Group,
.
Deutsche
With
Kansas
the SEC
and
marking
addition
doubling its warehouse capacity and had installed a new,
modern
IBM
inventory control system and an internal radio communication
business
Combined
substantially
warehouse
new
Dennis
of August Thyssen-Huette
exclusive
N.
primarily
Growth
were
share.—V.
Securities
the
of
Huette
$35,537,240
fiscal
year
of
year
.
F.
moved
the
tor
1957-58
has
Tegtmcyer also on Jan. 28 announced that The F. N. Johnson
its newly
acquired subsidiary corporation,
completed its fiscal
531 week
31
Pool
August Thyssen-Huette Group of Duisburg-Hamborn has not
untouched
from
the
recent
international
recession
which
especially adversely affected the iron and steel Industry, although
prominent German steelmaker reports substantial progress for
30 reported
of
amount
escaped
►
Mr.
Co.,
designed
manufacturers
the
% Purchase
Shares
_____
investment
of
on. Jan.
.
Securities Laws and rules thereunder have beep
by the following and, if so, whether it is necessary or approf*
priate in the public interest to revoke their broker-dealer registrations:
of
the
Purchased
4,000
175,000
($100)
a
Securities
the
Net ry.
(August) Thysseu-IIuette A. G.—Output Rises—
classes
face
violated
as
Johnson^co.
Shares
Preferred
The
high temperature fibrous glass materials.' The agreement was
made on a royalty basis of Refrasil products made and sold by OwensCorning, according to Mr. Thompson.—V. 189, p. 90.
42,356
for
new
Is
Century
asset value per share of
under
fibrous
the
two
charge,
the
Tyrcx Drug & Chemical Corp.—SEC Orders Cite Se¬
curity Firms—
$1,862,783
was
The
.-
Net
he
products
which
Twentieth
assets Dec.
Securities
also reported the licensing of Owens-Corning Fiberglas
Corp. to use certain of the developments made by the company In the
the
exchanged
were
set
as
of
99%
date
connectors
lino
Co.,
Investors, $4.99
ties,
broad
a
The company
field
over
25.
also reported the acquisition during 1958 of Black¬
Los Angeles, Calif., engaged in the sale of laminates,
glafis and related products.
Mr. Thompson said the
acquisition of Blackwood's tends to complement the bulk sales activity
preferred stock,
unit on Dec. 10, 1958.
per
located
Exchange
1958.
Important
to
wood's,
110,287
110,000
Feb.
14
$6,857,679,
shareholders equity
resins,
the offering day.
on
the
shares,
capital
stock
for
Jan.
after
Oct.. 15,
are
The
com¬
I860—,...i.
31,
are
and
and .that
$405,204. The Income Investors had assets
of
$123,392; Growth Investors, $281,812.
There
were
24,883 shares
of Income Investors outstanding; 56,471 shares
of Growth Investors.
the close of the fiscal year, the company reported current assets
$2,932,889 with current liabilities of $1,050,166, reflecting a current
and
—
ouvhase
Total
At
175,632 shs.
warrants
accordance
common
$20,
about
leading manufacturer of
a
on
of
markets
assets
prices and specifically at $2.50
offered
company
with
class
$1.20
price
Securities
expansion.
of
—
various
series
All of
selling
is
temperature
they
402 shs.
series, entitling holder to
at
share
per
series,
dividend
stock
stock
mon
1st
the
$G,106,331.
proved
Bank and Trust Co.
share—
per
shares
"Any such decline
"V-1'
.
" $875,830
stock
Warrants
'
consists
now
with
a
earnings,
high
company
the City National
annual
common
first
on
A capital stock (old) callable after Dec. 31, 1959
$7.50 and convertible into common. Annual divi¬
dend
i
stockholders
filed
5
Harry I. Thompson, President, said that improved sales and earnings
were
accomplished despite cancellations,
cutbacks
and
stretch-outs
during 1958 which adversely affected many companies.
public financing
preferred stocks
and
common
Chicago
Class
f
of
Feb.
taxes, were $649,compared with $G14,720 in the previous 12 months.
Per share
earnings were $1.02, compared with 97 cents a year ago based on
638,152 shares outstanding and after giving effect to a 50%
stock
Johnson Co.
Capitalization of the
v
purchase
plant facilities and executive offices
on
467,
President
of
189, p. 154.
Vice-President.—V.
H.
Tegtmeyqr, President", in a letter, to
reported the results of the company's recent
26
connection
Elizabeth, N. J.—Registers With
Exchange Commission—
J.t
company
Net
Executive
Ray
Levin,
the
N.
these
year of
Chairman
William
Ja'n
purchased
Betts Co.,
company
dividend
in
23, 1959.
debentures were
of
(II. I.) Thompson Fiber Glass Co.—Earnings Increased
Super Food Services, Inc.—Acquisition, etc.—
jr'
debentures.
previous sinking fund payment
Industry.—V.
-
will be
President.-..Russell
be
the
Feb.
cease
the
of
2186.
p.
raceway accessories and conductor
all phases of the electrical
lor each share of Sun Ray. This will give them 78.9% ownership
of the 5,585,533 shares
outstanding in the merged corporation, accord¬
ing to the proxy statement. The; merger became effective Feb. 2, the
of the
offer
The
'
:
mon
Harry S.
will
amount
with
receipt
upon
will receive no
part of the proceeds from the sale of these shares.
Smith, Barney & Co. will manage the underwriting group which expects
Stores,
•
start
24
,
Sun
Ray; has • 506,880 shares outstanding, while Consolidated has
.1,036,618 common shares outstanding.
•
v .'-v
Sun Ray holders will receive eight shares of new Consolidated com¬
r-
Feb.
registration statement relating to a proposed secondary
offering of 300,000 shares of common stock. The shares, representing
approximately 20% of the shares outstanding, are to be sold by certain
large stockholders, primarily to create o, publictmarket1. The company
Co.—Merger Approved?—
of
188,
company whose
Elizabeth,
Commission
.
The
Feb.
principal
1958.—V.
Securities and
equivalent
are
common
for
and
$400,000
its* plan
$6,500,000
j.-sabp) ,<v: %
■
t
principal underwriters,. offered Twentieth!-Century
exceeded
&
offered
free of sales
major objective—capital growth.
visions
to $2,73 per share on the
outstanding on Dec. 31, 1958.
These
figures compare with $4.17 per share earned in 1957 on the
.11,397,397 full shares outstanding at the end of that year.—-V. 189,
p. .154.
lt:V
of
tenders
1, 1970 of
exhaust the sum
connection
.
in
receive
.
,
earnings
11.739,334 full shares
will
sinking fund debentures due
after
$453,225
cancellation
due
Earnings of the consolidated group for 1958 resulted from gross in¬
of $724,032,000 as contrasted with $778,719,000 in the .preceding
year..*
1958,
accepted debentures
of
for
Internal
and
on
come
.
16,
subordinated
made
be
Interest
1958 figure includes $4,200,000 of Federal income tax refundable
the'
to
Feb.
on
Oct. 31,
exceeded
Investors,
dends,
up to the
the sale of
On
2.
compares
sales
Stowers
of
last
1957.
in
thai
the public
accounts
•/'*"
i"
American, Inc. to an amount sufficient to
$427,879 at prices pot to exceed 100% and accrued interest.
or
before Feb. 18, 1959, the trust company will mall notices of
acceptance of any tenders accepted.
Payments of accepted debentures
*
and its subsidiaries
Jr., Board Chairman,
company
N.
1970.
p.
Textron
Earnings Declined— *
income
188,
Colony Trust Co., 45 Milk Street, Boston 6, Mass.,
15-year 5%
Sun
below.—V.
J
Textron, Inc.—Tenders for Debentures—
|
^
(Continued from page 9)
Consolidated
Inc.
for Debentures—
Income
Investment Mews^
.
Textron
to
preliminary report further revealed that Thyssen-Huette's basic
was
increased by $5 million to $74 million because of an
Universal Fuel
draws
The
& Chemical Corp., Farrell,
Pa.—With¬
Request for Hearing—
SEC
has cancelled its
hearing, scheduled
for Feb. 2, 1959, upon
question whether to vacate, or make permanent, an earlier order
Commission suspending a Regulation A exemption from regietratlon
under the Securities Act- of 1933 with respect to a stock
offering by this corporation. Cancellation followed withdrawal by the
company of Its request for a hearing.
the
of
the
In
a
notification
filed
May
17.
1956.
Universal Fuel proposed the
public offering of 300,000 common 6hares at $1 per share
The
exemption
was
pursuant fo
registration provided by Regulation A.
temporarily suspended by Commission order 01
the conditional exemption from
The Commercial and Financial Chronicle
fjO-
Shares
1-3,• 1958, by reason of the fact that the company's offering
appeared to contain false and misleading statements of mafact"and its txse operated as a fraud and deceit upon purchasers
Co.—
&
Merrill
and
Co.
&
Barney
Hooker
PROCEEDS—The
•used
stock will
of the
the sale
from
be
E.
from Guaranty Trust Co, of New York, as Trustee
Petroleum Research Fund, all of the outstanding shares of
the
mt
proceeds
net
«apltal stock of Universal Oil Products Co. The Amerlcun Chemical
is presently entitled to receive the net income from such
fund to be used for advanced scientific education and fundumcaeiAul research in the petroleum field.
Universal Oil Processes, Inc.
«acrt!y will be changed to Universal Oil Products Co.
The
latter
company
is
engaged
in research
development, the
OVnenhip and licensing of patents and processes, engineering, and
Cht furnishing of operation, maintenance and construction services to
petroleum, petrochemical and chemical industries.
It also munuCaCnirwc* and
sells
catalysts,
oxidation
inhibitors,' " additives and
•miizonunts to the petroleum, chemical, rubber and food industries.
The petroleum and petrochemical industries require constant research
to adapt existing techniques to the changing requirements of these
industries and
to
develop
new
techniques designed to meet new
demands.
The
company's research has led to the development of
«nany
improved methods ol' processing crude petroleum to produce
taiglr grade fuels, including gasoline,- and other products; many of
ihese products are used as raw materials in the chemical industry.
Results of Universal Oil Products' continuing research assist refiners
title
of
-
iA—satisfying
€iii<£ it~
ment
more
of
new
•athtr- than
current market demands economically.
Many refiners
profitable to rely upon Universale research and develop¬
processes und refining methods lo meet these demands
conduct
to
longer
source
a
income but the company
the development of new
royalty
of
««aincained and improved its position through
Currently the principal royalty-producing processes licensed
are the UO? Platforming, Fluid Catalytic Cracking,
"IIF" Alkylation and Udext
•►recesses,
Dy
the
company
<.OP Catalytic Condensation, UOP
CAPITALIZATION
GIVING
EFFECT
FINANCING
PRESENT
TO
Authorized
•botes'-
payable
$1,377,500
a
to
f41/a%
1967
due Feb.
notes,
f At
2,800,000
2,900,000 shs.
13,053,000 shs.
—.
Oct.
Guaranty Trust Co. of New York.
Under the agreement with the
Cruwet providing lor the purchase of the stock of UOP, the company
lias agreed that
the debentures and the notes will be assumed by the
within seven days after the consummation of the
merger of UOP into the company.
The company proposes to apply to
*uch prepayment the proceeds of new bank loans in the amount of
<>2,800,000, bearing interest at the rate of 4l/2% per year and maturing
An annual instalments of $300,000 commencing Feb. 15, 1960, the bal¬
ance maturing Feb. 15, 1964. ■
company and prepaid
7,500,000 shares at Oct. 31,
^Reduced from
1958 to comply with the
C'rctfters,
Smith,
•Smith. Inc.
dumber
tc
«trc
A
Barney
have
Co.
agreed
severally
Merrill
and
Lynch,
purchase
to
by Lehman
represented
Pierce,
from
the
of shares of the stock set forth below, and
be purchased if any thereoi are purchased:
Fenner
company
all
such
224,000
Co
fclerrih Lynch, Pierce,
Barney
&
Co.,
Inc.
M.
Dain
J.
2,500
;
&
Co.,
Inc
11,000
Dallas Union Securities
.
Allen.
C'.
U
14.000
Co
Ailyn & Co., Inc
11,000
A. E.
Aaaott,
A Co.,
Inc.
Inc.
& S. Bleichroeder,
Baker &
JSjnhoiu
Co.,
Inc.
■-
Arthurs, Lestrange & Co.
Atwiil
A
Inc.—
Co.,
Teabody A Co—
Kirkpatrick-Pettis Co, —
Kuhn, Loeb A Co
30,000
4,000
40,000
Schoellkopf, Hutton
Pomeroy, Inc.
Kidder,
Thalmann
Ladenburg,
North
ijarret:, Fitch,
Co.. Inc.
•iateman,
A ear,
—
&
A
& Co.—_u__
14,000
Langley A Co
Croc he A Co.
-C.
J.
Curnham
.
A.
G.
Freres
A Co.——
30,000
Higginson
Corp
A Co.——
A Co...
18,000
2,500
9,000
I.
Lentz,
Newton
Lester,
Ryons
Co.
Lunt A
M.
Laurence
Morris,
McCormick
Co,
—.
18,000
Sons.
4,000
4,000
„■
7,000
Miller
Inc.
—
Co.,
7,000
Carolina
Estabrook A
11,000
Co
Fahey, Clark A
A
Co
4,000
Co
9^000
__
Farwell, Chapman A Co._
Ferris
A
5,000
Co
2,500
(Inc.)
9,000
Michigan Corp
Fieenling,
Co
Fridley
5,000
Fulton
Ffisz-Schmelzle A Co.
Glore, Forgan A Co
Morgan Stanley A Co.—
F. S. Moseley A Co.;
40,000
Wagenseller A Durst, Inc.
18,000
H. C. Wainwright A Co—
Mullaney, Wells A Co.
Nesbitt, Thomson A Co.,
5,000
•
Goldman, Sachs A
Granber.v, Marache A Co.
Greenshields A Co. (N.Y.)
W.
D.
The Ohio Co
tensen,
A
Co
Inc
5,000
Co
7.000
7.000
4,000
&
Cruttenden. Podesta & Co.
Cunningham. Schmertz &
A
Haas
A
Co
Stieglitz^,
—
Kirkland
A
Co
Inc.
Ira
Haupt A Co.
Hayden, Miller A Co
Hayden, Stone A Co
group
was
"effective
all
over
La
Feb.
France's
1"
and
manufac¬
under
company
-
,
-
•
.
/V
'*
25
by
Titus
the
Haffa,
duties
assume
Nicholas
Malz,
as
appointment
to the post of Executive
Chairman,
President
former
of
that,
Chief
and
Webcor
John
President.
H.
Thrig,
Vice-President, replac¬
and
L.
A.
Assistant
former
Garfinkle,
Secretary,
has
been
named
Comptroller, becomes Treasurer.
The
formerly
p.
held
by
Harry
R,
1627.
2,500
contract
the
be
not
has
now
are
will
been
working
surviving
executed.
The attorneys for both
on the legal details of the contract.
corporation and the deal will be on
No further announcement will be made until the contractformally executed.—V. 188, p. 2691.
been
Organizations,
Inc.—Offering Completed—
share, has been completely distributed, according
by Sidney N. Weniger, President of
the latter corporation. Further details will be given next
week.—V. 188, p. 2788.
$3
4,000
per
to
14,000
4,000
Inc.
•
100,000 shares of 250 capital stock of this corpora¬
tion offered last week by Michael G. Kletz & Co., Inc., at
30,000
Co
A
Gundy A Co.,
Corp., Maspeth, L. I., N. Y.—Merger—
P.
The
9,000
Stetson
Co—
Wood
take
•
announced
Kressman,
Wenwood
2,500
Beane—
A
390.
189, p.
Universal Oil Products
announcement
Co.—Financing, etc.—
See Universal Oil Processes, Inc.
above.—V.
West Virginia Pulp
189, p. 390.
—A
secondary
7,000
(par $5) was made on Feb. 5 by Morgan Stanley
Davenport & Co., at $43.50 per share, with
The offering was
oversubscribed and the books closed.—V. 183, p. 2691.
For
months ended Nov.
12
the
stock, based
on
30,
Co. and
&
Reports Higher Profits
Privately—
Upper Peninsula Power Co.
—Preferred Stock Placed
—
dealer's concession of $1 per share.
a
1958, earnings per share of com¬
the average number of shares outstanding during
respective periods, were $1.82 compared to $1.79 for the correspond¬
ing period ended Nov>.30, 1957.
The private sale of 8,000 shares of 5%% cumulative preferred stock
to one institution was completed on Dec. 2, 1958.
The proceeds are
the
being used on the current construction program.
Cleveland Cliffs Iron Co. and Ford Motor Co.,
tions.—V.
188,
Western Gas Service Co.
Uranium
of the
double the iron
Joint owners
,
Arizona
Uranium
Corp.
remaining
100,000
are
to be offered for public sale through an
underwriting group headed by Underwood, Neuhaus A Co.
The offer¬
price
ing
of
Securities and Exchange
Offering—
of
Co.—Partial Redemption
184, p.
1064.
The
recently
be
stock
4
has not
company
announced
it
that
to raise from
determined
plans
to
sell on
June
to $25,000,000.
$20,000,000
whether
the
offering
and
due
1983
Co.,
2
Un¬
requirements
the
of
of
company
the company, and (3) to increase
approximately $395,000. -
7 000
working
by
offering
of
be via
will
Wolverine Power Corp., Bay
trustees
Commission on Feb. 2 announced two
additions
to and
the
deletion of Virginia
Mining Corp. from its
Canadian Restricted List, as follows:
*
'
Securities
The additions
The
list
now
has
and Exchange
Corp.,
City, Mich.
—
Registers
Greenough
(of Boston)
and
three other
individuals
a voting trust agreement for stock 'of Wolverine Power
Feb. 2 filed a
registration statement with the SEC covering
for 40,000 shares of Wolverine Power common
Youngstown Sheet & Tube Co.—Merger Abandoned—
recently have been or currently are
being distributed in the United States in violation of the registration
and
under
on
voting trust certificates
stock.—V. 169, p. 2216.
are Mylake Mines Ltd. and Tri-Cor Mining Co. Ltd.
comprises 199 Canadian companies whose stocks, the
reason to believe, based upon information obtained in
investigations
W.
Charles
Virginia Mining Corp.—Off Canadian Restricted List—
The
otherwise,
requirement of the Securities Act of 1933. Evasion of such requirement,
applicable
to
securities
foreign
of
investors of
United -States
as
well
Bethlehem Steel Corp. above.—V.
See
as
domestic
companies,
184, p.
2675.
the financial and other
informa¬
.
Yuba Consolidated Industries. Inc.—New Division
The
on
tion
about
and
which
the
issuing
companies
which
5,000
14*000
com¬
Voting Trust Certificates With SEC—
deprives
30,000
net
shares
other cash funds of the
V
4,000
the
15,000
Co. — Secondary Offering — A
10,000 shares of common stock
(pai* $7.50) was made on Jan. 27 by Blyth & Co., Inc.,
at $46.50 per share, with a dealer's concession of 75
cents per share. It was oversubscribed.—-V. 187, p. 2596,
subscription by stockholders or a public offering.—V. 188, p. 293.
its
2 500
and
Weyerhaeuser Timber
through competitive bidding.
determined
bonds
institutional
to pay a short-term bank loan of $5,700,000.
The proceeds
loan, obtained in November 1958, were used (1) to pay sub¬
funds
Virginia Electric & Power Co.—To Sell Stock—
will
5?o%
$100 par,
preferred stock,
6%
secondary
common
of
$3,200,000
of
amendment.
use
such
capital
has recently called for redemption on Feb. 1, last,
$36,000 of its 6% sinking fund debentures, due Oct. 1, 1966 at 101
.
Payment will be made at the Security-First National Bank, Los An¬
Calif.—V.
by
(formerly Lea County Gas Co.) will
together with the proceeds of the sale to
stantially all of the purchase price of the gas and water properties
acquired from Southwestern Public Service Co. (2) to pay short-term
bank
loans
of the company in
the amount of $404,736 principal
and interest, incurred in connection with plant expansion and working
company
geles,
underwriting terms are to be supplied
and
company
pany,
above.—rV. 181, p. 589..
Vendorlator Manufacturing
The
shares for subscription by certain employees, and the
offer 4,500
»to
—
Stock
Suspends
Privately
company,
The
Enterprises, Inc.
Commission
Registers Common Stock
which is located at 9065 Alameda Ave., El Paso,
Texas,
on
Jan.
29
filed
a
registration statement with the SEC
covering 104,500 shares of its common stock.
The company proposes
This
995.
p.
—
With SEC—To Sell Bonds and Preferred Stock
investors
Commission
30 000
& Paper Co.—Secondary Offering
of 115,000 shares of common
offering
stock
7 OOC)
Hanrahan A Co., Inc
Harriman
Ripley A
Crowell, Weedon & Co
2,500
30,000
Yates, Heitner A Woods—
—————
2,500
2,500
4,000
'Courts
—V.
7,000
Gruss A Co
C.
'
5000
Gregory A Sons
Hallgarten A Co)
Hallowell, Sulzberger, Jenks
"Ccoley & Co
Inc.
4,000
2,500
4,000
2,500
Co
Wood,
the
various obli¬
cash basis.
a
Harold E.
Pierce, Currison, Wulbem,
also
formal
lias
A
'•
Jan.
O.
A
2,500
Cohu
'•
will
replacing
Vice-President,
Welbilt
4,000
Witter
7
he
corporations
7,000
30,000
—_
Co
A
R. Williston
J.
2,500
Inc.
Co
Wheat A Co
Dean
Chris-
A
C.
Winslow,
18,000
—
Writer
Peters,
4,000
18,000
Inc—w—
White, Mssterson A Co.—
White, Weld A Co
7,000
Curtis
1R000
Gradison
Clayton Securities Corp.—
Collin, Norton A Co—1
C. C. Collings A* Co., Inc.
&
J.
said
Hirsch, Chairman of the Board, on Jan. 30 announced
negotiations for a merger with a large furniture manufacturing
business, with sales in excess of $20,000,000 a year, had proceeded to
an
agreement 011 principal terms.
30,000
G.
Collins
Westheimer
2,500
11,000
Pacific Northwest Co
derwriters
2,500
Cd
Halle A
Julien
A Co
sufficient
7 000
Goodbody A Co
4,000
—
5,000
5,000
9,000
Co.
A
n
on
Alexander
14,000
Co
A
Co.,
Wertheim
but
assume
that
30.000
4,00c.
Co
A
Watling, Lerchen A Co.—
A
Son
Newhard, Cook A Co
Korris A Hirshberg, Inc.—
2,500
Inc.
Ccichard W. Clarke Corp.-
C. W. Clark A
Newbold's
H.
Walker
Joseph Walker A Sons—
Walston
contract
then
announced
Welbilt
4,000
H.
G.
would
of Secretary ,nnd Treasurer were
Ferris, Financial Vice-President.—V. 184,
2,500
4,000
4,000
Wachob-Bender Corp.
14,000
and
Dann A
Co.
—
The- company
A Frederking
Reid A Co., Inc.-
5,000
5,000
18,000
:
5,000
—
4,000
2,500
2,500
Common,
2,500
Inc.
terms
4,000
A Currie—__
7 000
A
Co.
2,500
Securities Corp
.Clark, Dodge A Co
Victor,
purchase
posts
5,000
Co.
A
Co.—
30,000
5,000
Johnston
the
name.
Officer,
Secretary
4,000
2,500
Co
Meyerhoff
5,000
4,000
City
A
L.
11,000
11,000
Cd.
2,500
Securities .Corp._
"Chiles-Schutz
Noel
Alstync,
Vcrcoe
patent
payment in cash
France."
the purchase
owners
Haffa
Mr.
A
—
—
Stone—
Moore, Leonard A LynchMoreland, Brandenberger,
A
asso¬
ing Joseph L. Raffel, Jr., who has resigned.
2,500
First Southwest
i
Van
9,000
pleton
Roland
Model,
disclose
immediately
was
former
14,00U
Co
A
—
Inc.
Co.
Tein-
present
it
14,000
"
Inc.
A
13
from
officer of Grove Valve,
attorney.—V. *187, p. 1587.
an
La
said
new
Executive
2,500
—————
Anthony A
R. L. Day
Underwood, Neuliaus
2,500
Increased
was
going to Mr. Grove's
Collins,
sales and service facilities and will operate the
effective
2,500
Tucker,
4,000
Inc.
not
substantial
.
Tracy,
A
Spencer Trusk
Mitchell, Hutchins A Co...
Jones
Rogers
seats
new
West Coast
a
■
9,000
—
—
Inc.
7,000
——
The Milwaukee Co._—-—
Mitchum,
Co
Inc.
Taylor,
the
John W.
Webcor, Inc.—Haffa Also President-
2,500
Charles A. Taggart A Co.,
Co.,
of
are
Mosley
Sutro
Securities
Mid-Continent
A
settlement llie board
21
two
9,000
Inc
5,000
A Co.—
A
Co.
Yeatman,
Inc.
5,000
4,000
-
Turben
Merrill,
See
Inc.
Equitable Securities Corp.
Fahnestock
Campbell, McCarty & Co.,
2,500
Inc.
A
Co.,
among
The La France company makes fire fighting apparatus, motor
trucks,
utility equipment and military vehicles.—V. 186, p. 1892.
7,000
5,000
2,500
Cuius Brcs. & Denton, Inc.
•Cutcher A Sherrerd
Suplec,
the
proceeds,
7,000
11,000
A Co.,
McGlone
Stroud
7,000
Inc.—
its
A
A
Co.
Southeastern
Co
11,000
Co.—
A
Klein
Mr.
30,000
Blosser
McDowell
5,000
—
did
"a
Ward
of
turing,
ties Corp.
Straus,
4,000
Co
A
Klein
that
2,500
Stoone A Webster Securi¬
4,000
Mason-Hagan Inc.
A. E. Mpsten A Co.
Flelir,
make
5,000
A Co
Stix
2,500
•
—
Paul D.
gations
7,000
mining production capacity of that project. Power for this development
comes from the Upper Peninsula Generating Co.
In line with improve¬
ment in the local mining picture,
three major iron mining companies
in the utility company's territory have begun to return to full opera¬
30,000
Stokes
First
A
9,000
11,000
Co
with
These directors
Mr.
7,000
A
Stifel, Nicolaus A Co., Inc.
Co.—
Marshall
The
Fox
Marks A Co.
Bennett A
Manley,
a
the Jan.
of
members
would
9,000
4,000
Co
Stern,
Meyer
differences
group of private investors headed by Harris J. Klein, New York
and director of Penn-Texas Corp., has signed a contract to
buy the assets and business of Ward La France Truck Corp.. Elmira.
N. Y., from the Glen Aluen Corp.
11,000
Stein Brothers A Co—___
Frank,
that
A
9,000
7,000
Irving Lundborg A Co
D.
.
said
21
avoiding a threatened' proxy light.
special board meeting. * -'
" >
director and President of Grove Valve and
attorney
11,000
A Boyce
Stein Bros.
30,000
Inc
Co.
Co
A
Grove,
Jan.
thus
a
Ward La France Truck Corp.—New Control—
7,000
5,000
William R. Staats A Co
■;
—
A
A Co.__
Smithers
S.
and
2,500
Humboldt Mining Co., recently announced a program to
—_
2,50o
Co
F.
settled,
followed
11,000
:
Singer, Deane A Scribner
Carl M. Loeb, Rhoades A
Loewi
Simon
M.
President,- on
been
H.
part
15
ciates.
18,000
Co
Shuman, Agnew A Co
Silberberg A Co
Lazard
Lee
S.
A
to
5,000
11,000
Union
Edwards &
Elkins,
2,500
Co.
Co
of
Co
Buck
&
&
California Co.
Crush, Slocumb A Co. Inc.
diehard
Dillon,
Securities
&
Elworthy A Co.Emanuel. Deetjen A Co
Eppler, Guerin A Turner,
14,000
Shields
As
4,000
14,000
Hammill A Co.
18,000
Pont
First
.
A
du
First
Lisle & Marshall—
Drown
4,000
Co._
I.
11,000
A Sons
Brown
8.
&
—_—7,000
;
Cranch, Cabell A Co.__—
A!ex.
Co—u
Ellis, Holyoke A Co
7,000
Bradford A Co
Crcwr.
&
18,000
30,000
Inc.
u—
30,000
Doyle, O'Connor & Co
4,000
9,000
Shearson,
7,000
11,000
Laird, Bissell A Meeds
W. C.
11,000
A Stringfellow-
Belz,
had
announcement
Marvin
•
7,000
Co
A
and other products via
the rapidly
communications.—V. 189, p. 526.
Regulator Company, a Walworth subsidiary, declared In mid-December
that lie would try to oust the present board of directors at the annual
meeting in March.
y "::
A
Cbas. W. Scranton A Co.-
A
Co.
mon
11,000
Eastman
C'osTrortn, Sullivan A Co.,
C.
2,500
Dominion Securities
7,000
7,000
4,000
Inc.
4,000
Noonan
Corp.
Francis
9,000
Co.
J
Inc
5,000
Doolittle
dfcorgc D. B. Bonbright A
»
'
2,500
Co
&
The
9,000
Inc.--——5,000
Co.,
Coettcuer
40,000
18,000
Co.
iCluut Ellis A Simmons
4Dlyth
Co.,
11,000
Bominick A Dominick
18,000
9,000
Becker A Co. Inc.—
William Blair
7,000
Co
llp-etscher
F. Eberstadt A Co
C'eecrclt, Cole A Co
IPtilr A Co.
&
&
Dixon
11,000
Eichler & Co
Scott
The
4,000
Dittmar
A
Co
Stearns
A. G.
4,000
Co
S. Dickson & Co., Inc.
Dillon, Read & Co. Inc.—
Drexel
—
-
Eartm &
A
R.
5,000
2,500
2,500
5,000
«aker, Weeks & Co
•Bali, Eurge & Kraus..
"•«
Townsend,
coast
Co.,
&
;
Schwabacher
ultra¬
of intercommunica¬
devices
electronic
of
manufacturer
9,000
Crouter & Bodine
11,000
;
Simonds
—
Co.,
W.
Fred
directors
Dewar, Robertson & Pan-
7,000
__
Inc.
-Inc.
2,500
Inc.
liacon. Whipple A Co
Ctcbert \V. Baird A Co.,
Calter,
&
Denipsey-Tegeler
2,500
7,000
'A-'acne A Co
J
DeHaven
Dixon
/.uerbach, Pollak &
;
Richardson
Auchincloss, Parser &
Redpath
2,500
,
_
30,000
Ames
Co., Inc.
Davenport A Co
Davis, Skaggs & Co.——
2,500
Schirmer, Atherton
7,000
<
Fenner & Smith Inc.— 224,000
Abbott, Proctor & Paine—
4,000
< ovett Abercrombie A Co.
2,500
A Co.
5,000
4,000
Shares
224,000
Cmith,
the
shares
5,000
—
A
Paine, Webber, Jackson A
Shares
Cehmari Brothers
A
5,000
1
Inc.
Inc.—
Co.,
Newburger
^
underwriters
Co.-^
A
A
Cfcock Option Plan of the
company.
2,500
14,000
Kaplan A Co.—
Kidder
M.
A.
W.
several
Stiver
timing
field
designer and manufacturer of
laboratory and production use.
a
Inc. is a
Walworth Co.—Two New Directors Elected—
7,000
Hutzler-
A
equipment,
America,
18,000
—
John H.
•requirements of the order of the Court.
153,000 shares are reserved
•requirements oi the order of the New York State Supreme Court.
153,000 shares are reserved for issuance pursuant to the employee
UNDERWRITERS—The
Saunders,
expanding
Co.—
A
of
Co.
7,000
Inc.
Kahnan
Mead,
31, 1958, UOP had outstanding $2,800,000 of 5% sinking
Cund debentures, due March 15, 1967, held by the trustee and $400,000
SV2 c/( bank loun notes, due March 1. 1959, a part of which were held
.
4,000
-
McKelvy A Co
1964———
15,
Capital stock (par $1)
Co.,
Salomon Bros.
McLeod, Young, Weir, Inc.
1970.
and
Russ A
tion
5,000
8r.herck, Richter Co
Carl
by mortgages on real estate,
bearing interest at 41\ % payable
installments
1
-
4,000
:—
Rowles, Winston A Co
14,000
4,000
Miller,
A
McDonneA
Secured
in
Mellen
Rothschild
F.
L.
5,000
A
Instruments, Inc. is
cleaning equipment for
Vocaline
7.000
Renshaw
Rodman
,
.
Alcar
sonic
;
Win. C. Roney A Co
Rotan, Mosle A Co
—
-
McDonald. A
Outstanding
$1,377,500
Inc.
5,000
Inc.
President.
7,000
Co.—
4,000
Johnston, Lemon A Co.—
Edward D. Jones A Co,—
Inc.
A
of the outstanding stock of Alcar
company has acquired 50%
Instruments, Inc., of Little Ferry, N J., in exchange for 50,000 shares
of Vocaline stock, it was announced on Feb. 2
by Carroll T. Cooney, Jr.,
9,000
30,000
2,500
Robinson-Humphrey
Hie
Co.,
Corp.
This
7,000
Riter
A
Vocaline Co. of America, Inc.—Acquisition—
Co.,
A
5,000
5,000
Ingalls A Snyder
—
Dulle3 A Battles,
Joseph,
Pierce
Reynolds A Co
Rippel A Co.
14,000
—
Bond
9,000
5,000
5,000
Co., Inc
Rauschcr,
Offering—A sec¬
A
Reinholdt A Gardner——.
Janney,
their own.
original corporation, which commenced business in 1914, was
Connect to acquire patents to a thermal cracking process which repree'ented' a considerable advance in the methods of refining oil.
The
The
no
Share
-
Hughes
7,000
A
Inc.—— /
Co.
Indianapolis
"fcrust
corporate
Illinois
11,000
—
•Inc.
*
Auplegate
Humphrey ,Inc.
F. Hutton A Co
The
Society
BUSINESS—The
18,000
Labouisse,
Friedrichs A Co,
Hulme,
—'
Corp. of America—Secondary
ondary offering of 20,000 shares of conrmon stock (par
50 cents) was made on Jan. 22 by Blyth & Co., Inc., at
$18.75 per share, with a dealer's concession of 70 cents
per share.
The offering was completed.—V. 189, p. 91.
Co.,
A
Pressprich A Co.—
Raffensncrger,
7,000
:
Weeks
A
Weil,
Howard,
purchase
to
Fay
A
Hornblower
underwriters who offered publicly
£.900,000 shares of common stock (par $1) at $25 a share,
rrhis offering was oversubscribed and the books closed.
Shcnard
—
W.
Putnam A Co
7,000
A Co
Hogle
V Inc.
R.
2,500
7,000
-
of 256
group
A.
U.
Prescott,
7,000
Co
A Co
J.
Lynch,
Smith, Inc. on Feb. 5 headed a nation-
Fenner &
vide
5,000
Co., Inc.>
A
Bros.
Hirsch
Inc.—Stock Offered—Lehman
Universal Oil Processes,
-Smith,
Pitiield A Co., Inc.
2,500
A
Richards
Hill
Hincks
brothers,
W.
Vitro
9,000
11,000
—
Piper, Jaffrav A Hopwood
Hickey A Co
188, p. 2788.
mt the stock.—-V.
Hentz
H.
Shares.
.
18,000
Hemphill, Noyes A Co.—
Circular
,
Monday, February 9, 1959
..
.
(750)
p.
2418.
is
essential
*
'
to
*"
evaluation
an
"v
*
*
registration
of
their
would
provide
securities.—V.
186,
2
by
division,
national
steel
of a new division of this corporation was
announced
John L. McGara, President and Board Chairman.
The
Yuba Consolidated Erectors,- inc., will perform on &
basis all field erection work for Yuba Consolidated's heavy
addition
Feb.
new
fabricating divisions.—V. 188, p. 2788
'
*
Volume 189
•
■
,
*
Number 5819
:1
7
\
* •
"-
The Commercial and Financial Chronicle
.
**•
-
-»
i
.
""
* f
(
L'-J
J
JL
..
*
*
"■
*" -♦
—
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*
„•
'J V i,V'
,
'•
f
*«•'''
»
r.
^
"•
A
r
•'
'
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V'
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.
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vj
^
.
**
'«■
,
#
j
'' ?
»
'
-
.•
.
--ARIZONA
»
Maricopa
County
No. 202
;yj7, 7
$245,000
District
'
until
semi-annually from Dec.
1,
1, 1968 inclusive.
Principal and interest (J-D) pay¬
to
able
at
June
„
the
County
office.
Maricopa
■No. 80
Bond
l
"
"
Treasurer's
•
County School District
(Pj O. Phoenix^^Arix,
Offering
—
Rhea
60,000 334s. Due
1973
15,000 4s. Due
inclusive.
March 1 from
on
Los
Bond
v
bonds
offered
reation
and
Feb. 3
County, Calif.
$100,000 school awarded
2—v.
the
189, p.
parks
10:30
■
*.
-
to
East
awarded
to
the
Secu¬
offered
189, p. 527
—
were
syndicate headed by
a
Bankers
Blythe County Water District
(P. O. Blythe), Calif.
Chase
4,900,000 3y4s.
.
*
>
Due
on
6,300,000 3y2s. Due
on
March
from 1964 to 1970 inclusive.
Bond Offering—Robt. A. Brock-
.
meier, Secretary of Board of Di¬
rectors, will receive sealed "bids
a.m. .(MST)
on Feb. 19 .for the
until 7:30 pan. (PST) on Feb. 11
purchase of $235,600 school build¬
for the purchase of $110,000 gen¬
ing bonds. Dated March 1, 1959.
eral
obligation
improvement
Due semi-annually from June i,
bonds. Dated March 1, 1959. Due
1960 to June 1, 1964 inclusive.
March
$30,000
1
-
Among
those
Bankers Trust
associated
are:
\
,
'
Dated
_
'
$65,00(3^|dneral
obligation bonds offered Feb.- 2—
189,
v.
647—were awarded to
p.
Refsnes, Ely, Beck & Co.
5
CALIFORNIA
Antioch
•••■•a®
Unified School
Contra Costa
District,
County, Calif. -
Bond Sale—The
$1,000,000'"School
building bonds offered
189,
v.
a
527—were
p.
Feb.
3—
awarded
to
Crocker-
group composed of the
Anglo National Bank, San Fran¬
cisco, Salomon Bros. & Hufzler,
and First Western Bank & Trust
Co., San Francisco, at a price of
100.01, a net interest cost of about
3.79%, as follows:
$300,000
3*4s.
from
150,000
1960 to
3%s.
from
250,000
1966
1965
to
1968
Due
300,000 4s. Due
1
inclusive.
March
on
March
1
inclusive.
March 1 from
on
Sale—The
$610,000
27—v.
to
189,
the
391—were awarded
p.
California
Angeles, at
interest
Bank
cost
of
about
Los
of
price of 100.01,
a
a
3.78%,
net
as
follows:
Sale—The
Bond
offered
bonds
1960 to
on
Jan.
15 from
Jan. 15 from
1964 to 1984 inclusive.
Bond Sale—An issue of
bonds
$282,000
sold
was
to
the
American Trust
as
5s.
Company, of San
follows:
Due
on
Jan.
1
30,000 3%s. Due
on
from
Jan. 1 from
1969 to 1971 inclusive.
175,000
4s.
Due
on
Jan.
1
from
1972 to 1984 inclusive.
Dated
Jan.
and interest
1,
1959.
Principal
(J-J) payable at the
ity approved by Orrick, Dalhquist, Herrington & Sutcliffe, of
San
the
Bank
Unified
School
District,
Riverside County, Calif.
Bond
school
Feb. 2
Sale
building
—
v.
awarded to
the
—
a
The
bonds
$1,100,000
offered
189, p. 527 — were
,syndicate headed by
Security-First National Bank,
:
1959.
sealed
bids
Haberfelde
bonds.
Due
on
Dated
Feb.
(F-A)
20
Feb.
20,
from
1960
Principal
inclusive.
1979
to
receive
and
the
payable
at
County Treasurer's office.
Joint Union High School
District, Kings County, Calif.
Offering
received
until
Bids will
—
10
a.m.
(PST)
"
or
at any of the fiscal agen¬
County in New York
of the
Los
District (P. O. Los
Union
Kern
School
District,
County, Calif.
Sale—The
$65,000 school
building bonds ooffered Feb. 3—
v.
189, p. 391—were awarded to
the Security-First National Bank
of Los Angeles, as 3%s, at a price
of 100.01, a basis of about 3.87%.
Livermore Joint Union
High School
r(i.S.:Y:olo County, Calif.
bonds
391
—
Sale—The
offered
were
at
or
Jan.
27—v.
by the
to
189,
a
$36,000 5s. Due
March 1 from
bonds
'
last
$326,077.04
6.12%
month
was
.jfb
December 1957 whiea
over
$307,260.26..
#
awarded
the
to
Bank
In
December
traveled
a
314,780
vehicle
total of 16,006,160
mil&A
ings Association, San Francisco.
month
a
year ago.;
Since the opening of
COLORADO
the Turn¬
337,445,976 miles of travel
the Parkway have been regis¬
pike
Jefferson County School District
No. R-l (P. O. Lake wood), Colo.
Bond Sale—An issue of
$5,000,-
000
general, obligation bonds was
purchased recently via negotiated
sale
by
a
syndicate
John Nuveen &
Co.,
$525,000 3V2S. Due
1960
to
1965
headed
as
by
follows:
Sept. 1 from
on
3,500,000 4s. Due
to
1981
tered
10
on
by vehicles of all types wiife
fatalities. This gives the Sun¬
shine
State
Sept. 1 from
inclusive.
Parkway
fatality
a
rate of 2.9 per
100,000,000 vehiclxi
miles compared to 5.9
on fre«*
roads throughout the nation.
Lakeland.
inclusive.
to 196*8 inclusive.
1969
on
Sept. 1 from
on
1964
975,000 3%s. Due
.
Dated March
Bond
Clerk
sealed
Feb.
9
Shuman^
Comptroller, will receipt
bids until 2 p.m. (EST)
for the purchase of $450,-
-
utilities
000
Fla.
Offering—L. R.
Oak
Feb.
offered
3—v.
awarded
Bank
to
Hill
189,
the
Trust
&
and
School
Grove
Clara
p.
Denver.
Other
cate:
Richards
&
District,
Santa
as
5s.
1966 to
194,000 4s.
1978 to
sold
was
to
the
desta & Co.
follows:
Due
on
Jan.
1
from
1977 inclusive.
Due
on
Jan.
1
from
1984 inclusive.
1, 1959.
Principal
(J-J) payable at the
County Treasurer's office. Legal¬
Jan.
ity approved by
quist, Herrington
Orrick, DahlSutcliffe, of
Francisco.
Scandinavian School District,
.
•'
-
CONNECTICUT
East
tax
revenue
bonds.
Fresno
County, Calif.
—
J. L. Brown,
Bond Offering
Dated April 1,
1958. Due on Oct.
1, 1979 and 1980.
Principal-'aifeR
$280,000 school
3—v. 189, p.
643
were
awarded
to Tucker,
Anthony & R. L. Day, as 3.60s, at
a price of
100.48, a basis of about
offered
Feb.
—
anticipation notes
Waterbury,
1.70%
at
State
water
Feb.
5—i-
528—were awarded
a group composed of Kidder, Peabody & Co., F. S. Moseley & Co.*
J. C. Bradford & Co., W. H. Mor¬
ton & Co., Inc., New York Hanseatic Corp., Shelby Cullom Davf^
v.
189,
p.
McDonnell & Co., Rand Sjt
Interstate Securities Corp.*
Oscar E.
Dooly & Co., at a price of par*
a net interest cost of about 3.83%*
Co.,
Crummer Co., Inc., and
as
follows:
$155,000 4V2s. Due on Sept. 1 from.
1964 inclusive.
on
Sept. 1 from
$500,000
sold to
445,000 4s. Due on Sept. 1 front
Bank, of
discount.
205,000 3.90s. Due on Sept. 1 from
was
Turnpike
1968 to
1977
2,085,000
from
Authority
(P. O. Fort Lauderdale), Fla.
Debt Payment —
The
offered
bonds
revenue
1965 to 1967 inclusive.'
the Connecticut National
Florida
Bond Sale—The $3,000,000
110,000 4j/4S. Due
Waterbury, Conn.
Note Sale—An issue of
&•
1
Tampa, Fla.
1
1960 to
3.54%.
tax
Caldwell, Marshall, Trimble
Mitchell, of New York City.
& Co.,
Granby, Conn.
Accelerated
interest
~
syndi¬
Coughlin
$4.94,000
1960 to 1965 inclusive.
San
the
Co.,
FLORIDA
235,000 3%s. Due on Jan. 1 from
Dated
of
&
& Co., Inc., Kirchner, Ormsbee &
Wiesner, Inc., Bosworth, Sullivan
&
Co., Inc., Peters, Writer &
Christensen, Inc., Commerce Trust
Co.,
of
Kansas
City,
GarrettBromfield & Co., J. K. Mullen In¬
vestment Co., and Cruttenden, Po-
County, Calif.
bonds
Francisco,
and
members
Boettcher
San
American Trust Company, of San
$65,000
callable
are
First
Co.,
Bond Sale—An issue of
school
1, 1959. Bonds due
of Sept. 1, 1969. Interest M-S. interest
(A-O) payable at tlft*Legality
approved
by Dawson, Chase
Manhattan
Bank,
Nev#
Nagel, Sherman & Howard, of York City. Legality approved by
and
Co., jointly, as 3-%s, at a price of
101.44, a basis of about 3.58%.
ore
1967 to 1971inclusiv<*. *
gained
$414,853.00, Mr. Manuel said.
Bond Sale—The
195—were
Western
March 1, 1966*
30,000 3 Vzs. Due orr March 1 from
v-
Toll
revenues
6.42%. Net revenue-«fi
ago.
year
compared to 297,730 vehicles
mileage of 14,759,056 for the samo
bonds
Bank of America
on
City
City School District, Los
Angeles County, Calif.
Bond Sale—The $125,000 school
p.
1960 to 1965 inclusive.
.
6,009 4s. Due
New York
Monrovia
group
Trust & Savings Asso¬
ciation, of San Francisco, at a
price of 100.04, a net interest cost
of about 3.84%, as follows:
operhj
of America National Trust & Sav¬
of the County's fiscal
any
Chicago.
$147,000 school
awarded
648—were
cipal and interest (M-S) payable
the County Treasurer's office,
District, Alameda County, Calif.
Bond
from
only showed an increase-o#
8.34% over the same monthJfL
amounted to
Bond Sale—The $430,000 school
offered Feb. 2—v. 189, p.
at
Francisco,
Kernville
from
income
December
tions
as
be
sive.
1
$245,264.92 over the 1957 figure;
$2,310,278.24. The 1958 net
$2,555,543.16.
Jan.
office,
cies
on
Feb. 18 for the purchase of $1,200,000 school building bonds. Due
serially from 1960 to 1978 inclu¬
Jan.
on
in 1970 and thereafter
agencies in
Han ford
from
bonds
inclusive.
from 1960 to 1989 inclusive. Prin¬
will
1
inclusive.
Principal and interest (J-D) pay¬
able at the
County Treasurer's
"
of Los Angeles, as;follows:
1970
to
crossing
that the Com¬
announces
National
Corona
1966
City or Chicago.
Offering—Secretary Hazel
402
headed
Francisco.
Los
Building, Ba¬
kersfield, until 5 p.m. (PST) on
Feb. 17 for the purchase of $1,250,000 general obligation grade
County Treasurer's office. Legal•
Bank
Angeles County Flood Control
Angeles), Calif.
Bond Offering—Harold J. Ostly,
County Clerk, will receive sealed
bids at his office in Los Angeles,
until 9 a.m. (PST) on Feb. 17 for
the purchase of $10,000,000 flood
control improvement bonds. Dated
March 1, 1959.
Due on March 1
Bond
on Jan. 1
1966 to 1968 inclusive.
_•
to
p.
Separation of
Grade District, Kern County, Calif.
from
1960 to 1965 inclusive.
<30,000 4s. Due
•
awarded
189,
Bakersfield
Greater
Bond
$47,000
4—v.
ings Association, San Francisco.
on
Cambrian School District, Santa
Clara County, Calif.
"Francisco,
Feb.
1963 inclusive.
510,000 3%s. Due
school
$21,000 school
of America National Trust & Sav¬
interest
$100,000 5s. Due
National
from
.
from
of
W.
R.
Angeles County (P. O.
Los Angeles), Calif.
Bond Offering—Harold J. Ostly,
County Clerk, will receive sealed
bids until 9 a.m. (PST) on Feb.
10 for the purchase of $3,546,000
cisco.
juvenile detention facilities bonds.
Florin School District, Sacramento
Dated June 1, 1957. Due on June
County, Calif.
1
at
eral obligation bonds offered Jan.
First
R. B. James,
—
1960 to 1984 in¬
mission
gen¬
Mercantile Trust
Principal
and
interest
(M-S)
payable at the County
Treasurer's office.
Legality ap¬
proved by Orrick, Dahlqiust, Her¬
rington & Sutcliffe, of San Fran¬
Nichols
District, Orange
County, Calif.:.
Bond
i
Diego County, Calif.
Offering
Bond
School
Brea
Co., Incorporated; Drexel & Co.;
clusive.
1974 to 1979 inclusive.
'
Union School District,
Company; The
of Oregon;
Pressprich & Co.; The
County Clerk, will receive sealed
Philadelphia National Bank;
bids at his office in San Diego,
Equitable Securities Corporation;
until 10:30 a.m. (PST) on Feb. 17
Hornblower
&
Weeks; ; Paine,
for the purchase of $136,000 school
Webber, Jackson & Curtis; Stone
bonds. Dated March 15, 1959. Due
& Webster Securities Corporation.
on March 15 from
Scut
Bond
527—were
1
inclusive.
on
to 1973
1969
March
on
Due
3%s.
from
.
Due
Encinitaa
-
-
and interest
^
■Bond Sale—The
income
Au¬
the:
-
•
-,
1, 1959. Principal
Income from operations only ft*
(J-J) payable at the
December was the second highes*
County Treasurer's office. Legal¬
monthly total since the Turnpike
ity approved by Orrick, Dahlbegan operations Jan 26, 1957..
quist, Herrington & Sutcliffe, of
The- December figure of $403,San Francisco.
414.08 was exceeded only by thgi
Washington Unified Sch. District, total of March 1958 which wjEfc*
with
; :
;
Jan.
on
1965
1966 to 1984 inclusive.
Company and The
.
Due
to
145,000 4s. Due
?
1
Chase Manhattan Bank in the of¬
fering
5s.
'1960
■
from 1971 to 1979 inclusive.
on March 1 from 1960 to 1984 in¬
Guaranty Trust Company of
Principal and interest (J-D) pay¬
clusive.
Principal
and " 'interest
able at the County ^Treasurer's
(M-S) * payable at the^f County
office.. :
.
;
Treasurer's office.
Legality ap¬
Pinal County School District No. 20 proved by O'Melveny & Myers, Inc.; Harriman Ripley &
Co., Inc.;
of Los Angeles.
(P. O.Florence);Arix.~
Lazard Freres & Co.; Weeden &
t
on
Trust
Manhattan
from 1960 to 1963 inclusive,
..
i
Total
1
*
operations*
only for the nine months whic**
dnded Dec. 31;, was $3;258;82M#
1959. Due on March 1 from. 1960 compared • to - the • 1957 - total
to 1984 inclusive.
Principal and $2,921,374.45^ Mr. Manuel said.
;
interest
Net
revenues
for
the
nin<.%
(M-S) : payable at the
County Treasurer's office..
months in 1958 were up 10.62% or
Feb. 17 for
purchase ; of $79,900 school
building bonds.: Dated; March 1,
am
Union School District, Santa
Co., and the
;•
Clara County, Calif, t
Bank, both of
:
rity-First National Bank of Los New York City, at a price of
Bond Sale—An issue of $175,000
Angeles, and R. H. Moulton & Co., .100.106, a net interest cost of about school bonds was sold to the
jointly, as 4%s, at a price of 3.47%, as follows:
American Trust Company, of San
100.61, a basis of about 4.18%.
$2,800,000 4y2s. Due on March 1 Francisco, as follows:
647—were
vt-
.
the
.
Calif.
bonds
(PST)
;
J
Chairman of
Vj • •
-
Manuel,
thority. •
'J>*
<
v.
—
Feb.
^
Sale—The $14,000,000 rec¬
Bond Sale—The
Averill,
Clerk of the Board of Supervisors,
will receive sealed bids until 10
Bernardino
.
Angeles,
1/ * tJ
from} County Clerk, will receive sealed
I bids at his office in Fresna until
March 1 from
on
1982 to 1984 inclusive.
-
1984 inclusive.
to
March 1
on
1972 to 1981 inclusive.
:
1
Daggett School District, San
-
(MST) on Feb. 19 for the
purchase of $285,000 school build¬
ing bonds.: Dated March 1, 1959.
1964
1
March
on
10
a-m.
Due
to
495,000 4s. Due
1974
March
on
Due
from-1966
Bond Offering- — Rhea Averill,
Clerk of the Board of
Supervisors,
sealed bids
Due
1960 to 1965 inclusive.
360,000 3 34s.
(P. O. Phoenix ),Ari%.
will* receive
43/4S.
from
School
i
W
V.
«
-
t>
BOND PROPOSALS AND NEGOTIATIONS
4
J#
'
-
:T.t
/'
.4
*
.m4*
«i
«•*''•
«t-n
r
,
i*
*
*'
to
1976 inclusive.
1979
3.80s.
1980
to
inclusive.
Due
1986
on Sept. 1
inclusive.
ILLINOIS
Chicago,
III.
has
$120 Million Airport Financing
retired $4,923,000 of its original Imminent—A nation-wide syndi¬
issue of $74,000,000 revenue bonds, cate headed by Glore, Forgan &
leaving
$69,077,000
outstanding. Co., A. C. Aliyn & Co., Inc., HalThis is three years ahead of the sey, Stuart & Co. Inc., Harriman
amortization
schedule
estimated Ripley &
Co., Inc., and StifeL
by consulting engineers. In addi¬ Nicolaus & Co., is scheduled to
tion the Turnpike Authority has make public offering on or about
approximately
$9,000,000
in its Feb. 17 of an issue of $120,000,00®
Turnpike
Authority
revenue bonds, proceeds of which
funds.
operations of the will be used in the construction
Sunshine State Parkway for the of the Chicago-O'Hare
Internarfirst nine months of the fiscal tional Airport.
The bonds' ntfOR*
year* which began April 1 showed mature in 1999. The airport-wilA.
be the largest in the country^aM#
an increase of 11.55% according to
a
report Teleased 'by Thomas B. will be fully equipped to handle *
various
reserve
Income
from
The Commercial and
*2
the
jet
Finandal Chronicle
.
Monday, February 9, 1959
.
.
(752)
senger
County School District
15 (P. O. Lombard), III.
DuPage
National
Illinois
Bank
Funds
&
on
&
building bonds offered Jan.
from
$34,000, 4s. Due on Jan. X
1962 to
1 from
Due on Jan.
4s.
45,000
Madison County
District
School
(3) Revenues from tolls on the
bonds as 21/2s, at
price of 100.45, a basis of Lake Pontchartrain Causeway
about 2.32%. Due on Nov. 1 plus the annual allocation from
from 1959 to 196*3 inclusive. State Highway Fund No. 2 ex¬
ceeded
expenditures,
including
Cerro
Gordo County (P.
O.
operating expenses, interest ex¬
Mason City), Iowa
648—were awarded to a
composed of John Nuveen
p.
group
Offering—Ethel Ridgway,
Bond
pense,
Reinholdt & Gardner, and County Treasurer, will receive
McDougal & Condon, at a price sealed bids until 2 p.m. (CST)
ef 100.004, a net interest cost of on Feb. 9 for the purchase of
about 3.87%, as follows:
$750,000 court house bonds. Dated
& Co.;
$340,000 4s.
on
15
Dec.
3%s. Due on Dec. 15
from 1973 to 1976 inclusive.
200,000
.*•
Stockton, III.
Sale
Bond
—
Bonds
totaling
were
sold to Barcus,
Kindred & Co., as follows:
$470,000
$150,000 sewer bonds, for $30,000
3Y4S, due on Jan. 1 from 1960
to 1965 inclusive; $50,000 3^s,
due on Jan. 1 from 1966 to
inclusive;
1971
320,000 waterworks
and sewer¬
bonds, for $41,43/4s, due on May 1 from
1959 to 1968 inclusive; $171,000 4y2s, due on May 1 from
age
revenue
000
1969
inclusive;
1990
to
to
Fort
Dodge, Iowa
and Union Trust & Savings Bank,
all
Dodge, as 2^s, at a
100.36, a basis of about
Fort
of
price
of
1.58%.
Rural Community
Marion
School District, Iowa
Bond Sale—An issue of
1959. Due
Dec.
on
inclusive.
1978
1 from 1961 to
Legality approved
by Chapman & Cutler, of Chicago.
Missouri
and
Waukegan,
Bond
Offering
III.
•
_
Howard
—
and
Feb.
offered
A.
180,000 waterworks and sewerage
revenue bonds. Dated Feb. 1,1959.
Due on May 1 from 1960 to 1989
inclusive. Bonds due in 1969 and
thereafter are callable as of May
1, 1968.
Principal and interest
(M-N) payable at a bank in Chi¬
cago, mutually agreed upon by the
purchaser and the City. Legality
approved by Chapman & Cutler,
«f Chicago.
3—v.
awarded
648—were
Guthrie, City Clerk, will receive
sealed bids until 8 p.m. (CST) on
March 2 for the purchase of $1,-
street
construction
$58,000
improvement
1998 inclusive.
Iowa
Valley,
Sale—The
Bond
bonds
1991 to
$234,000
building bonds was sold to Becker
& Cownie, Inc., and Carleton D.
Beh Co., jointly. Dated Feb.
1,
189, p.
follows:
as
construction bonds
D. Beh Co., as
2.70s, at a price of 100.02.
25,000 street improvement bonds
to Dean Witter & Co., as 4s.
$33,000 street
Carleton
to
Red
Oak
Independent School
District, la.'
Bond Sale—The
$238,000 build¬
ing bonds offered Jan. 29—v. 189,
392—were awarded to a group
composed of the Houghton State
p.
Bank,
of
Oak,
Red
National
Moines
Iowa
Bank,
-
Des
of
Des
Moines, and White - Phillips Co.,
Inc., as 3s, 3.10s and 3V4S, at a
INDIANA
price of 100.10.
Highland, Ind.
Bond
Offering
—
Irene
(CST) on Feb. 10 for the
purchase of $40,000 fire equip¬
ment and building bonds.
Dated
a.m.
1959. Due Semi-annually
from July 14 1960 to July 1, 1964
inclusive.
Legality approved by
Chapman & Cutler, of Chicago.
Feb.
1,
IOWA
Bond Sale—The
Henderson
County (P. O. Henderson), Ky.
Bond
son,
Offering—Glenn A.
composed of Halsey, Stuart
Inc.; John Nuveen & Co.,
Hornblower & Weeks, and Becker
& Cownie, Inc., as follows:
group
& Co.
:
.
.
a
on
Nov.
1
from
1968
1970 inclusive.
!
;
Commission
(P.
O.
Metairie,
Financial
fiscal
year
Expressway
Box 9203),
La.
Report Issued—A re¬
Commission
ended
Oct.
for
to
Certain
report
facts
which
the
31,
contained
in
the
point to the satis¬
150,000 street bonds at a price of factory financial position of the
100.05, a net interest cost of Expressway and the excellent
about 2.68%, as follows: $60,- public
acceptance of the Lake
000 234s, due on Nov. 1 from Pontchartrain
Causeway,
major
1959 to 1962 inclusive; $30,- revenue source for the
Express¬
000 2%s, due on Nov. 1, 1963
way, are set forth as follows:
and 1964;
and $60,000 234S,
(1) The Sinking Fund as of
due on Nov. 1 from 1965 to Oct. 31, 1958 amounted to $3,724,1968 inclusive.
723.59 consisting of $918,048.89 in
Additional
Sale—The S650.000 the Bond Principal and Interest
re—
sealed
000
(CST)
p.m.
on
improvement
public
Dated
1 from
bonds.
April 1, 1959. Due on April
1961 to 1979 inclusive. In¬
terest A-O.
leans.
Legality approved by
-
bonds at a cost of
Keedysville, Md.
water
bonds offered Jan. 29—
392—were awarded to
a
group composed of the Mer¬
cantile-Safe Deposit & Trust Co.,
system
189,
v.
the
toward
the
redemption
$21,620,000 outstanding
Bridge
Authority
River
making
bonds,
Mystic
2%%-'
payments; to - the
Massachusetts
of
Commonwealth
acquisition of Logan In-}
temational Airport and Hanscom*
for
the
^
p.
and
properties
airport
Sale—The $135,000
Bond
Authority:
of all of,
Massachusetts Port
Field, paying for estimated costs;
of improvements planned for the
V
MARYLAND,/.
Net proceeds from the sale of
the bonds 'will be applied by the
hangars,
improvements of the Port!
and for
of Boston facilities.
-
> The bonds may
whole
at
be redeemed inoptional -redemption
^
,
•
.
-
(State of)
Sale
Bond
—
The $20,000,000
hattan
Union
Bank,
Trust
offered
Feb.
$4,814,000 4s. Due on Feb. 1 from
1960
to
7,124,000
4017 Hamilton
1966 inclusive.
3.40s.
Due
on
Street, Hyattsville),
Maryland
Feb.
1
Bond
Offering
—
Treasurer
of
Suburban. ..Sanitary
Commission James J. Lynch an¬
nounces
that sealed bids will be
Washington
Gold¬
Fenn
1
White, Weld & Co.; C. J. Devine
&
Co.;
Hornblower & Weeks;
Paine, Webber, Jackson & Curtis;
New York
City; & Co.; Glore, Forgan & Co.;
Co.
of Maryland,; man, Sachs & Co.; Phelps,
& Co.;
• ;
• "v, :
4—
Baltimore;
or
at
the Farmers'
v. 189, p. 528—were awarded to a
Banking & Trust Co. of Mont¬
syndicate headed by the First Na¬
tional City Bank of New York, gomery County, Rockville. Legal¬
and Halsey, Stuart & Co. Inc., at ity approved by Clark, Smith &
Prendergast, of Baltimore.
a
price of 100.05, a net interest
cost of about 3.50%, as follows:
Prince George's County (P. O.
highway bonds
.
R.
W. Pressprich
&
Bros.
& Co.: Salomon
Hutzler; John Nuveen &
Co.; B. J. Van Ingen & Co., Inc.;
A.
C. Allyn and Company, Inc.;
Bear,
Stearns & Co.;
Blair & Co.
Incorporated; Ales;.
Coffin & Burr,
Estabrook & Co*;
Equitable Securities Corporation;
Participating in the offering are: received until 11 a.m. (EST) on
Chemical Corn Exchange Bank; Feb.-12 for the purchase of $768,- Hayden, Stone & Co.-; Hemphill,
Noyes & Co.; Lee Hlgginson Cor¬
The
Northern
Trust
Company; 000 bonds, as follows:
...
poration; Reynolds & Co.; Shields
Harris Trust and Savings Bank;
$146,000 Prince George's Comity, & Company; Stone & Webster
Kidder, Peabody & Co.; White,
Anacostia River Flood Con¬
Securities Corporation;
Weld
&
Co.;
Eastman
Dillon,
trol
bonds. Due on Feb.
1
Tripp & Co., Inc.; Bache & Co.;
Union Securities & Co.; Blair &
from 1961 to 1984 inclusive.
Co. Incorporated; B. J. Van Ingen
Bacon, Stevenson & Co.; A. G.
422,000
Washington- Suburban
Becker. &
Co., Incorporated; J.
& Co. Inc.; Carl M. Loeb, Rhoades
Sanitary
Commission, Ana¬
& Co.; The First National Bank
costia
River
Flood
Control C. Bradford & Co.; Clark, Dodge
& Co.; R. S. Dickson & Co., Inc*;
of Memphis;
bonds. Due 011 Feb.
1 from
Dominick & Dominick; First of
1961 to 1984 inclusive.
Barrow, Leary & Co.; The Ma¬
Michigan Corporation; Gregory &
rine Trust Company of Western
200,000 The Maryland-National
New York;
Capital Park and Planning Sons; Ira Haupt & Co.; W. E. HutHemphill, Noyes &
8,062,000
port of the Greater New Orleans
Expressway
3:30
until
bids
from 1967 to 1974 inclusive.
about
due
r
a.m.
1958,
2.77%, as follows: $40,- prepared by Barton, Pilie, Hughes
& Jones, certified public account¬
000 3s, due on Nov. 1, 1959
and 1960; $155,000 2%s, due ants of New Orleans, La., is being
on Nov.
1 from 1961 to 1967 distributed by Authority Chair¬
inclusive; and $65,000 2.80s, man John J, Holtgreve.
of par,
•
bonds at a price
net interest cost of
sewer
Orleans
managers
making a total
prices ranging from 104% to par,*
$592,000 in bonds retired. An Baltimore, Baker, Watts & Co.,
and in part through the sinking,
average
of 93.43 was paid ; for and Stein Bros. & Boyce, at a
fund,,at redemption prices reced¬
bonds purchased through tenders
price of par, a net interest cost ing from 103% to par, plus ac¬
and in the open market.
of about 4.64%, as follows::
crued interest in each case.
The number of vehicles using,
In the opinion of counsel, in¬
the Expressway increased stead¬ $82,000 4V2s. Due on Jan. 1 from
1963 to 1980 inclusive. ?
terest
on
the bonds is exempt
ily during the year. Revenue from
53,000 4%s. Due on Jan. 1 from from all present Federal income
tolls
for
fiscal
1958 was
6.4%
1981 to 1989 inclusive.
:- ^
taxes from
taxation within the
greater than for 1957. Commercial
Commonwealth of Massachusetts.
traffic continues to rise, while au¬
Montgomery County (P. O..?-"The
Massachusetts
Port; Au¬
tomobile traffic continues to ex¬
Rockville), Md.
ceed original estimates that were
Bond Offering—Alex K. Han¬ thority is a public instrumentality
made by nationally-known traffic cock, Director of Finance, will re¬ of the Commonwealth of Massa-.
ceive sealed
bids until II a.m. chusetts- created by Chapter 465
engineers.
of the Massachusetts Acts of 1936
(EST) on Feb. 17 for the purchase
Gretna, La.
as
amended by Chapter 599 of
of
$9,540,000 general obligation
Bond Sale—The $300,000 Natathe Acts of
1958.
The primary
bonds, as follows:
torium
bonds
offered Feb.
2—
purposes
of the Authority are;
v.
$2,000,000 school bonds. Due on to
189, pTT96—were awarded to
assume
and
coordinate the'
March 1 from .1960 to 1984
a group composed of White, Hatcontrol* and management of the
inclusive.
tier &
Sanford, Merrill Lynch,
facilities " now
separately
con-,
6,960,000 ' general • improvement
Pierce, Fenner & Smith, and Nustrolled
and
managed
by
the'
bonds. Due on March 1 from
loch, Baudean & Co.
Mystic River Bridge Authority,1960 to 1984 inclusive.
the
State
Airport
ManagementLaFourche Parish (P. O.
300,000 Silver Spring Parking
Board and Port of Boston Com¬
Thibodaux), La.
Lot District bonds.
Due on
mission and to improve and de¬
Bond Offering—G. G. Zimmer¬
March 1 from I960 to 1989
velop these facilities in the Boston
man,
Secretary
of
the Parish 77.
inclusive,
.■•..".7y
■.■■■
Metropolitan area which it may
Police Jury, will receive sealed
250,000
Bethesda Parking Lot in
the future be
authorized to
bids until 10 a.m. (CST) on March
District bonds. Due on March
acquire or construct.
11 for the purchase of $1,000,000
1 from 1960 to 1989 inclusive.
Other members of the under¬
public improvement bonds. Dated
30,000 Montgomery Hills Park¬
April 1, 1959. Due on Feb. 1 from
ing Lot District bonds. Due writing syndicate include:
1960 to 1979 inclusive. Callable as
on March 1 from 1960 to 1989
The First Boston Corp.; Blyth
of Feb. 1, 1974. Interest F-A. Le¬
inclusive.
&
Co., Inc.; Lehman
Brothers;
gality approved by Foley, Cox &
All of the bonds are dated Mar. Kuhn, Loeb & Co.; Kidder, PeaJudell, of New Orleans.
body & Co.; F. S. Moseley & Co.;
1,
1959. Principal and interest
Eastman Dillon, Union Securities
Louisiana
(M-S) payable at the Chase Man¬
LOUISIANA
New
The
of
Grafton
Greater
by
S.
receive
will
missioners,
$150,000 in bonds at a
additional
Inc.
Co.
Smith,
Stuart
ported "that all the bonds were'
*'.;
quickly sold out of the account;
Dubois, and the subscription books closed. :
Board of Com¬
of the
Secretary
cost of $140,510.00,
of Feb.
$410,000 sewer
Louisiana
Offering—A.
Bond
$412,598.15. Two bonds have been
retired at par value as set out
in
the Official Statement's re¬
tirement schedule. As of this date,
the
Trustee
has
purchased
an
1, 1964. Interest
Legality approved by Wyatt,
& Grafton, of Louisville.
as
revenue
Harriman
Ripley & Co., Incorporated;
Barney & Co. and Halsey,
&
Gregg
Foley, Cox & Judell, of New Or¬
Wil¬
11
■
market a total of $440,000
in Greater New Orleans Express¬
Dated Feb. 1, 1959. Due on Feb. 1
from 1960 to 1979 inclusive. Call¬
F-A.
189, p. 528—were awarded to a
$260,000
until
Parish, Prairie
Vermilion
by
jointly " managed
Kansas
.;'''r.W;.
Drainage District (P. O*' Erath),
open
(CST) on Feb. 9 for the purchase
of $720,000 school building bonds.
and street bonds offered Feb. 3—
v.
bids
sealed
-
price of 100% and accrued inter-;
est,,was made Feb. 3 by an under¬
writing syndicate of 220 members,
March 2 for the purchase of $95,-
County Court Clerk, will re¬
ceive
able
Ames, Iowa
■
KENTUCKY
F.
Ketchum, Town Clerk-Treasurer,
will receive sealed bids until 10
and bond redemption,
of $71,750,000 4%-% revenue
bonds
(series A), dated Feb.. 1,
1959 and due Oct. 1, 1998, at a
$180,250.37.
(4) During the fiscal year, the
Trustee, The National Bank of
Commerce in New Orleans, pur¬
chased through tenders and in the
way
street
improvement bonds offered Feb.
3—v. 189, p. 648—were awarded
to
a
group
composed of Fort
Dodge National Bank; State Bank;
$108,000 4%s, due on May 1
from
1
Sale—The $116,000
Bond
$70,000
and
3%s, due on Jan. 1 from 1972
to 1978 inclusive.
Due on Nov.
1969 inclusive.
1959V
1,
1960
from
1972 inclusive.
to
1970
from
r
Due
3%s.
130,000
.
March
Due on Dec. 15 from
1959 to 1969 inclusive.
Company,
Trust
Marketed—Public offer¬
Bonds
Co.; R. D: White
Bramhall, FaliOii &
City, Mo.
y
ing
&
Company;
Authority,
Massachusetts
Company; New
Hanseatic Corporation;
merce
$4,343,-
025.15.
a
building bonds offered Feb. 3—v.
Massachusetts Port
'
Co., Inc.; Mercantile-Safe Deposit
and Trust
Company, Baltimore;
Interstate Securities Corporation;
Weil Investment Company; Com¬
50,000 airport
Community Unit
No. 1 (P. O.
Bond Sale—The
189,
Total reserves amount to
inclusive.
to 1972
Roxana), III.
$670,000 school
r
&
_
MASSACHUSETTS
'v
Kohlmeyer
count, $210,000 in the Reserve
3s, due on Nov. 1 from 1967
1972 to 1977 inclusive.
of Baltimore.
Ladd Dinkin &
for Maintenance ac¬
Reserve
Niles, Barton, Yost & Darikmeyer,
Co.;
York
for
$80,000 2%s. due on Nov. 1, Operating Expenses account, and
1965 and 1966; and $290,000 $88,045.52 in the Revenue Fund.
1 from
15,000 3%s. Due on Jan.
1969 to 1971 inclusive.
the
$230,000 2V2S, due on Nov. 1
from 1959 to 1964 inclusive;
1968 inclusive.
Hyattsville. Legality approved by
Company Incorpo¬
National
Bank &
Trust Co., Kansas City, Mo.; King,
Quirk & Co. Incorporated; Robert
Winthrop & Co.; Spencer Trask
school
Sale—The $94,000
Incorporated; Geo.
&
City
rated;
Oct. 31, 1958, have
Trust Co., Chicago; Merrill Lynch, Account, at
Pierce, Fenner & Smith, and Far- been invested by the Trustee in
29— well, Chapman & Co., Inc., as fol¬ U. S. Government securities.
v.
189, p. 392—were awarded to lows:
(2) In addition to the Sinking
Harry J. Wilson & Co., at a price
$600,000 hospital bonds at a price Fund, a total of $618,301.56 is held
of par, a net interest cost of about
of 100.03, a net interest cost in three other reserve accounts.
3.96%, as follows:
of about 2.88%, as follows: Of this amount, $320,256.04 is in
No.
Bond
Co.
&
Gibbons
B.
Redemption Account.
hand in the Reserve
Bond
the
Conti¬
the
of
composed
group
nental
Morton
Account, $2,403,568.86 in the Re¬
serve Account, and $403,105.84 in
hospital and airport bonds offered
the same day were awarded to a
and other types of pas¬
aircraft.
3V2s.
Due
on
Feb. 1
from 1975 to 1981 inclusive.
Brown
&
Sons;
Incorporated;
ton
&
Co.;
7
*
Commission, Anacostia River
Moseley & Co.; F. S.
Carl M. Loeb, Rhoades & Co.;
Flood Control bonds.
Due on
Co.; Braun, Bosworth
W.
H.
Morton &
Co., Incorpo¬
Feb. 1 from 1961 to 1984 in¬
&
Co.
Incorporated;
First
of
clusive.
v
1 rated; L. F. Rothschild & Co.;
Michigan Corporation; Estabrook
& Co.; Shearson, Hammill & Co.;
Dated Feb. 1, 1959... Principal Schoellkopf, Hutton & Pomeroy,
A. G. Becker & Co. Incorporated; and interest
(F-A) payable at the Inc.; Townsend, Dabney & Tyr
Roosevelt & Cross Incorporated; Equitable Trust Co., of Baltimore, son; Tucker, Anthony & R. .L.
Wood, Struthers & Co.; W. H. or at the Suburban J^PUst Co., in Day; Weed en & Co.; Wertheim &
Co.;
F.
S.
Smithers &
.
•
.
Volume
189
Number 5819
.
I
—.
Dean
Co.;
Witter
Struthers &
.
.
The Commercial and Financial Chronicle
—
f—■——
&
Wood,
Co.;
Co.;
/Adams, McEntee .& Co., Inc;;
Securities Corporation;
Barr; Brothers & Co.:
William
Blair & Company; Dick & MerleSmith; Eldreage & Co., Inc.'; Fitzpatrick, Sullivan & Co.; Geo. B.
:
1
purchase of $250,000 tax anticipa¬
tion notes.
Dated Feb. 15, 1959.
Due on Oct. 15; 1959.
ft
American
•
Edmore
V
t
^
,
^
$175,000 general obligation school
building
r?'-' Michigan,,
■<
bonds.
1959. Due
*'
Dated
Feb.
on
Feb.
1 from
1,
1961
to
inclusive. Legality approved
by Dorsey, Owen, Barker, Scott
& Barber, of Minneapolis.
1969
Community School District,
.
(753)
,
Bond Offering—Lloyd Mattson,
Secretary of Board of Education,
wiir, receive sealed bids until 8
Lanesboro
Independent School
j
District No. 229, Minn.
Company, i Incorpo-.
p.m.
(EST) on Feb. 19 for. the
Bond Offering—Catherine Sears,
rated; Hallgarten & Co.; Harkness
purchase of $480,000 school build¬
District Clerk, will receive sealed
&
Hill, Incorporated; * Hirsch &
ing bonds. Dated March 1, 1959.
bids until 8 p.m.- (CST) on Feb.
Co.; E. F. Hutton & Company; -; Due on
July' 1 from 1961 to 1986
13 for the purchase of $650,000
-The Illinois Company,- Incorpo¬
inclusive.
Principal and interest
general obligation school building
rated;- Kean Taylor & Co.; New
(J-J) payable at a bank or trust
bonds. Dated March 1, 1959.
York Hanseatic Corporation; Wm.
Due
company designated by the pur¬
on March 1 from 1962 to 1989 in¬
E: Pollock & Co.,.Inc.; Roosevelt
chaser.
Legality
approved
by
&:
clusive.
Callable as of March 1,
Cross,
Incorporated;
Stern Miller, Canfield, Paddock &
Stone,
1972.
Brothers & Co.; Stifel, Nicolaus
Legality approved by Dor¬
of Detroit.
V
& Co., Inc.; Stroud & Company,
sey, Owen, Scott, Barber & MarIncorporated; Spencer Trask & Madison. Heights and Troy, Lam- quart, of Minneapolis.
phere Public Schools District
Co.; G. H. Walker & Co.; Wood,
Minneapolis, Minn.
(P. O. 621 East Katherine
Gundy & Co., Inc.
-
Gibbons
&
:
..
,,
*
Bay St. Louis Separate Sch. Dist. bonds. Dated June 1, 1957. Duel
on Dec.
1 from 1959 to 1977 in¬
Mississippi
Bond Offering—J. Cyril Glover, clusive.
Principal
and
interest
City Clerk, will receive sealed (J-J)
payable
at
the
Camden
bids until 11 a.hi. (CST) on Feb. Trust Co., Camden.
Legality ap^
11 for the
purchase of $185,000 proved by Hawkins, Delafield &
school bonds.
Wood, of New York City.
„
BiloxiMunicipal Separate School
District, Miss.
Offering—Roy L.
Bond
City
Clerk,
will
New
Jersey Turnpike Authority
(P. O. New Brunswick), N.J,
Elder,
sealed
receive
St., Madison Heights), Mich.
Bond Offering
Massachusetts..
i-
of
bonds
as
school
ments
1959.
bonds.
Due
1984
to
Dated
March
on
inclusive.
1
March
from
1,
1960
Principal and
interest payable at a banking in¬
stitution designated by the suc¬
cessful
bidder. Legality approved
net
earnings, after operating and
maintenance expense, of, $7,120,255, equal to 90% of the bond
and site bonds. Dated Dec.
Due
,
interest
charges
$3,000,000
Mounds View Indep. School Dist.
No. 621, Minn.
June 1 from 1960 to 1984
on
that period. inclusive. Callable as of June 1,
interest .for.; 1969.
Interest J-D. Legality ap¬
substantially the full year of 1959 proved by Dickinson,
have already been set aside with
bids
for;
for
bond
Bond
Wright, Da¬
Offering
until
8
D.
—
D.
(CST)
Wendt,
Lowndes
$53,000
County
offered
bonds
Lake
%
Feb:
Purchase
were
re¬
jected.
serially from 1960 to 1963
inclusive.
in commercial vehicles.
It
ceive
sealed
(EST)'
chase
tion
Due
Gustave
—
City- Treasurer,
bank
bids
until—ll-
re¬
a.m.-1
Feb.- 11- for the pur¬
$1,000,000 tax anticipa¬
;
notes.
Dated
2:0,
v ?
«•'
or
to
$1,500,000 school
First
a
Feb.
group
National
3
headed
Bank
of
Memphis.
Due
bonds.
improvement
1, 1959. Due Feb. 1,
1961. Principal and interest (F-A)
payable at the American National
Bank, St. Paul. Legality approved
by Dorsey, Owen, Barker, Scott
& Marquart, of Minneapolis.
for
11
(EST)
purchase of
a.m.
the
Rockwood, Mich.
...
J
V
,
'
,
will
receive
a.m.
(CST)
chase of
sealed
bids
until
Feb. 10 for the
on
11
pur¬
$350,000 road and bridge
Bond * Offering
„
-
—
•
■
29—v. .189,
to
a
p.
529—were awarded
Red
City Treasurer, will receive western National Bank, of Min¬
sealed bids until 11 a.m. (EST); neapolis, Allison - Williams Co.,
on
Feb.
10 for the purchase of Piper, Jaffray & Hop wood, and J.
M. Dain & Co., at a price of par,
$.500,000
notes.
Dated ' L Feb.
11,
.
net interest cost of about
a
erator
Feb* 4
-r-
awarded
W.
189,
v.
to
a
E. Hutton
p.
group
649
—
wdre
composed of
of
about
2.85%.
Bay City School District,
60,000 3.30s. Due
1970
on
Feb .10
1972
to
1973
.
to
for
the
1
from
1975
Feb. 1 from
on
Feb. 1 from
on
inclusive.
120,000 3.70s. Due
1976 to
Feb.
inclusive.
60,000 3.60s. Due
Bond
on
Feb. 1 from
Offering—Arthur
per; vehicle
revenue
other income,- totaled $34,114,It compared with $32,840,440
as
7J8:
in 1957.
During 1958, additional second
bonds
of
$12,949,000 par-
series
value
were
pares
with $13,480,000 par value of
retired. The total
com-,
bonds retired at the end of 1957,
These
bring
total retirements
to
$29,910,000 at the end < of 1958.
"Market conditions being favor¬
the
bonds
Authority
in
the
.
open
an
vide
Berlin, N. H.
Note. Sale—The
offered
were
Feb.
$300,000 notes
2—v. 189, p. 650—
awarded to the Boston Safe
Deposit
&
Trust
Co.,
at
1.938%
discount.
Due
on
an
extra
1.20%
interest
April 1, 1959 to Feb. 1, 1960.
Indep. School District
No, 894, Minn.
Bond
nursing
1, 1959.
Feb. 1 from 1962 to 1980
Dated Feb.
bonds.
inclusive.
Paying
agent
to
be
by the successful bidder.
Legality approved by Briggs, Gil¬
bert, Morton, Kyle & Macartney,
named
of
St.
Paul.
Bond
Offering —Norman
Brownlee,
Offering—Leah W. Skin¬
District
Clerk,
will
receive
sealed bids until 7:30 p.m. (CST)
on
Feb. 18 for the purchase of
will
Director
receive
Bond
Milk
of
T.
Finance,
im¬
bonds offered Feb. 3
Sale— The
awarded
tional Bank of
Due
bids
the
at
until 11 a.m.
Feb. 25 for the pur¬
chase of $1,000,000 sewer bonds.
Dated
March
1, 1959.
Due on
St.,
(EST)
Boston,
on
to
$55,000
the
First
Na¬
Memphis.
serially from 1960 to 1969
inclusive.
-
•
OQO par value of these bonds (oft
which $12,000 were for delivery
after Dec. 31), was purchased, in,,
the open market at an average?
cost of $95,132 per $100. The call;
price is $100. ,It is confidently,
anticipated that full provision will»
have been made for this $5,513,00)0.
prior to May 1, 1959," the. Com¬
,
missioners report.
-
.
March 1 from 1960 to 1979 inclu¬
sive.
Principal and interest
pay¬
Net
1958
after
revenue
provides
bond
the
times
a
expenses
coverage of
interest cost
in.
1.92
for?
able at the First National Bank of
the year, with all reserves
Boston.
The daily average gross revenue^
in 1958, was $93,465.
The. daily
Legality
approved
Storey,
Thorndike,
Palmer
Dodge, of Boston.
Harrington
by
&
Bond
Dec.
Park School District,
Jersey
Offering
—
Sherwood
D.
Spevey, Secretary of the Board
Education, will receive sealed
bids until 8 p.m. (EST) on Feb.
17 for the purchase of $320,000
school bonds. Dated Oct. 1, 1958.
on
Oct.
1
from
1959 to
1978
inclusive.
Principal and interest
(A-O) payable at the Closter Na¬
tional Bank & Trust Co., Closter.
approved
Trimble
New York
by
Caldwell,
& Mitchell, of
City.
the
(P. O.
Williamstown), N. J.
amount
thority for the
issuer
and:
Au¬
year
is $71,885.
Emphasis in 1958 continued to.
be
focused
further
on
improving
Scott,
nation's highways as a
Of
24
in
1958
Feb. 19 for the pur¬
chase of $1,235,000 school building
In
2.42
accidents
fatal
lost their
on
3%%-1950
safety factors for patrons using,the Turnpike.
The safety record:
was
good, in spite of " increased;
traffic in that year.
There were
1,004 accidents of all kinds equal
to a rate of 81.0 per 100 million
miles of travel, compared with 1)045 in 1957, equal to a rate of 86.6.
For both years, the rates were far
Secretary of the Board of Educa¬
tion, will receive sealed bids until
7:30 p.m.
at*
of $5,513,000;
General- Bonds
in
outstanding
the retirement of'
1958;
31,
to pay; all in¬
below those of the State's and the*.
Monroe Township
Bond Offering—Alfred G.
bonds
on
filled,
the operating expenses of the
of
Due
required
average
New
Marshall,
County (P. O. Natchez),
Mississippi
provement
were
sealed
First National Bank of Boston, 45
Legality
MISSISSIPPI
Adams
this retirement was made in De-*
camber of last year when $2,125,-
terest
Prene-
to retires
moneys
necessary
$5,513,000 in the 12-month periods
ended; Now 15, 1959, A start* ofI
,
Dover, N. H.
NEW JERSEY
1981 inclusive.
carry,
ner,
obligation
general
home
In addition the entire issue will
Mich.
Offering—Lyle E. Ewing,
on
1969 inclusive.
Granite Falls
Secretary of Board of Education,
will receive sealed bids until 7:30
p.-m.-'(EST)
1962 to
from
MICHIGAN
f Note
r
& Co.,
Tucker, An¬
thony & R. L. Day, Lee Higginson
Corp., Estabrook & Co.. and Chace,
Whiteside
&
Winslow, j Inc., as
2.90s. at a price of 100.39, a basis
miles;
from concessions ($2,400,793) and
income from investments as well
at
Lake
vost, County Auditor, will receive
sealed bids until 3 p.m. (CST) on
Feb. 24 for the purchase of $210,000
$160,000 3s. Due
..
3.55%,
follbws:^
as
Sale—The $900,000 incin¬
and school bonds offered
toll
these
MONTANA
•
County (P. O.
Red Lake Falls), Minn.
group composed of the North¬
Jrf,
Bond
29.6
was
72.5 cents against 73.9 cents in
the previous year.
All revenues in 1958, includingthose
from, tolls
($30,159,491 )f
able,
.
Wellesley, Mass.
Turnpike
against 30,6 miles in 1957, and the
1
Due serially from 1961 to
inclusive.
:
.
1959. Due Nov. 10, 1959.
the
1966
1962 to 1971 inclusive.
-
Taunton, Mass.
The daily average revenue traf¬
in 1958 was 114,014= vehicles
which corresponded to 107,588 in
1957. The average vehicle trip om
bonds.
$365,000 3.20s. Due on Jan. 1 from
,
\ Note Offering—Thomas F. Corr,
Morecraft, Jr., Chairman; Come-*
Gallagher, Vice-Chairman
and Angus M. Harris, Treasurer.
lius E.
average
serially from 1960 to 1984
inclusive.
s.
Myron Foun¬
155,000 Jf-jS. Due on Jan. 1 from
tain, "Village Clerk, will receive
4
;
1972 to. 1974 inclusive.
SomervilleJ Mass.
sealed bids until 8 p.m. (EST) on
:
"... Note Offering—William J. Rey-,
450,000 3.60s. Due on Jan. 1 from
Feb. 18'forwthe purchase of $36,T
1975 to 1980 inclusive.
holds, City/ Treasurer^ .- will; re-, 000
special
assessment
water
ceive sealed
bids until -11 a.m..
400,000 3.70s. Due on Jan. 1 from
bonds,- Dated- Sept. 1, 4958. Due
1981 to 1984 inclusive.
(EST). on Feb. 10 for the purchase on
Sept. 1-from'1959 to 1962 in¬
of $500,000 notes, pated Feb. 10,
„The bonds bear additional in-;
clusive/' Principal1 and * interest
1959: Due Oct. 14,,1959.;r
i (M-S) payable" at a bank or trust terest of 2.10% l'rom May 1, 1959
to Jan. i, I960. ;
t| ; *"r - Somerville, Mass? -" ;
company designated by the pur¬
;!
Bond
Sale—The $1,150,000 in- ; chaser.
Legality
Other members of the syndi¬
approved
by
oinerator bonds offered Feb. 3— Dickinson," Wright, Davis, McKean cate: Allison-Williams Co., Piper,
& Cudlip, of Detroit.
v> 189, p. 649—were awarded to
Jaffray & Hopwood, Northwest¬
a group composed of L. F. Roths-ern National Bank, First National
V MINNESOTA
child- & Co., B. J. Van Ingen &Bank, of St. Paul, John Nuveen
Co., Inc.,. Shearson, Hammill & • Gaylord* Independent School Dist. & Co., Mannheimer-Egan, Inc?,
"
Co./ and Loker, Sparrow & Co.,
No. 732, Minn.
Caldwell, Phillips & Co., Harold
as
E. Wood & Co., and Woodard-El3.10s, at a price of 100.00P a ;
Bond Offering — The $400,000
basis of about 3.09%.
wood & Co.
school building bonds offered Jan.
-
the
offered
to
trust company
Feb.
Dated
1
Feb.-18, ^1959;
1959.
1962
bonds
awarded
by. the
-
Oct.
from
building
by
an increase of,
the previous year,
Commissioners
Joseph!
•
oit
of
1
Principal and in¬
.payable at any suitable
against
fic
District, Miss.
Bond Sale—The
were
year
~
La-
will.
until
bids
Feb. '17
on
Bedford, Mass.
Offering
'
Marche,
Feb.
reccom¬
purchased
market
average cost of. $96.58 per
$150,000: revenue
bonds. - Dated
$100,"
reported -Commissioner^
Carbon County, Fromberg High
Oct. .1,". 1953. Due on Oct. 1 from
Morecraft, Gallagher and Ha?iris.„
School District No. 6 (Pi O.
1.959 t6 1977 inclusive. Bonds due New Pjrague Indep. School District
This cost compared, with the caJUjl ", No. 721, Minn.
in 1969 and, thereafter are callable
Billings), Mont, •
as of Oct ,1,
Bond Offering—Bids will be re¬ prjees of these bonds of 103 pripjr*
1968. Principal and j Bond Sale—The $1,370,000 build¬
to July 1, 1958 and of 102% sub¬
interest (A-O) payable at a bank ing bonds offered Feb. 2—v. 189,
ceived until
8
p.m.
(MST) on
or
trust company designated by p. 93-r-were awarded to a group Feb. 24 for the purchase of $100,- sequent thereto.
"In accordance with the provi¬
the;purchaser. Legality approved headed by J. M. Dain & Co., Inc., 000 school bonds, it is reported.
sion of the Bond Resolution,. the>
by Miller, 'Canfield, Paddock & at a price of par, a net interest
NEW HAMPSHIRE
Authority is called upon to > pro?
cost of about 3.66%, as follows:
StOne,' of.; Detroit.
* . ;
'
sealed
Thruway and the Massachusetts
turnpike is open over its entire,
length. This will occur, when the,
bridge over the Hudson River is
completed < early next spring.:.
New
on
$400,000
inclusive.
terest
Hitchings, Secretary, will receive
connection between the New York
Note
on
1982
Building Authority
(P. O. Port Huron), Mich.
Bond
Offering — Arthur W.
a-marked acceleration of this up¬
ward trend;, when the Berkshire
March
Due
Port Huron
that there will be
of
obligation school build¬
ing bonds. Dated March 1, 1959.
,
anticipated
p.m.
purchase
general
...
is
the
for
41,615,-
a new
$30,159,491,
3.9%
Natchez Separate Municipal School
temporary
12
were
reported
27.6%
from?;
vehicles,
revenue
County (P. O. Columbus),
when the total was 39,269,643 ve¬
Mississippi
r
The toll revenues in l953.
Not Sold—Bids for the hicles.
Bonds
designated Picayune Separate School District,
purchaser. Legality ap-;
Mississippi
Bond Sale—The $40,000 school
proved by Dorsey, Owen, Scott,
Barber &
Marquart, of Minne¬ improvement bonds offered Feb.
4—v. 189,.p. 393—were awarded
apolis.
to Alvis & Co., as 3yss.
New Hope, Minn.
Washington County (P. O. Green¬
Bond Offering — Don Trucker,
ville), Miss.
Village Clerk, will receive sealed
Bond Offering—A. D. Brooks,
bids until 8 p.m. (CST) on Feb.
Clerk of
Board
of
Supervisors,
10 for the purchase of $417,000
trustee
the State Legislature.
Traffic in 1958, totaled
cord, andi an increase of 6%
pared
with
the
previous
.
vis, McKean & Cudlip, of Detroit.
earnings, 1 and,
Mason Public School Dist., Mich.
addition, there is available a
Bond
Offering — Stanley G.
contingency reserve in excess of
Holmes; Secretary of Board of
$4,000,000.
The Authority reports that, for Education, will receive sealed bids
the year just ended, the use of until 8 p.m. (EST) on Feb. 25 for
the 'turnpike by both passenger the purchase of $1,400,000 school
apd commercial vehicles has con¬ building bonds.' Dated April 1,
1959. Due on July 1 from 1960 to
tinued to increase, the increase in
1985 inclusive. Bonds due in. 1970
the commercial traffic being par¬
and thereafter are callable' as of
ticularly noticeable. The. turn¬
July 3, 1969. Principal and inter¬
pike was opened in May; 1957.
est (J-J) payable at a bank or
.A comparison of toll revenues
trust company designated by the
for the final seven months of 1957
Legality approved by
with the corresponding months in purchaser.
Paddock - &
1958 shows an increase in 1958 of Miller, - Canfield,
4.9% in passenger vehicles and Stone, of Detroit. /
the
in
highlighted the 1958 report of the
New Jersey Turnpike Authority to
Governor Robert B. Meyner and
115
District Clerk, will receive sealed
Reserves
additional retire-,
Series
bonds,
as
Second
by Charles & Trauernicht, of St.
"Due
1, 1958.
well
of
Louis. ;/■;
tax anticipation certificates of in¬
Frederick W.
Hiller, Secretary of the Board of
189,
Education, will receive sealed bids- p. 649 — were awarded to Kuhn,
until 8 p.m. (EST) on Feb. 10 for Loeb & Co., at
1.90% interest,
the purchase, of $375,000 building plus a premium of $600.
Report — The report
Authority for 1958 shows
the
—
Sale—The
An in¬
in traffic and revenues, the
retirement
of
General
start
debtedness offered Feb. 4—v.
.Earnings
of
Certificate
Issues Annual Report
crease
bids until 1:30 p.m. (CST) on Feb.
16 for the purchase of
$2,000,000
,
Massachusetts Turnpike Authority,
53
'
for
1957
dents,
which
in
lives,
each
a
100
whole.
there
30
fatality rate of*
million
there were 20 fatal
causing
wer*
person#
death
to
miles?
acci¬
24 per*
The Commercial and Financial Chronicle
(754)
54
eons,
equal to a rate o£ 1.99 per
100 million.
^
'
rendered 53,whose cars ran
out of gasoline, for mechanical
troubles, tire repairs, overheating
and other causes.
An average of
146 aids per day were rendered
compared with 142 in 1957.
There were 19,406 speeding ar¬
rests
in
1958 against 18,096 in
1957 whereas other traffic arrests
numbered 7,014 compared to 5,355. The total arrests in 1958 were
28,685, including 2,265 criminal
arrests, against 25,144 in 1957.
-Of major importance from the
standpoint of safety in 1958, was
the installation of extensive bar¬
riers in the median to prevent
cars which get out of control from
crossing to the opposing lanes. In
1957 and early in 1958, such bar¬
riers were erected on the Hacken«ack and Passaic Rivers. The Au¬
thority also has decided to extend
The
State (Police
311 aids to patrons
the barrier north from
where
Elizabeth,
mile barrier was
1958, to the Passaic
three
a
installed
in
River, a distance of 6 miles. Con¬
tract bids will be sought shortly.
It
is
contemplated, moreover,
that in the northern end of the
dewatcr, Sykcs, Heckler &
loway, of New York City.
Sale
Hilton, N. Y.
Sale—The
Bond
H. Morton & Co.,
mill
offered
Northern
a
New York City Housing Authority,
New York
temporary
loan
notes v (Issue
CLXI).
Dated March 16, 1959.
area
Sale—The
$390,000 non¬
dormitory revenue
bonds offered Jan. 30—v. 189, p.
529
exempt
sold to the Federal
were
—
Housing and Home Finance
Agency, as 2%s, at a price of par.
Union Free School District
7 (P. O. Oakdale), N. Y.
Bond
Offering — Arthur
E.
Islip
No.
Jr., President
of the
Board of Education, will receive
sealed bids until 11 a.m. (EST)
on
Feb. 11 for the purchase of
Premm,
group
Co., Chicago, W.
Shearson, Ham-
Note
liam
Due
Offering—Chairman
Reid
on
announces
Alamance County
Bond
the
E.
Easter-
ling, Secretary of Local Govern¬
Commission, will receive
bids
sealed
office
his
at
in
Ra¬
leigh until 11 a.m. (EST) on Feb.
17 for the purchase of $3,500,000
school
building
bonds.
Dated
March 1, 1959.
Due on March 1
Sept. 21, 1959. Payable at
Corn
Exchange
Bank, of New York City. Legality from 1960 to 1979 inclusive. Prin¬
approved by Sullivan, Donovan, cipal and interest (M-S) payable
Hanrahan, McGovern & Lane, of at the Chase Manhattan Bank, of
New
York
City.
Legality
ap¬
New York City.
proved
by
Mitchell,
Pershing,
New York City Housing Authority,
Shetterly & Mitchell,
of New
New York
York City.
^
Note
Reid
Fargo, N. Dak.
Offering—Chairman Wm.
announces
The
foregoing supple¬
of
Feb. 2—v, 189, p. 651.
Note
that the Author¬
ments
ity will receive sealed bids until
1 p.m. (EST) on Feb. 17 for the
purchase of $43,108,000 temporary
—
the report in our issue
Turnpike, where traffic is' heavy,
Guilford County (P. O.
the barrier ultimately will extend
Greensboro), N. C.
to Ridgefield Park.
Also under¬ $ 1,570,000 school construction notes, as follows:
Note Sale—The $3,000,000 school
study is a plan of remote control bonds. Dated Feb. 15, 1959. Due $35,855,000 One Hundred Fortyof the 63 weather warning signs. on Feb. 15 from 1960 to 1989 in¬ <'svy. third Issue. Due on June 12, building bond anticipation notes
offered Feb. 3—v. 189, p. 651—
These
1959.
signs are now operated clusive. Principal
and
interest
manually along the Turnpike.
7,253,000 One Hundred Forty- were awarded to the Wachovia
(F-A) payable at the Oystermen's
fourth Issue. Due on Sept. 11, Bank & Trust Co., Winston-Salem,
Bank & Trust Co., Sayvillc. Le¬
Perth Amboy, N. /.
at 2.20% interest, plus a premium
1959.
Bond Offering—Donald F. Ol- gality approved by Sullivan, Don¬
ovan,
Hanrahan, McGovern &
lEach
issue of
notes
will be of $157.
cen, Director of Revenue and Fi¬
dated March 10, 1959. Payable at
High Point, N. C.
nance, will receive
sealed bids Lane, of New York City.
the
Chemical
Corn
Exchange
Bond Sale—The $2,200,000 bonds
until 11 a.m. (EST) on Feb. 25
Monroe County Water Authority
Bank, of New York City. Legality offered Feb. 3—v. 189, p. 530—
for the purchase of .$200,000 school
(P. O. Rochester), N. Y.
approved by Caldwell, Marshall/ were
bonds. Dated March 1, 1959. Due
awarded
to
a
syndicate
Bond
Offering — Franklin
W.
Trimble & Mitchell, of New York headed
On
March 1 from 1960 to 1969
by the Chemical Corn
Judson, Chairman, will receive
City.
inclusive. Principal and interest
Exchange Bank, New York City,
sealed bids until 11 a.m. (EST)
New York (State of)
at a price of 100.039, a net interest
(M-S) payable at the City Treas¬ on Feb. 17 for the purchase of
urer's office.
Bond Offering
Legality approved
Arthur Levitt, cost of about 3.16%, as follows:
$13,200,000 water revenue bonds.
State
by Caldwell, Marshall, Trimble & Dated Feb.
Comptroller, will receive $1,700,000 water bonds: $900,000
1, 1959. Due on Feb. 1
sealed bids until Feb. 18 for the
Mitchell, of New York City.
from 1961 to 1999 inclusive. Call¬
3s, due on March 1 from 1960
to 1970 inclusive; and $800,000
able as of Feb. 1, 1969. Principal purchase of $60,000,000 bonds, as
Pompton Lake8 School District,
follows:
and interest (F-A) payable at the
New Jersey
3^s, due on March 1 from
'■ Bond
1971 to 1978 inclusive.
Offering—James S. Har¬ Marine Midland Trust Co., New $24,000,000 highway bonds.
500,000 street improvement
18,000,000 higher educational fa¬
at the Lincoln
den; Secretary of the Board of York City, or
(
Trust
Rochester
Co., Rochester.
Legality approved by Reed, Hoyt,
Washburn & McCarthy, of New
bonds.
Dated Aug. 1, 1958. Due York City, and Nixon, Hargrave,
Devans &
on Aug^ 1 from 1959 to 1988 in¬
Day, Counsel to the
clusive.
Principal
and
interest Authority.
„
(F-A)
payable at the First Na¬
tional Bank & Trust Co. of Pater-
in Pompton Lakes. Legality
approved by Hawkins, Delaficld
& Wood, of New York City.
con,
Central
Valley), N. Y.
Bond'Sale—The $700,000 school
School
Bond Sale—The
of about
u-basis
3.94%.
Note
'
Washington Twp. School District
(pm O. Washington), N. J.
Sale—The $23,000 school
truilding bonds offered Feb. 3—
V. 189, p. 529—were awarded to
Bond
the First National Bank of Wash¬
ington,
as
2.40s.
Wood-Ridge School District, N. J.
->:■ Bond Offering—Guy G. VisconCi, Secretary of the Board of Edu¬
cation,
will
receive
sealed
bids
until 8 p.m. (EST) on Feb. 18 for
the purchase of $915,000 school
fewrkling
bonds.
1958. Due
on
Dated
inclusive. Prinicpal
terest
(M-N)
payable
-
1,
Nov. 1 from 1959 to
1978
Wood
Nov.
and
in¬
at
the
of
Ridge National Bank
"Wood-Ridge.
Legality approved
fey Reed, Hoyt, Washburn & Mc¬
Carthy, of New York City.
rence
Sale
—
Comptroller Law¬
E. Gerosa has awarded $25,-
000,000 tax anticipation notes to
20
banks
and
trust
companies
participating as members of The
City of New York short term fi¬
nancing group. The awards con¬
sisted
of
an
authorized
issue
of
$15,000,000 dated Jan. 29, 1959,
payable May 11, 1959, subject to
redemption on or after May 1,
1959; and an authorized issue of
$10,000,000 to be dated Feb. 4,
1959, payable May 11, 1959, sub¬
ject to redemption on or after
May 1, 1959. The notes bear in¬
terest at the rate of 2% and are
subject to redemption at the op¬
tion
of
the
Comptroller upon
notice given five days prior to
such redemption date.
The
Notes
participating banks and the
allotted
Manhattan
are:
Bank
The
Chase
$5,483,000; The
City Bank of New
York $5,257,000; Chemical
Corn
Brookhaven, Ridge Fire District
Exchange $2,280,000; Manufactur¬
(P. O. Ridge), N. r.
ers
Trust
Company $2,270,000;
Bond Offering—Marion FerranGuaranty Trust Company of New
tello, District Treasurer, will re¬ York $2,108,000; Bankers Trust
ceive sealed bids until 3 p.m. Company
$2,075,000; Irving Trust
ijEST) on Feb. 27 for the purchase Company $1,350,000; The Hanover
€>f $24,000 fire truck bonds/Dated Bank
$1,277,000; J. P. Morgan &
4Fe&rl, 1959. Due on Feb. 1 from Co., Inc. $702,000;
i960 to 1964 inclusive, Principal
The New York Trust
Company
end interest (F-A) payable at the $626,000; Marine Midland Trust
Ceoples; National Bank, of Patch- Company of New York $427,000;
/Algue* Legality approved by Van- The Bank of New ibrk $405,000;
First National
NEW YORK
.
•
r
health
18,000,000 mental
1
from
inclusive;
due
Oyster Bay, Locus Valley Fire
Dist.
$290,000
March
con¬
struction bonds.
(P. O. Locust Valley),
and
3s,
due
Bonds due in
1960 to
1973 inclusive.
•
interest
tion
bonds.
Due
125,000
sanitary
bonds.
on
March
Note
The foregoing supple¬
—
the report in. our issue
2—v. 189, p. .651.
.
ments
Feb.
to
OHIO
Offering—Robert L.
Bond
Re-
will
re¬
nouard,
sewer
system
Due-on March 1 from
1960 to 1972 inclusive.
850,000
treatment
sewage
bonds. Due
on
plant
March 1 from
(EST)
17 for the purchase of
Feb.
on
Due
1959.
interest
Lorain
bonds.
Due
on
Offering—Lester
Swartz,
Education,
Clerk of the Board: of
will receive sealed bids until noon
on Feb. 19 for the purchase
$750,000 school building bonds.
1959; Due on Dec.
(EST)
of
Dated March 1,
1
1960
from
1982
to
inclusive.
Principal and interest: (J-D) pay¬
able at the First National Bank
of Akron.
Berea, Ohio
«Bond Sale—The street improve¬
ment
bonds
fered
Jan.
were
awarded
Co.,
as
totaling $65,000 of¬
— v.
189, p. 198 —
to* McDonald &
27
3*&s, at a-price of 100.90,
basis of about 3.32%.
a
Columbus^ Ohio
Offering
Bond
Drake,
—
D.
Russell
receive
Clerk,, will
City
sealed bids until-11:39 a.m. (EST)
Gold¬
on
Feb.
the
for
11
purchase
of
Eastman Dillon, $83,106.60
Co.;
about
4.30%,
as
from
inclusive.
speei-al- assessment
street improvement- bonds. Dated
March 1, 1959: Due on March I
from 1961 to 197Cb inclusive.
approved
Legality
of Columbus.
Additional Offering—The above
official
bids
at
will
also
the-
same
receive sealed
time* for the
purchase of $67,600 special assess¬
ment street improvement bonds.
Dated March 1,.
1
from
1959
1959. Due on Sept.
1960 inclusive.
to
Principal and interest (M-S) pay¬
able at the City Treasurer's of¬
fice. Legality
approved by Bricker,
Evatt, Barton, Eckler & Niehoff,
of Columbus.
~
:
.
Doctors
Hospital (P.O. Columbus),
Ohio
Offering—H.E.Clybourne,
Treasurer
Sale—The
Bricker,
Nieholf,
by
Evatt, Barton, Eckler &
Bond
Wilson, N. C.
Prin¬
cipal and interest (M-S) payable
at
the
City Treasurer's office.
'■
March 1 from
*
(P. O. West Richfield), Ohio
Bond
■
165,000 4y4s. Due on June 1 from
1971 to 1981 inclusive.
parking garage
and
(J-D)
payable at the
County- Savings & Trust
Bath-Richfield Local School Dist•
4s. Due on June 1 from
1970
I960-
Cleveland.
of
1960 to 1967 inclusive.
to
from
Principal
Co., Amherst. Legality' approved
by Squire, Sanders & Dempsey,
I
1968
1
Dec:
on
inclusive.
1969
to
1970
$48,000 6s. Due on June 1
45,000
-
$40,300 special assessment sewer
improvement bonds. Dated Feb. t,
5,000 33/2S. Due on June 1, 1982.
1960 to 1973 inclusive.
1,000,000 public
of
Clerk,
Village
ceive sealed bids until-noon
33/4s,
1960
of
Amherst,. Ohio
1
1973 inclusive.
from 1960 to
cost
follows:
-
Owen, Scott, Barber & Marquart, of Minneapolis. :-
Alex.
Brown & Sons; Model, Roland &
Matinecock Bank of Locust Val¬ Stone; F. W. .Craigie & Co.; Secu¬
rity National Bank, of Greens¬
ley, as 3V4Sr at a price of 100.01,
boro; Thomas & Co.; Burns, Cora basis of about 3.24%.
bett & Pickard, Inc.; McCormiek
Rochester, N.Y.
& Co., and Rambo, Close & KerBond Offering—Emmett V. Nor¬
ner, Inc.
ton, City Comptroller, will receive
Spencer, N. C. *
sealed bids until 2 p.m. (EST) on
Bond Sale—The $263,000 sani¬
Feb. 11 for the purchase of $4,tary sewer bonds offered Jan. 27
925,000 bonds, as follows:
—v. 189, p. 530—were awarded to
$450,000 public parking garage Merrill Lynch, Pierce, Fenner &
bonds. Due on March 1 from
Smith, at a price of par, a net
2,500,000 inner loop land acquisi¬
1975 and i
callable-as of April
are
sey,
inclusive.
man, Sachs & Co.;
Union
Securities
;
on
$210,000
Others in the syndicate:
New York-
a.m.
1, 1974,
Principal- and interest
payable at the City Treasurer's of¬
Legality approved by Dor-
March 1 front 1971 to
on
1977
Bond Sale—The $75,000 build¬
Woodbury, Bloomington
Grove, Chester and Tuxedo Central ing bonds offered Jan. 29—v. 189,
School District No. 1 (P. O.
p. 530 — were awarded to the
Monroe,
District, N. J. building bonds offered
Feb. 4
$255,000 school —-v. 189, p. 650—were awarded
tapttds^ offered Jan. 29—v. 189, p. to Halsey, Stuart & Co., Inc., as
S93 — were awarded to Boland, 3.40s, at a price of 100.28, a basis
^Baffin & Co., and the Camden of about 3.37%.
Trust
Company,
of
Camden,
|
New York City, N. Y.
jointly, as 4s, at a price of 100.39,
Hunnemede
.bonds:
cilities bonds.
11
(CST) on Feb. 24 for the purchase
$637,000 refunding improve¬
ment bonds.
Dated. Jan. 1, 1959.
Due on April 1 from; 1960 to 1980
of
—
Education, will receive sealed bids
until 8 p.m. (EST) on Feb. 18 for
the purchase of $975,000 school
The City will
—
bids, until
sealed
receive
ment
Chemical
the
Offering—W.
;
fice.
North Carolina
Wil¬
that
(P. O. Graham),
Jan. 1, 1959.
1972. Interest J-J.
Bond Offering
inclusive.
basis of about 3.43%.
Dated
Jan. 1,
on
com¬
Trust Co.
York, Buffalo,
and John Small &
at a price of 100.34,
Co.,
Due
thereafter
Houghton College (P. O. Hough¬
ton), N. Y.
Bond
&
a
New
Trust
Co./as 3V2s,
Authority will receive sealed bids
until 1 p.m.
(EST) on Feb. 10
for
the
purchase of $24,095,000
tax
Western
of
to
bonds.
ment
Marine
the
NORTH CAROLINA
ment bonds offered
,
of
posed
$30,000.
$92,000 public
and street improve¬
Feb. 4—v. 189,
p. 650—were awarded to Roose¬
velt & Cross, Inc., and John J.
DeGolyer & Co., jointly, as 3V2s,
at a price of 100.19, a basis of
about 3.46%.
(
parking
awarded
were
$65,000; Kings County Trust
Company, Brooklyn, N. Y. $58,000; Underwriters Trust Company
;
,
■
.
Bond Sale—The
York
—
garage
3.24%.
Troy, N. Y.
$1,403,000 bonds
Feb. 5—v. 189, p. 651—
New
$145,000; Empire Trust Com¬
pany $132,000; United States Trust
Company of New York $120,000;
Sterling National Bank & Trust
Co. of New York $98,000; Federa¬
tion Bank & Trust Co.
$98,000;
The Amalgamated Bank of New
bonds offered Feb. 3
—v. 189, p. 650—were awarded to
Roosevelt & Cross, as 3y4s,. at a
price of 100.01, a basis of about
way
of
Bank
York
(P. O. Colton), N. Y.
The $86,000 high¬
Cotton
Bond
National
Grace
Gal¬
Monday, February 9, 1959
..
.
of
Board
of
Trustees,
bonds
will receive sealed bids until 10
651—
a.m. (EST) on Feb. 19 for the pur¬
Dated March 1, 1959. Principal were awarded to F. W. Craigie
chase of $115,000 non-tax exempt
and
interest
(M-S) payable at & Co., Inc., at a price of 100.06, intern
apartment revenue bonds.
The Hanover Bank, of New York a net interest cost of about 2.70%,
Dated April 1, 1958. Due on April
City. Legality approved by Reed, as follows:
1 from 1961 to 1998 inclusive. In¬
Hoyt, Washburn & McCarthy, of $62,000 sanitary sewer bonds: $5,- terest A-O.
Legality approved by
New York City.
000 4s, due Feb. 1, 1960; $17,Squire, Sanders & Dempsey, of
000 2V2S, due on Feb. 1 from Cleveland.
Seneca Falls, N. Y.
1961
to
1963 inclusive; and
Bond Offering—Patrick F. Cam$40,000 2%s, due on Feb. 1 Leipsic Local School District, Ohio
muso, Village Treasurer, will re¬
from 1964 to 1967 inclusive.
Bond Offering — Donald Place,
ceive sealed bids
until
11
a.m.
20,000 general bonds: $5,000 4s, Clerk of the Board of Education,
(EST) on Feb. 10 for the purchase
; due Feb.
1, 1960; and $15,000 will receive sealed bids until noon
of $440,000
public improvement
2y2s, due on Feb. 1 from 1961
bonds. Dated March 1, 1959. Due
(EST) on Feb. 25 for the pur¬
to 1963 inclusive..
on Sept. 1 from
chase of $300,000 school improve¬
1959 to 1977 in¬
ment bonds. Dated March 1, 1959.
clusive. - Principal
and
interest
NORTH DAKOTA
1960 to
1973 inclusive.
Bond
offered
Feb.
3—v.
$82,000
189,
p.
"
-
(M-S)
payable
at
the
Lincoln
Dwight, N. Dak.
Company
Bond
of. Syracuse, in Seneca Falls. Le¬
Offering — George M.
gality approved by Vandewater, Swanstrom, Village Clerk,, will
Sykes, Heckler
Galloway,- of receive bids until Feb; 9 for; the
New York City. - ^
^
r
purchase of $2,500.street-improve->.
;
National Bank &
Trust
...
-
,
Due
on
Dec.
inclusive.
1 from 1960
Principal
and
jto 1979
interest
payable at: the Bank of
Leipsic, County, Leipsic; Legality
approved by Y Squire,; .Sanders &
(J-D)
189
Volume
9~,
Number 5819
■
■
■
i
.
)
.
.
The Commercial and Financial Chronicle
.
(P. O. Logan), Ohio
group
Cartwright
ney
$940,000
bonds was
improvement
a
'
•;
composed of Swe& Co., Hayden,
Lorain, Ohio
...
i
i
■
i
i
i
i
a
1, 1959. Due
100.69,; /
j W'from 1960
basis of about 4.17%.
a
—
|
Or-
R.
36.000
v?-'
Prihcipdl'ahd interest (J-D)
.
w.atei? main- construction
sale
bonds.
Due
Nov.
on
1
from
of
.Cleveland.
;
Legality
?
from I960- to' I960 inclusive.
X?51,800 st<hm and sanitary - sewer
H ^construction
■
bonds.
>J>ue.
pay¬
to
the
City
Treasurer's
.
offjce.
,
? i'j
•
.
V
.
S'outk Coffeyville, Okla. i;
Bond Sale—The $100,000 sewer
system? bonds offered Feb. 3—
v.
189, p.' 651-—were awarded to
.
Feb.
offered
were
$829,0^* bonds
4>4s,-
as
3—v.
awarded
at
I
189,
price
a
of 101.76,1 a
?
Massillon, Ohio
i Bond "Sale—The
$49,800
improvement''bonds
;
•?
street
offered Jan.
-
189, p. 530—were awarded
Braun, Bosworth &;Co., Inc.,
to
as
3s, at
of
about
price of 100.34,
a
2.88%.
sew¬
,
awarded
Woodward,
-
Vr®
V.
'I,
t;
;
Bank
of
V
s.-*
.'*•
•
the
to
.
""
Dated
-■'???:;;?'-;01«EGON
i
.
-
.?
Offering—Daniel O.
City
ter,
'•
until
7
will
that the Board
Pot¬
will
Recorder,
on
inclusive.
sealed
(EST) on Feb.
%, 24 for the purchase of$650,000
school improvement bonds. Dated
March .1, 1959. Due semi-annually
June
'on
.
receive
announces
Education
bids
..
p.m.
and
1
Dec:
from. 1960
March
1
from
1960
Principal
to
and
'»./■,
:
•„
;
fC--
?
Other
>'
f.
•
•'
Multnomah.JCounty, Lynch School
Dist. No.- 28 (P. O. Portland), Ore.
*
and
Bond
Offering—Dora L. Stevis,
payable at the First Na¬
tional Bank, of Miamisburg. Legality approved by Peck, Shaffer
District
Clerk, will receive sealed
inclusive:
1982
to
Principal
interest
bids
unitl
8
p.m. (PST) on. Feb.
purchase of $495,000
: &
Williams, of Cincinnati.
? school building bonds. Dated Jan.
15, 1959. Due on Jan. 1 from 1960
Mifflin Township (P.- Q., 124
to 1974 inclusive.
Principal and
Church Street, Ashland), Ohio
interest
(J-J)
payable at
the
;
Bond
Offering—Orlo H; : Wolf, County. Treasurer's office". Legal¬
-o Township
Clerk,
will - receive ity- approved r by Shuler, Sayre,
sealed bids, until noon (EST) on Winfree &
Rankin, of Portland. J.
Feb. 10 for the purchase of $20,000
.?* Portland, Oregon
:
fire equipment bonds. Dated Jan.
'. v 1, 1959. Due on Dec. 1 from 1960 '..i,- Bond ^aie—The $1,000,000 har¬
r
for
19
of
the
.
&
-
,
inclusive..',' Principal and
at t the
?. Farmers Bank of Ashland;.- Legql.ity approved by Squire, Sanders;
Dempsey, of Cleveland. . -;
[ ;;
>
to
1969
.
bor-facilities
rehabilitation
Legality
approved
Morgan,
Lewis
&
Bockius,
Philadelphia.
basis
?(J-D). payable
*
,
North Royalton
Local Sch. District
of
about
Bond
Secretary,
more,
sealed bids until
Feb.
on
Ohio
■
j?;.T Bond; Sale—The $320,000 schopl
:;f, improvement bonds offered Feb.
4—v. 189, p. 394—were^ awarded
Reusch
;.:.* to
Fox,
4V4s, at
;
of
a
about
& Co.,, Inc.,. as
price of 100.68,; a basis
4.19%.
?'
;
'
-from
.
Oak
The
.
bonds
and
Secretary
the
of
Council,
Town
will receive sealed bids until 7:30
(EST) on Feb. 26 for the
purchase of $350,000 general obligation ^improvement bonds.
p.m.
Sale—The
Bond
bonds
-*>
offered
$230,000
Feb.
&
Co.,
4s, at
as
basis
a
a
of• about
sewer
3—v. ,189,
651—were awarded to J.
p.
,A. White
price "of; 101.59,
3.88%.X *
Vanlue Local School District, Ohio
Bond
Sale—The $345,000 build¬
ing bonds offered Jan. 29—v. 189,
395—were awarded to the Ohio
as 3%s, at
a price of
100.20, a basis of about 3.66%.
p.
Company,
*
JL,
—...
WarrensvUle
*■/
Heights, Ohio
Bond Offering—Laura A. Shur-
fner, Village Clerk-Treasurer, will
receive? sealed bids until noon
(EST) on Feb. 23 for the purchase
$19,844
improvement
Dated March 1, 1959. Due
of
I'.fi'om
bonds.
on
Dec.
to 1969 inclusive.
Principal and interest (J-D) pay¬
able at the Central National Bank
of
1960
Cleveland.
Co., both of New York City,
and Hess & McFaul, at a price of
100.05, q net interest cost of about
2.99 %,. as -follows:
:
338,000
'
-
from
2.80s.
1964
on
1963
to
Due
to
1969
and
on
1968
on
March
15
inclusive.
March
15
at the Borough Treas¬
office.
Legality approved
by Townsend, Elliott & Munson,
of Philadelphia.
1959.
Due
interest
Offering—Eugene Graney,
City Clerk, will receive sealed
bids until 11 a.m. (EST) on Feb.
18 for the purchase of $2,785,000
general
and refunding bonds. Dated March
1970.
obligation
Due
15, 1959.
No.
(P. O. Stanfield), Ore.
Bond, Offering—Neva E. Clark,
bids until 8 p.m. (PST) on Feb. 19
for
the
purchase
of
$110,000
school
building bonds. Dated April
on April 1 from 1960
to 1974 inclusive.
Principal and
interest
(A-O) payable at the
County Treasurer's office. Legal¬
ity approved by Shuler, Sayre,
Winfree & Rankin, of Portland.
1, 1.959. Due
Washington County School District
7
(P. O. Hillsboro), Ore.
Bond Offering—Vida
to
1960
as
of
1989
March
on
improvement
inclusive.
1975.
15,
Callable
Principal
rity-Peoples Trust Co., Erie. Le¬
gality
approved
by Townsend,
Elliott & Munson, of Philadelphia.
bids until 7:30 p.m. (PST) on Feb.
16 for the purchase of $635,000
school building bonds.
Dated April
School
Erie
Bond
District,
Pa.
$625,000 gen¬
eral
obligation refunding bonds
offered Feb. 4—v. 189, p. 531—
were awarded to Eastman Dillon,
Union Securities & Co., and Hornblower &
at
a
payable
Jan. 29
about
of
100.30,
a
basis
of
3.21%.
Lower Moreland
Twp.
(P. O. 640
Red Lion Road, Huntingdon
Valley), Pa.
Bond
school
$160,000
bonds
un-"
offered
awarded to the Mu¬
were
Principal and
at the Doyles-
Bank
&
Trust
20,000 31/4S. Due
and
RHODE
on
Feb. 10, 1968
on
Feb. 10 from!
1969.
.
73,000 3%s. Due
1970 to 1975 inclusive.
Fort
Worth, Texas
Bond
Offering—Roy A.'Bate- '
City Secretary-Treasurer,
man,
will
receive
office of
sealed
bids
the
at
J. F.
Davis, City Main-*
ager, until 2 p.m. (CST) on Feb,:
25 for the purchase of $2,600,000
water and sewer revenue bonds,;
as
follows:
$750,000 Series 86 bonds. Due
March
ISLAND
1
from
1960
on
to
1984
bonds.
Due
inclusive.
1,85(^000
Board of Trustees of State College
(P. O. Providence),-R. I.
Bond Sale—An issue of $704,000
dormitory revenue bonds was sold
to the Federal Housing and Home
Finance Agency,
as
23As, at a
on
Series
90
March 1 from 1960 to 1984
inclusive.
The bonds
1959 and
are
dated
are
callable
March
1,
of March
as
1970. Principal and interest
(M-S); payable at the Hanover
Bank, New York City. Legality
Pawtucket, R. I.
approved by Reed, Hoyt, Wash¬
Note Offering—Sealed bids will burn
& McCarthy, of New York
be received by the Director of Fi¬
City.
price of
nance
11
for
4,
;
,
_
until 5 p.m. (EST)
the purchase of
notes.
June
par.
Dated
Feb.
16,
on Feb.
$500,000
1959. Due
Harris
County (P. O. Houston), '
Texas
*
Bond Sale—The
1959.
24,
offered
CAROLINA
were
Feb.
$8,000,000 bonds
5—v. 189. p. 652—,
awarded
as
follows:
Aynor, S. C.
$6,000,000 road bonds to a syndi¬
cate
headed
Bond Offering—Mayor Mrs. P.
by the Harris
Trust & Savings Bank, Chi¬
B.
Huggins announces that the
cago, at a price of 100.04^ a
net
interest
cost
of
about'
Town Council will receive sealed
bids until
(EST) on Feb. 17
for the purchase of $114,000 gen¬
eral obligation waterworks bonds.
noon
3.24%, as follows: $1,500^)00
3i4s, due on March 1 from
1960 to 1964
Dated Oct. 1, 1958. Due on Oct. 1
from 1961 to 1988 inclusive. Inter¬
A-O.
approved
&' Simons,
Legality
Gibbs
of
Union, S. C.
bined
enue
Sale
The $800,000
utility system
—
public
com¬
rev¬
bonds offered Feb. 3—v. 189,
395—were awarded to a group
headed by Courts & Co., as fol¬
p.
lows:
3s, due
on
\
,
$185,000 4s. Due on March 1 from
1964 to 1969 inclusive.
SVzS.
275,000
Due on March 1
1970 to 1976 inclusive.
from
334s.
340,000
from
1977
Due on March 1
1983 inclusive.
to
Others in the account: Johnson,
Lane, Space & Co., J. M. Dain &
Inc., Clement A. Evans & Co., Inc.,
J. W. Tindall & Co., and Howard
C.
inclusive; $1,200,March 1 from
inclusive; $2,100,000 31/4S, due on March 1 from
1969 to
1975
inclusive; and
$1,200,000 3.30s, due on March
,
1 from 1976 to 1979 inclusive.*
2,000,000 Flood Control District
bonds to a syndicate headed
by Halsey, Stuart & Co.,
at a price of 100.02, a net in¬
terest cost of about 3.37%, as
follows: $300,000 5s, due on
000
1965 to 1968
by
Charleston.
Traywick & Co.
March
1
from
inclusive;
1960
to
3V4S,
$400,000
1962'
due
March 1 from 1963 to 1966*
on
inclusive; $200,000 3s, due on
March 1, 1967
and 1968; $300,^
March 1 from
1969 to
1971
inclusive; and
$800,000 3.40s, due on March 1
000
3V4S, due
on
from 1972 to 1979 inclusive.
Syndicate Members
r
,
Associates of the Harris Trust &
follows:
Bankers
Co., both of New York; C. J.
Devine & Co., Philadelphia Na¬
tional Bank, of Philadelphia; Mer¬
rill
Lynch,
Pierce,
Fenner &
Smith, Bear, Stearns & Co./
Schoellkopf, Hutton & Pomeroy/
Inc., Dominick & Dominick, W, E.
Savings
Chase
TENNESSEE
Bank
are
Manhattan
as
Bank,
Trust
Weeks, jointly, as 3Vis,
price
tax
1,
Co., Inc., Newman, Brown & Co.,
Sale—The
Sale —The
limited
.
Company, in Doylestown. Legal¬
ity approved by Townsend, Elliott
81 Munson, of Philadelphia.
March 15 from
and interest payable at the Secu¬
Goodman,
District Clerk, will receive sealed
Texas
Bond
March 1 from 1961
National
town
Bond
District Clerk, will receive sealed
No.
on
inclusive.
1980
to
Erie, Pa.
Bond
.....
Bridgeport Indep. School District,*
inclusive.
,
*1:
March 15,
333,000 3s. Due on March 15 from
/.
1971 to 1974 inclusive.
.61
in¬
interest
and-
inclusive.
[Umatilla^County School Dist.
1
1960 to 1967 inclusive.
Sinkler,
Trust
1974
to
on
TEXAS
:
March
Township School District
(P. O. Jamison), Pa.
Bond Offering—Hazel Charles,
Secretary of Board of School Di¬
rectors, will receive sealed bids
until- 8 p.m. (EST) on Feb. 18 for
the purchase of $100,000 general
obligation bonds. Dated March 1,
payable
4%s.; Due
revenue
Warwick
urer's
Bankers
1961
from
clusive/Principal
Due
•
City. Legality approved by Chap¬
& Cutler, of Chicago.
Principal and interest (M-S)
est
1959.
15,
National
man
dated March
are
American
First
nicipal Securities Co., and Eddteman-Pollok Co., jointly, at a price
payable at the Mellon National of 100.01, a net interest cost
of"
Bank & Trust Co., Pittsburgh. Le¬
about 3.77%, as follows:
gality approved by Burgwin, Ruf$67,000 3V2S. Due on Feb. 10 from
fin, Perry & Pohl, of Pittsburgh.
1959.
15
from. 1961
1984
call¬
Payable
tion of the holderat the First
National City Bank, of New York
(EST)
the. purchase of
to
are
1965.
1,
receive
..
March
-,'151,000'3.96s.^Due
Harbor, Ohio
1961
the
at
thereafter
Bank, of Nashville, or at the op¬
will
on
and
of June
as
Butter-,
Callable as of March 1, 1964.
850,000 bonds. Due March 1, 1999.
•;
Callable.
>
3Y-V.V 189, p.?530—were awarded
to a group- composed of the Harris
Trust & Savings Bank, Chicago,
$178^)00
for
17
1966
able
7:30 p.m.
$750,000 bonds. Due
March
;
in
$1,600,000 school building
bonds, as follows:
Dated
Bank,
Tennessee
5.20%.
Offering—David
modernization bonds offered Feb.
Manhattan
Wilson County> West Wilson
Utility Dist. (P. O. Mt. Juliet),
of
Pine Twp. School Authority (P. O.
R. D. No. 1, Gibsonia), Pa.
Chase
interest
by
Bond Offering—J. A. Giffoid,
Newport Township School District
(P. O. Wanamie), Pa.
Secretary, will receive sealed bids.
Bond Sale—The $28,000 general until 2
p.m.
(CST) on Feb. 44
obligation bonds offered Feb. 3— for
the
purchase
of
$450,660
v.
189, p. 651—were awarded to waterworks revenue bonds. Dated
Walter, Woody & Heimerdinger, June 1, 1958. Due on June 1 from
as
5Vis, at a price of 100.25, a 1961 to 1993 inclusive. Bonds due
SOUTH
Chambersburg, Pa.
Bond Offering — G. B. Jacobs,
.
i
clusive.
the
syndi¬
Co., Blair
Co., Inc., Ira Haupt & Co.,
Hornblower
&
Weeks, Arthurs,
Lestrange & Co., Butcher & She»rerd, Singer, Deane & Scribner,
Stroud & Co., Inc., Thomas & Co.,
A. E. Masten & Co., Allison-Wil¬
liams Co.,
Bache & Co., ;C. C.
Collings
&
Co.,
Cunningham,
Schmertz & Co., Inc., Dolphin &
Co., Hulme, Applegate & Hum¬
phrey, Inc., Kay, Richards & Co.,
Steele, Haines & Co., Reed, Lear
& Co., McJunkin, Patton & Co.,
McKelvy & Co.,
and Simpson,
Emery & Co., Inc.
Nuveen
&
1974
<
'
members
John
cate:
interest
>
-.-.?.
National
Bank, Knoxville.
Legality approved by Chapman &*
Cutler, of Chicago.
1959. Due
1 from 1960 to. 1969 in¬
.
(M-S) payable at the City Treas¬
urer's office.*
1959. Principal
(M-S) payable at the
Bridgeville
Trust
Company, of
Bridgeville. Legality approved by
Burgin,' Perry & Pohl, of Pitts¬
burgh.
-
..
Bartlett
of
V
March 1,
and interest
Eugene, Oregon
Bond
-
'
;
receive
'■
; ''
i
sealed bids until 10 a.m. (PST)
Miamisburg City School District,
on
Feb. 9 for the purchase of
Ohio
-C
$100,000 fire station alarm system
Bond Offering—Clerk James F. bonds. Dated March
1, 1959. Due
'.
>
? Bond- Sale—The $230,000
age? disposal plant and sanitary
sewgr, also hospital addition bond
offered "Feb. 3.^-v.? 189; p.^ 530—
basis
a
Woodward, Okla.
L,
.were
30—v.
.
•
jq McDonald-&r CSjt*
J; basis Of about,.4.09%.-
Honnpld Co.
530—
p.
.
65
improvement j ilton
Dated March 1,
Sept.
on
.
4s.
•
Le¬
'.Maple Heights, Ohio*?*1-1
.
t Bond Sale—The
as
obligation
bonds.
'
OKLAHOMA ?'
gality approved by Squicev,:iSanr
ders & Dqmpsey, of Cleveland.:?
..
Magnds & Company,
•/?■■■
/
,
i-'r.fU: 'Nov., U from 1960. to 41964 in- ia^f-v: 168,tp.l791—were awarded
^^^^clttsrves?.
s:
■X? Dal^d Marfcfr.X" 1959.-Brincipal
^ and
?irifefeX?(M-N) repayable at
syndicate
Leonard
&
by
Moore,
follows:
negotiated
a
•
Bond:rSaI^—The $35,000 Riddle
Rfoad: .bridge, bonds offeredJan.
.on
by
general
•
approved
Woodlawn, Ohio
-
a§
via
27
$1,485,000 serial bonds, for $30,'? 000 2V2S, due on Sept. 1, 1961;
V,
$30,000 23/4s, due on Sept. 1,
v? .11962; $30,000 3s, due on Sept.
1 >,•••■■! i*
1963; $35,000 3.10s, due on
? 1 Sept. 1, 1964; $50,000 3.20s,
due on Sept. 1, 1965; $50,000
? 3.30s, v due on Sept. 1, 1966;
$50,000 3.40s, due on Sept. 1,
•:
rl907;' $55,000. 3V4s, due Ion
;
Sept. ! !,- 1968; $55,000 3.60s,
due on Sept: 1; 1969; $55,000
3.70s, due on Sept. 1, 1970;
$60,000 3.80s, due on Sept. 1,
? .1971;, $60,000. 3.90s, due on
Sept., 1, 1972; $65,000 3.95s;
i
i due on
Sept. 1, 1973; $65,000
?
4s," due on Sept.T, 1974; $135,-r
>
000 4.05s, due on Sept. 1, 1975
and 1970; : $150,000 4.10s, due
v.
-on
Sept. 1, 1977 ancl 1978;
> $160,000 4.15s, due on
Sept. 1,
1979 and 1980; $170,000 4.20s,
' ; due on Sept. 1, 1981 and
1982;
rand
$180,000 4V4S, due 011
t jj. Sept. ,1, 1983 andil984.;i ;«7i
1,800,000 term bonds, as 4y2s, due
on Sept.
1, 1998.
'
,
•
Lynch,
to. 1964 inclusive. .
-by Squire, Sanders & Dempsey, of
134,000 special assessment stre^ Cleveland!
paving bonds. Due on Nov. 1
-
on: Jan.
headed
able at the Central National Bank
y^; i:,1960
purchased
were
^
1979 inclusiv.e.
Principal and
'Authority (P. O. Bridgeville), Pa.
Bond
Sale
School
building
revenue bonds totaling
$3,285,000
>
Dated:March T, 1959. Due on Dec.
T 1 f 10m I960 to 1969 inclusive.
Due oa Nov.,
to
April 1 from 1960
(A-O)
payable at the
County Treasurer's office. Legal¬
ity approved by Shuler, Sayre,
Bond Offering—Joseph.. J*?
ehdOrff^City Manager, will re¬
tock, City Auditor, will receive.
ceive; sealed ubids
! until ;
noon
sealed bids until noon! (EST?} oil
(EST) on- -Feb. 17 for the pur\
Feb??16'for tpe purchase of $481,-. chkse' ofN
$86^500 special assess¬
X 800 bonds; as- follows:; * k
ment' stte'dt improvement bonds.
£;
?0V?- ment. bonds.;,
on
inclusive.
interest
group
•
pz 1 Westerville, Ohio
Bond Offering—Leland
..
,$^^),i06o'/ w^tfeir!
1979
to
.
-,
(755)
■
ii
Co., W.
E. Hutton & Co., Westheimer & Winfree & Rankin, of Portland.
Co* Berman, Selonick & Co., EinPENNSYLVANIA
horn. & Co., and John W. Reinhart & Cm, as 414 s, at a price of Chartiers
Valley Joint Sch. District
V
'
.
i
composed
Co., Fahey,;> Clark** &
Coi, Stranahan, Harris & Go., and
Wm. J. Mericka & Co., as 3%s,
at a price of 100.93.
ir- :
'
i
i
530—were awarded to
of Magnus &
p.
7 Miller. &
'
■
-
Bond Sale—An issue of
school
sold to
■
Waverly Local Sch. District, Ohio
Bond Sale—The $750,000 build¬
ing bonds offered Feb. 4—v. 189,
Logan Elm Local School District
.
■
i
.
Loudon, Tenn.
Offering—Doug Watkins,
City Recorder, will receive sealed
Bond
bids until
(CST)
purchase of
Mar.
$75,000
electric
system
revenue
bonds.
Dated Dec. 1, 1958. Due on Dec. 1
from 1960 to 1974 inclusive. Call¬
10
for
11 a.m.
the
on
Offering—Myrtle J. Ivins,
Township Secretary, will receive
sealed bids until 8 p.m. (EST) on able as of June 1, 1964. Principal
Feb. 9 for the purchase of $100,000 laud interest payable at the Ham¬
Hutton
&
Co..
W.
H.
Morton
Co., Inc., Fidelity Union Trust
of Newark: Kean, Taylor &
Laurence M. Marks &
Co.,
8$
Co.,
Co^
Spence^
The Commercial and Financial
56
Chronicle
.-Monday, February 9^
..
1959
(756)
Bank
Tegeler & Co.
Offering—Mildred Barnes,
Bond
-
Stuart &
of Halsey,
Associates
Treasurer, will receive
sealed bids until 2 p.m. (EST) on
District
are as follows:
Blair &
Co., Inc., Kidder, Peabody & Co., Feb. 11 for the purchase of $140,Eastman Dillon, Union Securities 000 school
improvement bonds.
March
& Co., Equitable Securities Cor¬ Dated
1, 1959. Due, on
March 1 from 1960 to 1979 inclu¬
poration, John Nuveen & Co.,
Co., Inc.
Inc., Baxter & Co.,
Dittmar & Co., George K. Baum
& Co., Fort Worth National Bank,
of Fort Worth; Moroney, Beissner
& Co., Fahnestock & Co., Lovett
Abercrombie & Co., R. H. Good¬
&
Payable at the Montpelier
R. S. Dick¬ sive.
Hornblower & Weeks,
son
Co.,
park
293,000
due
from
,
3
—
1968
1973
to
1969
—
The
Feb.
$14,029,000
189, p.
follows:;
$5,931,000
to
a
sewerage
New
Montpelier.
•
^
of
mission
•
Debt, will
Local
on
Middlebury College
(P. O.
and the
Bank, of
as
price of 100.17,
about 2.87%.
a
2.90s, at
basis of
»
bonds was sold
Corp., Ltd.,
and the Toronto Dominion Bank,
000 improvement
to
the Bankers Bond
on
as 53/4s, at a price of 99.31,
Jan. 15 from 1960 to 1979
inclusive.
Interest J-J a
;
:
•
QUEBEC
Beaconskeld, Quebec
Bond Sale—An issue of
$252,500
building bonds was sold to Daw¬
son,
Hannaford, Ltd., at a price of
a net interest cost of about
97.62,
re¬
sion's
■
City,
a
bids at the Commis¬
ceive sealed
Ontario
of $100,*
syndicate headed
pany,
of Chicago,
First National City
York
issue
Sale—An
by the Northern Trust Com¬
Montpelier, or at Hanover County (P. O. Hanover),
Bank, of
Virginia
Bond Offering—J. Gordon Ben¬
Boston.
Legality
approved
by
Philip R. MacCausland, of Essex nett, Secretary of the State Com¬
Peter Giuliani,
Bond
Due
metropolitan
bonds
Otonabee Township;
jointly,
Group I
the Merchants National
and
ONTARIO
.
2—v.
532—were awarded, as
inclusive.
50,000 county building land ac¬
quisition bonds: $40,000 5s,
a.
due on Aug. 1 from 1959 to
1962 inclusive; and $10,000 3s,
due on Aug. 1, 1963.
i
(■'
*
National Bank,
Junction,
.
■
(P. O.
Milwaukee), Wis.
$120,000 3s,
1963 to
Bond
Sale
inclusive; and $75,000
due on Aug. 1. from bonds offered
3y4s,
■
Milwaukee County
1 from
Aug.
on
.
.
1 from 1959 to
office, Room 222, Finance
Bldg., Capital Squire, Richmond,
Middlebury), Vt.
Henderson County Junior College
until noon (EST) on Feb, 18 for
Bond Sale — The $390,000 non¬
District (P. O. Athens), Tex.
the purchase of $605,000 school
Bond Sale—An issue of $13,000 tax
exempt
dormitory revenue
bonds. Dated March 1, 1959. Due
refunding bonds was sold to the bonds offered Jan. 30—v. 189, p. on March 1 from 1960 to 1979 in¬
were
sold to the Federal
East Texas Investment Company, 532
clusive.
Principal
and
interest
as 5s.
Dated Jan. 15, 1959. Due on Housing
and Home Finance
(M-S) payable at the First and
Jan. 15, 1976. Interest J-J. Legal¬ Agency, as 3s, at a price of par.
Merchants National Bank of Rich¬
ity approved by McCall, Parkmond.
Legality
approved
by
VIRGINIA
!hurst & Crowe, of Dallas.
J
Wood, King & Dawson, of New
Arlington County (P. O. Arling¬
York City.
frving Independent School District,
ton), Va.
Texas
win & Co. and Tilney & Co.
Feb.
V£ 189,. p, 532 — were
\ awarded to Braun, Monroe & Co.,
—.
/
5s, at a price of 100.12.
incluusive;
1962
-'vv
.
$98,000
bonds:
Aug.
on
due
■
Aug. .1
1974 to 1978 inclusive.
:
Dallas,
at
due, on
3.40s,
Mercantile National gality approved by McCall, Park¬
E. F. Hutton & hurst & Crowe, of Dallas.
Co., Eddleman-Poollok Co., Han¬
VERMONT
nahs, Ballin & Lee, Dewar, Rob¬
Essex Junction Graded School
ertson
&
Pancoast, A. Webster
District, Vt.
Dougherty & Co., and DempseyTrask & Co.,
Group II
,
„;j
5.70%?, as follows:;
2,000,000 Milwaukee County ex-,
pressway bonds to a syndicate
headed by J. P. Morgan & Co.,
Inc., and Phelps, Fenn & Co.,
as 2.40s, at a price
of 100.18,
■
a
basis of about 2.32%
.
.,..
.
$109,000 5s. Due on Feb. 1 from
1960 to 1968 inclusive.
143,500 5V2S. Due on Feb. 1,
1969,
1, 1959. Interest F-A,
Dated Feb.
a
—
•;'aaa
President
T. Young,
the Board
of
of Trus¬
Sale—The $3,516,000 bonds
Bond
Feb.
offered
were
awarded
p.
532—
group
com¬
189,
4—v.
100.19,
to
a
Klickitat County Port District
No. 1
(P. O. Goldendale), Wash.
Bond Offering — O. R. Kreps,
tees, will sell at public auction at
7:30 p.m. (CST). on Feb. 10, an posed of Phelps, Fenn & Co., Inc.,
Secretary, will receive sealed bids
issue of $1,500,000 unlimited tax Hornblower & Weeks, Mason-Ha- until 2
p.m. (PST) on Feb. 6 for
achool house bonds. Dated Feb. 1, gan, Inc., F. S. Smithers & Co., J. the
purchase of $37,000 general
1959. Due on Feb. 1 from I960 to C. Wheat & Co., Dominick & Do¬
obligation
improvement
bonds.
1993 inclusive. Callable as of Feb. minick, Mercantile Safe Deposit Dated Feb.
1, 1959. Due on Feb.
& Trust Co.,
Baltimore, Julien
1, 1979. Principal and
interest
1
from
1961
to
1979 inclusive.
Collins
&
Co., Stein
Bros. &
(F-A) payable at the Mercantile
Callable after 10 years from date
National Bank, Dallas, or at the Boyce, Ferris & Co., and Mason & of issue.
Legality approved by
Lee, Inc., at a price of 100.07, a
Irving State Bank, Irving. Legal¬
Preston Thorgrimson & Horowitz
net interest cost of about 3.33%,
ity approved by McCall, Park-
mmmmzstimna
6,098,000 various purpose bonds
to a syndicate headed by the
First National Bank, of Chi¬
cago, as 2.70s, at a price of
WASHINGTON
Bond Offering—Jas.
Group ni
a
mmmmm
y
Spw
t'fyYSA
basis of about 2.65%.
Syndicate Members
Other members of the Northern
Trust
the
Company, of
First
National
New York
Chicago, and
City
Bank, of
City, syndicate: Chase
Manhattan
Chicago,
New
Bank, of New York,
& Savings Bank, of
Bankers Trust Co., of
Trust
Harris
York,
First
Boston
Corp.,
Chemical Com Exchange Bank, of
New York, Salomon Bros. & Hutz-
'
v '
-'r,
ler, Kuhn, Loeb & Co., R. W.
of Seattle.
as follows:
Pressprich & Co., White, Weld &
tmrst & Crowe, of Dallas.
Pierce County, Clover Park School Co.,
Wertheim & Co., Seattle$1,170,000
street
and
highway
Lufkin, Texas
;
First National Bank, of Seattle,
bonds:
$295,000 5s, due on District No. 400 (P. O. Tacoma),
Bond Sale—The $110,000 gen¬
Marine Trust Co. of Western New
Washington
Aug. 1 from 1959 to 1962 in¬
eral obligation fire station bonds
Bond Offering—L. R. Johnson, York, Buffalo, Brown Bros. Harj
clusive; $330,000 3s, due on
offered Feb. 3 were awarded to
riman & Co., Alex. Brown & Sons.
Aug. 1 from 1963 to 1968 in¬ County Treasurer, will receive
Eddleman-Pollok Co.
Mercantile
Safe
clusive;
$270,000 3V4s,
due sealed bids until 2 p.m. (PST) on
Deposit
&
Dated
Feb.
1, 1959.
Due on
on Aug.
1 from 1969 to 1973 Feb. 17 for the purchase of $700,- Trust Co., of Baltimore, National
Feb. 1 from 1973 to 1975 inclusive.
general
obligation
school State Bank of Newark, Andrews
inclusive; and $275,000 3.40s,' 000
Principal and interest (F-A) pay¬
Dated March 1, & Wells, Inc., City National Bank
due on Aug. 1 from 1974 to building bonds.
*f:«i
K'uim
v#!*;
%
-
'
'
"
:
-
able
at
National
Mercantile
the
Bank ,of Dallas. Legality approved
toy
McCall, Parkhurst &
Crowe,
of Dallas.
Offering—Mack
'
Run-
V.
raels.
City Manager, will receive
cealecl bids until 2 p.m. (CST) on
Feb. 12 for the purchase of $500,-
€00 water and
bonds.
enue
Due
sewer
Dated
system
Feb.
15,
rev¬
1959.
June 15 from 1960 to 1988
on
inclusive. Callable
1979.
mas.
as of June 15,
Legality approved by Du¬
Huguenin & Boothman, of
Dallas.
San Saba County (P. O. San
Saba),
Texas
Bond
tal
Sale—The
bonds
Feb.
4
San
Antonio,
Texas
Bond Offering—J. Frank Galla¬
City
will receive
(CST) on
the purchase of $3,Clerk,
sealed bids until 11
Leb.
16
€00,000
for
water
a.m.
revenue
bonds.
Dated Jan. 1, 1959. Due on May 1
from 1969 to 1983 inclusive. Call¬
able
and
the
of
May 1, 1969. Principal
interest
(M-N) payable at
as
First
National
Bank
,'
,
of
San
Antonio; Harris Trust & Savings
Bank, Chicago: or at the Guaranty
Trust Co., New York City. Le¬
1959.
Due
on
March 1
from
1961
to 1979 inclusive. Callable after 10
Aug.
1
from
inclusive;
1973 in¬
and $100,000 3.40s,
Aug. 1 from 1974 to
Aug. 1 from 1969 to
clusive;
on
inclusive.
1978
Greendale Union High
School Dist.,
Wisconsin
Offering
Bond
—
Kenneth
R.
Meyer, District Clerk, will receive
were
©warded to Dittmar & Co.
gher.
on
due
$70,000 hospi¬
offered
„
250,000 sidewalk bonds: $60,000
5s, due on Aug. 1 from 1959
to 1962 inclusive; $75,000 3s,
due on Aug. 1 from 1963 to
1962
inclusive;
$120,000
3s,
due
on
1968
inclusive; $145,000 3*4S,
on
Aug. 1 from 1969 to
due
1973
Aug.
from
1
inclusive;
and
Cities Service
sealed
bids
at
the
office
of
von
Briesen & Redmond, 135 W. Wells
PA N Y
1963
to
$150,000
&
Clemens
of
Milwaukee.
Greendale Common School District,
Drexel
to
Due
1979
on
March
1 from
1960
inclusive. Principal and
(M-S) payable at the Ma¬
National
Exchange Bank of
ton
&
Co., Julien Collins & Co.,
Bacon, Stevenson & Co.
Fitzpatrick,
Sullivan
&
Co.,
& Co., J. A. Hogle &
Co.,
Ernst
Legality approved by Industrial National
Bank, of Prov¬
Herriott & Clemens, of idence, First National
Bank, of
Milwaukee.
Minneapolis, First National Bank,
Harrison, Ellenboro, Lima and
of St. Paul, Raffensperger,
Hughes
Platteville (Towns) Joint
& Co., Inc., Malon S. Andrus,
Inc.,
School District No. 1 (P. O.
Burns, Corbett & Pickard, Inc.,
Platteville), Wis.
Farwell, Chapman & Co., Third
KJuarles,
The Board of Directors of Cities Service
clared
a
Company has de¬
quarterly dividend of sixty cents ($.60)
its Common
per
share
stock, payable March 9,1959, to stockhold¬
of record at the close of business
erle c.
February 13, 1959.
christian,
Secretary
Are you
have
a
a
really too busy to
health checkup once
year? Or do you put it off
you're afraid your
because
doctor
might find some¬
Other members of the First Na¬
tional Bank, of Chicago, syndicate:
Harriman
Ripley
&
Co.,
Inc.,
& Co., Blyth & Co., Inc.,
Glore, Forgan & Co., Smith, Bar¬
Bond
Offering — Florence
H. ney & Co., Mercantile Trust Co.
Ringland, District Clerk, will re¬ of St. Louis, A. G. Becker & Co.,
ceive sealed bids at the office of Inc., Lee Higginson
Corp., L. F.
von Briesen &
Redmond, 135 W. Rothschild
&
Co.,
Robert
W.
Wells St., Milwaukee 3, until 4 Baird
&
Co., Inc., The Illinois
p.m.
(CST) on Feb. 19 for the Company,
Roosevelt
&
Cross,
purchase
of
$450,000
corporate Trust Co., of Georgia, Atlanta,
purpose bonds.
Dated March 1, The Milwaukee Co., R. H. Moul-
Milwaukee.
otiii-
ers
Co., Inc., Laidlaw &
Co., Reynolds & Co., Dominick &
Dominick, Bache & Co., Stroud &
Co., Inc.
thing wrong?
If it's cancer
Wisconsin
rine
Dividend Notice
Herriott
Quarles,
interest
on
Pomeroy, Inc., B. J. Van Ingen &
Co., Clark, Dodge & Co., Braun,
Bosworth &
St.,
1959.
.
Trust Co., of Chicago, Bacon,
Whipple & Co., Marshall & Ilsley
Bank, and Marine National Ex¬
change Bank, both of Milwaukee,
Win. E. Pollock & Co., Inc.,Fahne¬
stock & Co., Auchincloss, Parker
Allen & Co., McCormick & Co.,
Milwaukee,
until
4
p.m.
Butcher & Sherrerd, Folger, No¬
(CST) on Feb. 19 for the pur¬
1968 inclusive; $65,000 3%s, chase of
$450,000 corporate pur¬ lan, Fleming-W. B. Hibbs & Co.,
Van Alstyne, Noel & Co., Stern,
due on Aug. 1 from 1969 to
pose bonds. Dated March 1, 1959.
1973
inclusive; and $50,000 Due on March 1 from 1960 to 1979 Lauer & Co., Rockland-Atlas Na¬
3.40s, due on Aug.
1 from inclusive. Principal and interest tional Bank, of Boston, Boland,
Saffin & Co., Byrd Brothers, Cun¬
1947 to 1978 inclusive.
(M-S) payable at the Marine Na¬
ningham, Schmertz & Co., Inc.,
560,000 library bonds: $100,000 tional Exchange Bank, Milwau¬
and J. M. Dain & Co., Inc.
5s, due on Aug. 1 from 1959 to kee.
Legality
approved by
DIVIDEND NOTICE
M.
&
years from date of issue. Principal
1960 to
and interest (M-S) payable at the
$240,000 3s,
County Treasurer's office. Legal¬
due on Aug. 1 from 1963 to
ity approved by Preston, Thor¬
1968 inclusive; $200,000 3J/4S,
grimson & Horowitz, of Seattle.
& Redpath, and Wood, Gundy &
due on Aug. 1 from 1969 to
1973 inclusive; and $240,000 Snohomish County, Edmonds Sch. Co., Inc.
District No. IS (P. O. Everett),
Other members of the J. P. Mor¬
3.40s, due on Aug. 1 from 1974
to 1979 inclusive.
gan & Co., Inc., and Phelps, Fenn
Washington
Bond Sale—The $300,000 gen¬ & Co., syndicate: Goldman, Sachs
423,000 storm awater
drainage
& Co., Shields & Co., Stone &
bonds:
$103,000 5s, due on eral obligation bonds offered Jan.
29—v. 189, p. 532—were awarded Webster Securities Corp., Paine,
Aug. 1 from 1959 to 1962 in¬
clusive; $120,000 3s, due on to a group headed by the Seattle- Webber, Jackson & Curtis, Ladenburg, Thalmann & Co., Dean Wit¬
Aug. 1 from 1963 to 1968 in¬ First National Bank, of Seattle.
ter & Co., Schoellkopf, Hutton &
WISCONSIN
clusive; $100,000 SViS, due on
clue
1962
Marshall, Texas
Bond
1978 inclusive.
770,000 sewer bonds: $90,000 5s,
Bond
site
and
Sale—The
building
$80,000 school
bonds
offered
National Bank in Nashville. Allan
Blair & Co. and Loewi & Co
you're worried
about, remember that dootors are
curing many more
cancers
than they could ten
years ago.
cans are
of
800,000 Ameri¬
alive today, cured
cancer... many
because
of them
they had made a
habit of having
annual
checkups no matter how
well they
feit... all of
them because
they went
to their doctors in time!
Make annual
a
checkups
habit... for life!
*
AMERICAN CANCER SOCIETY
@FedFRASER