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The COMMERCIAL and FINANCIAL
Reg. II. S. Pat. Off.
THE
INFORMATIVE. PUBLICATION
MOST
AND
LEADING
New York 7, N. Y,
Number 6240
Volume 197
THE
IN
FINANCIAL FIELD
ESTABLISHED
...
1839
Price 50 Cents
Thursday, February 21, 1963
Copy
a
V
EDITORIAL
In the
should
%;■
•
managers
have
Washington
at
the
danger of
his
tax
now
feels it necessary to
The
tions that such
loyal aides
recession is
a
are
an
maintain
need to
our
talk about
by the more recently
.
\
.
Our
-u
;
rt,
.
•
•
.
well
as
the
as
has remained easier
State
domestic
and
-
a
situation
of
|flhemica|j§
of
cyclical expansion. In bal-
has
•
"rules
convertible
a
a
national
semblance of
economic (nonpolitical) ' excuse for over-supplying
the banks with liquidity, with a resulting some $24
billion increase of total (net) deposits in banks and
policies are under fire on both grounds: for
having done too little to protect the dollar abroad;
'and for have gone too far in that direction, to the
a
savings associations.
7
The
attempt
to
reconcile
irreconcilable
two
detriment of economic growth at home. Criticism
points of view, the inflationist and the opposite,
from both quarters, he
left
claimed, is proof that he
taining
cheap
money
rates
and
The
"I believe that
gold losses—sounds confusing, the fault lies in the
double-barreled monetary philosophy
Securities
Association
doubt
however, in this
we can
of
Jan* -3, 1963.—Ed.
Winter Dinner of
not of
find ways of furthering
(Continued on page 26)
•Full text of Mr. Martin's address appeared in
the Chronicle
;
State,
in today's PICTORIAL SECTION.
appear
no
domestic aims while,
our
adopted, ap¬
parently, by the Board. Worrying at it does about
the fact that our balance of payments ran last year
Traders
left
It is
both ways.
from the point of view of basic economics,
election campaigning.; In his own words:
unrelenting
expansion of bank deposits in the face of continued
;
Chairman
success
reader's mind as to which problem is the real one—
policies—sus¬
the
the; Federal Reserve ; holding the' bag.
blamed for lack of
doing the right thing "within the. limits of
human imperfection."
was
STATE
Underwriters
Municipal
AND
MUNICIPAL Lester, Ryons & Co.
17,
623 So. Hope Street, Los Angeles
,
'
Members New York Stock Exchange
BONDS
Associate Member American Stock
Members Pacific Coast
Corporate & Municipal
Exchange
Exchange
>
Offices in Corona del Mar, Encino, Glen-
dale, Hollywood^ Long Beach, Oceanside,
Pasadena, Pomona, Redlands, Riverside,
San
MEMBERS
Diego,
Ana,
Santa
Santa
Monica,
Notes
Municipal
Bond Division
irHEll
Whittier
FIRST NATIONAL CITY BANK
MIDWEST STOCK EXCHANGE
Housing
Agency
Bonds and
California
Distributors f Dealers
Inquiries Invited
on Southern
Calif ornia Securities
770-2661
135 So. LaSalle Street
Bond
TWX: 212-571.1414
ac¬
the
could
be assumed to provide
emergency
his
MULLANEY, WELLS & COMPANY
BOND DEPARTMENT
770-2541
the
By no stretch o£
currency.
imagination
our
Dec. 28.* He took pride in the fact that
on
violate
that
on
are
accounts,
of the game" of
;
Dr. Melchior Palyi
Thus spoke Chairman William McChesney Mar¬
tin, Jr.
deficiencies
heavy
tions
paid neither too much nor too little
international payments problem."
attention to
CHEMICAL BANK NEW YORK TRUST COMPANY
York 8, N. Y.
monetary
savings depos¬
on
international
ancing-the scope and the limitations of our mone¬
tary policy, however, I am convinced that, within
limits imposed by human imperfection, the Federal
Securities
P. O. Box 710, New
the
and Public
'(AtiC1-
phones:
a
Housing,
Securities
—
base—and lowering the reserve
longer-term growth
lagging
less-than-robust
Reserve
positive enough. Between mid
Europe
from $22.5 billion to some $40.4
and^Municipal
outstanding
System's
volume
its from 5% to 4% in the face
Governmentr
Public
the
requirements
PICTURES IN THIS ISSUE—Candid pictures taken at the 39th Annual
U. S.
Adding last year's $2.3 billion
to
opposite.
credit
If this defense of Federal Reserve
Boston
our
paper-shots-
by
in-the-arm.
r
monetary policy
bolstering
—
Growth-rate
cycles because that has seemed to be needed in
up-dating.
the
ministration
through this economic cycle than during previous
incubating with¬
billion, or almost 100 %. The commercial banks increased
their holding of Federal debt from
(Continued on page 26)
linquency of the Kennedy Ad¬
sound dollar linthreatened
a
recent address
contradictions in
.
of which the New Frontier ideas
rose
depicted as teetering on the edge
of
! f
The record is clear and
national debt
is
catastrophe in trying to. straddle the opposition-
to the Administration's views
1933 and 1939 when World War II broke out in
our
-
billion (or larger) deficit, the 12th in
reappointed FRfi Chairman containing forthright opposition
hold the rate of business
definitely good. We are not prepared to
guess what may take place in the months ahead. What
we are certain of is that nothing that the President has
as
yet come forward with would significantly and per¬
manently improve our economic status otf prospects. This
much actual experience plainly teaches. It is strange that
so few seem to remember the lack of success of the early
to be but
<
the Board has resisted the multiple pres¬
sures for further cheapening the interest rates. But
it has contributed its share to the monetary de¬
demands of the Administration for growth stimulation
tant
now
measures,
'
row,
by devaluation. Dr. Palyi incisively uncovers crucially impor*
being noticed by the jrank and file.
New Deal
'
'
another $2
and
Whatever the future may
activity is
1
t
ary
able to find indica¬
even now
Federal Reserve
of monetary
reduction
into law. Some of his
.
a
recession if his programs, particularly
proposals, are not promptly enacted
a
.■
(
By Melchior Palyi, Chicago, Illinois
plaining about continued unemployment and the lack of
"growth" in industry and trade, are not quite
able to telf the people that these strange nostrums that ;
they are advocating are required to get us out of a
serious depression, since nothing of the sort exists and •
can hardly
be claimed to exist. Hence, it doubtless is •
that the President
•
^
been
proper
seem
/.'r
i
Edges of Monetary Catastrophe?
strongly urging all sorts of nostrums to get us on our
economic feet again. The New Frontiersmen, while com¬
out
\
past it has usually been in times of depression (or
we use the more polite term "recession" ?) that
economic
the
Is the Federal Reserve Teetering on
As We See It
iHFll
Dept. Teletype: 571*0830
Correspondent
—
MANHATTAN
Pershing & Co.
BANK
Chicago 3, III. FRaiklii 2-1166
:; Net Active Markets
T.L. Watson &Co.
ESTABLISHED
Maintained
To Dealers, Banks and Brokers
v
1832
Block Inquiries
Invited
:
,y;<
**
r
'.Canadian Exchange?
-
All;
"
CANADIAN DEPARTMENT
-
V
•
PERTH AMBOY
stock
maintaining
DIVERSIFIED
distributed
was
on
Shell
shareholders
of
basis
Shell
five
a
either at net New York
of
one
Shell
Oil.
of
November
Oil
Co.,
Canada
1
on
for
,■
v
CALIFORNIA
-r
to
the •"
each
;■/;
Teletype 212-571-1213
MMCT
VIRES TO MONTREAL AND
:
TORONTO
2 BROADWAY
NEW YORK
...
1 NORTH
'
•
.
LA SALLE ST.
CHICAGO
Finance
Dommox Securities
GRPORATTOT!
Goodbody & Co.
I, MEMBERS NEW YORK STOCK EXCHANGE
BRIDGEPORT
|
"-
market fat this
prices or
prices in Canadian funds, llie stock
are
'
•?
NEW YORK 4, N. Y.
Executed On
.Com
New York Stock Exchange
STREET;
Class A Commons Sharoo v
at
.
American Stock Exchange
; Shell Oil Co. of Cauda, Llmltsd
We
Members
BROAD
-
Canadian Securities
'
25
New York
40
Exchange Place, New York 5, N. Y.
Teletype 571-08M
Area Code SIS
WHitekaU 4-tlfl
.
..
MUNICIPAL BOND
DEPARTMENT
BANK OF AMERICA
N.T.&S.A.
SAN FRANCISCO
•
LOS ANGELES
2
The Commercial and Financial Chronicle
(770)
The Security I Like Best...
iDealers only
For Banks, Brokers,
This
Forum
Call "HANSEATIC"
service and
a
broad
in the next 12 to 24 months.
Members New York Stock Exchange
For
Contacts through
onr
To make
\
sura
|
and was
Established 1920
Exchange
—
Chicago
1231, 32, 33, 34
Los Angeles
«
San Francisco
*
stores, Marrud has had an amaz¬
tive
Its sales have,
ing growth record.
risk
businessmen's
,
World Wide Wire Service
in
and
a
148.
N.Y.
Telephone: BQwHmgGreen 9-2895
compound
a
As
of
1962,
December,
its singu¬
ability to survive and grow in
harsh
lucrative
but
discount
it
that
-
As the
Usher
comics
pansion
should
QUOTED
private
of
increase 1 their
not-only
volume
of
sales,
field. Ex¬
label items
but
also
their
5% of volume in their
Members
■
Midwest Stock Exchange
Detroit Stock Exchange
■
hero
teen different
Through
a
Branch
:
313 222-5012
Office
—
Bay City, Mich.
on
In
v
Financial Public Relations-
months
and
to
years
Corporate Consulting Firm
participating
partner fine, growth /Opportuni¬
ties. Modest capital investment
required for half interest. Box
214, Chronicle.
operation
distinctiph between National Peri¬
odical's
profitable form of distri¬
bution and the profitless
subscrip¬
tion route must be kept in mind. Y;
Y Speaking bf! distribution meth¬
ods
National
recently
Periodical'
count-store
this
him¬
as
multi
a.
-
fields
package with
by introducing
plastic
copy,
tag to meet the
requirements
outlets.
these: hiass
new
being
now
languages.
~
LAMB0RN & CO., Inc.
.* Knowing how. to" price its mer¬
In Marrud's case,
99% of National Periodical's
capitalization of the
com¬
is simple—$3,000,000 funded
stock.
com¬
Slightly over 50%
common
of
stock is owned by the
president of the
company
and his
is
the
the
result of
company
dividends
a
recent
of that
loan
amount
to
However, the
profits
mediate
Superman
and
royalties
«
company
regularly
television
from
also
reis¬
Service Your Accounts
Quickly By Using Our
|
BANK & QUOTATION
policy to-
anyone
who knows
never
out
of
in
publishing
this
and
un-
-
stocks.
corporation since
1935.
It is also hurt by investor neglect
of the over-the-counter
dependent-News
the*
general
H.
for
has
Harold Chamber¬
has
through 22
of
Inde¬
his
worked
years
'
—
to
be construed
solicitation of cat offer to buy; any
offer to sell, or
security referred to herein.)*■
as tin
listed
as-
securities
those
"hard to
Over-the-Counter
YY"
at
•
find" Y
quotations.
; .--t v.
Write
.-.v^
WILLIAM
call:
or
-
•
B.
,•.
>: ;
Y
.
.
*■
DANA CO.
25 Park Place
New York 7, N. Y.
REctor 2-9570
latest model IBM computer.
Continued
National
Quotation
Bureau
Incorporated
It is
Over-the-Counter Quotations
Services for 49 Years
46 Front Street, New York 4, N. Y.
CHICAGO
on
Established 1113
of out¬
nation's
circumstances
monthly price*
more
leading banks, insurance standing service.market, the
has considered listing its and leading industrial companies,
The only big piece of machinery
on the company's premises is the
4
no
all
on
'well
will
publication
the
you
^
$4)
com¬
Company,
manager
pendent News,
way up
TKis. bound
Y give
year)
—■"
the
Paul
of the
industry
than 36 years.
lain,1
per
(Single Copy
Jacob
with
pany's distribution subsidiary, In¬
in
"(Only $45
mature
President
been
been
;
:YY :YV'-- Y;'Y',;- Y-fi-
example,
fashion, Sampliner, president
Periodical's: stock
Co.; the disinterest
minds
Liebowitr has
S.
Although its squadron of paper
are
For
•
Rather, its strength lies
creative
series management.
comics in daily newspapers.
National
obsolete.
in
industry.
No
market.
likely for the im¬ National Periodical hasn't been in
future.
Traded
in
the business, as long .as. .many of the
in
RECORD
sound busi¬
hunks of metal that quickly grow
Superman
are
iThis is under
ns a
from, the
sued
rev¬
by justly shares the current investor
Over-the-Counter
company
DIgby 4-2727
enues.
family. The $3,000,000 funded debt heroes
company
Export•—Imports—Futures
ness,
a
contribute a neat seven, cents an¬ the
publishing industry. Just like
nually to National Periodical's op¬ the biggest publishing company of
tected themselves by having their erations. Y; Y-y
7, -;/v all, Time, Inc., National Periodi¬
These activities account for over cal's assets are never
department receipts put into a
put into big
first known loan of its type to any
Liquid
vestor, it is actually
tions and stores, but further pro¬
the Prudential Insurance
——«
i
alert
only carefully picked their loca¬
the
Refined
■
'Year—1063
74th
1889——Our
in two
debt, and 1,025,446 shares of
—
:
Telephone: WOrth 4-3033
-
^
chandise
and. more favorable terms, in the shire Distributors, Ltd., the ven¬
in - question, is expected; to
case of the latter, they have not ture
mon
Raw
St., New York 6, N. Y.
130 Cedar
explored
Periodical's
speaking thir¬ management.
CO., INC-
PRINTING
of
marketing'
only, one; of the
National
APPEAL
Comicpac is
innovations-
by
encased
-
high enough price
a
the company collects the unsold 100 million comics
magazines a
unlikely and, in-, publications >nd sells them over¬ year, it really adds up.
j
stead of losing their departments, seas at a profit.
This is done
National Periodical Publications
the recent record
indicate^ that through a profitable company, in. does, not own a single printing
upon
lease expiration they are which National Periodical has just press. Although this might appear
able to continue on even longer acquired full ownership, Hamp¬ unrealistic to ; the uninitiated in¬
The
SUGAR
BEekman 3-3622-3 Ly
Telephone:
l'O. 12 cents. National Periodical re¬
principal adults. 'Y:-';V;'
areas:
(1) Their vulnerability to : And if there is • a temporary tains cine* cent of "this increase,
losing their departments to the shortage of hero - worshippers with the wholesaler and retailer
store owner or operator, and (2) among any of the 120,000 retailers splitting the other penny.
Con¬
Their vulperability in any given of National Periodical's products, sidering that this penny applies to
ment
pany
NEW YORK 5, N. T.
-
-
N.Y.
face financial pressures, the great
own
separate trust account.
STREET
149 Broadway, New York 6,
come,
.
WALL
•«!;
--
.
when giant publishing institutions;
•"
98
•;
NEW YORK OFFIGE
.
in.
stands,
news
the first is most
A
*
mail
.
discount store.
Offers} qualified
-
;i:-y; ^,,y.■*'
-
DETROIT 26, MICH.
062-3855
Ltd..
v •
v
wholly owned sub¬
...
Penobscot Building
-
drug stores or in supermarkets,
of: .jnilliops\ of
.
overseas
Ii*r:.y. :&<:v...^ yy;.-::
and ad line- }
is another; sign of able
prod¬ sidiary,, the nation's largest dis¬ management. In Oct., 1961, about
ucts and their special purchase tributor of magazines and paperN the same time.the. company went
back books, National Periodical public, it
divisions. ;
courageously dropped
YY;Y-':Y-Y::
(and; 54 other the traditional 10-cent price on its
Major copcern has beep ex¬ brings Playboy
pressed about the leased depart¬ quality periodicals) to millions of; comics magazines and raised, it to
profit margins. They expect to do
MORELAND & CO
the.
come
youngsters
a i w
Securities Co*9
^
...
cracked the supermarket and dis¬
magazines,
brings Superman
sid
Remember, all of its prod¬
ucts-are} sold
dominant pub-
nation's
of
tered the private label
industries
1051
rates.
Periodica) Publications,, Inc.
•
com¬
ever-rising
and
age: ,,wars
" V
GLOBUS
MORTON
The
publisher ail-?
magazine
ments - as - subscription
require¬
The, woes of the discounters
self and in dozens of variations to
are well known.
Marrud's success
generation
after
generation, of
has been startling in comparison.
American boys. Through foreign
Recently, the company has en¬
licensees, Superman- has >also 'be¬
detrex chemical
.
meet
does
President, Globus, Inc., N. Y. C.
■
company
field.
—
SECURITIES
is virtually immune to such
common
the National Periodical Publications, Inc.
of its management and
the
SOLD
JAPANESE}
years,
quadrupled to over
4% at current price of 9.
pany
$6.71 per share in ments of certain types Of-trustees
compound growth rate of and insurance: companies;
a
tributed to the skill and integrity
for
lar
—
Y--Y
,
branch offices
our
yearly^
$40 million
over
ical publishing venture.
has added an additional
Supermen and. playboys! All-con¬
39 leased departments and expects
quering and untiring, these heroes
to have 200 in operation by July,
to large segments of :the male-pop¬
1963.
'
i *
'
ulation are cutting heroic figures
,Y Marrud's success may be at¬ oh the balance sheets. of (National
for any particular securities
BOUGHT
Direct wires to
[ National Periodical is not a typ¬
company
The Nomura Securities Co., Ltd.
offer or solicitation
29th);
approximately 45%. In the same
period, the number of leased de¬
partments have grown from 15 to
Monthly Stock
picture of the Japanese
economy as a whole.
an
Mobile,Ala.
\ -
it has
During the last five
year.
over
specula¬
lieve
1962;
our other reports
that give you a pretty clear
not
time
$1 million a year, a first step to¬
share in 1958 to
Digest, and
is
that
failed to- increase its
net income has
it has been
Since
accounts.
ings have grown from $Q.161/2 per
IN JAPAN
orders
of over '30 years
212 571-1425.
.
New Orleans, La. - Birmingham, Ala.
-
incomeY It is currently gross¬
gross
a
growth rate of over 70%. Its earn¬
Opportunities Unlimited
rhig
yet it can boast
In
business.
never
legal requirements of many banks
in various states. However, I be¬
July
ending
61 Broadway. New York 6,
traded
solid history
a
from $2,262,000 in 1958 to public for a rather short time, it
$20,676,000 in 1962 (fiscal year would obviously not meet the
our
Members American Stock Exchange
HAnover 2-0700
OTC
all
grown
Write for
Co!
Members New York Stock Exchange
,
meeting New York Stocky
offering price.
i
f 1963 net income, Marrud is rec¬
as
an
under valued Exchange standards for listing..
The largest operator of leased ommended
National Periodical pays 10 cents
departments
(drugs, cosmetics, growth and defensive situation.
a
quarter in dividends, yielding
candy, stationery, etc.) in discount The stock is suitable : for both
Telephone: 363-2000 : V.
•
plus
•'
19 Rector St., New York 6, N. Y.
built-in ing at the rate of
many
characteristics,
'■
wards
60 Broad St., New York 4
Philadelphia
defensive
V""''
Steiner, Rouse &
■
14 cents for the com¬
net earnings per share of approxi¬
Op an ad¬
split 2-for-l.
City.
York
-
•
$3,834,038 of a
vs.
'''CV
Bought—Sold—Quoted
Publications,
New
Inc.,
(Page 2)
I''"/''-'''
,.'- Y
:
,
Periodical
Globus,
justed basis, the stock is now sell¬ demonstrated growth pattern, and
ing at about $0.75 above its initial selling at approximately 11 * times
Associate Member :;'f
Boston
vs.
City.
York
New
Inc.,
earnings per share of.
44 mately $L00.; With1
The stock rose to
share.
per
CORPORATION
Teletype: 212-571
$7,317,636
21 cents
1961.. The offering price was $20.50
Marron
B.
Inc.—Morton Globus, President,
fiscal
quarter of
parable period—up 50%. For the
ommended for long-term capital full
year ending July 29, 1963,
gains. The company "wept pub¬ sales are estimated at V between
lic", for the. first time ip June, of
$27,000,000 :,apd $30,000,000,Y and
HANSEATIC
Stock
:
$11 per share. Marrud, Inc. is rec¬
NEW YORE
American
of
year ago, an
company's stock is approximately
you're getting
the widest possible coverage,
:.L:
Overrthe-Counter
Market, the. current price, of tins
"Call HANSEATIC."
'■
first
the
Co.,
National
..Y.
■
1963, the company reported sales
in. the
Traded
wide wire system.
;
Marrud, Inc.
nation¬
D.
(Page 2)
it
qualifies for the New York
Stock Exchange. This should be
Incorporated, New York City
of
range
&
til
Vice-President, D. B. Marron & Co.,
Louisiana Securities
Marrud, Inc.—J. H. Deutschmann,
stock and has decided to wait un¬
J. H. DEUTSCHMANN
Alabama &
and
Selections
Vice-President,
department offers
reaches
Their
participate and give their reasons for favoring a particular security.
Thursday, February 21, 1963
Week's
Participants
advisory field from all sections of the country
in the investment and
Our experienced trading
Trigger-quick
different group of experts
A continuous lorum in which, each week, a
;
;..
page
14
'
SAN FRANCISCO
Number 6240'.
Volume 197
.
The Comme
Chronicle
.
Factors Affecting
(771)
CONTENTS
Outlook
:
Thursday, February 21, 1963
—
.
...........
■
......—.
-
•
■
■
I-,
n
For Bond Market in 1963
!<•
By Sidney Homer,* Partner^ Salomon Brothers & Hutzler,
B.S.
Articles and News
'S'";
;/;v
t
£on(| expert's: review of the factors affecting- the bond market In
1963 offers stroiig doiibt that the interest rate pattern will follow
Monetapy Catostth|)hfe?^-^-^-^--Melchior Palyi
|Its traditional cyclical ' trend." A normal portfolio maturity balance
near
funiils
term
long-term bonds or to -hold hack long
Better
higher.yields.' This situation would still induce
in hope of
V
he is confident c
dollar's Strength and, in doing so, does not Minimize
'the -fact that we lace a serious problem, * That 'problem, he adds,
.stems from our role'as international banker which requiresf \in>ther;:
.
about
.
r;."
commodity prices remain stable', Mr. Homer doubts deficit financing
«
will entail high interest Yates. *;
/
; ;;
..
'
t,
*
^
I
How
1963
in
those
from
different
are
trends
market
bond
Taking
delhi taylor
;
yo
hic h
are
In October of 1959 most
,
MACLEAN
Ewan Clague 10
•
.
Without
Taxes
OIL
feerkleYlDavlS 13
Try for
Film
J.
Austin 16
Paul
Market
Over-the-Counter
on
PACIFIC SOUTHWEST
Free World
a
Market
GREAT
was
Progress
CORP.
23
AnitiUal
in
low prices^ahdliigh
yields.
Funstoh ?Cites KYSE
Keith
AMERICA
ments of the bond market reached
their .postwar
AIRLINES
20
According to Bank Of Nova Scotia—
traditionally
COMMONWEALTH
SaulnieP 12
Canada's Natural Gas Industry Is Thriving,
depart¬
watched by
INDUSTRIES
Enlarging
—Raymond J.
S. Business Must
Preview
trends has been recently.
19.50's and
-
Searching Look at Electronics' Future
a
Common
the correlation
yields and-business,
between bond
trOhds fit -the
which" iontrollod
Reduce
*
3'''
how very poor
see
Can
We
Deficits—
U.
control
1
;
$
STREET. NEW YORK
Telephonc s WHitehall 4-6551
,
Basic Trends Affecting the U. S. Economy in 1963
it
general
business.
However,
might be ttseful to look baolc ^ndy
will
which probably
factors
The
market
ob-
servers.
We
ha¬
all
trends during
only X1 months and £
the-conc|psion thptja negative correlation
cause :
goes
:
and, of course,
Sidney Homer
and
comes
bills and,
to
expect
we
too
bad
cause
and
effect
is
of
market are not
so
the
in
In
tax cut and
a
.
.
.
a
Capital
a
,
.
,
Market
.
.
and You
en'a.xentire ,'life^ -eyery> time '^he
heard:the:farmer's:footsteps, she
to
Our
higher
program
of lower taxes and of
interest' ratesy -^Business;; •:
immediately: got fedx every- time,
however,;
that is, until the last time, when
something very different and very
pleasant happened.. No
careful and scientific cor-
improved: Instead;; bf
steps and feed would have proved
certainties. is, besettipg
postpone
beariffg nt all On
dangers
the tiltimate calamity.
:
:<
V
no
rate
past
two
years
holds
it
a
to
the
/Will»
/'
«
'w
in
the
established
a're
not
Story
sequences
reliable
that
~"t>f
events
^
-/::-V.
vdiidh changed the rides of the
•
game.
well
no
I think most of
aware
us now are
that bbn'd yields, are
w.
The. COMMERCIAL and
'
r-''
Published fcwiee Weekly
;
it\-/
A
«<
'•/.
1
7
Capita I
f V !:\r-.v."''*■■ .*?'■'v '|
'
.(•;
[
Purolator Prods. Inc.
Electronic Int'l
Cap. Ltd.
HA 2-9000
-
40
E^hange Plac#, N. Y;
Teletype -212 '571*0610
tfirect "Wires
Chicago
Cleveland
Philadelphia
"(The)
15
St. Louis
to
Los Angeles
San Francisco
Washington
6
'•
J
!''
FINANCIAL
;
.'
CHRONICLE
Reg. tT. S. Patent Office
WILLIAM B. DANA COMPANY, PUBLISHER
25 'Park Place, New
f-
" V
York 7, N. Y,
interest
GEORGE J. MORRISSEY,
on
.
,
Editor
Thursday, February 21, 1963
s
Every Thursday (general newt and advertising issue) -add every
Monday
(complete statistical Issue — market
quotation
records,
corporation news, bank clearings, state and city news, etc.). Other
Office: 135 South La Salle St., Chicago 3, 111. (Phone STate 2-0613).
has
page
,
^
trends
rate, trends
Continued
Carter
WILLIAM DANA SEIBERT, Treasurer
correlation serloUsly. 1 i
mention it Ordy to poirit out bow
much the effect of business
REotor 2-9570 to 9576
:
SEIBERT, President
I would hot think of taking!, this!
on
1
\i*V
44
negative
longer rising and falling with
,
;l
CLAUDE D.
guides. In 1959
something fundamental bappfened
-fV
/:',•?
t- i,
4
Rate Behavior
>
'{
'
slump:;:
■!/: Reasons lor Reserve Interest
Well-
'?
2
Tax-Exempt Bond Market
.
chicken
;
36
Washington and You__
interest
a
tax cut, enlarge the Treas-
good many bond market observers
+i4>*terest xates?
have probably discovered with the
*
.
tax cut with whatever ', 1
structure?
hasten
a
a
-V
'
SlMackie, Inc.
30
(The).
State of Trade and Industry
;
V\
;«
Singer, Bean
»Se6iiHty Salesman's Wrner.
market: Will better business news
the number of times the sequ^nfce
the
the^ bond
»'1 ^
'
v
18
Offerings
Security I Like Best
At present a simiIar ^ of uh.
'beyond a doubt-that bhe Was al¬
ways iollowed by the other: Alas,
Security
<
11
—___
Now in Registration-
Prospective
'
4
Securities
Utility
Securities
Te!at^Studybf ih^^'s;|Oot. of fhe.better econornic. Indies.„• :
18
-----r-—
Reporter on Governments-
Public
slumping and the President,post¬
poned his request tor a 'lax cut.
Bond yields then declinedi again:
and this was indirectly the result
^nkers
—
V,^V'..vft
.■■If..
*
28
——
—
rosec
a
17
;
remember-that during: the ?chick#
During
McLean Industries
*
•
E lectron ic
20
Observations
will
Denver
Marrud Inc.
—21
(The)^
Notes—
NSTA
—
8
if
Funds—
significantly, in fear that a
business slump would indeed lead'
worked had
Britain
•'i
seemed to. take this .prograna
the
.
Mutual
News About Banks and
a
in
,
.
fieiehtly serious;/ so! thait ytelds $
doubt
Levy
—
Indications of Current Business Activity-——— 29
simultaneous
_
Wires:
Chicago
—
'<Loa£Ahgek«a
LaborivWins^-x^w-™^-r'-:-i:^-:"
"f m interest rates (especially
college, when I first studied
much less
I
_i_ 44
_
-From Washington: Ahead of the News-™
iriterest fates paid on foreign bal¬
,nterMt ratps na,d on forp,sn hal*
chicken and the farmer. You
New York
1
with
bond
x
22
CHICAGO
•
Connecting
21
"Threat <of
Einzig:
gishness in the American economy
reliable.
read; the;; story? M
Stocks.
Dealer-Broker Investment Recommendations::.
ances). Last June the bond market
logic, VI
Insurance
Commentary
.
remarkable
this
for
-
of course, we do.
that the sequences
get
It
rationale
and
Coming Events in the Investment Field__-_
negative correlation, appeared. A
program. wasy put
forward ,; in!
Switzerland to attack the slug¬
it does. Christ- ?
mas
Bank
Indeed; in midHl962;^omfe sort
of
get dark
NEW YORK
1
Direct
has developed.
-
to
it
(Editorial)
As We See It
down ^
and we expect
J.F.ReiIly&Co.,Inc.
Begular I^atores
f'WgMiPqw
and effects |hesun
40 months ago.
.40.. mohths,. bond
yields have moved with business
in terms of re¬
petitive
That
jDuring, these
bitually think;
•
WALL
99
9
L;
,
,
-
V
5
!
Our
our
last analysis, an economic self-discipline to maintain a stable price ...;
level to sustain our dollar's convertibility. Moreover,' so long as ::
^
w
.
4
Highway Transportation and Consolidated
'
Freightways—
Ira U. Cobleigh
(
Strike
on
the old 4>ttes)
:
terest tate direction, ' Mr. Homer points out why
v
/'
3
Two Major ^Problems Require Different
Solutions!
George W. Mitchell
explains why business trends and interest rates have not "been
r
^ following their customary relationship, and he discusses those Yac- ! /.;>
tors likely to act as lead indicators for future bond market trends.
In reviewing the influence of the balance of payments upon the in-^ : .y<j
.
-
Treatment" for Investors Is Essential
Tax
Now
(We still handle
/Midhaef W> MdGhrthy and. George & Lehess
taking selective advantage of preferable areas of return. Mr. Homer
>
1
Affecting Outlook for Bond Market in 1963
Sidney Homer
Factors
term is foreseen and, thus, is said to obviate theneed
to shift short term funds into
OBSOLtTES
Teetering/on-Edges of
Is Federal Reserve
■
for the
^Protltfcers -of
PAGE
New York City
'
3
24
Paint Co.
Copyright 1963 by William B. Dana Company
All
rights reserved. Reproduction in whole or in part
"written- permission is strictly prohibited.
paid at New York,. N. Y,
without
For many years we
have
specialized in
Second class postage
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w;
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4 \
The Commercial and Financial Chronicle
.
.
Thursday, February 21, 1963
.
(772)
In the
tax rates.
OBSERVATIONS. X
over
A
of
case
the
in
single
a
$200,000-and-
taxable income bracket who
holds
KM-M
WILFRED MAY
BY A.
individual
20-year • 3 % %
a
A
Better Tax Treatment for
„"
•;
posed reduction in his tax bracket
from
91% to 65%
'
\' C.;.*,
V ' y,
,
J
* «' 1 1 "*/
,V
' r
'
-
that the
means
In a letter addressed to the 495,000
of
Merrill
Lynch,
poration tax-wise—$0.52 of every equivalent return needed from customers
to produce the
incentive dollar, under existing taxable, income
Pierce, Fenner & Smith Inc., conWASHINGTON — The President's tax rates.
same net yield (a factor so widely
tained in the firm's annual report
proposal to curtail the special
advertised in the past) would be
Scuttling the Opposition
privileges accorded to the Stock
cut from the present 34% to 8.9%.
A "REFORM"
7
Appearing rt6j
"Reform"
the
measures
of
—
deductions.
r
d sh i p,
as
195784362-—,.
tax
other
' '
'
'
in-
an
exemption of
qualifying dividends.
exclusion
in
debated
last
nedy has renewed his request that
all
dividend credits be discontin-
*
*f,This-would
ued.
going
be
the
;wron^*'^ay~we recommend the
individual allowances be liberal-
I
ized.
*
■
i'WeJ firmlyy.believe
a; more
equitable, treatment of stockholders
Michael W. McCarthy
Gear*. J. Lena..
■—
have
urged
,
a
salutary effect
whole ' economy.
upoti"
the
would
.
r
_
would
ease
■
-
It
the plight of millions
Qf senior citjzens who
depend UpOtt
investment income for their dayto-day living. It would encourage
younger folks to invest to improve
their
Individual in-
future.
own
vestment—as opposed to Government subsidy—would supply more
funds for more research, more new
products, more new factories and
faster economic growth.
"There is growing realization
that both personal and corporate
tax rates
are
too high.
Taxes are
permits reduction of the option's The Need for the "Reforms" schedules entailing only a drop substantial 'revision and improve- a very personal thing and we hope
from 52%
to 47%
(over three ment' in the Federal tax struc- all our customers will take an acexercise prices in the event of,
By the Tax-Exempt Market years).
and after, a decline in the stock's
ture." They pointed out "since tive interest in the new tax proThe tax-exempt bond market is
market value—thus practically as¬
The following breakdown (by that
time
certain
depreciation posals as they wend through Conone investment' area where
con¬ Dun &
suring some reward.
Bradstreet) of tax exempt schedules were altered to set up gress. We trust the final tax bill
signment of the Kennedy reform holdings, shows §0% iri the hands
rifhe compensation nature of op¬
the,/investment,,t£X ^^d#.'This(is will be a boost to the national
tions is further evidenced; by the proposals
tc£;~"the "deep freeze" of variou^ nonrindiyMfi^i cate¬ a, sm^U. step. inr (fyer Fight direcj- eebnomy^and a spark to individual
initiative."r'^-'f" '
'"
fact of their havmg ^LU^las* a *(the probability of which, per this gories "wh^are to g&tftlftle or no tion.
Call, at the time of grant (as le¬
gally recognized in England). Be¬
cause
of valuation difficulties
here, it would seem wise at this
week's
.
;
by the
CED,. rate* reduction.
is still increasing), together with
the
public urge
legislative
come
enactment
tax rates, woul$ be
of
INDIVIDUALS
in¬
hliAitkk
£
"Meanwhile," the letter
39,5%
-
Com'mercial Banks—*
laying taxability until the stock is higher
.!
sold*.
taxable
U.
income
Miscellaneous i
sumption that it follows the
ings
as
achievement,
is
completely
spu¬
This is demonstrated by the
rious.
wide
in
earn¬
influenced by management
and
earnings)
in
the
Annual
of
the
:
table.
''
price
denced
disparity between
and
earnings
is
mar¬
evi¬
by the smaller, but most
trial Average. Its 30 leading stocks
capitalized with
a
8.4
mere
multiplier in 1950, with 18.9 at the
end of the
24.7
a
following decade (1960),
ago
year
(Feb. 15) with
The
capital
options is
a
and
treatment
costly to the
of
—
vantages
Announce Their Firm Name
"inflation
as
absence
and
growth,
hedge,"
-
of market
price ceiling, etc., dividend yields
9.9
;
have been rising.
—
12.4
yield
14.4
_
on
18.0
3.42 %
to
to 3.25% from
v
the
years,
from
3.20 %,
Standard & Poor's 500 stocks
3.13%, Moody's 125
Industrials to 3.30%
18.0
17.3
two
past
the Dow-Jones Industrial
on
has; risen
14.0
and uQh
from 3.15%,
5(L stock^ to
Barron's.
The: taxable
those
(5.2%
7.4%
on
in
on
•
from
the
needed
tax
exempts
table
$18,000
last
Riverside
Teletype 214
899-8931
holding
the
one year.
week)
as
shown
are
still
profitable
freeze.
deep
experience",
in
yields, but the latter
are
competing factors
>
Mass. — Lucien O.
Analyst of W. E.
Co., New York City, will
speaker at the February
meeting of the Boston Investment
Club
to
be
held
Club.
Feb.
.
j
i
±
Federal corporate income
,
^crri
.
.
taxes have iumPed from 15% m
™^2% ai pre^nt and^her
sociai
security
sales taxes
gross
sociai secuIW, sales taxes, gross
receipts taxes and multiple levies
state, county and city levels.
Reports
Based
our
on
own
Second
Best
Year
In its annual statement the international
investment
firm
re-
investors refuse ported the results for 1962 of the
to sell with a profit simply be- operations of its 152
offices; incause they dislike to pay a selfeluding 14 in major foreign cities,
imposed tax and thereby reduce Chairman McCarthy and President
their
life
capital
savings.
rates
would
—
;
t-
j
frequently their Leness announced,that gross tpv- .
T
t-^
enues' in 1962 were $146,954,000,
strongly believe lower tax the second highest in the firm's
and
late
shorter holding
increase
our
periods history.
fluidity
sluggish
Furthermore
low tax than
on
Net profits after Federal
e c o n o m y.
the
a
26
at
the
of
dividuals
to
all
government
collect
this
would
recognize
small
cost
investors
is
dividends.
At
tion
a
pays
before
the
.
a
revenues
volume
other
Stock
old.
We
counter
way
of
our
relatively
a
McCarthy
the
to
on
the
the
and
decline
6%
Leness
in
gross
drop in total
New
York
Stock
of
present
Federal
concern
taxation
a
areas
such
Exchange
markets.
as
the American
and
over-the-
Coupled
with
lower overall volume, higher costs
and
a
heavy tax load apart from
Federal income taxes, caused the
drop in net.
The firm stated that
to
in
to
of
taxes of almost $12% million, the
government.
double•
a
Messrs.
in-
taxes
good
needs
at^
area
it* pays
results but considerably
attributed
of
gains
years
be
the
to
"The second
a
pay
1960
complete elimi- Exchange and the 35% decline in
the
citizens
more
high tax.
65
to
below 1961.
greater
because
capital
over
the
in
long-term investments
senior
Hooper/ Chief
Fort Hill
^
factor.
many
"We also suggest
To Hear Hooper
-be guest
depression-
10oQ
points out that taxes are a definite
the
assets
people would be willing to
Hutton &
»
^
^ckedQJea^°f I?3f: While there
ing periods on capital gains keep
simply
Boston Inv. Club
BLDG.
of sales, close to the lowest
percentage since the
at the
would
several
tor
much op-
very
extending
£1%
"Current tax rates and the hold¬
nation
1
LYrlc 2-8145
Dallas
of
heartily
We
vear
are
we
to
period to
to be watched.
TYLER, TEXAS
8-0033
a
revenues
of
trend in sales, profit margins have
been in an irregular downtrend
tax
held
are
probably
one
FAIR PETROLEUM
DALLAS 1, TEXAS
assets
dividend
BOSTON,
BLDG.
Kennedy's
comfortably above these improved
;
g. A. Firms
income tax of $12,428,000 were
bracket; capital markets and hence stimu- $11,568,000 which is comparable
$200,000-and-over; all
our
to
$50,000-$60,000, and 8.9%
on
0„
eez
f
six
rate
with the reduction In to
"We
yields
the
but
posed
3.80% from 3.56%.
equal
Almon, McKinney & Dudley Inc.
BANK
than
more
maximum
a
than
more
think
MERCANTILE
the
on
many
the
Over
(Feb. 15)—18.0
Changed to
held
at
if
agree
.
11.4
Investment Bankers
Has Been
phrased,
axes pro i s on capi-
President
25%.
rate
10.5
ALMON & McKINNEY, INC.
.
stocks.
of
Apart from equity-holding ad¬
9.6
'
attractiveness
alternative
common
6.8
——
l961-lti-l-2-_—X1-U20.8
1963
cor¬
months
non¬
Broadly
aw
only
.
g
area
is the camtal f°r over a dozen years.
In 1962
sr area is tne capital pr0fits 0f corporations were only
thef^a^ rate'on^aDital^ealns"^^
the tax rate
capital gains but
the
P/E Ratio
1960
>/
our coun-
holding involves comparison- with
on
1959—18.9
currently
multiplier of 19 3.
gains
very
:
—
widely known, Dow Jones Indus¬
were
Ratios
1951
''' -:-y
?
Similat
ket
Year
1950—
of
taxable income, tax exempt bond-
Price Earnings
1947-:-—8.7
accompanying
tax.
assets
tal
In addition to the spread in net
exemption rendered by
f t
>,
first
e
gains
,
Moody's 125 Industrials
(i.e., the
capitalization
tax
"The
0.5
2.2
proposed^sharp cut in his lofty yields between taxable and
fluctuations
haphazard
price-earnings ratios
market's
from
the
an
try
Competition From Common
Stocks: y
tion of the individual's advantage
p
by
^irms published report
- unfair
Pom^s UP the profit squeezq ^ori
impair U*
industry. Despite a rising
and
the economic growth
3.1
i0.3
-1—
put^S
investors
on
presen
In this space last week we in¬
gearing of the option's stock
dicated in tabular form the reduc¬
market \ performance to the as¬
The
burden
1.0
.
brackets.
con-
are concerned
whicli
Code
nue
17.2
Institutions.-
Govt.
S.
tmued, "we still
certain areas of.the Internal Reve-
26.2
-Insurance^ Companies
The need for the reforms byThe
time, as proposed, to levy the tax
Mutual'Savings Banks—
at the time of the option's exer¬ tax-exempt bond market is moti¬
Corporations —
cise, with the suggested relief, in vated as a quantitative offset to
State and Local Govts.l-lieu iof the present provision de¬ the
proposed drastic cuts in. the
~
was
Congress
President Ken¬
year but retained.
rent proposal for sharp reduction
from in those rates is adopted.
issued Feb. 20, Board Chairman
Bonds' Distribution an Offset
"bunching" of taxable income in
Michael W. McCarthy and PresiIn any event, section 421 in im¬
Another market offset to the
one
year; by permitting annual
dent
George
J.
Leness
urged
plicitly conferring a blessing on lowering of the advantage of tax
averaging of the amount of "the the so-ca 11 ed restricted
several
revisions
be
made
in
option
exempt
securities through
the President Kennedy's
tax due, and its payment in instal¬
proposed tax
should be repealed.
proposed reduction of income tax
ments during several-years.
program affecting investors in the
ifc
Jjs
«H
rates, consists in the wide dis¬ interest of
The Stock Option,, as now ad¬
stimulating the nation's
tribution
of
The above is from the writer's
municipals
among economic
growth.
ministered, does indeed constitute
non-individual and other holders
testimony before the House
compensation for the rendering of
In their communication, Messrs.
who would gain little advantage
Ways and Means Committee,
services. This conclusion is con¬
McCarthy and Leness noted that:
from the proposed tax rate reduc¬
February 21, 1963.
firmed by
the, present statute's
"two years ago in an open letter
tions
the prospective corporate
(sec, 421) Reset privilege which
to all our customers we
ha
.
in dividends plus 4%
year
a
all
hotly
—
accompanying re¬
with
from
1 w »
dividend,
grants
; "The .; dividend
.
ercised
A'. l«'«, "
>
the
receives
government
$50
■
liefs
>'' V
?» y,
,
dividual token
,be..^ener^lly^pn- ^
subterfuge technique,; under-the realized is the existence of offsets
de- existing statute, is commonly de¬
derivable
from
the
President's
Spite its lack of increased revenue fended on the cynical ground of
proposed "reform" meaures. It is
the need to enable high-bracket
production.
* ,
quite possible that a great many
Holding that the difference be¬ corporate officials to avoid the
individuals would wind up paying
tween the price paid for optioned stiff rates imposed on,, ordinary
income tax close to what they
stock at the time of exercise and earned income. Such rationaliza¬
now pay
at present should the
the option price represents com¬ tion of tax "loop-holes" has been
President's ideas ;on, closing the
pensation for services, as do wages a shockingly unethical substitute
'loop-holes"
prevail
with the *
and salaries, the President recom¬ for
directly attacking the abuse at
Congress.
This
is particularly
mends that, therefore, such spread the
source, namely, the I punitive
tfiie of the ' Exclusion ' of 5% of
be taxed at ordinary income tax tax rates. This will now be taken
income from permissible
rates at the time the option is ex¬ care of if the President's concur¬ gross
of
he
The
'
Option's capital - gain-via-
The
1 • -
,
after
WINNER?
Option is given the best chance
for Congressional approval of any
"
r
Investors Termed Essential
the President's pro¬
bonds,
1
.
Moody's
addition
Federal
income
firm paid approximately $5 million in other forms of taxes, such
then as payroll taxes and- various state
corpora-
income tax
dividend;
-
stockholder;pays another tax
and local 'levies. v;-y;.v-;
j:
.
XT*
Number 6240
197
Volume
.
FTV
1
(773)
The Commercial and, Financial Chronicle
.
.
1
jL*
j_
new
Highway Transportation and
deemable at prices ranging from
T^irtorimrirf "P/vr*
high levels of total revenues
5
103.8875% 4o 100.%. Beginning in
a
redeemable for
1973 they will be
sinking fund purposes at 100%.
j -Consolidated Freightways g"a'a,"n,a","0'~"*"Ashland 0l1 &
Of the: proceeds
ble merit in a growing and essen-.
T) p-Pi "fi 1 fl (T fin
reasonably
appraised by current price quota-
tial industry; and. quite
By Dr. Ira U. Cobleigh, Economist
Some observations
velopment of Consolidated
;:
:
Wall Street Division of and E. F. Hutton & Co., Inc.
of, inter-city truck freight routes provided, and the
been a most prestige., which. automatically ac*
growth
\JpW York ill
vuit/IIllLal iNcw x uixv ill
transportation lias
better
impressive thing. Apart from our crues to. larger,
increases 1 in
population and in 'cOhipatiiCsV\u';>4t
National
Gross
big
the
Product,
known
publicly
Oil
New Quarters
Assimilation Period
The
Chemical
trial
Freightways, Inc.
sought to achieve these benefits,
from rail centers
away
since World
War
II, and (3) Our .merger
building high-
heavier
carrying
indigestion
«
and
en
lindftrwrit™
underwriters,
is
is
Officers
of
the
'
n
a
far cry from
lines
the days when
acquisitions,
share;
quartered in Ashland, Ky., is a
per
are
a
lower interest cost
to the company
have been remarkable reductions
-road
in
made
time
and
traders
as
^
h^d
yice-Presients- Gerard M Thomo-
John
(He
e
ig htwAyIpc. hqs
-Unprofitable
)(.merged and) emerged as .Amer-
sloughed off,
a
runs'-
'
' !
*
I 'Consolidated is, indefe'd,
;
were
facilities
ance'
com-
states, including.
Alaska),-and sik Provinces of Can-(serving
32
ada. Terminals are located in
cities.
The
*
compressed
were
■
'
.
,
....
v.
-•
lhf
v|
-
-
V'
V/-
facture of trucks;
.
'
Growth
,
.
era,
<.
A.'.V
*v.
.
-
' after 4axes rose quite dramatically
*•
,
By Merger
to
$1.30
had
which
an:
per
.
share.
with
on
been
-
a
-
an
^
-"
transporation
Dividends Paid* *
accounting and cost controls
form
maintenance,
uni1 aw
practices, low-
•
"centralized
1962 vs 1959
$2.02
$1.85
$1.72'
$1.41
43"
$1:12
$100^
$1.00
24
$52,743*275
$48,214,553
$6,422;4ia
$5,496;55f
$5^22^681^ $4,315il9f
$3,222,013
$2,903,251
$2,590,281
-
J.
1959
i960
'
'
v::;
^
'-
Total Revenue
r.
i-;; ..->•>9
•
^
'V
J;r'i
v.#
$46,010,288
$46,619,302
\"'Y-
'A»Vf
Net Income Alter Taxes
; Gallons
i
i
of Gas Sold
7
$2,128,591
178,157,000 >140,218,000- 139,712,009 134,240,000-
.
'J: >
:
steps toward suitable increases.
in .freight rates to offset- the 8% ' 5
®us
-
gc
Vbasti FloW income Per Sharer
"
?;
■■
V.V? #
;; f
J; .► * v £ l.' *. 5V j;\
,l"-y;
$3.88
$4.12
$3.76
$3.63
_
^^;-^Aver^e;No^ot Common^4
V
-
i
t::v4Shares Outstanding1, f
\
r-» v
-
1,570,700
1,525,695 *
•
1,416,939
1,436,749 '
■Working Capital
vj
i
-of - Consolidated
$12,368,783
^Dea 31*1962 C
-—
—
Freightways, Inc. is uncomplicated
68TH
—$51,600,000 of long-term -debt,
j
':
•
- •
n
CONSECUTIVE
QUARTERLY DIVIDEND
DECLARED
nnn
terminal'f?Uowcd^y- 2 691,000 common; ;
.volume shares,,which trade ■ OTC, -cur-,.:
at aropnd 13. Book value .at
ered costs of'repairs and
operations:
'
'
^tionaUy .lugh labor costs fac-
tracts.:"'1' v:-*"'
panies^are- wellAkhown: elimina^ > ;'*L
tioi;. of -duplicating lines, better
Capitateahon.
com-
•/• OF
$1.24
Earnings Per Share-
;
-^age- inereaie last year..and. this.{-•
■V;-Therpotential benefits of merg-^ year, called for-, unde^ultt'dii'
,
f
•
3
Preiehti
s
1961*
y
tor-and ,tt is to be expected that
operating-^WSemtent here will.take vigor-. ;, :
wilt CorooSion ^
ways Covporanon....
e
1961
1960
1962
-
carried:
business
.'" •i
¥
,
company;
holding
Gonsoliriated
among
S///ht
INCREASE
f?T th® company -appears favor-
-l958^Gonsbfc
theaeeforth under
ing-
1
since
omitted,
,
expanded by a series
freighting
suhsidiarv
V^>.
V
era-!/ C°ru?ms year- business °uu°°k
In the post-war
dated became
♦.
•*•.>/'
Dividends,
has; September 1960, were resumed in
Consolidated,
of mergers and, in
.
v'
'
1959
1958
..
was
-
i\'''J:U
^
July, 1962 with a 15 ceqts quarterly declaration;' and" the "currentporate operations commence back t trend of. earnings suggests that, the • ;
ip 1929 under the name of Federal 80. cents regular annual dividend
Auto Freight Co. and the present
rate, which. was. paid for. many - >
corporate title,; C 011 s d 1 i d p t e d years before 1960, may be restored.
the line
•J
>p;
great by merging short
lines into a long-haul system. Cor-
later.
-y
:
x
grown
years
|
SHARE
>£: ;.j^.;' i:
•v
$2.00
..
mahufr fit.ol 10^ cents a share was earned;
and for .1962. the ^ net v profit for'
Quite like the railroads in
earlier
-J
company-
-business 4n the' leasing^and
V
$
f"*"; &%y;-
-All .4hese .endeavors;; began to
sonie^
'
r- v-
'.if:
supple-"pay off at the cash register. For
ments it's earnings as an interstate ^lOeOr-Operations resulted in a deficommon
carrier
by
a
sizeable cit of ^1.07 avshare, ln'1961,.a pro150
•
^ *
vr1Die ^esulls
.
•
1
;
^i'n'
PER
EARNINGS
streamlined.. Modernization /and.efficiency became major cor:
and
Its regular-routes, now coyer
l-v»-
rt-y'i1
>
Annual Dividend
Rate^1963—$1.32 ^1962—$1.24 v 1961—$1.12
•
1960-^1.00^ >
,..r
buying
'and
ri
•of
centralized
handling of ICC
ulation matters and, usually,
ter
and
broader
insurance
reg-
*L V „*t
\ I~fft.*.*
million in 1962 projects an attract-
that,''
^soliciting freight and attraction of for .1963, Consolidated..Freight:
business'5by virtue vof "the" many " ways, - Inc. iriay'.move forwanf toi
age,
.
lower'
per
ton.-
costs
t
The expansion of gross revenues
m GENERAL OFFICE; WHIPPANV, N. J.. i
bet---from $159.9 million in 1961 to $175 •--r
cover-
of Ttive growth rate. It appears
.
'
GAS SERVICE
ANYWHEREZ
-r
Bram-
office,
whole fleet of new-
and rangemost of dhe United'States-porate goals.
.over
Boston
ordered, new terminals were
was
than 50,000 miles
more
firm's
the
Batterymarch Street.
quite built at key points, and mainten-
a
fmpressive; transportation
pany.-
of
Propanej
"
-largest motor common- car-: king-size d^esel trticks-and trailers,
rtqas
piier.-
and George W.
Suburban'
*'*'*.£ D.L. &^Railroadbefor^ coming
t 0 a ^Uhder Mr!
trucking^i^to-va White's guidance, " Consolidated
industry in which Cpnsoli-' .Freight"ways, Inc. took on a; new
^dated. F r
Booth
was
operating Vice-President of the
distance"
long
t.
hall. Mr. Cieary is sales manager
iong;aemonstrated-':/
in the. railroad business.'
Consolidated, the Leader
ma j or*
1st, Eastman Dillon,
On March
prior to Feb. 15, Union Securities & Co., 1 Chase
transportation
the
company
;
-
brought in.; He; brought to
was
train speeds.
f&j.These, trends
«ri
.
president, Mr. William G. White,
^osts.approxiper tonhave
matedboxcar dimensions, and ex-.
tatentspress
•
1968, Otherwise they are redeem- Manhattan Plaza, New York City,
ab*e at redemption prices ranging members of the New York Stock
from 104.35% to 100%. Beginning Exchange, will admit James P.
v,
„.vv
in 1969 they are redeemable for cieary, Paul E. Taylor, Jr., John
painfully
weave
products.
To Admit Four
The 1988 debentures are not re-
deemable at
,
.
_
,
Melville P.
'
in-
and accrued
terest-
associated
Williamson Thomas Assis tant
satisfac-
not
were
and
transporter
%%3*<
convertible 1993, Eastman Dillon
sub- HldbtllldXI
at
through In fact, in 1960, the company act- son, Assistant Secretary
sinking fund purposes at 100%.
dozens of downtown metropolitan ually operated at a loss for the Hinkle is Assistant Manager of
The 3% %
traffic lights on their plodding first time in more than ten years, the division, and Edward J. Mcdebentures will be
way to remote city destinations.
A business recession was partly Loughlin Assistant Manager in the convertible into common stock at
As better highways have
been responsible; but there was evident
Brokers Loan Department.
$31 per share. They will be rebuilt, state limits on truck weights, a need for basic improvement in
overall length, and road speeds over-all operating efficiency;
have-been relaxed 50 that, there.
--At
tWg,
int
(1960)>a,^to- ^
would
refiner,
debentures, due
100%
York City.
Bank
with this division
torily converted into net earnings.
trucks
interstate
of
hected with the acquisition,
Ashland Oil & Refiriihg;"head-
issues
priced
of
total 40,000 when completed* This, enues, generated by a number of
Conga
$27
at
priced
common
The
of
shares
00°-.00(>
ordinated
lfteated
located
now
managerial competence,
Chamberlain and C. Anderson Mclengthened from 4,000 miles in In 1960 and 1961
Consolidated
Vice-Presidents; G. Tyler
1950 to over 11,000 today; and the- went through an adjustment per- Leod,
Interstate
Highway System will iod in which expanded gross rev- Baldwin, Albert McDonald, and
level
"heavy duty" highways have
Is
Co.
debentures, due 1988 ottered at marketer of petroleum
Par and accrued interest, aM $35-
phases of bank-
at 20 Pine Street, New
route. Assimilation of new routes
and personnel takes time and high
These
trucks.
program ,
Divisfon
Street
aii
SDecializine in
buTthegrefwas
but there was
corporate
some
and throughways, capable of
ways
e^these benefits,
most of them,
or
•
national program of
ST their wS
Consolidated
The building of
(2)
plants;
260,000
stock,
York
New
Bank
of Ashland
three issues
Refining
bank loans of
ine: paiance
be used by Ashland to defray
costs, expenses and taxes con-
of: u^ll®a caroon, ana
offering
group
$25,000,000 of 4.35%, sinking fund major
(1) The scattering of indus-
suburbias
&
are:
propellants of this industry have
been:
underwriting
an
mef^ of4oi^-term
an-
nounced that they are manageirs
*
v
The
se*s *° be acquired by Ashland;
$12>000>000 wil1 be applied to pay-
Co., A. G. Becker & Co., Inc.
&
t
fronrthe three
will be paid to
United Carbon Co. for certain as-
Securities
Eastman Dillon, Union
-f >
largest motor common carrier.
our
as
*LVV"L AfA1AAo VV*
tions.
the growth of freight trucking and the de¬
on
issues $50;447,028
NEW YORK OFFICE, 20 EXCHANGE PL,
22
6
The Commercial and Financial Chronicle
(774)
bonds
Tax-Exempt Bond Market
a
priced
were
3y2%
at
ies
In
immediate and all of the
was-
the
period; The term bonds are pres¬
selling: at
ently
state
The
March.
bidding through
bond petitive
municipal
and-
exuded
has
air of
an
se¬
renity this week that has not pre¬
vailed
since
mid-December.
A
Public
of
involves; $137,000,000
•
addition
recent volume
The most
tabulations
or more
we
largest
2,000,000
11:00 a.m.
8:00 p.m.
1965-1984
1,250,000
Dist., Cal.
Koseville, Minn
com¬
1963-1990 ; ' 2:00 p.m.
2,220,000
.
Barstow Junior College
Other Recent Financing
Thursday's
list /the bond issues of
for which specific sale dates have been set.
Abilene, Texas
;Last
1965-1934
Housing Authority loans to be petitive sale consisted of $12,380,- Tempe High Sch;: Dist, #213, Ariz./ : 3,000,000 /;
3,530,000 1966-2003
has funded through a March 20 offer¬ 000 Monroe County (Rochester), University System, Bldg. Auth.^. Ga.,.
developed under conditions of rel¬ ing. A steady flow of sizeable new New York (1964-1991) bonds. This
February 26 (Tuesday)
atively heavy new issue volume. issue financing is most welcome highly
bids,
1,800,000
1965-1993
During the week, approximately to the industry as it moderates with the syndicate managed by Buena Park, Calif—1
/—
Noon
pleasant market equilibrium
7:30 p.m.
—
reducing the minor
$225,000,000 of new issues sold at
competitive bidding and $100,000,v<
bidding thus
Clearwater, Flav
Wllgrand-Tali^ys that precipitate* bfdder gt^a-price* ofIg*for V
Bridge bonds
OOQj oi Tribotough;
ne^liafed and. sucessfully,
reoffec^;; Tfei% stretch ot heavy;
vwetsiv
volume acted ; as
stimulant and
attracted inVestnii-interest tb' ari
Bankers Trust Company the. high
quicky price cuts.
1,100,000
—
County Sch: 'Di^Ga,:
/
Muskegon, Mich.*
-
J
members of the New York .State Dormitory Auth.
The banks sire' successful... syndicate are Chase Qnondaga County, N. Y
extent not thus far. seen this year. by all standards.
The market has been helped, of absorbing large participations and Manhattan, Bank, Harris Tryst, and Rrince George's County, Md._
dealers are variously willing to
course, by the- steady base set for
Saving^ Bank,: Melton, National. South Bend Comm. S. Corp., Ind.
the government bond market. The carry on with larger participa¬ Bank ! andi
5,500,000
Treasury's announcement that-it
may ingre.ase the breadth, of its
advance
refunding
the
that
news
appeared t as
dealers
pretty well set forth and
to be well
the market, would seem
braced for- the
impact.
eral Reserve's,
The Fed¬
steadying influence
certain
to
guide the mar¬
ket within narrow limits.
seems
Banks Continue Heavy
Buying
Of Tax-Exempts
tax
for
for
and
"tax
the
the
as
little
but
expresses
particularly
bonds,
exempts,
cut
-
-
economy
exuberance
tax
reform"
*
headlines add little to the; coun¬
try's
nate
the
demand
in
led
evincing
at
ex¬
last jyear
purchases
although
present
market is
tax
for
great an interest in the
as
market
domi¬
to
with many of those
empt bonds
who
| continue
banks
in
accomplishment.
of
sense
The
now
the
generally higher
than at any
time during 1962, ex¬
cepting for
a
.
brief period during
November.
Yield; Index Reflects
Point
Two
Price
Rise
The Commercial and. Financial
Chronicle's
rived
Index,
from
of
yi.eld,
preselected
20
-
de¬
year
^Crust; Co.,
has be-' Webster
the
recently
volume.
of
been
have
List
and
the
Blue
new.,
the past week,.
This moder¬
quarter
a
point
rise
week.
The Index stands at 2.935%
on
during
the
previous
Feb. 20, against 2.947% a week
The Index touched 2,92.% in
ago.
mid-January,
the
market's
high
point for 1963. The markers high
for 1962-1963
November
was
reached in early
when the yield Index
reduced to 2,903 %.
The
replete with sizeable offer¬
as we
head into the normally
demand
in
ent balance
municipal bond of-;
1.55% to.
to date
bonds
$225,000;,000
over
active
month-of March, > At
present,
there
total of
at
February 28 (Thursday)
syndicate' $6*720,-
Louisiana
9*0OO,OQQ
be
scheduled
'for
r.unn6r-up
March 4
came
(
net in*-
bid, a 2.82%
terest cost
ne¬
Fenfier
Pierce,
^
was
H.
Kuhn,. Loeb/&
were:
Weld
&
Drexel
&
Co.,
1966-1974
1,000J)0Q,
1,964-197.9
Securities
Union
eral
State of New Jersey
to
table Securities Corp., Glore, Forgan
Ripley
Co.,
&
Horn-
&
Van
Ingen
very
Corp..,, B.; ;J»: bid,
Co.,"
&
•'i
^
'
+
Werth,eim .& Cov*f vyo.,v*V
The
bonds
1978
in
and
were
• 7'^'.
:
to
the
$50,000,000 term
Bank
3^%
1982
i'.
Bid
Asked
2.90%
3V4%
1981-1982
3.00%
2.80%
3%%
1974-1975
2.70%
2.55%
1981-1982- 2.95%
2.80%
Housing Auth. (N.Y.,N.Y.)_ 3y2%
1981-1982. 3.10%
Angeles, California,..
33/4%* 1981-1982
3.20%
2.95%
.
———
State
2.90%
—
\
,
3.05%
——
Maryland..,
3V4%
(U.T.)__—— 3%%
Pennsylvania
3%%
—
3*/4%
3%
3.10%
1981
Cincinnati, Ohio
* Noon
*.
Ul:00 a.m:
' 11:00 a.m~:
8:00
p.m.
10:00 am:
10:00 a.m:
1981
;
! '
'
■
V
1
p.m.
8:00 pjm.
10:00
,.
a.m.
*'*
! -«V
*
•»»
~ \ -V'vv/-,
/J'
1965^1983;
10:00 a.mV
Sioux Falls
Warren
; 3,500,000.
Indep. Sch. Dist., S. D.
2,720,000
Township1 Metro. SD, Ind,
/*
1,420,000
/
;
-
,
a.m.
2:30
p.m.
1964^1972,. 11:00
a.m.
'
.
f
-
,
1964-1983
Authority
Agency
(Missouri-Illinois)
:
"1966-1983
1,165*000
March T. (Thursday)
26,500,000
—————
[Syndicate headed by John Nuveen
New Providence Sch. Dist., N.
Co.,
&
J.—"
a.
headed
City
jointly
Bank,
2.95%
by:First-National
Manhattan
Chase
Bank, Lehman Brothers and Hal-*
sey,
,
Stifel, Nicolaus
10,947,000-
Co.,
——'
1,389,000
v
&
Inc.l
'
^
11:00 a.m.v
1964-1993
;
1,500,000
1964-1984
8:00 p.m.
2,372,000
1965-1990
8:00 p.m.
1,300,000
major
Trust
and
delphia
State
of
members
include"
group
the
Harris.
4:00 p.m.
Company,
The
California
herds
yiqld from
%
-
..
9:00
a.m.
,
:
.
1968-1993
8:00
p.m.
11:00
a.m.
•___3,800,000
1984-1982
Noon
6,000,000
1973-1993
—
Ng-t Maricopa County Chandler School
Morton „&
and
Bank
District No. 80, Ariz
-
Oregon City Sch. Dist.,-Ohio
Seattle, Wash.
——
|
v
.
.
March 12 (Tuesday)
reoffered
to' Anoka-Hennepin Indep. SD, Minn.
2.95%
Cheltenham Township S. D., Pa
to
and
initial
$28,000,000 of bonds. However, it
Mississippi
3.07%
is reported that $11,000,000 of the
earlier
amounted
were
to
sold
one-of the
Continued
on
1,056,000
Bo-:
3.10%
maturities
1966-2003
2,000,000
H.
were
1.85%
orders
March 11 (Monday)
.
Bank,
W.
.
1,380,0.00
8:00 p.m.
land, S^ffin, Gordon & Sautter.
:
tiire; & ?Applied Science—t—i
1964-1983
Conopany, Francis I. duPont & Co.,
United'
Oklahoma- State Univ. of Agricul.
2,500,000
tional Bank, Oregon, John Nuveen
&
(Saturday).
Lane County Sch. Dist, No. 4, Ore.
Newark,; First
Bank,
March 9
Bank,* Phila- " Las Virgenes Municipal Water DisNational
triqts, California
Savings
National
v'>
V. i
Stuart & Company, Inc.
winning
4
3.10%
,
11:00 a.m.
' 12:30
11:00 a.m.
3.15%
1980
p.m.
10:00
3.25%
,'••••
7:30
Noon
1964-1983.
and. Shields
favorably with the runner-up
special price to
;
a.m.
1965rl983
3.25%
1981
„
3.05%
\ f3.15% .,3.00%
1981
February 20, 1963 Index=2.935%
availability.
11:00
Noon
-
FiscalAuthority—20,000,000
by
Chicago,
of
&y Company
'.Other
1981-1982
♦No apparent
10:00 a.m.
^
reoffered
Maturity
Jersey Hwy. Auth., Gtd— 3%
Illinois,,,,,,
a.m.
iv
■
2.734,99.% * net. interest cost j Taylori Township Sch* Dist.} Mich,which was made by
the account Way?ata Indep. S. D. #254* Minn.
and
Inc.,
x
& Company at a net interest/cost: Boston Meb'opolitau District, Mass,
——r
of 2.73492%. This bid compared De Witt, N. Y
Co., Salomon; Bros.
Securities
National
Drexel
Hutzler, Shields & Co., Stone &
Webster
1
.
^an; Antonio, Teias-/——
pur¬
jointly managed
-
——————
First
Thalmann1 &
Ladenburg,
Co.,
2.85%
Philadelphia,
11:00
Alaska,.(State of)-——7,600,000
Guaranty
Trust Company,} Beloit* Wis.
Smith, Barney .& : Company, the* Bi-State Dev.
Co., Lazard1 Freres & Co., R. W*
-.
New York, New York
p.m.
8:00 p.m.
March 6 {WedResday)-
N
....
gan
blower & Weeks, Kidder, PeabQdy
&
the group
"
the Bankers Trust Company, Mor¬
& Co,* Goldman, Sachs, &;Cq.,
Harriman
various
>
3.05%
♦Chicago,
2;00
r
Louisiana
$58,000,000
-
(1966-1985)
pose
Co.; 1 - Equi¬
&
issue,
'obligation*
;
■*
at com-;
bonds," attracted
3.00%
Baltimore,
10:00a.m.
•
(Monday).
1.350,Q0Q
;an;&ctive;dny with.over $135^
Dillon,, three bidk
with^he bonds awarded
Eastman
New
Los
1:00 p.m.
South San, Francisco, Calif
-
the Equit-
petitiye bidding. -The largest gen-■ ?
Whiter
3.20.%
Delaware, State
1964-1978
J
State
syndicate.:; i
from
000,Q00 of bonds selling
.
Co., C; J. Devine & Co.,
1981-1982
Pennsylvania,
-8:00p.m.
1,5QQ,000
Cochise Junior College Dist., Ariz.
*
3%%
New York, State
1963-?1978
.
Connecticut, State
New
1965rl988
1,207,000
•
Rate
_
a.m.
j.2,500,000.
.
'
State
.8:00 p.m.
•.
MARKET ON REPRESENTATIVE SERIAL ISSUES" v
California,
10:30
1965t-1983
Board of Education, Mich.—.
1,175*000
1965.-20Q2
gotiation;; New issues which sold able Securities Corp,
at competitive sale drew strong
March 5 (Tuesday)
Other members of the winning v
bids and, in many instances, price
account include C. J. Devine & ]
levels were through the reofferAlbuquerqpe^ ;N. Mex
-3,500,000
—
_
Co., Philadelphia National Bank, ^
7,500,000. 1964-1993
ing scales fq^glnjilarly rated is¬
Wertheim. &' Co.,
La'dehburg,
sues brought ,iof market
recently.
Clyde, Schopi ^District* Qhio.---.-l ; 1;140,000
1961-1986
Thalmann & Co., Fidelity Union i
Da Kalb County Sch. Dist., Ga.—-12,000,000 1966-1993
Trust Co., Newark, New. Jersey,.
Triborough Issue Very Well Duyal County, Fla.J
—
4,500,000 -1964-1983
Francis I. duPont & Co;, Reynolds \
Received
Fuherton Union High S. D., Calif.; 1,700,000
1964-1983
& Co.,. Stroud & Co., Industrial
The
Triborough
Bridge
and
Laramie,, Wybv
1—*
; 2,300,000
1965-1993
Tunnel .Authority sold,
through •National, Bank. *. of • Rhode Island. Meridian Mun. Sep, S. D., Miss.J- - 4,000,000
1964-1988
and; • Allan Blair & Co.
negotiation last Thursday $100,Minnesota .(State of.)—29,361,000
196441983
Scaled to- yield, from 1.60% to
000,000 Narrows Bridge Revenue
Nashville W; & S. Revenue, Tenn.
1,500*000
1964-1993
3.00%, the present balance in. ac(1970 to 1978 and 1985) bonds to
Pennsylvania, General State Auth.
25,000,000
1966r-1990
count is $1,705,00Q..
a n. a t i q n w i dre group of under¬
Port, of Astoria* Ore.^-—1-1—li-- v
2,600,000
1974-1990
writers headed hy Dillon, Read & 1
- 8,200,0001964-1993
^-'Current ■.Week's^Bvisiness-,::>-^;;,T, Rhdde Island • (State of)
Co. ^at a net tinterest' copt ,of
St. Louis Co.; Hancock! Fl. SD, Mo.
; 1,100,000
1964-1983
On, Monday th^ere? were ne. im-'
3.3918%. Other tmanagers of this
Uhilom Co;,;$ch; Bldg. Rev., Ky.—i
1,450,000. 1964-1903
portaht flotations, but, Tuesday T -"'J
"**'*',*»•
>•'> ^
'
^
'
'■1 *
"
*
<'i'
group * include • Merrill;
Lynchx
-V^" C; '
■'
,'V *A
1 ;-.r ./t.; ^ V
(, ""r
1' /
a
com¬
1968r2Q02
1,1,50,000:
—
Paftonville Sch. Dist. R-3, Mo
by the Chase Manhattan Bank at a
net interest cost of 2.7928%. The
ding and one issue of $100,000,000
lea^t $650,900,000; pf yield, from 2.60% in 197.Q tp 3.20%
issues
new
to
appears
2:00 p.m.
2:00 p.m,
'
of
selling at competitive bid¬
having been bought through
1964-1992
1964-1983
Greater.Baton Rouge Fort Comm.,
County v (Chatta¬ Terrebonne Par.,.CQn. SD #1,
La^
This past week has been the
nooga), Tennessee awarded $4*,- • Veptnor■ City, N. J.__—
most active week this year in the
000,000 various
purpose
(1964-'. Wiiloughby-East Lake S. D., Ohio
tax-exempt
underwriting
field
1983) bonds to the account headed
just
Noon
11:00 a.ni.
■
1,100,000
Hamilton^
-
1964-1983
1965-1997
1,000,000
South Windsor, Conn.
.
000.
'
4,500,000
3,500,000
,
very
10:00 a.m.
February 27 (Wednesday)
hag been moderate with the. pres¬
(Feb. 20) ; total
ferings is $463,007,500.
Pressprich &
issue calendar appears
new
more
ings
was
11:00 a.m.
1964-1966
•
F.
-
•
investor
3>1Q%,
issue
.
betterment follows
Corp,,. L.,
Securities
Scaled to yield from
despite
reduced
heavier
Today's
state
in
offerings
high grade bond offerings* shows Morton & Co. arid Allen* & Co/_
market to be up- about $2.00
Among the major underwriters
over
Stone , &.
Stone & Cpi
Dealer
the
ate
1964-1988
2,450,000
more
tailed;
with
An abundance of money appears
available
11:30 a.m,
11:00 a.m.
important Rothschild,
v&. Co., American,. Se-:. Bibb County, Ga
as
markets
have
steadied and
Curities Corp., Roosevelt & Cross,; Daytona Beach, Fla.
margins- of profit have been, cur¬
Inc., Reynolds & Co. and Hay den, New Port Richey, Fla.—————
relatively
come
ahead
ing format for the weeks
has been
glad
were
The financ¬
to have behind them.
The- interest carry
tions.
1965-1994
1964-1980
12,750,000
■
,
^
Noon
v
5,625,000
maior
QtRec
1964-1983
1,000,000 -1964-1983 h 10:00 a.m,
30*485,000
1966-1978 11:00 a.m,
6,856",000 1964-1988 10:00 a.m.
- 3,900,000
1964*1990v 7:30 p:m.
Minneapolis, Minn,
count,
to.be favorable, to/the market
2:00 p.m.
1965-1989
1
3,000,000
.
qoupph; .The second, hkk o£ Ridalgo County,, Texas---
-
from, the Smith, Barney & .Co. ac¬
situation contin¬
The inventory
ues
Fult&ri
„_.—^.-^.-—-
T01..Q7X also for a 3%, cqupon canap; Maryland (State of)—.-—
Inventories, Pared.
;
a
3,%.
,
February 25 (Monday)
r
.
mium.
•
market
Thursday, February 21, 1963
.
•
point pre¬
one
a
following
$1,000,000
during the order
bonds, were sold
.
Larger Issues Scheduled For Sale
Demand
coupon.
by banks and insurance compan¬
DONALD D. MACKEY
BY
1985
due
1003/4 for
.
about
at
a
Illinois
43
1966-1986
4:00
p.m.
1,000,000 ' 1965-1992
8:00
p.m.
(State of)—150,000,000
1964-1.988
11:00
a.m.
' 5,000,000
1964-1982
10:00
a.m.
Omaha, Neb.————;.———
6,400,000
1965-1980
11:00
a.m.
Rapides Parish, La._
1,100,000
bank; Skagit
page
2,000,000
(State of)
County
Hospital
Nos. 3 and 4, Wash.__
—_
•
___—
Districts
1,300,000
,11:00
a.m.
Volume 197. Number 6240
.
.
The Commercial and Financial Chronicle
.
This announcement is not
an
offer of securitiesfor sale
or a
solicitation oj an offer to buy securities.
February 15,1963
Narrows;Bridge Revenue Bonds, Third Series
I nterest exempt,
to the
iri the opinion of Messrs; Hawkins, Delafield & Wood and of Messrs. Sullivan & Cromwell, bond counsel
Authority and counsel to the Underwriters, respectively, under the existing statute and court decisions
from Federal income taxes, and under
existing statutes from New York State income tax*
$50,000,000
3V£% Bonds, due January 1,1985
Price 100%%
$50,000,000 Serial Bonds
Due
Interest
January 1
rate
Price
or
Yield
Principal
amount
:
Due-
Interest
January 1
2.60%
rate
Price
3.05%
2.70
3.10
2.80
2.90
3.15
100
3.20
Accrued interest from January 1, 1963 is to be added to
As
set
or
Yield
the prices,
forth in the Official Statement, the Bonds
are subject to redemption on end after January 1» 1970, as a
or
jn part, on 30 days published notice as follows: The Bonds due January 1, 1985 are redeemable out
Sinking Fund Installments at 100% of the principal amount thereof and otherwise at 103% of the principal
amount tb and including December
31,197$.and at declining prices thereafter; and the Serial Bonds'pre redeem¬
whole
of
able-At 103% of the principal amount to and including December 31, 1972 and at declining fcincfcis thereafter.
Copies bj iheCircutar dated. February 14,I963,which containsfurther iriformatiohp including the Ofjtaiat Statement
of the Authority, mayfei attainedfrpniMck of the undersigned as may legally offer these securities "
under
applicable securities taws. The undersigned are
among
theUnderwriters.
utwh:ut;sun iino-j
t
mv-
8
The Commercial and Financial Chronicle
(776)
Rubber
DEALER-BROKER
Industry—Study—Hemp-
Crush
International
hill, Noyes & Co., 8 Hanover St.,
New York
INVESTMENT LITERATURE
understood
is
to
4, N. Y.
.
Stocks—Comments
Silver
Corp.^-Analysis—J.
williston
&
and Laurentide Financial.
Canada.
reports
South
four
on
available
Also
are
African
Dresser Industries,
Gold Mines: Western Deep Levels
Free. State
Francisco
to
Building,. San
coinparison of leading
and trust companies of the
banks
R^SterNnwYo?Ir&4
St., New York 4,
Broad
244 St
i
Canada.
Que.
-J*
•
V
*
L
.
j
MersiCk Industries Inc.—Analysis
Ecuadorian Corp.—Memorandum
Stirling
Lirider,
Prigal
&
—G. H. Walker & Co., 45 Wall Bilotti Inc., 50 Broadway, New
St., New-York 5, Nv Y. Also avail- -York 4 N Y.
.•—
—
.
•
abl6
***Life ind
raemorandum on
• National.
Electric Storage Battery—Memo-
N. Y.
Accident ln-
Analysis
surance-Co:
J. C.
—
Schlumberger and Johnson
ernor,
quarterly
25
Gov¬
Fisher
Instrument,
Taylor
consecutive
Utilities —Bulletin
Memorandum
Securities • Corp.i Ltd.,
James St. West, Montreal
.
^
V
Tax. Free
In¬
Sigma
Meter,
American
struments, Rotron Manufacturing,
8, Calif.
Stocks—123rd
Bank
Share,
&
Bond
International
Inc.,
particular reference
—
Inc.—Analysis^_Royai
Angeles 14, Calif
TW{»jr,l r«
Mining Co.
Cam
N.Y*/,
Ferguson
Massey
R.
Broadway,
Beane,: 2
New york 4,
^
—Mitchum, Jones & Templeton,
Inc., 650 South Spring St., Los
Mines
Geduld
President. Brand Gold
—International
1,; Ont.,
are
Masonite
Industry—Analysis of
outlook with
Deetjen & Co., 120
Broadway, New York 5, N. Y.
—Emanuel,
7
Ont.
•
will be pleased
following literature:
Instrument
Discussion
East, Toronto
Inc.—Analysis
Products
Maradel
—
Ltd.,
com-
n,.(1,ifl,nf
—
Limited
Watt
Canada. Also available
15
on
Ltd., Western Holdings Ltd.; and
Economy
&
ments on Massey Ferguson Ltd.,
Canadian Aviation Electronics,
Ltd.,
Australian
Watt
—
Thursday, February 21, 1963
.
companies--Draper Dobie and Co.,
25 Adelaide St.,' West, Toronto,
mentioned
the
parties
interested
send
firms
the
that
King St.,
'
AND RECOMMENDATIONS
it
Report
.
.
Service
Parker
Auchincloss,
—?
&
Redpath, 2 Broadway, New York
atic Corporation, 60 Broad Street, 4, N.. Y. Also available is a com¬
prehensive report on Controls Co.
New York 4, N. Y.
<
United States—New York Hanse-
,
,
current issue16t "Ittvestornews"—
pranni6
.
of America.
Banks—1962 year end
review and
Co.,
4, N. Y. Also available are
reports
Utilities
the
on
York
and
Co.
W.
are
Market
Lasers
Cigar Industry—Report with par¬
—Dean
Cigar
and
the
&
Co.,
San
St.,
gomery ;
—
Calif. Also available
New York
randum
5, N. Y. Also available
report
Gulf Oil Corp.
on
America.
Stocks—Memo¬
randum—Westheimer and Co., 124
Cincinnati
Banks
Fourth
East
Cincinnati
St.,
Discussion
Wall
Bache
—
&
Bache
Corning Glass
Crouse Hinds,
Memorandum
—
^
' "mA
voW ^
Co.,115 Brjoadway/New York 6,
:
struction & Mining Co.
of
Corp.
Altamil
Corp.- Analysis
fn
Enka—Memorandum^-
McDonnell & Co., Inc., 120 Broad-
Franklin
Bank,
New
way,
available
Projects-
Bond
5,. N.
Y.
memoranda
Foods
Also
Co.,
r0w>
and comments on U. S. Smelting.
Broad
St., New York 5,
American
New 1. York
Selected List and bulletins-;
Co.,
U.
South
Specialty
Falstaff
.
Schlumberger Ltd., —^ Analysis
Corp.,
^
So.
Gerstley, Sunstein & Co., 211
WestinghoUse Electric Corp:, Dana
corp^
;
cular-B: C,Ziegler and Company,
Security Building, West Bend, Wis.
Harper,
Co.,
PittsburghG?s4ZZn%
22,_Pa.
Presbyterian Ministries Inc.r-Cir-
Corp.,
Brewing-
Inc.—Report—Strath-
Securities, Inc., 605 Park
more
Beatrice
Shoe
S;
L. P. Popell
comments
ComDanies
Electronic
wich Pharmacal.and A. C. Nielsen,
20
ar;
issue
aame
Steel
Co
Nor-
on
Progress report—Smith, Barney &
N.Y.
the
£
York
are
Chemicals—Memoranda
pennsalt
_sincere and Company, 208
sT^lso
Van
-
Alstyne, Noel & Co., 40 Wall St.,
5, N. Y.
National
—
Fischer & Porter Co. Comments phelps Dodge Corp. — Analysis —>
*n current issue of "Investor's Freehling, Meyerhoff v& Co., 120
Reader" >• Merrill Lynch, Pierce, g0hth La Salle St., Chicago 3, 111.
Dis-
Walt
American
Major Revenue
36
r;e,vise4tiiad^x49,;t)ie
a
Southern Pacific,
on
New York
St.,* New York 5, N. Y. Also
available4s
—
N.ew Yor^ 7' N* -:Tv
La Salle St., Chicago 4, 111.
Natl0"al Ba^ ofJ??n Jos® People's Gas Light & Coke CornX
^°ran1^moI^r' W<J1+son_ & pany—Analysis—Laird, Bissell &
Co., Inc., 155 Bansome St., San Meeds, 120 Broadway, New York
Francisco 4, Calif.
5, N.Y.
Co., 14 Wall St.,
lin
2,
Co.,
&
Corp.
Ethyl
N. Y. Also available
1962 and outlook for 1963—Frank¬
Stocks
Common
inc.
^imeHcauxe,e^one & Te,e-
Corp.
6, hey Productions, and Utah Con-
'
;
;
reports
Works*
Square, N. Y.
Electric. Utility
'
Inc
jorms
MacDonald & Co., 225 Broadway,
Southern Railway,
memo¬
a
SCM
Products.
Long Island Economy—Review of
Ohio^J#
—
is
Container
on
E. Hutton
New York 5,
45 Mont¬
Francisco
—Reynolds & Co., 120 Broadway,
Cola,
Oil
Laboratories—Analvsis—
Abbott
Investor—Report
Witter
Crown
Universal
and
Mitsukoshi Ltd.
S.
California.
a
Royal
New
Review —
Nomura
Securities Co., Ltd.,
61
Broadway, New York 6, N. Y.
Also available is an analysis of
Strauss & Co., 155
Montgomery St., San Francisco 4,
is
Forms'
New
of
Broadway,
6, N. Y.
Japanese
—Comparative figures on 13 com¬
to Bayiik
Ill
Inc.,
York
California Savings & Loan Stocks
ticular reference
*
Eimis
^H^is .^smess
Won
1
st„
Quarterly
—
Securities
Yamaichi
Chemicals.
panies—J.
"Prtrtf
vii.-
analysis and industry appraisal—
New
Broadway,
2
&
York
Economy
Japanese
expectations—Study—Good-
1963
body
t
t
and^MdftSai|toiPh,einf€^^^*;Brb^d^*vPWla^e.Wi^ 7»*pav""
Foods —^Mcmorandum
-|]jeneral
TBfattery^& Ceramic Corp.^iSoutheastern"-I^bKc
\
^ervicer-^Ah^t %
Roman & Johnson, 15
City Bank
Stocks—
Southeast;r-;~^haiysis^SqiHtbritt§V'^alysiS^A/^aUihgl :L^chbn*;&^^ C
Comparisonv and Analysis for 1962 .Third. AVe.,; Ft.,Lauderdale,' Fla.
-Broadway, 'New York .6, N.Y Y:' ~ Ford Buildihg, DCtrpit S^ Mich. v.
ing System, IBM, Witco Chemical, —Laird,;/ Bissell ;&> Meeds,: 120 American Telephone &
-Telegraph Geiieral 'Telephone & Electronics Southern - U^te^v ^^ Company—
on
Dubois Chemical1 and Interchemt-
Broadway,.;New York .5^ N. Y.
Ohio
Electrical
Equipment Industry
Tnd.,
89
'Mass.,
Boston
Broad % St.,
<
markets
10,
Brochure
stocks
Canadian
—
Manhattan
1
comments
Freight,
Oil,
and
Textron,
House
Gold Stocks
Cohu
way,
&
Pillsbury Co., U. S.
on
Amphenol
Borg,
Ferro,
of
Vision.
Report
—
Stetson,
—
S.
U.
Sinclair
;;
Inc., 26 Broad¬
New York 4, N. Y,
in
compari¬
industrial
'
Arkansas
A°N
Dow-Jones
the
year
>
and
the 35 over-theindustrial stocks used in
period
Bureau,
—
National
Inc.,
46
Louisiana
'
fnr
ciai
envdope^"
copfcs!r
Pittsburgh &
&
Co.,
Pacific
Lake
Erie—H.
w
h
Wall; St.,
72
New
on
.
.
trade in the
Report
—
Y°nge
St.,
THE
RITZ
ANDREW
Tordnto
■
Wp,„
at., inew
Columbia
Also
Troster, Singer & Co.
120
f 74 Trinity Place, New York 6, N; Y.
,
*
-
"
Teletype 212 571-1780; 1781; 1782
J. Buck & Co., 4 Albany St., New
P
v
Inc.,
N
25
available
&
■
v
&
is
Porter
v
y.
-
,
Companies
,Knowles.
^
.
.
,
.
-
Glass.'
-
'
*
N.
Y.
Pn
Xerox
Bulletin
Newborg
kellwood Co:^ Analysis
Richards & Co., 621
.
T
'
.
? es
s
Kennametal
Inc.
.
—
—
&',Neu,
"^rus^
-
.
...
;V•
^
—
Analysis
/ Public Relations &
&
Co.,
135
Seeks working
port—Hill, Thompson & Co., Inc.,
...
,.
_
St.
Louis
1,.
70 Wall
St., New York 5, N. Y.,
arrangement or
affiliation with investment firm.
Major Pool Equipment Corp.—Re-
711
/
Research Organization /
King Seeley Thermos Co.—Analy-
Whipple
Young Financial
—;
'
sis—Bacon,
4»
HilT
dum—Semple, Jacobs & Co., Inc.,
Missouri..
'
*'
■
•»
•
South Spring
La Salle, St., Chicago, 3, 111.
St.-,
•
Analysis—G. A. Saxton & Co., Inc., White Motor Company—Analysis
52 WalJ st> New 'York 5, N, YM —Schweickart & Co.,-29 Broad-
Memoran-
Charles
-
Chicago 3, 111,
„—:
;/;Moore, Leonard & Lynch, Union
—
,
.
McDowell, 39 South La Salle St.,
^74"Iowa Southern, Utilities /.Co.
report
and
—
New
"
-■
Textron*Inc»«— Analysis-r-.Fahne-
Y
reference to s# s. white Dental Manufacturing
Whitin Maclune and Crompton :& Co;—Report ^-Strauss, Blosser &
N,,C.
Tnr
4,
h
Co.
Broadway
^roadway, jn w
Y6rk^Y
Broad
^
Analysis—Carreau
115
Combanv
.
.
.
.
—
50 Congress- St., Boston, 2, Mass. ?analysis oLE; J.-Brach & Sons and.
Broadway, New York 5, N. Y.
St.
N
^
r
'
'
Textron Inc.
S
System—
York
St.,/New
Creative; Playthings
.
^ >U"
"" with^particular
r
at'
•
Broadcasting
Oppenheimer,
-
4
.Textile. Machinery
Pn*
c
-
' Also available is a report on the a memorandum on Shatterproof
xorK o, in.
Cosden:> Petroleum
'
HAnover 2-2400
vni-i-
/y-.
-
-Report-R:H Mosetey^ Co.,. York 6, N.Y. Also avallable js^an
Report—Orvis Brothers & Co., 30
'
CO.
u-ii
ew,^ lorx % in. x.
'
w«t
Durham,
Anld^i^WaM^ri^
Corp.,
•
cf
Canada
^
fii^ rnrnnrnn-qf
111 Corcoran St.,
Broad
Co.,
&
York
MFG.
TIP-TOP PRODUCTS
Members New York Security Dealers Association
Qinberg
Richardson .&
KinW
4
Ont
,
Memorandum
Corp. —Analysis— Frank
Huyck
re-
a
FwraL^t:
Fischer
.
Ont.,
avadable ;is
—
o*
: ;
fint
1,
■
Memorandum —Richard
industrial'Gas—Memo-
Ltd
Co
VASSAR CORP.
JERGENS
1
Toronto
randum-Hanson,
-
SHULTON INC.
INT'L FLAVORS & FRAGRANCES
Tnrnn+A
^
r*
Broad St., New York 4, N. Y.
Equitable Brokers Ltd.,
cf
Broadway,
Corp.
Texaco—
Hanna
A.
4i""wairiC'New I chinery
Iselin, Gegge, Stonehill & Co., 51
Ltd.
port on Mclntyre Porcupine Mines
Ltd.
Industry
MORTON
Co.,
.
N. Y. Also available;
New York 5,
02 Memorandum
Co.,
M;
Chemical
Vnncrp
Wail
wan
OF
& Co.,-Interiiallonal Busl-. Pershing. & Go.; 120
Glrj;.Lane New.York 5;N.Y.- U-
5,.N, Y.
17,
Ti-
Canadian
«
MARADEL PRODUCTS
Angeles
St;, tin- / /
Memorandum.--.
Sperry Kand
Fund,
Machines, Kelly
Grand Union
Discussion
Los
Japan
^n
.
Bryant- Manpower Inc., and Swank, Ine. - Analysis - Blair &
Northern Illinois -<GUs.
Northern Illinois Gas.
Co., Incorporated, 20 Broad St.,
'
'Canadian
COUNSELORS
CHARLES
Steel,-ess
—
St.,
Calif.
Swift & Co.
**4 i••»»
PRODUCTS
BEAUTY
comments
rim^witi^!^eS for
writing for
e
Merhorandum-^-rFirst Nebraska Se~
Cnri; M
Lofeb- RKoades & Co^ 42 Wall St.; cPrtties Corp., 1001 i'O"
New York 5, .N. Y. Also available coin 1, Neb.
...
^
5CxiCTme.niS, "li1-Armour
Nallonat
Corp.
Seventh
York 5, N. Y. Also available is a
CULVER
-
a
Quincy"cMsAss^i^es^"?^^cS
Cosmetics"
AVON
I
Birtcher
Hentz
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Southwestern
;
jha -i-Rpview
ftfiiettp
^ lifr *
Collins Radlp and
particu¬
Western
*•
^
Kan
land
Pacific,
Gas-^Memorandum^F. '
;
!
Quotation
For Banks, Brokers and Financial Institutions
ALBERTO
'
;
Canada. Also
we
Cq.v-
lar reference to Chicago, Rock Is¬
memorandum
Stocks
Gas
*:
Railwav"'
New York 4, N. Y;
&
,.,
ati,i
Penington/ Colket & Co.,-70 Pine SdPthwest
Trinity place- Ncw YorK
v
-J-
fin
bO
»•'
Corp-
'
Front /Street,
Railroads—Review with
St;-N. ^W.; vAtlanta
Memorandum—Reaves^ Hewitt*
National
Quotation
Bureau
Averages, both as to yield and'
market performance over a
23-
and
Winslow,
p>
.
the
.
Plywood,
used
counter
New
are
Pictures
"
'*
Weeks,
5, N. Y. Also available
the listed
-
^halysis-^-Schwabacher: & Co^, -100 ;
i; Montgomery St.; San;Francisco 4, ^
Analysis> Gdurts' &fv Co., 41
"N4>Yr:-Alsd^ayailabl^is(*va.rreyiew';;(^orgia^>^v^^>K::;f:^^::;^^^?^J;>^lif^
■
Averages
Study
Plaza,
up-to-date
an
between
f
|J^novey^quare^^Nevv;^:M^Hetta
'V\
showing
Industrial
Markets—Chart
Chase
CP.-^^evieW—;Blair ,& Co.,
•
son
&
of Trends—Hornblower &
York
—
Compatay, •v Union
•
j.'.
•.
Forecaster, 238 Adelaide St., West,
Toronto, Ont., Canada.
Financial
&
"*
Brochure
Over-the-counter IndexFolder
Petroleum
—
>
—
;
50 Active Canadian Traders in the
Mining,
Stocks
.
Commerce Building, Cleveland 14,
Ohio;. a *
v
/ v
i
Bank
McDonald
—
"Report—David L. Babson & Co.,
1
-
Safeway, Columbia Broadcast¬
Established
215.
,
accounts.
Chronicle. /
,
Box
,
•
D
that we cannot neglect either
international
throughout much of the year by
balance - of - payments considera¬
that
problem as we pursue a solution
to the other. On the other hand,
tions and was less stimulative than
the
say
Our Two Major
Problems |J1
the domestic or the
the
Require Different Solutions
Federal Reserve System, Washington,
D.C.
•
?
terest
provement in the balance of pay*?
bank time
ments?
Governor Mitchell declares that: (1) our problems of
international payments deficit and of domestic economic expansion
movement
of domestic resources and to im¬
Monetary Policy in.1962
cupy
now oc-
the stage
'policy discus-'
sion.
N
t
o
so
many' year s
v
persist^-;
gently rising
ahead.
cial
is,
.
the
in
•
;
.'omy -were- the 7
id o.m in an.t. *
problems of
h discus¬
•
George W. Mitchell
is U c
strongly,
sion.
'
T h
o u
g h
changed,
•
the
•
mand
increased
deposits,
one-half
and
per
On
some
soon
•
existing productive facili-
New Issue
in
time
problems and. to suggest in. final sales,, continued high-level
"very general terms the "role that profits, and the considerable■ inmonetary:; pnlicy;; might ~ play ~ in centiv.es provided by tax credit
year
the
though
First
we
basis
for
accelerated
bank as
stimulate
stock market prices, the more
buoyant attitude of consumers revealed by recent Surveys, the
strength
higher levels
activity. A
trade; Surplus mf about $5; billion
in
new.
housing starts
—
car
ations
1962,
a
even
had
by
more
not
substantially
might have
if
gone
commercial: banks
become
attractive
more
savings depositaries; Here agairi,
•to
the
extent that commercial
increase.
Continued
It is reasonable to think
ojjer oj securitiesjor sale or a solicitation oj an
an
on
page
ojjer to buy securities.
Company
Mortgage Bonds, 4%% Series due 1998
plus accrued interest: from February 15,1963
Copies oj the prospectus may be obtainedJrom such oj the undersigned {who are
the underwriters named in the prospectus) as may legally ojjer
these securities under applicable securities laws.
all
our :
'
•
i
'
.
"
marked improvement in the busi-
'
"7' J
■
v7
-
'/
"
-
-
*. 'i * '
»
V-';
V
.
VV
rr
* ' ' '' -W
'
f
J-
Stone & Webster Securities Corporation
Securities & Co.
payments hess
;
Business Outlook
Johnston, Lemon & Co.
Glore, Forgan & Co.
Ladenburg, Thalmann & Co.
Goldman, Sachs & Co.
7
"ings of liquid assets'and by the-
moment, it seems to me
Alex. Brown & Sons
atively favorable terms,
I have characterized the balance
pects; are;favorable—more favor- of -payments problem as a most
able | than
for some time past, urgent issue. I say this because
delay in its solution increasingly ■
exposes us to pressure from our
retail sales rose substantially in creditors and because it inhibits
the fourth quarter, and consumer our freedom to stimulate a slugdemand
generally now appears gish domestic economy, which has
more
vigorous ..than at any time performed below par for several
during
1962.
Government
pur- years.
,;'.7v •
excellent
L. F. Rothschild & Co.
Paribas Corporation
Carl M. Loeb, Rhoades & Co.
ready availability of credit on rel-
public
chases, especially at State and lo-— I
fully
agree
with those
who'
Incorporated
Incorporated
•
Shearson, Hammill & Co.
Baxter & Company
W. C.
7 E. F. Hutton & Company Inc.
G. H. Walker & Co.
reception of the 1963 model cars,
^
Folger, Nolan, Fleming & Co.
Clark, Dodge & Co.
'
that the immediate economic pros-
.
among
Lehman Brothers
Dillon, Read & Co. Inc.
Eastman Dillon, Union
Langley & Co.
■
*.
:•
.
-
••
Robert W. Baird & Co.
:
1
7
Blair & Co.
J. Barth & Co.
in
up
as
"
the
increased
they
Price 101.898%
sales and
point to a
tone. It is important to -note
abroad on account of private cap- also that the stimulating effect
ital, military outlays, and foreign of tax reduction on consumer buyaid. To reduce this deficit is a
and business investment plans
mosVi pressing problem for the will be buttressed by the record
year ahead.
increase last year in public hold-
by
Although de¬
public psychology which followed
end of
time, the cpntinu-
of domestic economic
Spurred
rates.
government bonds and corporate
banks increased theif role as Sav¬
stock in 1962 than in earlier years,
ings institutions at the expense of
even
though their total savings
eco-
had excess the' quick and successful conclu¬
|ng deficit in out balance of pay*
ments acted as a constraint on
At the
their
iVM. >•;
idle plant. sion of the Cuban crisis. Since
capacity throughout the year._ ; v7 thenj the pronounced recovery; in
was: exceeded
tions if commercial banks had not
raised
at
Potomac Electric Power
sive unemployment and
to
savings deposits
have
institu¬
savings
.
from the end of 1961 to the
efforts
and
other
February 20, 1963
during the year but nomic
same
•
that would
funds
into
gone
it is correct to say that
progresses.
.
At -the
the public exchanged
Another portion of the increase
.
expansion which i haye
one
per
cent.
Total output in- sketched here owes much to the
creased Jess than ihree per cent dramatic
turn in ^business and
1962 even
as
give renewed impetus to
year
The
pecially notable. Real output per
rose
funds,
securities for bank time deposits.
investment plans and outlays as
in our
history. This is true but not es¬
capita
of
spective tax reduction for this year
that 1962 was should
the most-prosperous
contrib¬
or as
rechanneling of the financial flow
represented a shift in the public's
attitude toward the Commercial
inhibited
and accelerated depreciation acthe. tions last summer and the pro-
performance of the U. S.
economy has noted,
constituting
as
$50,000,000
'both
recent
regarded
commercial banks last year simply posits at mutual savings banks and
shares at savings and loan associ¬
ly to. focus oh the recent role of inching upward, and it seems to
imonetary; policy) in coping■,;< with me that the combination of rising
MuCh of the commentary on
be
uting to total credit expansion.
Rather, it represented merely a
sizable fraction of the buildup
a
to show that
This announcement if not
.
the current
and. out-ft
remarks, I want main- rates in many industries have been
ative efficacy and on
the developing situation.
not
monetary expansion
includes
I believe
.
•
posits and total bank assets should
financial intermediary.
!
We know; for example,- that in¬
restocking to ac- gesting that monetary policy was dividuals acquired a considerably
not actively expansionary.
When smaller volume of State and local
ties, and the official surveys
project a small decline in the
current quarter; ' But operating
intermediaries
financial
as
stitutions?
deposits rose by large
amounts and this would seem to
in the context of pther
developments during the year,
sure on
time
in commercial bank time deposits
time
was
bank
directly by
curities and deposits in other in¬
problemsV have commodate at larger volume df
analyzed
business may now be in order,
economic I environment,
.look. In my
role
,
me
than
between savers and credit markets
conflicting in that (1) bank credit
and
commercial
purchasing securities. The banks'
to hold as time rather than as de¬
but
surface, these facts are
the
degree, the public
was thereby enlarged. To the ex¬
represent in effect a net addition
to the
community's s t o c k of tent that this happened, the re¬
sulting increase in total bank de¬
money, which the public chooses
about
cent,
a
rather
balances
de¬
savings
and
time
period
the
the tools; to deal with
unchanged; fiscal policy,
Iplementary approaches • depends
-on varying judgments pf their, rel-
.
acquiring
large
a
and savings
happened, in other words,
that, to
Chose to invest indirectly through
ings deposits come from? Do they
monetary- policy, and structural
; alterations
in particular insjitu.
attract
What
was
banks—-increased about nine
The outlook as .regards business
these facts seem to
capital^ outlays is more. doubtful.
The rate of-expansion in such out- monetary policy
tions, practices, or programs. The days last year was disappointing,
mix of these alternative and com- reflecting mainly the lack of pres-
them are
;
to
time
These
they had not gone into commercial
bank time accounts.
Where did these time and sav¬
call for a
higher rate of industrial output indicate, that monetary policy was
and should serve to augment busi¬
strongly stimulative; but (2) the
ness
demands as well. Business money supply rose Very little for
inventories,
for
example
have : the year as a whole, and not at all
changed
very
little in
recent until the fourth quarter, and its
months, but, with final sales up rate of use increased sharply, sug¬
*
world econ-
banks
1962.
presumably have
and other short-term securities if
posits.
total loans
cent. The money supply, nar¬
rowly defined as currency and de¬
one
savings
directly into Treasury bills
gone
deposits, following the
of
inflow
per
&
-
continued, should
dollar short¬
age
funds too, would
holdings of commer¬
and security
expansion in final sales, if
The
'
apparent
in
activity
struction
■°pr\pe level and
'an
in the .in¬
commercial
monetary 7 developments
during the year, it is vital to dis¬
entangle the various effects of
this change, which enabled com¬
mercial
current
about four per vCent,
rose
credit—that
bank
in
GNP
While
follows;
^dollars
,
ago; a
on
deposits went mand deposits? Or, does the build¬
up 18%. The rate of turnover of up in time deposits reflect a reternatiorial requirements and the
channeling of the flows of saving,
needs of our rapidly growing pop¬ fhe money supply increased about
as the public decided to hold more
ulation.
Total
construction ex¬ eight per cent. Market interest
rates were relatively stable over of its financial assets in the form
penditures have been running at
interest-bearing deposits
at
the year, as long-term yields crept of
record highs, and the recent vol¬
commercial banks and less of its
ume
of contract awards suggests downward and short-term rates
financial assets In the form of se¬
7
a
continued
high-level of con¬ edged up. • 7 ; >
economic
of
year ago
paid
praise 7
-policy .over the past year are as
problemsslack growth in cal levels, are clearly destined to
and an ad- continue upward, under the presverse balance of payments in our
sure of our defense, space, and in—
t
used in an evaluation of monetary
Two
international accounts
.
The bare financial facts usually
including some
current thoughts about a high interest rate policy, under today's
conditions and advocates, instead, the tax weapon to limit capital
outflow to advanced countries and to encourage our exports. As for
the relationship of monetary policy to federally created deficits, Mr.
Mitchell says what matters is not whether banks or non-bank buyers
purchase U. S. Governments but whether the economic climate will
determine our monetary policy posture so that money and credit is
aligned with sustainable expansion at a stable price level.
Action's limited effectiveness,
the domestic economy
a
rates
Q. In order to interpret and ap-
well require different solutions, and (2) the former problem has
inhibited monetary stimulation appropriate for the latter problem.
may
He discusses monetary
commercial banks in
change in the Board's Regulation
group,
and
,
monetary policy
can
time
monetary and credit corporations acquired a substan¬
tial volume of newly available ne¬
magnitudes for 1962 were signifi¬
cantly affected by the upward gotiable certificates of deposit at
what
circumstances,
into
funds
All of the
make to achievement of fuller use
Chairman's statement made the same day to the
Differing with his
same
these
In
contribution
individuals reduced their
as
purchases of securities, they put
appropriate to the domestic deposits, on which interest pay¬
7i
777 ments were now higher. Similarly,
for ?situation, v
problems may call
of solution.
two
9
was
different types
Mitchell,* Member, Board of Governors of thev
By George W.
(777)
Financial Chronicle
The Commercial and
Number 6240
197
Volume
.
Granbery, Marache & Co.
Incorporated
H. Hentz & Co. | The Ohio Company
•
-
Incorporated
7 Halle & Stieglitz
Incorporated
Schwabacher & Co.: William R. Staats & Co.
27
10
The Commercial and Financial Chronicle
(778)
ices
Basic Trends Affecting A i
:S>..*;;r
(
■
| The U. S. Economy in 1963
I
/.■■•■i//VJ
when
recall
We
are
not
of the con-
badly off as we appear to be. This is one
as
.ever
,
.
•
•
.
dawned
it
hope
the
of
years
decade
the
of
JX950's
h
been
joy.
and
d
a
disap¬
of
had
1957
re¬
thwarted
by
a
pro.
pn
undervalue
not
i:
-
•' ✓
•some
We
at
~.
and
in
rough.
,
had1 the
opportunity
tdrically,'
through*
of
Ir had
weren't
-
' discussion'
a
about
»
In;
■
nearly
where"
are, and what do they portend
.the future?
4
being kuilt as^ the ^statistics indi-
•
-cated. 'I asked-a simple question
that we _„Who makts the statistical re'-
v
,
«
.'^u.
.
rt.
Crux of
-
r
x
,
^
< f
^
/
*
*
-
i
A
vJ
' %
.
{
I '
r
We
is'at
labor force
operating; both
- account /in
are
into
taken'
lem.
Surely,
increase in' de¬
arr
reduce*-the
•'
level
<
jobs and
of/ unemploy¬
ment. The real issue is, how mucb
"demand
-J
and
how
much
re-em^
iiployirie,ht^;^,]Under.' the boriditibnk
•
the-figures.4
,
.did the .data\vel.e
a
level of 94.5 %
-'
////a4/
•
-
v; —rr
•
,
v-
all' international- statistical cornbig; advantage At/* they *' P.atisons. .The . data . for , a t given
that the. prospect for they have- a*
gauntry must be interpreted,' in the
light of. the speciaT characteristics
of the economy of that country,
Let me make that remark clear, as well as in the Ifght of the sta-
of a dec- grade
the ,future gave promise
their
prosperity, expansion- and papers!*
economic growtk— -the Soaring ;
a
of
,
because
it
country
speedily disillusioned,
examination
own
•
,
Sixties.
The^Whojjes^le Ptiqe Inde^/has
^empbymehf4^oblem^
away,
„
is
our
important.
■'
like snow in July.
The other
>:
January,
duration
employment
•5%
substantially in¬
are
of
un¬
by/ the structure1 of the
creased
.
since
erate
since
Consumer
little
,-a
-
l%
is
due
more
The
about
1958;
.
annual rate of
a year,
or
about
This slight rising
monthk
largely' to
ward creep Jn
the
up^-
the prices of con-,
services which have risen
sumer
In this tistical policies of the government. ployment of displaced workers.
j
not seying that all interna— According to this theory, there
agencies
over
a
of
summer
,
—
against the speedy1 re-em¬
the
this is an. ayerage
by. personal/ social *0.1%.
:and institutional factors- which op¬ •trend
labor force
The
1958.
Price Index has risen- only
point of view, is that
the volume; and
,
,
ststisticnl
$
.pQt' changed, .appreciably
than 10%
since early
commodities
1958.
the
in
index,
economic
handicaps
prosperity of 1960 soon topped are independent <-• seekers
after tional comparisons are valueless, are many
both /foods and nonfoQds,. /have
out, there was a definite though truth. They are commissioned to j pian to use ^ome of them! in this which 1 make-it difficult1 to remild J recession
r employ some groups of the unem¬ /
* / '/'
Continued on page 41
into
1961, the resist pressure, whether from pri- discussion.
■
business recovery of 1962 has been ,vate.or from the government it- ^
->
,
^,
[, 1 ' f - ~
less than was hoped for. Further-a self.
During my career as a sta-
the
\ "i
Both
Unemployment—Cause
own
our
the largest
are
businessmen, economists have achieved perfection with
and other students of the U. S. mrrk of 100. But in this contest
.
nee?
choice.**
a
for
unemployed.
mand would'Create' more
V")v,\
\-
are
tackling- the unemployment prob¬
ior
fy
Labor
of: this aspect-of the
make
be
we
us
to
factors
trends
.which have /landed*
houses
many
as
the
of
un¬
We in
unemployment/ since
these
.■--a-a
the
my/judgment; it: is'- not
essary
"subject.
some
are
of
must
to my main
nowr
/--what
it seems- that t her e
—
the whole.
I turn
exist/but
the assistance of the
get a better ^picture
we-
aware
the
:condiactX mahy' programs
we
i
in
community.
can't fill them.
problem
with ' the
and
Department /of
keenly
have /achieved.
we
vacancies
the
exist
Vacancies
industry
employed
discomforts, ' and
/Xefes// Impressed
heights '
dis-
we
the current
of
aware
Job
actually
we
the! terrain
that
become
are
excursion iuto staI want to emphaa-Size that you must use care in
were
destination
foreign countries.- Iri one of
housing
ng.
We'
when '
our
cover
prevailing' opinion-.(in- fact, .(unemployment- at - about '5.5%-< I made this,
almost
the
universal; opinion) q£ course, the Russians claim to ;tistics because
ade
But
arrive
job
same
•
:them-
JThe
economy was*
and,
we
cannot discern the valleys of dis¬
me
'
adjusted to demand. Job scarcities
by the
achievement;
.
performance.
outlooFchanged.
the scene, the
•a m o
dominated
is
of
estimate for
when
But
mountains'
.
of. World War II and Korea, we
ports?" - Answer: "The loeal hous¬
First of all, why are we experi¬ certainly reduced unemployment
ing program directors." Of course,
to minimum levels; in fact;* yve
industrial nation of the world, our
{h
all made their goals, but it encing a - persistent ■ headache of
had full: employment/ Likewise,,
people have the;highest real in.unemployment?
At about 5.5%,
Witk statistics and 'not with
come in the world, our.standard
-the* rate is higher than we- have if we generate a substantial de¬
;h6uses/ in another country.soriife
gree of inflation, such as in 1946Come to accept in prosperity pe¬
"Sm&
years ago, the statisticians decided
.1948
or
in
1955-1957, we can
riods.
There / are • two • points of
-25% in the last 15 years) while in
jbe
would estimate the output
stimulate j ob opportunities lit th'e
-many. n:ati on s. throughout
.view on this question. One is that
economy.
The.figures for
world living conditions areoctuthe basic cause is inadequate dc.- economy. In periods. Of long and
,the;first,.two y.ears indicated.no
persistent inflation, "wages '/and
ally deteriorating. Even with re^
but :when the. Chief of /mand^f According to this- theory/
salaries
lag behind prices * and
there is nothing in the composition
spect to .unemployment, we aren't
;aw ,the ,report: he said
profits, and labor, becomes thb
badly off aa we have
/pi? characteristics of. the uneml5 "Oh; no; there was an increase of
scarcest factor of production.
/
the past..
When ,1 first entered
correct
The .plpyed ^Which accounts for .their
high school over half, a century statlstlclaniS
solvedthe problem, by -unemployment; Men and women, / The fact is; that at- the. present
ago, r made a
94 on my first.
jeducing the figures for the; first '-Negroes * and - whites, ' youth and time we have neither: a wartime
examination. ;I thought it was
."aged—these* classes have been-un¬ nor an Inflationary' economy;:;We
year, s0 at least the sdcond year's
Ewan; Clague
employed in. good' times and- in have achieved/a notable degree of
so A. As we
right. But they havenH
<
;
teacher; she gave me an
-:ji
bad; .just generate a substantial: price stability during recent years.
I960 appeared enter 1963 the employment of our
an
any year /increase: in^einmwi. ai^ dhe4ud/?
should
closing
The
pretty good,sand
otpp1
longed steel
strike..
-
supply pf labor is not well
,states
of 1959
.was
,
be!n
sharp and
the
,
impediments to job-getting.
The
'
cession of 1958
deep,
horizon
tant
pension rights, and other
such
the
over-
wel¬
discrimination,
:
pered off, the
/re¬
covery
out-.'
peer
fare and
personal
gaps,
the^
ta¬
.business
was
.
is
t
to/the
occupational
are
ia,b0Ut
the
pointing;
prosperity
•
...
My first observation
by proclamations
featured
was
of
just three short years ago,
dog."
held to enable
we
There
geographic
•
deficiencies,
landscape of the future, the dis¬
A press
ago.,
of making a trip' last-year
Don't Minimize Our Performance
•
viewAs
made, in the
we
years
was
eminent! ' I
output (productivity) per man-hour is not below;growth is because of our much higher 4;
growth base. Comparison made with USSR development points out
the lack of honest data and the lack of surpluses in USSR countries. 4
1960's
t
gaps,
that dis¬
enchantment
-
says our average
the
of "man. bites
received in my career.
jr
ployed.
under¬
our
On
\ How
different it is- ire many balance/ tfte/bresent is not ias bad
-other nations of the world, where : as it seems. ->As^ it recedes into the
-statistics- are- the. tool of the/gov- past//aiid-vw^
■: it hisr
the European' but its rate of
decade; of
for
-
U prices and wages down; and (3) our expanding labor force will act i;
! to dampert' wage and price rises. With regard to the latter, Mr. Clagur f
the
theme, there
my
the present,
of
friendly; and I still treasure some
irritations
of the finest letters that- X. haye
both the structural comiiosition of our labor force (a re-employment
problem) and to< inadequate demand. He forecasts: (1) continuing/
price level stability in 1963 modified, however, by slow rise in cost //
W:of consumer services; . (2) Europe, particularly Western Germany |
and Great Britain, will be wrestling with the twin problems of holding 4:
When
to
reason
lends
tance
.
%
'§
estimate
We_ made; headlines;, across - the
country, but Z they weren't;: nnr
$
-
-
-
to announce the corrected figure.
•
the future. Mr.- /;
Clague attributes the persistency of our unemployment problem to /
|
/ '
•
.
content.
:/
revealing analysis of the trends responsible
landing* us where we are and of their portent for
for
'
.
mistakes;
make
error
an
conference
elusions in Mr. (Hague's
•
,
do, it is. headlines
we
case
several
BLS
return
second
a
Thursday, February 21, 1963
.
v*•"A. »/../■n1/-"«>.:•
•
Of course, we statisticians aren't
news^—a
Department of Labor, W ashington,
To
\/a/> .'/ is
'
^
4/
but
i
of Labor Statistics, U» S.
D.C,
By Ewan Clague,* Commissioner
states and local gov¬
our
perfect./.We; do
-
~-
of
ernments.
.
.
tistician in the Federal service; I
the present outlook is for
more;
I think T have
of the same.
more
heard
least
at
read
or
head
as
dozen
a
have
the
on
j
re-
ceiving end of a long series of
investigations — by Congress, by
seen
labor,- by
a
economic forecasts of the
been
coming year,
expert
and I have seldom
such unanimity in favor of
continued upward
movement of
:
the rate for the past year;
4progress
/
firm and su
is
-
statistics.
Our
unemployment at
the
better
ance
many
Qur
our
own
■
•,
i)
the
in
ployment
here
course
too low
.v
of
rate
at
home
unem-
1963
in
he projections may
Nor
be
X
-4V:
*
,K
the
is
prom-
Why aren't we
ise of the Sixties?
doing better?
I
If
knew
finitive
certain
the
and
these1
to
de-
ques-
Qf ^
for
Bureau
Qther
d
Qf
Cens
GovernmeIft.
statist-
do is to offer you- my
on
the
have
economic
brought
and: then
to
implications
us
the economy of
which
trends
1
,
February 21,1963
!. '■/
'
&
.*-..
•
W
'■
■1
-
■
1
■
■■
;
■
'■
-'T1-
Refin ing Company
"■
•*-
''
'
.
v"
i'vt';.*'•.»
.sUv^'.
• ■
.-
■'X
r
■:
'
.
.
-/
,*'-4/<V*:
• -./•
;.'/••
-*
;
•'/
:\X'- 4 ■"
■•*• *.'••* "r: '■X'V''.-*. .-v.;-'..'
Value
Price $27 Per Share j ;
(>{
.
..
-
.<.*
-J'
•Z
„*
-
,
■1
/ // : :
Copies of the Prospectus may be obtained from such of the undersigned as may legally
offer these Securities-in compliance with the securities laws of the respective States.
.
this
-Statistics -in
country
are
don't
private
~ this
the
you
There
own.
of
like
can
are
if
government's
gather
your
Eastman Dillon, Union Securities & Co.
literally hundreds
statistical
agencies
in
country, both profit and non-'
A. G. Becker &
'■*'
the future.
•v
•:.///.
vZ
eeon-
free in another sense, namely,
profit.
of the
rectly
trends
••
o£
one
••
are,
we
some
these
can
observations
where
suggest
of
But I can
What I
answers.
,.**■ v
In fact
constitute
Q
statistics,
such,
of these securities.
any
I
and
cornerstones of our free
to
no.
*
Common Stock, $1 Par
of the investi-'
gtatistical : agencies
the Federal
you
impart them to you.
offer'to buy
integrity and competence,
tions, it would surely be my duty
give
an.
Ie.
Pleasure of Above-Board Statistics /
answers
•
\
V' A'■•••', T'-^'v
/ ?'•'
83
ye/°f uAeSUr?rC
growth. Where then
solicitation of
whUe
there any signs
are
'
>
Ashmnd Oil
•-•''r.V; A-/ *--'4\
ha,e also
■
own
experience hasprojections been jn ^ Bureau o( Labor ^
rate of growth do not
ystic
j can
k
a„
stro
^
basis for a substantial for the
,ntegrit
and competence,
reduction
a
260,000 Shares
/>
■
not1
has
gators the. highest commendations
£or
offer to sell or
The offering is made only by the Prospectus.,
A-iA'
pro-
examinations
we
an
:
The prevaitag
provide any
of
perform-
of the economies of other na-
,s turns.
of
homeland (2)
comparative
bwt
level of ceived from
high
uncomfortably
Bureau
the3e
-
by
Employment and Unemployment
discounted only passed
by two unfavorable factors: (1), with hono„
slanKal, but it is being
the
and
-
,
NEW ISSUE
'
fessions. The latest one was the
President's Committee^ to Appraise
-
i
i..
This
management,
the statistical and economic
the rate equal to
the economy, at
This advertisement is not
Bureau of Labor /
of the
Statistics
for their
They
to
the
are
free
people
to
and
go
:
di-
E. F. Hutton & Company Inc.
A
Co./''
Incorporated^
/'•
*■'
i
/
collect
Merrill Lynch, Pierce, Fenner & Smith
-
"
own
data. "Nor
should
omit the growing statistical
we
V'
'
"
—
*'
-
/•' '.
•„
'
x'
Incorporated
serv-
../j
i
»i' r^r A/
Number 6240
197
Volume
,
.
.The Commercial and Financial Chronicle
(779)
11
Firm Name Now Almon,
Our Reporter on
S irribst
certainly be revived ifv there
1ta "bb a very sizeable** inpreasep Y
in the nioney supply and
pu^chasf
DALLAS, Tex.—Altnon &r McKinney, Inc., Mercantile Bank Bldg.,
v ing
pbwpr because too many Gov* have announced the
change of their firm name to Almon, McKin¬
ernment securities are; sold to the
ney & Dudley, Inc. :
commercial >ba nks which results
SlSflif§111 McKinney &IDudley
HIEHmeHS
JOHN
BY
T.
CHIPPENDALE, JR.
,
in
.vr.
Late
it
,
r
-
-v. •
«
>
-
the
creation
of deposits,
hre^otiYequired^
irbl^wbicK
*■'oi.wiucfl are, nor - required- to .meei
iv meet
»
Wednesday, Feb. 20, the eration, then the obligations' which *a~iiohnaI business-growth.
on
Treasury announced details of the are-coming due will be paid of £
iti
:
proposed pre-refundirig and junior bash and new money will:db.e;r^
advance refunding operation. .,••
raised thru the sale of other:GbyYl S^
The pre-refunding offer is ap- ernment- securities.
:
:> :
plicable to the following existing
As-
issues:
1963; .,2V2%; bond
due Aug, 15,
1963; 3y8% certificate, due Nov*
in
ioA*.
<*#
on/i
Pinn^
Ftxh
dim
15,;l964'
*.
These
issues
(a)
+Vimr
refunding: yes'tor: so
Ko
frtV
*>.
./
?s
.aa
money-raising.
^haU^
■*_'<
i
r
"
j
*
'/
„■
'
it.
.
•»
.
tional
,
new
money
raising operation.
Taylor B. Almon
important ..Influence on hot
junior advance refunding only the money and capital .maroffer is being made to holders of kets but also on the economy as a
following issues:
place
the
amount of new money which
will
whole.
1965;
3%% note, due Feb. 15, 1966; 3%
bond, due Aug. 15, 1966; and 3%%
bond, due Nov. 15, 1966.
In
the
first
There
have to be raised is most impor.
tant since it will have a marked
influence
on
B.
over
needed new funds which has. the
more
15,
*
when
issues ^ir deposits, are turned
J'0 ilf Treasury m order^ tq
** ,for these obligations, which
P1!/
transfer of deposits and
* the creation of new deposits
and Purchasing power.
Therefore, it is the obtaining of
bond, maturing
due Nov.
because
MunsonMcKinney
Officers of the firm
1980.;
note,
investors
»
.
-
way
is
question
no
as
Munson
Vice-Presidents; and Jacqueline Shelton, Secretary.
Almon, McKinney & Dudley, Inc.
are • dealers in municipal
bonds, corporate securities and bank and insurance stocks.
....
■■■„ -
to the
^
jn which the new money raisof the Treasury
■
.
.
institutional
For
amount
which
will,
have^to be.
orc}er to nrovide the economy with
-
■
•
.
Board Chairman Joseph P. Mc-
MnmpH DirPptriF
dllltJU L/1I tJLbUl
should be carried out under very
;■
..
Murray.
Holders of the foregoingdssues rates/whether this bein thenear- large budget deficits.
And this WASHINGTON, D. C.—C 1 yde
may exchange .them for.Ta)
-term or long-term sector ;of. the allows for some sales of these
perry, an investment dealer of
bond, due Nov._ 15,- 1974 or 4% Government
market.^ From the obligations to the deposit banks in Tampa, Fla., has been appointed
bond,
80.
McKinney, President; Taylor
Almon, Executive Vice-President; Morris A. Dudley and Robert
G. Day,
ring? operations
the level of interest
are
.
maturing Feb. 15,
Morris A. Dudley
u,„.
The
3y2%
as corporatiOns,
15,
note, due Nov.
(c) 4%
or
^
r
the same significance to as does a,-JinJlvidiials'• arid all'Other ihstituthe-money
and Capital markets
be exchanged
may
3%%
Feb. 15,;
the
•
,
nhddry1
nnemtinfi
I967p(b) 3% %: bond; due Nov. 15,
1971;
niVinlliOT'
*L
:
—
,ment operation ana do nqt nave banltSource such-
'
for
whole, however,
£YY8
l
certificates due Aug. 15,
314%
.
a
anlrirflp
most
public interest director on the
Federal Home Loan Bank
of
a
:
The Federal Home Loan Bank
of Greensboro, orie of the 11 Dis-
trict
Banks,
provides
reserve
credit and liquidity services for
member savings and loan associa-
picked up•we rnove on to the way necessary growth
deposits
and
in-which it 15 obtained^ sihce/ihis
" Greensboro's
board of directors tions in the States of Alabama.
25, will close on Feb. 28; in the will determine m more ways than purcnasmg power, it can be clone for the unexpired portion of a Florida, Georgia,
n—
Maryland, North
case of individual holders^ books
one the direction in which the thru the sales of Government -se- four-year term ending Dec. 31, Carolina, South • Carolina, and
will open on the same date, but economy will go.
curities from the shortest to the 1963. This was announced Feb. 19 Virginia and the District of Coinvestors,
subscription bonds,
opening
the
Feb.
n
will not be closed until March 8.
The
size
deficit
the
of
of
There is
no
longest
question but what
by
ones.
Federal
Home
Loan
Bank lumbia.
j,*-
.
the
Treasury and the way in Which it
will be financed
becoming
are
tent forces in the money
tal
markets.
As
time
the
markets for
all
well
as
fixed
for
flect
deficit
the
fiscal
and
year
story
With
of these securities,
February 21,1963
NEW ISSUES
being
in
coming
the
fairly stable bond
a
fu¬
mar¬
booming equity market.
a
inflationary stock
an
there
ket,
in
those
any
to whether or not there
as
or
the
offer to sell or a solicitation of an offer to buy
The offering is made only by the Prospectus,
an
provided for will tell the
are
will be
for
.
re¬
It is evident that the way
which
ture
will
stocks
.
mar¬
clearly what is
more
done.
ket
common
;
;
as
income
bearing obligations and the
kets
This advertisement is not
along
goes
the Government market
po¬
and capi¬
is
usually
mar¬
declining
a
interest in bonds with the excep¬
tion of those which
ble into
Because
ket is at
the
$25,000,000 4.35% Sinking Fund Debentures, due 1988
converti¬
are
stocks.
common
(-
Government
Price 100% and Accrued Interest
mar¬
intersection trying to
an
find put the way to go, it is oper¬
ating within
is
range
narrow
a
and
important change in direction
no
looked
for
until
The
clear
not
Federal
the
of
some
conditioning factors
$35,000,000 3%% Convertible Subordinated Debentures, due 1993
resolved.
are
position
of
budget, along with the
the
Price
un¬
l(io%
and accrued Interest
settled conditions surrounding in¬
taxes, has had
come
fusing effect
bearing obligations.
that
the
which
order
eral
amount
will
to
bit of
a
all fixed
011
have
finance
It is
of
a
evident
new
to
In
Copies of the Prospectus may be obtained from such of the undersigned as may legally
offer these Securities in compliance with the securities lam of the respective States,
money
raised
be
in
gigantic Fed¬
budget deficit could
pendous.
a con¬
income
addition,
stu¬
be
there
are
sizeable maturities that will have
to
be
refunded
Federal
be
a
and
which
Government
going
big factor in the
very
a
into
existing
the
the
and
are
of
market
the
conditions
there
which
the
since
as
a
whole
refunding
are
unusual
prevent
them
from
going along with the ex¬
changes which have been offered
to
them.
offered in
If there
a
blyth & Co., inc.
obligations
coming due
unless
of
pattern
capital
inclined to take the
issues,
Y
matter of fitting issues
owners
which
to
meeting of debt maturities
is largely
money
the
money
capital markets in 1963.
The
are
means
is
are
"no
rights"
maturity meeting op-
Harriman Ripley & Co.
*
Kidder,Peabody&Co.
"
Incorporated
*
r
■'
,
•
Incorporated
-
-
*LazardFreres&Co. Lehman Brothers
'
_
Stone & Webster Securities Corporation
Smith, barney & Co.
Incorporated
-
.
-«
.
1
.■
Underwriter of the Convertible Subordinated Debentures only.
'
| white, weld & Co.
The Commercial and Financial Chronicle
12
struction contract awards, season¬
Taxes
How Wo Can Reduce
Without Enlarging (Deficits
two
more
were
•
Stalemate in < 1963
Barnard
By Dr. Raymond J. Saulnier,* Professor of Economics,
College, Columbia University, New York City
Council
Former
to obtain tax relief
as
in the economy §
to
as
how budgetary spending can
The
automobile
economy was
budget prospects for
nor
t
pro¬
outlook' is
still in
effect
be
on
clearly
a
tax
policy
the economy. Immediate
our
from
will
ling,
such
latter" theory
is,
our
i
to
this
extra¬
much of the
had
-
carry
the indicators
warnings of
still giving out
are
a
recessionary trend
against
into
and
season
the
Because
1963.
yyV^.. 7
us
Model
us
well
present
incident
The
had
un¬
are
there
those who believe that it will
'
Budget Estimates
The next step we must take
is
tp translate this view of the busi¬
outlook
ness
into
that
are
this,
terms
settling
a
receipts.
budget
to
do
To
we
the
Carry well beyond mid-1963 and third quarter of 1962, which; is
months. accelerate iii the second half of
the- last quarter for which
we
characterized
public sentiment for some
unifying
effect
in
have
GNP
project
from
and
the
April and
the
recovery.
Raymond Saulnier
does not
this
But if it is to
accident.
an
the
over
somehow
are
until
derive
to
policy
a
then
Khrushchev
s
h
o u
realize that in recent years
as
portant
one
softie1 bf
of our most
a
around
situation
mid
-
A, B and C.
Model
the
A
comes
business
much
1963
GNP
like
overall
had to cope with through
th^f,sumrqer3l$6£,i .pamely,
directly
a
at
gives
over
allowance of 1 % for price
an
stalemate' period in which inflation, this would be
overall ;ajivance isi¥igpJr£d«in increase'in 4-eal GNP.
This
And I should add that this view
is
based
on
the
expectation that
an
1962,
dollars, of about 31/£%.
growth for 1963
in current
With
It extends
which
rate
a
from
estimate I
qutlook
JKini of
im¬
stabilization
economic
we
1 d
his major moves have; b£§fi fimhd
Jiftle
to earn him the 1 right to be re¬
^vhdlly extitfet poult1' of view be followed by still another defithe federal budget should be cit, planned in this case, and if we
garded
balance
and
.
.
into
increase
point, but I do believe that what
Chairman
obstacles in
moment, therefore, I look for an have just described.
had better recognize it pact on public sentiment. 1 would
as possible. As it
not want to make too much use of
as soon
budget situation
course,
still many
are
path, notably the handling of
tax legislation in 1963.
For the
our
settling and divisive in their im¬
spective fiscal 1963 outcome is, of
ah1 iehrlier- but still
is for
there
collapse of security prices in
May, which were essentially un¬
represent policy choices. The pro-
pol-
JMy prefice
a more
in periods of
as
and-~early
we.
as
fiscal
that
easiness
If this is the road we are travel¬
share
really
course
acter of a second recovery,
tended to dispel
This
situation.
deficit
well
as
-
on't
of
expect it to carry
ciliatory response
cycli cally-compensa-
a
recession
"deficits-
this
of
through the econ¬
general
omy,
government's firm but entirely
through the year-end
and
essentially con¬ I would
.
policy,
either.
But 1
not
from
growth
ture
do
,
the year. But the evidence for this have
explicit official estimates,
country, is as
yet visible only to the) eyes to the second quarter of 1964.
I
tory budget, what we may be con¬
quite in contrast to two earlier of faith. I
regard the momentum have made three such projections
fronting is the prospect of deficits near traumatic
experiences, the so- as still of modest
proportions and which we may identify as Models
in
periods
of
expansion
and called "steel incident" in
expendi-
on
chances
our
difficult passage in
a
primarily as a warning
veloping, although still modest in excessive optimism.
niany important respects and far
*
stimulative
and widespread public approval of
capacity to grow.
chronic
less
.
Far
terial bearing
on
improve¬
steady
pretty
a
mosphere, the momentum now de¬
atmosphere, the Cuban
had
crisis
than making up in successiveness
or
should
any
or
be
ment in profit
the business cycle
movement.
this
In
Federal
suggests that we may be in
periods
ahead
that
navigating
distinctly precarious position in
ward
than that incurred in fiscal 1962.
and in its
few
next
to
.
neither the current position
budget
would seem
tured goods; by what
by
which holds that Thus, what it lacks in size relative ordinary and still-mystifying So¬
movement has much of the char¬ ; meaningful for the estimation - of
of the to the fiscal 1959 deficit, it is more viet move inspired confidence and
oi opinion
WuUiy
in the prices of basic
materials and semi-manufac¬
mafgins;. by gener¬
ally promising developments in
is not what I am discussing. What
the capital goods area; and last,
I am discussing is the short-term
but by no means least; by the
business outlook, and what the
more optimistic .sentiment reflect¬
Cuban developments mean
ed/in the stock market. Many' of
reasonable
considerable
raw
capability
self-annihilation
total
is apparent
interested than
more
in man's growing
am
;
that I
you
assure
by the
especially
weeks,
good; reception- of 1963 - model
automobiles; by the firmness that
without overall and these must be
respected; but
mid-October, but these factors decline in the near future has
I would read them at this date,
prevented a decline and appear been
very considerably improved.
•supplemented byvwhat, yre know
even to have produced a mild up¬
Given a reasonably favorable at¬
about developments in November,
exercising caution on tax
to the defeatism regarding the former's realization,
realistic steps
charts
and
a
economic stimulus. The economist recom¬
reduced starting with our Federal credit programs and our
contributions to States' civil works projects.
of early
me
thermonuclear methods." But that
there
Additionally,
hunch.
duction.
placing a ceiling on spending and
He objects
cuts.
I
for
considerable benefit from a heavy
with current expectations and that
the tax policy debate will not end earlier than mid-1963. Turning
to possible tax cut and budget-deficit models, Dr. Saulnier warns of
the consequences of a recession following on the heels of a sizable
deficit, and as to how much further we would then be able to conmends
an
ciip, but NASA makes
mild help from tax changes,
volume
penditures will not be out of line
tinue tax reduction as an
at
up
suggests a cal¬
say
could not be
legislative and administrative, and
through to mid-1963 when a stalemate period |
summer may ensue. This view assumes Federal ex¬
carry
last
similar to
this
was
increasing strength
stepped
were
faster
I
events, let
space
our
what
tions involved in these Caribbean
data available by which to test
curbing Federal spending
modest
believes
Saulnier
might well
no
without courting larger and larger deficits.
explains how we can go about
Eisenhower
President
under
Chairman
Advisers
Economic
of
agency,
even
NASA,
by
justify it. But I have been im¬
pressed by the good retail sales.of
'
recent
If
year.
And
that contract
surmise
;;;<.
lousness toward the largbr ques¬
the
of
quarters
would
I
awards
Dr.
Thursday, February 21, 1963
.
Improved Momentum Into and
.
than
15% higher in the third quarter
adj usted,
ally
of 1962 than in either of the first
so
.
,
(780)
to
seems
optimistic
as
me
well
like
as a
a
2
%
r
a
fairly
fairly like¬
from this succession of accidents aids, though this could Hardly be Federal expenditures will rise ly projection, but I am never
and plans, we should be aware of a deliberate aim of Soviet policy. in early 1963 at ' about the rate qiiite sure of such things. What
seems optimistic to me frequently
recession and early recovery. The what we are doing. Mind you, I
The Russian reversal on Cuba currently projected and that the
strategy of federal policy which am not saying that this is not a was also a help to our economy. debate on tax policy will be pro¬ seems pessiinistic to rny friends
surpluses in the ex-
cycle, with
pansion phase offsetting deficits in
think
I
would
serve
at
best
us
perfectly good way to
derive
a
It
evoked
sense
a
of relief that
It is the method of
seems to have strengthened psy¬
tion of which I propose to make pragmatism.
All I am saying is
several suggestions, derives from that we will be well-advised to chology generally: consumers, fi¬
this underlying fiscal policy pref- be as conscious as possible of the nancial investors and businessmen
the implementa- fiscal policy.
this time, and for
essentially experimental program
erence.
;VV.
;V
*
*
♦
which
on
will
we
have
been
fects
launched.
We may
begin with the budget
outlook for fiscal 1963.
weeks ago, it was estimated that
the administrative budget for that
show
would
deficit
a
$7.8 billion. Although this is
different
prospective
of
a very
outcome
than the $500 million surplus pro-
jected
in
last
Message, the
as
no
January's
great
evoked
Budget
estimate
new
surprise
came
has
and
little
remarkably
com-
ment,
,
But
.!this
there
outlook
important.
lie
is
in
place
is
Its
It
of
has
the
point out that
as
which
in
fact that
stage
;expansion.
.
rl''
m the President's
jngt
common-
to
the $12.4 bil-
as
1963
January,
it
comes
of
at
lies
an
business
a
in
ad¬
cycle
The $12.4 billion defi-
cit in fiscal 1959
was
a
deficit in-
Somehow
precarious
the budg- about all of this, but for the mo¬
on
ment
at
least
we
have
taken
things,
timating
to say
about
we 'can
as
though the
even
hazards
me
in
state
es-
formidable,
are
my
views
outlook
so-so
a
summer,
omy
in
hanH
+
around
that normally
advanced
I
have
about
appear
at that
stage of the cycle.
outlook
the
as
yet
Model
realizing that wildly
the full range of statistical indi¬
hardly
only
current
kind
as
of
on
Earle M.lJorgensen
n
the
spring and
This financing
econ¬
some
important
ways was
has been arranged privately
through the undersigned,
losing
U
•
Blyth 8Xo.,Inc.
ji
incident.
.trough of the 1960-61
e
prospective
budget deficit has
a
fiscal
second
cant feature. Present
its size
recession.
resulted
1963
signifi-
estimates
of
So far
as
I
can
mainly from the
see,
ally heavy volume of defense
year.
con-
Defense Department
place it at. a higher figure, procurement obligations and
this
unusu-
tracts awarded in the third quarter
of the
C,
con-
February 19, 1963.
which
price
Co
Sinking Fund Notes due December 31,1982
made very little advance and
with
a
I
extravagant,
of record.
follows.
during which the
price
GNP
Continued
1QM
i
4.5%,
suffices to
as a matter
contemplates
current
an
GNP
in¬
of
constant
price growth of around 3%.
this conclusion
reached
B
in
$7,000,000
/
T
cies
After Cuba
-
economic
After
crease
Model
the least,
-
Let
plausible.
will, in any case, be com¬
peting with the downward tenden¬
This advertisement appears
budget message
Economic Resurgence Before and
•
a
most
ord and
cators
turn for the better.
fiscal year gr0und, a new momentum devel59 recess1on
TheU$7 8 bimon riTfi" °PCd at °r just before the Cuban
Pit
S
i
I
cnsis- There is evidence that some
on the other strengthening developed in the
',.s occurnpS m-the second economy just prior to the Cuban
following
the
-in fv!e
fnUn
is
tle direct weight in the year's rec¬
should be think-
so we
closely
as
these
The novelty
deficit
There
economy.
to be made in any case, including
the forecasts that will be presented
not
does
prospective
the
something
e^ary outcome m fiscal 1964. Accordingly, it is important that we
try *}ow to see the shape, in broad
Pr°fde at least, of the economic
developments that will unfold
over ^,e next year and a half. A
year
a half is a long time and
^ere is ample opportunity to be
wrong, in a forecasting exercise of
^is kind, but forecasts are going
in
exchanges
This is perfectly true.
vanced
t
deficit of $7.8 bil¬
a
large
fiscal
\
i
Much/will depend
lion deficit incurred in fiscal 1959.
the
'
r
,
on
positively, with good ef¬
A
and
novel
become
political
in
lion isn't
both
novelty
the size
deficit.
sense
a
•
-
In the of¬
ficial statement issued only a few
period
'I
reacted
longed at least until the middle in government. So I will simply
of the year, at which point its say- that of all the models 1 have
outcome will have relatively lit¬ constructed, this seems like the
regard as
pictures
a
growth
on
page
be40
Volume
197
Number
6240
.
.
.
Commercial and Financial Chronicle
The
(781)
13
it is making many of us much more forecast. Today's state of the art,
aware
of
commercial- for instance, has made fingers far
certain that none of keenly
realities.
too clumsy for. much of the work.
us is able to see it as it really is.
The net effect of these and other With electronics controlling manu¬
However, I would like to describe
ticular banana differently.-- And
Taking
Searching Look
a
A
Til
i
TT1
?
•
j
is practically
i
At Liectronics Future
some
By L. Berkley Davis,'1' General Manager, Electronic Components
Division, General Electric Co.. Owensboro, Ky.
;
plex
authority
of
his
painter and had
top floor of
house
who
was
studio
a
about
a
the
on
ble
He
oping
head
of
in
a
three
bananas
an
and
on
bright
L.
mind
Berkley Davis
the
you
painter
in
me,
said; 'Til be with
minute.
a
thing..
In
i
feet,- said,
"Now
started
paint.
n
i
t
painting
at
thought
I
You
I, don't know whether
ought to
it.
But I
looking at
our
electronics industry
and
seeing
danger of
what
it
our
really
I'm not. proposing that
stand
we
on
heads
our
But
anyway.-
like to examine what
—
I
spective by
not
/'■' "
V
office. We stand
? point, where, it
is
<
system,
a
office
an
-
expedient
ented
heacjls.
still
of
are
finding
buy
pain
business
miliar
and
of
being
generally
is
Let
under¬
doing
the
by
here that in suggest¬
business, I
conditions
a
don't
exploding technology,
new
efficiencies
crease
:
business
the
among
all goods and services.
tempo
of
competition
velopment of the
our
to
—
it is a
and
one
old
stable
ours
business.
industry
be
would
challenging enough if
electronics
With that in
our
is
were
the
But
anything
fact
mind, let's
shapes
Military
the
up
and
market,
into
we
industry's
market,
not an
continue
most
do
to
demanding
on
logical capability, this m a r k e t
shows no signs of letting up (to
it
mildly).
lished
Listen
included
aerospace
the
beyond
rate
phenomenal
growth
the
of
fifties, but no
doubts that electronics will
tinue to grow.
The
one
con-
Everywhere
we
"Electronic
system
will improve 100
facturing;
commercial
business;
seem
to be
only on the threshold
Yesterday it was the 'introduc¬
tion
of
semiconductor
devices.
electronic
drastic
components
Continued
ties difficult to believe let alone
||Ii||l|Sl||
The Emerson Electric {Manufacturing
Company
Common Stock
($1 Par Value)
Price $31 per
share
Copies of the Prospectus may be obtainedfrom any of the several under¬
writers, only in states in which such underwriters are qualified to act as
dealers in securities and in which the Prospectus may legally be distributed.
enter-
try volume of about $i3 billion is tainment; even work around the
in line with Fortune magazine's
house and yard—we see an elecforecast
of
August,
1960.^> One tronic future. This is the familiar
source
21
predicts
billion
by
1970.
sure
a
volume of
neald^and
by 1965 and 22V2 billion
A
that by 1970 our present total
space
alone.
a
of
more
sees
total
a
than
fourth forecasts
market by 1975.
the
mili-
electronic expenditures
Another
market
And
whenever
we
we
back
stand
all
1972
: But
Of
is
outline
this
course
it isn't.
details'that -fill
the
all
for
We all
in
and
we
Blyth & Co., Inc.
see
an
second-seems quite appraisal of Our industry,
volume will be exceeded by
tary
reassuring outline
Gardner,
&
Reinholdt
William R. Staats & Co.
cause
other
Far from feeling
industry's growth is
over,
one
wef
—
different from
are
with
-
different
each
interests,
different problems, different needs
—we are
G. H. Walker & Co.
Incorporated
Be.
billion,
Newhard, Cook & Co.
highlight
picture to suit ourselves.
$34 billion
$20
a
~
see?
pick out
all going to see this par-;
proc¬
to attain these advances.
"Continued
of possibility.
highway, rail, and air transporta-
cu|rent indus- tion; commercial and home
reliability
times; data
ex-
manu-
Industries
Association:
just a few short years, essing memory capacity will in¬
crease
one? mjliipn
times.
New
we
have
seen
an
astonishing
technological advance, and yet we methodology must> be ;dpy£loped
162,045 Shares
r
are
look—space
pioration; national defense;
recent
a
forecast pub¬
Aerospace
by
these
to
in
for "instance, of grocery shopping.
1
have matured
the
techno¬
our
>
we
over
market,
but that. In
Future
:
well
Already
so.
offering of these shares for sale, or an offer to buy, or a solicitation of an offer to buy,
any of such shares. The offering is made only by the Prospectus.!
but
It is true that
what
has been growing steadily and will
i^ growth and too distant when electronics will
an-Apparently endlesi. promise in be able to take oyer the entire job,
technology.
see
total
unlimited potential
.
a
like.
space,
entertainment-ori¬
consumer
a
changes
are
in
fore¬
cast, with molecular electronics
expected to increase equivalent
Already Today it is microminiaturization
the de¬ with a compounding of possibili¬ component part densities from the
common
This is
that
industry's market for the next
ten-year
conditions
obvious
Industrial Market's Rapid Growth
predictions
Advance
an
the
highly technical input.
to see clearly. put
Astonishing Technological
These
is
highly technical output requires
of half
business
ways
world
industry is plagued by
excess
an
mean
prophet of doom. This
which it will pay us
;
put
foreign
these
decade
me say
sound like
new
,
Much of
cost
driven
ing these difficult
an ir^creasing variety of electronic
tVat burs is a equipment to perform useful work
industry with an, alniost- around the house. The time is not
growth
implications,
reassming.^ There is
question
no.
increasing
so
competition.
seeing a growing acceptance of an
increasing variety of electronic
To begin with, the general out- entertainment
equipment. And we
lines Of. the bu^ness remain fa- expect to see an increasing use of
Unlimited
other
are
would
order
in industry
computers getting into
more and more kinds of industrial
and commercial activity.
the
ad¬
applications
sys-
pect the near future to see more
In
hardware
clerk in
a
anywhere
customer
a
proc-
handling
industry and to find
our
it in fresh per-
easy
on our
"*Y 'V
'
.
see
so
standing
as
price
on
compa¬
price.
results of
would and more automation
"might look like—really look like
-—if 'we couid
face
having to do
in general pressures. And we don't dare give
in to another round of inflation—
highly
industries, the
the continually offer
seen
language and feed the
information into a communicator,
From there on, self - correcting
electronic devices would handle
all factory and office functions
including restocking materials and
billing the customer. We all ex-
do
some
literally
less
the
willing to pay.
are
even
of
most
Industry
m^be
In such
sales
a
advice; I suspect
didn't need
looks like.
customers
standably
For the
travel is
have
such
of
essentially in
we are
on
Lippmann computer
think there is
not
There
are
processes,
and information
ess
translate
that he
on
tele¬
they interconnected computerized
head to get rid of tern.
this
space
we
those right now at - a
When that happens,
my
took
us
f
try it."
ever
of
wasn't really technologically possible to autoForeign
competition,
more. I was just mate j an
entire business as one being strengthened by
any
what
on
I
fixed notions.
my
all
that
it,"
Later
looking
long
like.
I stand
industry
factory and
been
looked
manned
in
hair."
human
a
both fascinating and obvious.
are
pressures
of
implications
vances
industry makes
of
in
operation.^ We hsfve seen the de- petitive advantage.
and velopment of the computer and its
The continued swing toward a
he. ex- increasing usefulness both in the
buyer's market continues to in¬
that's
plained.
seejng them
,our
world-wide
of
keenly,
The
these
our
some
We like
deveiopmentof eleCtr9nitrttfntrpls iOL design- and manufacture and
that do fantdstic'fhinisTn machirie thus
nqw opportunities for com¬
After awhile he got back on his
so
have
we
have
more and more customers who
ap¬
science-fiction.
0f
I've got to finish looking at.this
"I'd
about the economy
such
In
ap¬
space
can
industry.
capacity which, as a cost
only one feasibility that only a item, tends to
perpetuate itself
very few years ago all of us con¬ in a
price-dominated economy. /
sidered entirely within the realm
New materials and
shirt.
bananas
in
our
price-conscious.
industry
ity of the planet Venus.
a
to
already
form
new
future,
blue
"Don't
is
on
begin with, the mood of busi¬
explorer reporting from the vicin¬ pay off.
orange
lying
In
feel
us
reluctant to invest in
is not the end of
phone and television communica¬ research or in plant and equip¬
world, but in some
tion, and we have an electronic ment improvements that might not
on
which there
were
To
a
self-repairing Telstar introducing
front
table
a
plications,
his
great effect
explosively devel¬ nies that sell
an
technology.
the
our
a
trou¬
any
future
com¬ the nature of
are
doing business today that
many
after
our
the
These
more
ness
has
what
for
plications of
the
on
again
one
no
seeing
promises
painter stand-
ing
off
take
Similarly,
Washington
Square,
"for
slowdown (in 1961)."
a
in
found
to
increasingly
an
cross-section
by 11 inch
however, that though they might
paper.
W;AL-., the same position as much of the be less glamorous "are of equally
First, let's take a very brief look rest of American industry. We vital importance to all of us who
at just a few of the conditions of don't like living with the prices work in the
industry. The root of
companies it's just beginning—or
friend
by
technology.
"details" I'd like to explore in this
Walter
a
pages of normal size print on the
terized
One day a good many years ago
see
has reproduced six 8V2
maturing business in ah increas¬
omy, There is no need to dwell
ingly competitive environment. In on their
particular applications to
addition, it is a business charac¬ the electronics
industry. Though
He states that the most
insists that
nature of the industry
These are general conditions af¬
the growth continues. Ours is
fecting our entire business econ¬
a
u
important single deciding factor is going to be the extent and value
of a company's technological Input. He adds that this need is compounding the problems of busihess management accustomed to rapid
growth and a relatively easy financing situation.
in to
Industry
as
depicts declining share of military and space in an increasing elec¬
tronics total future, and the problems bound to trouble smaller firms
dropped
with
and
processes
electron beams replacing fingers,
it is possible "to build devices in
changing
complexity of electronic systems, shorter production runs and cor¬
responding larger number of changes, and technical knowledgability
of engineering, sales, service and. management people. Mr. Davis,
Lippmann
facturing
businessmen
are
hoping for a which 10 million interconnecting
price recovery, it seems likely that operating parts are packed into a
To me the fact of the industry's what
we
have
is
not
a
price single cubic foot. As another ex¬
growth is not as significant as the depression but a new price level. ample, the Bureau of Standards
the
Of
perspective of the electronic industry's future warns of the
price that technological progress entails — in terms of increasing
'
we are
operating in a period of depressed
prices. Moreover, though some
me.
Offers His Own Perspective
A candid
with limited facilities and: other capabilities.
they contributing factors is that
of the maj or details as
look to
February 20, 1963.
Van Alstync, Noel &
Co.
on
page
14
14
The Commercial and
(782)
A
Taking a Searching Look
Ill At Electronics* Future
.
ways
that
And the most
single deciding factor
present 10,000 per square foot to
is going to be the extent and the
one billion per square foot in the
value of a company's technological
next ten years."
is
13
just beginning.
all of
opment as opposed to procurement
industrial
now
resistors,
as
and electronic.tubes
of
capacitors,
edge—our
are
in danger
this
into
.
frontiers
the
of
will continue,. Here automation in
both factory and
office is the key¬
that paralleling the need
nological input in
ing
use
will
even
market, though it
across
replacements, and
in
.
entertainment
will
mean
has
dollar
in
even
among
tors.
The
through
this is that it
is
to
stay
nomena
seems
in
.
haven't.
their
that
all
our
it really is—at
Ours
systems, the trend to¬
whose
and
be
related phe¬
complicated life
have
marketing
and:
sales people
business.
tronics in
For
other companies, the real growth
of
other
so
many
my eyes.
up
growth from
the
more
on
school
Bank
it is
and
our
in the
of
1966.
The
nor
the solicitation of. an offer to buy
law,
meeting
City. Guest
John M. Tem-
pleton of Templeton, Dobbrow &
Chairman Jo¬
.
of
.
/1;
'
Ways
speak
will
who
Inc.,
on
Port¬
Manage
to
-
■_".*
-
-
.
'A.
'H
'".vLV
-V
.
Treves & Co. to Admit
is
Paul Shaskan to Firm
Federal
San
Home
Francisco,
Loan
the
of
one
Bank
Exchange,
Stock.
York
New
11
City, members of the
York
New
Broadway,
1501
Treves
>
;
„
.
District
credit
Banks,
for
provides
member
March
reserve
savings
admit
will
1st
Shaskan
and
loan associations in the States of
on
in
partnership
to
N.
Paul
the
firm.
non-crea¬
THE SECURITY I LIKE BEST...
cheaply and
>1^3 - per - share earnings of one
dollar.. Looking not very far into
the future, National Periodical appears to be an even1 greater bargain. For each coming year^ mil-
rap-
possible the shipment of
as
backs
a
year.
However, none of
the company's capital is tied up in
Besides
;
lions of boys will discover SuperBatman, Superboy and the
It's rented,
National
anticipated fiscal
than ten times
2
page
as
this electronic brain.
man,
Periodical's
Independentcompany's
other ; super-heroes.
- Circle ' ^0^
these loyal .readers will
(3,100,000 copies sold a month), eventually
outgrow Superman,
Mad
(over 1,500,000), Yachting, only
^o transfer their reading
Guns & Ammo, 50 other popular habits to Teen, Hot Rod and other
magazines and,
of
course,
the successful magazines distributed
phenomenally successful Playboy, by the Independent News Corncomics
Company,|nc;
News
100,000 Common Shares
(No Far Value)
magazines,
distributes
Distributed
in
Family
.addition
New American
Price $21.50 per Share
Literature,
Library of World
major factor in this
a
expanding field.
National
bargain
* • >
today
is
selling
real
Trend, and the annual Income Tax
about
Guide. How can you beat that
hind of lifelong, diversified mar-
a
at
■
» v
.
Periodical
eleven times fiscal 1962-per-share
be obtained only from such of the several Underwriters,
including the undersigned, as may lawfully offer the securities in this state.
may
earnings
and
In later years, when these
adults marry,, National Periodical
can still absorb some of their
magazine budget through distributton.; of Family Circle, M[otOT
Pany.
the
are
paperback books published by The
Copies of the Prospectus
educational
York
be
will
speaker
University
Customers'
an
Feb. 25 at 15 William
on
New
Street,
500 million magazines and paper-
of these securities.
offering is made only by the Prospectus.
Packard Instrument
of
Association
Brokers will hold
appointment
world; it is going to make Continued from
any
120
To Meet Feb. 25
four-year term ending Dec.
The
idly
offer to sell
an
Co.,
Pershing &
Customers' Brokers
Francisco,
Newman, dean
Board
used to direct
This advertisement is neither
Cohan,
of
is going, fo
offices; it is 'going to put each of
(potentially) in instant com¬
munication with everybody else
functions—are
,!
•,?
factories and
us
rapidly making the electronics in-
>»;
a
going to put- us on the moon - and
routine
a
31,
will
nonetheless
elsewhere; in. space; it
complicating
C.
Newman's
for
evolutionary than revolu¬
But
•
Edward J*
28th
in
California, Berkeley, Calif., as
Vance,
.public interest director on the
Loan
to,
;j
now
f \.
Ai
'
been announced by Federal Home
industry
maturing
a
tive work in all
and
San
seph P. McMurray.
eliminate
These
of
a
revolutionary industry. Techno¬
logical progress in electronics. is
increase in programs
an
is
tionary.
other
and
Association,
..
of Frank
Mr.
trends—and the invasion of elec¬
some com¬
an
All of the
least to
I
v
Exchange.
talking about
"Better
Federal Home Loan. Bank of. San
help to fill in the.
folios."
Francisco's board of directors has •a':-.'
electronics industry
customer,
of
ment
to me, is this:
of
*
life there."
WASHINGTON, D. C.—Appoint-
see¬
Summary
complexity
*,
-
Broadway, New York City, mem¬
bers
of
the
New
York
Stock
Calif., Jan. 25, 1963.
have
—
.J~t if
the New York
Exchange, will become a
The
And what the image adds
own
'
details that
picture of
as
agree
Named Director
and
Kyi-
member
Stock
long way
bananas
in which* the risk is shared by the
of
going to be in¬
creasingly difficult for
panies
changes,
<
effect
summary
are
own
ward shorter production runs
for
The
in. reality I
correspondingly larger numbers of
electronic tubes,
the future
of their
increasing
industry
that restricts itself to making and
selling resistors, capacitors, and
sentatives
circle,
a
l
)
J
Feb,
systems,
problem of
*I '.1
partner
Franklin
my
*
..
>,
Annual
bright blue shirt, but
orange on a
electronics in the
on
in all functions
i—
electronic
that for that part of the
three
the
knowledge of electronics.
some
impression I get is
singularly unexciting.
ing
and
♦An address by Mr. Davis at the Fourth
Conference of Electronic Repre¬
it
conditions I'vp been
important
pebple
level.
component*
to have come
seem
it
the
finding
components, and even
own
from, the painter's
prod¬
obviously find it more and
ucts
the major limiting fac¬
The net
I
sales,
people
management
depend
more
Increasing
reliability of all components, the
increasing use of semi-conductor
devices, and foreign competition
are
and
are
thus completing the
fol¬
It
electronic
increasingly broad and in¬
now
volume, will do well if it
dollar
disciplines.
successful
manufacture
continue at the present fairly
healthy
own
grounds.
Finally, the component market,
can
their
their
Industries, including ours, which
which
holding
cuts
of business
firms will have engineering,
technological complexity.
been
with Charles
attractive to make
and mpre
control,
range
in
already
business
On
range
the
Companies
more
of
as a means
creasingly technical business back¬
applications
increasing level of
an
that
with
safes, and the growth of other
than
lows
service,
component
wide
a
scientific
and
here the increas¬
relative decrease in
a
among
systems
interconnection and
of semiconductor devices,
mean
—
-v
w
Jr.,
in, we'd
afford to be
even
about
ness.
function
Electronics now,
smaller and smaller share of the
But
can
plication
marketing
1
-
Admit Partner
am.
Kettering
of ap-' who said, "My interest is in the
question of future because I am going to
or
face
be in it. We
re¬
a
I
apart
we are
to be
one
broadening into the systems busi¬ spend the rest of
others.
will increase, will continue to be
total.
market
better
a
the
Markets
a
stricted
an
knew
represent the
Pershing & Co. to
proud
are
edge on the part of all people in
Consumer and Component
Bank.
con-
helping to make it;
of' it. If Ave
we are
we*
Companies that Iighthearted
make end products within
for tech¬
business is
a
it;
and
know
industry:
our
urgent need for technical knowL
opment of highly complex systems.
consumer
into end products.
For they suggest strongly
dustry.
note, and the emphasis, once again,
is on research and on the devel¬
The
of
Let's explore, very
I
ap¬
Home
for the
we are,
that
reason
This is
electronics.
Companies
briefly, some that make components only now
growing fastest^ and all indications '.of the conditions that are vexing face
the
difficult
decision
of
are. that this rapid growth, rate
management in our electronics in¬ whether they should or can go
nearly 20% of the total, has been
price. I know
same
six
and
Federal
-
J. Alston Adams
is President of the San Francisco
technical knowl¬
technological
own
the
public interest;
tributiye value. I'm not going to
ask whether we are willing to pay
being left behind and will find
relatively, let alone
molecular
financing situation.
easy
by
Loan Bank Board to
broaden and
to
elected by the
13
persons,
institutions
M
rapid growth and a
a
k e t,
have
our own
the
pointed
those who design and
as
19
.
and
member
who propose to remain in
us
increase
and mora rate, is compounding the problems the price of admission is very high
Of a management accustomed to. into the semiconductor business-
m a r
of
electronics
price. And the price is that
a
weir
as
in the direction of complex inter¬
The
.
.
'•
products
nological .input,
connected systems.
Wyoming
eise, tech¬
in
progress
,
Utah,
Oregan,
the industry—those of us who sell,
1
Behind
The companies that stick to such
.
increased tech¬
,
will trend more
ment
,
Danger of Companies Falling
along with, the
that, develop¬ slowdown in the industry's growth
expenditures1 ' arid
-
>
■
everything
make—will
Marketing Problem
an
nological
Washington, and
Territory of
Guam. The board of directors of
the San Francisco Bank consists
it is going to revolu¬
foresee.
can
California,;;
Arizona,
Alaska,
Hawaii, Idaho, Montana, Nevada,
available
readily
lives in ways that none
our
But. like
to the nature of the
,
This need for
of
all parts of
input.
and more on research and devel¬
tionize
not
it.
Thursday, February .21, 1983
.
knowledge, all the
culture
to everyone;
our
has
;
All indications are that the em¬
in
entire industry, and it must affect
important
phasis is going to be placed more
all the world's
world's
apply only to the major«
Systems contractors. The change is
:
fundamental
Continued from page
basic
are
,
.
'
some
Moreover, these trends
economy.
do
in
from other complex systems
industries
,
^
A1*'
dustry indistinguishable
Financial Chronicle
less ket franchise?
■/' ;
-i
undoubtedly
.
Sales and Earnings
Fiscal Vear
Total
Ended 9/30
Revenues.
t
A. G. Becker & Co.
-
.
Incorporated
:
-
1962
Lehman Brothers
•
1958
—>
—_
'
\ f,-( '
_
*
t
' \ ' >
-
*" lV4
S
A
V
i
*"
'
\
•
A
~
%
'
"
,
:-v.f
February 20, 1963
.
i
-
17y8
$.85.
<
850
33,931
793
.61
667
♦Issue
price
Common
.52
28,134 ;
was
White,Weld & Co.-
($1
(
.19
244
S15.
(as
*
* '
'
,
*
;.
*
gf§|
1962);
of:-Sept., 30,
'r
-
Funded
-
-
,
,
,
'
authorized.
!
*
Balance Sheet Items (as of Sept. 30,
V*
sets:
$13,177,000;
Working
per
debt:
none;
par): 1,283,486 shares issued out of two million
•
Incorporated
<-
7V4
*1314
19
.66
Capitalization
Stone & Webster Securities Corporation
t
J"
Paine,Webber, Jackson & Curtis-
;5
$1,093
31,191
-
Price Range
High
Low
(000)
35,972.
1959
Incorpprated
Earnings
Per Share
Income
,
—$39,260
1961
1980
Kidder, Peabody & Co.
Net
'
(000)
,
.
Capital:
Share: $4.54.
Total
Current
-
,';T
/
1962): Total Current As-
Liabilities:
Ratio:
$4,338,000; Current
••••
f
$8,839,000;
1.5;
Book
;4a:';
Net
Value
:
Volume
197
Number 6240
.
.
The Commercial and
.
Financial Chronicle
Steel Production:
Electric
'
Th.- State of
*///
Output
Carloadings
Retail
Food
TRADE and INDUSTRY
week
New
r>
•
production,
but
norif arm
1,099,000
775,926
512,766
501,208
.
employment, and retail sales con-; year, earlier
tiriued to change little in January,
hp. 12%.
\
according to the Federal Reserve
;
<
in, Washington; D. C» u. hV >
i
V
rp^
1
r>«
lv^mnilltinn^^N^t^l
month
Row
.
were
Third
to
;
10-Month
a
High,
+
™
Iron
uMiwivau
+
in
bond
and
In
its
monthly
round-up
conditions,
hrbdiictinh
trial
the
of
cember
index
.
1957-59
sumer
in
Tannarv
of ,119%
wa«
December arid -January
•
li4
a
123
week.
118
—114
ni.114
120
A 105
104
;
be
higher
the industry
It
recorded
4
In
!
-
,
u,
-
>J
Reserves '
Reserves
-A
*'
*
~
-
attributed
Highest Eevel in Nearly
steel
i?^s
„
f
current
de-
advancing
steel fed
of
Se^s
The
since
the
1962,
i (Output
the
of 65.5%
es¬
last
to
an
ended
week
previous
was*
-
2%
week's
and
operating
rate
of estimated capacity.
The j ump in
106.0
steel output was
by
under-
an
hedee-biivine
Out-
p
and savings deposits atcommer-
tion
larger amount than the monthly
:»ofconsumer
maintained
staples
the
at
;v
level
record
reached last suminer. ■
cial
was
f;
^
/
billion,
$1.7
rose
increases in
:;
-
banks
,
nther
.January,
metals
little.; In
steel ingot
increased
pally
and
Output of primary
changed
February,
early
'Treasury
in
the Reserve
gold, and
Hlfl
Banks/
deposits
in
an
Federal
Reserve
holdings
■
ad-
temporarilyJ high
justed annual rate of $62% billiOLi.
were
Residential -building rose 2%. furother
private activity/and
types
of
ment
in
the
odds
merchant
are
bars
continues*
>
^
A ■■■
r
>
v:.
vAA^iAAA.AAAAI-i .,.;-:
-
A-A.,; A;;-v,
^Vaa
A.
'A
A:t A
-.j r
T^jot d "Hew Issue
400,000 Shares
r
■
-
.
I The
i-
>
.//
■ a
■
•
•
.
Importer of Cutty Sark,Scotch Whisky
K
,
v
-•'
/-:•/.
Buckingham Corporation \
Sole
f*
■
^
i
Y
-x
-'''*
-
;;
-
^^
,
,
.
;
*••
.*
-
'
<'
'
.
y.'
v
i r*"
\r
,
,
T'
-
.
I?
,
.
\
.
j-.
(**,
;«s
\
Class A Common Stock
.
($1 Pat Value)
-
on
,
Markets
U.
Government
S.
Price
state arid local.
and- on
,
,
$27
per
share
.
goyarnmeni bonds rose somewhat
between
mid-January
February while 4hose
rate
trans-
bonds
mid-
and
on
corpo¬
little.
changed
Rates
strike affecting Eastern and Gulf
ports
1962 hl2hs-
from
Dec.
Employinerit
showed
in
i
23
the
to
other
dock
Jan.
.
27.
activities
only small changes, with
manufacturing
slightly
may be obtained in any State only from ^such
of the several Purchasers, including tlte undersigned, as
may lawfully offer the securities in such State.
Copies of the Prospectus
"Common stock
further
prices increased
on
balance, and-
trade
trading remained active.-By mid-
em-
February average prices had re-
ployment and the average work-
covered two-thirds of the decrease
In
week
down
and
manufacturing, both
'•
from the peak .in December 1961
mid-1962.' {The^ rate, of xo the
low,,in late June 1962/'
^
'
unemployment in * January wvas />
,
. • /■/
^
/
5.8% of the civilian labor force,
Bank Clearings Increased 3.1%
levels
,
ii
'•i*
A
in
compared with 5.6% in December
and 5.8%
Above 1962 Week's Volume
>
/
,in November .and Janu¬
1962.1
)
/
tv
"1 f
v
FI
v°n
"
/
"Preliminary retail sales figures
.
•
Bank clearings this week will
/.show an increase compared with
a year ago.,: Preliminary figures
compiled by the Chronicle, based
for January were one-half percent,
upon telegraphic advices from the
below
the
advanced
Novemberchief-cities of
the. country, indi-
December
level.! Sales
;
declined
department stores and at most
other types of
retail outlets other
than the automotive group. Dealer
.deliveries of
new
autos, after de-
that
Cate
cities
reached
week
stantially
of
somewhat
in
rose
January. / ;D
new
autos
more
than
e a
sub-
1 e
r
increased
seasonally
possible
clearings
those
last
totals
ended
States
to
for
obtain
will "be"1 3.1%,
Blyth & Co., Inc.
i Eastman Dillon, Union Securities & Co.
Glore, Forgan & Co.
Harriman
/'
.
Goldman, Sachs & Co.
Hornblower & Weeks
Ripley <Sl Co.
Incorporated
Lazard Freres <Sc Co.
Kidder, Peabody & Co. ?
Incorporated
Carl M. Loeb, Rhoades & Co.
Stone & Webster Securities
Paine, Webber, Jackson & Curtis
Corporation
>
Dur
/at
preliminary
week in 1962.
Paribas Corporation
/
Dean Witter & Co.
•
$28,779,035,973.
$27,923,624,892
for
the-
Our compara-
White, Weld & Co.
Incorporated
of, the corresponding
year.
stand
againstsame
United
is
it
weekly
above
October,
the
of
clining from the near-record rate
in
the/ week
for
Saturday, Feb. 16, cleajrings for all
which
Lehman Brothers
.
,
stocks
";.A
somewhat below their
were
Xiong
.
Continued on page 42
on three-month Treasury bills at
?E°"n?.i-95%1. were ncar thelr
of
because
little.
report
in.uiryis a little mare active!^
,
Thev feel
auarter
however,- .they
,
.
establishments-
reduced in
was
'H
employ-
January remained at the level
prevailing -since mid-1962,
Em¬
portation
:-r
1
^*o*,uuu quarter, ine;y ieei xne^ oaas are
against a strike, so they 11 gamble
A";'wA';r:
December,;
in
February/
Security
in
ployment
early*
"Yields
-
a
fabricators
increased somewhat
securities
adjusted
nonfarm
,
/
Employment
/
<:■ "Seasonally
fl
reduced; in late Jariuary arid
public * con-
struction changed little.
tightening
are
structural
neither an offer to sell nor a solicitation of an offer to buy
these securities. The offer is made only by the Prospectus.
/::/-■ //:
■'J-V/:-7:
-//;- i A'.,.:: ':/':/;/
-.?•
-■J.,
AJ- A.
avAA
y>-Va(
'
most
Deliveries
:•
•"
of
^
while
more
«—1
•
announcement is
-
ther
a
outflow of-
.
seasonally
.Showing
:4r2t'^
at
$350 million reduction
a
This
0
-
somewhat,
ISTovember
are
*
interest in flat rolled products and
tons for. ihe first lime ^sinee April, indications are thai 'March ide*
liveries will be up substarrtially.
2 454 000
of
1
(131.7%).
supplied' prinrii-:
were
U. S. Government; securities.:' Rri-i
Construction Activity
*
quired reserves increased1 further,
"New^conkl^fetiQnfput in/-piUioe^;. and
excess,
reserves ' declined,
which was ./revised dQwn,ward,fpr /Member bank
borrowings at "the.
December, increased in January Federal Reserve,'which had beenthe
Consumers
4_A
- -•»«--*
.
through "currency inflow
were
absorbed' through' iri-t
creases
production
,.
truck
late'1962.
--
Reserves
nondurable materials
curtailed.
by
are
*teel
*
"Total'reserves, which usually5
r
production of crude oil and
some
output
k
year,s
n
a
"Output - of construction matoiv decline in January, changed-little;'
rials declined further in
-of
.
i
f ? we e particularly
large for-television &ets. Produci
snow
particularly
products,
51
A—
but it will —11 -,1- top 9 million
probably
uptrend.
inco
and
shipments
nt*1^ ^°°'t be a b°om to "val
°at?/orl< tte latest week end^d learned that because buyers lo do to dominate nemana.
last years they don't have havePuWkworkcontmues
16 shows a production dqof 16.3%/compared to last all their stockpiling in the first
Moderate buying ,of hot rolled
v
t
following. sub-
weather
10.6 and barge.
J
2
S? were^
Cold
,
of' January,
haH
rfl,.
highest level in
16-^-the output bf 13 472 000 ingots iteason:^^ Seasonal factors and some
i°ans changedlittle^d oastinssregistOreda' 19 2% ^inventory building are being
sharp rise- in Decernadded
a mark°t that>s rldln°
haH of December and the second
Tact
hi>h
a Sr°ss ton.
Weather Hampers Steel.Shipments
million ingot tons of last March,
•
steel strike.
this year —4 through Feb.
g0
/
*° :ttie
rPredieted.
u; .
Output won't 'match the
against
•
...
h possible
heavy rnemng grade held at $28:33
Year
a
almost a year, Steel magazine hampering
c
^
followmg a
previous-six months.
spring-
at
the
the largest tonnage
was
equivalent
106
nroduction in March will
Corrinared to the
"an
+o
£or
mancj
^5?' ;recent months.v Security ..
1
T
advance of 0 6%
we^ ^d4g' J^^
.
.
ln January by $1.2 rbilHon, -an
amount not quite as large as in
both
production \?
,
rpfurnin^+n
ther-
ary
exr
poured
;
above
March Steel Output to Giimb to
Feb. 2-ending week. The latter,
"Total commercial bank icredit,
seasonally adjusted, r/rose further
put of borne goods recovered fur-
up.
is
than
April 21,
94
112
through v the
2,015,000 ingot tons that Steel
timated
160
163
quick settlement
question, production
$ Steel output this week
pected / to
Total industry 110.3
^6 i"XT3£2$L*2&
of the
.
Barring
the labor
95
.115
southern
reflecting mainly rise of 5.4% increase in the week
ending Feb. 9 compared to the
,
1
.
limited hy, strikes arid severe
weather;
to
101
Western"
Bank Credit Money Supply, and Mn turn, put in a modest weekly
v/
but pro-
somewhat.
w
.
the
of
.
equipment and mate-
rials declined
,
be
may
second quarter.
.93
st.Louis.™^<J.lQ9
against 1,975,000
:'V.
Steelmakers
will continue arising
95
100
97
>
Cincinnati
uinemnati
,
1"? Feb. 9. -The -week to week
«
Output of cori-
average.
goods increased,
duction of
'/:;.,
99,
Chicago
In-
***
of
Feb. 9
Cleveland
sharp decreases in cattle.
unchanged /from .the revised De-
was
cycle.
Ending
101
,
Ypungstown
tons (106.0 %) * in the week end-
clined about 5%,
Federal
ma^proaucxion in January was
and
V«k
mid-February,
Reserve Board noted that "indus-
,
inventories
their
yields .increased, somewhat.
business
was
Week
Pittsburgh
a
rise
a
Result:
as
Ingot
Feb.16
Nortn East Coast
2,054,000 tons
was
building,
on
spared last year's boom-and-bust
Buffalo
wholesale. commodity stitute, production for the -week
riid?Februaiy; Apart from
weeks
*>Iridex of
District
is
but
the
,
Production lor
2.3
Steel
and
two
'
5.2
1.7
—
-According to -data compiled by
the American
..
last
4.2
—
in steel scrap, prices.,of sensitive
mid-January
the
Detroit
-
compares
*
•,
...
-Below Vear-Ago Week
pric* index ^continued. tp change 'ended -Feb. 16
little between mid-January .and' (*110.3%), ■*
sS™ .of eBusiness CondS?'
Summary
Conditions
Gain
Weekly
Institute
follOWS*
\
Commodity Prices
^
"The
T,
^
.
sales
"
6.2 V
+
Steel Rise Oyer Prior Week
Marks
■"
.
-
.
while
;
City
y.v J-,.*/?^ '
only 2% higher othan la
/were
1,325,146
1,042,000
789,057
4%
Industrial
1,269,712
Kansas
Commodity Price Index
«Vv.v
$14,558,355
•
%
-•*
$15,457,677
Boston__—
J
r
The
tricts for
1962
1963
k;
York—
Philadelphia
Failures
-
15
Indritf tff Ingot Production bjrDis- Vgrridiaaljy;*V*.1
(ooos omitted)
Chicago-u---
Production
Business
Ending
the
of
some
centers follows;
money
Feb. lb—
lv
Index
for
summary
.principal
4
Trade
Price
Auto
tive
-•
(783)
February 21, 1963.
/■•.
.,".:;/:.0
,
?.'V >:r
'v
The Commercial and Financial Chronicle
f784)
with
developed
U. S. Business Must Try for:
Japan,
Latin
matory implications of such
Free World Common Market
the
Advantages,
trade
lantic
a pos¬
than cancel
more
Community.
remains—how
of
Act and the
bargaining links it provides to the European Common
There is
It
singled out as the only group that can bring
Free
business community is
:;/
The
surely
;
milestone
;
For
jo in
A
f
in
be
opportunity
■
-
.
;■
to
most
-
>
sive.
to
world
between
To
It
American
the
promise
of
and
ex-
new
we
of
foreign trade bill.
would en-
while
J. Paul Austin
duty
our
privileged
their
a
as
the
of the
same
from
on
Clearly,
there.
4^ '
-
,
On
would
II,
Uons
'
coining
data
of
printing
a
is
of its
of
forms
*
checks
and
G
checks
processing.
Vfm a "atlonal
doubtedly the new
a
will
and
mpnf
ment
large
a
^
bf
Fafnir
tel
of
hone
ip_
brillgs the total value
for field telephone
xhis
also received
additional award
an
equip-
of $240 000 for missile test
which the company helped
ment
..
j
the Navy
,
pioneer ioi
recideritc
residents.
to
Company,
Army
arao„nt
equipment to $1,461,000. Gray has
Un"
wil
*
Bearing
.
S.
u.
contracts
the
a
additional
the
/
employ-
more
*
jn
c
The pro-
facility
fVvrmpptinn't
Connecticut
fnr
tor
l
Hart-
Co.,
an
the
frora
si
employee; staff
provide
received
a
•
elec-
in
*
Manufacturing
y
sys-
type in Connecticut, and it
require
a
$3 million,
of
excess
a
which will cost an
$1 million is he first
estimated
build
To d d- to house its executive, sales, re-
Division
manufacturer
accounting
wiu
,t
bakery and headquarters building
an
Todd
*
of
^
The
j
option .on.^search., and ^development
staff,
Tolland, Conn. This plant is expected to cost in
in
site
'
,
an-
Conn.
•
where
property
wide range
goods and services.
Greenwich,
,,
posed plant
as mar¬
to
store
has
^
totaJ
bringing
thig
contract
me wavy,
Qf
yalue
$693,000.
New
#
a ,The Stanley
$
Chemical Division of
:
compete in Europe with
other products
light
chinery, office equipment
are
Common
Market's
tariffs
would range from
community propose to deal with
them? Have we a coherent plan
us
prints that others draw for us?
fully developed within its present West Germany. This
tariff.
a
ma¬
Paul
man,
van
the
pointed
out,
against
Market
were
—
duties.
German
new
10 to 22%.
Zeeland,;
~
"If
to
the
Board,
it
coat
Clad :2000, base
:> to
Clad
offer
3000^ top
-
fort
coat
plastics.. ^Called.
phenolic
Chairman Of
Cooper,
the
fin
stop,
a
accprding
and
=
Stanley M.
Common
to
come
abroad,
mgs,
has
top
and
basecoat
borders, it would be short of ful¬ venture .will be for the sale and
fillment. As the Belgian states- manufacture of Fafmriballibear-
with sizeable
potential—appliances,
business
the
does
automobiles
automobiles not subject to
f
opportunities
the
How
imported
have to
markets which we need if
path of growth,
StanStan-
and
coat, the coatings
a
the, latest
is
step
outstanding
appearances,
arid
excellent adhesion properties}
broad; plan tri give Fafnir fasf cure-cycles to the vacuum
strategic manufacturing and .sales -meialliring- industry^ A' high re¬
contrast, member countries can
ij would, after a certain time, be¬ locations in
these products " to
for world marketing? Or will we export
each gin to' grow anemic.;• A Euro¬
the,rapidly develop- :sistance to marririg and staihirig
without any
be content to go along with blue- ► other
payment; of pean economy limited to the fron¬ ing world market for anti-friction also suggests-''many,, commercial
i
like
should
Suggest
some
contribute
"X zation of world commerce.
tiers
tariffs
own
30
our
of
would
integrated
an
be
deprived
of
we
Community
fluences behind the revolution in
should
the
force to the idea of
today's international markets.
full benefits of the trade bill end
be
able
both
to
reap
•
TheJ logic of a European
Market—or
Common
—
of
applies with
Market.
ball, bearings, .and Industriewerk
a
"
:
needle
of
roller
equal
Indeed,
.bearings.
coverage and competitive;
of
r both
beyond
cess,
the
by
rate
for
the
impulse
to
freer
perience that large, unified
kets
are
other
the
more
prosperous
to
Market
would
-
the
mar¬
Common
other,
On
Market.
On
have strongly-estab¬
we
lished economic ties with
Canada,
than
Japan, Australia, and Latin Amer¬
achieved
greater ica, as well as with the free
world's underdeveloped nations to
principalities, and
fragmented markets. Nations, gen¬
erally,
have
wealth
than
empires
to have done better
seem
than nations.
;
-
whom
The
•
present
United
Must Look Abroad for Further
Prosperity
And
an
despite
interstate
market, we
-must now look abroad for further
prosperity.
ment,
we
With
find
some embarrass¬
our
growth rate is
lagging behind that of others.
their
economies
boom,
As
is
ours
sputtering.
Meanwhile,
creative
statesmen
have proposed the idea of
lantic
Community,
prising
that
we
an
It is not
should
At¬
sur¬
respond
with interest to the opportunities
it presents. Economists have
good
reason
to believe that the
together
of
masses—the
two
off
an
position
be
may
The
years.
Market
mon
time,
compared
re¬
Com¬
presented
England's
the
now
undeniable.
are
What
likely is that the
United Kingdom,
while joining
the European Common
Market,
will
as
appears
seek
to
accomodate,
possible,
the
needs
as
in
similar
United
.
States
The
as
it
or
view,
Free
Market
simple
So
obstacle
idea,
World
faces
the
faces
the
considers
on
larger entity
Common
for
the
not
an
a
blueprint for
—
the Free
Market.
We
priorities
timetable,
no
by which
our
already
World
together
no
no
set
certain
grams can be moved
Electric
/
f,
•
'
•-
Power:
Light
Co.,
Co.,
plant
in
;
:
the
taking part
million
m
the
power
the
the $70- to $80-
is
Connecticut
to
1967.
use
a.
pressurized
GrUIltal & Co.
Yankee
with
ciated
Gruntal
as
Mr.
times
larger,
than
about
the
in the Massachusetts
Yankee Atomic
&
50
Co.,
bers of the New York Stock Ex-
tative.
used
•
water
change,
but
.
Broadway, New York City, mem-
turbo-generator. This reactor
to,
v
plant
the
similar
.
Samet has become asso-
S. Sam
reactor to generate steam to drive
is
,
•
s
be
Completion of
Connecticut
The
'
.
g g Samet With
plant is tentatively scheduled
for
Moi^Uonald B.^Pearl-
.
which
Atomic Power Co.
Center,- members of the Ne.w
stem,
B. Say and^Thomas
* Smith. Mr, Moir is in the firm s
^mcipal department,
Neck; Conn.
England utilities
project
called
a'
of
atomic
at. Haddam
Nine other New
are
building
•
kilowatt
-
Arthurs, Lestrange & Co., 2„Gateway
Kennedi
and
United Illuminating Co., will par-
ticipate
500,000
—
•
c,
York and. Pittsburgh Stock E?^changes, will admit toj)artnership
utilities, Con-
and
OUT*
r
^
a
registered
Samet
represerirecently
has
been associated with Lieberbaum
three
reactor
in
Co.
&
the
syndicate
depart-
ment. Prior thereto he headed his
atomic
Electric
own
investment firm.
<
of
pro¬
along, either
P
i
Chas. W. Scranton & Co.
-
Inconsistencies
Denote
Lack
of
was
day
with
significant that
other
an
the
liberal trade bill
a
on
was
furthering
passed,
action
of
relations
our
countries,
program
was
not
be
an
cut
felt
assis¬
The
however,
significantly for
on
.
Estabrook & Co..
.
-
:
page
38
•
.
.
.
.
.
.
.
.
New York
.1
.
.
.
.
New York
.
.
Hem. York Hanseatic Corp.: .4
.
May & Gannon, Inc. /
.
sharply
the House.
Continued
.Vv'-;!Direct wires to:
A. M. Kidder & Co.
Planning
It
:
MEMBERS NEW YORK STOCK EXCHANGE
in sequence.
or
will
turned
Light
Hartford
plan for managing the transition facility,
a world-wide trading
economy.
charge that
had
an
have
effects of the trade bill,
relations
public
Connecticut
necticut
will
no ;
with Europe would be to face the
we
my
Three
*
±L
..
m
to
by
trade
nor
Atlantic Community, let alone the
One of the
on
to
have
we
have
we
agreement
partnership
backs
*
Common
delay
that
reason
far,
of
explosive prosperity.
single
trading interests. In
a
Community.
Western
•,
about? What
come
biggest
more
dangers
of
trading
is it the possible resistance of one
coming
close
even
inevitable. .•.'
not inherent in the basic
highly-charged
a
might
its development, it seems to me, is
same
conflict
we
1
m.
j.
the PITTSBURGH, Pa.—On March 1st
European Common Market.,,
to
will delay it?
far
of
Commonwealth.
A
nations
of
world-wide
a
appears
economic 'We have
and traditional ties with the Com¬
monwealth
trade,
When will it
the
United Kingdom with urgent in¬
ducements for membership. At the
Same
needs
yet prepared for it.
of
European
has
that
tance
markets
s
;
area
Atlantic
-Europe and North America—may
set
States
loosely to that of England in
cent
our own success as
common
give assistance.
we
extend their
are all the in¬
partnership with the
a
European
ex¬
have
relationships.
hand, there
measure" the
say
Europe—we
trading
one
centives of
ex¬
change has been the historic
Common
only
eyes
States.
United
Another
rose
the
We cannot, of course, turn our
its
twice
155%—about
the
year,
product
national
gross
last
discriminatory barriers
otherwise impose.
Market.
Common
and
1950
that
expectation, of
any
European
Between
avoid the
suc¬
4^
^
A f]TTjlt
position i
firms
parent
">
--
.
HHrj
~
One such influence is the
v
t
v
ArtilUrS, LeStrailge
The combination will increase the
we
as
a
*
leading European manufac-
a
turer
Com¬
Free World
a
is
Atlantic
an
4
.
materials,
raw
maining fraction of protection,
1 trade bill reflects many of the in¬
Europe bearings."-Fafnir is the largest"applications,whole - independent domestic producer of
series
fraction
of the
passage
a
whole series "of her markets,"
a
her
of
,
ago,
duties
mon
that
know
Six,
to
years
our
some
have reduced
we
•;
began- cutting
we
of what they were.
By
shrewdly bargaining with this re¬
We
the
to
■
Since
American business to
to the future organi-
for
ways
to
limited
remain
and
In
-
•
taken
The
tromc
help less
I
Inc.
moye
*
field of magnetic
to
Rakers'-
ArnoW
.
*
«
comes years before the joint project with Industriewerk The
Stanley Works, :New Britain,
(INA) „■ for the for- Connecticut has announced the
reality. Even the European Com¬ Schaeffler
of
Fafnir
Waelzlager development of a new series of
mon Market is still in an early mation
or
intermediate stage. And even G. m. b. H. in Homburg, Saar,
quality coatings including both
be 29%; and American cars would
major na¬
formed regional
have
who
:,%w£: are to regain : our historical
>
*
Corporation's
acre
and
rise ..above
a
,4he
War
'
*
.
tariff barriers as other
groups;
offers
also
power
Market"
8^2%, the Common Market tariff
freedom
countries
course,
nuclear
'
terns, and it is a pioneer in the
It
able
poverty, and prosper
Of
Street
phrase like "Free World Common Britain, Conn, has announced
automobiles is
l joy the
tions
be
13
leading
network of
would
kets and traders in
of
(oil,
fuels
coal) in New England, and
employ 700 people with an
plant.
of
America.
a
of commerce that would
For example,
on
entities
North
powers
World
of
for the construction
all.; They would develop patterns
the
of
the prospect before passage
in which
a
favorable
promote maximum prosperity for
year,
a
end
Division has
the phase of
over
Church
expected that the
is
Burroughs
as¬
seeking
vast unit. In this unit, the
larger
if
that
formation
the
the
of
annual payroll of $2,500,000.
Community, with its
and
one
as
new
Common Market, alone." This was
4 panding mar¬
kets
million
$800
and
would contemplate
States would lose exports
result
out
from
about it,
done
nations
industrialized
Europe
cost of fossil
the
that
.
associations which would operate
estimated
were
Atlantic
two
happen if we were
ourselves
been
nothing
worth
holds
a
trading patterns?
has
United
it
; economy,
;
restrict
the
it
will
for the
economic
an
free
leap
gas or
cost power in the future.
part
a
and
a
for all those participating.
would
an
*
•
What would
to
It
impres¬
more
of
»
most X active
trade
With greater exchange this
total would be still
prospering,
the
automobiles
million
14
year.
V
on
; nations.
the
closer
without
even
partnership these two markets by
1970 will sustain demand for al¬
peaceful relai tions
that
of
with
in
' Macy-S is the biggest single new
employer to come to New Haven
Market—a
economy
This would be
to
store
Connecticut. The $5
*
it is esti¬
simple index,
a
mated
a
lifetime.
our
imaginative
assault;'
% barriers
;
in
an
an
to
prove
event
offers
it
As
of the foreign trade
passage
will
At¬
an
idea
Common
World
sociation
bill
of
the
whole free world.
prosperity, the realization of a one-world trading economy, and the *
attainment of the priceless goal of peace.
•
is
unified trading
for the advancement of our
about such a plan said to be necessary
■
plans
Project in downtown New Haven.
to world-wide
Community
dimensions.,\It
it
branch
that
major
believe .that
utilities
The
atomic power in competitive now
the promise of producing lower-
since
lantic
the requisite conditions which
Plant.
stores,
million/three-story building will
,
idea
the
tremendous planning entailed. Moreover, the ^
be met and the
must
extends
nation's
be
solution.
a
the
department
announced
a
of
one
retail
New Haven,
orbit.
A Free World Common Market
in favor of such a step, Mr. Austin
and adjustments which would
have to be made. He does not minimize
-
time
achievement of a "Free World Common Mar¬
describes the advantages, difficulties
,;
a
Macy,
build
larger in¬
ternational
Market to the ultimate
has
em¬
enjoy the benefits of
beyond the scope of our recently passed Trade Expansion
H.
largest
problem
this
same
We must go
ket," In presenting a strong case
R.
At¬
an
The
avoid
to
out
barrassment and at the
Coca-Cola Co., Atlanta, Ga.
By J. Paul Austin,* President, The
Connecticut Brevities gg
America, and others. The inflam¬
ture would
Thursday, February 21, 1963
...
connecticut
securities
1
-)
.
?
.
-
New York;V.
1
.
v
Boston
Church Street ; • New.Haven 7, Conn. . .. .
New York: .REctor 2-9377 #V Hartford: JAckson 7-2669
Teletype: 203 772-0938
••
-
Volume 197
Number 6240
.
The Commercial arid Financial Chronicle
.
.
The Market ul
Smelting,
And You
.
)%3( ',.
■;
the first two
surge
■ .V
low
of
firm's /
The stock" market is fast
getting to
the old cliche stage of "the,
congestion
accumulating
''various1 limbs of the market
'
market
volume/
stock has/spurted
and Studebaker placed among the
four most active stocks last week.
in
body
also cited
as
run-up.v'
•
*
mayAobn
*
proxy
*
fight
ex¬
<
,
A
the
halt the advance'1 fOr/a ' Ford
was
tenth and General
much needed' period of rest.j:§J'•• ; Motor s ' twelth among : the •; most
*Yet the market/ by many, stand- heavily traded securities/. ' ,
,
'
hot.
a
•
the.
on
pected this spring over election of,,
directors.
But
Signs Puerto Rico Bonds
from a. 1962-63
past 87
tradersapparently flock to
news without hesitation these
days. Chrysler, American Motors,
higher
of most indices continues to be up,
but
in
part
direction good
Overall/ the
the fewer."
gerated
17
In
days this week.
22%; refining and mining
strength of
*
8V2 points last week
up
75%, added 5%, and 6V4 points
to
its
BY.WALLACE STREETE
(785)
possible
squeeze on
supply of
closely-held
fairly
a
is
stock
factor in its rapid
1' '
;
' / *
-
.
Rails and Utilities Draw Support
Rails; and utilities
continue
to
.
for /a
The auto news is unquegtion- draw strong support from the pro-'
f
sessional segment of the market//
refresher * weeks' ago/ ^ Business V ahly
encouraging* The , Census,
While earnings hre ■/hot uniformly ;news is still mixed. Economic im-: Bureau survey has confirmed that
certainties are-still very evident.' consumers expect to buy as many good for; the ^carriers 'despite the"
help of guidelines,"there is enough
The tax cut question .'remains -a
"
ardl;-should
have
paused
'
.
,
^
large edigma.
•
A?
;/
But the "record shows
;
Wiclose.to .the point where
a reaction is nearly, overdue.
.
boost
;close.-* ..This
alrfcady
is
an(j
.
'
make its appearance.
have
fared
this ^wek ..also failed to stimulate
/
any
steel
of -10
the
from
,
has
,
the
down
sessions
moderately
:
is still
in
and
most
of
A five million
vances.
•
expand
the
part
to
20%
month-ago
of
added
the
in the event of
share day
has
level
Investment
.
way
-
strike this Spring
a
time.
Odd-lot
The real burst of strike hedge
remain well
below
purchases
use^ had let their invensales tories get; too ^ow.
Meanwhile,
odd-lot
Meanwhile
incentives
the
some
speculation is growing whether
the steel workers union will move
for
to reopen negotiations
abrupt Change in the* market as
whole
Many observers are swinging to
.the'opinion that the current advarice will deteriorate.into a lack-
the
'sideways miovement for
also, diminished to
million
5.6
week was" the
-Evidence
'
a
session
last
largest thus far this
be
in the
Although volume climbed past
22.6 million shares for the week,
nearly 2.5 million shares from
remained well
the
under
/:
more
hectic periods
Spring.
dustrial
the
do
not
necessarily
cide' with
at any
to
of
distance
the
year-ago figure, but the resistance
areas of the 700 level now appear
more
formidable/
point.
Increasing Selections
u
Like, most markets, this
become
exert
Autos
has
in / the
-selective
more
levels.
•upper
•
continue
avdominant
-
to
influence.
f
from
This
index
reflects
one
point
for "every
of
three in
Chrysler.
•"
With; Chrysler
than
the
50
.•
.
now
f;
r
a
*/
upmore
points from its 1962 low,
nation's
number'three'auto
were
also
aide
delivered
Walter
W.
from
money;; saved
But
warned;
c
in
its
Mr.
economic
current
also
playing
four/'auto stocks-are
a
possibly
.
/
exag-
by Arthur G, Altschul,
Chairman of the Board.
c ;
-/;v
■
,
American
a
Investors
located
':://Z/Z^:v'/.,Z
:
24th
•
to
month/ only
-
of
go
the
if
tioned
14
listed
on
'
at
and Underwriters
the
:
in
re¬
Possibly
was
the
the
surge
chance
of
an
a
.
•;
Heller
investment
P.
CHAMBERLAIN
Vice President
G.
TYLER
C. ANDERSON
.•
McLEOD
Vice President
Assistant Vice President
own spree.
7703008
WILLIAMSON THOMAS
Assistant Vice President
Assistant
or
ALBERT
BALDWIN
JOHN HINKLE
stock
waiting for Washington,
770-3005
'770-3007
;
.
0;
Assistant Vice President
GERARD
770-3001
McDONALD
Assistant
770-3521
M. THOMPSON
770-3002
Secretary
be
:
one*
talks, to stage its
MELVILLE
"'
-/men¬
if most major fiscal policies
Meanwhile,
Telephone Numbers)
the
speech), although he did not rule
out
WALL STREET DIVISION OFFICERS
(and their Direct
isn't
labor
U. S.
EDWARD
.
Manager
770-3003
Assistant
J.
McLOUGHLIN
Manager,
Dept.
Brokers Loan
is
the New York Stock Ex¬
change.
Specializing in All Phases of Banking Facilities
has four
postwar
word
times
•
matches
then?
(this
-
it
eight
coveries;' What
recession
Heller,
:
closed-end investment company
/v.//./';;//'//Z/..
for Brokers, Dealers
General
Company
,
recovery,. now
followed.
other
;•
•*•/"/
about 12% of the
The
..
20 Pine Street, New York
future
for 17
or
Director
now
cuts in rways
deficits.
presented
Company, Inc., it has been
CHEMICAL BANK NEW YORK TRUST COMPANY
by
of the Administration should
in the market average/
vestcrs
NewYork
Hel-
responsible alone
points,
was
representative of
director of General American In-;
announced
ex¬
maker has been
recovery
a
Comical
ler. If investors get the message
intended, they will be spending
pattern
Dow.
analysts
Washington
months
•the
to
The Wall Street,Division of
"
.
Presidential
Chrysler in particular is playing a
.change
14)
posed this week to official views
Pied Piper role in the advance
of
(Feb.
wages
on
to avoid infla¬
tionary effects of Kennedy budget
one
Bank
From the Economic Summit
tax
.....
Manhattan
of the "Chronicle" Augustus B. Kinzel, Vice-Presi¬
They are presented as those of the dent—Research of. Union Carbide
author only.}
Corporation has been elected a
.
their
r
Chase
those
...
Market
crept
has
average
shouting
the
Kinzel Elected
5%
time coin•
rise
>
Dow-Jones in¬
(left) Miss Catalina Pal-
Secretary of San Juan. A check for the bonds
San Juan.
.
Analysts * that a steel
is unlikely soon.
He
added ". .
no matter how justified
from a cost-price stand-
of
'
Meanwhile,
■within
f
at
[The views expressed in this article
Security
the prior week, it
•last
erm,
half-year ended Dec. 31.
in the speech of YoungsPresident to New York
seen
town's
price
year.
headed by the Chase Manhattan Bank, Morgan Guar¬
cents to 40 cents.
of
large extent,
share
group
de Ponce. Seen witnessing the signing is
re¬
year
Procter & Gamble climbed
an ;
-
a
quarterly payout was raised
from 27%
labor strife may have come from,
Labor Secretary; Wirtz's statement
caution
is* becoming
more
ap- this week:,that he had consider.-/
rparCnt in predictions of chartists able confidence the; situation could
:that 1963 will be an "inside" year, be worked out without a major
•NO: tops; no:bottoms, and a/rather disruption.
marrow rarlge forTmOstdndiCes.•** */'
And an equally significant hint
Hopes of big trading days have (in management's attitude) may
lustre
/indefinite:; period.
in connection with
after April 30 as provided in the
current contract.
A tip-off to the official White
House attitude to any major steel
lessening.
are
pen
anty Trust Company, and Ira Haupt & Co., and including Banco
Its stock,, now mid¬
between its high for the
multiple
a
ob-, dend hike earlier this month when
demand
that steel consumption is rising.
although the margin is narrowing,
up
to
Stock
favorite, expects better
Gautier^ Mayoress of San Juan, Puerto Rico,-
signs bonds (Feb. 13, 1963) with
the recent sale of $9,100,000 San-JUan public/improvement bonds
& Gamble, another in¬
sults in 1963.
early Summer, it is also evident
or
rare.
some
A
Dona Felisa Rincon de
•■
far as investors are concerned.
as
vestor
orders
probably will continue to be, a buying is not expected until
-professional trader's market for March, solidifying the belief that
a
of the good news seems to be out
Procter
brisk
A
in
is
viously stems from hedge buying
ad-
There is little doubt this is, and
.
1
pleasing to' the* bulls 'pushed output to the highest point of 92
V4 and 56%, failed to re¬
been • /the ^volume pattern. - in- nearly 10 months. Although
spond much in reaction to a divi¬
Turnover r cpntinuesYto -decline in
,
little
a strong contribution to the
comeback team of blue chips, most'
Favored
picture
other factor
,
pulled
earnings for 1962. Although it has
•
overall
advance
widesperad profit-taking; An-
:
Armco,
mtfa-day high of ,694 earlier "brightening perceptibly.
,
dividend^
made
better,'
even
Republic.
The
-
autos .have surprises this week with an-'
to steel
hpuncement of slightly h i g h e r
especially ' Youngsto wn,
.
its'
healthy •'boost
a
several• inakers
points, above that where. a " large
/. supply/ of stock was supposed to
An
fest-steppfeg '
The
have staged substantial advances
from their lows of 37% and 2714
respectively.
Several
specialty
the_ all-important.' D-J
barometer^.to^.686 at the
Pasljed
rnarket
Telephone, \ the big disappointment: lastvweekr:when it failed to
stocks. u. S. Steel and Bethlehem
.
' •W/ S ! "C r -a.se,
;
*
to
steels Boosted
givbn
highs..
recovery
utility average remains close'{
its post-1929 high set last week.
^ % more than a year ago.
coTCty-p^terri^s,now.more tiian ,:
;
new
The
pec^e(^ f° hit two million units, or
Dow In-
! du^rials^slnoe. October.^Tte;.rfe,.
optimism to push the Dow-Jones
rail index to
.
-First quarter production is ex-
:
;almost
an
advance. in the
constant
;
margins.
:■ •/•
Aspects
"Technical"
-
'
v
"
f
car? as last year, and several auto
makers expect to boost their profit
/
770-3014
18
The Commercial and Financial Chronicle
(786)
Arizona,
X EWS ABOUT
BANKS AND BANKERS
Branches
New
•
New
•
Officers,
etc..
Revised
•
Meara,
Kenneth
and
of.
dents
the
J.
and
Manhattan
Pa.,
Chase
Peoples
of the coihmercial letter, of credit
international
the
in
He;; was
an
Assistant
and
in
Treasurer
1946
Assistant
Vice-President
-in
vr>:-
.I960.:
James
of
J.
Bank
in
-the.
the bank's branch at 33 E. 23rd St.
Manhattan, has been with that
branch since
;1925.
He
joining the bank in
Assistant
named
was
Manager, in i948 and Manager in
1954.
to
in 1955, he. was
promoted to Assistant Vice-Presi¬
dent in
1957.
bond
trading .division
vestments
in
financial
and
department. He
Assistant
municipal
the in-.;
planning
appointed
was
Treasurer
in
an
and
1952
*
f]i
The Bank of New. York announced
appointment
Garvin
as
E.
Vice-President in the
a
Investment
-George
of
•'
Counsel
Department
and
Charles
Assistant
V.-P.
J.
in
Englert
the
to
National
to
Bank : in
Denver,
ment,
Counsel Depart¬
The
Central
cago,
P.
Morse, Vice-Presi-
Ident and Treasurer
of
The
Dime
|Savings Bank of Brooklyn, N. Y.,
i Feb. 15 observed the 30th anniver¬
sary
of
his
employment
/ibank.
the
by
*
'
National
Bank,
Chi-
named Assistant Treasurer
was
;
Sept.
23,
1952,
i President
Assistant
July
j Vice-President
Three
division,:
was
16,
succeeding
eral
Attorney
elected
1957.
16,
Vice-Presi¬
dent and Treasurer.
*
-;N.
Y.,
Assistant
as
Advertising
and Public Relations
Manager.
Board
Federal
of
Governors
Reserve
j
announced
its
acquisition
■
of
Greenwood
System
of
Branch
of
Rochester, N. Y„ and
of
its
the
of
the
Security
Trust Company ofRoch
tion
of
assets
ester,
the
assump¬
deposits liabilities
by
First State Bank, Canisteo, N. Y.
*
The
Mellon
Trust
Co.,
John A.
*
*
-
^
i
'<
National
Pittsburgh,
Trust
Mayer, President, he
was
Chief Executive Officer, succeed¬
ing
Frank
R.
Denton,
who
Co.,
Chicago,
A.
dent
a
Trust Co., Blue Island, 111.
Harold
Vice-President
were
S.
;
Overholt,
made
Vice-Presidents.
Senior
'
,
»
*
The
Board
:
of
*
■
*
Governors
>
election
to
ties to
deal
a
for,'the
Feb.
12.
organize ',
to
*
;
Chairman,
duties
from
with
regular
official
the
Elxecutive
from Mexico, under a>new
setup iji
new
$600,000 and
The
Dallas
City
Dallas,
-i Oregon, has changed its
Polk County State Bank.
:
/
'*
vUf
y"..'.- ' i
title
-
.title,
to
Des
Moines
Moines,
National
ȣ
A-Vaaa;'.
f
title
to
Ark.,
has
Peoples
changed
Bank
and.,Trust
tric
Company.
■/.
Walter
elected
of
John
;v"
*
R.. Klostermeier
Vice-President
personnel
of
R.
*
offering
Manufacturing
None
Na¬
of
of
sale: of
:
As¬
an
sistant Vice-President of First Na¬
vi:-/
being
the
the
share.
per
being
proceeds from the
shares
will
accrue
sold
for
the
Emerson
are
accounts
Electric,
with
to
are
certain selling stockholders.
tional Bank in St. Louis, Mo. Feb.
19 and will serve as
Officer in the bank's
correspond¬
ent division.
;
The Citizens &
Bank,
liam
B.
of
Ga.,
elected
Monroe, Jr., and Wil¬
and
Donald
L.
Whitte-
elected
were
Vice-
"j'
*
Comptroller of the Currency,
J. Saxon, announced Feb.
James
11
that he
has
given preliminary
to
Denton, Texas.-
in
organize
a
National
Initial capitalization of the
bank will amount to
new
will
ton.
be
operated
under
the
First National Bank of Den■
,
•
The
First
motors,
head¬
is
The
commercial
trial
nature,
segment
and
company's
primarily
tant
con*
devices
products.
business
including
automatic
electronic
builder
of
reached
but
raised
to
bia, and
that
arrangement
Brazilian
will
states.
await
a
valuation
on
by a state i
court. President Geneen of I. T. &
T.
stated
based
1
a
the
settlement
ruling
64. cents
that
,
plan to compensate the
that the settlement
largely
on a
was
proposal made
the company last March and
by
sal^ of system
properties in Mexicd ahd Colom¬
been
regime,
able
to
the
the. terms
would
give it
an
opportunity to increase the manu¬
facturing facilities
of another sub¬
obtain
offset
some
earning
notes
in
was
maturing
power
6V2%
in
serial
10-year
over a
sidiary; thus; the'proceeds would
has
company
for $70 million, of which
million
pe¬
With any fair agreement for the
-
sale of all its properties in
receive
aVsubstantial
annual
amount* of>
interest which would pre*
:sumably be remitted to New York
the interest) in
non-utility indus¬
cipal
tries in Mexico.
Similarly the
offsetby
com¬
pany obtained a settlement for
$15.7 million
in cash and $45.3
was
million to be paid over a
period with interest
balances
$61
Argentine, of which
non-utility properties
on
which
?
would.be
the
serial
payments
reinvested.:. It
appears
13-year
unlikely that American & Foreign
Power will have to pay any U. S,
income taxes for several years at
6V2%'. Here also, the
at
in
of;
the prin¬
paid off, this might be
• gradually
increasing
was
earnings
amount
as
the unpaid
on
principal payments
Brazil,
American & Foreign Power should
riod.The company agreed to invest .in dollars. While the
the payments of principal (but not interest would decline
to be re¬
least, hence the income from in¬
and non-utilities earnings
during this period might be con¬
ity
enterprises.
while
(or
indus¬
an
imporr
the
received
an
of
balance
$2.6
of
million
$23 million
terest
sidered
able
as
for
tinuing
arbitration) will be
future
twenty
over
years—in
re¬
this
the funds will not have to be
reinvested
in
income
the
The Brazilian Government in
re¬
shares
of
outstanding. Con¬
annual
receipts
of
these
earnings in dollars in New
York
assumes,
however,
that
monetary conditions in Brazil
be stabilized
Colombia.
largely avail¬
7,312,526
stock
common
lower amount, to be de¬
some
cided by
paid
Colombia
July
payment
the
are
In
last
company
initial
non-
and
although
31
Tel.; had
expropriated last year
of
one
Final
interim
an
properties
reported; at $1.26 for 1962.
debacle,
case
a
&
>
can
(with U. S. aid) suf¬
ficiently to enable the government
sis
■
■
Bank
to remit interest in dollars, and to
cludes the production of items for
subsidiaries
enable the company to convert its
without
of
its
of
national
programs.
business
defense
v
and
in¬
space
V"
•
\
H. J. Mintz & Co. has been formed
offices
at
4
Albany
Street,
New York City to engage in a se¬
that
1963.
that
States
are
until
J.
Mintz
-and
Alan
L.
Streusand, General Partners, and
Jessie Bregman, Limited Partner.
specify¬
monetary
other
would
end
after
Feb.
the
notes
would
the
President
might
also
of
the
United
withhold
"discriminatory
exactions" had
taxes
been
Brazil)
aid
or
reme¬
earnings
into
representing
presumably
dollars
a
principal
made
in
in
which would impose less
problem.:
Power
be
reinvestment
(for
Brazilian
1,
Moreover, the law provided
the
Exchange,
amendment
of
sation,
Partners in the
Stock
an
Washington's
non-utility
for remittance. Serial payments of
properties without giving compen¬
member
American
compensa¬
cruzeiros
firm, which is
of
any
Power
aid to any foreign country which
had
expropriated
U.
S.-owned
curities business.
a
Foreign
allowing
contained
H. J. Mintz Co. Formed
of
tion. The Foreign Aid Bill of 1962
ing
Harold
*
National
cent years has expropriated three
with
$400,000 and
it
products,
Tel,
the
Jr.,
*
The
trols,
Vice-Presidepts military,
,
Trust Officers and F. Adrian
Norton
electronic
*
invested in Argentina in non-util¬
.
diversified line of electrical and
electric
Southern National
Stark
a
;; #
Atlanta,
Thomas J.
and
been
million in the
company as these shares
issued and outstanding
and
v; ;
announced Jan.
apparently .be reinvested in, nori-
162,045
is
Co.
;
rwas
by
agency
the
'./x;;
'
It
utility property, but details of the
plan have not been made available.
shares of Emerson Elec¬
priced at $31
was
First
elected
was
Brazilian: subsidiaries, is eg-timated at, about $150 million dol¬
properties expropriated during the
made by Blyth & Co.,
Inc., New
York, and associates. The stock is
charge
Louis, Mo.
*
King
in
the
St.
-its
now
$63
secondary
&
in; 196I iwere $1.25 and have
Secondary Offer
common
American
the net plant of
for compensation for its
telephone
Cuba and Brazil. Its properties in
Mexico were sold to a government
A
its
of
Foreign Power in
£•
■;
•
The Peoples Exchange
Bank, Rus-
sellville.
been. announced.
company for the loss of Argentine
George M.. Umbreit, a; Director.
ss
yet
$1.29, despite increased
income from: Mexico, and; the. Ar¬
gentine. Parent Company earnings
Manufacturing Co.
has; elected
■>
actively
Peron
C
Emerson Electric
■
been
\
y
' -by l'b
has
investment
International
to the loss of its
Bank,
The
lars.
last year,
Bank,
Sargent: hag
terms
.
As the result of
•
dent
negotiating such' a sale in* Brazil
but no definite: announcement
df
The dividend rate, which had been
^National
a
♦
improved its income
bank, effective"
raised to. $1 in j 1957,; was lowered
March 1. Mr.. Smith, will remain
to; 50 cents follpwing. thq Cuban
as a member of the Board of Di¬
Heights, Mich.;
*
Iowa-Des
Latin American countries. Presi.
clined to
The/bank also announced the ;
retirement oL Elden Smith, Vice-.
"The Madison National Bank".
The
expropriated
may be worked out, on
basis similar to:the plaris
already
made effictive ; in several' other.
utilities)
consolidated earnings in 1961 de¬
:
'
.
,
agency of the Brazil-.
a
to
Vice-President
Security First Na¬
announced
some
authorize: rate increases adequate
offset inflation. As. a
result,
James, W./Mc-:
of
Senior
tional Bank, Los Angeles,* Calif.,
V;:' !'
Initial capitalization of the
the
Federal System Feb. 8 announced
the company
Vj
*
of ,-the.: Currency,
Saxon, Feb. 11 announced5 rectors, and
of '• the
has given preliminary ap- *
[Committee;' * • '*■' 4
Bank in Madison
title
■
;
of
re-1
Vice-President,
a
James J.
approval
Bowden, Vice-Presi¬
and
bank
<
111.
Comptroller
will
Vice-Chairman.
Bruce
the
•
.
Bank
remain
■
Bank, San Francis-^ thq result of the Cuban losses, but
recovered to $1.73 in 196Q when
-
and Cashier of
Standard Bank & Trust Co.,
Chicago, 111., and County Bank &
&
made
Chile, -Colombia, Costa
that
Francisco, it "i
Feb. ,12.
*
■,,
Donald
Presidents.
Bank
Pa.,
Th§
-
;
and
more,
*
Foreign Power sub-
.
the^
:
I
8 yy♦
Feb.
approval
the
the
of
&
$idiaries because promised rate inV
Rica, creases had been made inoperative
Ecuador, Guatemala, Panama and by threatened
heavy taxation or;
Venezuela. The company's valu-' by failure to
Ratify them,
'
*
able Cuban properties were
expro¬
American & Foreign" Power bag
priated in August1960," and no been' hopeful
zil,
Agricultural quarters in St.
Louis, Mo., makes
ay'o:1'--■ f
The
;
was
&
*
Bank of Westchester, White Plains,
San
non-appropriated
American
.
„
#
tional Bank in
Jay A. Clark has joined National
to offset
currency inflation,
this provision
might be. applicable
in the case of
the
Chief
and
law department.
and
Sept.
on-
rates
.
that country I
Union Bank, Los
Angeles,
Loss of the income from Brazil
trust, Calif., elected H. Safford| Nye, I
an
Executive Vice-President, a. during 1961-2. resulted from the
Edward: S.
severe inflation in /thatV country
made Gen¬ Director.
L~:
■ tr
of the; government to.
h:;v V-<
S
' #■::vi.':A-r;? and failure
head
Jackson who has been
on
Vice-
1954
Aug.
later,
years
I960, he
16,
and; Foreign
Power
(controlled; by Electric Bond &
,
Officer.; He..will
*
on
American
$1,050,000,
'
Cormicky III,
;
elected Joseph/: J.\La;
Vice-President and Trust ; The
*
j on Dec. 16, 1949 when he was .ap¬
pointed Assistant Comptroller. He
;
new
$<?$$$&* co,: Calif., appointed Ernest O Mc-
•
Mr. Morse attained officer rank
v
in
Hibernia
111.,
a
*
bank will amount to
W.
Colo.
*y.;;".V:
to: joining
'
ybkil The
it will be operated under the
Robert
Prior
•
J National " cently,
Director.
a
*
appointed as Assistant
was
•Secretary..
to
jr.:*
announced
was
"
Mills
proval
•in the Investment
amount
American Foreign Power
Company, Inc. I
Brazilian Traction Light & Power
Company, Inc.
a
.
that he
Beattie, Jr., also
organize
ian Government
(not merely com*
pensation
for
the
sion.
R.
will
Head Office
$1,500,000
"Commonwealth
Department of the Banking Divi¬
Charles
an-:;
pre-;
dents at The Bank of. California's
new
of the Trust and Investment Divi¬
sion
ELY
During the syears 195^-58; consoli¬
Mr. Lea had been associ-*
Bank of Arlington".,
\ <
earnings per share; had
ated since 1948 with the Firet (City; dating
y
*
* '• '* ":' r; ^v.";
National Bank, Houston, Texas, as ranged between $1.93 and $2.54,
The Indiana National Bank, In¬
averaging ai-ouhd $2 in 1954^58. In
Vice-President.. i:
-^0'^ 1959
*
*
dianapolis, Ind., elected Delbert L.;.
*
earnings dropped. tQ $1.08 as
title,
Bank
the
11
given
have been appointed Vice-Presi¬
.
W; Richard; Murphy was elected
Senior Vice-President of Pullman
.
OWEN
sale of all of its Brazilian
^proper--
promoted to Assistant Vice-Presi¬
dent in 1957. Mr.1 Sickler joined
the bank in 1929."
BY
income from Cuba has been; ob¬
tained, since the middle of 1959.
Rocco
;
Mr. Sickler heads the
has
Neil ;C. Breslin and James D. Lea
National'
a
Feb.
on
he
*
given preliminary
organize
amount
Appointed Assistant Treas¬
and Manager
urer
Saxon
that
approval
•
in
:
,
and it will be operated under the i Share through ownership of more
title 17th Street-National Bank than half the common stock), con¬
trols operating subsidiaries in Bra¬
of Denver/V-<
::; ^. •;;; \!
and it will be operated under the;
Mr. Meara, who is in charge of
J.
bank
Currency,
Arlington County, Va
will
j; {
Initial capitalization of the
T'
•••
Initial capitalization of the
bank;
PUBLIC. UTILITY
Comptroller of the Currency
Saxon, announced Feb.
to
'
-
National
Glen
*
of
that he has
approval
promoted
appointed
*
Comptroller
de-,. 11
partment, joined the bank in 1921.
Bank
Rock, Glen Rock, Pa.
*
Borrmann, who is manager
division
to
into
elevated
B.
liminary
Codorus (Jefferson Borough),
1
Feb. is.
of
merger
Codorus National Bank in Jeffer¬
son,
Thursday, February 21, 1963
Capitalizations
the
of
.
A.
bank's home office.
nounced
approval
Vice-Presi-
.Bank, New York, it was announced
Mr.
its
Sickler
J.
have been promoted to
'
George
Borrmann,
Arthur
and
James
H.
C.
Schwalge
Duane D. Stoft, both of the
The
George
Ariz.,
Plumb,
Manager of the bank's Scottsdale
office,
Consolidations
Phoenix,
Vice-Presidents
to
.
.
is
an
v
:
Traction
Light
•
&
important Canadian
holding company with total assets
of
over
$600
million
invested
in
Brazilian utilities. It would prob¬
ably also like to sell its properties
died. While the law did not refer
to
specifically to failure to increase
such
the Brazilian Government and
a
step has been
authorized
mm.
Volume 197
suppoiI
iium
ernment as is
nit;
the
Number 6240 vV
t-cuiduidii
uuv-
*
.
■
-
-l •
.,
/>(
•
(787)
ited, presently are principal own-
companies due to our Foreign
ers of The Anglo-Australian CorAid .Act.
Brazilian Government Lazard Freres & Co. and Morgan Pdration Pty. Limited, a leading
decrees seem to indicate that any Guaranty
International Finance Australian underwriting firm,
down payment would be limited Corporation have announced plans Through an exchange of shares
to 10% of the total price and also to take minority interests in Aus- scheduled to take place next
that at least 75% of the full pur- tralian United Corporation Limmonth, Anglo-Australian Corporaican
B^zil^Othe^i^^
ited, in Melbourne.
tainable,; according tO StnnHarrl &
end
the
stock-at
of 97 cents
outlook
for
in
come
a
United Corporation.
ter,
Chairm
an
of Australian United,
Morgan Guaranty International
Sir Ian Pot-
of Australian Finance Corporation is
had
1961
of
again
;
' ' '
'
'
'/
'
'' '
'
■
'
/;
^
/ '
■;■■
/
'
'
'
'
''
'
"/.....
/
:
.
a
1961,
the
future
in¬
in
obtaining
substantial amounts
any
around 4 recently
has been selling
1962-3
with the
compared
range
;
21/4-4%.
Potomac Electric
,rin
,
v
'f
-v
)!
'
•-
v
-
'
Power Company
Bonds Offered
Dillon, Read & Co., Inc., Lehmari;
Brothers, Eastman Dillon,
Union
Securities & Co., Stone & Webster
Securities Corp., New York, and
Johnstorij Lemon & Co., Washing¬
ton, D. C., head
which
group
P
$50,000,000
t o
o
bonds,
due
1998,
Electric
m a c
Power; Co.- 4%'%
•
underwriting
an
offering publicly
is
first
mortgage
101.898%
at
to
'
yield 4.27% to maturity.
"
,The
bonds
awarded
were
at
'
,;pbnipe||tiye;bidding.' Feb.
interest
•
The
.at
;
of /
.
bonds
new
107.70%
19, at an
the .company
cfcst 'to
about/4;31%.
.
are
redeemable
-for .-five
and
years
thereafter at prices scalingdown-
-^yard/'from: 105.36%
the
last
12 months
to' 100%
before
,
for
.
matu¬
rity.
Of the" net proceeds to the com¬
.
sale~ of the; bonds,
pany from' the
$12,000,000
,
-
will .be
used
to
pay
1 outstanding bank loans. Such bor-.
■
rowings
'
made for working
were
capital, construction expenditures
/
and.other corporate purposes; The* ''
b^ncevbiL the proceeds' will be" '
,
-
:
-
usedt/tq' l^mburse; the
treasury Cfor construction expen&i-;
tures/ /heretofore - made and to
v
/provide--for-
portion of- its;con-"
a
tinuing-e'onstruction'prpgram.'
.1 It/is estimated that gross
erty additions for the
w
i 11
^aggregate
1963
year 5
approximately
$90,000,000.
The
N.
YEAR: 1963
company
W.y
of
Washington,
D.
nishes electric power to
area
St.,
E
929
fur¬
C.,
COMPANY: W. R. GRACE & CO.
service
approximately 643
of
a
square
miles,
having.
about
1,510,000,
entire
District
portions
of
a
population
of
comprising
of
SUBJECT: WORLD-WIDE GROWTH
the
Columbia
IN CHEMICALS
and
contiguous
in
areas
Today, W.exceed $300 million and
cal sales R. Grace & Co. chemi¬
Virginia and Maryland.
responsible for almost threequarters of the Company's total
profits. Our world-wide chemical
operations include 66 plants, 8
are
William R. Staats
To Admit Two
chemical management, and contin¬
Products, Overseas, Polymer, and
uing investment in major research
Research. End products of Grace
programs.
grams,
These research
pro¬
since 1956 alone, have
re¬
ANGELES, Calif.
March
1st
John
R,
—
Moore
On'
21 countries. In
and
lysts, and
Gallagher : will * be ad¬
mitted to partnership in William
R. Staats &
industry
Co., 640 South Spring !
Pacific
Coast
Stock
at /the
firm's
San
Gallagher is manager
of the
/Pasadena office, 808 East Green
Street.•%%%%% /%////• ///%"■•/v/>/
I new heights in the
fertilizer sales.
and
sulted in the issuance of
W. R. Grace & Co.'s
the result of
cal divisions:
the
planned expansion,
recruiting
of
experienced
more
than
U.S. and foreign patents to
800
new
years
ahead,
facilities, developing
products, crossing new fron¬
adding
growth in the field of chemicals is
;
Francisco office, 111 Sutter Street. Mr.
W. R. Grace & Co. is headed for
the chemical
abroad, W. R. Grace & Co.'s rapid V
"Ex¬
changes..Mr. Moore will make his
headquarters
specialty chemicals.
Continuing its plan/for growth,
$13 million of mixed I
/ Both in the United States
Street, members of the New York
and
was
additives, plastics, cata¬
a variety of industrial
and
1952, W. R. Grace
& Co.'s only link with
BasilB .:
chemistry include packaging film
and sealing compounds, fertilizers
and feed
laboratories, and 81 sales offices in
LOS
a
subsidi-
tion is to merge with Australian United, will continue in that ca- ary of Morgan Guaranty Trust
a broad pacity.
E. P. Harty, managing Company of New York,
rather indefinite. The stock
seems
of
interest in the enlarged Australian jjoard
$30.47 and earnings
share were reported
and
for- 1960
•
as
exchangUnd of the investment of
while the common
Thus,
book value of
Lazard
^ result^oFthe mana§inS d ir ector
Brothers & Co. Limited, and Lord
f
^
Catto, a managing director'in
aaaiwonf^ capital, win nave a so /0 Morgan Grenfell; will join the
don companies
The two New York institutions, United, which engages in
ing reinvestment methods might
also limit the future income ob¬
Poor's.
19
^
AUStrSilEtll OOPp.
with-Amer-
case
The Commercial and Financial Chronicle
.
new
tiers in the chemical iiidustry.
eight chemi¬
W. R. Grace & Co., Executive
Cryovac, Davison,
Offices, 7 Hanover Square, New
Dewey and Almy, Hatco, Nitrogen
York
5, New York.
^
87
(788)
20
The Commercial
,
Fund Ltd. reports that at the end
MUTUAL FUNDS
of
total net assets
$10.20
or
value ,12
C. POTTER S
BY JOSEPH
1962
107,664,
months
$11.60.
y'-V
-
Get A Lot to Like
"You
assets
In
1
.
a.
broker's
side
east
;ithe word-assdciatlon
// has
been
given
a
Now,
record year.
of
for only
that 159,000-share bundle has
for
the
has
,
.!•
Kuwait.
for/ Florida
has
If the
about
that's due
200,000
in
■
he took the latter's place
25th
aging partner.
net
firm
$10.43
or
Diversified
*
*
Growth
is
••
,
,
Still', there
with
compared
reluctahce
a
to
Stock
assets
:
*
.
havior.. .The health-scare reports
Foundation
that
the
at
end
of
growing
signs
educational
of
world-wide
a
campaign
that
has
$149,-
companies
field.
55/
Dreyfus11 port-
years
folid; :whichV
a
1
vy a
Streeters 1 craning,
weakness
latest
:
-
-
and toted
9.3%
Fund
net
has" shown
tobacco.
Indeed, at
ifs' holdings
up to
'
7
" "
Tobacco
,
status
little
when
to
m-The
•ities
'victory'
of
of
>
•V A
a
mutual
fund
valuable /to-, the
/offering
to
enter
sought
with
shares,5
the/business
he
is
fund
%
iition,
be
capital; Send today for
Free Prospectus and de; scriptive literature.' /V*
thesame
-
to
the
regulation
has
compe-
kind
same
are
of
mutual
In this sense, it appears to
have-won a
victory, the only
it sought."
CORPORATION.
>
.
"
/
V
.
'
'
*
\
'
; • //
mi
New York 5, N/
<
;
•
one
\
.
'
v
.
Established 1930
120 Broadway,
have
regulatory
new
as
" / 7
;
an
has
r
.''
r%
/'
Aberdeen Fund
.the -end
of
,
•
total
-
that
net
Ai
„
/;.
and
,
lr^'
•
ex"
at
types ; of /continuous
be, offered.
a
assets
one-day
.
methods
"is
,
■/./:;//;
and
. :
:
,
/
he .joined
.
Ira
men
1
largest houses
be
Axe-Houghton
,
Stock
7 end-of-year net assets
329,
or
Army/In the
*
.
$3.46
Fund
at
puts
$7,591,-
in
the
.
end
of
1961,
-
International; Growth
of his service
course
awarded the Bronze Star,
; Croix
de/Guerres/ several
Italian medals and other honors.
Under
his. direction
department
\
Canadian.
was
two
share, against $3.82
a
;a ..share, at the
('
member
a
of
started
bank
ment
the
which
'f
.
Hemphill,
be
ex>
guest speaker
was
the
described
Education
/Baltimore^
the NSTA
of
ecutive council
national
.Program
OTG
which / Zis
.
by / NSTA,/ IT A,/and,
.threeTday: leading firms in the securities in*
a
fqr/;dustry> K/^
business
Ira
the
Haupt
^
service
handled
Co.
depart-
the
invest¬
/-n
n
,
■
,
Both
repre-pMldwest, p. b.;|iembep
equipment
/
trate
-
A
J-a
.
...
,./§
,
the Midwest Stock
c
.
will
sessions
employ au-.
techniques
to
>»"s-
dm-wsuaP.
the; broad, theory and
second
lather and tw0
spe-
ci
communications., Content
The
fathe,
^
handling information.
m
S
building
c,
.
...
,
,.
of
Telephone Company. For the last
Jr.>became
of
firm
a
...
ed
other
member
special" Bell/System
which
task
developed the seminar
He
will
assisted
be
System faculty.
^seminars
will
Both
have
force
.
Midwest father-sons
Dempsey & Company.
-
pro-/
by
a
types
v
approxi-
,
mately 25 participants.: //• /.;//•:•
f Mr. McMains said the seminar
cerned
is
to persons
open
with/the
broad
con¬
field
Founded in 1928
.
of
business communications and data
• •
•
processing.
vestment dealers.
free
prospectus
or
in "growth"
registered inAsk your dealer for
mail this ad to
ONE
An
for
•
•
i
•
,
"y
'
•/,•...
/*/■
' of
.
,and
.// •.;•/
?.
'•*>•.. .?•/*;"
•••
•*
WALL_STREET^ NEW_ YORK_5
investment
its
shareholders
possibilities
growth of capital
reasonable current income.
a
'
"
a
;
Pfospectus
•*
-
*
•
,
upon
••
.
..
'•'/
'4
-
■
The
com¬
consultants.
seminar
presentations will
stress the importance, in both in¬
/
formation
request
/
New York
careful
Lord, Abbett & Co.
—
Atlanta
—
Chicago
—-
Los Angeles
—
atized
San Francisco
analysis. A series of dram¬
case
problems,
histories of individual
analyses
-will be studied.
I33RD consecutive
quarterly dividend
*.11
-
^.
and
/■.
solutions
,
/
share
a
from
investment income
net
/
More than 346,000 owners
of
communications
and
systems, of advance planning and
NAME.
munications
seeking
company
major account managers and
lohg-term
CF
ADDRESS.
Bell
schedules, primarily through their
A Common Stock Investment Fund
Y
CALVIN BULLOCK, LTD.
Established 1894
associated
Telephone companies will handle,,
inquiries and arrange attendance
A mutual fund investing
stocks. Sold only through
r
The
hi
Co.
Billings &
Mr..Garneau has headed the
year,
of
In
broker.- When
T
o
Bell
William's
E.
Dempsey/Sr.,, and/his/sons
,
-A
/
t,a
„n
Joseph E. Jr. and Robert A., all
...
^
M. G. Garneau of the Illinois tsJ*:
Bell
tv/t
of
triumvirate is composed of Joseph
East Wacker Dr.
on
,,
floor-
a
the
group
its roster,
Exchange-back
the
,
/ The
United of Amer¬
new
on
son3
admitted to member!
,was
'f
Chicago seminar will be lo¬
cated in the
Exchange c&n
family
John W. Billings, Sr.,
application of modern busi-
ness
program
•
x
xyr
CHICAGO, 111. With the election
ing and provide a more detailed,
membership ef/William J. Brng
depth examination."
.V
'
-ings, partner^of Billings &^Go.r
:v
gram.
bond
&
-/
-
consultants.7
It will expand upon
the material in the one-day meet- '
and made it
,
,
-approximately
t.|Garrett l/of
john
new^ and
ica
share, at the close of 1961.
o r
PhilT
adelphia./Char 10s A; Bodie; Jr. of
Sessions there will be directed by
,
f
Noyes &. Go,-was chairman of the
meeting^ representing the lnvest-
un-
can
sentatives.
Ira. Haupt & Co., 60 addi- try faces
tibnal customers
$22,564,385, equal to Street at that time. In July, 1943,
This/compares he joined the United States Army,
With-assets of,$23,873,677 or $2.48
becoming a- Major in G5,
5th
a
the
largest secUrities market,
day
" 1942, .he / effected a merger be- will not be limited to communica-.
tween / Ira > Haupt and Newman tions, but wiU examine all facets J(,
Bros, and Worms//This merger of the problems American indus- 1958'
share.
per-
teletype
and
constitutes
j[pg jp securities in the XJ. S< to*
/
first
/ designed., /primarily:
cialists,/ management
B. M. Goldsmith
thereafter
the
pri-
of the total volume of tra.d-
75%
communications and systems spe-
.
Haupt & Co., where he opened
their bond department! On Oct.rl,
of
telephone
which
of
present inter-
ses-;. ment Traders Association of
The
the broad
on
the
seniinar.: for Stein Br0s/ ^&-Boyce,
The other is
session
/
later started his own firm in
Newark, N. J., where he also lived
one
•
.
applied to/ increase- business effi- 5 sponsored
ciency.
/
class. In Sep-
.
,
the counters
over
responsibie.
.
communications
tember °f that year he started his
Wal1 Street career as a trainee at
Salomon . Bros. &/ Hutzler, and
Soon
showingrof
...
.
banks, to
world,g
communica-
derstanding of Ways in which
\
a^ tbat time.
,
national
Telegraph Com*
sis here will be
n"
?e age ^
in
•
$2.04
/
vate
top corporate executives.; Empha-' and
*9,'the youngest
and
sions. will
/
®1
.
^racjeci
.
^qoIr^
?
data
pany.
;
....
n lve
of
.
Telephone
-'
n
first
the
Asso-
18th century, when,securities were
..
communications
amounted to
a
_
planning for the American
will.. be
p
for
the
and
Traders
Designed for public showings,
the ten-minute color m°tioP PicTelerP ^ls
./ ?ry of^ the.-OTC
•
market from its beginning in the
22
1
Philadelphia
the educational film,
of information handling
mmistrator
tions
™.|™.
// .v/;•/_, vgave
reports
1962
since
for
gra
officers:
and
area
Security
the jnoreasjngly com-;
network
in
area
re-
a
pnlH
host to approxi-
was
the
of
ciation
up-
.
1116 Jc1 Uriels Keport
/'J
•
'•
M
funds.
/
ciation
the; more significant devel-
plex
years.
-
or
i.e:, tharvariable annuities
subject
.SEC
and
industry
'ground rules' for the
NATIONAL SECURITIES &
Goldsmith
d
in
National
new con-
.
opipepts
e r
than
that
right to. 5/'•//':/'■ ■//.//'•"•/
every
-
of
spring by the Bell
'
'
business
,
Two
service
public;
fund
a n
.
more
defeat.
any
in the business of
now
mutual
////'All.:t
securities selected for pos¬
sible long-term growth of
/ RESEARCH
not because of
b
/partner
anriu-
/'the equivalent thereof, might want
•
J,
is
//others not
/
is
1932
potential competition. The fund
is
SIMS
SERIES...
M.
e c e m
./mutual "
the
/industry recognizes that its
■
GROWTH
1
you on one of my re-
fund industry over variable
HATtOHAL
j)
your
actions to your column of Jan. 31.
:
wmmmmmmmmmm
^
firm
doing
are
''However, I cannot refrain from
refrai
"
the/public,/ reporting to
have few friends nowadays.
you
constructive editorial job in
column on mutual funds. 1
mutual .funds-
known
opinion,
my
a
stocks, which had/blue-
chip
Bertram
The bank
of.the Investment Traders/Asso—
provide
with
review
COhdense
.
,,
"In
they're enjoying it less/
.were
to
program
executives
',
The
-
.
re,
mately 100 representative of lead-
.•
.
-semmar
cago this
.
and
screening
tions will be inaugurated in Chi-
Retires From Firm
.
se-
Philadelphia National Bank: Feb<
//'
-J
phone System.
of
pre-
picture
(Over-the-Counter)
afternoon
an •
; an<I transmission., The program is
Mutual Management Co., I nc., signed as a partner of Ira
Haupt
being developed under the direc-.
takes issue with a recent column. & c0.
effective Jan/ 31/ 1963. He
fion/ of, Haryey J. JVIcIdams, adSays he:
<
had
been
with
the
$33.7 million,
"J
was
^.32
' *
*
motion
cepts and methods in communica-
ner'sh^r^at/b^enri
Dreyfus| B. M. Goldsmith
J./Habas, President
OTC
the
dealers
and other funds do about the ciga-
Eugene
/
ing brokerage firms and securities
.
to-
of
: v
'
o4" 1 aq
VwlllIIlUlllL/d/LlUIlo
revenues.
what
see
rette habit.
the five
1
*
of net assets.
more,
ahead to
;
which describes the operation of
on
rvyy-,-yy\-«-1
■
a; years
.
.
.
in
'
Pa.—The
PHILADELPHIA,
^
,,
'
•
bemmar
earlier,
year
by
level,
every
-
''
.7
ception in the auditorium of the
•
could
ease
-
,
plans for the
no
1.
OTC Market
Bell System
reports
total
%
hardly a secret, that while
fundmen these days may be smoking
y
has Wall
is
It
•/
report,
■■
at
.
additional tax
i
bacco were spread over
leading American cigarette makers
.,
for
y s
.
be hit with
can
government,
recent
managing
'A
,
made
'
'
v
Goldsmith
'■
'
/
pT*pVIPW P llTTl OTI'^7''
L 1C Y
^ AAAAA
i
partnerships
Mr,
three
of
to-therminute
In
its
and
^
/
_
'
'
.
:
business
in the investment
man-
Feb., 15.
on
A
with few equals
as
systems
and
devices
future,
near
on
developments—
new
'
he and Mrs. Goldsmith have sailed
sunshine
to
of
techniques,
of the
July, 1960, the
.
1962
of
study
a
f/ture p^d'ntg hls return from a
51 day Mediterranean cruise on
Fund
*
income
done5go back to the turn of the century,
measure
The seminars will conclude
&erv-
396,740j and share value of $1J.2?
,
shareholders,
banks,
new
\
or
small
no
In
increased
"
considerably
■ it
is true, but never before has assets were $22,902,000, or
$2.30
oil, for there been so much serious study per share, against assets of
$22,Dreyfus Fund now of the problem
and/;there are 419,000, equal to $2.79 a share, a
what
company
done
.
«
1962, -touch these, stocks and it is re- a year earlier.
6.3% "fleeted in their dismal market be- f !
v
*
of the Dreyfus Fund portfolio; but
,
.
n
T •-'/
.
close
.
dividends. Pacesetting H. J. Reyn- reports that at Dec. 31 net assets
olds .has just turned in. another amounted to
$109,502,246, or $7.92,
matron responded
of the
as
$127,627,998,
rich tal-
a
by- ent for making money and paying
vogue
"Polaroid."
Polaroid accounted
total
v
He
which^one vital characteristic;
-mischievously -tossed IT
"Dre3rfus" and
its
with
year
600
as
time after the death of Mr. Worms
■
television, A young securities anar
*
closed
V'v'V
many
municipal watcning
do not lack for customers and, in
night
game
new
a
the
on
one
last week the guests were
;
.
as
Chronicle... Thursday, February 21, 1963
ice used by most of the
important
institutions in the country. Some
was
y"-"V
of
the
But; these companies apparently, Per share. Twelve months earlier became one
comparative figures were $137,- partners.
playing ; at least one respect, they, retain 983,294 and $13.10.
m+r
u
apartment
of Manhattan
of
and
,
Fund
anniversary
ments
$8,-
Share
earlier
!j:
Delaware
were
share.
a
and Financial
Wellington Fund will
share
in
this
dividend
payable March 30, 1963
to
stock
1,1963.
of
record
March
r
The Commercial and Financial Chronicle
Number 6240
197
Volume
789)
Dimitrov's
COMMENTARY...
booklet
M;
' the
FROM WASHINGTON
rights
Estonia, Latvia, and Lithuania"
is
LEFKOE
R.
of
the
of
a
"
BY
description
"harmful to
as
marvel
of
restraint.
,/•"
-
vAhead of the News
•v-1
-UN's
US's Funds for Aiding
or
'
■';/:>
Did
-'Union
After having published
vicious propaganda.subtlely: vir-
know that "The foreign
you
policy; of ."the .Soviet
CastrO?
v:;;/;
21
BY
docu¬
a
tually. every one of the pamphlet's ment sanctioning Communism as
mains, firmly; attached to the prin- 406- pages' was filled with blatant a moral political
system—the only
eiple faf equality of "rights;, and to "distortions.; of j fact-andoutright.,
the maintenance of! peaceful', and -lies;: By now,-my earlier feeling » country's
citizens can
friendly relations with all
CARLISLE BARGERON
•' .'•- :■
Pr^£ieht
re-
;</'• ;;V
yy
-./:
/-/'y/
•
'
./
.
be^freed
/>•.
a
'1
.
'====±3'.*'
'
th^
to make; his own deci-f:
of disgust had given way to an-k: from /(social and national 'oppresh? I9fi4^
nf 40
+h°nS
"?ayJUn. counter:;tQ
tries and peoples?" - Well, neither other emotion: a cold, unyielding : sion"—the UN had but one more _ff
r„
~ _t !al °A 40 Lhe party leadership in Congress, :
did I until just several'days'ago, sense of frustration—a frustrations step:to take
when J had the dubious privilege^ brought about by the realization troy its last
of reading a booklet -published by. that: this gfbtesque'perversidn: of actual contribution of
money: to' +Ko
•,
j
,•
..-—7--°
—.—-helo
nernetuate
the United.- Nations Educational, truth /and^ justice had been fi- ; Help
a
Pnmmnnist
; fact „ .that the v Democratic be done about medicare-legislation^
perpetuate
a
.Communist
registration is-about 5 to. 3 over: for the
Scientific and Cultural Otganiza- nanced, in large measure, by-my dictator in power-- That action
aged and Federal aid'to
.
coun-
,
..
-
'
•
tion
which
concludes
with:'
the
thatJown country—by
me
' '; / ;
last
came
a'5;tax?:
as
week
when
the
UN
interesting* o&servatiOn regarding
payer. *••'.'
Russia's foreign policy,
article
in
the
>'
■/
Special
' A
The theme of this •monstrosity
Washington
;
■
Fund
the booklet first brought it to my
equal
attention and> since iny'tax
colonialist
dol^
treatment
of
of the
dis-
and
ex-4
iars (and yours) paid the cost- of crimination oh grounds of race or •
publishing it, I / decided to7 see hatiohhlities, .which* •still •charac-c
funds
used
UN Snecial Fund v
UN Special
Fund.)
.
in
'i.
Only
Fund,
by the political and social system
■''*"»Vv-'
-
Master: Copy"
a
asserted
bv
- v
that
Calling the UN, I
Exists.^,
told:
was
prevailing^in those/countries:" In single /American
/
Paris
an
* unexplainable
year
received
never
oversight,
out
by
"not
one
when
informed
though ;: there
availhble-for sale,k a
.their. office.
in
.
only
copy
the
in
of _R1 g il ls
.
to write
the
obvious
exists
b?
of
sioned
the
by
Russia.
authors
and
S.
Even
"Blurb"
.
P*
'
v •
,
T
this
"The
pamphlet;issto
public
with
-
; one ;
„
triumphs of
the
Soviet
>
parently
of
A
wave
the
of
how
to
far
go
truth.
its
to
their
and
the
principle
equality
of
in
f
the
of
national
Soviet
Baltic
was
Republics
of
and
that
of
In
-
action,
become
aware
present
their
sanction
of
response
to
.
this
George
:
in
,
of
un¬
history,
M.
political
Nations
exiles
Russia),
group
from
countries
appealed
director
general to
tion
the
of
(a
by
UNESCO's
halt
booklet.
of
Eastern
overrun
to
In
distribuview
of
the unpardonable slap in the face
he
and
his
at
the
hands
countrymen
of
the
received
UN,
state
Republic|ns
r;
the ; UN's
justify
of
com-
world, and its grant of monetary
totalitarian
United States—as
slave
Given
the
UN—whose
of
the
includes
of the bloodiest dictatorships
history—it would be even more
interesting
to hear its
explain how
the
defenders
UN- could
have
anything other than what it
in
.■
both
instances.
"
-
'
*
.
;
\\
-
.
Mr.
Democratic
and
:
-
i
;
-
to
second
do
a
better
job than
Kennedy Administration.
^
The
division
ranks in
in
for
Governor
and
-Brown,
lost
to
H
continued.,
Ceorg. Carbon-
: .„«•
,'
^fbrotigh. i960, although IVTr. Nixon & > Co,;
.
;;
Re -.Will • hiake '-bis-', head-►
was ab*e to defeat Mr. Kennedy./quarters .^in the firm's,'recently
there ,' by
an -'extremely
narrow
opened office-in the Barnett Namargin. In 1962 the ultra-conserv- tional Bank Bililding.!
V u
.
atives
all-out
went
to
*
nominate
f.
their
••/leader,v former ; minority
leader Vof " the'"stqte
house, - Joe
...
.
Mr.
over
The
ernor.
Nixon
for
big question
-
.
Gov-
0
^
knitting and unwilling
he
will
not
become
candidate
son
t
.
,
;
-
tt
Sena-,il'drie
party leadership/ He has
indicated
■
^
a guess.
lo^lcal man But the Senator also
-fPP®ars to be satisfied to attend
seek
.
leadAJ|y|5IJ]PlHQK^
J01*. Kuchel ^ppears>to be, the
own
>
^e -Wilderness
■ - - - ®
are
^enei,)ally>^*T?qy»1o"i:TV4/^
,•
unwilling.to hazard
to his
J /
Carrison, Wulbern, Inc.t
■>
.
is going, to; be toe/ Moses to
^Su
a
Catrison /was-; formerly . q
sen^or vice president of Pierce^
;%
Who
now:
^
favorite
Presidency.
Elects/Officers
Republican
California,: which mani¬
fest itself in 1958 when Knowland
to
P. & S. Division
the
,
Shell,
;
v
composition
membership
state
of pre¬
a means
serving America's freedom,
terrific;'
a
the state for-,
t
ea
together,
__
distribution
have
carry
can
as
fnunist propaganda throughout the
a
hand to
interesting to Governor
be
howt they; attempt: to
£00 -■
legislature.'Decidedly^^ Stock Exchange firm of Goodbody
convince the voters that the GOP
7
strong
a
Fla.-Onfob.
Hr George Carrison will be:come a Partner in-the New York
time, first, to get them-
selves
its free¬
supporting
on
both houses of
seatf in a House. They haven't/
the
to0 long
-
v,
'»
Senator Clare Engle and wjn more;
the: UN repeat¬
preserve
It will
for
'
;
^
M.p
^
JorffenSOIl OO.
v.
M
Blyth & Co., Inc., Los Angeles, has
arranged
the private sale of $7,-.
a
the
000,000 of sinking fund notes due
Dec.
15, 1982, issued by Earle M.
'
'
Jorgenson Co., Los Angeles.
Mr. Nixon's defeat
in the Gov-
last fall washed him
Jorgenson
politically. He has said he is
sion
of Wall Street, Association out of the picture so far
as_officeof Stock Exchange Firms, were seeking
is
concerned.
Former
is
in
rui-
chases'
&
elected
for
Co.;
2nd
the term of
one
year:
Vice-President:
1st
F.
I.
duPont
Vice-President:
Goodbody
Saber,
urer:
Frank
J.
&
D1
Nat
&
Co.;
Arthur
Co.;
R.
Treas-
Paola, Kidder,
Governor
Troster,
Singer
&
Co.;
Financial Secretary: Howard Par¬
sons,
Wagner,
sistant
Stott
Treasurer;
Dominick
&
Co.;
&
John
As¬
Scheu,
Dominick; Assistant
S£crfetary: Howard Emen, Nation¬
al
OTC
Clearing
line
to
Division
was
held
Feb.
up
obviously
16.
>
Knight
is
by
.
the
,
,
the
conservatives
they
are
,
progressive-
,
.
„
n01ses aad indicating a mood
to
enter
against
the
Senator
Senatorial
race
Since Mr.
Engle.
Knowland lost to Governor Brown
by
a
million votes
questionable
he
in
1958, it is
could
take
party leadership, however..
Kuchel
is
a
over
-
Warren-
type Republican. In other words,
he
is
not
.
,
,
..
,
.,
,.
.
^r0dueUon S steeHorg'ings.
It
will
sale
use
to
the proceeds from the
repay
short-term
bank
loans, and term loans.
*
outnumbered
and
more
_
but
mindfd R.e P « b 11 c a ns. Former
Senator Knowland has been mak-
Senator
Corp.
The Annual Induction Dinner of
the
Goodwin
doing little. Mr. Shell is seeking
Peabody & Co.; Secretary; Robert
Gerber,
race
Sales-Tabulatirtg Divi-. up
President: Gerald Pyper, Shields
&
ernor's
engaged
the
^f a°n^S1^
j.iic
miiuwfUK officers
The following uxj.iuci& ui the Purof uic
Faragasso,
almost
distortion
European
.
lay
the UN.
will be happy
one
Dimitrov, President of the Assembly of Captive
and
that the two Soviet authors hadn't
as
Diplomatic
believable
genuine
By the time I had reached the
World
eoun rles
orce and incorporated them into
field"' Mr.
races
.
dis¬
ose
/European
have
early *' in
•
by lhe Unlted States.
na-
.
attempted -to
would
it
1° 1farn'ThaS "ecVart been extended
the
economic life."
had
There
Russia's
racial
and
Vv
;
If Representatiles JACKSONVILLE.
re--21st
President,;:d ef
.his
some
'-V'-
:
-
one
/
/
Financed by U. S. Taxpayers
even
the
ever
lead
Constitutional
the
1
states.
nationalities of the USSR in social
I
in
^e Soviet Union, since
where slave
they
have remained
just
was
affirmation
between
page,
."in this booklet,
^ar " the Sov/et ^ s,e,ized
just
prepared
would
"Achievement
last
of
According
1940;? the Soviet regime
covered
tional rights in the political
and
betrayal
allegedly/was
protect:;
over me,
law"—"Equality df racial
equality
its
people it
semblence to what actually took
also.
was
is
dedicated to the destruction of the
place.
see
it
international organization such
did
believe: "The October Revolu-
tion
this
dom-
printing- the pamphlet, it might
have made some attempt to check
a history book which; bore some
perversion
titles
it
only chance to
been; satisfied
Chapters whose contents
what
crime
when
distributed;
as presented
-
forced' myself" through
I
and
UN
;
done
disgust swept
leadership.
a
Republicans and
the
edly have insisted that America's
;
'
•
any Part of UNESCO's motive in
UNESCO
in
by/the
-
ap-
but I Was determined to
assertion .that
s
House
14 {or the
the
Ever since its creation, Ameri¬
in
foreword
in
war
taining contr61 of
: W°u^beina,ae task
grant validity to the
can apologists for
[soviet] Union:"
by Russians; it had resorted to the
iise of Communist staff members
write
to
his
From United Nations?
v':
(Lithuania, Lativa, and Estonia),
wh!ch:
?joined the
been solved in the
hadn't
no Question about his having the
/ {
A;
|
Knowland
r
<
aid,'to
restored
with having the main text written
to
»
.
^1C v'ctory, fhc ;.
^
f
stri"1,!leho,d AdlTllt ^ Cari'l SU11 '
?over"°r -"-Umit WUlbOIl.
"
•* >»'1 / ^ ^^be desire to disseminate the
true story about Russia had been
,
if
books
thft^>kT
textbooks.,
.
J
«jn
major
Union." C. UNESCO
buy
.
Ins
use
tory
our
tionalities has
had to.
purchase the
purcnase
haven pro-
>
day, namely, the
in which the problem of na-
way
intraparty
to-pur-
parents
to the Communist version of his-
_
purpose
-
;
designed ; to
y
acquaint the
of
to
student
purpose and to
propaganda-was
following f orewor(i. writtqn by-
UNESCO itself:
.
enough.to
(with
piece of unadulterated Communist
^ pamphlet, I found
the
"
published
_
,.
of
,
the-; committed
Was
E
became involved
for
parents hadn't given him another
«most useful" document. Most
the; very
Book's
-
would have
motley
• $50,
sfaohHaul^-Since
$50; on liquor. Smce-
"Ms"
his
spend
he
' UN<* Guilty- of -Betraying' Its
Ronin, two
Russian-Authored
;
.
.
the
bitter
*
William
he
to pur-
costing
from his
States
,
J i' Own f'Wofds"
The^.'But the most disgraceful
—I.
L.
world
a
textbooks
money
bang distributed to
the
and
the
reCurring/theme;
who/' would
-
Russian professors.
.
bank
solu-
was
exception- of- United
Wh"0m?
commis-
UfBCSCO
Tsamerian
feature
Useful?—for what
im*
accompanied
answer
names
in
document
citizens"
kind .-'I
any
before
..
unmitigated, gall
plying that "equality" of
whatsoever
of this 'century
central
^ 'is ^
Between .-bsa
book with ra title
a
'•
*
w&s running for Gov- ^ahfornia. If he were Governor;
California,^ and' of "former Instead of Sena:tor, there would be
Senator
tested), and described by. the UN iUan
"WevExpect. Anything Else-
U11/ ':
have
Its
lhe-
USSR" Who, I thought to myself,
would
ties.
the'peoples'of
..United,
States," and sat down to read.
_Equahty
was Governor of California.
for
chase
^
building'early this week, oouuned
"the
vote
SKWA l^ithstakd^g^ fehlr Goodbody & Co. tol
.'requirement
-
* journey ed" over to the.UN
j
thev beginning
assertion of the peoples'Vright/to
that, al-: self-determination, including the
; no
copies right of succession and :
self-gov^
master cppy ernnient.''
existed'in 'their, files-which could
be read
was reelected
votes^ This
he
of
ernor
.
to
shores This 'gross equivocation- is
me
a were
dollar" would be
uAs early
and'nationalities:
'tion of the problem of tiationali-
Undaunted,/
calleditlNElSCO's of-;
which
fice
721,000
Party's programme for the
we'
print."
of
howfever, I
:to
top-
already-worked out on
scientific^ lines ^ the • Communist
here -in
supply
a
used
the USSR has
Lenin had
New York. In any case,* it-is cur-
rently
among the Democrats of
'
Kuchel, Republican,
-
help . the
totalitarian
regime ? just
off
our
nation's
as
due 'to
and
ago,
howeVer;
ccntrast>
races
referring, but it whs published
in
a
following
.
.
'the
.
achieved' "full .equality"" between
"Yes,
I know the booklet to which you
pre
,
ul^etions; Governor ' Pat' California :-hnd . is not apt
T' Democrat. won reelection .jeopardize this popularity by
"
-
education. >Like k Chief'a" Jusfice
Warren,; Mr.vKucheL-'has a big
•
^tTUir have expected,
A
/
about Russia
<
the State. It was shown in the
Senator Kuchel,; who carried all f -Yet» aSain the Senator appears
interesting • "facts" jterize a number of capitalist coun58 counties, is reminiscent'of the
to be the most reasonable rallying
I had helped to dis- tries
today, are to : be explained Managing Director for the Special 'v|c|-orieS Of
Chief :Justice Warren P°int
for the Republicans; :of
other
seminate.
•
Republican. '."Administration',
a tremendous
swing vote
KSSS";?1: rr3 0r0™"\mtP;tneenLNnmor thae"TUf
third
t ?• vl
while .Senator- than Justice Warren did: when he
nationalities,
Oppression
the
"ahl "moiect l°62
caL
Evening Starast week describing
what
authorized
.
there is
pinditiire^=-:'of $I;157,Q00 ^ in Cuba
is best illustrated, perhaps, by the'. for : an agricultural
,^ n, the
with UNESCO thh
(As is u.e
passages which assert: "The un-
:c\ An
v
hidebound, but retains
To Form Fabrikant Co.
Effective Feb. 28th the New York
gtocb
Exchange firm of Fabrikant
& Co. will be formed with offices
at
29
Eroadway, New York
Partners will be Irving
member
City.*
Fabrikant,
of the Exchange;
general
partner, and' Lena Fabrikant and
Rose Silverberg, limited partners.
Mr.
an
Fabrikant has
individual
floor
been active as
broker.
*<•
-■
22
The Commercial and Financial Chronicle
(790)
iVlV
BANK AND INSURANCE
'
t
•
.
i
v
i-
.
STOCKS
/> .<'•. -yv-
'
.**.:•
"•.
This Week
*"
r
'V.; s' l-.\
<
.
•.'.•/J-, v"i;,■V.*V''1:
Insurance Stocks
—
|
:*
\V-
,
a
In summary, the common stock
of
Greatamerica
the investor
Corp
offers
opportunity to
an
'iV
mi
J
in-
mercial
r.
cellent
GREATAMERICA CORP.
portion
H
the
of
On Feb. 7, an underwriting group
Greatamerica
headed by Goldman,
its
and
Lehman
fully
v
Sachs & Co.
Brothers
shares
sold * 2,500,000
Greatamerica
success¬
Corp.vat
of
major
a
secondary offering. The
has subsequently > risen to
stock
$16%
bid
holding company or
ment
the
Over
-
the
-
Counter Market.
Corp. was incor¬
porated in Nevada in April 1962
operations
last
August through the acquisition of
substantially all of \ the assets of
The Great American Life Under¬
writers, Inc., and 80 % of the out¬
standing
stock of Ameri¬
common
Life Insurance
Co.
from
Mr.
Troy V. Post. The Great American
Life Underwriters' principal asset
24.5%
Was
of
the
outstanding
Life Insurance
of Franklin
stock
Co. In consideration of the trans¬
fer
of
assets
issued
to
68%: of
Greatamerica
it,
its
common
stock
to the stockholders of GALU and
32%
Directors
President
and
|pf
Greatamerica, received eight mil¬
lion
shares
class
of
B
common
$toek.
•
ed
corporation
million from the
proceeds of
the
re¬
offering.
remaining
will
sold from the
Mr.
of
america
The
were
850,000 shares
holdings
$24.3
shares in the
sale of 1,650,000
cent
received
Post.
$5.9
use
Great¬
million
of
the funds to discharge the indebt¬
edness
of
the
incurred
company
in connection with the acquisition
of 51,332
shares of Amicable Life
Insurance Co. in September 1962.
The
major
portion
the
of
mainder will be used for the
of
pose
acquiring
interest
in
otherwise
with
the
American
funds
million
480,298
shares
surance
in
will
Life
or
to
of
off
pay
incurred
debt
connection with the
ance
pur¬
additional
an
providing the company^
sufficient
$13
re¬
in
acquisition of
Gulf
Life
In¬
January 1962. The bal¬
be
utilized
to
prepay
a
of Franklin
Life
for
19
Members
120
Stock
American
Exchange
Exchange
Stock
Bell
BArclay
93.2%
owns
corporation's
tain the
life
intention
and
main¬
.
company's
companies
factors
in
the
life
four
in¬
as
171st
insurance
the
among
that
the
four
companies
highly
and
mann
A.
Jones
Yorke
were
Mr. Corcoran joined Donaldson,
Lufkin & jenrette in 1961. Previ¬
ously he
re¬
with the investment
was
counseling firm of Loomis-Sayles
offer the
& Co. Inc.
life in¬
of
V
....
within their geographical
surance
Anderson joined Donaldson,
r
Lufkin
quate
searcn vice-oresident He was orevice president. ne was pre-
satisfactory
The
investment
has
had
in
crease
had
results.
substantial
viously
market
the
over
Mr.
Western
Bank
and
and
and business
an economic
Hexter joined the
research
Trust
actually
are
con-
also
outside
in
instance—apart from
early
experiments
'twenties—its
bank in the country and the ninth
largest in California, based upon
Division
total
Wooldridge, Inc.
of June 30, 1962.
The company was formed in 1962
in
with
accordance
of
Thompson
Ramo-
if
even
is
rate
in
the
low
so
jit is assessed
capital. It
to
what
that
in mind.
seems
British
First Western operates 67 branch
throughout
Greatamerica
"soak the
would
details, his entire
replace
intention to
an
the
u
capital
California.
acquired
its
tion
at
As
of
once
has
the
acauired
taxing capital, it will be
addition
to
and
not
instead of
27,
million
the
-
-
It
is
unfortunate
spokesman
"
Telegraphic Address
MINERVA LONDON
for
the
was
gether with the
that
the
INDIA
•
PAKISTAN
ADEN
-
•
CEYLON
SOMALIA
•
j
•
VV
BURMA
EAST AFRICA
AND THE RHODESIAS
t he
is
real threat
the
upon
The
-the
total,
19.2%,
The
the
upon
then
values
American
the
di¬
54.2%
that
in
11.8
outstanding
date
FMC
Corpora¬
of
'
Scheinman, Hochstin &
j
\
T;
-
!}'->.•
A-.V-T., " .;l's j
____
y.
i
Trotta Forming
Effective
Feb.
Hochstin
&
Trotta, Incorporated,
members
of
the
New
York
Stock
fices at 111 Broadway, New York
$22.11
as
sweeping
a
tion
on
.City,
to
engage
capital
current
at
its
,
a
in
levy
a
securities
the
at
reducing the
as
taxa¬
incomes
were
value,
there
face
large number of people
would
deem
it
expedient to
? decline of the gold re¬
might deter the government
ororeedim?
tionaryv policy
of
on the
ex¬
transfer
capital from the United King-
Uom
are
still
however,
in force.
There are,
innumerable
evading them
and
p0Opie win
n0
doubt do
'
'
"
"
'
•'
"
a
great; many
so.
"
.
of
ways
"
servative
Party
play for safety during the last few
Executive
weeks before the Election date to
gains
is
taxes,
L.v,
management's
••
u
announced
policy to retain earnings for fu¬
ture
use
in
the business,
stock dividends may
time
to
time.
although
be paid from
C.
Vice-President; Michael
Pocaterra,
dent;
and
President,
urer.
firm's
Senior
Francis
.
Trotta,' Vice-
Secretary
Mr. Hochstin
Vice-Presi-
and
will
Treas-
hold
exchange membership.
the
avoid
being
caught
restrictions.
From
by
their
exchange
point of
view evasive action is not urgent,
because they
vert
their
are
entitled to
sterling
at
any
con-
time
the
at
on
business
General
recovery.
the
rising
tide of
a
capital levy threat might
to
prove
be,
however,
for
weapon
a
So-
cialists. Once the Election day is
announced, the flight of capital is
spectacular
assume
the
and
gold
pro-
evidence
losses
ceivably frighten
might
of
con-
large part of
a
the British electorate into giving
its
support to the Conservatives.
This
what
is
happened
and again in
Should
in
1931
1951.
the
from
flight
the
during
the
concluding
phases of the electoral campaign
become really dramatic, the pub-.
lie
would
realize that
to
come
a
Socialist Government would find
itself
with
confronted
depleted
gold
a
heavily
a
the
and
reserve
for
call
sterling.: The
that
pressure
devaluation
of
such
of
threat
calamity might Jhfluence the
suit
of
sarily
the
to
Election,
not
sufficient
a
a!
re-
neces-
extent
to
enable the
Conservative Party to
remain
office
" * a
At the same time, non-resident
and holders* of sterling are likely to
fast
as
again
is
liable
to
deteriorate
jfurther the prospects of the Con¬
a
business.; Officers will; be Peter
r^fta:
and
it would like to proceed. This
as
might
next
W.
Scheinman,
President
Treasurer;
Roger
J. > Hochstin,
It
as far
the
true
its
with
proceeding with its retla
7?
before
the
au¬
tmid
from
continued; adverse
of
aggra¬
serve
their capital from Britain
advent
be
th*
of
remove
share before allowance for Federal
per
to
unable to stop. Any
are
dunlin*
Callaghan's remark
change restrictions
21,: Scheinman,
total, less
million shares
so
Labor Government. It is
Exchange, will be formed with of-
di¬
time
taken
based
v
indebtness,
was
the
introduce
same
who
24.9%,
value
asset
above dollar
million
by
at
the
to
must be.
and
and First Western
net
of
He
assistant
likely
exchange control, which the
thorities
to
department.
tion.
bid
were
Franklin
m°re
of
result
a
reflationary
by an outflow of capital
through the various gaps in the
about the Labor Party's intention pound
directly-
companies
Qenerai Election draws nearer
their
vated
The
very
as
government's
measures
is
sterling that is
pressure on
liable to4 develop
easily
capital
ZANZIBAR
Branches in
7
Any
:
coming
so,
are likely to throw,
shadow: before, them.
Party
Labor
pressterling when the date of
^ -^aS a11 the
o
which
-
1964..: Even
leyy plans at this stage. To- double-edged
& Webster Securities
previously
value
Market
three
follows:
as
vided
the Government in
•
October
research
tion's
Greata
the cost of its holding in its bank
$69.5
Telex Nos. 22368-9
UGANDA
it until the. time limit fixed
the 1 Constitution,
.
Yorke, is in the Corpora-
chairman
based
insurance
Greatamerica
•
by
the Party's capi-
the
of
announce
Even if Mr.
Mr.
1962
Counter
Amicable 1.7%
Head Office
to
"defer
Election
Predicts Capital-Flight
rette.
share.
per
Dec.
$330
vided
U RISHOPSGATE, LONDON, E.C2
Jan.
purchase price of $63.4
a
million, $57
.
come. Notwithstands
or
seems more
seemsLabor
more
a
>
socialist victory at the Election
Corporation and the American
is looked upon as being increasCyanamid Corporation prior to
ingly probable.
j oining Donaldson, Lufkin & Jen¬
93.2%
on
un¬
ing frequent forecasts of
extent
it
+
Government
on
soJie
income
on
S
tax
to
probable that
taste for
in
not
have
rich." Even though he
that
S
than
is
Although Mr. Callaghan
did not go into
Hedmann,^^ is m the institu-
c!aLeS
Stone
2, 1963 from Western Bancorpora¬
of
KENYA
time to
some
heavy
offices
is
likely? to
scale-for
any; large
on
sure on
_.
r.
litigation.
if it is not
even
develop
liable to
subsidiary.
Bank Limited
•
count,
portions
antitrust
Sterling
on
In the circumstances it
to give rise to considerable
Over
National and Grindlays
Bankers
Considerable Pressure
Continental Oil Company.
Corp.) with the U. S. De¬
prices
ADEN
into foreign currencies. But
many
joining Donaldson, Lufkin & Jen- of reintroducing exchange control,
rette he was associated with the after a labor victory, it is certain
certain
near.
frightened
a
British residents wanting to re-:
reason¬
this
Socialists
attitude indicated
taxation
the tax¬
on
that
assume
the
should
Mr. Reich is in the corporation's
research
department.
Prior
to
under¬
an
in
^ can easily be paid out of income events
poration and prior to that regional
sales manager of the Computer
as
result
an early;
relatively early, Election, Lam
Europe, convinced that Mr. Macmillan will
and
vice-president of the Ovitron Cor¬
Co, is the 51st largest commercial
deposits
might
is
department of the corporation in taxing higher incomes and busi1961, Previously he was executive ness profits,
past five years.
First
as a re-
consultant with A. & H. Kroeger.
in¬
value
a
& Jenrette in 1961
search'
stock of each com¬
common
pany
have
and
capital
on
stated
.
territories, have established ade¬
reserves
Socialist
finance
countries
some
able
poration.
garded within the industry. They
usual forms
official
countries
elected Vice Presidents of the Cor¬ payers'
profitability
the years and are
over
acute
very
in operation in a number of
some ;
addition, Richard M. Hexter,
Joseph H. Reich Carl H Tiede-
group have compiled an excellent
record of growth and
latter
to be his Party's intention to in-
But in each
Exchange, it has
In
a
as
the
deciding not to give Labor a clear-cut victory,
Labor not to exert a heavy hand in taxing capital.
was
on
tinental
been announced.
1,400
country. In general, it may be said
the
is
New York S'tock
of
companies in this
u
during the 'twenties, move their capital are' likely .to
but of Socialist Party "find it advisable to
play for safety
programs in more recent years', by .making
their
arrangements
Now it is once more rearing its well ahead of
Election date.
;
ugly head. Mr. James Callaghan,
Jenrette, Inc., 1 Whitehall St.,
New York City, member of the
Jan. 1, 1962 Franklin ranked 26th,
Gulf 72nd, American 131st and
life
O. John Anderson
&
Based
life insurance in force
upon
..
.
Britain
tedly, taxes
substantial
are
industry.
that
rtroduce some' such; levy. AdmitJohn W. Corcoran
surance
>
likely to become Chancellor of fortunately necessary to envisage
the Exchequer in the next Labor the possibility of a
growing presGovernment, recently declared it sure on sterling on capital ac-
future.
The
.
more
but it faded,
who
acquired in the
may be
capital .levy
spokesman
indefinitely.
In
addition,
controlling stock interests in other
companies
Einzig and,"
.
subsidi¬
bank
Dr.
flight of capital from the Island and consider¬
observes
in
•
controlling interests in its
insurance
owned
V
to
k,,
.
electorate
of
is the
& Trust. It
a.
highly unlikely by
as
Donaldson, Lufkin LONDON, England-— The threat
aries
of
Bank Stocks
in
director of
a
of the stock of First
Western Bank
america's investments had
7-3500
Teletype 21,2 571-1170
Specialists
ed
,
sterling as the time fori the Election draws
in persuading
or
give it control. Greatamerica also
BROADWAY, NEW YORK 5, N. Y.
Telephone:
and
Life Insurance Co., which Great¬
america ^considers ^sufficient to
interest in First Western
Request
York
president
also,
British
Life-'American Life, in turn, owns
17 % of the common stock of Gulf
of
Laird. Bissell 8 Meeds
New
He,
Amicable
of
partment of Justice in settlement
Comparison & Analysis
Members
28.4%
vice
.
america
BANK STOCKS
on
able pressure on
O. John Anderson has been elect¬
Life, 80% of Ameri-
and
executive
.
standing entered into by Western
Bancorporation (formerly First-
10 N. Y. CITY
Bulletin
companies and
is^ dismissed
economist foresees a
& Jenrette Elects
commercial bank. It holds 24.5%
'
Moreover,uthet:distinguished
John W. Corcoran has been elect¬
a
T
t^aDltal LeVV
Vis
likely, as being part, of a "soak Jhe rich" plan encompassing taxing
higher incomes'and business profits^
_
It controls directly or in¬
Amicable
The
Donaldson, Lufkin
directly, through stock ownership,
to Mr. Post. In addition, Mr.
Post, who is chairman of the Board
of
company for practical pur¬
poses.
can
and; commenced
can
invest¬
an
.j.
1
"-iUS
•>.
bag" as.to Labor Party's.plan for a capital:
levy should it be swept into office tat the next .{General i Election..:
The Labor Party's promise to reduce taxes
concomitantly on current i
income
Greatamerica may be defined as
a
• j_
V.
The "cat is out of the
Western
1
/•. •
By Paul Einzig
value.
asset
with
4
management,
four life insurance
in
Greatamerica
First
professional
at a substantial discount from net
by
Trust Co. stock in Janu¬
1963.
ary
issued
in connection
acquisitionJ of
Bank &
of
cost
a
$16 per share to the public in
notes
Thursday, February 21, 1963
In Britain if Lalx>r Wins
bank,
thereby gaining
diversification and ex¬
Valuable
.
•' -'v
01 R
J..
♦
.
♦
vest in four rapidly' growing life
insurance companies and a com¬
.
.
.v,'^
Y?
_
j Jl^t
to
.'i
in
but
possibly
to
sufficient extent to bring about
Jstalemate
and
the
a
absence
majorityj
a
of
a
Liberals.
clear
position to
capital levy
or
major anti.capitaiist
However
nouncement
this
In
Socialist
Government'
Labor
woujd not be in'a
e
Conserva-
between
tives"^ Socialists
may
any
im-;
other
measures.
be, the
of the Labor
an-;
Party's
Volume
intention
of
introduced
capital
a
into
certainty
situation
a
6240
levy
.
.
:The Commercial and Financial Chronicle
has
element of
new
a
Number
197
(791)
Fenner & Smith
Inc;;
1963 NASD District Officers
un¬
Vice-Chairman, Gordon S. Macklin, Jr., part- J
McDonald & Co.,
Cleveland.tjWi
ner,■
which
District No. 10
v
had already been full of elements
of
uncertainty. :' It has- made
cult.
revival evpn
Brown & Sons,
of
President, First Securities Corp., Durham.
diffi-i
more
r"
Ay.'1
hold the:Oppo¬
sition responsible-for.'.-sabotaging;'
?
k-
•<.
.
Party
should
realize,
full implications of;the-
District No.
intention
of
If
should
-
not
the ^
should
give
'•«'
,yf ^
\ ~
12
(Connecticut, New
New
York
.rA'-'A,
1- A-
.
.
/
and
..
part of New
a
Jr.j partner,; Spencer Trask &
York;
Vice-Chairman,. Robert
Reynolds & Co.; New YorkV l? A - '
♦
.
M
Gardiner,
partner.
•
..
'Mk'1
Robert H. Atkinson
extreme
Frank Bowyer
Wm. R. MacCormack
Charles E. Crary
capital, levy
exceed,'.'* say»<\t %■:
A
per
the' Labor Party-
and' if
annum,
Co.,
recent} an¬
applying
measures.
v
^* Chairriian, Allan ,C. -Eustis;
„
the
djsclaimlany
nouncement, it might
j
»
.
•
Conceivably>>iL/aridt? ^^entthe;
Labor
.
"
f
* *
.
11; (Delaware; Pennsylvania, West Virginia and a
part of New. Jersey):. Co-Chairman, William
Gerstley, II, partner,-*
Gerstley, Sunstein & - Co.; Philadelphia: co-Chairman: David W,
Hunter, partner, :-McKeIvey & Co., Pittsburgh.-,};.
;• s
};
-
i
would .be able to
efforts,,, v™
:v *
'f
District No.
Anyhow* in case of a failure
its ,3 effort, ' the } government
those
(District of
Columbia, Maryland} North Caro- v
Yirgiriia); Chairman,' W.'. J ames Price*, IV, partner,* Alex AS
Baltimore; Vice-Chairman} Robert King, Jr Vice-
^
the '
government's task to; engineer ; a;
business
23
S'i'■'■'Sk;'~::X;T;:
District No. 13 (Maine,
Massachusetts, New Hampshire, Rhode
Island and Vermont):
Chairman, John M. Bleakie, Partner, W. E.
Hutton & r.Co.,; Bostop;; Vice-Chairman, Clifford B. Barrus, Jri.
Barrett & Go.,-Providence.-'
'* "" *.^
' %
.
.
.
emphatic
pledge:
to make corresponding reduction
an
in the taxation' of. iricome, con¬
ceivably, the a.dverse consequences1
indicated above may not ma¬
terialize,
at any rate not to
or
large extent. Even
the
so,
Canada's Natural Gas
any
:-:':y'^-rCkkr
addi¬
tional
G. Kenneth Baum
Louis A. Lanford
William C. Porter
Pliila. Inv. Ass'n
Bank of Nova Scotia's
analysis of Canada's natural gas production
terms its growth
astonishing and, while unable to predict the next
Wm. H. Zimmerman
A'
}v"',' ;'i i ,**•<!• ■>' "
'/A!}'
big
C.
be little doubt regarding its
can
rate
of increase in domestic sales and links
exports to U. S. A. to attitude
of our regulatory authorities.
;:
■
The: exceptional. promise
Pa.—Frederick
natural, gas
Vice-President,. Secre¬
Rieck,
of expansion says there
wave
bright growth prospects. The Scotia Bank foresees substantial
To Hear Rieck
PHILADELPHIA,
■'
-
Industry Is Thriving
.uncertainty will not help
matters.}.' ?£.-\ A! A" Y-M
of
the market
.
industry in Canada is
the
expansion
growing
>
depends upori
requirements
of
tary and; Treasurer of the Phila¬
delphia International; Investment
Corporation/will be guest speaker
rapidly, being fulfilled,} says the ^existing /users and upon the abil¬
current issue of the Monthly Rek ity of gas to*
capture the fuel re¬
at
In
.
a
view of-The
luncheon meeting of the In¬
scarcely
Bank, of Nova Scotia.
than half
more
deer
a
vestment Association of Philadel¬
ade, production from the- abund¬
phia to be held March
ant
quirements of new housing devel¬
opments and new industries.
1
The
at
and Equity Investments in
Business
Through
the
A. Paul
:
.
,
v, •.'
Samuel R. Roberts
}
,
of
};.}■.,
;
_;
of
building
about
a
stretch
/
to
,
Association
been
New
Of
designated
York,
Vice
of theBoard of
has
Chairman
Directors of
the
Federal Home Loan Bank of New
York,
it
announced
by Jo¬
seph P. McMurray, Chairman of
the
was
Federal
Home
Loan
Bank
A Director of the Federal Home
Loan
Bank
of
New
York
1961, Mr. Mortlock will
Board
Vice
Chairman
since
serve
as
through
1963.
The
Executive
American
is
also
Vice-
ings and Loan.
of the
•
He is past Presi¬
Metropolitan League
Sayings and Loan- Associations
and
a
Savings
director
former
Association
.
New: York.
the
of
League
of
financing arid
savings
arid
loan
management,v Mr;: Mortlock
has served as President of First
Federal; Savings; and .Lpari} Asso-.
ciatiori of New York since;
-
} Prior
to
joining
First
1955.}
Federal
following officers for 1963 have been elected for the district
"*
"
,
1
f.
\
k
;
•
.
'
,
'
]
'
t
-
;
partner, Atkinson & Co., Portland; Vice-Chairman, Hammitt E.
Porter, manager Spokane office, J. A. Hogle & Co.
District No.
a
(California, Nevada and Hawaii): Chairman;
Frank Bowyer, partner, Schwabacher &
Co., San Francisco; coChairman, William R. MacCormack, Executive Vice-President,
has
factor
cf/d.
now
City; Vice-Chairman, Lawrence M. Mullen, Jr., Associated
Fund, St. Louis.
(Alabama, Arkansas, Louisiana, Mississippi and
a part of Tennessee):
Chairman-, Louis:A. Lanford, Secretary and
Treasurer, Hill, Crawford & Lanford, Inc., Little Rock; Vice-Chairf;
Herman Bensdorf, Herman Bensdorf & Co., Memphis.
District No. 6 (Texas): Chairman, William C. Porter, President,
Dittmar & Co., Inc., San Antonio.
Georgia, South Carolina arid a part of
Chairman, William H. Zimmerman, manager Colum¬
bus, Ga., office, Johnson, Lane, Space & Co.; Vice-Chairman, Mat¬
Tennessee):
B.
Pilcher, President and Treasurer,
Co} Nashville.
f
'
'
'
;
,
,
,
"
8 (Illinois,- Indiana, Iowa, Michigan,• Minnesota
Chairman, A. Paul Ogilvie, partner, Hornblower
Weeks, Chicago; Vice-Cbairmen — William L. Liebman, Vice-
and
&
District
Mid-South Securities
1
No.
Wisconsin):
Bankers
Association.
of
mort¬
American
Manager, Loewi & Co., Inc., Milwaukee, and
Swiat, President, Olmsted & Mulhall, Inc.," Kalamazoo,
-*
'
--.
markets, the
new
'
,District No. 9 (Kentucky & Ohio): Chairman, Seth M. Fitchet,
Vice-President & manager Cleveland office, Merrill
Lync^f, Pierce,
some
460 million
1962.
in
up
great
ma¬
and OiT fields. The production
a variety of by-prod¬
flowing from this processing
ucts
the
important part of
an'
natural gas industry in Can¬
ada.
Over
last
the
two
years
alone, the^ Review continued,
and
actual
shown
ca¬
with
sales
to
in 1962 esti¬
Propane and butane
1,200
milliori
also
are among
liquids and judg¬
ing ;by experience in the United
States, there is
substantial po¬
a
tential market for these versatile,
convenient
and
highly
concen¬
Prospects
quite favorable for
expansion
will be heavy
a
fur¬
Canadian
in
mand, the Review?
de¬
states.
pressure
There
to extend
the range of sales outlets for pro¬
and butane and to develop
pane
around
has
the natural gas
appear
Market
demand,
at
production
big rise.
a
trated forms of energy.
consumers
new
uses,
as
production
gas
ex¬
of
>
obtained
Kansas
4
rising
a
increasing share
an
energy
all energy supplies
ada
of
market.
Gas
accounts for around: 15%
much
a
of
used in Can¬
compared with
as
smaller
:
:
From here
gas
industry 'as
5%
successive
in
the
markets
total
more
The two largest provincial mar¬
on, for
a
the natural
whole, the ear¬
lier spectacular advances from
only
mid-fifties.
penetration
will
be
of
the
new
replaced
by
a
gradual growth of demand.
Even so,
the Review pointed out*
the rate of; increase in the domesA
and ' Alberta, ac¬
tic market alone is likely to} be
count for over two-thirds of the
substantial, supported by continu¬
consumption of} natural gas in
ing expansion}in population and
Canada, the Review states. Al¬
industrial activity and by some
berta with less than a quarter the
further
displacement
of. other
population of Ontario still
kets,
Ontario,
.
leads*
"although the difference has
become
the
very
market
small,
has
In
now
tinue
to
show
expanded
an
moderate
fornis of energy as
well.,
'
-
Ontario,r
rapidly and will undoubtedly
research
the
sprung
arid sale of
As the supply of gas moved
gage
for
have
Canada—the
pands and output of the by-prod¬
eastward, particularly to the ucts
almost
automatically
in¬
major market, Ontario, natural
creases.
gas
thew
in
mated
(Kansas, Missouri, Nebraska, and Oklahoma):
Chairman, G. Kenneth Baum, President, George K. Baum & Co.r
man,
now
are
been, arid remains, the largest
Mich.
director
produc¬
gas
jority located in the large Alberta
ther
Canadian
District No. 3 (Arizona, Colorado, New
Mexico, Utah and Wyo¬
ming): Chairman, Charles E. Crary, E. F. Hutton & Company, Inc.,
Tucson; Vice-Chairman, ROscoe B. Ayers, manager Denver Office,
Waist on & Co., Inc.
District No. 5
gas
The domestic market, however,
and
was
of
the
With the successive
Domestic
2
York
with
all
noted, exports of natural
lion cf/d in
Since
associated
natural
day in 1957 to
more
was
great
Cf/d in 1961 and around 940 mil¬
Richard J.
he
the
steps—from 57 million cubic feet
1
District No. 1 (Alaska, Idaho, Montana, North
Dakota, Oregon,
South Dakota and Washington):
Chairman, Robert H. Atkinson,
President and general
1948,
of
have moved higher by giant
gas
the Federal Reserve Bank of New
in
completion
California
penetration of
W. James Price IV
District No. 7 (Florida,
*
A prominent authority on mort¬
gage
John M. Bleakie
committees of the National Association of Securities Dealers:
}
Savings and Loan In¬
stitute's Graduate School of Sav¬
of
The
District No.
President of the U. S. Savings and
Loan League and a regent of the
dent
Eustis, Jr.
Evans MacCormack & Co.; Los Angeles.
Board, Washington, D. C.
has - been
pipeline from Alberta
northern
Review
,XA.
Eugene M. Mortlock, President of
First Federal Savings and Loan
the
ago
year
within reach.
Allan C.
"
plants
Western
long-distance has become
of
.
With
of
astonishing
volume
tion has risen, many gas process¬
pacity, to produce natural gas
currrently economic markets for liquids and sulphur has tripled,
Appoints E. M.Mortlock
hk'-'k
.
production
the
the ing
$70. million by
this
to
*
pipelines.
Canadian
-
to
Processing Plants
,
As
gas
the
•
N. Y. Home Loan Bank
'.Lli'i-' •(
increased
exports
some.
key
•
grpwth' in
Schmidt,
}}•}}^
have
as
.value
The
Roberts & Parke, is in charge of
arrangements.
have
}1962.
International
phia National Bank, was organized
5
six-fold.
United States, the latter reaching
Investment Corporation, a whollyowned affiliate. of The Philadel¬
in 1960.
Canada
sharply
Foreign
Provisions
a
Philadelphia
in
nearly
Ogilvie
of the 'Edge Act'.":
The
Western ;Caiiada
expanded
Sales
Mr. Rieck's topic will be "Loan
in
reserves
has
Engineers Club, 1317 Spruce St.
very
con¬
impressive
if
Glore, Forgan Partner;
Glore, Forgan & Co., 45 Wall St.,
trend,
New
York
conver¬
New
York
sions from other fuels have prob¬
other
exchanges, on Feb. 28th will
ably
admit
the
the
by
most
now
greater
upward
economic
been
part
'
accomplished,
of
the
future
ited
City, members of the
Stock Exchange and
Hobart
C. Ramsey
to lim¬
partnership in the firm.
saswmflmmimm
24
The Commercial and Financial Chronicle
(792?
For Bond Market in 1968
:
v.//ma/; * *•' ■'•'cAv'.!-/'•••'''
'.C-:
v.(,"v^r-/'
i v'r'' 1v. ••••..' '/
•
/v\-V*> .-V"
•• •»; • '' -
v'i
<'•'
•
;
J// * e:. ;
•'.
.>,?;•»
* ■
..
Continued from page 3
changed since the simple positive correlation, of the 1950's...
5
'Common
reasons
/,x■
;
.
.
suggests a few,
sense
or should not, move ,tog^her in a noninflationary en-
r^,.i
tliis was' due
to 'adverse
largely
psychology.after 13
.'of-rising -interest « rates;
bond market
;
Thus, by .1960, the bond; market
.
*
existing arid
ovcrdiscounted
haii
'!
•
.
...
.
.
n
i Brief mild swings an the
trends of the economy then re-..
placed a scries of powerful post-
j
secular
The
booms.
war
,
growtlrseeifted to slow
rate
of
down^vith
£/ksfaction^of wartime short-
cyclical swings were
strong-enough to have much
ages. "These
r.not
effect
bond yields.
on
I
believe
f
should, be
it
to
'
end in 1958. This fact was
an
hot
until
recognized
has
Inflation
.
by
prices, came
wholesale commodity
:
°f the market they will be s g
m '&&&* s hi f t sjn
later,
years
replaced
been
spreads.?: The
• present
pri-
1 d
y i e
-
large
0nly
really
yate
credit '■ d
e m a
by
h'd
for
is
huge
■
>in /1962
response
-
of the American in-
present
nomic climate is almost ideal for
of
New
large public savings in the form of
of
the
time
tional
disposable income
deposits:
is high and rising, there is no
flation,
•rules of the game. >
a
..
.(4)
1959/'or earlier,
By
foreign •■*' nations'
many
*'•; their postwar recoveries,
.
estab-
lished convertible currencies, and
//
servative
-
e m p ha s
i s ~on^ providing
for
on education, health and recreation. Therefore, to the extent that
drawing heavily On oursur-
These changes must .have dras7
v-<4)"Xhe- site of a'profeabte 1963
Otically modified .the criteria of our
Treasury deficit by itself should
.monetary policy. No. longer has it
not provide a clue to the trend of
f
.
'
■
'
;been necessary for our authorities .the bond market. This is because,
';to restrain an economy which was ;in
'
'tryihg to grow too fast, The dor
^sthtesticc monetary;: objective /has
'
a period ofJ economic- slack
when the i>hysicai and human- re-r
of-the
sources
economy
owe v e r
adequate ,ta
;:i/|nonetary policy has had to cope the
use up
the savings of
the
Treasury . has
economy,
.^^ith a deficit ip the halance; of wide; latitude, in/.the -manner^in
payments. This stalemate between
which it finances its deficits.
'hh*wo basic and conflicting objec- of
lives-has
i
of
theVuse
prevented
:
If,
the deficit: -or other
bring,* about : a/ sharp
course, i
events
.
(vVery; low interest rates to stimu-1 ppsurge: in: the e c o n am y and
fo late growth at home, and has pre- a
corresponding/ rise ;, in/; pri?
vented the' use of very high in- .vate
credit demands, then a
terestrates to attract international
^//balances."
with
^"Faced
authorities
inonetary
r
' '
*;
dilemma,
this
followed^
cessfully
have
terest
sue-
of
Enormously in both policies by the
>:f
massive response of
the American
^Investing public-to the high time
deposit rates.
,
"iu U
Negative List of Influences
..
As long
,
indeed
great
put
as
it did in 1959. My only point here
is that a large deficit by itself;
as
remain
we
^
rates.
^
"(5) Finally, investor
probably will not be
as
important
it has been in the past in creat-
Ing wide price
bond market although, of
"
^ will continue to have
within
tes type of monetary stalemate, I
influence
a
day-to-day
on
course,
strong
fluctua¬
trend
wholesale
of
prices/ I
will
cal
policy.
■
ternational
:
a
few of the traditional factors
Which will not be
as
important
as
usual to bond market trends. Later
■
>1 will list those which
-.
should
be
dominant. My negative list is
as
follows:
;.
v
^
(1)
The
whether
trend-
up
of
little
a
or
business,
a
shade, will not in itself be important to
if
the
interest rates.
business
pectedly sharply
resume
Chief
its
or
course,
of
unex-
slumps, it will
traditional
cause
(Of
cycle rises
role
bond
phase- of the gradual price
every
advance
recent
from
highs,
the
1959
there
has
lows
of the
market
factor
in
trends
since
for
take
which
the
dominated
the
1950's. -Almost
no
history
.The stock
market,
moving
of
short-term
funds have been placed by institutions in long-term bonds during
the past few years, while
deal
of
times
long-term
been
bonds.
In
funds
placed-in
other
a
have
been
-very
at
strong.
The
market
■
,
..
interest
the
chances
no
in
:
his deposits are rising/This
like
seem
though they
.;
'■ '.
*
V
*
.1'
:
'A
■
employment
4 ■
..
within
•
are
ties ;
<• • v-
I
ori private - deposit" berP
are/here " for/any b other reason
word
as
full
kets
all
;
- •
1•
J.!,•*
<
the
'J1 '<**
haoney
use /of ?easy,
/
.
in " the
1960
These
free
re¬
stead
;
-
banker imposes an economic' dis--
ciplirie
have
r
,
' c
-
| t/ }f\ j,/v
|
large: foreign, short-term
declining
ment
to
V2%,
2.25%; long
not1
go
govern¬
not * go
did
or
mere
upon
;
that; .they
have accepted this-discipline: lThe /
ultfmate
.
authorities i■
Us; .Our
given' evidence
*
of their/success,
measure
however; will- not be.
a
Treasury
surplus *or high? interest rates
3.75%; while corporate new-issue
which
is
yields,
and
The
2.75-3.65%,
did
'declining
not
Finally,
is
the
of pushing
whpn
rather
is
than
market
has
this
"or
of
W
and
years,
Structure
fiscal
yields
than
pays
United
likewise
of
depositors
their
chief
credit;.'it
is
a
have; it
likewise
only
world.
only
or
a very
military defense in
eurred
good
the balance
of
payments,
determine
to
if there will
and bad news
will go
items
news
way
as
news
bond
and//-'
long
a
market
monetary (and fiscal- "
and the level of interest,
sentiment,
policy,
interest rates
in
declines
Recent
rates.
are
foreign,
helpful. Further,
programs
to conserve dollars are-
probably
about
which may
to
seems
to/be
initiated,;
y-
help. The entire world
be
achieving
a/
sophisticated ^prospective
more
on
our;
ing that almost $16 billion in gold,
foreign
payments
-
on
best
best customer that most
the
gerous
In 1963 it looks
be both
the
banking position and is recogniz¬
more
of
and that
of
all/ The
their most effective or
balance
our
at
probably
of its value.
measure
bank.
its
source
other
.that
reserves
interest
of
heavily ' in¬
monetary
policy for several
bit
banks.
no
remotely, comparable
is
from
history that
payments
present
It is
policy
stimulation
at
restraint.
evident
any
in/the world
States is much
recovery
economic
aimed
facilities
.
deposits
interest
international
is
with
bank
short-
these
States,
them, is not just one of many
There
re¬
the face of
economic
domestic
been
the
up
holding
paying fair rates of
available
of 'pay¬
for
interest rates in
sluggish
on
.
balance
responsible
policy
term
below
go
4.30-4.50%. //;
to
/analogy
United
is
products
these
that/the
here
is
down.
of
we
another bank.
breaks
instead
whim. We do
ourselves when
penalize
to
It
below
deposits around
our
bank to another because
of either services, ihterest "rates,
yields, instead of declining
21/2-3%,
shift
one
confidence,
did
of
to
from
in¬
the
.
;
.
Nevertheless, 1 do not wish to
fidence in the' "dollar.
reces¬
low levels. Treasury bill rates,
of
"Discipline
.
cession, it is true? but from, very
high levels to lower levels, not to
It
Economic-
We Have Accepted
v
^statistics";ad-
,
monetary/policy
rates/declined
has
unhappy "'at the
high * gbld ratios: / It will; be the
stimulant. There was no re¬ .balances / are / probably v too: often
stability/of * our' price structure:
to the very easy money mar¬ thought of as analogous to domesThe convertibility of any currency
which characterized almost : tic/ bank deposits., We / all / own
tritd raw materials and finished
earlier
recessions. /Interest bank
deposits. - We usually/ feel
a
a
foreign depositors
any
lion of dollars.
distinguish between
can
we
•
are
would- be%
prospect of -ownirig:an extra bil¬
Let. me
inflation. -It mental .considerations:
important fac¬ 'point but some; basic: considera-
1960-61, *Hhe?lDalahce-6fi
.a.
there
who
payments problem prevented our /; Why; There Shoiild Be5 Dollar
.Confidencerv/-/ ,//; /
monetary authorities. "fforn per¬ /Z/Z//VZ' ■'
mitting
hlse.. I would be very surprisedaf
rising faster than
'
the
use
lieve
ftriwherd
here' and
them
-
imply v. that i I there is - nor serious
;these asset/and - liability /statistics
? problem. It. has been* well said
the? widely ;/and; what seem like more lu.nda- thait this new roie of international
Again during
sion;- of
have
outflow.'of .visedly/ however,. "because I beRe¬
'urgent business necessity- to
•than
<
' t' */.
-
y. :
.
Again/ very fewr of the "iriany
shortp-terrri/ low/yielding;
are
claims.
;/y>
that
mota/descnption/pf (the a
(iepojsitl
analogy is^misl^dirig; "
/ v
billions
odd attitude for
an
'yielding claims /while his - liabili¬
- a
rate
At
Federal
with
molding
1959.
words, the tech- fluenced
has
The
worried be¬
is
bankerl-Pspecialij/EP®
dominant
1958.
must have been an
good
short-term
World,
expected aeviyaL of
a
the-
two oriay
^determination /to
Board's
serve
cent
alert
Free
cause
•
reinforced
constantly
the
banker for
is " not
-
a
the
doubt,
no
gold
ments
on-
our
American
ever
time,
large body of professional opinion
nical position of the market
'
(2)
to
been
sort of sharp rise in interest rates
o
down
suspicion. Throughout almost
as
the
/ his liabilities, are long-term highbalance of in¬
payments
&nd
list
for¬ •/in; 1963. Uncle Sam,
not in¬
are
' ";.
novelty. It has been
has been looked upon with doubt
immediately ahead, I should like to
Z'f
••
.
typical; role of E;bank of.
deteriorate
•
cyclical
the months
or
;States Will
but
'
-
The deficit in
to
For
:'•
dnd
"This (is
United
Improve
mention ;
these
<
/
.
debacle of
pattern.
also
of
:
ket will not follow its traditional
1958 the bond market
ment
the bal¬
on
of the
payments
rather /reserves exceed 50%" of his de¬
should depend on them; namely, posits. The reason, of course, lies
in the fact that his assets, al¬
(3) monetary policy, and (4) fis¬
dependent
not go below
mar-
our
of
ance
commodity
which/however,
more
tions. This bond market has very
few
friends.
Ever
since
the
Would suggest that the bond
whether the statistics
I
eign balance of payments/(2) the
^
psychology
as
market.
primary importance; (1)
turn
^
;
bond
our
and. going to stress] two that are of
deficit would
the money"market
,
Influencing Factors
the trends
tor
pressure.on
serious/ view
reflect the
should
weather
-
watched most closely for clues to
in
•
rates.-They have been aided
f
which | our authorities have / re¬ their ,owp borders or to finance
peatedly said that they take of; the their? defense or to .riiaintairi th$
situation.
//- ::
^,; ' international political position of
% shall how discuss those fac¬
the trading';system .which is even
tors which I believe should be ■-xi; am riot po^Petent to state
more vitaf to them "than it is tb lis.
f
\jj
simultaneous sizable Treasury
inteirest whire^' presehting. serious problems,
reducing long-term in- will not assure us of high interest
Jrates and
; ;
our
dual policy
a
-••'•'/bfraising :s short-term
'
' '
,
Co;i Inc./ and ^Siimner H.
Waters,-V.^Pm Kidder^ Peabodyofo Co; Ine/r
In¬
friends.
-
h
right:
of
to
Vice-President
Albert H. 'Gordon, senior? part¬
Kidder/ Peabody -
ner,
7
not
are
'heerj to 1 encourage a growing being ifully -employed, and /when
Economy to. grow faster, -.
;; private credit
demands are- not
Simultaneously,
the
left
from
are,
Executive
International Finance Corp.; Bruno Pagliai, Pres¬
leading 1interna¬
including
York,
Rosen,
ident of fTAMSA;
placement
direct
of
investors,
few /"fair
today? "has
budgeting with
family
monetary policy permits the banks
^plus: gold:• .stock. This :inj ected k to invest this great flow of savings
/basic; new;; set of .' .influences into deposits in the capital markets, no
-our moneyrmarket:
'•/ iy-/•/ r.'.
shortage of funds is.in sight. -••••• -/
-were
'
institutional
the
group
M.
price.
completed future expenditures, for example,
had
a
of
the^signing
at
in-
.
-
with
affiliate
an
above
fear that expensive conT
no
durables will rise in
sumer
negotiated
York,
issue
in * New
Martin
Co. Inc.,
Kidder; Peabody &
company.
Corporation,
Shown
closing agreement at the Kidder, Peabody
of the
offices
that such debentures had been sold by a
Finance
Bank.
World
the
This marked the first
Series due 1975.
Mexican
eco-
all the political uncertainty to favor cori-
changed
deflation/ /This
f 7^%
vesting public to the high savings / time
!|^rice-vstebiUjtyf^ifh;pvertonesk of /There/is^ sufficient" economic rand
i;
ternational
a*-record- | A PRECEDENT IN FINANCING BY A PRIVATE
kreaking volume of new mort- : MEXICAN COMPANY was set Feb. 15 when
gages rwas< financed with ease at | Tubos de Acero de Mexico, S. A. (TAMSA) sold
aeclihirig interest rates due to the f an issue of $5,000,090 convertible a debentures,
mortgageS;
deposit aates/ The
,
(3) j Inflation, if it is measured
/s as
!*/V7fact?rs mtofluencing ov^a l -interestrrate trends m 1963
although within each department
internal
.
v
,
.credit demapds by.
themselves are not apt to be dy-
demandsAJ... :..J; .J 1 mican
prospective
y.;.
v./-,
«
•
/o
years
■
Up or down, will not provide the
Clue to /opposite ? bond /market
fluctuations which it often has in
-the past-There ,is- tm ..yery:'good
.reason why stock and bond prices
yields m l9r»9 reached levels much. vironmenthigher than economic forces war.
... .
ranted even .at that, time of. boom;.
Private
1
*
•-.* '/.-// '/;
•••
for the change since .1959:'
tV
</'
4.'
'ru^A 'should
(,V In^f
;•
Thursday, February 21, 1963
.
Mexican -Debentures Sold
Outlook
Factors Affecting
•
.,
source
dan¬
Furthermore,
deficits
are
being
largely to finance
its
in-
invest-
plus
very
large
large
foreign
of
line
assets,
plus a
credit at
the
IMF, give the United States a long
period
of
time
fundamental
cess
in
to
Cuba
and
problems-within
bloc
are
improve
imbalance.
the
the
Our
its
.
sue-,
internal
Communist
favorable factors for our
'
Volume
balance
*
of
American
"
Number
.
,
.
"
,
Si' and
headlines
*
.
alarmist
.also/'in
;.ai:e,
There
:ex-
newspaper
question
here
pendently
and
pr ospejqt
fiscal
is
of
basic
in
advance
+ho
cl>rpc
BY
JOHN
for
25
arguments.
Ex¬
material will often
give
(in any line of busi¬
opportunity to show pff
knowledge, become combata-
his
DUTTON
an
tive, instead of cooperative.
Be
selective. Don't » try to sell
industry, six stocks, or a vague
an
pres-
Parables Not
t
-Arguments
idea.
.'.one
Offer
idea/ one stock,
one
good situation. This shows the
some
con-
his
and
preted either, in trad 14; io
n a
1: and lazy in arriving at investment
J TConimodity"Price and Monetaty.'fashi0p or in pragmatic fashion*
Policy Trends
The
secorid
"
basic
•
factor
Pragmatically, if there is
to
ho
inflationary l upstirge
ic' Yhfx
watrh
decisions.'This is notmeant
.
!ndi<Ynent
in fact
mveat?Fs. wifh. whom the
in
asan
*a
it
must hrdnty T
mnw/ po nts. 1
nnth iiw
i«
of
graphs
that
I
..thought'would help me to show
Telia story,
prospective investors the merits of P^ves a. point
muni
^poiocmoM
'
hii<rin*M
set
experi- U£e insurance
W*^^nced"4nvestmehf'Salesman
spurt of-commodityi
no
elaborate
of lay
oui.
lu>"; vwl 'vanooh
£5T- "
;Jy^vtrenO;^ commodity^ economy,
a
v
/
.
of
-fiscal
policy: is apt to create, large
possibility pf. outward,fman-
CORNER
the
look
the prospect
ness)
inde-
requirements
•
Don't
traneous
policy
whether
or
(793)
SECURITY SALESMAN'S
policy will
-
this!; end./However,
toward
prospect.
Disappointing; <thesei
^^tqrns are in
rates,
collaborate with monetary
danger of ad-
a
speculation.
™
0J
-the
always
is
The Commercial and Financial Chronicle
interest
.
,
Nevertheless, Wr- gold
^
6240
payments and for all revival / of ,■ inflation, /
require
markets.higher' short-term ' ori ; long-term
..
1
197
^
stocks. Although the
*•,
v;
v.
«
v
>•
-
•
.
One good story that
Is wortt^ thousMid
graphs, ^charts, or statistical i>enapto
wnt'*
v
no
o
o
r
t
o
l
trAii
But be certain
were^ P°rt®-
trierf
tr?eV:X0 enipnaswe were
n
arc*
yourare
f•
.
worthwhile sepuritv at
have " beenr stable prices no- speculative /fev«r- then
r.Hsiness. It is nptmng more pDtent considerations, and my
? i wortpwhile sepurity ^t
t
„ow; ffYr
v«arc
:than^a^daimstatement of fact. The ino<?eleaf honk was-miW
now
lor, t?ur years. If whrtToCaiA' -pur authorities, need not resort
wholesale
imnre«?l the n§ht time when it. is priced
to record sneaks
*1
for itself Although*•** ?^
was .qpite. lpipr^is- moderatelV ^
calprices - start to - rise' moreu than financing at high
interest rates
£
speaKs tor itseii. Aithougn Sive j found tliat I was not gam,
*
i/f +
. *3:
seasonallv
+t
^ Jp,resi TaTT* professional investment advisors, ine much headwav when I showed culated value and future-possibiliseasonally, this more -Yhah pny. Jr
this more than ahv
tJnder^the tmditional^pprqach^a^
^Tfiese
prices.
;
.
-
} other domestic-factor will "trigger, the. .Treasury.. wxmld
1
chift in mhnofarrr ■nniiw
a
.
^n nripJc
:
restraint
A rise
wnidH
restraint. A rise in .prices; would,
also worsen our balance of
♦
t4-
ments. It
current^^ recovery.
,
If
—.
an adr.
nart
oart
commodity is
to
^
he
ahcou
of
because ^
recovery,
unu^d resources,
-
iw»a
-
m,
apd(b0n(Js-from
watched
«
it has
He
low.
are
over-^cxtends- tine
throuehout
the
"individual
,
onfy
land
He
anv
8
general
7
human
cyr^ow
J-9 a""K
nature
in
the future.
,..
group have
a
ne snouio aiso enjoy
it—not only now^^but
cponrifv
•
reaTonab/e Yo ^as
business''"
4
few
a
TT*
^i
sonie
you-have
American J Stock ..Exchange
Board
and
naees
^^vemitS
.
The
'
He looked at
thinks
instead of '.'groups of stocks" and -think
Monjfctary Tolicy |h 1063
I sfeould - m 0 h tj o n
monetary policy especiaUy in titie'
of
nf ^hA
norelough'to'lMd
to drink but he should also eniOv
few.
recent years.
expansion
students
/anti
Q
prices
as
.
Vand one of the greatest, security
?'is 5>uu j.ue surapce stocks.as.
i
i
time to. time
best
mistakes
iu^
°^r large will continue to offer longer-term himself when
optimism Is
a monetary
tS^£al8eCredit during
seems.likely.
Thirdly,
T
*•
«urviW?^-x-^^
fhdso who
is
it-'if
^
^ ® —86 to wa^er and entice him
good friend who was one df the
a
aeuvities,^tnose .wno survive
the exoansionarv
exnansionarv
of
quite possible
.
'activities
j*s" ™>s f
my -handiwork to prospectiveJn-
yestors. Finally, I .took the book to
their investment and" specula-
m
fu»nslS 01'neuxcallzin»usually-learnfrom their
eood
a
prices turn downwards, which. i3 car^Uy during sthe, next
;
auSkd
bdsiricsV aiso maKe mW mistakes
ousmess,
many
j
_
public savings
'
the ^stability of com-
is
thosein the*seenritv
io
attempt
•..
vanco^ Of economics recovery; and;
tive
thus run the risk nf hfmtraiiyintf
pay-
«
.
—
of
Governors
re-elected
t ^bert S, Fra^. Vlce-Oiairrr^.
excellent at its organization meeting. The
.
Board
issues."
a
)i proved-
Httle irora his^mist^kefr dhd be ds. .AB^UMENTS?" Inr.addition,yhe
t>-
Ex-
change- Presi¬
:
dent Edwin D.
Etheringtori's
re
>'.'"fidoubt' that it--will respond vigor-^'
; ously to the other domestic
which
V
traditionally
ForiexamplCi. a Waer^te. Hs;^
in--general^businessindiees^?
f"
'decline
*
should- not
have
the. traditonal
"'J11
-
formed his opinion from scraps of mtnts; particularly, from
at ieast reasonably- com-
it."
influence
Wn
!
hearsay, or
an
unfqrtunate,"gam-- rity:-salesman,
a seeu--
either-
effect
Credit
wav
exnan-
fte^evef; Shpuidi^
i^eriel^f^r^nlaf
p_
co
'
^r^unus^
havp
we
■
TV
e n
n
H C II
,W
^unuseq./ resources.
:
-ratpc
nnnHnno
marr
mmro-
~'i •
■•»
continue..tp movo-balty
fn tomnnvarv'l
.
rlTVpr«plv
frv
appnrrlincf
r-i.
Thus
1
"i
-
.
i
uii"
•.
'
,
l".
•
■
-i
.
t-
Public
Dr.* Allen
>
Du
B.
Mont; tel-
"
evision
Pee?1';ai series - of- irregular ;and .He ^ doesn't know a'.thmg iibout" Which; he ^can lookupon;,withbHnS ii--thfe •great;^rbfits Jt^tfhav^^0hHprido^heii|I asked hfm what he^sion^alone should not*1
^seemingly, -irrational "fluctuations tViP prrppt nrnfit.s that, havp hppn^mride.'Then I asked^;^hat*he.
Y strictive -rountermeasure* ;wh x
in the.bond market. -Various Sypes*;^'.imaie. in'iife insurance stocks,.cas- :wo.uld do io convince^people-that.
wh
* rr-7:~~
maae m me insuiaiice siuc«.s,„caswuuiu. uu w^oii vnu;enf
r
n
Governorst—
,
^,^tempted;?attd-tit:a;:l4toe:^benber^^bf®?apid:P9s®bly-:hftyWgja.2te»^
: was "'most, certain tolie burneH.. deal_less of- the .world's, goods-
-
i
of- the
whoj ^i
any-marr
or
ap p o
."ment
i: three
market4 fUnctionS.-'~Me
great
-
|
e
le
c
and
troni.es
pioneer; Sv
£:*\ ; -.
>
peviM^uiai,,n*?"
dnn' »1a«;vPr
-_i.
t
.
_
v
_
anr
stocks, bank stocks^ and,lit-- -life insurance stocks; ^ere:a ;g00dv
•»-ti.- jiV
j
_
.
dpn;lawyer and retiredVlcO-P^es-
i..urki
iHpnt
and
Spprptarv nf fhp Ameri-
...present
V
ably
to forecast
•
"
♦
times the suhtletv ,.f its shifts
re-
mhi^s
the
^
me
a
a. nassaee
passage
.poet Homer wh.ch I shall
-
*
inev
.
-
.
ti,er" h7*uag"'' ^aY
thought.ihe\w^s .advancing/\/4"t f181"8*!0
have
heretofore
.i
r
v
..
^°
b
s-
..
.
-
•
-
-
few
months
~A
"
'
as
:^hich /
-
recession because
that/ for
at least the bond
-• He asked me - what -particular--"
T.andon
and- nr- Phillins
IHo stock I liked. 1 gave him - u-. • - Mf • L
don
d'
ps
of about five or-six stocrvm. "Nar- were initialIy appointed to represtocks:
,r,.u
<.
00tMflowd to one'Vhe'said.-Now fent-.tl?c publl.c ?L„thf 32-,ma?
^ux-
,
thatrel.'
of-^e/Safid^eaS'.of ran aboutlthis company/Check jtg; Chairman at .the lime; anil„Dr:
1
y
^
mit-;it^,He. doesn't Jrnow
strurted out
analyzed;^^My;'SW®a
suggested
,Short-rates
-
•
-
a
it \s getting close to election time
^
over-excess
-
-
--
Jn
^rue y^^er
.be;^^t:<^??^?^l:n^Jpf:jgovermnental p»w«rs that changes, qu^tions. Prompt -these questions, ber since April27,1938,
mated.
F^erai Reserve
trends. It will no doubt
«
'
':
widely discussed during the next
•
-
^'a -sbmei mbhths
'
t
ket
'
crystals ball
--
..We can't have
-
.
paraphrase: v"Ajax r*_refre5ited<-f-l)jit ~ iTherefore,
- present-1
am mot
sq deliberately, and -with such ^uable> to forecast
&hy^bf-;the more
„
He is also the fellow wlio says,
.
or downwards in the trends of
American business/
*
: * .'
( tl' "
loosely,
...
.
-
frnm
ironi
will-bo held
in
with statements and questions of.to
Policy,.Gov-
his
second"
^ ^
eral
of
stimulation
economy
in
and
the economy /and
'
pendent force toward higher bond
of
dent has proposed a tax cut which
be
linked
with
.
a
the large
private savings.
yields. This is because the Presi-
may
To-the
_
_
nortfolio
/flow';Qe£tinder-^
...j.,._
/six Ymonths
manner.
business to invest in;
tion.
:
.
,
.
But why go on? This, is the way
this
manager
public
4^e public
i
outlook suggests a normal matur-
program
«...
as
first
February,
elected^to
tibKfi^cingTl^e<tefi^7;a ity*tola^r^°teart 'for'Mother
; noninflationary
named
was.
;
source
was
one-year! term
investor
and
his
-
no■■.'strikesivSI^artS:.^
iiiventoryr no style changes, it's,
bound to grow with thepopula-
no
tion, it's
necessity.. Aren't these
a
a
Stock specialist on the Exchange,
servedon the.Advisory Commitwhich
^ee
drafted
the
86-page
aationa^,
• sometimes
be.pre- built in ^ai^g^mpon
wlto.^heral^radmeirt.to;the by
L-.,.
dirfpd
.That is whv there are so, an investor' ean
capitalize; jVLr.; change.Constitution -approved ?xor^perhaps- a year.rd^cled- That js,,wh^ there;^ai:0vs°
+9 ..i
,
ih„nnnnptinn 7 T—0_;
- .
..
„
„
reason'fe^succ®ss^ut investors and speg-.Prosp^?,AndHn.thm connection, the'memtiership-June 25, 1962. .
to put short-term funds into long»lato,rs- 0,1fy a„lln;ited nu™ber of 1 d llke to tel1 you a story'
The term "noninflationary" fiterm bonds
to withhold
is usually taken to imply a
iT-' •
yllMoit^-gnoid u"c aTe°d; :Then he told me to reIate a
7itTed, -and'e
large yolwm of iong:tem "bond's
funds from the
^ket in' enough, to acquire great wealtju ^
BUMl J OinS.
with yields sufficiently
-highbought the shares in that company' f .n,liqrJ VitQlia
attract public savings. This seems
yields. Some areas of the long/alongs with the crpwd.
^They^are;J |ive years previ0Usly. He took an 'duOnlD&rQj ?V ltd/llD«
-to
yields high^ enough .to market
are,
usual,.much better : th.e.. b"y;/
imaginary sum of $10,000- and he!
"
M
attract savings away from
present
othe
For examDie ;®elllng- T^ey are the se11ira when ealculated the exact amount o£ in. --Wadsworth C. Dunn has JOimM
institutional outlets, or to induce p
'
'-the crowd is. buying. This, may
r
"
"Noninflationary'-
-Today-there is 110-strong
Finance
or,
nance
diicn
ne
tuiu
xiie.^
tu
icidtc
r
^
.
mean
as
.
r
-
Sthe public to
mow
save more
than it is'
saving. I must confess that I
look with some skepticism on this
'
-interpretation. .This dual
seems
to
suggest
that
fight both inflation
at
'
one
and
-.therefore
the
and
program
we
must
deflation
same-time
combine
and
stimulation
long-term ,U. S.'xGovernment,,sound like
bonds
at
above
rimportant sponsorship
v
be watched carefully.
inr/better-than-average
:y:l,
'
/
price risk which does not
be
any
greater- than
"
—
-
I have
no
doubt that if balance-
or
a.
the investment would have'
come
ided each
p
seem
.
1m-
-Incidentally,,;-they are
to*,usually those who form minority
the-, price
.
,
Trust
Conference
Lombard, Vitalis
Paganucci,
Inc., 48 Wall Street^ New York
•
capital as something
^pJmon: (usually right m
in
all
phases
of
the .lop^
activity—
dends,
and
-
You
are
lucky, if
you are
a
rity salesman and
srred by the Trust Division of the Amer-
of
{SUv 4^1963. S8oc,at,on'
learn from them.
„
them
as
you
have
customers.,
package.
Now
a
few
You
can
'
vice
haye
,
d
something to sell» he
d
ciuaea.
•
Mr.
Dunn
was
<
con_
tional
Bank
technical
room
try
to
Winters
a
Na¬
Company,
Prior; to joining
Winters, Mr. Dunn had been as-
educate by
material and
previously
Trust
&
Dayton,
,
Summary
Don't
of
president
the
using
'
with
Bank
class-
approach. It is resented.
Ohio.
sociated
,
■
you
secu¬
the
spon-
market enhancement.-
»xhere is your
political, economic, and historical.
:
and how much
.
..
have enhanced in vaiue-City, members of the New^ Yorjc
limited group of P^'P1®. thrnimh stock snlits stock' divi- s,ock, Lxchange; as Director of
of rwh° ^pokmpon the, preservation
through stock spits, stock dm Research, it was announced,
run)
;
considerations,
rate
♦An address by Mr. Homer before
Mid-Winter
over-simplification
pay-rls als° a
opportunity/
44th
an
and possibly it is. After all, there
^/ oeiter tnan average rate ox tof their
^erest' which compensates for- a;portant.
"
of-payments
prime
;
and should
;,//
and
long municipals at 3.2%,are
■■■
with restraint. Nevetheless, it has
„
4%
.
Bankers
:
Trust
&
-
Trust
'
Mellon
Co>|
Co.,
National
Pittsburgh;
New
and Spencer; Trask &-Co.
York,
-
,
26
The Commercial and Financial Chronicle
(794)
:
<
.
Ac-Wp Spp Tt
^
j
their
.
£ontin.ued .froriri-pqge
pagejVvL
'
1
^
V
1
.
^this
v
"V"!
r
,
hearts, that most of
own
keynesian jargon is but
"7
must
Zi. I
.
Thursday, February 21, 1963
hope, offset the personal
advantages that
a
;
.
~
&
«
of the
some
+
,
<t!1 k H^i
nil "hi in wnifarp
rprtjunlv not f
*1 ? ideas that measures may at least appear
Whon to about $15-7 bil-<publicwelfare,, certainly not have ^s
been, advanced and re- to offer to certain elements in
lion, or at a greater rate than sd indifferent that they would jected by thoughtful *
people the population.
:v.^Anr.A
;M
Wnl
-fnicf
upriniislv j._„;
.i-Ilj: 4
i:j
/•••'■•■
the increase, in the total na- foist nnon+bp nntinn seriously for
upon the nation
generations
in-fe
u'li •
,
w
4-.»
v»<»_
,
-
tx
_-x
_
;tiorial;-^etii- Due largely, ifhai^ul
,legislation merely
solely, to the change in for the sake of political ad-
not
appear
an(j
tcf.be
effort
mi
it
past,
i
The
may
i t
s
u a
t i
in
o n
this
short-term
borrowing arrange-
—
ments the Federal Reserve con~
< eluded last year with
tral banks,
standing
but
-
foreign cen-
under-.
with the
that
"currency
the
swaps" and similar deals
are mere
stopgaps. They are useful'to avert
of .time*respect is.quite
a waste
refute
to
notions depends
upon this Congress flow, public and private, and the
price of gold the Federal vantage. A good many of which were quite adequately than has been true of most of imbalance in foreign payments.
He serve .ratio rose from these advisers, of course, have refuted
many, many years them in the recent past. And
Worse, still, in fact:, they are
63.8% to 86.7% from the end no political ambitions, and ag0j but the fact is that
they any strong constructive action soporifics which lull the authoriof 1933 to the end of 1939. there seems to be no doubt must be
again refuted and in taken by this Congress must ties into believing that all is quiet
on
Thus there was no shortage that their sincere convictions, a
way that will impress the be
carried forward
indefi- inflationist recklessness is tront,
on the toreiSn exenange having
of reserves in the hands of however invalid, have con- ran]^
jan(j. fiie
ancj) So we nitely in the future,
a heyday.
y
the
.
.
every
this things
throughout
year
1
vinced the President of
commercial banks. Each and
that
simply
many
The
not —:—^
are
"
'■
'
'
'
■
^
;
Chairman
to
necessary
riot
did
take
note
find- it
the
of
plriod recoydecf a large deficit true,>Having made this clear, '
chit-chat in the Washington tree-
in the accounts, of the
tops
Treasury.
Federal" we mu$t add that the claim
1939
By
reached
$3.5 billion
for that
day and time
monumental
~
A,
figure;
i
..
had; that
it
—
Gross National Product had
.v.^.
i
been $104.4
had
$56 billion in
to
All the
'
cot
vir •
up to >91
no more
°1T
.
virtually all of
Course,
'
xi,
*
remember
that
the
*
.
time,
First
ments problem
Things First!
economists:
convinced
not
pay-
internationally,
And he went on saying that
tions—which do not conflict with
the policy objectives of the Presi¬
,/."• • •. the domestic liquidity of dent
and of the congress.
our banks and our economy in
TT
'V
of
general is now so high that still
jurther monetary stimulus would
Pr°gram—150 uncon- do little ,f any yood-and might
m.
In other
H16 s°undness of the
as
Fr0ntler
vinced that they are much in-.
and
»
q-
°
wvvjiwvixx
ySTfhe periodehad
ixxa
xv
and
best
convictions.
It: has
w
as
•
but^it was,ridt long be-,
fore he. W^s less than ''eager
way,
V
,' /
/
,,
Li
•
•
x
announcing
then,
be
further" attitude—no
credit
ap-
"so far
a
outpour
more
the
by
central bank, even if this should
mean
to
.
•rates?
stiffening
a
Is"
a
him
and
bff ing?
of ; money
showdown
the
between
President-
the
in
Nothing of the- sort* is in.
Jdagejocs.^By .the^same
knowing what one .wants to afford • to • let the Chairman go,.
whose resignation may signal an
accomplish and of manbuve'ridg invV
international confidence crisis for
that direction.
r t ^
^
of
x
'
"
•
-
This means that if any addi: ^an(iK governmental action is
prtr,^r<avccv
*
r
to
is"he
breath a cautious
a.cautious
-fully convinced
-
as
warning
nevec-mVh
if we did own Dest convi tions.
thfsomid^Money
c0Ura8e.mel"; We s?fu.la "n.(J; tock.J1?
^ur^ent. we should find. took in the „ext
next
m0re encouragement in .it if step backward:
we
were
franklin.. Roosevelt' to boast
that
"we
planned it that
no
liquidity. Are,
of
additional
its
accordance- with
with
words
praised
words, the management
in
operate
own
xxx
"sustainable1
Chairman has emphasized
the; economy is amply pro¬
vided
of the central bank is riot free to
actual
+
p-racti6ally,ay
ff
finf
t h at
The
that
his
clined to deny the President -V? h^ye to consider our payments piay polities in order to minimize
satisfactory Some temporary.
the damage the politici
of it. In this' situation at all.'
the damage the politicians might
improvement in ■ the earlier
f
fjnd substantial en.
Having advanced a big step in jnfiict on the currency Pohtics
d led
led
^pe
art
couraeement We:should find the Sound Money dimctionf he
dir<;cti""' ho
..
intellec¬
Administration,
in
HanW
tW
of the
Indeed, is the Federal Reserve growth"
is * best
promoted
by
a
position,, tq steer its own" maintaining the gold value of the
course? Notwithstanding its for- dollar—and could not be achieved
mal "independence," it is an at .all without- such monetary
all
agency of the national govern- stability.
making
we are
-
definitelv
anvthinv but
was
liom
ic
•
many jf not most of
the members of; Congress are
genetair
unemnlovment
hll the rest
-5f
•
patches
will
business situation in 1939
resnects
-
2,
us
1
page
progress; in overcoming our
:
is apparently beyond the
tual vision
from
••
same
.
at the
.
Money Crisis?
Jv
*
hes- From all that,
bjUion in the years
rom
.
skulking at the.
Instead, he pointed out what
door.
And 1 believe that these ways
&
will contribute, better to sustainone can able economic growth than would ment. It enjoys a large measure
gather from Washington dis~ flooding the economy with money" of freedom in day-to-day opera-;
it
at -V
brind tho fieri ivp
fbari
"+
-
*
-
Here Danger Lies
by
cures
sure
'the New Deaf did
mnct
.
lactic..
1929. It
in
^
fallen
1933.
-
a common
i+Q_fv
•j ihon' tx
.
billion
the deflation-Wolf
On Edges of
to
sort of politi- kCohimiied
quite
i
.
Fund,
in
particular)
about the inflation being over and
prevent a serious recession,,is
,*• -
•
„
essential
ministration •. is
a
(on 'top of the International.
Monetary
in mow
pro g r a
brought forward by the Ad-
which
was
the
„
ik catr7+Wi
could not be frightened into- needed in the .imanciai,.iieicr-'inv,..
financial field in
t
'
^'y&-• ;the
dollar. " The -latter, in. turn,
#
" '
'^ ^
n^
'SUpporhOf Slfch'measures by- orderdo give fresh expansive imThis must be borne in mind to,-may. find-" satisfaction :(or convvas.planned that way.; While
the ^Ch^irmah's;. ap^;^^ 'sdlatibh) < "in 'the 'ithought "that
pi^„ threats of serious pohti-- nrobablv -the economy,-it would ' understand ——
to
incomes oi over:live million- \
incomes of over five million
self
have to
from the
f 'V
+
" probably have to come from the parent
self - cohtradictiprisi In- without him- * atj 'the hMm •' the
contradictions. In without him- at- -the" helm the
was by 1939 taxed1 at
75%," it •: cons®5l.W®^cf^
^
iiscdl:. side--"The part played by reality, his position is clear and', moneycrank's iniarid-hut of the
.
„
n
until later
hot
was
.
—
that
.
.
.
PYfrpmAc" nf
flia Wcortt
tiiaif
"
cut-
-
come
.
alc>ilg Wlth tyiro^xr
the New Fronhlaric 'Ac
the
••
monetary policy; from both an firm. His speech; of, t>oc, 28: was- Reserve Board "might have clear
q«r
a#'
who internal and an external point of a strOngly worded .oppcdl. fo sailing. Apparentlyf We shall conh-s' We teeth kno^Sc view; could then be mainly sup-, *ewn, calling public, attention do -\tinue our. inimitably tight-rope-,
loxxr'tier plans. As
law
weht,rinto effect.
,
•
-
.
Aria wViri..' in+prViQi
e»«
every one
ii' *
ii•
i.'
: •Dlementarv
full ;well some decline in the. Plementar-V
•p
and
the
defertcjivp "
«r'd defensive.
principle
haVe to
that
fir's.t ; things ".walking, on the-fedges ofa mone-.
first. And the dol-. taryi catastrophe..
come
Trade Convention to be sponsored
in
as
standing-arise, let it be said at any such development.
and
once
categorically that in
view proper tax. revision
our
-that is revision which
rem-
•
*,
-
.
the
helnful
that
xnat
serious
TVip
vpt
yet
ASas
defects
trouble
at W
least
at
little
credible
plans
now
ic
i
fW
there
evidence
is
in the minds of the
real
curse
off
o[
the
billions
worth
That
of
bonds
would
bank
keeps
„^x
,
,?f ^ 51
being
Preached ,by the New Fr°U"
have grown smooth
,
du ^ the
our
uninformpd
un
.
,
.
the most forthright statement ever
uttered
t
to
spokesman of
a
the
national
outline
The
opposition
tion and reservation cards, will be
annbunced in June.
government's
The board of directors has also
as
The Crucial Question
the
dates
National
is the
choice between
the two basic objectives:
leged
need
for
more
far' «>e Chairman reiterated before a Congressional Committee
protect
the
dollar
for
the tax system. These
are
i
as
.
'
such
not
even
r
,i
against
the
impending threat of devaluation.
The chairman paid lip-service to
Brown Named Director
Moreau.D. Brawn, partner in the
u
,
..
.
t
fl™°f Brown Mothers
5RSSS«
by the
lat-to ^ laymen. aAII, Treasury obviously (?) would not
thik; presents > a very real expectthe money supply, to inthe Federal Reserve
threat to
all.
flate
or
any
.
are
....
Salvation
jeopardy,
%
entire
merely
Treasury could get
in
the
or
influence
should
of
men
economy
so
that
money
ury,
in
the
at
women
who
know
in
government.
".v..
as
recently
our
as
balance of
Bloomsburg^Pc
announced,.;.
"Mr. Brown, wno is in charge of
in--the Philadelphia office, joined
last
payments ; is v rapidly
improving (let alone Mr. Dillon's
naive forecast that it would be in
matters is not the expectations
national
repeated
ternational
an
artificially low rate." What
the
w^h^h^to'di^s^the
December, that
Brawn Brothers &
sor
&
of Brown
Co.,
from
in
Yale
Co.,
a
Brothers
1928
after
predeces¬
Harriman
graduating
University.
He
equilibrium by the end of 1963!).
°f the Treasury, but the will of
,
indifferent to the and
.putting;the
,
Our salvation lies
of his chief lie
,
Our
w
it
easy nntimism
pasv optimism of ,hp U. s Trpas.
the TT S. Treas¬
thereby
.
,
.v;
We do not believe that the
advisers
us
at
Washington.
President
Al! ^ ,e
recognized-
&
managers
Conven¬
the al¬
presen.lconditio™
which do not stem from taxes
or
Fifty-first
tion, to be held in New York.
'
■'ter
the
Foreign Trade
domestic
stimulation, and the necessity; to
^
Convention
approved Nov. 16, 17 and 18, 1964
At stake
„
the
of
together with registra¬
program,
our
thinking.
Passmg the buck on to the
Treasury' lf that is the idea, will
ThS ^ 'd^aUyf.to
by
central bank in distinct
boosting
„
Trade
the
enhancing the capital outflowweakening the dollar \
,.c
the" National Foreign
^uncil in 1963 will be held «„
the
to
cause
rates to skyrocket, the
central
has to
be appraised in the light of the
Nov. 18,19 and 20, at The Waldorfcircumstances, political and finan¬
Astoria, New York, N. Y.
cial, Iri that light, it was probably.
be
selling
by
Chairman's speech
The
science").
deficits
not
by
"main
say nothmg last thing this Administration
of younger would want to accomplish, unless
.present,tax system, and, sec-^
ond, that there are ^ many bave develoPed a new . and
:causes
could
Surely
public.
eov"nn+liivTrt long-term
the
better—the followers of such the money volume at the risk of
,
the
m
with
economic
else
financed?
economists who ought to know the
Prptsirlpnt and hie aidoc Wft„u'ftiersmeti
resident and, his aides would,
.take
R°°sevelt
_
that
How
/■
of
.
= m
firct
.
" 18 furthermore a fact that
S1^
adyenRof Rejmes
and of Franklln
+Vdo
In
|the tax structure as it stands
.is country to
today — would be definitely
a generatkm
edies
stream
:
„
accordance
•
descendant
He
of the founders of the firm.
elaborated
on
the
diverse—
of
James
is
a
Brown, one
;
Volume
197-
Number 6240
.
The Commercial and Financial Chronicle
.
.
(795)
Questions Use of Tight Money and
Our Two Maj or Problems
jfj l/C;;
Capital Exports
I
Require Different Solutions
Continued from page 9
these other
i \ r
£
in the international
accounts, But
our current domestic
to
not one of inflation but of
tv':
'4
Monetary! PoJicy -to Curb
tion of various
porting activities.. This is
problem, is
lagging
expansion and to attack the bal-
local
availability and higher in¬
ance^of-paymepts problems wi^
under
terest
not
rates might
not have
„
outlets.for'savings, the
new
ecunuiuy
Fllially, there
IS
.
me advance in oaiiK
the advancerimbank
induced
iness
.
some
the
differ
mdividual^and from
busto shift
consequences
Davments
•
a
of-a prominent near-money asset
occurred,
parative -statistics
is
com-
ataiv the
>
Balance of Payments
Just
Data,
unable
these
to
and
measure
various
say
is
.
the
the
the
of
growth
objective has
tain
wo
rates in
of
stimnlm
inlS)^
tlw^owth
been
to
1961
main¬
the United States
competitive,
that
is
exchange
short-term rates in other
ol^oney sup^'y uif(Tcrstate°The
money
holdings, would otherwise have.-to
.
run
the
look
we
this
around
that
in
upward
at
short-term investment abroad.
postwar
the
rising trend,
cycles
we
business
that
cycle.
turnover
has
faster
creased
in
We
also
find
sometimes
interpreted
portant: dollar holders,
find
well
as
generally
years
of
in-
conscious
mone-
f
foreign,
as
domestic
interest differentials
ended,' the .rate of. turnoverby as much as it did in sonic earlier
imrate-
'seeking
money
are
by
not ^as
tary restraint and slower in years
thecttric&f.a
:of monetary ease. Xn the year just
gain
but
^
_
as
i
ns
rose.'^licy
of vigorous economk
years
Ict
^
jb^n
Erected
"at maintaining
as
an
vigorous,; but, non-inflationary,
reduction
domestic economic expansion, in
which the relative.profitability;, of
barriers
other
.Investment^in this \ country; was
rapidly improving, then indeed
U. S,,
firms'w.ould invest
too,
more
be
tion that the public has not been
This is
a
perfectly
jective
piirsue but it is not one that
in relation to its
transactions and income.
This
observation
for
ob-
proper
of
money
monetary
policy
•
by what happened to interest rates
a significant impact on correcting whatever basic imbalance
in
exists
our
trading-investing
1962. As I noted earlier, shpr-t—
rates crept up during the
in
the
do,
interaction
of
1962 reveal to
the
ply
on
was
that the sup-
us
not pressing very strongly
to continue, and
All
ail
in
also play a role^here?.
.
First,
as
to
investing relationships,
A
retarding effect
n^be^
eiS« observers
therefore, I would
alone,
on
interest rate
and
large
a
1962
rise
sponsive
to
monetary
but not
this
the
bank
needs
to
and
ments
economy
years.
credit
the
of
actively stimulative. And
judgment is borne out by the
transferred
i
•For
sider
foreign
argued
it
reduced credit
kayg
national
nQted
xic^ve
aj*g
effects
capital
on
to
nuitu
that
uidi
aid
nearly
have
in
equal
fact
U.
S.
given
pay-
cent
our
deficit
on
all trans-
credit
It
was
omy
ture
that
money
supply rose.
at this point that the econ-
overtook the monetary posof
supplying
terms consistent with
reserves
a
on
short-term
;
avail-
tai^
large
our
scale
and
v
-
while
hamper
the
on
they
goods
and
services
o£
situation..,; The
so
classical
which
omy,
and
a
Here : monetary
dual
purpose
climate
of
;
remedy
to
need
the
matter
a
no
exports
and reducing the deficit
its
effects
continued
to
if
the
operate
wen below its capacity. Similarly,
excess demand develops, gener*
ating; inflationary pressures and
psychology,
the
might
unbalanced
offsetting
action
Reserve
would
Federal
appropriate: 1 Thus,
cleariy
economic
climate ! at
our
monetary policy. In
and
as
the
by
be
the
time
should, deterftiine the posture 'of
financing,
judging
relation
to
what i matters
h nbt whether the. banks of
a
the nonbank public purchase the
.discour-
Securities
to iinance. the
deficit,
money
should bear
pay
good
is
for
a
of
means
U.
why our
problem.
S;
need to.be rfitted into
taxes,
by which
government
our
exports
services
help
Government
our
be
as
and tariffs?
•
other
S.
that
It may
the
we
different
economic environment
hope to achieve, the commay
and
Treasury should
^
the
.
prove
.
to be-strong
be pre-
..
pared to meet it.
,
-
be that foreign countries
in their tax policies also discrimi-
nate
in
petition
..
.
the
Under
ex-
to ab-
v
borrowers
maturity sectors of the market.
foreign taxes
-
balanced
enlarged deficit, the Tieas^ necessary at
vaI"i°us points to compete with
competitive that
well
as
offerings
a
an
and
exporters be
so
product. prices have
sorb U. S.
i
U.
citizens
market
ury. may
for the
the
Its
structure of maturities. In financ-
we
services.
pay
by
its
to
why should
pected to
their
to
provided
con-
^
principle,
reason
and bank credit
sjs^en^' with sustainable expand
sio?
relatiyely.^stable price?,
This is not to say that the Treas^
ury does n0^ bave a debt maturity
explore the
Why should foreign purchasers of
deficit
domestic
As
....
economy
offset
movements
also
Taxation
excess
of temper-;
to
if
capital
that
this
there is
for
restraint
hardly caH for, monetary
action
of
We
phenomena of in-
home
cut,
econ*
,
that
called, is that in which
twin
-at
view
consistent national policy
a
ec0nomy
should look
we
measures
capital
In
tax
pear
demand and is attempting to deal
the
once.
of the
that aphut whether the economy as i a
to flow "uphilH to countries.
whole is provided with a volume
that are already capital-rich.
age
of "monetary dis t
country is suffering from
at
is; to - stimulate the
wouid
re-
all
purpose
,
their
open
world reserve, currency,
com¬
case
be
environment in whiph
than
the
deficit
exports of
more
will
problem
a
only bp considered in the
can
rather
re-
^entry of out-
international good neighbor,
with the status of, the dollar
basic trading
our
as
/
ports.
position—to make
deficit
this
see
i^^surep that might, -tcon-r
monetary■:^ policy ' in
silent/with our obligations as an
inter-
?
of . private - capital. They have; flation
thought this result might readily abroad.
be accomplished by a tightening has the
of monetary policy and a rise in ing the
-
clear,
so
position. Tn; general, we. need t°
explore the possibilities of various
How could monetary policy be
actions with our deficit on private the application
interest rates.
not
is
capital market
toward tax
strong
a
budget
the
tax
measures
effect on the lagging possibility; that
might be used to encourage exdomestic economic expansion,
with
up,
had
,
The
braking
must sharply reduce net outflows
picked
have
also
demand
loan
on
problem.
side borrowers to their owp capimarkets. If these countries ar0
and I receipts
in
recent petitive? There is traditional orIn consequence, they have; :thodox prescription for a certain
identified
direct attack
outflow '
our
strict
but; onty
flows
:
question of how the
It*occurs. The budget went ^nto
con*
responsive could, in my judg—
psychology strength-
business
more
foreign capital. It
abihty, and higher interest levels
coujd
as
periods
—
hardly be
can
the
economic
..
might
we
recent
deficit during the recession. *o£
^O; and* just as the recovery in
United States has the
largest and the economy has been incomplete,
most accessible capital7 market inf
® restoration of balance iri the
the worldj. and it ought to be kept budget has been incomplete. The
freO' of exchange restHchdns! It is *Pas^ year's < deficit has been sue-?
proper and desirable that capital- cessfuUy ! financed
outside the
poor developing countries -should ^ banking system.
;
utiiize this market
,tq- meet a por;The! proposed tax cut will ention^ of their enormous needs for large the : deficit, but gradually
a
help to
Furthermore
cipline"
and
example,
capital
conditions, but
to
to
that
Outflow and Exports
markets.
a
consumer
As
Use of Tax Policy for Capital
>
sug-»
count
:
r
have
now
year
past
rise
caftnot
other
or
to
on
past
monetary creation to
satisfy, future monetary needs,
enlarged
finahCih# could hot readily markets, possibly,
capital account. They have argued
ened
to
up
the
we
in
as
turnover
continued
over
that
financed, I
'tional capital market ' open and
'able-1<5 accommodate their transi
-actions. Also; ^ 'good i: deal: of
lending; abroad; by U. S. bank?
that in order to bring our over-all
payments flows into balance, we
and
equilibrium
We probably
been rejected.
-
not until the final
was
fiositiort.
alternatives that
the direct for^
in our markets-the swond larg-
quarter of the year, when business
fact that it
an
deposit
has
rapidly
est category of capital outflow-- however, that it is either neceswas by f 0r« J« n governments !■.ar desirable for . advanced
:whose demands for external funds countries, with balance of pay^re could find no Other internal- ments surpluses, to have recourse
^
flexible because
they
current account and Government used to improve
economic
as
haye
that
velocity
should be giving consideration to
.could, only be signiflcantly dfecr-
ment,
nl,mhpr of domPS»i(, anrJ ,or.
characterize
monetary policy in
having been passively re¬
£act
reach
y
restrictive
by
policy
monetary
to
credit conditions
tightened
were
our international transactions on
demand.
na? foreigp^ aid, because monetary expansion has
sharing j of free fagged during, the past year. The
for mutual securi-
much
intent
in -relation-to ard-
-more-
vancing GNP than in comparable
periods of expansion. This' is so
improvement need-
slack in resource, use* were
some
capital
for funds, interest rate movement?
m
well rise
by
^
situation fails to show
the degree of
attracted
relationships with the rest pf the jjiij^or effects on
domestic credit
world. And: it is only through flows. To have
tightened moner
year. Although long-term rates changes in these basic factors that
tary policy last year, enough to
sank a little, they remain high by a real solution to the, problem can
exerted significant restraint
historical standards. Reflecting, as be achieved. Can monetary policy
on those outflows
of
they
outflow
Ir> fact, bank credit,' the- money
supply,: and interest rates - might
h^h-saymgs rndustnal
world burdens
term
supply of funds with the demand
pf
less than vigorous growth,' with ef to clearly indicate to .the rest gests
of. the world our capacity and
to
can
have
is«* confirmed
capital
.
at
lowering
here. But if last year's climate of
be
supplied with redundant amounts
new
to
tariffs,
an
abroad, and foreign
would
of
associated with U; S; exports
;unwilling. to
licence in me aonar.
indica-
financing-amenlar^etl
deficit. In such circumstances, the
tighten: as.^ a. result :Of: economic^posih.op. —through
.y
•
whose
:
will l^e
ury
-
-
.
^pension hnd> restrictive -monetary
policy. I take this
V-N
-
.
for example, through bond issues
Flows, of funds of this, kind
they conform rather well to
the
!
i
■
,
,
add to the U. S. balance-of-pay- some of these flows, too, are less
a measure of the
velocity or ments deficit by- switching from responsive than is often supposed,
rate of use of money balances, has
short-term dollar investments to Much foreign borrowing last year,
If
;,
T
The turnover of demand depos-
period.
economic:-growth.~
•
its
trended
•
lem. jifst; as it is of: limited effect demands for
loans will ancrease,
tiyeriess^ in
dealing With
the < consumers will impose larger calls
domestic problem of lagging
long on^ credit markets, and the Treas-
•
-
Im the Year Ahead
in dealing -with the credit and
monetary-needs will in
balarice-of'-payments prdbH fill; likelihood accelerate. Business
basic
^arkete, mainly in London and, tive at the expenSO.Of
contribution of monetary policy to
a lesser extent, Western other closely linked sectors.of the
to economic expansion.; Let us, Europe. This competitive level has domestic
capital markets and
therefore, examine two other vari- succeeded in limiting, though not therefore domestic expenditure,
ables.that usually express the■ ex- eliminating, incentives that U„ S.
Other flows of capital are probtent to.vwhiqh the economy- has banks* and,- corporations,, or,, for,abiy more!responsive than direct
been supplied with new money cigneys. witji.!short-term
dollar investments to changes in credit
and .bank credit. '
are
Monetary and Fiscal Policy
.
risk considered, with the level of eign Investments of'U. S. business
of monetary
while
Since
level of short-term interest
a
tolerably
ac'aerat^th^decree
conditions
-
buirderisi
relationship . between long-term
5^,pa v • u°- 7eari a
supply of bank, credit and money
lnt^est ylelis on markpt mves'; d?a-:° direct attention has beep: can increase without downward
™epts and the prospective profit given to ^the condi^ons; and en7 pressures on. interest rates
and
?ield ^.f. a particular investment,
aggravation of- capital outflows,
credit conditions in this coun- to improve our basic international
-
capital,
monetary policy
balance-of-pay-
ments. considerations?
compare
components
that,
is
by
are
we
buildup in time deposits.. All
can
how
constrained
that
c
fectiveness
q
*nd /"bsf a»e.s-
home and, less
Considerations
Questions Monetary. Expansion—
•
of fiscal actions
concern
-
mu.s*-t.a^e.into ««*>>»*. the
policy
apd structural reforms.
increased substitution of time for.
d,emand deposits.
.:/•-.
concerned,
■
0f the economy is more appropri-
oh -money >sup-
It. is unfortunate
long run
the major
as
TT
1 ese lnvest™ent dew-
of
of cyclical downswings and:
extending,, the., period and umplitude of UDSwings. Thg secular tiit
ply fail to take into account the
i
far"
-
®
re-•
make ls shortening the dUra,jon< an(j cutting. down the ampli-
savings
our
monetar^
use
.
*Jhe largest outflows ? of vU.,:S.
capital ..represent direct invest™
deemed
the-feconhmy io full
As
^
w0uidv ndt1
d
am
." -i" ^
.
exports.
c
can
deposits. To the extent that such
conversions
-d
4/"
u,
sirable t0 siSnificantly curtail net
balance-of-
contribution that monetary
monetary counterpart of the credit
and
.
the
to
ag
su|fiCienUy.aggressive
gr6wth
bank
1962,. the .pubdesirable to place the
in
time
and
tax
t
Thus,, the role of ' monetary
If the proposed tax reduction is
policy can bCj, under, present cir- successful in
stimulating more
cumstances, only of limited ef- rapid economic expansion/ bank
monetary action than is de-
more
of difference
ranee
far aii I
its resources.
ther its holdings of cash balances.
expansion into
•
nartirn
policy'to have single handedly
thereby, mduced to economize fur-
lie found it
The
So
enhanced.and: the public was.
stojrcd
as
anrf
the
on
'
t
cover!
banks. .That is, the attract.veness
Or, to put it differently,
thic;
nn
,larly WQuld they dif£
corporations
-credit .expanded
"yes" but judgments
^a^dlfteF^°? thl^ndt P^tl^?
interest rates
inxeresr rates
ing time deposits at commercial
.
is
answer
doubt that
demand deposits to interest-earn-
was
national, state^and
laws
which
not easy
complica¬
doubted.
Finds Monetary Policy of
Limited Effectiveness
nomic environment of today, my
judgraent is; that, it would take
expansion in 1962? I believe that -
.
no
the^cScumstancM^Injrthe ew?,
Could monetary policy
done more to encouraSe economic
fniections of
moriev and cred
eeo^omv
the
Uie
tax
,•..
stringent
some
economic growth.
It onto
given .the
monetary m.easures shifted to customers. But the dis¬
rate pattern based on balance-of- significant and ;lasting ^effects in would risk imposing a costly drag crimination against exporters of
on
an
already sluggish pace, of ohr c o u n t r y can hardly, be
payments considerations.
' reducing net capital^' outflows.
'n^'deoosits^Mk'not^^D^Jent
It fntn
ascertain
deny that reduced
would
credit
27
against
their
,
,
nationals'
i.
ex-
.
,
""Statement by Mr. Mitchell before the
Joint
D>
Economic
Committee,
c., Feb. 1, 1963.
Washington,
28
The Commercial and Financial Chronicle
(796)
Ejdwin Posner
Progress in
NOTES
.
Thursday, February 21, 1963
ASE Board Elects Officers
Funston Cites/'...
NSTA
.
.
re-elected to
was
a. .one^yegf.
Keith
Report
scribed
-
11% /
on Feb.
""■
'
^
^
1 ;•
•-
Stock - Exchange,/d®-
1962
annual election
.
a
>
'■
1
:
,
*
•
President._ of ;• the
Funston,
NeW ; York.
*qnd;nin^ othdrs.
as/G<%ernbifeqt/ih^
/
Annual
terh\ as' Chairman of
]rthe. Aiherican'Stock5 Exchange; Board of (Jroyefnors
a
as
-
of unusual
year
; ^challenge
andresponse" for/the]
"y" * -A : /; ;Exchange,,cIt- ]
"
The
•*
"<
OF NEW YORK
SECURITY TRADERS ASSOCIATION
the
'•
major
Co., Chairman; William J,/Doherty,
2^
,
Bache & Co.
Hotel
/
Reservations
may
BOND
CLUB OF
.
be made with John J. Meyers,
.
< •
'"sudden,
at'
ex-
/
demand
•/;
service"
Clarence W.'Bartow
Frank CT Graham, Jr.
Keith Funstolr
for
.
W.
ence
from
Drexel
Sc Co. and Frank
Bnrle;;^^of/Blalack &\w^lls. Inc./
P.r S.
'Teiehgraeber /of "Thomson & McKinnon//and!/pavid S, /
/Jacksoii/\
.a ;
J
;
_/■
..."
:
-/j
-yl '*■ ?
'
■
-
.
Present/board, members "rerelected
were Norwood Norfleet
Reynolds ^: Co,/ August :Huber- oLSp^ncer, Tr?sk
John D,
♦important/^
*ih(Wesr;in Its con¬ /Warren of G/ H. Walker & Co,;^and,Forrester:AV,Clark of H. C.
tinuing program of strengthening* -Wainwright & Co., Boston.
,
1962
of
five-year plan to accu¬
a
mulate
million
$29
a
initial
The
Exchange membership also chose three Trustees of the
/Gratuity Fund and
Nominating Committee of
a
slate for the annual election in
fi¬
Mr.
the year, official steps
a
change
building
Broad
(4)
ticket'
was
contracts
Marshall W. Day
at
the
foot
opposite
Street,
Park;
John R. Glushko
to establish
distinctive site for the new Ex¬
80 %
An
of
faster
signed for
were
stock
and
com¬
a
data-processing
puter-based
Governor.
to automate
President: Russell C. Carlson, Onondaga
County Savings Bank.
The
Chairman. He
at
and
Secretary: Marvin C. Pellenz, First Albany Corporation.
although not the
move¬
ment of recent decades—-did pro¬
1
Miles* W. C. Langley & Co.; Fran¬
duce
Marine Midland Company of Central New York;!
Richard Feldman, Granbery, Marache &
—
sharpest short-term price
Day, George D. B, Bonbright & Co.
Board of Governors: John P.
recovery
break
market
near
record
-
service pressures
Co.
the experience
SEATTLE SECURITY TRADERS ASSOCIATION
which do
"unparalleled in
fact that,
indica¬
be found in the
executed
Four
and who
A
.•>
1;»{;
Yy7 I
a"
^
\1
5
eral
Mr.
Peter H. Baker
The Seattle
Glenn E. Hinton
H.
in the
,
said,
were
passed,
the Exchange
of its
rules
own
Exchange took
steps in 1962 to expand require¬
i nclude d:
ments
Vice-President: Glenn E. Hinton.
strengthened
Secretary; John E. Packo, Francis I. Du Pont & Co.
training
Treasurer: Joe W.
representatives, who handle
Grubbs, Jr., Bank of California, N. A.
new
new
a
standards
for registered
cus¬
qualifying
examinations for
members and allied members;
new
are
or
within 100 miles of New York City
with firms that do
a
public business and do not per¬
& Co.
Teichgraeber, Thomson & McKinnon.
One regular or nonregular member
in office functions
who
is with
a
who is principally engaged
than 100 miles from New York City and
more
firm which
does
a
public business and does hot
perform specialist functions:
Forrester A.
Clark, H. C. Wainwright & Co. of Boston.
Goldman, Sachs & Co.; John Brick of Paine, Webber, Jackson &
Curtis; G. Donald Gallagher, at Coggeshall & Hicks; Norman P.
Smith, Merrill Lynch, Pierce, Fenner & Smith Incorporated; Fred¬
erick B. Spencer, at
Coggeshall & Hicks; Thomas J. Thompson, at
Dean, Witter & Co.; Edwin J. Wheeler, at John V. Dunne & Co,
tomers'; orders for member firms;
MEMPHIS SECURITY DEALERS ASSOCIATION
nonregular members who are principally en¬
Elected to the Nominating Committee were/ Walter F. Blaine,
Areas where the
Baker, Merrill Lynch, Pierce, Fenner &
Smith Incorporated,
or
John D. Warren, G. H. Walker & Co.
of current market
context
regular
Bernard E;
tv
'
since the Fed¬
laws
many
,
the American Stock
Jackson, Gilligan, Will & Co.
cus¬
conditions.
lowing officers for 1963:
Peter
Funston
reviewed
Security Traders Association, Inc. has elected the fol¬
President:
securities
.
on
public business and do not perform specialist functions:
Clarence W. Bartow, Drexel
organizations."
v
substantial part of their time
August Huber, Spencer, Trask & Co.
.
As in every year
of
places
form specialist functions:
those
on
scant 300 complaints from
of member
a
gaged in office functions in
three days, the Exchange received
a
principal
Norwood Norfleet, Reynolds & Co.
although 673,000 public
were
tomers
a
David S.
erating conditions," the Exchange
tion of this may
their
have
Frank C. Graham, Jr., Purcell & Co.
of most Exchange
"One
who
William P. S. Earle, Jr., Blalack & Wells, Inc.
face of exceptionally difficult op¬
;
spend
members
within 100 miles of New York City, at least two of
or
and
volume
declared.
Jan. 22, 1962
on
re-elected Chair¬
Exchange trading floor and at least two of who'm are with firms
skill in maintaining service in the
orders
regular
business in
Community demonstrated
President
Feb. 13, 1962. He was
newly elected Board Members include:
Four
members," Mr. Funston said.
"The
on
special election last June, to serve until the annual election.
a
The
whom
pro-tem and Board
appointed President pro-tem
was
and became Chairman
dis¬
28-31
May
,
Mr. Posner held the dual function of President
semination of sales and quotation
information completely in 1965.
Vice-President: John R. Glushko, Hemphill, Noyes & Co.
Vice-President of the Exchange in 1932 and
of the recent reorganization of the Exchange,
During much
sys¬
scheduled
was
an
years as
Chairman and President in 1945 and 1946.
man
tem,
Syracuse has elected the following officers for
1963:
He
total of 24
a
1933, Vice-Chairman of the Board; in 1942* 1943 and 1944 and Board
Battery
tested in prototype*
to select a
Posner, of Andrews, Posner & Rothschild, has been
Exchange member since .1.921 and has served
a
seven
February, 1964.
nancing .fund and, at the end of
cis Q. Coulter,
of
ricetplacei^XThe/Exchahge/m/de /
stantialiy, with the start early in
Treasurer: Marshall W.
Ber-
nard •E.
• \»
standards; (3) TheExchange's ne^ J
building/ program advanced sub- /
The Bond Club of
£. Graham, Jr., of
h^e/5^rved/q^:Hi^ board, in'/
-■
vigor Jand/.resiliency" v of .the Ex/
change/Community/dnd its m^f*-
of
Three of tfipse elected
year^^Wiiliam
past
•
th'e.-
Bartow
Purcell & Co.
.''thoroughly
'
1
SYRACUSE
Russell C. Carlson
/
Named to the'32-member board for the first time Were Clar¬
public that /
the
Jr.,
>
Edwin Posner
.
t raordinary
test;ed
/,I :
John J, Meyers & Co.
"produced
Jr.,
in charge of Bernard J. Clancy,
t3l!
/ market period /
Walter Kane/Shearson,
Dinner Reservations are
in
areas
/ his" annual re-;
/port:'" (1) The
Hammill
Co;; John
M. Mayor, Merrill Lynch, Pierce, Fenrier & Smith" Incorporated;
^George' McVey^ Lehman Brothers; Peter E. Molloy, .White,' Weld,;
& Co.; Morton N. Weiss, Singer, Bean &! Mackie, ■ Inc.; Bernard
Weissman, Gold, Weissman & Frankel, Inc.;-Paul R. Yednak; Sid¬
ney A'. Siegel & Co., inc.; and Edward Zirin^Barney & Co/
Elbridge H. Smith, Stryker & Brown, is in charge of Liaison.
Fahnestock &Co.;
four
in
ments
..
Heaney, Michael J. Heaney:&
develop-/
ing
Annual Reception /and-Dinner of the Security Traders
will be held on Friday, April 2.6, at
Waldorf-Astoria Hotel, at 7:30 p.m.
•/ /■ a v
;|||
Subscription is $17.50/
;. /;V "•
r;
/
Members of, the Arrangements. Committee are: Michael J.
27th
Association of New York, Inc.,
inspection program for
checking the performance of
ber organizations'
mem¬
-
Elected trustees of the Gratuity Fund were Timothy J. Rear-
don, of Andrews, Posner & Rothschild, and Robert J. Smith, of
Sexton & Smith, both to serve until the annual election in February, 1966; and Sterling Nordhouse, at Hoppin Bros. & Co., to serve
until
the annual election in February, 1965.
office manage¬
ment and sales activities; adding a
system of fines to the disciplinary
measures
the Exchange now takes
than
Reported for the
17 million.
against registered representatives
more
who
stock volume in 1962, while off at
violate
ening
its
rules; and broad¬
the; market
program
letter
review
to increase spot-checking
some
for
,
:
periods,
any
year
was
in
highest
third
the
Exchange's
new
building.
The initial
financing fund had: been credited
with
$8.2 million Of its $29 million
goal by 4he end of the year.
by member ; history/ reaching 962 mi 1 lion / New stock tickers, capable of
organizations doing business with shares, or a 3.8 million daily speeds of .up to 900 characters a
the public.
average.
\
« ,V - V. minute, are now due: for installa¬
'
.,
!
of materials published
.
//,';/ Ira W. Pyron, Jr.
James N. Reddoch
.
Mr.
Funston
noted—in
connec¬
The
building program had
new
advanced
tion
in
the
Exchange's
3,800-
the
printer system by the fall of 1964,
sign problems encountered in final
President: James N, Reddoch, James N. Reddoch & Company.
point of the Exchange's signing a
owning letter of intent with the City's
shares in publicly-held companies- Housing and
Redevelopment
Vice-President:Edwin L. Bennett, M. A. Saunders & Company.
may
Secretary: Ira W. Pyron, Jr., Goodbody & Co.
total
Memphis Security
new
I
tion with the Exchange's building
Dealers Association has elected
the following
officers for 1963:
Treasurer: I. M. McFadden, Bullington-Schas & Co.
\,~
>
and automation
number
1962
of
by
last
end
to
program—that the
Americans
reach 25 million by 1970. The " Board,T for'
year,
Census of
year's
according
to
the
Shareowners,
was
240,000-square-foot
Battery
area
Park section
as
-
Funston
said.
Technical
developmental stages by the
the
ufacturer have
in
the
ule back from the
the
site
year.
of
development
Mr.
> •' ///
de¬
man¬
pushedThis sched¬
v ,;
early part of the
•
Volume
197
The Commercial and Financial Chronicle
Number 6240
(797)
Indications of Current
Business Activity
Railroad
:
-Public
Group_
Utilities
Industrials
MOODY'S
-
:
Group.
Group
^
___________—_______
BOND YIELD
DAILY
U. S. Government Bonds—
Average
Aaa
Aa
AVERAGES
—^
corporate-——
—-——
.
a
29
30
The Commercial and Financial Chronicle
(798)
.
.
.
Thursday, February 21, 1963
* INDICATES ADDITIONS
in
Now
Securities
Registration
porate purposes. Office—Lawson Blvd., Oceanside, L. I.
N. Y. Underwriter—S. D. Fuller & Co., N. Y. Offering—
NOTE
—
Indefinite.
Registration statements filed with
of the "Chron¬
icle"
of this section "Securities Now in
tion/' Dates shown in
Registra¬
are
not, in general, firm offering dates.
name,
»
,
f; Also shown,under the caption "Effective
Registrations"
effective
are
izing
those issues which became
were offered pub-
in life,
Proceeds—For
week and
this
Inc. (3/7)
^
subord. debentures due
Price—By amendment.
Business—•Operation of coin operated vending machines.
Proceeds
For debt repayment, expansion and other
corporate purposes. Office—10889 Wilshire Blvd.,' Los
Angeles. Underwriters—White, Weld & Co., Inc. and
•
/
offered
—
for
Honolulu.
.
Salisbury St., Raleigh, jf* C, Underwriter
health,
casualty and
accident
investment. Office—1523
Underwriter—American
Corp. (same address)*
>
insurance/
Kalakaua Ave.,
Pacific
^
Management
< .
3 /
ing of trucks, tractors, trailers and related equipment,
and the sale of used and new vehicles.; Proceeds—For
;
;
debt repayment. Address—Pennsburg, Pa. Underwriter
—Eastman Dillon, Union . Securities & Co./ New- York. /
Ampeg Co., Inc.
Big Top Stores, Inc.
Oct. 29, 1962 ("Reg. A") $294,000 7% conv. subord. de¬
bentures due 1972 and 29,400 common to be offered in;
5, 1962 ("Reg. A") 300,000 common. Price—$1.
Business—Operation of an electronic data processing
service. Proceeds—For expansion, equipment and work¬
ing capital. Office — 37 Brighton Ave., Boston, Under¬
writer—Walker, Wachtel & Co., Inc., Boston. Offering
Dec.
.6
26, 1962 filed $600,000 of 6% debentures due 1978,
240,000 common, and 180,000 10-year warrants to pur- chase a like number of common shares, to be offered in
600 units, each consisting of one $1,000 debenture, 400
common, and 300 warrants. Price—$1,000 per unit. Busi¬
payment, new plants and other corporate purposes. Pro¬
ness—A public utility supplying electricity and telephone f ceeds from the stock sale will
go to certain stockholders.
service to 4 Alaskan communities. Proceeds—Expansion
Address—10647 Garfield Ave., South Gate, Calif. Under¬
..
.
Feb. 4, 1963 filed $12,000,000 of first mortgage bonds due
1988. Proceeds—For repayment of bank loans. Office—
;
.
of
service, loan repayment, and working capital. Office—
Ave., Skagway, Alaska. Underwriter — Jay W.
Kaufmann & Co., New York. Offering — Expected in
March or April.
writer—Dean Witter & Co., San
Francisco.
Fifth
Antenna Systems, Inc.
Sept. 28, 1962 filed 35,000 "common, Price—By amend¬
ment (max. $30).
Business—Design, manufacture and
Development Co., Inc.
28, 1963, filed $2,000,000 of 6% subordinated sink¬
ing fund debentures due 1973 (with warrants) and 100,000 common, to be offered in units of one $20 debenture
(with a warrant to purchase two shares) and one com¬
mon shalre. Price—By amendment. Business—Mortgage
banking, 'real estate development, and sale of insurance.
Proceeds
For debt repayment, land development, and
working capital. Office — 3756 Lamar Ave., Memphis,
,
large microwave antennas and antenna
components.
Proceeds—For reduction of bank loans,
and working capital. Office—349 Lincoln St., Hingham,
Mass. Underwriter~*-None»
^
v
»«i
guv#?
.,
the basis of one new share for each
10 held.
All-State;Properties, Inc.
-;
• C-Thru Products, Inc.
<
13, 1962 ("Reg. A") 90,000 common.
•
!
,
Price—$1.50.
Business^-Designtland manufacture of flexible re-iisable
vinyl packages. Proceeds—For debt repayment; sale promotion; 7:equipment; research ; and development^ r and
working. capital. Office — ,2401 Pacific St., Brooklyn;
N.
Y.
"York.
Record
date for both offerings is Nov. 21 and the rights expira¬
tion date Feb. 15. Price—For preferred $52; for common
195 Montague St., Brooklyn, N. Y. Underwriters—(Com¬
petitive). Probable bidders: Halsey, Stuart & Co. Inc.;
White, Weld & Co.; Merrill Lynch, Pierce, Fenner &
Smith Inc.; Blyth & Co., Inc.-Eastman Dillon, Union Securities & Co.- F* S. Moseley & Co. (jointly)/- Harfimaii
Ripley & Co., lnc.-First Boston Corp*/(jointly)/ Bids—
Expected i Feb. 27 (11 a.m. EST).
....
Dec.
Arden Farms Co.
May 23, 1962 filed 49,993 shaT&S* <5^$$*$9mulative Re¬
ferred stock and 205,105 common shares being offered
for subscription by stockholders of the respective classes
on
-
,
•
—
-
;
installation of
Jan.
Tenn. Underwriter—To be named.
filed 21,391 common being offered for •sub¬
scription by stockholders on the basis of one new share
13, with rights to empire
Feb. 28. Price—$45.50. Proceeds—for construction, and
loan repayment. Office—621 Sixth St., Rapid City, South
debentures due 1978, and 15,000 capital shares. Price—
For debentures, at par; for stock, by amendment (max. ^Dakota. Underwriters-Eastman Dillon/Union Securities
Co., New York.
"■
»
•
'
). ■
: *
$20). Business—Furnishing of specialized chemical metal
;t
processing and finishing services. Proceeds—For debt re¬
BrooklynUnionCasCo.(2/27)
for each 20 held of record Feb.
.
Dec.
Allied Mortgage &
Busi¬
Black .Hills Power & Light Co.
Jan. 17, 1963,
.
Anadite, Inc. (3/6)
Jan. 28, 1963, filed $800,000 convertible/subordinated
& Telephone Co.
Power
.
Price—$3.50.
ness—Operation of five retail toy, stationery and variety
stores, and the servicing of franchised dealers. Proceeds
—For expansion, additional inventory, and working cap¬
ital. Office—832 Scarsdale Ave., Scarsdale, N. Y. Under¬
writer—P. J. Gruber & Co., Inc., N. Y*
-
fering—Indefinite.
—Indefinite.
Alaska
(3/4-8)
Nov. 26, 1962 filed 86,000 common.
units of one $1,000 debenture and 100 shares/ Price—
$1,020 per unit. Business—Manufacture of amplifiers and
accessory equipment for musical instruments. Proceeds
—For inventory, equipment, debt repayment and new
products. Office—1570 W. Blancke, Linden, N. J. Un¬
derwriter—John R, Boland & Co., Inc., New York. "Of¬
Accounting Corp* of America
,
Automatic Retailers of America,
Feb. 13, 1963 filed $10,000,000 of
1983 (with attached warrants).
;
be
ISSUE
PREVIOUS
ITEMS REVISED
Goldman^ Sachs & Co,, N„ Y».
.
• Herman Leasing
Co.----(3/14);/;,-/'"'"J -• i'/vi ,*? '
Feb. 11, 1963 filed $5,500,000 of conv. subord. debentures
r^None.
'
due 1983, to be offered for subscription by stockholders
American Pacific Fund, Inc.
-on the basis of $100 of debentures for each 20 shares
July 9,1962 filed 94,500 conimoh. Price—Net asget vdlue.
: held
of record about March 14, with rights to expire
Business—An open-end management company special¬
about March 28. Price—By amendment. Business—LeasOffice—300 £}.
and in the index, re¬
flect the expectations of the underwriter hut
company's
,
subscription by stockholders on the basis of one share
for each five shares held-. Price—$18. Business—A mort¬
gage insurance company. Proceeds — For investments.
parenthesis alongside
The
,
American Mortgage Insurance Co.
Jan. 10, 1963 filed 31,070 common to
carried separately at the end
are now
t
^
the SEC since the last issue
SINCE
•
•r"'
•
Underwriter
—
Broadwell
Securities, Inc., New
"Note^This letter was withdrawn.
Canayerai
.
/v-
Hills Enterprises, lnc.^.: ', ;
/ v.
May 10,1962 filed 100,000 common,4 Price—$5j. Business
—Company was formed -to own and operate a country
club and golf course, swimming pool; and cabana club,
near: -Cape - Canaveral, .Fla., -and develop real
estate,
erect homes, apartment houses, motels, etc/ Proceeds—
For debt repayment and expansion. Office—309 Ainsley
Bldg., Miami, Fla
Underwriter—Willis F, Burnside &
,
April 24, 1962 filed $5,000,000 of conv/ subord. deben¬
$13. Business — Manufacture, purchase and sale of ice
tures due .1977. Pricer-At par. Business^-Company and :t cream and other
dairy products. Proceeds—For debt re¬
subsidiaries conduct a general real estate business with payment. Office — 1900 W. SlaUson Ave:, Los Angeles.
einphasis on land Jlevelqpment and -home construction |
Vender writer—None. '
;
■
% ;
'
ih Fla., Md., N. Y., and' Ky *' Proceeds—For
repayment;;
Associated Mortgage Co., Inc.
of debt. Office—,230 Park Ave., N» Y. Underwriters—
To be named.
Dec. 21, 1962 filed 135;205 common, of which 100,000
•;
:
Co., Inc., New York. Offering—In early March. ■ ^ ;
are to be offered by
company and 35,205 by stockholders.
Amere! Mining Co. Ltd.
*
•
Castle Hospitality Services, Ind.v ;
Price—By Amendment (max; $10). Business—Originat¬
July 31, 1961 filed, 400,000 common shares. Price—500, r
Dec. 14, 1962 filed $500,000 of 8% debentures due 1969.
ing, marketing and servicing of first mortgages and
Business—The company is engaged in exploration, de¬
;
Price—At. par ($1,000).; Business—Company plans ; to
loans on real estate. Proceeds—For loan repayment, and
velopment and mining. Proceeds—For diamond drilling,
offer management and consultant services to motels, and
working capital. Office—1120 Connecticut Ave., N. W.,
construction, exploration and general corporate ex¬
furnish them with equipment.
Proceeds—For general
Washington, D.v C. Underwriter—Shields & Co., Inc.,
penses.
Office — 80 Richmond St., W„ Toronto. Under¬
corporate purposes. Office—1068 S. Ocean Blvd., PomNew York. Offering—Expected in March or April.
writer—E. A, Manning, Ltd., Toronto.
pano Beach, Fla.
Underwriter—None.
*
'
Atlantic City Electric Co. (3/6)
American Bolt & Screw Mfg. Corp.
Cedar Lake Public Service Corp.
Feb. 11, 1963 filed $15,000,000 first mortgage bonds due
Dec. 15, 1961 filed $900,000 of 6% convertible subordl1993. Proceeds—For construction.'Office—1600 Pacific /March 20, 1962 filed 9,964 common. Price-^-$100. Business
nated debentures and 90,000 common, to he offered
Company, plans to qualify as a public utility and
Ave., Atlantic City, N. J. Underwriters—(Competitive.)
in units consisting of one $100 debenture and 10 shares.
furnish
water
and
sewage
disposal services in and
Probable bidders: White, Weld & Co.-Shields & Co.
Price—$100 per unit. Business—Manufacture of standard
(jointly); Kuhn, Loeb & Co., Inc.-American Securities ; around Cedar Lake, Ind. Proceeds — To construct a
and special industrial aircraft and missile fasteners. Pro¬
sewage disposal system. Address — R.R. N. 3, Box 28,
Corp.-Wood, Struthers & Co. (jointly); Lee Higginson
ceeds—For debt repayment, equipment and other cor; Cedar Lake, Ind. Underwriter—None.
:
Corp.; Halsey, Stuart & Co., Inc.; First Boston Corp.Drexel & Co. (jointly); Eastman Dillon,
Central Illinois Light Co. (3/11)
Uniqn Securi¬
ties .& Co.-Smith, Barney & Co. (jointly); Blyth ;& Co/
Feb. 8, 1963 filed $9,375,000 first mortgage bonds due
Bids—March 6 (11 a.m. EST) at Irving Trust Co., One
1993. Proceeds—To refund a like amount of 3 ¥4 % bonds
Wall St., New York. Information Meeting — March 1
due April 1, 1963. Office—300 Liberty St., Peoria, 111.
(11 a.m. EST) at same address.
Underwriters—(Competitive.) Probable bidders: Halsey,
Stuart & Co., Inc.; First Boston Corp.; Kidder, Peabody
Atlanta Gas Light Co. (2/27).
> &
Co.; Eastman Dillon, Union Securities & Co.; Merrill
Feb. 1, 1963 filed $27,000,000 of first
mortgage bonds
Lynch, Pierce, Fenner & Smith Inc.-Stone & Webster
due March51, 1988. Of the total,
$17,000,000 principal
Securities Corp. (jointly); Blvth & Co.-Lehman Bros/
amount will be ready for delivery about March
6, and
& Co.-Salomon Brothers & Hutzler (jointly). Bids —
the balance, on or about Aug. 15. Proceeds—To redeem
March 11 (11 a.m. EST) at 300 Park Ave., New York.
specializing in
approximately $17,000,000 of outstanding 5y8% bonds
Information Meeting—March 8 (11 a.m.) at 16 Wall St.,
due 1982 and 1985; retire
outstanding 3% bonds matur¬
(2nd floor), New York.
;
ing Sept. 1, 1963; repay bank loans, and for construction
and other corporate purposes. Office—243 Peachtree
DhemairElectronicsCorp.
St.,
N. E., Atlanta. Underwriters—Stone & Webster Securi¬
Dec. 28, 1962 filed $150,000 of 6% subordinated income
ties Corp., and First Boston
debentures due 1973 and 30,000 common shares to be
Corp., New York.
offered in units consisting of one $10 debenture and two
Atmosphere Control, Inc. BOUGHT SOLD QUOTED
common. Price—$12 per unit. Business—Production and
for Banks, Brokers, Institutions
May *28, 1962 ("Reg. A") 200,000 common. Price—$1.50.
i
?
sale of chemicals designed to control -odors, bacterial
Business—Manufacture and sale of Misti-Cone humidi¬
growth and air pollutants; and development, produc¬
fiers. Proceeds—For equipment, inventories and work¬
tion and sale of an electronic vaporizing unit for dis¬
ing capital., Office—668 Jenks Ave., St. Paul, Minn.
pensing such chemicals. Proceeds^-For debt repayment,
a
Underwriter—To be named. Offering—Indefinite. 1
ESTABLISHED 1942
equipment, sales promotion and working capital. Office
—221 N. La Salle St., Chicago. Underwriter—Price In¬
Automatic Merchandising; Inc.
Members of New York Security Dealers Association
vesting Co., New York.
/
May 24, 1962 filed 225,000 common, of which 125,000 are
39
—
JADING
•
in
.
over-the-counter securities
....
«cNEW
*
-
.
_
-
.
$Uney,stf. SBEGEIjF-%JU
Broadway, New York 6, N. Y.
Dlgby 4-2370
>
Direct Wires
TWXs 212-571-0320
to
R. i HENDERSON & CO., INC., Los
Angeles
WOODCOCK, MOYER, FRICKE& FRENCH, INC., Philadelphia
to be offered by company and 100,000
by stockholders.
Price—By amendment (max. $8). Business—Company
operates, owns, services and leases coin-operated auto¬
matic vending
machines.
Proceeds—For debt repay¬
ment, inventories, equipment and working capital. Of¬
fice—217
Nr Willow Ave., Tampa.
Allyn & Co., Chicago.
; >
Underwriter—A. C
~
;
,
• Chemical Coating Corp.
June 29,
1962 filed 70,000 common. Price—$5. Business
—Company plans to operate a painting contracting busi¬
ness
and manufacture
paints. Proceeds—For general cor-
oorate purposes. Office—Santurce, P. R. Underwriter—
Arnold Malkan Investment Growth of Puerto Rico. Tnc.,
Santurce, P. R. Note—This registration was withdrawn.
Volume
Number 6240
197
.
The Commercial and
Financial Chronicle
.
.
(799)
Chestnut Hill Industries, Inc.
ment. Proceeds—For
debt
repayment, an acquisition
of which '■■j and other corporate purposes. Office — 1012 Baltimore
225,000 are to be offered by the company and 75,000 by j Ave., Kansas City, Mo. Underwriter—Blair & Co., N. Y.
stockholders. Price—$5.
Business—Design and,^manu¬ u Offering—Indefinite.
facture of women's, misses' and junior sportswear, co-/
i
Consolidated Vending Corp.
ordinates, and dresses. Proceeds—For debt repayment,
April 2, 1962 filed 70,000 common. Price—$5.75. Business
equipment and working capital. Office—2025 McKinley
—Operation of vending machines. Proceeds—For debt
St., Hollywood, Fla. Underwriter — Clayton Securities
repayment, working capital and other corporate purposes.
Nov.
1961 filed 300,000
29,
class
A
D.
common,
bentures
Business—For
deposits.
Address—Box
Proceeds
For mining
—
469, Wallace, Idaho.
expenses.
Underwriters—Pen-
•
Consultant's
two,
common and
one
Underwriter-—None.
Mutual
Danac Real Estate Investment
purchase one common
26,000 shares will be sold for the
•
Ave., Rockville, Md. Underwriter
Washington, D. C.
\
man
„
•
■
Defenders Insurance Co.
Jan. 30,
1963 filed 100,000 common. Price—$12.50. Busi¬
Company plans to write automobile insurance.
general corporate purposes. Office—146
Old Country Rd., Mineola, N. Y. Underwriter—None.
ness
•
Cosnat Corp.
records.
on the basis of one share
shares held. Price—At-the-market.
Business—Sale of health, accident, life and hospital in¬
surance.
Proceeds—For working capital.
Office—3570
Lindeil
Blvd., St. Louis.
Proceeds
For
the
repayment
of
debt, and
working capital. Office—315 W. 47th St., N. Y. Under¬
writer—Van Alstyne, Noel & Co., N. Y. Note—This fiim
was known
formerly as the Cosnat Record Distributing
Corp, Offering—Indefinitely postponed.
subscription by stockholders
common
convertible sub¬
ordinated debentures due 1977. Price—At par. Busic ess
—The
manufacture
and
distribution
of
phonograph
Commercial Life Insurance Co. of Missouri
Nov. 26, 1962 ("Reg. A") 46,000 common to be offered
for
$1,250,000 of 6%
—
Cottar & Co.
,
saler
Conso Products, Inc.
Sept. 27, 1962 filed 125,000 commom
ment
(max. $10).
working capital. Office—2740 N. Clybourn Ave., Chicago.
Underwriter-rrNone.
Price-^-By-amend¬
Business—Manufacture of home fur*'
nishing trimmings and accessories.
Proceeds—For
ma¬
chinery and working capital.
Office—27 W. 23d St.. N. V.
Underwriter—H. Hentz & Co., N. Y. Offering—March.
*
;
""
"
-■
■■
••
.Consolidated
April 27,
1962
tures: due
1977
•
..V
Leasing Corp. of America
filed
$1,000,000
of
6M>%
deben¬
subord.
5(With, warrants),, and 99,000
•
common.
Price-r-For debentures, at par; for stock, by amendment
(max.
$9^. Business—Renting of cars, trucks and equip¬
February 25
■
•
March 7
<A. D. Gilhart &
Common
Weld
&
Co.,
Reid
&
Co.,
Inc.)
March il
$1,908,000
j
(Paine,
Weber,
Jackson
&
(Bids
—Common
Curtis)
170,500
shares
Dempsey-Tegler
&
Inc.)
Co.,
Williston
R.
«fc
Beane)
(Hehsberry
February 26
&
Co.)
12
$420,000
February 27
Berman
$27,000,000
(Bids 11
•Denmark
7
(Kuhn,
Harriman
I
&
Ripley
a.m.
&
Inc.;
EST)
$12,000,000
Smith,
Inc.
Co.,
and
March 4
Consultant's
Mutual
Investments,
"Wallace
(William)
Co.
(Reynolds &c Co., Inc.
John's
Brooks
W,
&
JHayden,
Northwestern
H
.
Co., Inc.)
Stone
Bell
& .Co.
shares
;:;.vr
/
" :
i
-
Co.)
City
Electric
(Bids
11
Co
a.m.V EST)
19
Co.—Debens.
$50,000,000
Equip. Trust Ctfs.
Norfolk & Western Ry
(Bids
to
received)
be
$4,500,000
April 23 (Tuesday)
V
Consolidated Natural Gas
(Bids
April 24
&
12
11:30
a.m.
Debentures
Co
EST)
$35,000,000
(Bids
£
."•
'
to
to
be
;
March 26
—.
,
'
Southern
t
:
..Bonds
1
i
Equip, Trust Ctfs.
t Texas
>
be
(Bids
Alabama
Bonds
Electric
Inc.-
Common
shares
| May 14
'
$5,475,000
Service
EST); $7,500,000
Co
Trust
—
11:30
a.m.
EST)
Ctfs.
be
received)
$5,000,000
'/'////; ■*' feC/Z"
..
.
.
(Bids
to
.Bonds
Bonds
be
Georgia Power Co.—
'
*
r,f -;«V
(Thursday)
Georgia Power Co
Bonds
$22,000,000
to
(Tuesday)
•November 7
.Equip.
Preferred
Co
Virginia Electric & Power Co
C
(Bids 11 a.m. EDST) $30,000,000
Equip, Trust Ctfs.
-
(Bids
Bonds
Co
(Bids to be received) $13,000,000
$30,000,000
Inc.), 125,000
received)
noon
Dean Witter & Co.)
(Thursday)
Power
(Bids
Co.—i_
12
Inc.—.—Common
stockholders underwritten by
May 9
$2,100.0CO
(Tuesday)
Pacific
,V '
to
$48,000,000
EST)
$3,000,000
received)
Securities,
Bonds
—
a.m.
Western Light & Telephone Co.,
shares
(Monday)
(Bids
'
11
(Wednesday)
May 1
Co.—.Common
1,000,000
(Wednesday)
Tampa Electric Co._.
Co., Inc.) $300,000
CST)
noon
Heck's Discount Centers,
•
;
;
$15,000,000
Bell Telephone
(Bids 11 a.m. EST)
.
,
(Tuesday)
$800,000
$15,000,000
a.m.)
April 22 (Monday)
Bonds
(Monday)
(Willard
Debentures
&
(Dean Witter & Co.) 15,000 shares
•
„
—
Webber, Jackson & Curtis)
March 25
—i-^Capital Shares
Witter
-Bonds
———...Bonds
Co.—--
11:30
Pacific Northwest
—————Common
Anderson
Norfolk & Western Ry
*"
-
.
April 16 (Tuesday)
Common
(Friday)
D.
(Bids
Debentures
;
(Dean
'Anadite, Inc..
Atlantic
50,000
Co
$30,000,000
(Monday)
(Bids
150,000 shares
Chicago & North Western Ry
.—.Common
Inc.)
(Wednesday)
Inc
'
15
Alabama Power
Telephone
$8,250,000
(Bid$ to, be received)
Utah Power & Light
—
'
>
(Bids 11 a.m. EST) $40,000,000
March 6
Anadite,
c?
(Tuesday) ^
—7:—v
received)
be
to
Stock
Michigan Consolidated Gas Co
Bargain Stores Corp..
—
15
(Bids
March 5
-
March
-
2,500 units
I
*■
(Paine,
Units
P.
and
$2,522,036
North American Life & Casualty
Common
Inc
-
and
-
Inc.
(Offering
(Gerstley, Sunstein & Co.) $5,000,000
,
(Tuesday)
"
April
—ADR's
Smith,
&
Ltd.); 1,300,000 ADR's
Z;
$301,000
^
••If''
S... <^.rT "/•-***
(Thursday)
March 18
(P. J. Gruber & Co., Inc.)
7
(Rights offering to stockholders underwritten by
Dillon, Union Securities & Co.) $5,500,000
(Don
Common
;
$4,020,000
'ft*
$9,375,000 ?
Fenner
Co.,
Bonds
——
Leasing Co.——Debentures
March
(Monday)
"Big Top Stores, Inc.
——-
EST)
a.m.
Zero Mountain, Inc
Barney & Co. Inc.,
Lazard Freres & Co.)
$20,000,000
,
.
•
Co.,
EST)
noon
y
Bonds
—
(Kingdom of)—a—-Bonds
Loeb
11
Eastman
•
12
0' V
(Tuesday)
March 14
.Bonds
and First Boston Corp.)
Brooklyn Union Gas Co.-—*—*
ii-
April 9
(Bids 11 a.m. EST) $15,000,000
(Wednesday)
borp:
•
Northern Indiana Public Service Co.- -—*
Oklahoma Gas & Electric Co.
$6,360,000
Atlanta Gas Light Co.
(Stone & Webster Securities
(Bids
Co.)
'Missouri Pacific RR.———Equip. Trust Ctfs.
Paper Industries, Inc.——
March 12
EST)
&
Trust Ctfs.
Southern Railway Co.-*-—-—Equip.
$5,250,000
(Francis I. du Pont & Co.)
Equip. Trust Ctfs.
noon
Deuterium Corp.
Sept. 28, 1962 filed 120,000 common with attached war¬
rants to purchase an additional .120,000. .shares--to: be of*
Equip. Trust Ctfs.
EST)
(Kidder, Peabody & Co.)
Pak-Well
Common
(Tuesday)
(Bids
Sachs
Pacific Savings & Loan Association.:
$10,000,000
Seaboard Air Line RR
Goldman,
—
noon
Lynch, Pierce,
Nomura Securities
The
-
Stratton Fund, Inc.——--—————..-Common
(J.
12
(Merrill
>
$1,300,000
Workman Electronic Products, Inc.—
and
Kansai Electric Power Co., Inc
..
floddy Recreation Products Jna—Units
<
Smith, Barney & Co., Inc., Harriman Ripley & Co., Inc.,
Co., New York.
Debentures
(Monday)
■
■
-
Green Shoe Manufacturing Co._
Price—By amendment. Proceeds—For• the acquisi¬
tion of capital equipment to be used for development of
$ld,000,000
Central Illinois Light Co.
(Emanuel, Deetjen & Co. and Zuckerman Smith & Co.)
...
(2/27)
Danish economy. Underwriters—Kuhn, Loeb & Co., Inc.,
(Bids
$300,000
Great Eastern Insurance Co.--—-———Common
„
Inc.
/
(Bids
Debentures
.
(Kingdom of)
1963 filed $20,000,000 of external loan bonds due
March '27* (Wednesday)
Great Northern Ry.—
Co., Inc.) $131,250
-
(Pulton,
1978.
(Thursday)
Automatic Retailers of America, Inc
(White,
——.
Inc.
Denmark
.
,
Emtec
•
Feb. 8,
"
-
(Monday) ./;
Data Corp.? of America—
and other corporate purposes. Office — 750 Hyler St.,
Teterboro, N; J. Underwriter-WVan Alstyne, Noel Corp.,
New York. Offering-r-Expected in March,
ered for subscription by holders of its stock and
4ebfh^'
tures in units (of one share and one warrant.)/pn the
Creative, Ventures Corp.
basis of 3 units for each, 5 % prior preferred share held,
>lf.
May 28, 1962 filed 150,000 common and Warrants to pur¬
2 units for each 5% preferred A stock held and 40
chase 30,000 additional shares, to be offered in units of
/ units for each $1,200 face amount of non-interest bear*
one share and one warrant.
Price—$2.25 per unit. Busi¬
ing subordinated debentures held. At the same time, the
ness—A corporate guidance and interim financing con¬
company will offer the securities to the public. Price—
cern; Company may also act as a broker-dealer and un¬
To subscribers, $20; to public, $22.25. Business—Com-.
derwriter. Proceeds—For investment. Office—733 Third :
pany plans to erect a small size production and expert*
Ave., N. Y. Underwriter—Hampstead Investing Corp.,
Continued on page 32
New York. '
*
' .•
W
ffNEW ISSUE CALENDAR
.
•
series I.
& Co., St. Louis. Offering—Indefinite.
Troy Bergen, Inc.
and Lazard Freres &
Nov. 21, 1962 filed $3,000,000 of 6% subordinated notes,
Price—At par. Business—A cooperative whole¬
of hardware and related Items.
Proceeds—For
Underwriter—Edward D. Jones
De
Dec. 20, 1962 filed 140,000 common. Pries—$4. Business
—Commercial printing. Proceeds—For debt repayment,
&.Co., Inc. New York. Offering—In late March.
1962 filed
—
Proceeds—For
Loeb, Rhoades
—None.
Corp. of America
New York.
Continental Device
May 26,
\
:
(2/25-28)
Pri(?e—$i.25, Business—Development of specialised data processing appli*
cations and the furnishing of data processing services.
Proceeds—For training of personnel, advertising and
sales promotion, and working capital. Office—44 Beaver
St., New York. Underwriter—A. D. Gilbart & Co., Inc.,
—
for each 3.36
Data
Ferris & Co.,
—
~
,
Oct. 29, 1962 filed 105,000 common,
•
Corp.
26, 1962 filed 275,000 common. Price—By amend¬
company and 49,000 for stockholders. Price—By amend¬
ment (max. $6), Business—Company, is engaged in rement. Business
Manufacture of fiberboard, boxboard
% search, development and manufacture of certain types
and shoeboard. Proceeds—For equipment,
plant improve¬
of semiconductor products, and specialized test
equip¬
ment, loan repayment and working capital. Office—615
ment. Proceeds—For loan repayment,
equipment, and
Pqrker St., Manchester, Conn. Underwriter—Putnam &
other corporate purposes. Office—12515 Chadron
Ave.,
Co., Hartford. Offering—Expected in March.
Hawthorne. Calif. Underwriter—Carl M.
Price—$1. Buslness-rrGenerar mining.
Proceeds-^For exploration and
operating expenses. Office—Creede, Colo. Underwriter
/
:
plans to deal primarily in commercial, light industrial
and apartment properties. Proceeds;—For^ debt repay*
ment, and other corporate purposes. ,OfficeWl710 Chap¬
Dec.
^Colorado Imperial IVIinlng Co.
Sept. 20, 1962 filed 200,000 common.
Corp.
Feb. 1, 1963. filed 300,000 common, Price—$10. Business
—Real estate development and ownership. Company
Indefinite.
warrant to
a
share. Of the common,
purchase
to
consisting of $100 of debentures and three war¬
Price—$100 per unit. Business—Operation ot a
public transit system in Washington, D. C.; a new sub¬
sidiary to construct housing projects in Washington,
D. C. Proceeds—For construction and general corporate
purposes. Office—3600 M St., N. W., Washington, D,
i| Dec. 21, 1962 filed 500,000
preferred,
subord. de¬
conv.
warrants
units
.
shares to be offered in units of
common
five-year
rants.
h*4 withdrawn.
exploration, development and production
Investments, Inc. (3/4-8)
common. Price—$10. (For an
| initial period the fund will also offer its shares in ex¬
naluna & Co. and Standard Securities
Inc., Spokane,
change for acceptable securities on the basis of one
Wpsh. Offering—Expected sometime, in March.
share for each $10 market value of securities
Business
•Central Mutual Fund, Inc.
—A new mutual fund. Proceeds—For investment. Office
Aug. 20, 1962 filed 100,000 capital shares. Price—Net
—211 S. Broad Stfj Philadelphia. Underwriter—Gerstasset value
(max. $14) plus a 2% sales commission. i
ley, Sunstein & Co., Philadelphia.
Business—A mutual fund specializing in life insurance
Contact Lens Guild, Inc.
stocks.
Proceeds—For investment.
Office—110 North
Sept; 19, 1962 ("Reg. A") 75,000 class " MAM commok,
East :st^4Jackspnynie,-:nitf :|jiidemriterr~CN Agency,
^ Price:—$4. i Business—Manufacture 6nd sale of a patented
Inc., same address: -Offering—Indefinite.. * "
contact
lens.
Proceeds—For
moving
expenses, • re¬
.Colonial Board Co.
search, inventory, advertising and working capital.
March 28, 1962 filed 37,500 shares of $1.50 preferred ($25
Office—360 Main St. E., Rochester, N. Y. Underwriter—
par), 75,000 common and warrants to purchase 37,500
John J. DeGolger Co., Inc., Rochester, N. Y. Offeringmineral
of
and
aggregate of 187,500 class A shares, to be offered for
subscription by holders of class A and class b stock in
St., Dover, Del. Underwriter—Dana
Co., Inc., N, Y. Note—This registration will
Securities
1977
due
an
Office—129 S. State
Center Star Gold Mines, Inc.
April 10, 1962 ("Reg. A") 2,000,000 common. Price—15c.
Systems, Inc.
ApriL30, 1962 filed $6,250,000 of 6%%
1
Corp:; Boston, Mass. Off ering—Indefinite.
C. Transit
31
received)
$30,000,000
Preferred
32
The Commercial and Financial Chronicle
(800)
Continued
plant for the limited manufacture of deuterium
and deuterium oxide, and to establish and equip a gen¬
mental
Proceeds—For working capital,
eral research laboratory.
construction, equipment and other corporate purposes.
Office—360 Lexington Ave.* N. Y. Underwriter—None.
Diamond
Diversified Collateral Corp.
Pratt Ave.; Chicago:
13, 1962 filed 77,050 common. Price—By amend¬
(max. $11.75). Business—A real estate investment
—62 Richmond
,
Diversified Resources,
Jan.
Realty
16,
67,000 common. Price
("Reg. A")
1963
—
«writer—A. J. Gabriel Co.,
$3.
Fischbach & Moore, Inc.
betting.
(max. $2). Business—Company owns and licenses carton
pouring spout patents and die patents. Proceeds—For
other corporate purposes. Qffice—
100 W. 10th St.,
Wiliriingfon, Del. Underwriter—N6ne
adequacy of this statement.
:
&
Redpath, New York. Offering
—
Temporarily post-
electronic
devices
for
medical
and
marine
Eastern Camera &
repayment, advetrising, research and develop¬
working capital. / Office~-2176 Palou; San
and
Francisco.
Underwriter—L. H. Wright Co., Inc., N. Y.
^
Hill Street Co.
16, 1961 filed 2,265,138 common
The securities
debenture
and
10
shares.
store
concessions.
white
film
and
Price—By amendment.
camera
processes
photographic
mon
black
share.
plans
equipment.
istration
mirror
was
Global
Corp.
common.
debt
writer—None.
repayment,
•
per
flat
doors
one
class A and
products.
common
one com¬
Hollingsworth Solderless Terminal Co.
Proceeds
working capital. Address—P.
Underwriter—Harrison &
Pa.
•
29, 1962 filed 100,000 common. Price—$10. Busi¬
ness—Manufacture, sale and lease of steel supports and
Manufacture of the SAFER Butter
Chipping machine
Deams
and processing of tray-forming and
chip-covering mate¬
rials. Proceeds—For
operating expenses, equipment, in¬
ventory and advertising. Office—118 E. 28th St.
York. Underwriter—L. D. Brown
Co., New York.
Emtec Inc. (2/25-28)
used
in construction.
Proceeds—For debt
stock
of
y
of Home Entertain¬
Co., Inc., Los Angeles, a subsidiary, and 23,000
purchase warrants in parent, to be offered in units
10
shares
and
one
Business—Company
warrant.
Price
—
and subsidiary are
$100 per unit.
engaged in the
development and promotion of a pay television system
in Santa Monica, Calif. Proceeds—For installation of a
Jan. 4, 1963 ("Reg. A")
$300,000 of 6% convertible sub¬
ordinated debentures due
1968. Price—At
ness—Manufacture, development and sale of pharmaceu¬
Santa Monica,
Business
tical and veterinarian products.
Co., Inc., New York.
($500).
Design and manufacture of miniature and
par
—
subminiature. metal products for electronic,
and
autom.otive
debt
:
America
Entertainment Co. of
16, 1963 filed 230,000 common
ment
repay¬
expansion,; research, and inventory. Office—545
Cedar Lane, Teaneck, N. J.
Underwriters—Winslow,
Cohu & Stetson and Laird, Bissell &
Meeds, N. Y.
Gold Leaf Pharmacal Co., Inc.
March 13, 1962 filed 80,000 common.
Home
Jan.
ment,
New
Oi Box 430. Phoenixville,
-.Co., Philadelphia. Offer¬
ing—Temporarily postponed.
Devices, Inc.
June
Price—$2. Business
*
Feb. 27, 1962 ("Reg. A") 75,000 common. Price — $4.
Business—Manufacture, sale and development of solderless terminals and other wire terminating products. Pro¬
ceeds—For debt repayment, equipment, advertising and
withdrawn.
Construction
-
("Reg. A") 75,000 class A. Price—$4, Busi¬
ness—Development and marketing of new equipment for
the processing industry. Proceeds—For', debt repayment,
purchase of Strudh Co., in Sweden, and working capital.
Office—1720 Military Rd., Tonawanda, N. Y. Underwrit¬
er—Doolittle& Co., Buffalo. Offering—Imminent.
unit. Business—Company
glass mirrors and sliding
related
and
Hobam, Inc.
Jan. 16,1963
equipment, inventory and working capital. Office
—1299 N. First Street, San Jose, Calif. Underwriter—
Birr, Wilson & Co., Inc., San Francisco. Note—This reg¬
to be withdrawn.
29, 1963, filea o0,00u
management investment company . Proceeds^For in-*
vestment. Office—760 S. Hill St., Los AngeW. Under¬
—For
ers—Edwsrds & Hanley, Hempstead, L. I., and Street &•
Co., Inc., ivew York. Note—This registration is expected
Dispenser
Price—$5.05
manufacture
to
wardrobe
Proceeds—For debt repayment and
working capital. Of¬
fice—68 W. Columbia St.,
Hempstead, N. Y. Underwrit¬
Electronic
Proceeds—For
shares to be offered in units of
stores and depart¬
Company also
repairs
industries.
• Glasco Pacific, Inc. July 12, 1962 filed 250,000 class A and 250,000
to be offered in units of one
are
Business—Operation of retail
r
tb be offered tor
subscription by/stockholders bf Union\Bank of Califor¬
nia on a share-for-share basis. Price—$3C Business—A
equipment and working capital. Office-—1252 W. Peachtree St., N. W., Atlanta, Ga. Underwriter — Robert M
Harris & Co., Inc., Philadelphia. Note—The SEC has is¬
sued an order temporarily suspending this issue.
Photo Corp.
by stock¬
■
debt
ment
Oct.
various
March 28 1962 filed $500,000 of 6% conv. subord. deben¬
tures due 1972 and 50,000 common shares
(of which 25,000 will be sold by the
company and 25,000
Jan.
of the com¬
and 6,000 shares for the underwriter.
Price—$2.
Business—Manufacture of dental equipment. Proceeds—
pany
Y.
General Design Corp.
April 25, 1962 ("Reg. A") 65,000 common. Price—$3
Business—Design and development of new products for
purposes.
Underwriter—None..
and
which 69,000
curities Co.r Inc.; Kansas City, Mo. Offering—March.
Proceeds—For working capital, equipment and debt re¬
payment. Office—2222 S. Centinela Ave., Los Angeles.
ment
v
Inc.
Aug. 7, 1962 ("Reg. A") 75,000 common, of
are to be offered for the account
Proceeds—For inventory. Office—
4124 N. Broadway, St. Louis. Underwriter—Midland Se¬
28, 1962 filed 750,000 common. Price—$1. Busi¬
ness—Manufacture of electro-mechanical vehicles and
$100
-
,
IVranuIacturing Co.,
valves and fittings.
Dynapower Systems Corp.
holders).
125,000 common.
shares
Geigher Pipe Supply Inc.
Sept.
•
Hek
Sept. 28, 1962 filed 60,000 class A common, of which 50,000 are to be offered by company and 10,000 by stock¬
holders.
Price—$9.50.
Business'—Sale of steel pipes,
"poped.
%
Inc., New York.
For
Proceeds—For
Proceeds
(3/25-29)
Price—By amend¬
ment (max. $5). Business—Operation of discount stores.
Proceeds—For inventory, expansion, debt repayment and
working capital. Office—6400 MacCorkle Ave.,. S. W.,
St. Albans, W. Va.
Underwriter—Willard Securities,
small business investment company. Proceeds—For
investment. Office—1180 Raymond Blvd., Newark, N. J.
selling stockholder. Office — 2321 Hudson Blvd.,
North Bergen, N. J. Underwriter—Auchincloss. Parker
Business—Real estate.
Discount Centers, Inc^
7, 1962 filed
June
■
Co., N.
Price—$12.
general corporate purposes and debt repayment.
Office—40 Beaver St., Albany; N. Y. Underwriter—None.
18, Tices Lane, East Brunswick, N. J. Under¬
Underwriter—Godfrey, Hamilton, Taylor &
Offering—Temporarily postponed.
Corp.
—For
—A
the
held.
mon
Garden State Small Business Investment Co.
Oct. 27, 1961 filed 330,000 common. Price—$3. Business
Dec 6, 1962 filed 150,000 common. Price—By amendment
(max. $9). Business — Manufacture of various types of
bevelopment
28, 1962 filed 23,300 shares of 5% convertible
preference stock to be offered for subscription by stock¬
holders on basis of one preferred share for .each 1Q com¬
Heck's
writer—Alessandrini & Co., Inc., N. Y.
Duro-Test Corp.
use.
Heartland
Business—Operation of retail meat supermarkets. Pro¬
ceeds—For debt repayment and working capital. Address
—Route
,
~
March
Freoplex, Inc.
Price—$2.25.
; v
^laMaie.'^la. Underwriter—To be named.
(Alex)
Jan. 2, 1963 ("Reg. A") $200,000 of 7% convertible sub¬
ordinated debentures due March 1, 1975. Price—At par.
—
?,
filed $250,000 of 8% subordinated deben¬
tures due 1977, 200,000 common and 6-year warrants to
purchase 25,000 common at $1 per share to be offered in
units consisting of a $10 debenture, 8 common shares and
one warrant. Price—$18 per unit, Business-r-Extraction,
processing and sale of rock and-sand. Proceeds—For a
new plant and other corporate purposes. Address—Hal-
March 30, 1962
& Sons, Inc. .. :\'urf^fe.h ^
March 23, 1962 filed 125,000 common. Price—By amend¬
ment
(max. $15). Business—Wholesale distribution oi
toys and games. Proceeds—For selling stockholders. Of¬
fice—2885 Jerome AveC, Bronx, N. Y. Underwriter—Mc¬
Donnell & Co.; New York. Offering—Indefinite.
Distribution of baseballs, softballs, baseball
pitching machines and other sports equipment. Proceeds
—For repayment of loans, promotional materials and
working capital. Office--633 Second AVe., New York.
Underwriter—W. R. Reisch & Co., Inc., New York. Offer¬
ing—Imminent.
lights for industrial and commercial
Forst
Rock & Sand Co.
Hallandale
Office—Fern
debt repayment and
;• Donmoor-lsaacson, Inc.
Feb. 26, 1962 filed 150,000 common, of which 50,000 are
to be offered by the company and 100,000 by stock¬
holders. Price—By amendment (max. $12). BusinessDesign and manufacture of boys knit shirts, sweaters,
and pajamas. Proceeds—For working capital. Office—
1115 Broadwav. N. Y
Underwriter—Goodbody & Co.,
New York. Offering—Expected in mid-March.
common.
working capital.
Underwriter—To be named.
May 10, 1962 filed 169,420 common to be offered for
subscription by stockholders.
Price—By amendment
Underwriter—None. Note—The SEC has questioned the
Dudley Sports Co., Inc;
28, 1963 ("Reg. A") 66,000
Offering—Indefinite.
Floseal Corp.
Price—By amendment (max.
$1.25). Business—Research, development and construc¬
tion of experimental helicopters.
Proceeds—To obtain
certification of models, train service personnel, repay
debt, etc. Address—Municipal Airport, Danbury, Conn
Business
improvements,
Park, Fla.
shares for each three held.
Jan.
N. Y.
Proceeds—For rent, purchase of leased quarters,
building
April 19, 1962 filed 418,680 common to be offered for
subscription by stockholders on the basis of two new
Proceeds—For debt repayment, inventory
capital. Office—35 Engel St., Hicksville,
Underwriter—J. R. Williston & Beane, New York.
working
and
—
Helicopters, Inc.
Bros., Inc.
equipment.
Alai, Inc.
June 28, 1962 filed 400,000 common, price—$5. Bust*
ness
Operation of Jai Alai games and pari-mutuel
&,Co.j,Atlanta, Ga. Offering—Indefinite.
.
April 25, 1962 filed 150,000 common, of which 50,000 are
to be offered by company and 100,000 by stockholders.
Price—By amendment (max. $7). Business—Wholesale
and retail distribution of toys, hobby lines and sporting
Jai
Florida
repayment, and working capital.
Office—11 N. Main St., Ocala, Fla. Underwriter—Courts
accuracy and
Greenman
—
loan
(2/25-28)
& Curtis, Boston.
son
.
4, 1963, filed 75,000 common. Price—By amend¬
ment (max, $25). Business—Company is engaged in vari¬
ous types of electrical contracting. Proceeds—For selling
stockholders. Address
545 Madison Ave., New York.
Underwriter—Allen & Co., New York. Offering—Ex¬
pected in March.
Inc.; New York.
Manufacturing Co.
6,1963 filed 170,500 common. Price—At-the-market.
Business — Manufacture and sale of children's shoes.
Proceeds—For the selling stockholders. Office—960 Har¬
rison Ave., Boston. Underwriter—Paine, Webber, Jack¬
Feb.
• Dixie Lime & Stone Co.
Doman
Green Shoe
Feb.
Paine, Webber, Jackson & Curtis, Boston. Offering—Ex¬
pected in April.
»$
Sept. 27, 1962 filed 100,000 common. Price—By amend¬
ment (max. $6.75).
Business—Mining and processing
'of crushed granite, lime rock, and agricultural limestone.
Proceeds—For
s
type securities of Israeli companies. Proceeds—For in¬
vestment. Office—141 Milk St., Boston. Underwriter—
a lightweight structural board
insulating material (wallboard). Proceeds—
For equipment, leasing of working space, advertising,
and working capital. Office—42 Broadway, N. Y. Under-
Price—By
(max.' $14). ' Business—Operation or 18
supermarkets in the Los Angeles area, Proceeds—For
selling stockholders.
Office—17602 Bellflower Blvd.,
Bellflower, Calif.
Underwriter—Morris Cohon & Co.,
New York. Offering—Indefinite.
15, 1962 filed 2,750,000 shares of beneficial in¬
Price—By amendment (max. $10). Business—
A mutual fund which plans to invest primarily in equity
sheet
Markets, Inc.
1962 filed 219,150 class A common.
amendment
terest.
Inc.
Co.' (2/25-28). :
Office—116:,John St.; .Now York,. Underwriter®
& Co., and Zuckerman Smith &
Greater McCoy's
June 28
Aug.
Manage¬
Business—Manufacture of
and
v
~
Trust.
—Emanuel, Deetjen
Co., New York.
First American Israel Mutual Fund
•
Great Eastern Insurance
purposes.
St., Toronto; Urderwriter^-G. V. Kirbj
& Associates, "Ltd., Toronto.
Co., Inc. (same address). Offering—Indefinite.
ment
:
Johnson
' : ' *;/.*
'/
Nov. 30, 1961 filed 800,Q00 common.
ment. Business—Exploration and testing of mining prop¬
erties. Proceeds—For general corporate purposes. Office
Proceeds—For investment. Office—8397 N. E.
Ave., Miami, Fla. Underwriter—Karen Securities
Corp., N. Y. g
Diversified Real Estate Trust
*
'
J
>
Underwriter—-Bacon,
Underwriter—None. *
•
known a*
Note—This firm formerly was
Real Estate Investment
April 13, 1962 filed 381,600 common. Price—$5. Business
—Company plans to write certain types of fire and
casualty insurance./ Proceeds r-r .For general corporate
! :
Price—By amend¬
Second
Y.
Continental
Fidelity Mining Investments Ltd.
company.
N.
To be named.
(max. $15).
Business—Design and
manufacture of tools, dies, molds, beryllium castings and
the distribution of plastic, metal and glass products for
home use. Proceeds—For a recession offer to stockhold¬
ers and reduction of accounts payable.
Office—3600 W.
amendment
—By
definitely postponed,
March 8, 1962 filed 1,000,000 shares of beneficial inter¬
est.
Price—$10.
Business—A real estate investment
trust. Proceeds—For investment. Office—500 Fifth Ave.,
Aug. 3, 1961 filed 300,000 shares of beneficial interest.
Price—$10. Business—Real estate. Proceeds—For invest¬
ment. Office—530 St. Paul Place, Baltimore. Underwriter
Fedco Corp.
nylon hosiery. Proceeds—For debt repayment
and working capital. Office—417 Fifth Ave., N. Y.
Un¬
derwriter—Dxexel & Co., Philadelphia.
Offering—In-
-
Investment Trust
Real Estate
Continental
Great
Oct; 29, 1962 filed 20,000 common, of which 17,500 are to
be offered by company and 2,500 by a shareholder. Price
women's
Offering—-Expected in: mid-March.
New York.
Inc.; Mil¬
waukee.
Mills Corp.
1962 filed 200,000 common, of which 120,000 are
to be offered by the company and 80,000 by stockhold¬
ers.
Price—By amendment. Business—Manufacture of
ment
Office—5150 Wilshire Blvd., Los An¬
Underwriter—Wisconsin-Continental,
geles.
Jan. 23,
June
chalk
life insurance and mutual funds. Proceeds
sales offices, advances to subsidiaries and
new
market¬
ing
firms selling
working capital.
Thursday, February 21, 1963
such as
general
corporate purposes. Office — 91 Weyman Ave., New
Rochelle, N. Y. Underwriter—Federman, Stonehill & Co.,
March 29, 1962 filed 240,000 common. Price—By amend¬
ment (max. $6.50).> Business—A holding company for
—For
.
(max. $6). Business—Design, manufacture, and
of items used in educational institutions
boards, exhibit cases, etc. Proceeds—For
Equity Funding Corp. of America
from page 31
.
.
repayment' and
Olive
industries.
Proceeds—For
St., Elyria,
Co., Inc., Cleveland.
;
s!
•
—
_
&
Busi¬
'
;•
••.•••
•' *
•
■..
•
...
.
•
t
pay
Proceeds—For advertis¬
ing,
research, debt repayment and working capital.
Office—36 Lawton St.rNew Rochelle, N. Y. Underwriter
—Droulia & Co., N. Y.
>;>/ V« .>■<
appliance
equipment
working capital. Office
140
Ohio. Underwriter—Fulton, Reid
Price—$4.
..IK- ./ •;
y",
.
♦'
.. ,
-
.1.
Gotham Educational Equipment Co. Inc.
Dec. 4, 1962 filed 75,000 common. Price—r-By amendment
television system. Address :— 19th and Broadway,
Calif. Underwriter—Bernard M. Kahn &
Offering—Expected in March.
Horace Mann Life Insurance
•
Co.
v.
V
1, 1963 filed 200,000; common, of which 80,000 are
to be offered by company and 120,000 by stockholders.
Feb.
Price
—
$12.50. Business—Writing of life, accident and
Proceeds-rFor general cprporate pur-
health insurance.
•
Volume
197
Number 6240
.
.
.
The Commercial and Financial Chronicle
Office—-216 E. Monroe St., Springfield, 111. Under?
Inc., (same address),
poses.
Price—By. amendment (max. $24). Business—Manu¬
facture, design, and distribution of plastic toys. Proceeds
—For general corporate purposes. Office—912 Sycamore
St., Cincinnati. Ohio. Underwriter—Kuhn, Loeb & Co.,
ers.
writer-r-Horace Mann Investors
Hunsaker (S. V,) & Sons
March 30, 1962 filed $1,300,000 of
nated
debentures
due
1977
convertible subordi-
New York.
and
200,000 common shares.
Price
By amendment (max. $6 per common share).,;
Business—Construction of homes and apartments on land
which company has acquired in Southern Calif. Proceeds
Kraft
—
debt
—For
and
repayment
Office—15855 Edna
other
corporate
purposes.
To be named. Offering—Indefinite.
Dec. 26,1961 filed 500,000 common.* ^rice—$15. Busi¬
ness—A small business investment
company. Proceeds—
Chicago.
';
shaie, to be offered in units, each consisting of one share
and one warrant. Price—$4 per unit.
Business—Design,
development and manufacture of mechanical, electro¬
mechanical; dnd electronic equipment for government
agencies and the military. Proceeds—For equipment,
•
sureUKe
new
—
investment;
Office >-*3315
For
shares. Price — Net
(max. $5), plus 8% sales charge. Business—
expansion,
new
V. Underwriter—R.
—
40,000
common.
Price
—
$3.
Business—Design, installation and maintenance of heat¬
inventory, equipment and other corporate
Office
.
John's Bargain Stores Corp.
/
.
and
four-year
offered
warrant.
in
named.
estate
50,000 shares 6% cum. preferred
stock purchase warrants to be
of one preferred and one
investment.
debt
repayment and working capital.
N. Y.
>
Office—30 E. 42nd St.,
Underwriter—Hayden, Stone & Co., N. Y. Note—
This registration will be withdrawn.
Kenner
None.
Products
Co.v:,v:
;v
.
—
2615 First National Bank Bldg., Minneapolis.
Underwriter—None.
•
Mil National Corp.
laundry^-
.
.
*
Proceeds—For
Office—1101
.
East
Milwaukee
Braves,
only. to Wisconsin residents, Price — By. amendment /
(maxV $11.50). Business—Company is the .owner of the
Braves
repayment
and
.
"
/
Manchester Insurance Management &
Investment Corp.
;
claims, financing of insurance premiums, and the mak¬
ing of investments. Proceeds—For expansion, loan re¬
payment and other corporate purposes.
Office—9929
Manchester Rd., St. Louis. Underwriter—Troster, Singer
& Co., N. Y. Offering—Expected in early March. ..4 ;*/•!
baseball
loan
team., Proceeds—-For
working capital.
Address — County
Stadium, Milwaukee, Wis. Underwriter
Robert W.
Baird, & Co., Inc.. Milwaukee.'
,/
.
.
.
Mobile^ Home Parks Development Corp.
common. Price—$2.50. Busi¬
ness—Company plans to develop mobile home parks and
Jah~28;,"'1963' filed 1,250,000
residential
and
commercial
real
estate.
Proceeds—For
general corporate purposes.; Office—82 ' Baker St/ At¬
lanta. Underwriter—Overseas Investment
Service, Se¬
ville, Spain.
.
Americas, N. Y. Underwriter-^To be
Note—This registration was withdrawn,
Inc.
Feb. .11, 1963 filed, 115,000 common to be offered for sale
Milwaukee
/ Nov. 28, 1962 filed 272,941 common.. Price—$3.50. Busi¬
ness—Writing of
casualty insurance,
adjustment of
;
./ .>:/■
/March 30, 1962 filed 542,000 common, of which 205,000
v are to be offered
by company and 317,000 by stockhold¬
•
unit).
per
Proceeds—For
Office
equipment.
Management Investment Corp.
Aug. 29, 1962 filed 2,000 common (with attached war¬
rants). Price—$500. Business—Company plans? to fur¬
nish equity capital to firms in the atomic, space and
missile fields, and provide advisory and management
counseling services on a fee basis.
Proceeds—For re¬
payment of loans, and general corporate purposes. Office
—130
Fulton Federal Bldg., Atlanta.
Underwriter—
consisting
Price—By amendment (max. $101
Business—Real
26, 1962 filed 561,500 common to be offered for
subscription by stockholders on the basis of one share
for each two shares held. Price—By amendment
(max.
$7). Business — A closed-end management investment
company. Proceeds — For general corporate purposes.
general corporate purposes.!
Tremont Ave., Bronx, New York.
Underwriter—Herbert Young & Co., Inc., New York., Of¬
fering—Expected in mid-March,
—145 Ave. of the
-
Co.',~lhc.
common
units
Midwest Technical Development Corp.
Feb.
,
• Mail
Assembly Service, Inc.
April 27,1962 filed 100,000 common. Pripe—$2.25. Busi¬
ness—Assembling of packages for shipment to post of¬
fices. Proceeds—For general Corporate pm poses. Office
(3/11-15)
Feb. 6,-1963 filed 1,300,000 American Depositary Re¬
ceipts. Price—By amendment (max. $17.50). Business—
An electric
utility serving the Osaka-Kyoto-Kobe area.
Proceeds—For expansion. Address—Osaka, Japan. Un¬
derwriters—Merrill Lynch, Pierce, Fenner & Smith Inc.,
and The Nomura Securities Co., Ltd., New York.
Kavanau Corp.
March 29, 1962 filed
Sieger, Inc., N. :Y.
Cincinnati, and Greene & Ladd, Dayton.
27, 1963 filed 219,000 capital shares. Price — $6.
Business — Company plans to sell life, accident and
/
health, group/insurance and annuities in New York,
State. Proceeds—For organizational expenses, and in¬
;
vestment. Office—1 Liberty St., N&w^Yorfc. Unde^tvHfer
—None.
' /■'</■:
:'/,
—
Kansai Electric Power
Office—345 Underhill Blyd., Syosset,
on the basis of one share for
each three held of record Dec. 31,. 1962. Price—$19.50.
Business—A multiple line insurance carrier. Proceeds—
For additional capital and surplus, Office—6901 Wooster
Pike, Cincinnati. Underwriters—W. D. Gradison & Co.,
Madison Life Insurance Co.
954 Jamaica Ave., Brooklyn, N. Y.
Under¬
writer—Martin-Warren Co., Ltd., New York OfferingIndefinite.
"
'
'
'
;
li
New York.
purposes.
scription by stockholders
unit. Business—A business
Dec.
purposes.
(3/5)
Feb. 5, 1963 filed 50,000 common. Price—By amendment
(max. $12). Business — Operation of a chain of retail
stores selling housewares,
apparel, toys, etc. Proceeds—
For selling stockholders. Office
- 1200
Zerega Ave.,
Bronx,- N.-Yi Underwriter—Hay den, Stone & Co., Inc.,
in
stores
Jan. 28, 1963 refiled 94,000 common. Price—$4. Business
—Distribution of commercial dry cleaning and
ing, plumbing and air conditioning systems. Proceeds—
For
per
retail
other
Midwestern Indemnity Co.
Proceeds—For investment. Of¬
Price—$5.75. Busi¬
television films. Proceeds—For
filming and production and working capital. Office—
543 Madison Ave., New York. Underwriter -4 Ingram,
Lambert & Stephen, Inc., 50 Broad St., New York. Of¬
fering—Expected in March.
>
Jamoco Air Conditioning Corp.
28, 1962 ("Reg. A")
Price—$250
and
Dec. 26, 1962-filed 25,495 common to be offered for sub¬
ness—The production of
Indefinitely post¬
poned.
Feb.
By
Aug. 31, 1961 filed 125,000 common.
Dowd
F.
shares.
supermarkets
& Co., Inc., New York,
;
• Lunar
Films, Inc.
teaching programs. Proceeds—
facilities and working capital. Office
Offering
*
finance company. Proceeds—For working capital. Office
—5 W. Main St., Freehold, N. J. Underwriter—Friedman
of
Central Park W.. N
—
(Riax. $10). Business—A diversified closed-
Loyalty Financing Corp.
("Reg. A") 24,000 shares of 6V2 % cumu¬
convertible preferred and 60,000 common to be
offered in units consisting of 20 preferred and 50 com¬
Jan. 30, 1962 filed 100,000 common. Price—$3. Business
—Industrial designing, the design of teaching machines
Co., Inc., New York.
—
Offering—Indefinite.
lative
mon
to
corporate
Dec. 19, 1962
Office—460
Co., (same address).
Jaap Penraat Associates, Inc.
&
Office
Financial Equity
purposes.
N. Y. Underwriter—Brand, Grumet &
Service Systems, Inc.
("Reg. A") 100,000 common. Price —$1. \
Business—Operation of drive-in restaurants. Proceeds—
For leases, equipment and working capital. Office—•
1601 Mandeville Canyon Rd., Los Angeles. Underwriter
—Keon & Co., Los Angeles.
Connecticut
investment.
corporate
$1. Busi¬
equipment.
—
the New York Metropolitan area. Proceeds—For general
Lord Jim's
Denver Club Building, Denver. Distributor—Nemrava &
—315
ucts
Jan. 14, 1963
con¬
Investors Trading Co.
Jan. 17, 1963 filed 200,000 capital
production
whose subsidiaries in-
Underwriter—Filor, Bullard &
Smyth, N, Y. Note—This company formerly was named
Logos Financial, Ltd. Offering—In late March.
Ave., N. W., Washington, D. C. Underwriter—None.
Proceeds—For
general
Price
electronic
Paradise
lives of all types of animals. Proceeds—To form
amendment
$10. Business
—
For
—
common.
medical
of
City, Calif. Underwriter
Corp., Los Angeles.
subsidiaries. Office—26 Piatt St., N. Y. Underwriter
end investment company.
fice—26 Broadway, N. Y.
Offering—Indefinite.
the
Office—4933
Logos Options, Ltd.
April 11, 1962 filed 250,000 capital shares. Price
March 30,1962 filed 1,605,100 shares of beneficial interest.
Price—(max. $10). Business—A real, estate investment
company. Proceeds—For investment. Office—450 Seventh
Ave., N. Y. Underwriter—Van Alstyne, Noel & Co., N. Y.
Investors Realty Trust
May 31, 1962 filed 200,000 shares. Price
Manufacture
—Studio
•
—A real estate investment trust. Proceeds
—
Proceeds
r--Shearson, Hammill & Co;, ;N£!Y; Offering—Indefinite.
3 Interstate Equity
and
investment.
—An insurance holding company
capital. Office—Engineer's
Hill, Plainview, L. I., N. Y. Underwriter-^L^ib^Skloot &
Co., Inc., Clifton; N. J. 6ffeHng—Iridefimite.
For
Nov. 13, 1961 filed 250,000
Rd.,
Merco Enterprises, Inc.
Vegas, Nev. Underwriter—Securities Co. of Nevada,; ; Nov. 5, 1962 filed 104,000
common, of which 33,000 are
Las Vegas.
to be offered by company and 71,000 by stockholders.
• Lewis
(Tillie) Foods, Inc.
Price—By amendment (max. $5.50). Business—Sale of
April 9, 1962 filed $2,250,000 of 5^% convertible sub¬
phonograph records to, and the providing of merchan¬
ordinated debentures due 1982. Price—At par. Business
dising services to retail record department. Proceeds—
For general corporate purposes.
—Processing, canning, bottling and selling of fruits and
Office—750 Stewart
vegetables. Proceeds—For debt repayment and working
Ave., Garden City, L. I., N. Y. Underwriter—J. R. Williston & Beane, N. Y. Offering—Indefinite.
capital. Office—Fresno Ave. & Charter Way, Stockton.
Calif. Underwriter — Van Alstyne, Noel & Co., New
Met Food Corp.
York. Note~~This registration was withdrawh, ?
March 30, 1962 filed $1,000,000 of convertible subordi¬
Livestock Financial Corp.
nated debentures due Nov, 1, 1977. Price — By amend¬
Feb. 23,1962 filed 130,000 common. Price—$10. Business
ment. Business—Distribution of food and related prod¬
Mai eh 30,1962 filed 110,000 class A common and 9-month
warrants to purchase 110,000 class A shares at $4 per
fund.
industry and capital growth situations. Office
Lafayette St., Denver. Underwriter — Medical As¬
sociates, Inc., Denver.
Medical Video Corp.
Las
None.
International Systems Research Corp.
medical
—677
7, 1963 filed 500,000 shares of beneficial interest.
Price-r-$10. Business-r-A real estate investment trust.
applicable to certain specialized and affiliated areas of
Proceeds—For general corporate pur¬
poses. Office—171 *E. 77thi St., New York; Underwriter—:
mutual
Medical Industries Fund, Inc.
Oct. 23, 1961 filed 25,000 common. Price—$10. Business
—A closed - end investment company which plans to
become open - end,
Proceeds — For; investment in the
Feb.
communication.
asset value
Office—39 Broadway, N, Y.,
Underwriter—Bear, Stearns
<r*& Co., New York. Offering—indefinite.
Las Vegas Properties Trust
ment of devices, for the hard of hearing and equipment
A
.
ness
Proceeds—For
and
Proceeds—
McGrath (John W.) Corp.
June 28, 1962 filed 253,875 common. Price—By amend¬
ment
(max. $15). Business—Contract stevedoring and
related operations. Proceeds—For selling stockholders.
withdrawn.
Corp.
Dec. 10, 1962/filed lo6,OOO/.0ommoiv Price—$3. Business
-^Company plans to engage in the research and develop¬
and
Co., Inc., Chicago.
March 29, 1962 ("Reg. A") 100,000 common of which
65,000 will be sold for company and 35,000 for stock¬
holders. Price —$3. Business — Manufacture of certain
patented cooling packages. Proceeds—For debt repay¬
ment and working capital. Office—Jennings Bldg., P. O.
Box 638, Moberly, Mo. Underwriter—John W. Flynn
& Co., Santa Barbara, Calif. Note—This letter will be
Intelectron
packaging
products.
common. Price—$3.75.
Busi¬
ness—Graphic design and printing. Proceeds—For pub¬
lishing a sales catalogue, developing a national sales
.staff and working capital.
Office—812 Greenwich St.,
N. Y. Underwriter—To be named.
Offering—Indefinitely
postponed.
Kwik-Kold, Inc.,
Instr-O-Matics, Inc.
Sept. 28, 1962 filed 32,000 class A common. Price—By
amendment (max. $10). Business — Company
develops,
manufactures and sells electronic equipment for use in
the marine field, principally in pleasure boating. Pro¬
ceeds—Fordebt repayment, advertising, inventories,
new
products and working capital.
Office—3181 N.
Elston Ave., Chicago.1 Underwriter—R, A. Holman &
Co., Inc., N. Y.
drug
new
Marshall Press, Inc.
May 29, 1962 filed 60,000
Proceeds—For accounts receiv¬
New York. Offering—Indefinitely postponed.
■
Business—Manufacture,
various proprietary
equipment,
products, debt repayment and workIng capital. Office—156 Tillary St., Brooklyn, N. Y.
Underwriter—Dana Securities Co., Inc., N. Y. Note—This
registration will be withdrawn;
Realty & Construction Corp. |
April 19, 1962 filed $5,000,000 of conv. subord. deben¬
tures due 1982 and 200,000 common shares to be offered
In units consisting of $25 of debentures and one common
share.
Price—By amendment (max. $27). Business—
Construction and operation of office buildings. Proceeds
—For
debt
repayment.
Office—9350 Wilshire Blvd.,
Beverly Hills, Calif. Underwriter—Lee Higginson Corp.,
systems. Proceeds—For new products, inven¬
tory, new plant and working capital. Off ice—1401 S, Post
struction
seed.
,
.
mation
debt repayment and working
sesame
of
gajie
For
|f
Kreedman
Corp.
Oct. 23, 1962 filed 100,000 common. Pricer-$5. Business
—Research, engineering, manufacturing and marketing
,ln the field of electronic, information handling and auto¬
;
Price—$3.50.
V
John A. Dawson & Co., and Leason &
S. La Salle
Infotronics
Rd., Houston. Underwriter—None.
Sesame Corp.
Manhattan Drug Co., Inc.
able, inventories, plant expansion and working capital.
Office—2301 N. Main St., Paris, Texas. Underwriters—
Industry Capital Corp.
Oak
(John)
bution of
St., Chicago. Underwriter—A. C. Allyn & Co.,
Note—Th\s registration will be withdrawn.
Offering—Indefinite,
33
March 29, 1962 filed 72,000 common, of which
58,000 are
to be offered by
company and 14,000 by stockholder's.
May 24, 1962 filed $225,000 of 6% conv. subord. deben¬
tures, due 1972, and 150,000 common to be offered in
units consisting of a $300 debenture and 200 shares.
Price—$900 per unit. Business—Processing and distri¬
PI., Irwindale, Calif. Underwriter—
For general corporate purposes. Office—208
(801)
Modern
Oct.
29,
Business
Laboratories,
1962
—
("Reg.
Inc.
A") / 97,000
Manufacture
common.
cosmetics.
of
Price—$3.
Proceeds
—
For
equipment. Office—837 W. North Ave., Pittsburgh. Un¬
derwriter—A J. Davis Co.,; Pittsburgh.
Offerings-Im¬
.
minent.
Monarch
Plastics Corp.
("Reg. A") 140,000 common.
Price—$2.
Business—Manufacture and sale of plastic letters, em¬
May
28,
1962
bossed
sign faces, quantity signs and boat windshields.
of land and building, moving
expenses, equipment and working capital. Office—5606
Proceeds—For purchase
Stuebner
Sauve
Airline
Rd.,
Houston.
Underwriter—W,. R.
"
"
Co., N. Y. -
'.
.•_
•
Municipal Investment Trust Fund, Series B
April 28, 1961 filed $15,000,000 (15,000 units) of interests.
.Price
To be supplied by amendment. Business — The
fund will invest in tax-exempt bonds of states, counties,
—
'
'
■
Continued
on
page,34
;
34
(802)
Continued from
Royalty Corp.
Music
■
Feb.
/
plans to engage in the music publishing busi¬
Proceeds—For debt repayment, public relations,
and
ness.
£ acquisition of musical properties, and working capital.
Office—545 Fifth Ave., N. Y. Underwriter—Associated
V-f Securities Co., 545 Fifth Ave., N. Y.
Central
National
Dec.
-
•
7
125,000 common. Price
filed
j >
.
.
\
By amendment
—
(max. $15). Business—Writing of health and accident in¬
surance. Proceeds—For general corporate purposes. Ad¬
Kansas City, Mo. Underwriter—
dress—2632 McGee St.,
J To be named
: ■
National Equipment &
Plastics Corp.
pansion and working capital. Address — Portage. Pa.
Underwriter—Cortlandt Investing Corp., N. Y. Note—
registration will be withdrawn.
Nov. 29,
ness
—
welded
1962 filed 100,000 common.
Manufacture
of
galvanized chain link fence,
fabric, gates and related
products. Proceeds—For construction of
land, and working capital. Office—4301
ensburg, Md. Underwriter—Netherlands
Inc., New York. Offering—Indefinite.
National Memorial
Estates
-J.
plant in Ire¬
46th St., BladSecurities Co.,
a
/
•
11, 1962 filed 4,750,000 common. Price—$1. Busi¬
ness—Company plans to engage in cemetery develop¬
ment and to establish and operate a life and disability
Oct.
insurance concern.
!
Proceeds—For general corporate pur-
Office—13 S. Broadway, Red Lodge, Mont. Un¬
derwriter—Security Brokerage Co., Billings, Mont.
poses.
National Mortgage Corp.,
.
Inc.
Dec. 28, 1962 refiled $8,000,000 face amount certificates
(series 20) and 300,000 common shares. Price—For cer¬
tificates, $762; for stock, $1.15. Business—A mortgage
loan company.
Proceeds—For general corporate pur¬
poses. Office—113 S. Hydraulic, Wichita, Kan. Under¬
writer—National Mortgage Agency, Inc., (same address).
Note—This Offering will be made only in the State of
Kansas.*.'4*4
r
ihO
.-.v
•
l--;
Which 80,000
are
to be offered by - company and 20,000 by stockholders. Price—$17.50. Business—A life, accident and health insurance company. Proceeds—For investment.
Office — 130 Alvarado, N. E. Albuquerque, N. M.;
Underwriter—To
named.
be
National Security Life Insurance Co., Inc.
Nov. 28, 1962 filed 590,075 common to be offered
■
subscription by
on a
common
Nuclear
,
for
stockholders of record Oct. 15,
share-for-share basis. Price—By amendment
v
_
Science
•
,
.
&
1
Engineering
'•
a
;
v ;
.
scription by stockholders
ming pool, and other improvements. Address—Landover,
Underwriter—None;
Prince Georges County, Md.
(max.
$2); Business—Writing of participating and non-partici¬
pating ordinary life insurance. Proceeds — To expand
operations. Office—6225 University Ave., Madison, Wis.
:r Professional
Men's Association, Inc.;::/'.vSV
8, 1963 filed 40,000 common. Price—$5. Business
—Company specializes in financial consulting, and serv¬
icing patients' accounts of member hospitals, physicians
and dentists. Proceeds—For debt repayment and work¬
ing capital. Address—100 W. Tenth St., Wilmington, Del.
Jan.
■
ment, expansion and working capital. Address—P. O.
Box 10901, Pittsburgh. Underwriter—Johnston. Lemon &
Co., Washington, D. C.
Note—This registration will be
,,
Oct.
1961V filed
17,
$15,000,000
interests in the Fund.
fractional
Underwriter—None.
Publishers Co-,
units
of
Aug.
4-0
representing,
Price—By amendment.
Business—The Fund will invest in
interest-bearing obli¬
gations of states, counties, and municipalities of the U. S.,
-
political
Nuveen & Co., 135 So. La
1-
Oklahoma
Gas
Inc.
;
25,000 outstanding common shares
to be sold by stockholders. Price—By amendment (max.
$10). Business—Book publishing. Office—1106 Connecti¬
cut Ave., Washington, D. C. Underwriter—Roth & 6o.,
Inc.; Philadelphia. Note—This registration will be with-
§
Nuveen Tax-Exempt Bond Fund, Series
&
(3/12)
Co.
'•
adviser
V?;
*
-
(J.
Herbert)
ated
dry cleaning stores. Proceeds—Advertising, expan¬
working capital. Office—712 Fir St., Brainerd,
Minn.
Underwriter—Northwest Securities, Inc., Detroit
sion and
Nov. 23,
National Telepix, Inc.
July 30, 1962 filed $150,000 of 6Y2% conv. subord. deben¬
pictures.
bution
expenses
Ave. of the
Business—Production of
Proceeds—For production and distri¬
and
working capital.
Office—^270
Americas, N. Y.
Underwriter—None.
National Uni-Pac, Inc.
July 31, 1962 filed 85,000 common. Price—By amend¬
ment (max. $4).
Business—Company plans to sell or
lease coin operated vending machines.
Proceeds—For
debt repayment, equipment and working crpital. Office
—15 Peachtree St., Atlanta. Underwriter—None. Note—
This
•
registration/will be withdrawn.
Natural Gas & Oil
Producing Co.
Sept. 7, 1962 filed 180,000 class A
Business—Production
of
—For drilling expenses,
natural
common.
gas
and oil.
Price—$5.
Proceeds
working capital and other cor¬
-
by the company and 25,000 by Electronic
Specialty Co., parent. Price—$5. Business—Design and
manufacture of regulating and control devices used in
Price—50c.
Business—Exploration,
develop¬
mining. Proceeds—General corporate purposes.
Office—90 Industry St., Toronto, Canada. Underwriter—
A. C. MacPherson & Co., Toronto.
ment and
Nordon
March
Corp., Ltd.
29,
1962 filed 375,000
to be offered by
capital
shares,
of which
100,000 are
company and 275,000 by
stockholders.
Price—By amendment (max. $6). Busi¬
ness—Acquisition and development of oil and natural
gas properties.
Proceeds—For drilling expenses and
working capital. Office — 5455 Wilshire Blvd., Los An¬
geles.
Underwriter—Gregory-Massari,
Inc.,
Beverly
Hills.. Calif.
•
■
North American
■■
Life & Casualty Co.
(3/18-21)
8, 1963 filed 1,000,000 common, of which 500,000
are
to be offered by company and
500,000 by selling
stockholders. Price—By amendment.
Business—Writing
of insurance primarily
life, sickness and accident. Pro¬
Feb.
ceeds— For
general
corporate
purposes.
Office —1750
Hennepin Ave., Minneapolis. Underwriter—Paine, Web¬
ber, Jackson & Curtis, N. Y.
electric
electronic
and
fields.' Proceeds—For
debt
working capital. Office—455 W. Main
St., Wyckoff, N. J. Underwriter—Myron A. Lomasney 8t:
Co., N. Yi Note—This registration will be withdrawn
repayment
.
then
and
and
refiled.
,
'
*
}
(3/11-15) ;
30, 1962 filed 150,000 class A common. Price—By I ::/!:;Remiteo,rinc./;:rvV//^
Nov. 19, 1962 filed 952,000 common. Price—$10. Business
amendment (max. $13). Business—Manufacture of en¬
—Company is engaged in selling .."puts" and "calls.",
velopes, packaging materials of various kinds, wrapping.
Proceeds—For working capital. Office—130 N. Virginia
paper, stationery, and school supplies.
Proceeds—For
St., Reno, Nev. Underwriter—None.
selling stockholders. Office—198 W. Alameda, Denver.;.
Inc.
March
Underwriter—Francis I. du Pont & Co., N. Y.
Resort
.
Corp. of Missouri
Beryllium Corp.. v
Feb. 28, 1962 filed 100,000 common. Price—$5.eBusiness
—Company plans to mine for beryl ore in Argentina. +
Proceeds
For debt repayment, equipment, and other;
corporate purposes. Office—39 Broadway, N. Y. Under-*
Nov. 27,-1962. filed 125,000.. class A common and three-
writer—To be named.
and sell 80
■
Pan American
year warrants to purchase./1,250 'class A shares to be
offered in units consisting of four shares and one war¬
rant.
Price
erect
and
$32
—
operate
unit. Business — Company will
luxury hotel and resort facilities,
per
a
of land for home
acres
Office—3615
construction.
Realty & Development Corp.
March 12, 1962 filed 400,000 class A stock. Price—$10.
Business—A real estate holding and development com- ?
pany. Proceeds—For general corporate purposes. Officef
—70 N. Main St., Freeport, L; I., N. Y.
Underwriter—
Richard Gray & Co., Inc.
June 21, 1962 ("Reg. A")
60,000
Business
named./V
sites.
Proceeds—For
Olive
St., St. Louis. - Under¬
writer—R. L. Warren Co., St. Louis. Offering—Expected
in March or April.
"
PanAm
(
!v;/"VCfv.
—
A
securities
-
common.
broker-dealer.
Price—$5,
Proceeds
—
For
working capital and other corporate purposes. Office—
Parkway Laboratories, Inc. V
237 W. 51st St., -N. Y, Underwriter^-Richdrd Gray Co.,
Dec. 6, 1961 filed 160,000 common. Price—$5. Business'
New York. Offering—Indefinite.
—Manufacture of drugs and pharmaceuticals. Proceeds
—For an acquisition, research and other corporate pur¬
/
Richmond Corp.
...
f
gf
poses. - Office — 2301
Pennsylvania Ave., Philadelphia.
Dec. 21, 1961 filed 142,858 common. Price—$7. Business
Underwriter—Arnold Malkan & Co., Inc., N./Y. Note—A real estate investment company. Proceeds—For debt
registration will be withdrawn. -' •
V
:
repayment and general corporate purposes. Office—220
K
St., N. W., Washington, D. C. Underwriter—Hirschel
Co., Silver Spring, Md. Offering—Indefinite. Note—
The SEC has challenged the accuracy and adequacy
of this registration statement.
j_
»-•;
<
Pellegrino Aggregate Technico, Inc.
Aug. 10, 1961 filed 130,000 class A common shares. Price
—$5. Business—The manufacture of building materials.
pected in mid-March.
holder.
I||
Regulators,;
to be offered
Underwriter—None.
Port
New Campbell Island Mines Ltd.
Oct. 13, 1961 filed 475,000 common, of which 400,000 are
to be offered by the company and 75,000 by a stock¬
$2.
—
Proceeds—
Jan. 29, 1962 filed 75,000 common, of which 50,000 are
the
Proceeds—For payment of income taxes
purposes.
/
capital / investment, and working capital. Office—
7th St., Los Angeles. Underwriter —/ Costello,
Russotto & Co., Beverly Hills, Calif.- Offering—March.
Mining Coir, Inc.
Office—Tekoil Bldg., Oklahoma City.
Underwriter—Peter Morgan & Co., N. Y. Offering—Ex¬
porate
;
W.
411
Feb. 28, 1962 filed 900,000 common.
Price—$1. Business
Proceeds—For equipment and working capi¬
entertainment.
To be
Price—At par.
motion
Z
For
-
tures due 1972.
4 :
•
("Reg. A") 75,000 common; Price
1962
Business—Sale of travel and
—
Underwriter—N one.
v
Recreation Industries, Inc.
Enterprises, Inc.
Pak-Well Paper Industries,
Offering—Expected in March,
Lakes, Minn.
Wall St., New York.
Address—Creede, Colo.
Boston/
Quick-N-Clean Corp. of Minnesota, Inc.
1, 1962 ("Reg. A") 205,000 common. Price—$1.15,
Business—Company plans to open a chain-of coin oper¬
—
tal.
St.,
'
Oct.
1962 filed
—Mining.
°
:
'
200,000 common. Price—$5.25. Busi¬
ness—The company and its subsidiaries manufacture and
'?■
distribute cartridge type tape player recorders and pro¬
grams therefor; sell at retail nationally known audio
visual equipment; and manufacture men's and boy's dress
trousers. Proceeds
For additional inventory, equip¬
ment, research, and working capital. Address—P. O. >
Box 27, Opelika, Ala. Underwriter—First'Alab&m&*-Se¬
curities, Inc., Montgomery! Offering—Indefinite.
">/• *
1,
of mutual funds. Proceeds—For
Office-—60/ Congress
Underwriter—To be named.
Harvey St., Oklahoma City. Underwriters — (Competi¬
tive). Probable bidders: Merrill Lynch, Pierce, FennerJ
& Smith Inc.-White, Weld & Co. (jointly); Halsey, Stuart
& Co. Inc.; Lehman Brothers-Blyth & Co. Inc. (jointly);
First Boston Corp.; Harriman Ripley & Co., Inc.-East-1
man Dillon, Union Securities & Co. (jointly); Equitable/
Securities Corp. Bids—March 12 (11 a.m. EST) at First/
Orr
and distributor
selling" Stockholders.
30, 1963, filed $15,000,000 of first mortgage bonds/
due 1993.
Proceeds—For construction.
Office—321 No.
May
filed
1962
Putnam Management'Co.V Inc.', "
v ■'
Aug. 22, 1962 filed 150,000 common (non-voting). Price
—By amendment (max. $14). Business—An investment
Jan.
National City Bank, 55
29,
gdrdwn.ggg^
Salle St., Chicago.,
Electric
on
for each share held of record Feb. 18, 1962. Price—$1,000.
Proceeds—For debt repayment, construction of a swim¬
-
100,000 common. Price—By amend¬
(max. $15). Business—Research and development^
on contracts using radioactive
tracers; precision radio¬
activity measurement; production of radioactive isotopes
and the furnishing of consulting and radiation measure-ment services. Proceeds—For equipment, debt repay¬
Inc. .("'J,/
>
be offered for suhthe basis of one new share
'
^
Corp.
;
;
Prince Georges Country Club,
Oct. 15, 1962 filed 500 common to
March 29, 1962 filed
Outlet
National Security Life Insurance Co.
March 23, 1962 filed 100,000 common, of
r
.v
subdivisions thereof which are believed V
to be exempted from Federal Income taxes. 'Proceeds—
For
investment.
Office—Chicago, 111.
Sponsor—John
Inc.
reinforcing
concrete
New York.
and
V<
Price—$8.75. Busi¬
National Fence Manufacturing Co.,
Underwriter—To be named.
Underwriters—(Competitive.) Probable bidders: Halsey,
Stuart & Co., Inc.; Morgan Stanley & Co.; First Boston
Corp.-Eastman Dillon, Union Securities & Co. (jointly).
Bids—March 5, 1963 (11 a.m. EST) at 195 Broadway,^
withdrawn.
sept. 28, 1961 tiled 105,000 common. Price—$5. Business v
—Operation of a cleaning and pressing plant and affili¬
ated stores.
Proceeds—For debt repayment, store ex¬
This
Corp.
30, 1962 filed 150,000 common. Price—$5. Business
—Real estate. Proceeds-^For purchase of mortgages, and
working capital. Office—18 Lancaster Rd., Union, N,' J.
ment
Insurance Co. %
Life
Prescott-Lancaster
March
11, 1963 filed $40,000,000 of debentures due March
1, 2003. Proceeds—To repay advances from American
Telephone & Telegraph Co. parent, and for other cor-:
porate purposes. Office—100 So. 19th St., Omaha, Neb.-'
Ill Broadway,
July 27, 1962 filed 150,000 common. Price—$1. Business
—Company acts as representative of artists, musicians,
etc.
(3/5)
•
Proceeds—Foi
municipalities and territories of the U. S.
Investment. Soonsor—Ira Haupt & Co.,
New York. Offering—Indefinite.
^
v,
*
Northwestern Bell Telephone Co.
:>Vy
33
page
&
and loans and
for
working capital. Office—Woodbridge-Carteret Road,
Reading, N. J. Underwriter—Mortimer B. Burnside
& Co., Inc., N. Y. Offering—Temporarily postponed.
Playboy Clubs International, Inc.
May 28, 1962 filed 270,000 common. Price—By amend-'
ment. (max. $7). Business—Company is engaged in the
ownership and franchising of Playboy Clubs. Proceeds—
For debt repayment and general corporate purposes. Of¬
fice—232 E. Ohio St., Chicago.
Underwriter—Golkin,'
Divine 8c Fishman, Inc., Chicago.
Offering—Indefinite.;/:
Potomac Real Estate Investment Trust
July 6, 1962 filed 1,000,000 shares of beneficial Interest.
Price—By amendment (max. $5). Business—A real estate
investment trust.
Proceeds—For investment. Office—880
Bonifant St., Silver Spring, Md. Underwriter—None. : v;
Powell Petroleum, \ Inc.
Sept. 28, 1962 filed 100,000 common. Price—$5. Proceedi
—To drill for and operate oil wells.
Office—418 Mar¬
ket St., Shreveport, La. Underwriter—None.
Corp.
\
1963, filed 200,000 capital shares. Price—$4.75.
Business—Company plans to manufacture a new type of
brake unit for heavy duty automotive vehicles. Proceeds
—For equipment, and working capital. Office — 2604
Leith St., Flint, Mich. Underwriter—Farrell Securities
Co., New York.
Power Cam
Jan.
28,
v
•
Roddy Recreation Products, Inc. (2/25)
31, 1962 filed $1,000,000 of 6y2% convertible sub¬
Dec.
ordinated debentures due 1978 and 50,000 common shares
to
offered
be
in
units
of
one
$500
debenture
and
25
shares. Price—$650 per
unit. Business—Manufacture and
sale of fishing equipment, ammunition reloading devices
and cord, tapes, etc. Proceeds—For debt repayment and
working capital. Office—1526 W. 166th St., Gardena,
Calif. Underwriter—Dempsey-Tegeler &
Co.,g Inc., St.
Louis.
.
.
Rona Lee
Corp.
1962 filed 100,000 common.
26,
Price—$5. Busi¬
ness—Design, manufacture, and distribution of girls'
blouses, sportswear, and coordinates.
Proceeds—For
debt repayment. Office—112 W. 34th St., N. Y. Under¬
writer—Winslow, Cohu & Stetson Inc., N. Y. Offering—
Sept.
Indefinite.
Roy a Itone Photo Corp.
29, 1961 filed 300,000 common, of which 100,000
are to be offered by the company and 200,000 by stock¬
Nov.
holders.
and
film.
Price
prints
—
color,
Proceeds
Office—245
Stonehill
&
withdrawn.
7th
—
amendment. Business — Develops
and black and white photographic
By
For equipment and working capital.
N Y. Underwriter — Federman,
Ave..
Co., N. Y.
Note—This registration will be
Volume
197
Number 6240
.
The Commercial and Financial Chronicle
.
.
(803)
Ruby Silver Mines, Inc.
4;f1902 v'Reg. A*7 2,400,000 common. Price—12%
c^nts. Business—Exploration and development of mineral
deposits. Proceeds—For debt repayment and general
corporate purposes. Address—Box 1088, Wallace, Idaho.
Sutro
Mortgage Investment Trust
1, 1963 filed 30,000 shares of beneficial interest.
Price—$100. Business — A real estate investment trust.
Jan.
x
Russell
Mills,
•
Valu-Rack, Inc.
Z-.77;,,/.■/•
May 4, 1902 nled 200,000 common, of which
100,000 are
to be offered
by company and 100,000 by stockholders.
Price
$5. Business — Wholesale distribution and retail
merchandising of health and beauty aids,
Feb.
Proceeds—For
Los Angeles.
Underwriter—To be named. /
investment.
Office—4900
Wilshire Blvd.,
—
Underwriter—None.
Teaching Systems,
Inc.
J
r
,
June
.
Sept. 28, 1962 filed 312,500
ness—Production
ceeds—For debt
teaching aids. Proceeds—For equipment, promotion and
advertising and working capital. Office—1650 Broad¬
common.
Price—By amend¬
(max. $12),
Business—Manufacture of athletic
clothing,: knitted underwear, children's sleepwear and
and
sale
of
educational
housewares,
kitchenwares, wearing apparel and
Inc.
1, 1962 ("Reg. A") 50,000 common. Price—$2. Busi¬
ment
35
audio-visual
St.,
.
Los
other goods.
Pro¬
Office—2925 S. San Pedro
Underwriter—To be named. Note—
repayment.
Angeles.
This registration
was
withdrawn.
57 Vend-Mart
Inc. 7775®/!^/^
way, N. Y.
Underwriter—Creative Ventures Corp., 733
Jan. 22, 1963 filed
60,000 common. Price—$4. Business
Third Ave.r N. Y.
expansion. - Address—Alexander City, Ala. Underwriter
—Operation of coin-operated automatic ice cube
«—Hornblower & Weeks; N. Y.
vending
Note* — This company
Tecumseh Investment Co.r Inc. \
machines and clothes
washing and drying machines.
formerly wds called Russell Manufacturing Co. Offering
Jan. 21, 1963 filed 48,500* common. Price^-$10();, Business ; Proceeds
For debt
repayment, equipment/ expansion
i—Indefinite. **
—A holding company which
^
;
* /
and working capital. Office—565 Fifth
plans to organize a life in¬
Ave., New York.
surance: company. Proccedsr-rFor investment- inv.
p' San Francisco Capital Corp.
I
v
Underwriter—M. G. Davis & Co., Inc., New York. / <7
April 23, 1962 filed 60,000 common. Price—$12.50. Busi¬
Government Bonds and in new subsidiary. Office—801 /
ness—A small, business investment company.' Proceeds
Wade, Wenger ServiceMaster Co.
Lafayette Life Bldg., Lafayette, Ind. Underwriter—Amo/.;/7PI:
Nov. 23,1962 filed
r—For investment.,
Office—400 Montgomery St., San
sand Inc., (same address).
$250,000 of 7% conv. subord. -de¬
bentures due 1973i
Francisco. Underwriter—Cantor, Fitzgerald & Co.; Inc.,
Price—95% of principal amount;
Ten-Tex,'Inc.' • rV
•'//>\1 w'.
1 \
Business—Sale of franchises for on-location
Beverly Hills, > Califs Note^This registration - will be
cleaning of
Hec/ 3l;^^1962^^ ("Be^ A**) 3,000 iihit^ £ach*Coh^^
carpets,; furniture^ floors, etc., and the manufacture and
withdrawn^V^^^;.o.-f
///
hne 6%% 10-year debenture, 25 common shares and
pur¬
sale of cleaning equipment and materials*
Proceeds—For
>/ Seaboard Land Co*
chase warrants for 100 common' shares to be offered for
debt repayment and other
corporate purposes. Office—
July" 25, 1962 filed 200,000 class A common; Price^-By 7 subscription by stockholders of Ten-Tex Corp., parent,
2117 N. Wayne, Chicago. Underwriter—None.
amendment (max, $2.50). Business—-Ownership and de¬
of record Feb. 1, 1963 on the basis of one unit for each
• Wallace
150 common shares held,
velopment of real estate; Proceeds—For working capital
(William) Co. (3/4-8)v
Price—$100.
Business—Sale
and lease of
Office—912 Thayer
Jan/ 9> 1963 filed $2,500,000 of subordinate debentures
machinery for production of tufted textile
Ave,; Silver Spring, Md. Under¬
writer— North
due 1981 (wth attached
American
Seaboard
Securities
products. Proceeds — For debt repayment and working
Corp.,
warrants) and 150,000 common
cloth.
cotton
Proceeds—For bond retirement and plant
—
.
.
*
*
,
-
Xsame address).
,
Corp.
are
be
to
consisting of one $1,000 debenture
and one warrant to
purchase 55 common shares. Price
—By amendment. Business—Manufacture of double wall
Sept. 28, 1902" filed 122,000 common. Price—By amend- / gas vent systems, prefabricated chimneys, roof drainage
equipment, stove pipe, and fittings. Proceeds—For loan
ment (max. $11). Business—Manufacture of automobile
repayment and working capital. Address—230 Park
antennas and radios.- Proceeds—For
Ave.,
repayment of bank
New York.,
loans
and
Underwriters—Reynolds & Co.. Inc., and K
working capital.
Office—19201 Cranwood
W. Brooks & Co., Inc., New York..»
Parkway, Warrensville Heights, Ohio. Underwriters—
Westheimer & Co., Cincinnati, and Hartzmark & CoM
7 Waterman Steamship Corp. '7
Inc., .Cleveland. Noter—This registration wa& withdrawn.
Aug. 29. 1961 filed 1,743,000 common.
Price—By amend¬
"1"exas Plastics^ inc ^v
ment.
Business—The carrying of liner-type cargoes;
Proceeds—For the purchase of vessels, and
July 27, 1962; filed 313,108-common. Price—$3.50. Busi¬
working cap¬
ital.
Office—71 Saint Joseph
ness—Operation of a plant producing plastic film and
St., Mobile, Ala. Under¬
writer—Shields & Co., Inc., N. Y.
packaging products.
Proceeds—For /working
capital.
•
of which) 405,000
holders of the A,
common,
for subscription by
offered
Tennessee Ave., Chatsworth, Ga.
Underwriter—Irving J. Rice & Co., Inc., St. Paul.
.
•Feb.; 28, -1962 /filed/ 500,000
•R and C stock of Selective Life Insurance-
Co.,'
affili¬
an
ate, on the basis of 4 company shares for each class A or
B share and two-thirds share for each class C share of
Selective
Life held. Remaining 94,822 and any unsub¬
scribed shares will be offered publicly. Price—To public,
'$6; to stockholders, $5. Business—Company plans to en¬
in the
gage
consumer finance; mortgage, general fi¬
businesses. Proceeds
For general
and related
nance
—
"corporate purposes; Office—830 N. Central Ave., Phoe¬
nix.
Underwriter—None.
Shaker
•
'
7|
'; *
•
!
1 "
Properties
filed 215,000 shares of beneficial - interest,
>Price*-$15.; Business * —A real estate investment trust.
-Proceeds-—For investment and working capital. Office
,—1956 Union Commerce Bldg., Cleveland, Ohio. Under¬
writer—McDonald & Co.; Cleveland. Offering—Indef¬
.
'
";
Signalite /: Inc.
.'.///
Bus|ness—Manufacture, sale and development, of glow.damps
■for.
use
For
as
indicators and circuit components. Proceeds—
debt
repayment, equipment and working capital.
.Office-:—1933 Heck Ave., Neptune,' N. J. Underwriter—
:Milton D.. Blauner & Co., N. Y. Offering—Postponed.
Southwest
Forest Industries,
■
and
-r,,:
Of-
Underwriter—None.
Western
Steel, Inc.
17, 1963 ("Reg. A") 245,000 common.
Price -4 $1.
Business—Company plans to erect a mill to produce cer¬
tain types of iron by the new
"Taylor Process." Proceeds
Jan.
—For
plant construction and general corporate pur¬
Address—Suite 412-413 Hynds Bldg.,
Cheyenne,
Wyo. Underwriter—C. B. Hoke Agency, Cheyenne, Wyo.
poses.
production of
the Lake Shore copper deposit near Casa
Grande, Ariz.
Proceeds—For equipment, exploration and working cap¬
ital. Office—201 E. 4th
St., Casa; Grande, Ariz. Under¬
writer—None.
11, 1963 filed 638,237 common to.be offered for
subscription by stockholders on the basis of three new
.shares for each five held.:Price—-By amendment (max,
$7), Business—Company manufactures lumber and wood
products, and converts,, processes and distributes paper
.products; Proceeds—For working capital and debt repayment. Office — 444 First National Hank v Building,
/
estate investment trust. Proceeds—For
investment.
fice—1755 Gilpin St., Denver; Colo.
Transarizona Resources* Inc.
May 28^ 1962 filed 500,000 capital shares. Price—$1.50.
Business—Exploration, development
Inc.
Jan.
-
Western Empire Real Estate Investments
//
Sept. 26, 1962 filed 600,000 shares of beneficial interest.
Price—$4. Business—Company plans to quality as a real
Top Dollar Stores* Inc.
May 1, 1962 filed 200,000 common, of which 100,000 are
to be offered by
company and 1QQ,000; by stockholders,
;" Price—$5. Business—Operation of a chain^ of self-serv¬
ice retail stores selling
clothing, housewares, etc. ProeeedSrr^For -expansion, equipment and working capital.
Office—2220 Florida Ave./'Jasper, Ala.
Underwriter—
Philips, Appel & Walden, 115 Brq^dway, N. Y. Offering
-"-Temporarily postponed.
126X100
Offering—indefinitely-
postponed.
Underwriter—Crow, Brourman &
Chatkin, Inc., N. Y.
'
1
•
Jan; 29^:1962 filed
Tenna Corp.
Address—Elsa, Texas.
Oct. ' 19, 1962
inite."
to be offered in units
capital/ Office—3814
'
t
Selective-Financial
•
Western Travel, Inc.
29, 1962 ("Reg. A") 187,000
Oct.
common. Price
$1.
Business—Operation of motels^ hotels, restaurants and
—
/related businesses.
Proceeds—For completion of a motel
working capital. Office—290 N. University Ave.,
Provo, Utah.
Underwriter—Western Securities, Inc..
Provo, Utah.
/ /
and
Tyson's Foods* Inc.
Dec. 26, 1962 filed 100,000 coinmon.
Prices—By amend¬
ment (max. $12).
BUsiness^-Company Operates an inte¬
,
grated poultry business. Proceeds
Wheeler & Ryan* Inc.
For construction,
r77;/rv:
T
1
*
'
A'
equipment and working capital. Office—317 East Emma
.July 30,, 1962 filed 80,000 common. Price—$12.50.. BusiSovereign Life Insurance of California
'
Ave., Springdale, Ark. Underwriter—Rauscher, Pierce & / ness—Acquisition of leases and production of oil and
gas.
: Nov.' 28/ 1962
filed1800 capital shares. Price—$2,500.
CoM Inc.,, Dallas.
/
-•
i
,?roceetls —For repayment of debt and other corporate
; Businessr-^-Company
plans to engage In /vvriting life and v
/purposes. Officer-Thompson Bldg., Tulsa. Underwriter
-///IJItra$oni c; .laboratories,^ lnc;^:Zv;////f:;//'/-;;/z^
•disability insurance in California-Proceeds—For capital
—R. J. Edwards,
Nov. 29, 1962 filed 67,200: common. Price—$3.50. Busi¬
Inc., Oklahoma City, V- ;
;
;
/ «-«;
and
surplus. • Office—510 S. Spring St., Los Angeles.
ness—Design, engineering and.manufacture of special-*
Widman (L. F.),
'Underwriter—McDonnell & Co., Inc., New York. OfferIms^--/ZTT/S
rized products primarily, in. the/fieI(Lvof contamination/ Oct.
27, 1961 filed 162,000 common, of which 102,000 are
:ing.—Expected in ;mid-March.
«
- ;
'
r
-v
"
/control. Company also acts as sales agents and distrib¬
/to be offered by the company and 60,000
Maiu' Yai*Ic: v In*** "■■'i '■
by stock¬
utors of allied equipment in the fields of contamination
holders. Price—$3. Business—Operates a chain of retail
•Dec. 28/1962: filed-$450,000 of 15-year 8% debentures
control and ultrasonics. Proceeds—For debt
repayment,
drug stores. Proceeds—Expansion, equipment and work**
and 15,000 common shares to be offered in 300* units,
equipment, advertising and other corporate purposes.
Ing capital. Office—738 Bellefonte Ave., Lock Haven, Pa.
each consisting of $1,500 of debentures and-50 shares.
Office—1695 Elizabeth Ave., Rahway, N/J. Underwriter
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
Price—$2,000 per -unit. Business—Operation of discount
-—None.
—
Phoenix. Underwriter—None.
y;
~
»
*
-
<
»
*
.
V
»«
»
-
•
>.
,
'
r
,
♦-
y
,
,
-
•
-
,
.
,
*
department stores. Proceeds—For debt repayment and
working capital. Officer—North Colony Rd., WaUingford,
Conn. Underwriter—None.
'
United Camera
Wiener Shoes
Exchange, Inc.
Nov.
29, 1962. ("Reg. A") 100,000 common. Price—$3.
Business—Operation of retail stores selling and trading
-;
Sterling Copper Qorp.^ - -■ o
cameras, films and other photographic equipment. Com7'
1*
/Aug; 2; 1962 filed 850,000 common. Price—$1/ Business § pany also sells radios, tape recordei-s, dictating and
/ —Company plans to operate a non-ferrous rod and tube
photocopying machines, and provides a film developing
mill. Proceeds—For plant and equipment, working capi¬
and printing service.
Proceeds—For new stores and
tal and other corporate purposes. Office—300 Horn Rd.,
camera concessions.
Office—25 W. 43rd St., N. Y. Un¬
,
Pinconnmg,Mich.Underwrifcer—None.
t
•
-
I /Stone Mountain Scenic
Railroadr Inc.
.
stores.
St., New York. Offering—Expected in late March.
"
f
•
to be offered for sub¬
the basis of one share for
common
United
—
drawn.
—*
purposes.
Address—Stone
None.
Mountain, Gay Underwriter—
y
;
" ^
/
/ *
.
Stratford
.
.March
the
;
Financial Corp.
j
-
r:/
filed 315,000 class A shares of which
to be offered by the company and 97,000 by
stockholders.-' Price—$6; Business—Commercial fi-
218,000
29v
1962
United
Variable Annuities Fund, Inc.
Aoril 11, 1961 filed 2,500,000 shares of stock.
Price—$*0
) per share. Business—A new mutual fund. Proceeds—For
;
Investment. Office—20 W. 9th Street, Kansas
City, Mo.
Underwriter—Waddell &
nance company.?
—95/Madison
Proceeds—For debt repayment.
Ave.,
N.
Y.
Burnside & Co., Inc., N. Y.
/
Office
,
.
.
-
$5.05
"
•
Stratton- Ftnyl, Inc.
(2/25> '*r /
March 20, 1962 filed 500,000 common. Price—$20. Busi¬
ness—A new mutual fund which plans to offer investors
,
opportunity of exchanging their individual securiof. the Fund without incurring Federal
/income; tax liability.. Office—15 William St.,. New. York.
Dealer-Manager—J. R. Williston & Beane, N. Y. Note
'
company formerly was named
Construction Fund, Inc.
/;>;"'/ /.//-
Stratton Realty &
.
.
/:
in
units
unit.;
of
one
share of each class.
Business—Manufacture
/
of
:
Price—
urethane
foams.
Proceeds—For - equipment,
working
capital,
leasehold expenses and other corporate purposes. Office
—2300 Republic National Bank
Bldg., Dallas. Under¬
—
First Nebraska Securities
Offering—Temporarily postponed.
Zties- for shares
'/•—This
per
writer
the
Reed, Inc., Kansas City, Mo.
Urethane of Texas, Inc.
>
Feb. 14. 1962 filed 250,000 class A and 250,000 common to
be offered
Underwriter—Mortimer B.
Valley Investors, Inc.
1963, filed 328,858
Jan. 23,
—A
new
mutual
fund.
common.
Corp.,.Lincoln, Neb.
;/,-•/"
Price—$1. Business
Proceeds—For
investment.
dress—Sidney, Montana. Underwriter—To
.
Price—$4. Business
precision electrical and
measuring devices and test equipment. Pro¬
ceeds—For debt repayment and other corporate purposes. Office—1005 First Ave., Asbury Park, N. J. Under—Design
and
manufacture
common.
of
writer—To be named.
Wolf
Jan, 26,
'
are
"
Electronics, Inc.
electronic
.
*
1
~
Winslow
7 Dec. 28, 1961 filed 125,000
Data
Jan.
By amendchain of shoe
—
a
debt
Co., New Orleans. Note—Thisr registration will be with¬
Processing;, Inc. (3 4-8)
25, 1963 ("Reg. A") 3,000 common. Price—$17.50.
on
/ Business
Electronic processing of commercial data.
each three shares held. Unsubscribed shares will be sold
Proceeds—For debt repayment, equipment and working 7
to the publics Price—'To stockholders, $5.50' to public,
capital. Office—430 N. W. 10th Ave., Portland, Ore. Un¬ f
$6.50. Business—Operation of a scenic railroad. Proceeds
derwriter—First Cascade Corp., Portland, Ore.
—For construction, debt repayment and other
corporate
("7;
Jan/22, 1963 filed 105,000
scription by stockholders
Proceeds—For
repayment, expansion and
working capital. Office — 808 Dakin St., New Orleans.
Underwriter
Howard, Weil, Labouisse. Friedrichs 8c
derwriter—Ingram, Lambert & Stephen, Inc., 50 Broad
*
Inc.
April 2, 1962 filed 80,000 common. Price
/ ment
(max. $11). Business—Operation of
Corp.
1962 filed $4,500,000 of 6.5%
convertible sub¬
ordinated debentures due 1977 (with attached warrants)
to be offered for subscription by stockholders of class
A stock on the basis of $500 debentures for each 100
class
A
Real
estate.
shares
held.
Price—$500
per unit. Business—
repayment and realty
acquisitions. Office—10 East 40th St., N. Y. Underwriter
—S. E. Securities, Inc., 10 East 40th
Street, New York.
Note—This registration will be withdrawn./
•
Proceeds—For
Workman
debt
Electronic
Products, Inc. (2/25-28)
140,000 common. Price—$3. Business
—Manufacture, development and assembling of precise
electronic replacement components for radio, TV and
Oct. 25, 1962 filed
industrial
use.
Proceeds—For
debt
repayment,
in¬
ventory, research, and other corporate purposes. Office
—Packinghouse Rd., Sarasota. Fla. Underwriter—Hens-
berry & Co., St. Petersburg, Fla.
>
Ad¬
be named.
:7
•.:
,/•/ ■!
Continued
on
page
36
36
Continued
•"
•
The Commercial and Financial Chronicle
(804)
from page
V'- *
'
35
/
' /'• .'J
the
nally
added that this would not be required in the immediate
future. Office—25 Broadway, New York.
Underwriters
College Ave., Yardley Pa. Underwriter—None.
1002
30,
capital.
Address—Box 594, Fayetteville, Ark.
writer—Handley Investment Co., Tulsa, Okla.
—To be named.
The last public sale of securities in May,
handled by Kuhn,<Loeb & Co., and Smith,
Barney & Co., New York.
\
\
1955,
Under¬
| Effective Registrations
j
•»
.
11
•if
♦
*
details, where available,will becarried
Issues Filed With SEC
Monday
of the
issue
California
Oct.
'
A
^
,
3W
Feb. 28, 1963 filed 225,000 common,':Price—By amend¬
ment (maximum $28Vs). Business—Design and produc-J
terminals, splices, connectors,
Proceeds—For selling
Address—Harrisburg, Pa. Underwriters—
tion of solderless electrical
components.
stockholders.
Kidder, Peabody & Co., Inc. and Blyth & Co., Inc., N.
Y.
Drexel
Way,
Costa
162,045
&
Mesa, Calif. Under¬
11, 1963 f"Reg. A") 30,000 capital shares. Price—By
v,
capital.
working
Tuscaloosa, Ala.
Montgom¬
Ave.,
Office—901-22
ery,.
100,000
* Gateway Chemicals, Inc.
Feb.
13, 1963 filed
ment
(max. $14).
100,000 common. Price—By amend¬
Bcsiness—Compounding and packag¬
Estate
Fund
Co.,
offered
per
18, 1963 filed 132,000 shares of beneficial interest.
Price—$10. Business—A real estate ] investment trust.
Proceeds—For acquisition of property, debt repayment
250,000
State.)
Wayne, Pa. Underwriter—Drexel &
Philadelphia. Offering—Expected in late March.,,
if Michigan Consolidated Gas Co.
Feb.
;i!
due
18,
19ha
filed
$30,000,000
1988.; Office—One
writers—
of
Woodward
(3/19)
first
mortgage bonds^
Ave., Detroit. Under¬
100,000
if Oklahoma
Jan. 30, 1963
•r
ness— Real
it'
Land Trust/./'
("RegiA") 16,000
estate
investment
For general corporate puposes.
1;
Oklahoma.
—None.
;?
•-
>
•
'
-
r
.
iV
■
if Scott-Lee Laboratories, Inc.
.
Feb. .4, 1963 ("Reg. A") 90,000 class A. Price—$2. Busiwess—Manufacture and sale of
dietary
supplements.
Office—524
$
None.
IV
Poydras
;C
■
* Selmer
working
St., New Orleans.
V'C^
,
capital.
Underwriter—
(H.
& A.), Inc.
Feb. 15, 1963 filed 120,000 common.
Price—By amend¬
ment (maximum $17).
Business—Manufacture and sale
ij;
<V
n<
of
!V
musical
instruments, and accessories.
selling stockholders.
Ind.
Office—119
N.
Proceeds—For
Main
St.,
Elkhart,
Underwriter—Clark, Dodge & Co., Inc., N. Y.
* Southeastern Mortgage Investors Trust
nr
'•r
ti
i
»)'
;
H
*
.
Feb. 15, 1963 filed 1,100,000 shares of beneficial interest.
Price—$10. Business—A real estate investment trust.
Proceeds—For investment. Office—500 E.
Morehead St.,
Charlotte, N. C. Underwriter—Fleetwood Securities Corp.
of America, N. Y.
>
C
* Yardley Water Co.
•
Feb. 11, 1963 ("Reg.
A") 4,000 common to be offered for
subscription by stockholders of record on the basis of one
)V
«r
;
new share for each four shares held. Price—$25. Business
no
Would
write
Alabama
Power Co.
(5/9)
Jan. 22, 1963 it was reported that this
Southern Co., plans to sell
bonds and
subsidiary of The
$13,000,000 of first mortgage
$5,000,000 of preferred stock in May. Proceeds
—For construction. Office—600 North 18th
St., Birming¬
ham, Ala. Underwriters—(Competitive). Probable bidders:
(Bonds): Blyth & Co., Inc.-Kidder Peabody &
Co.
(jointly); Lehman Brothers; Eastman Dillon, Union
Securities
&
Co.-Equitable Securities Corp.-Drexel &
(jointly); Halsey, Stuart & Co. Inc.; First Boston
Corp.; Morgan Stanley & Co. (Preferred): First Boston
Corp.; Eastman Dillon, Union Securities & Co.-Equitable
Securities Co. (jointly); Blyth &
Co.; Morgan Stanley
Co.
& Co.; Stone & Webster
Securities Corp. Bids—Expected
May 9, 1963. v
Bethlehem Steel Co.
3, 1962, Arthur B. Homer, Chairman,_ announced
that the
company will embark on a $750,000,006 capital
improvements program to be completed over the next
Dec.
.
three
years.
_
He said that
papers
of incorpora-
in Washington,
will be Issued
to
FCC-approved cbm-t
carriers, with the
half the company's total
provision
shares
that
be
can
company
the
to provide satellites and ground facilities
international
and
transmission
of telephone, tele¬
communications. Under-
other
'
Community Public Service Co. Jan. 16, 1963 it was reported that this company plans
to sell $8,000,000 of first mortgage bonds in June 1963.
Office—408 W. 7th Street, Fort Worth, Tex.Underwriters
—(Competitive). Probable bidders: Halsey, Stuart &
Co. Inc.; Salomon Brothers & Hutzler; Stone & Webster
Securities Corp.
Connecticut
Light & Power Co.
was reported that the company is con¬
sidering the, issuance of about $22,500,000 of bonds in
10, 1962 it
1963
or
1964. Proceeds—For construction. Address—Seli
den
;
Prospective Offerings
\
;
company,
writers—To be named.
::
■
in
St.,
■
common
than
more
the
or
•
reported that
was
Series II
Dec.
.
debentures,' half
25-year
of
Lynch, Pierce, Fenner & Smith Inc.-White, Weld
for
UNDERWRITERS!/
telephone us at REctor. 2-9570
at 25 Park Place, New York 7, N. Y,
in
carriers, and no individual or group may
hold over 10% of the remaining 50%. Prioe—Maximum
of $100 per share. Business—Congress has authorized
an
you
us
company
bonds
held by these
: s;
,
•r ♦ /
i)
,
mortgage
(jointly); Halsey, Stuart & Co.*
munications
similar to those you'll find hereunder.
pharmaceuticals, foods and
Proceeds—For
T
T
r
first
reported that the company plans to
was
$50,000,000
20, 1963 it
cerns.
$3.50 per share by K-Pac Se¬
,
-
System, Inc.
graph, /television
\
19
'
issued to the public, firms that produce space explora¬
tion equipment
and other' non-communications con¬
>
i
,
d1
1
this
March
..
.
D. C. Company's common votings shares,
without par
value, will be divided into two series. Series I will he
issue you're planning to register?
Our Corporation News Department would like;/;
to know about it so that we can
prepare an item /
J Office—525 Failing Building, Portland, Ore. Underwriter
I}'
Inc.
ATTENTION
* Oregon King Consolidated Mines, Inc. K
Feb. 7, 1963 ("Reg. A") 100,000 common.
Price—$1. Busi¬
ness—Mineral
exploration and mining. Proceeds—For
operating / expenses,equipmentand working capital.'
I
Offset,
Do you have
V
ft
Corp., New York.
Proceeds—
Address—Watonga, Okla.
Underwriter—None.
I
Feb.
Price—$7. Busi¬
common.
in
common offered at
curities
(Competitive). Probable bidders: Halsey, Stuart
Blyth & Co., Inc.; White, Weld & Co.-Lehman
(jointly). Bids—Expected March 19.
& Co. Inc.;
Brothers
Photo
of
;tion have been filed for this
256,000 common offered at $27 per share by White, Weld
& Co., Inc., and
Cyrus J; Lawrence & Sons, New York.
White
.
^Communications Satellite-Corp.
Wallace & Tiernan Inc.
.
-
5, 1963 it
about
& Co.
Power & Light Co.
$10,000,000 of 4%% first mortgage bonds due Feb. 1,
1993 offered at 102.50% and accrued
interest, to yield
4.23% by Halsey, Stuart & Co. Inc., Chicago.
■,£
Co.,
$48-$50 million
Merrill
$5 per share by the
(Stock was not offered
-
Bids—Expected
New York. Underwriters—(Competitive). Probable bid¬
ders: Morgan Stanley & Co.-First Boston Corp. (jointly);
Texas
finance future credit sales of homes. Office—315 E. Lan¬
Ave.,
sell
at
•
Inc.
June and the balance in October. Office—120 E. 41st
Co.
offered
Co.
v
Feb.
company, without underwriting.
for sale in New York
^ Madway Main Line Homes Inc.
Feb. 19, 1963 filed 100,000 common. Price—By amend¬
ment (maximum $14). Business—Production, sale, erec¬
tion and financing of manufactured homes: Proceeds—To
caster
shares
&
at above address, \
Columbia Gas
fnortga^e fcdhd^ due
Insurance
capital
Jackson
will
May
1963. Proceeds—To refund outstanding 3Vs% and 2%%
bonds^maturing July 1, 1963. Office—210 S. Canal St.,
Chicago. Underwriters — (Competitive). Probable bid¬
ders: Kuhn, Loeb & Co.; Halsey, Stuart & Co. Inc.; Kid¬
der, Peabody &. Co.
| f
~
Inc., Chicago.
Life
1963, in two or more
Blvd., Chicago.
Probable bidders: Salo¬
W.
Nov.
Inc.
$21.50 per share by A. G.
at
and
Sentinel
547
—
Chicago &
issue
R. E. D. M. Corp.
80,000 common offered at $4.50 per share by Schweickart
& Co., New. York.
working capital. Address—2034 First National Bldg.,
Detroit. Underwriters—Baker, Simonds & Co., Inc., De¬
troit and Alex. Brown & Sons, Baltimore.
Office
Chicago Union Station Co.
28, 1962 it was reported that
by
share
Feb. 15;
offered at 101.898%, to yield 4.27%,; by Dillon,
Read & Co., Inc.; Lehman Brothers; Eastman
Dillon,
Union Securities & Co., and Stone & Webster Securitie.
Corp., New York, and Johnston, Lemon & Co., Wash¬
ington, D. C.
•
//■'v:;Z'/ ■/v'' //:i
■
Dillon, Union Securities & Co.-
(jointly); Halsey, Stuart & Co. Inc.; Salomon
Hutzler; First Boston Corp.; Lehman Broth¬
Stuart
(12 noon CST)
1998
Feb.
Eastman
Halsey,
Potomac^ Electric PoWet Co.
the selling stockholder. Office—8825 South Greenwood
Ave., Chicago. Underwriter—A. C. Allyn & Co., Chicago.
Real
,
-
$50,000,000 of 4% % first
of
chemical
products,
chiefly
detergents,
and
the wholesaling of automobile seat belts. Proceeds—For
ing
General
j
Manufacturing Co.
Instrument
Adams
North Western Ry. (3/19)
20, 1963 it was reported that this road plans to sell
$2,100,000 of equipment trust certificates. Office—400
West Madison St., Chicago. Underwriters— (Competi¬
tive.) Probable bidders: Salomon Brothers & Hutzler;
shares offered at $31 per share by Blyth
common
Becker & Co.,
plana
bonds in
Feb.
Bancgrowth, Inc.
Packard
Ala^/Jf
mortgage
Underwriters—(Competitive).
mon Brothers &
Hutzler; Halsey, Stuart & Co. Inc.
share by
per
Jayark Films Corp.
85,000 common offered at $5 per share by Pacific Coast
Securities Co., San Francisco,
Underwriter—First Alabama Securities, Inc.,
this company
of certificates remain to be sold in
^
common
offered
at
$12,625
Dempsey-Tegeler & Co., Inc., St. Louis.
amendment.;: Business—Writing of life, health and ac¬
cident insurance in Alabama and Georgia. Proceeds—For
.
bidders:
instalments.
share by Lehman
250,000
Cotton States Life Insurance Co.
•t
$27
per
Co., Inc., New York.,
Florida
writer—Miller, Fox & /Co., Anaheim, Calif.
that
first
of
Chicago Burlington & Quincy RR
16, 1963, following the sale of $6,300,000 of equip¬
ment trust certificates, it was reported that $14,700,000
Brothers, New York.
common
reported
$10,000,000
\; s.
/
Co.
Jan.
Enterprises/ Inc.
Emerson Electric
Proceeds—For. debt
repayment, equipment, expansion and working capital.
Service
ers-Bear, Stearns & Co. (jointly).
at
156,414 common offered at $23.50
Brothers,-New York.._/
dispenser called" the "Porthtainer".
Public
was
about
Brothers &
.
if Brewmaster California Corp. *
Feb. 11,
1963 ("Reg. A") 30,000 common. Price—$10.
Business—Wholesaling of draft beer for home use in a
Industrial
Illinois
Smith Inc.
Power & Light Co.
offered
company stated that the util380,000 common shares, al-
Securities Corp. (jointly); Blyth & Co.-Kidder^ Peabody & Co.-Merrill Lynch, Pierce, Fenner &
at
Lehman
or
Equitable
shares
Buckingham Corp.
400,000 class A common
working capital. Address—York, Maine. Underwriter—
this company plans
fourth quarter of
that
third
Proceeds—For construction. Office—607 E.
able
being offered for subscription by stock¬
$45.50 per share on the basis of one new
share for each 20 held of record Feb. 13, with rights
to expire Feb.
2S.{ Eastman Dillon, Union Securities &
Co., New York, is th& principal underwriter.
sisting of one $97.50 income debenture due Jan. 1, 1983
one
class A common share. Price—$100 per unit.
issue
1963.
Dillon, Union Securities & Co., and E. F. Hutton &
Co., Inc., New York and A. G. Becker & Co., Inc.,
Chicago.
1
,
/
holders
the
St., Springfield, 111. Underwriters—(Competitive). Prob¬
dinated debentures due 1993, offered at par; and 260,000
Common offered at $27 per share, all through Eastman
21,391
Business—Leasing and development of a ski and recrea¬
tional area in Maine. Proceeds—For construction, and
Office—134
Central
to
:
$25,000,000 of 4.35% sinking fund debentures due 1988,
priced at 100%; $35,000,000 of 3%% convertible subor¬
Black Hills
and
Feb.
'
,
if Agamenticus Mountain Corp., Inc.
Feb 6, 1963 ("Reg. A") covering 2,500 units, each con¬
None.
/ r
;
in
of selling
July 10,; 1962 it
/
reported
was
money
Lynch, Pierce, Fenner & Smith Inc., New York.
,
'
electronic
new
Co.
though a final decision has not been made. Office—2885
Foothill Blvd., San Bernardino. Underwriter — Merrill
-
Ashland Oil &. Refining Co.
and
29, 1962 it
raise
Power
?963: A spokesman for the
'
Ilil^This Week-iiSIt
etc.
Electric
ity is thinking
il.
-
f
;
to
fne
in
Chronicle.
'
*
lnc.-/'.':S\
was
x
'>
.
The following registration statements were de
clared effective this week by the SEC. Offering
if AMP
financing for the program will be generated inter¬
and the balance secured externally. Mr. Homer
Yardley, Pa; Proceeds—For debt repayment. Office—50
•','i '>.>V'' V .^'..f('•.JVVj'''"J-•'
("Keg. A"; iuu,000 common. Price—$3.
Business—Operation of underground cold storage facil¬
ities. Proceeds—Expansion, debt repayment and working
Marcn
Thursday, February 21, 1963
.
W.
'. * '• V'V-.'
(3/15)
Inc.
Zero Mountain
—Operation of public utility water works in borough of
,
f• .'V'-.'i'*•*.
.
.
St., Berlin, Conn. Underwriters—To be named. The
last public offering
of bonds on Jan. 20, I960 was
handled by Morgan Stanley & Co.-Putnam & Co.-Chas.
WVScranton & Co.-Estabrook & Co. (jointly).
•
Consolidated
Gas
Natural
Co.
(4/23)
Feb. 11, 1963
it was reported that the company plans to
sell $35,000,000
of sinking fund debentures due 1988
in April. Business—A holding company for six subsidi¬
aries engaged in all phases of the natural gas business.
Proceeds—For loan repayment, and expansion. Office—
30 Rockefeller Plaza, New York.
Underwriters—(Com......
.
o
^
.
<
Petitive). Probable bidders; White Weld & Co.-Paine,
Webber, Jackson & Curtis (jointly);_Morgan Stanley
& Co.; Halsey, Stuart & Co. Inc., First Boston Corp. Bids
—Expected April 23 (11:30 a.m. EST) at above address.
Information Meeting — April 18
(10:30 a.m. EST) at
Bankers
Club,
Consumers
120
Broadway,
Power Co.
New York.
•
-
:/■.
v
Jan. 16, 1963 it was reported that the company
sell $40,000,000 of bonds in the second half of
in 1964. Office—212 West
plans to
1963, or
Michigan Ave., Jackson, Mich.
Underwriters— (Competitive).
Probable bidders: Halsey*.
White, Weld & Co.-Shields & Co.
(jointly); Harriman Ripley & Co. Inc.-First Boston Corp*
approximately two-thirds of—'(jointly); Morgan Stanley & Co.
Stuart
&
Co.
Inc.;
-
Volume
197
Number
The Commercial and Financial Chronicle
6240
Eastern Freight
9,
'$■ Food Fair Properties, Inc.
May
11,
issue 756.000 shares of
a
which will be offered
to
Iowa
subscrip¬
tion
rights on a l-for-10 basis. Price—By amendment.
Business—Development and operation of shopping cen¬
ters; Proceeds—To retire
and purchase up
•
outstanding 6% preferred stock
■.w
by
New York.
Eastman Dillon,; XJnion Securities
Offering-^Indcfinitely postponed. :
GeneralAhiline&FHmCorp.
•
On Oct. 22, 1962,: President Kennedy signed a; bill au¬
thorizing the Government to sell its holdings of 540,894
class A and 2,050,000 Class B shares, representing 98%
of
not be registered with the SEC. Proceeds
.from the sale will be used to reimburse American citi¬
zens for losses of life and property during World War
II.
Business—Company is a leading domestic producer
dyestuffs, chemicals and photographic materials. Of¬
fice—111 W. 50th St., New York. Underwriters—(Com¬
petitive). Probable bidders: Bache & Co.; Blyth & Co,Eirst Boston Corp. (jointly); Lehman Brothers-Kuhn,
Loeb & Co.-Glore, Forgan & Co. (jointly).
of
.
'
General Telephone Co. of California
Feb. 5, 1963 it was reported that this subsidiary of Gen¬
eral Telephone & Electronics Corp., plans to sell $25,000,000 of first mortgage bonds in June. Office — 2020
Santa Monica Blvd;, Santa Monica, Calif. Underwriters
—(Competitive). Probable bidders; First Boston Corp.Equitable Securities Corp. (jointly); Halsey, Stuart
Co. Inc.,; Paine, Webber, Jackson & Curtis-Stone & Web-.
ster Securities Corp. (jointly); White, Weld & Co.-Kidder, Peabody & Co. (jointly).
Feb.:5, 1063Tt
was
Norfolk & Western
(3/25) C
Ry.
about
$5,475,000 of 1-15
equipment trusi certificates
year
in March. Office—8 N. Jefferson
St., Roanoke, Va. Un-
derwriters—(Competitive.) -Probable bidders; Salomon
Brothers & Hutzler; Halsey,,. Stuart. & Co, Inc. Bids —
Expected March 25.
;
.
• *
•
'
J
,
.
Norfolk & Western Ry.
(4/22)
13, 1963'it was reported that this road plans to sell
about $4,500,000 of 1-15 year equipment trust certificates
in April.
Office—8 North Jefferson St., Roanoke, Va.
Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; Salomon Brothers & Hutzler. Bids—
Expected April 22.-
Feb.
1962 it was reported that this utility plans
$3,000,000 of mortgage bonds and $2,000,000 ol
preferred and common stocks. Proceeds—For debt re¬
payment, and construction. Office
161-20 89th Ave.,
Jamaica, N. Y. Underwriters—To be named. The last
sale of bonds on May 3, 1956 Was made by Blyth & Co :
Other bidders were: Halsey, Stuart & -Cb< -Inc.; Kidder.
Peabody & Co.; White, Weld & Co.
The Jast several
issues of preferred were |sold ? privately. The last'sale
of common on May 9, 1956 was rhade, through Blyth &
Co., Inc.
20,
Northern
lllinois
Gas
'*
Co.
; Dec,
\
need
Electronics Corp.
Japanese Diet.
.
'
voting control of- the company. The stock, now
held by the Attorney General, was seized in 1942 as a
German asset; No. date has been set for the offering
General Telephone-&
the
20, 1962 the company stated that it "plans to spend
$40,000,000 on construction in 1963, ah undetermined
■'
.« amount of which will be raised
by sale of bonds. Office
—615 Eastern Ave., Bell wood, 111. Under writers—(Com¬
petitive ), Probable bidders: First Boston Corp.; Halsey,
Kentucky Utilities Cot
Stuart & Co. Inc.; Blyth & Co., Inc.-Equitable Securities
Aug. 1, 1962 it was reported that this utility plans to
Corp, (jointly); Glore, Forgan & Co.
sell approximately $15,000,000 of 30-year first mortgage
• Northern Indiana Public Service Co.
bonas, in the first quarter of 1963. Office—120 So. Lime¬
(4/9)
stone St., Lexington, Ky.
Feb. 18, 1963 the company stated that it plans to sell
Underwriters—(Competitive)
Probable bidders: Blyth & Co., Inc.; Halsey, Stuart &
$30,000,000 of first mortgage bonds due 1993. Office-—
5265
Hohman Ave., Hammond, Ind. Underwriters —Co. Inc.; Kidder, Peabody & Co.-White, Weld & Co
(Competitive). Probable bidders: Halsey, Stuart & Co.
(jointly); Eastman Dillon, Union Securities & Co.-Merrill Lynch, Pierce, Fenner & Smith Inc. (jointly).
Inc.; White, Weld & Co.; Eastman Dillon, Union Se¬
curities & Co.-Lehman Brothers-Bear, Stearns & Co.
Laguna Niguel Corp.
(jointly); Equitable. Securities Corp.;: Dean Witter. &
Dec. 11, 1962, Gerald W. Blakeley, President, stated that
Co.-Blyth & Co.-Merrill Lynch, Pierce, Fenner & Smith
the company is "seriously considering" the issuance of
Inc. (jointly); First Boston Corp.; Kuhn, Loeb & Co.
about $10,000,000 of debentures to redeem its 60-cent
the
Which
by
Dec. 26, 1962 it was reported that this road plans to sell
sell
to
Co.,
;
March
approval
writers—Dillon, Read &; Cd.; First Boston Corp., and
Smith, Barney & Co., New York,
•'* /-
Service Co.
Jamaica Water Supply Co.
to $6,000,000: convertible debentures of
Major Realty Corp., an affiliate., Office—223 East Alleg¬
hany Ave., Philadelphia. Underwriter—To be named.
The last rights offering in December 1957 was under¬
written
Public
is subject to
—
Nov, 5, 1962 it was reported that this company plans to
sell $16,000,000 of bonds in the third quarter of 1963.
Address—Orpheum-Electric Bldg., Sioux City, Iowa. Un¬
derwriters—(Competitive),
Probable- bidders: Kidder,
Peabody & Co.-Blyth & Co. Inc. (jointly); Eastman DilIon, Union Securities & Co.; Equitable Securities Corp.;
White, Weld & Co.; First Boston Corp.
the company to
stockholders through
Business
Nippon Telegraph, wholly-owned by the
Japanese Government, furnishes domestic telephone and
telegraph services, without competition, in Japan. Pro¬
ceeds—For
expansion. Office—Tokyo, Japan.
Under-
$10,000,000 of bonds in late 1963 or early 1964. Of¬
St., Des Moines. Underwriters—(Com¬
petitive). Probable bidders: First Boston Corp.; White,
.Weld & Co.; Halsey, Stuart & Co. Inc.; Equitable Securi¬
ties Corp.; Kidder, Peabody & Co.; Eastman Dillon,
Union Securities & Co.; Lehman Brothers; Blyth & Co.
convertible preferred stock
new
program
fice—823 Walnut
*
:
1962 stockholders ./authorized
37
to sell
Ways, Inc.
1962 the ICC authorized the company to issue
100,000 common. Price—By amendment (min. $5). Busi¬
ness—A motor vehicle common carrier operating in nine
eastern states from Vermont to Virginia. Proceeds—For
working capital, debt repayment and advances to sub¬
sidiaries. Office — Moonachie Ave., Carlsjadt, N. J.
Underwriter—Allen & Co.. New?York.
Oct.
(805)
Bids—Expected April 9.
cumulative class A stock. Mr. Blakeley said class A divi¬
dends must be paid from after-tax earnings, meaning
Jan.
.the company has to earn 12% of gross revenue, whereas
interest on debentures is an expense item, so the com-
?pany would have to
earn
16, 1963 it was reported that this company plans to
$30,000,000 of debt securities sometime in 1963 lor
1964. Office—2223 Dodge St., Omaha, Neb. Underwriter—
sell
;
only 6% to provide the same
To
Business—Acquisition, development and manage- :
ftient of real properties. Office — 32802 Pacific Coast
Hwy,, So., Laguna, Calif. Underwriter—To be named.
The last financing for the: company was handled by /
Paine, Webber, Jackson & Curtis, Boston.
return.
,■
reported that this company plans to
,
,
Northern Natural Gas Co.
be named. The last sale of debentures
1960
was
handled
on
a
on Nov. 16,
negotiated, basis by Blyth & Co*
Inc., N. Y.
Northern States Power Co.
Jan.
11, 1963, it
(Minn.)
;
■
" V
reported/that this company plans
sell $50,000,000 of' sinking fund debentures
to sell $25,000,000 of first mortgage bonds due 1993 an
in:.Mardi,®r^^?-'tJ#^ft Casualty Insurance Co. of Tenn.
April. Prdceedsi-To repaysbahk loans,^make ^4vancesMl^Feb^ f 1; T963 it"Was ^epbrted^th^t^r^ D. and fciintl* the last half of the year. Proceeds — For constructiom
subsidiaries^; etc. Office. —: f 7?0 Third Ave.j, New York. <Murchisoh, Jr.; ate
•pfflc^lS; South Fifth St;?-Minheapoiis; Underwriters^'Underwriters rk Paine,, Webber, J ackson. & Curtis,-and,
ers for the proposed public sale ?of a portion of their (Competitive). Probable bidders:. Halsey, Stuart & Co.
Stone & Webstet Securities ..Corp., New
Yorkj Mitcbum, : 24% stock interest (approx. 5,250,000 shares) in the com- * Inc.; First Boston Corp.rBlyth & Co. (jointly); Merrill
Jones & Templeton;; Los Angeles.
pany. Office — 159-167 Tourth Av^.; No., Nashville,^ Lynch, Pierce, Fenner & Smith Inc.-Kidder, Peabody &
:
'GeorgiaPowerCo. <-1117)
...
S*
Tenn; Underwriters-^-To.be named;?1f:?
Co.-White, Weld & Co. (jointly); Equitable Securities
Corp>Eastman Dillon, Union Securities & Co.; (jointly);
/Jan. 22, 1963 it Was^ reported that this subsidiary of The- ;
Louisiana Power & Light Co.
Lehman Brothers-Riter & Co. (jointly).
Southern Co^ bto ta seil $30,000,000 of first; mortgage •: Feb
20, 1963 it was reported that tjiis subsidiary of •:
vbonds and $7,000,000 of preferred stock in November.
- .
--Otter Tail Power Co.'
Middle
''
-
•'•■•
•
•
•
•
•
-'•■-
i'
.was
.
-
*
-
Proceeds—For construction. Office—270 Peachtree
Atlarita. Underwriters/
—
?
:(Competitive),
South; Utilities; Inc.^ rhay issue $25r$30,000,000
bonds early-in 1964. Proceeds—For construction. Of-
?
~
^obable- bid-fV
•••,
Jan. 16,
>fice^l42 Delaronde St., ^New Orleans. Underwriters—
(Competitive.) Probable bidders: Merrill Lynch, Pierce,Fenner & Smith Inc.- Kidder, Peabody & Co-Harriman\
der/ /Peabody & Go .-Shields &^Co. (jointly) ;• Halsey,- Ripley & Co., Inc. (jointly).;•• White, Weld & Co.-Blyth
Stuart & Co. Inc.; First Boston Corp.; Harriman Ripley
& Co>, Inc.- Shields'' & Co. (jointly); Halsey, Stuart & ;
Co.; Morgan Stanley
Co.; Lehman Brothers.:(Pre- /Conine;; First Boston Corp.-Glore,, Forgan
& Co.
ierred); First -Boston ;CorP4 ?Lehman^ Brothers yBlytfy & *:
/joihUy); i-tSalomon Brothers
Hutzler-Eastman Dillon. 5
rh
Focfmon
Dillnn ' TTninn
QonnriHoo
PA
Co.; Eastman Dillon, Union Securities & Co.-Equitable
Union
Securities
&
Co.-Equitable
Securities
Corp.
Securities Corp: •(jointly);-Morgan Stanley & Co.: Bids :
.(jointly)'.
Ekpected Nov; 7r 1963.
^7/
^vr-;
Massachusetts Electric Co.
ders:
*
♦
r-
Jan.
to
$5,250,000 of equipment trust certificates in March.
;
Office—39 Broadway, New Y orki Underwriters— (Com¬
petitive ).. Probable bidders: Salomon Brothers & Hutz-
-
sell
ler; Halsey, Stuart & Co. Inc. Bids—Expected March 7
(12 noon EST) at above address.
^
Gulf States
Utilities Co.
Jan. 29, 1963 the company announced plans to sell 100,000 shares of preferred stock (par $100) in the second
half
of
1963.
Office—285
Liberty Ave., Beaumont, Tex.
Underwriters—(Competitive),; Probable bidders*. - Stone
& Webster "Securities Corp.; Lehman Brothers-Equitable
Securities
Corp.
(jointly);
Glore,
Forgan
&
/Langley & Co. (jointly); Lee Higginson Corp.
Co.-W.
,
C.
,
'? Pacific Northwest
Bell
Telephone Co. ? (4/16) v
that this company plans
$50,000,000 of debentures due 2003. Proceeds—
To reduce outstanding debt, due Pacific Telephone &
Telegraph Co., in connection with the transfer in 1961
of the latter's properties in Washington,
Jan. 16, 1963 it was reported that this company plans to
Oregon and
sell $10,000,000 of bonds in the fourth quarter. Office—v Idaho. Office—1200 Third Ave.', Seattle, Wash. Under¬
441 Stuart St., Boston. Underwriters — (Competitive).
writers—(Competitive). Probable bidders: Morgan Stan¬
Probable bidders: Halsey, Stuart & Co. Inc.; First Bos¬
ley; & Co.; Halsey, Stuart & Co. Inc. Bids — Expected
ton Corp.; Merrill Lynch, Pierce, Fenner & Smith Inc.;
April 16 (11 a m. EST) at 195 Broadway, New York.
Eastman Dillon, Union Securities & Co.; Kidder, Pea¬
ir Pacific Savings & Loan Association (3/11-15)
body & Co.; Blyth & Co.-White, Weld & Co. (jointly).
Feb. 18, 1963 it was reported that 162,712 shares of this
Missouri Pacific RR (4/9)
firm's outstanding guarantee stock will be sold in March.
Feb. 13, 1963 it was reported that this road plans the
Price—About $15.50 per share.-Business—A California
sale of about $8,250,000 of equipment trust certificates in
savings and loan association. Proceeds — For selling
stockholders. Office—5401 Whittier Blvd., East Los An¬
April.
Address—Missouri Pacific Bldg., St. Louis 3,
"Mo.
Underwriters—(Competitive).
Probable bidders:
geles, Calif. Underwriter—Kidder,'Peabody & Co., N. 'Y.
Salomon Brothers & Hutzler; Halsey, Stuart & Co. Inc.
/Note—Issue is exempted from SEC registration.
Bids—Expected April 9.-•
'
Pacific Power & Light Co.
;
^
©reat Northern ©y. T3/7
30, 1963 it was reported ' that this road plans
,.
1963 it was reportedl that: this* company rplans
$10,000,000 of bonds in the fourth quarter.. Office
-r-215 Souths Cascade St.* Fergus Falls, Minn. .Under¬
writers—(Competitive). Probable bidders: Halsey^ Stuart
& Co. Inc.; Blyth & Co. The.; Glore, Forgan & Co.-Kalman & Co.; (jointly); White,. Weld & Co;
\
to sell
(Bonds): Equitable Securities Corp.-EastmanJDilv
lion,: Union Securities
Co.. (jointly); Blyth & Co.-Kid-
:
"iu-
o
n.
n
.
Jan.
ia.z
to
28, 1963 it
was
reported
sell
..
r:_ / /
Mitsubishi Electric Mfe Co.
Hartford;: Electric Light
Co.T:1962 it wasTeported that -the; Japanese
Feb. 6, 1963 it was reported ;that this utility plans to
Ministry had authorized the company to sell $10,000,000
.
.
Nov. 28, 1962 it was reported that the company plans
t to issue $30,000,000 of fiTst mortgage bonds in June 1963.
Proceeds—To repay outstanding loans. Office—920 S. W.
Sixth Ave., Portland, Ore. Underwriters—(Competitive).
of convertible bonds in the U. S. by March 31, 1963. It is
Probable
bidders:
Lehman
expected that the. bonds would mature in 15 years and
Brothers-Bear, Stearns &
Co.-Salomon
bear interest of 6.5%. Na decision has yet beenr made AS
Brothers
&
Hutzler
(jointly);
Halsey,
to whether the issue will be sold publicly or privately,
Stuart & Co. Inc.; Blyth & Co.-White, Weld & Co. (joint¬
Business—Production of electric 'machinery. Proceedsly); Eastman Dillon, Union Securities & Co.-Kidder,
Financi
-sell
$15,000,000 of first mortgage bonds in the first
or
second quarter: Proceeds^For construction. Office—176
Cumberland Ave,y Wethetsfield;Corin, Underwritersr--TQ
be named. The last sale of bonds in October 1958, was
handled on a negotiated basis by First Boston Corp.,
New
York;
Putnam .&
Co.,
Hartford,
and
Chas.
W.
Scranton & Co., New Haven.
? Hawaiian Telephone Co.
Feb. 4, 1963/ the company; announced plans to sell about
•
.
v
For
expansion. Office—Tokyo, Japan.
Kidder, Peabody & Co., New York.;;
New England
Underwriter—
Peabody & Co.
v
Feb. 20, 1962. Jack K. Busby, President and C. E. Oakes,
Chairman, stated that the company will require about
PowerXo.;
Jan.
16, 1963 it was reported that this utility plans to
sell $10,000,000 of bonds and $10,000,000 of preferred
Details
stock in the fourth quarter. Office—441 Stuart St., Bosperiod August 1937 to October 1961 the companv offered ^ ton. Underwriters —. (Competitive). Probable bidders:
common to stockholders through subscription rights, 14
(Bonds) Halsey, Stuart & Co. Inc.; Lehman Brotherstimes. Office—1130 Alakea St., Honolulu. Underwriter
Equitable Securities Corp. (jointly); Kuhn, Loeb & Co.;
—Kidder, Peabody *& Co., New York.
Merrill
y; ! V
Lynch, Pierce, Fenner &, Smith Inc.-Kidder,
Peabody & Co.-White, Weld & Co. (jointly); First Bos¬
y • Interstate Power Co.
Feb. 18, 1963 it was reported that this company plans to
ton Corp. (Preferred) First Boston Corp.; Dean Witter
sell $6,000,000 of first mortgage bonds in May 1963. Of¬
& Co.-Smith, Barney & Co.-Wertheim•&>Co.- (jointly);
fice —.1000 Main St., Dubuque, Iowa. Underwriters :—
Equitable Securities Cor p.-bidder, \.Peabody \& Go.-^Lee
Higginson Corp.-White, Weld & Co: '(jointly); Lehman
(Competitive). Probable bidders: Merrill Lynch, Pierce,
Fenner & Smith Inc.-Kidder, Peabody & Co. (jointly);
Brothers; Merrill Lynch, Pierce, Fenner & Smith, Inc.
$9,000,000
of-common stock late in the third quarter.
have not been decided upon. However,, in* the
$93,000,000 in debt financing in the period 1962 to 1970.
Proceeds—For construction and the retirement of $17,000,000
of maturing
Sts., Allentown, Pa.
;
last
Halsey, Stuart & Co.'Inc.; Salomon Brothers & Hutzler;
White, Weld & Co,
V* V;
• Iowa Power & Light Co.
/Jan.. 16,-1963 it was reported that the
;
s,-
company
v
plans
;
Nippon Telegraph & Telephone Public Corp.
1962, it was reported that the company plans to
sell $20,000,000 of bonds in the United States in. the fis¬
cal year April
1, 1963 to March 31, 1964. The financing
Dec; 19;
sale
of
bonds
Office—9th
bonds.
y
and
Underwriters—To be
Nov, ,29, 1961
by White. Weld &
Peabody & Co.
Other bidders were
Co. Inc.: First Boston Corp.-Drexel &
petitive
„
-
(jointly).
Pennsylvania Power & Light Co. ?
on
bidding
Seaboard Air Line RR
Hamilton
The
named.
won at com¬
Co., and Kidder,
Halsey, Stuart &
Co. (jointly).
was
(2/26)
Jan. 29, 1963 it was reported that this company
sell $6,360,000 of * equipment trust certificates
'
plans to
in late
February. .- This is the second installment of a total
issue of $12,720,000.*: Office—3600 W. Broad St., Rich¬
mond, Va. Underwriters — (Competitive.)
Probable
i
-.
...a,
'
.
Continued
on
page
33
mm****
38
The Commercial and Financial Chronicle
(806)
Continued
Jan.. 15,
stocknolders authorized the company to
issue $50,000,000 of general mortgage bonds. Proceeds—
To acquire stock of Central of Georgia Ry.; retire first
mortgage 3%% bonds of Atlanta & Charlotte Air Line
RR.; reimburse the treasury for capital expenditures and
provide for additional capital expenditures. Offices—14th
and Canal St., Richmond,- Va., and 70 Pine St., New
Stuart & Co. Inc.; Salomon Brothers &
(12 noon EST) at office of Will-
bidders: Halsey,
Hutzler. Bids—Feb. 26
& Fitzgibbon, One Chase
kie, Farr, Gallagher, Walton
Manhattan Plaza, New York.
if Sears, Roebuck & Co.
Feb. 19, 1963, Allstate Enterprises, Inc., subsidiary, an¬
nounced that it had delayed its plans to form a new
mutual fund until it received clarification of an SEC j
-
First
&
ruling which/'has been construed by some to mean that r
registered investment companies
could not purchase
Sears' stock or would be required to divest themselves
t
Boston
& Co.
EST) at
address.
same
if Transcontinental Gas Pipe Line Co.
Feb. 20, 1963 it was reported that the company is con¬
sidering the issuance of $30-$40,000.000 of debt securi¬
ties in the third quarter. Proceeds—For expansion. Of-
Eastman
Dillon,, Union Securities
(jointly); Halsey,
•'/ fice—3100 Travis
St., Houston. Underwriters—White,
& Co. Inc.; Kidder, Peabody & Co.-White, Weld
/ Weld & Co., and Stone & Webster Securities Corp., N. Y.
(jointly). Bids—Expected in March.
Corp.;
Co:-Salomon
Stuart
'
(Competitive). Probable bidders:
—
Thursday, February 21, 1963
Brothers
Hutzler
&
£&• Union Light, Heat & Power Co;
: Southern
Railway .Co,/'.(3/27) ;
^
Feb. 18, 1963 it was reported that this -subsidiary of
state said that the fund would be in operation late in - Jan/ 29, 1963 it was reported that this company plans
Cincinnati Gas & Electric Co.", plans to sell $6,000,000 of
1963 on a "very small scale," and would be started on h to
sell' $4,020,000
of equipment" trust certificates in
a state-by-state basis as approval was granted. Office— &
first mortgage bonds in 1963. Office—139 East Fourth
March. This is the second instalment of a total $8,040,000
925 So. Homan Ave., Chicago. Distributor—Allstate En70 Pine St., New York. Underwriters—
St., Cincinnati. Underwriters— (Competitive). Probable
j issue/ Office
bidders: Halsey, Stuart & Co. Inc.; Blyth & Co. Inc.terprises, Inc., Chicago. (Competitive). Probable bidders: Salomon Brothers &
Hutzler; Halsey, Stuart & Co. Inc. Bids—March 27, (12 / First Boston Corp. (jointly); Merrill Lynch, Pierce, FenSnelling & Snelling, Inc.
ner
&
Smith Inc.-Kidder, Peabody
noon EST)
& Co. (jointly);
at above address.;.
'
*
r
\
/
Nov. 20, 1962 it was announced that the company plans
Equitable Securities Corp.; White, Weld & Co.; Kidder,
its first public offering of stock. Business—Operation of
Southern Union Gas Co.
h of it, if Sears' itself owned a mutual fund."
s'
1963
York. Underwriters
.
rities & Co.; Kidder, Peabody &
Co.-Merrill Lynch,
Pierce, Fenner & Smith Inc. (jointly); Kuhn^ Loeb &
Co.-Blyth & Co.-Lehman Brothers (jointly). Bids—Mar.
26 (11:30 a.m. EST) at Ebasco Services, 2 Rector St.,
New York. Information Meeting — March 22 (11 a.m.
Southern Railway Co.
from page 37
.
.
Earlier; All¬
"
—
_
-
>
a
offices in
with
Peabody & Co.,
of franchised personnel
nationwide network
ants
consult¬
major cities. Proceeds—For ex¬
35
.
v
Aug. 15, 1962 it was reported that this utility plans a
rights offering of $10,000,000 of convertible preferred
stock iri" the first quarter of 1963. Office—1507 Pacific
* Utah Power & Light Co. (4/15)
Feb. 19, 1963 it wds reported that this utility plans to
pansion. Office—1530 Chestnut St., Philadelphia. Under¬
writer—To be named.
Ave., Dallas. Underwriters — To be named. The last % sell $15,000,000 of first mortgage bonds due 1993. Pro; ceeds—To
refund a like, amount of 5Y4%
bonds due
rights offering of preferred stock in April 1959 was
Socony Mobil Oil Co., Inc.
Oct. 1, 1987. Office—1407 W.\ North Temple St., Salt
handled by Snow, Sweeny & Co., Inc., N. Y., and A. C.
Jan. 22, 1963 the company announced plans to sell about
Lake City. Underwriters—(Competitive.) Probable bid¬
Allyn & Co., Chicago.
$200,000,000 of debentures in early April. Business—Com¬
ders: Eastman Dillon, Union Securities & Co;-Smith,
pany and its subsidiaries are engaged in the production,
Southwestern Electric Power Co.
:>
Barney & Co.-. Salomon Brothers & Hutzler (jointly);
refining, transportation and distribution of petroleum
Jan. 16, 1963 it was reported that this company plans to
Kidder, Peabody & Co.; Lehman Brothers-Bear, Stearns
products. Proceeds—For general corporate purposes. Of¬
sell $30,000,000 of first mortgage bonds in the fall of
& Co. (jointly); White, Weld & Co.-Stone & Webster
fice—150 E. 42nd St., New York. Underwriter—Morgan
1963. Office—428 Travis St., Shreveport, La. Underwrit¬
j Securities Corp.
(jointly); First Boston .Corp.- Blyth
Stanley & Co., New York.
ers—(Competitive).
Probable bidders: Merrill Lynch,
& Co.
(jointly); Halsey, Stuart & Co. Inc. Bids—Ex¬
if Sony Corp.
Pierce, Fenner & Smith Inc.-Eastman Dillon, Union Se¬
pected April 15 (11:30 a.m.) at Ebasco Services,. Inc.,
Feb. 15, 1963 it was reported that this company plans to
curities & Co. (jointly); Kuhn, Loeb & Co.-Blyth & Co.
2 Rector St., New York. Information Meeting—April 11
sell 300,000 American Depositary Shares in the U. S. \ Inc.-Salomon
Brothers
&
Hutzler
(jointly); Halsfcy,
(2:30 p.m. EST) at same address.
' /
Business—Manufacture
of transistorized radios,
Stuart & Co. Inc.
'
'
;
mag¬
'
;1
:
• Virginia Electric & Power Co.
(5/4) !
netic tape recorders, semiconductors and other elec¬
•
Tampa Electric Co. (4/24)
Jan. 16, 1963 the company announced plans to sell $30,tronic equipment. Address—Tokyo, Japan. Underwriters
Feb. 20, 1963 it was reported that this utility plans the
000,000 of first mortgage bonds due 1993. Proceeds—For
—Smith, Barney & Co., and The Nomura Securities
sale of $48,000,000 of first mortgage bonds due 1993.
'? construction. Address—7th and Franklin Sts., Richmond.
> Co., Ltd., New York. Offering—Expected in mid-April.
Proceeds—For construction, and refunding operations.
Underwriters—(Competitive). Probable bidders: Halsey,
I
Southern California Edison Co.
Office—111 No. Dale Maby Hwy., Tampa, Fla.. Under¬
/ Stuart & Co. Inc.; Stone & Webster Securities Corp.;
Jan. 16, 1963 it was reported that this company
writers—(Competitive). Probable bidders;: Halsey, Stuart
plans
White, Weld & Co.; Eastman Dillon, Union Securities &
to sell $60,000,000 of bonds later this year or in 1964.
& Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.;
Co.; Salomon Brothers & Hutzler. Bids—May 14 (11 a.m.
Office—601 West Fifth St., Los Angeles. Underwriters—
Stone & Webster Securities Corp.; Goldman, Sachs &
EDST) at One Chase Manhattan Plaza, New York. InCo. Bids—April 24 (11 a.m. EST) in New York.
(Competitive). Probable bidders; Halsey, Stuart & Co.
"
<
formation : Meeting—May 10 (11 a.m. EDST) %at same
Inc.; First Boston Corp., and Dean Witter & Co; (jointTennessee Valley Authority
: address.
iy >
v^
j-ft
.
,
.
Q9t. 3, 1962,
X .^gngr
.Chai^mgn, stated* that the
Southern Counties Gas Co. of Calif.
Jan. 2, 1963 it was reported that this subsidiary of Paci¬
Authority
fic
Lighting Corp., plans to sell $27,000,000 of first mort¬
bonds
gage
in
the
fourth
quarter. Address—P. O. Box
2736, Terminal Annex, Los Angeles 54, Calif. Underwriters—(Competitive) Probable bidders; White, Weld
& Co.; Blyth & Co. Inc.; Merrill
Lynch, Pierce, Fenner
&
Smith
| Corp.
Inc.;
I
Halsey, Stuart & Co. Inc.; First Boston
•
...
.
1963.
Aug. 1, 1962 it
Proceeds—Foi
Texas Electric Service Co.
sell
<
bonds
due
Seventh
1993.
and
construction.
Sts., Fort
Worth.
Continued from page 16
some
of
a
to
years
present need. If Congress
guided
by
broader
could
role
Nor, it
seems
of
endorsed
4'
as
a
in
the
our
world,
it
Treasury
trade
for
bill,
foreign
have
well
as
aid,
while
also calling for termination of tax
incentives
to
American
business
operating abroad—enterprise that
helps build prosperity in interna¬
tional
markets,
and
helps
raise
living standards of countries
we
assist.
would be less
foreign
'
of
economic
*
me
say
"plan,"
we
each
>/
special
n
which
i,
could
*,
our
possibly
has
its
for
approach
provide
the
best
solution.
t>
*.
the group
—
the
larger
of nations in any gen¬
notable
a
framework
sey,
the
Address—
Underwriters—
that
are
adopted
less
for
Common
rigid
than
The
Benelux.
projected
Atlantic
Community
contemplates still looser relation¬
ships. And
Free
now,
World
a
"plan"
would require still
for
and
components
ment. For
world
are now
example,
world
a
are an
vast dif¬
on
scale.
a
relationships
Vital
we are
in
pattern
edging
which
international matter,
wages-and
tors
costs
harmonized,
are
still
are
the
project could fall apart.
of
success
a
Market
lieve,
upon
is
whole
I
specific
be¬
con¬
ditions.
ferences within this larger entity
—between Japan and
should
not
constitute
creating this
market
block
a
to
encompassing
partnership.
'
Business Cannot Delegate Its
Responsibility
To
be
the
tion
to
help shape such
most
of
the
business
over
business
to
and
the
expanding
goods
and
same
time
may
community
international
next
decade.
delegate the
re¬
will
nation
on
There
ness
on
proceed
which
Market
in
a progres¬
exchange
;
of
services, while at the
which
plan
important contribu¬
the national
economy
a
must be to take part
sively
The goal
securing
not
impose discrimi¬
Europe
must
conditions
or
also
ourselves.
be
a
ness"
and
in
the
the
open
European
spirit
vital
of;; living
their
countries.
condition of
condition,
I
success
believe—
*'
;
k
,
we
exclusiveness.
tendency that will
This
•
of the Common
success
is
part in setting up the European
with 'Common Market and the Paris
grow
Mar¬
ket, unless otherwise curbed.
Conference that urged an Atlantic
Community.
business
/Further
should: be
nations
prosperous
—
not
partners
and
political
only
in
destinies
of
Product
many,
for
aid.
economic
Italy, and Japan contribute
three-tenths of 1%, or less.
has
lately
been progress
equalizing
This
the
Ger¬
t h
progress
e s e
can
_
same
There
toward
contributions.
be
accelerated
A
large
today
of
segment
has /broader
in¬
volvement in the economies of the
world/than
who
other
many
' groups
shape the conditions and laws
of foreign trade;
'
v
*
'
Criticism
;
of
American
.Businessman's
six-tenths of 1% of Gross National
if all industrialized
willing¬
the part of all groups
I think
we
Ability
;
%
/
..
would all agree that
businessmen
European
/
are
re¬
sponding with remarkable facility
to
new
a
of
What
-
the
international
American
world.
business¬
man? It isn't altogether reassuring
to see him
nations share
An
goals, opportunities, and
me
through European
international
that
the
eyes.
specialist " tells
European
business¬
to
problems in relation to impover¬
man
in
ished
counterpart as inflexible and not
Common
was
founded.
Industry,
sponsibility for this type of think¬
labor, government must recognize
ing
altogether
to
government that the
changes implicit in new
vv
to
As I indicated earlier, American
would management has
ready credentials
hope for an equal willingness on for exerting an
important influ¬
the part of Europe to reverse its
ence/ It J is significant that busi¬
present tendency to "restrictive- nessmen have
played a prominent
needs
by the Euro¬
Common Market..
pean
more
the- raising
within
further
A
—a-
or
tariff reduction set
..'-'Al-'i'''v.'i
willingness
our
"open spirit,"
an
trade, but in responsibility to the
Prerequisite Conditions
li
brings me back to the role of the
will business commuftity in guiding
the development of a Free World
the underdeveloped nations.
The
First, we must succeed in keep¬ United States and
the
United
the United States and Bolivia. At
ing pace with the calendar of
the same time, these differences
Kingdom now contribute about
Nigeria,
for
standards
market.
Along with
adopt
the
dependent,
-...A
•:
whose
inevitably
be thrown off-balance.
a
Free World Com¬
several
countries
■
Aside from uniting in planning,
the
various
in
'■
world, norities
around / the
while they promote general pros¬
out of align¬
national factors. Unless such fac¬
Market
bility to accomodate the
the
tries
parts in place—both
a
greater flexi¬
of
;■
j • Western Light & Telephone Co.f Ine. (5/1)
:
"- Feb. 18, 1963 the company announced plans to raise
:
about $3,000,000 by offering stockholders the /right ,to
purchase 113,300 additional common shares on the basis
> of
one new share for each 10 held. Proceeds—To repay
| bank loans, and; for construction. Office—2015 Forest
% Ave., Great Bend, Kan. Underwriter—Dean Witter &
C Co., San Francisco. Offering—Expected about April 1.
trading' interests
its
mon
Common
self-
own
that
/
• / •
:
all
prices
European
Market
its
as
Fir?| Boston Corp.;' Hal¬
Stuart & Co. Inc.
-:
will operate best if it moves with
Benelux into
but the
success;
within
For
Correspondingly
.
was
the
be
relationships.
had
problems
universal
must
their
more
well
quarter
Dillon, Union Securities & Co.; Equitable Securities
country at large.;/ /..perity, will still require special
To repeat,
this/new machine transitional assistance to indus¬
Treaty of Rome provided for ties while
single plan.
country
economic
no
•
kind
policies
a
of
that in using the word
should recognize that
individual
!h
this
likely to arise if
been shaped within
Let
that
■:>-
-
,
Inconsistencies
flexible
those
'
to me, would the
the
the
bill
were
for
have carried out these
simultaneously.
Secretary
<1
timetable
a
never
actions
f
But the need
come.
trading agreement, the
against
as
national
eral
the underdeveloped nations is
be
interest,
/////-/;/-•./|'/'.-//;//
that this company plans to
Corp.: Kidder, Peabody & Co.;
■Jf
Hutzler; Halsey, Stuart & Co. Inc. Bids—Expected | /(Competitive). Probable bidders:
Halsey, Stuart & Co.
(12 noon/EST) at above address. *"
Inc.; First Boston Corp.; Eastman Dillon, Union Secur
would
reported
1963.
man
.
Proceeds—For
Lamar
was
$12,000,000 of 25-year bonds, in the second
/Office—1100 H. St., N. W., Washington, D. C.
Underwriters—(Competitive);.-Probable;bidders: East¬
of
-
(3/26)
/
'
Feb. 5, 1963 it was reported that this subsidiary of Texas
Utilities Co., plans to sell $22,000,000 of first mortgage
Free World Common Market
■
of
York; Chemical Bank New York Trust Co.; C.
J. Devine & Co.; and the First National Bank of Chicago
U. S. Business Must Try for
/:>)
it
spring
March 26
.
f
the
in
of New
(3/26)
Feb. 20, 1963 it was reported that this road plans to sell
about $7,500,000 of 1-15 year equipment trust certifi\
cates. Office—165
Broadway, New York. Underwriters
—(Competitive.) Probable bidders:-Salomon Brothers
&
plan^,to issue,.$50,000,000 of shorts/on long-
securities
competitive bidding $45,000,000 of 4V2% bonds due Feb
1, 1987. The issue was won by a group jointly managed
by Chase Manhattan Bank; Morgan Guaranty Trust Co.
* Southern Pacific Co.
*
Washington Gas Light Co.
construction. / Office—Knoxville, Tenn.
Underwriters—
To be named.
On Jan. 24, 1962 the Authority sold at
term
The underdeveloped
areas.
nations
in
turn
selves— through
bility,
self
patriotic
-
can
help
fiscal
discipline,
concern
them¬
responsi¬
and
the
of privileged mi¬
as
today regards
imaginative
as
his American
today's
world
requires. He finds too much rigid¬
ity
with
in
American
our overseas
organization—
managers
tight-
Volume
197
Number
ly restricted by home office
6240
.
The Commercial and Financial Chronicle
.
.
1,100
con-
units
new
trol and discouraged from exercis-
every
ing initiative. He says
now comes
often have the title with-
abroad
the
out
responsibility.
There is
have
also
of
in
vast
a
economy
^
the view
milk-fed
been
nursery
and
war
almost
ing;. the last 10
also/ note
a
the
our
of
,
They
their
must
we
■
proposal j of
Motors,
Donner,
its
investors
age
:
in
many
>.
,
^
With
-
1
»
Steps
/
to
c
Be
to* go In
t
World
,
\
Such
encour¬
l6
a
take tit¬
abroad,
goes
of
a
creation of
framework for devel¬
dominant
the
a
European-
primarily the
politically astute busi¬
Its genesis was a
nessmen.
world market would
unification
as¬
Schuman
purely
nations—which
It
under
the
launched
was
politically-
F
Jean
businessmen,
r a n c
e's,
Monnet, and Belgium's Paul-
Henri
Spaak. and Paul
land.
It
set
was
in
Zee-
van
motion
by
a
political, impulse with the goal of
•
European' unity.
eventual
well.
as
Europe
with the evangelism of
might im¬
agricultural exports
of
Plan.
minded
protectionism, of all things,
against .the underdeveloped na¬
move
tions : and discrimination against
our
in
is
business project: the coal and steel
pose
new
say,
fact
Common Market is
limiting free trade to industri¬
alized
It
it
must
with
go
countries,
a
;
But it
.
Increases in their pop¬ knowledge,, and impassipned sales?-
ulation-move tragically; ahead1 of
of social, responsibility that
sense
manship.;:
today's realities; Sir increases in their production of
Oliver Franks recently stated, "If food. This misery of the Southern
reflects
_naIs •
of
cannot
;
A
The
govern¬
business.And
was recognized, that success de¬
This danger can be measured by
Fourthr-rbwsmess should qualify
pended- upon hard-headed busi¬
the needs of many Underdeveloped; ness
as a world citizen, Whern business
planning, - detailed, technical
shaping a
id
business
a
scale.
Market
guard against the very real danger
different
to
Common
con¬
sist emerging economies. It would,
parochial thinking.
-
Common Market.
h
approach
a
of
massive
a
World
alohg. old, established grooves 'of4
planning. It must know
.
^
,
this
world,
.
Taken
First—business should'
whb-
;
...
an outline oJ a
■
Outlines
'
*
,
w
on
promise
oping this potential.
Board
Chairman, to enable and
credentials
4
Free
Frederic
Mr.
General
opinion, not to
and
role.
that would be
and
labor
business, I must
sumption
ment of international enterprises.
rate
our
all fields;
the goals of the Free
^n&tipnal; ^^rt^ - in
international
many
_QS/
12
Partaersliip. it wishes to have-and
bring^ it ..about. It must
the Hemisphere should be
the balance of
ago
years
World turned
met
the recovery of
on
We
challenge Free World in
a
.contribute to the planning of timetables and- procedures, and to
solving problems in such areas, as
by all nations of the North,
of
Europe, now it turns on. One source of help would be
right relationship of the indus¬ higher income from trade*
trial
the
of
North
'
globe
to
the
Under
South."
developing
deserving
ex¬
ness
na¬
business
project
a
enthusiastic
com¬
Today, American busi¬
does
policies, the
recent
This, is,
our
mitment*.
a
giant community;
a
commerce.
prices of the industrial
port
v
greater, task,
—the joining of the nations of the
Western
a
x
visualize
now
than half of the-
more
on
this planet.
It would,
.the.jPa^en^ laws, labor practices, tax
A business, abroad, wherever tions, from 1953 to, 1959, remained, therefore, seem inconceivable that
downgrading of our ihterhationat ^hedules and fhe;: *ree flow of possible,
should establish j pint stable. Those of other countries; a. Free World Common. Market
and export personnel -r~>and the. funds . across borders.
It -should enterprises and employ local fell by 10,%; while those of Latin could, be achieved without its, ini¬
tiative and determination;
positioning of international and belp draft rules, of trade to see funds* resources, and personnel. America dropped by 19%.
export departments in the.' lower tliat a Free World Common Mar- This serves both to- create under¬
have
businesses,
,
recently,
that
to¬
on
countries to share iri the develop¬
??0prapl\
They
■
developed few, internationalIt is just
places
many
American' business
>.T
lief, that, our business community
confess,
so
daring enterprise of
ment,
America—holds
recently prompted the far-reach¬
ing
\y;orld Common Market,
Perhaps most-serious is the be-
ists.
fills
and
men¬
tion those of the Pacific and Latin
kind
the
markets—not to
prosperous
interna¬
best support
ofobsolescence by 1% every three
has
responsibilities;
The expansion of these already
may
can
has origi-:
falling behind
is
community contrib-
V,
How
meomemi* new planthey observe that our rate of plant renewal
business
justify.
failure in mQderihjja->
iperc^ntage
that
foundations, and universities,
The
tion. As their nations pour a high-er
tional
their
in
encounter
they
specialists in
thrived
Japan.
Despite
involvement, it is
its students
cultures
part by specialists in government,
industry dur-
or
later
various
day's airliners with scientists and
about
years
hated in Europe
successful
overseas.
the
policy is developed for the most
important advance
every
in the machine tool
to
impression that foreign trade
my
of many examples that
one
as
Wales for exposure of
of
we
growing
technological inventiveness.
cite
from
and years utes—but, in my
prosperity, "the degree that
questions
One
easy
the
that
postwar
have
Some
this
/
that
and
one
—
through protectionism
of
people
our
abroad.
six dollars of U. S. profits
stopped
;
ket will operate fairly for all
Pari;ips'
hand,-Second.-^Jih'./f shaping
Free
levels "of organizational charts.
It is well worth- measuring the
standing between the business in¬
Throughout
history,
govern-
ments have
thought of markets as
terests pf one country and' another,
American exports in 1959 totaled goals to fig^t for, They are now
these, criticisms
ouf : of ~
; and to
promote local accumulation
$8.27 billion.
If prices had not learning that traders easily excel
Whether or not we are "suff icient- - Wor ld' Common 'Market, business, '■ of
capital.
fallen, the value of these exports soldiers in bringing back wealth
ly flexible,- imaginative, and. con- should enlist government as a
Finally—business should
help would have totaled
$10;2 billion. to enriph their countries; while
temporary will be determined by partner. :The obligations of busibuild industries, overseas—as well This meant a loss of over
$1.9 bil- the difference] between what they
performahce. The fact is that-we ness as^a partner are to contribute
as .sales.
Business should qpop- lion—almost enough to cancel the leave abroad is. the difference be¬
need all these- qualities in? ample to the planning, developing, "and
erate
with
parallel
industries total budget of
government and tween benefit and. destruction.
measure HAye are tq succeed in.day-'to-day commerceof*a worldabroad to create conditions, for
business for the Alliance for Prog¬
meeting, the competition in a. new njarkef The obligation of goyerntheir joinf growth* For example,
Priceless. Goal ot Peace
ress, at the present projected rate
don't'feai
If
we,
kind of world market.
,
...
„
ment should be to. provide
.,
,
a
fa-
the
vorable climate- for international
,
Partnership Abroad
,
impact of such
should dismiss
;
business-one
manufacturers of
automobile
the
U.
§.;^^uropp
which assures .Our
of
$2 billion
a
decline.
a
Latin
year.
All
Japan
and
Ora*
of
are
us
Constantly urged,
It's often puz¬
to work, for peace.
Own, Self-Interest
have a trading heritage that 0Wn
-kl
V
^
■■i'
•'
zling to know exactly what we
enterprise, abroad advantages
age.: InV pfomotijag'^ roadljuildirig
Even from
the?^viewpoint of should do. IsTow ijt
back, to the days of .clipper., equal to those of
competition, v
seern? clear.. Ij\
where
transportation is inade¬ self-interest, we have a. continu¬
ships, and our Own commercial
the planning and
Jn m
shaping, of, a
^ ove
quate, The travel; industries- have ing need to launch underdevel¬ Free
World Common Market, bus¬
make every effort to already given an example of in¬ oped economies in international
seas is significantly broader than,
inessmen can bring to„ the price¬
ternational cooperation in stand¬
trade. For one thing, it is well to less goal of
jusi trading. In many instances,
peace a, set of special,
ardizing' information and in re¬ keep reminding ourselves of their
it ft a close business involvement
fes*
one counand indispensable skills and en¬
ducing red-tape restrictions on importance as a source of critical
with the ' local community, and
to another, insofar as.it may
ergies.
the mpvement of tourists. Food raw materials—and of the dangers
with
welcome * employment
of
practical..
One- further word. L would like
local capital, labor, and resources.
the we would face if they were to slip,
At, home, government, should processors could support
to pay tribute to, the National For¬
•While charged with haying "too seek to remove or reduce such growth of container industries to
behind, the? Iron. Curtain through,
little authority? thems^ves^Auner- - handicaps in xnternationat conf-, stimulate
production
of ;Vlocal lack of support. The Commitee eign Trade Council' for its effec¬
ican businessmen overseas assign petition as obsolete tax, policies, products.
Electronic
companies for Economic Development points tive influence in the broadening
larger responsibility to local man- ^discriminatory, labor legislation, could work to standardize voltage out that the Middle East holds of American interest in interna¬
We
'■
•'■
'■■■■..
'
r-
yP
:..v
'
■
'
■
"
..
goe.s
■■''2WJ2*'SSS-mentteld
,
.
..
,
,.
.
£
,
?rmg ab„ou,t
a<»ualizinS of b"3'"
""egulatons from
,
agers- than is-
their
Having
or
a
ahd repressive .regulation of in-.
dividual industries. As an ex^mplerr-ouK -coastal shipping laws
usually granted by.
international
national-
chief officer,
as
.
-
mienifcerd ot
nationalsJasf
and
i
competitors,
allocation pf air two-thirds of the world's proved
speed the
„
channels.
tional trade»
As
conceptions
new
of world? relationships win disci¬
deposits; underdeveloped na¬
One of! the best contributiQns tions* produce n e a r l y all the ples, yourVvmemberships^^ will: bewouldi be a joint program fpr the world's ; tin, the
& - none; The ready With exceptional experience
and insight. •
#
* '
construction
Pnd: ^il^
: Jin4- Congo,
oil
.
.
sion-making boards, is more the. shipped to'New York cheaper than
pro d u c ex ? 60 % of • the
rule than the- exception in our our own. West Coast products,
dustry' of. the^ Western world." to World's uranium apd 9Q%v of its
And now,, let me recognize and
oversea^ organizations.'
j N
;
The risk of. change and the supply housing 'in the. vast areas. radium* The entire natural rub- concede that, historically, the acf; thing we£ can have-the high-heeds foil adjustment in a world Where it is so scarce and; inade¬ i^r, supply comes from underdo-^ ceptan.ce by American .business ot.
,
■
,
estregard
for
the
;
partnership
market
obvious.
are
Business
quate.
veloped countries.
| Today
^
found the world,
trade
through shared techniques of pro-.
| duction
the.
local
.
through.
that
develop
of
suppliers,
an
example
r
of
states.
which,
I
experience
companies.
About
700
companies
outside
U.
S.
am
sure,
can
of
many-
be
other
.
^
of
now
our
leading
have
opened
more
A:
1,000
facilities
the. country; and in
firms
government. ,
'
/
.
,
Common Market and countries to
We have all been
the
of
rise
impressed by
prosperity
in
in
our
many
But
He must adopt as a way of life
';the kind of internationalism that
not
v
might
bring
trade.
'
1
the
to
-
-
In
1958,
the
:
they
new;world
a
.
.
potential
of
\
Common
is bringing exciting innovation in
compared
all
had fewer than one-fifth the auto¬
major
areas;
the
kind
of
of an - Atlantic University in
to
the
United
States,
we
may
well
to
the
we
should
for
reasons
match
to
Common
would
organization?
assault
It
is
on
be
as
success
the
clear
of
Market.
Common
European
tions.
affairs,
describe
you
It is
also
a
tariff
a group
this
of
na¬
breakthrough-
walls.
But
this
s
i
per
hundred people,, and
one-ninth the television sets.
haps, above all, it is
schedule.
*
And
it
is
a
a
In making
we
would
ply be acknowledging new.
world forces; and
new
ties
prosperity over
extend
to
opportuni¬
of the, earth's, surface.
more
We
should; expect, to- meet a, degree of
resistance and: protectionism both
at home and abroad; and, our first
task,
believe,
I
broad
among,
will
be
to
win
agreement in principle,
ourselves and, others, so
can, move
forward to, a
drive
A
trade
the
against
was
once
restraints
of
celebrated? with
dumping of tea in Boston Har¬
tion
Today,, without
or
revolution,
through
unity
new
change of
our
resources.-
—it
.
could
!
the
build
free
a
ex¬
work, talents, and
believe
be
demonstra¬
we can
one
can
we
of
say
history's
extraordinary happenings.
V
per¬
plan and
also
today.
commitment,
new
m
*
mobiles
perhaps beyond the po¬
or
sition it holds
bor.
think
the
tional position, it has held in world;
ex¬
concert of forces, may
development
the pace of the European
I
would
to that
we
world, market; at
plan.
Market,
How
Market,
a
its
speed
long way to go
a
time,
same
pect that
terms, they have still
own
realized
a
aboiit
bring
.
-
ing
still have
the
North, South, and East.
our
countries of the Free World.
1961, .thinking that inspired the foundthan
between the European
tionships
t
a
world scale, the American
businessman must take the world
,as his sphere of operations,
a
repeated, many times in the overseas
government
^
business-"
-contribution to economic develop-
mept
.
T
•
technical skills at all levels.
is
.
Third the American executive
training, programs ^t>uld have a globe in his office
management f andih®^';just^ 2^^^flat;*-^iall^;inap of 50
initiative
an<|'
It
R should nQt abdicate this
..
marketing;- through if
and
on,e-WQj;Id trading economy
go far beyond any tradl-*
a
achieved by business, communities
must promote government poliAccelerating trade with these
Insurance for Higher Living
abhoad. My thinking Is obviously cies to
speed the adjustment of
nations would produce capital to
Standards
influenced by -my own company's industries to new
patterns of corhincrease the output of what they
lon'g record
of
trade
overseas, petition;. It should ask that
In, my
view, a Free World need most—food.
govConsider the
where, from the beginning, we ernment help -business in
ways Common Market offers, the best vast difference that the industri¬
have- joined • forces "with
local consistent with free
enterprise— insurance for higher living stand¬ alization of agriculture would
management
and
local
capital, and with« saf egiia rds against gov-*: ards in all participating coun¬
bring to these countries. To see
we are in business in more ernment assistance becoming a tries. And a program by. U. S. how quickly it might bring selfthan .115 countries; but only onesyg^m of intervention, and con-, business to help bring it about sufficiency, you need only think
half of 1% of our payroll abroad
would advance our growth rate,
of the amazing example of France,
goes, to -<■ citizens : of the - United
Business should take initiative WhjJe offering to the new nations, which has moved from importing
of the world the high productivity
Jr *
v..
in strengthening particular areas
to the
exporting of grains and
•he Coca - Cola Company, it
of
a
private enterprise
industries against the adverse levels
produce in a relatively few years*
seems
tov me, exerts, a pump-»
It would
avoid the
impact 0£ new freedoms in world economy.
Pr™laS p°wer
It is realistic to believe that we
dilemma of balancing our
rela¬
a
joint
An
address
by Mr. Austin at the
Foreign Trade Convention,
City.
? :v;:iv;
49th
National
New
York
40
The Commercial and Financial Chronicle
(808)
expenditure
How We Can Reduce Taxes
for
1962
tween
6%
and
price growth
constant
a
from
our
since
1954,
budgetary
of
What I
growth.
GNP
a
time
same
man
the moon. At
on
that
pause
basis
for
in
a
different
widely
esting to observe that
a
reduction
these; enormously
seems
to
that the prize
advance,
extended
an
existing- programs
degrees of merit, but it, is. inters
contem¬
we
there
1964 or
provide
late 1962 was enough to
fiscal 1964
find is that receipts in
that the
find
could
we
models
mid-1964,
and
now
inevitable, of course, for
means
of these three
each
for
1964
between
indeed at any time in
or
no
cal
such
exciting in disbursements averaging 10 %.
though equally enormously expen¬ for federal credit programs as a
sive undertakings, the air is full whole would produce an expendiof official trial balloons and num¬ ture reduction of around $800 mil-;
berless
unofficial
proposals for lion. And such a program could:
large tax reductions. The mood is hardly be regarded as a severely
one. .of competitive venturesome- austere one.
Astonishing as this
ness
and
generosity in which may seem, a 10% overall reduc-
1965, we should slide into a re¬
derived esti¬ cession. Such a misfortune is by
budget receipts for fis¬
of
mates
because
the
have
I
cuts,
have
be to land
of
budgetary outcome if, some¬
the
drawn
experience
assumptions
mer
sur
would be
be
thought fion
some
vol*
would produce a very large
budget receipts. And to do ,
wise-budgetary policy to under- so would not be a novel move,
take flat, across-the-board budget The
Federal National Mortgage
goal for the next few years would
I leave, it for you to reflect over
time
'
Employing
last
and
plate
,.
of 4%.
rate
earth;
on
was
Thursday, February 21, 1963
.
It is never a
good place to start.
a
disclosed that our national
it
Enlarged Deficit
around
of
1963
and
Deficits
Danger of Recession on Ileels
Continued from page 12
federal credit programs
discussed
most of
programs,
which have to do with conditions
here
Without Enlarging
being
are
existing
.
.
should be allotted
for
leave
would
federal
credit
disbursements.
programs
as
a
ume of
Association was established, in, the
first instance on the theory that
it would, sell mortgages as well as
buy them. The Veterans Administration has marketed: some of_,its
holdings ,of direct loansr Tbe Ex-.
port-Import Bank did the same
abroad and in this country. Ana
loans made by ..the Reconstruction
Finance Corporation' were liquidated under a carefully designed
and executed program,
Of course, sales would have to
be made subject to two major
conditions: firststhe terms ef ,the
sale would > have; tQ be fully pfotective of the public interest; sec¬
to whomever is prepared to make whole' still as large as they were.,
kind the boldest and most
magnani¬ in fiscal 1962, and $3, billion higher
A« growth curve; $93.0 billion on
of pause — advance, paused ad¬
Model
B; and $9.8 , billion
oh vance sequence; But this is only mous offer. I trust I will be for¬ than they were in fiscal 1961.
given if I say that to me all of
ond, sales would have to be made
Model C.
±U
uu
an outside possibility. By the end
To
do
this
WHS
would
WUU1U
icqunc
tx
require a
*
^ ♦
this has a distinctly bizarre qual¬
V'T:!::- '"'"v.
;v'.Vl5' .J-:
,v\
seafehiriff
reannraisal
of
credit m a manner and on a schedule
of 1963 we will have reached the
searcmng
reappraisal
01
creait
ity.
wouid avoid depressing the
From
these
estimates of re¬ outer limit of the
average length
#
«
*
programs and techniques.
Some^
forcing a signiticantceipts we can derive some ideas of
of the Programs
postwar peacetime cycles, and
certainly those
lon
term in.
as to budgetary outcome for fis¬
Overcoming Defeatism Toward
it must be adjudged as unlikely
represented by the Agency for In: ■,
cal 1964. What they tell us is that
Spending Control
that the expansion could- be ex¬
ternational
Development,
have terest rates'
the budget deficit would be re¬
tended for a much longer period.
Turning to the first of these been designed to accomplish pur¬
Certain Protective Measures
duced to a relatively small figure
Certainly, there. is nothing in the policy implications, what about poses that could in no way be ac¬
As regards the first of these
if, with no reduction in tax rates fiscal
policy in question which the possibilities of expenditure
complished except through gov- two" conditions:" because most of
from present levels and with fis¬
would, in and of itself, promise control?
ernmental effort; but others are in
the loans were made in. the first
cal 1964 expenditures at the same
an indefinite extension of expanat least, competitive with tnstance at below-market interThere is developing, I would part,
level as in fiscal 1963, we were
sion. Actually, the only new ele¬
judge, a kind of defeatism on this private effort and have assumed est rateg it would be necessary to
to grow between 1962 and 1963 ment in the
policy would be the
subject.
I would be among the their present size mainly because ggll them at prices below par. But
by ZVz % to 4V2 % in current prices $5 billion tax; reduction. Expen¬
first to concede the political dif¬ they make credit, often of a long- when one considers the difference
or
by 2V2% to 3% in constant ditures have already been rising
ficulties involved in a program term variety, available at interest between the income being earned
prices. And they suggest that eco¬ at an annual rate of $5 to $6 bilof expenditure control if it lacked rates significantly below the marthe federal government: on the
nomic growth in 1963 at the rapid
lion„for t^o and ajhalf years, butr administration
support, and even kct; For«^suqb.program^ ;an iu* : assets lnf«question^^->ancl the? ^ate^-ef
rate pictured ip Model'C^ harhjely,
Without in the least suggesting the
terest: fate policy" moreclosely
luore, "sip if' it jconflicled with ad-"
intefest: the Treasury must pay
at about 6% in current and 4% in
possibility5 of achieving uninter¬ ministration
policy. But given ad¬ attuned to market realities would on the public debt in order to
constant prices, would produce a
rupted, economic growth by this ministration support, a program direct a larger, proportion of the
continue holding them, >it is by
surplus of around $2 billion in means.
for
containing the increase. Of financing to the private financial no means:certain that a net loss to
the fiscal 1964 budget.'
Nor can we look to tax reduc¬ Federal
spending Would, in myj syst^audTeducqegpeudi^e^m-the^f^deral^^^verrimehtwcmld^^
,These are the results one' gets tion, as: a continuing source of
judgment, be entirely feasible. the federal budget; - Administra- involved in a sales program^ - In
if. these rates of economic growth,- stimulus for our economy. Con¬ The
question, therefprq, is whethr ; tiv^ limitationswould do the same any case; so long as sales were
ranging from 2V2% .to,.4%, in real sidering the rate, at which 5 expert-; er there a{r,e practical possibilities
P^g^p^odmioC^puld, hp .: ef-:
fob" germ's, that provided hcL
terms,. are^ assumed tb be achieved' ^ ditures wouldbe rising uildmythe
'3>Ca£h|ej£i^
7
at the same time that Federal ex¬ assumed
policy^ we would 'soon be economically desirable;
quiring greater reliance On loan ^ion and return, for underwriters
"
penditures are held at the fiscal exhaust the possibilities of grant¬
I believe there are such oppor¬ P^^cipatiqns -with •private lend- and private investors, such, capi-'
1963 level of, $93.i.billion and if ing $5 billion tax reductions.
u: more
detei-mined.^eayfS
Ital: loss' Sm
pould ^
tunities. /Tov illustrate, - let-Us take
tax" rates remain as they are. You
e; properlyre^ardod'os'a coplt^i-i;
the case of Federal credit pro¬
may say that it would be impossi- 5
Suggests Spending Ceiling and
pubue; credit ■ is offered, or the jzation or payment an advancfe; of
grams. There is a grossly inade¬
ble to achieve growth at these
substitution of loan insurance or
Caution on Tax Cuts
futui:e subsidies,; and this obligaquate public understanding of the
rates, even at a 2V2 % (constant
guarantees for direct lending. .In tibn woiild'be
In my judgment, there are two
discharged without7
magnitude, let alone the charac¬
t>rice) rate, with this f iscal policy.
broad policy implications in this. ter, of the Federal. Government's still other cases, all that would be imposing, a.current burden oh the
This may be so. certainly, in view
necessary would be for the federal
fiscal outlook.
The first7is thats lending
budget;- J
activities, but for anyone
of what has been said officially
there is an urgent need for con¬ interested in learning more about agencies involved to relax their
As regards the second of the
about the prospect for substantial
$90.8 billion on a Model
would be
and
so we may
continue in
a
.
c-t
VC:; V'."'. :y\
'
J
^
V;,
•
v
.
J f
,
,
,
'
,
;
.
tax
reduction
in
1963-64,
ed,' I
a
dampening effect
the
on
economy,
if they were to be told now
there
to be
was
the
that
But
can
we
speculative
question
merely
ask
budget
implications
policy
that
what
would
would
reduce
over
what
ditures
by
$5
billion
the
yWhat;. seen^
such
a
The
fiscal pdlicy ls a. very sub¬
cal'
the
currently projected fis¬
deficit
1963
of.
$7.8
held close to the fiscal 1963. level
if the economy
on
a
were
current
to grow by
price basis* (4%:*
in constant prices), and would be7
between $10 and
$15 billion if
economy were to grow
to
41/2 %
rate
on
a
the*
by a'3%%
current
price
basis (2%% to 3% in real terms).
In
other
tax cut
and
if
is
words, if
a
$5 billion
effective in fiscal
Federal
1964
expenditures
higher by another $5 billion,
are
we
be
met,
the extent, pf $1,8,
this
is
in: international
that
means
second
currently
a
tinder
pro¬
and
implica¬
of
repayments
other
this
abqut
the
size
made
of
How¬
tells
the
the
received
offsets.
figure
net
the
and
programs
certain
ever,
between
disbursements
of
the
amount
.
policy
the y difference/
;
amount
sub¬
spme
billion, which
.
tion of the fiscal l964 budget out¬
velopingrlthe fiscahsituahonidoesi *$8/
not
justify
than;
an
a
reduction
$2.5 billion
emergency
billion., nomic
Specifically, the deficit Would be
6%
for
loans.
little
program.
aggressive
,
.
Sell Treasury
.
for
v
Still in the
programs, let me mention another
possibility for reducing net budg¬
etary expenditures.
Thi§ cou 1 d
done, through the sale to the
be
public- of loans and securities
cumulated
programs.
under
outlook
on
of
this
at
time
does
spell emergency. Furthermore,
such" tax reduction as is legislated
designed to promote:
re
Commodity
;;Corporation * and • the
d i t
International
Agency for
eco¬
not
should ,be
C
anything but
-
basis, and the
billion//Aboui|hal&;pf} thiols;
accounted for byy the
more
opment,
but
• accounted
a.;
able
sums.
other
Devel¬
agencies, also
for by the
Commodity
Thus, the Export-Im¬
port Bank Will disburse-an esti¬
federal
ac-
credit
The January 1962 Budg-
the
best,
tionv something
Small
u
restrictive
effect
an d: on> the,:
loss,
by
porate
We
are
$2.5
a
a
billion
reduction
income
not
tax
now
in
rate
in
a
revenue
the
cor¬
to
47%.
position to
the
Farmers
tion,
-more
been
a
Actually,
there
investment of late; net a shortage,
an£ there is .accordingly a good
chance that. a -properly administ^®d; sales; programrr.wpuld .have,
as-
(
terest; rates
S
This
$29. billion
fund
fetes What I believe is
well-understood
eludes
stockpile.
gage loans held by
monetary polky ^would asast a
least
It in*
of
FNMA;
loans
,h»
f
hearlys°"® w®
Rural
Home
Administra¬
ministration;. $1.4 billion of cred-
Electrification, Administrar
extended
across-the-board reduction of the
Facilities Administration, close to
of-
tax- burden:
$500 million; and the Federal Na¬
activities.
penditure
Under
control
;
the' right- ex¬
conditions
.we, tional
Mortgage Association,
more
by Vthe
Farmers
Home Administration; and nearly
$15
a
billion of loans
various
F
t
by the
by the Community Facilities Ad¬
tion,.$360 million; the Community
ourselves Vin
•
cml assets would be ad hoc ands
Administra*f eome
loans made at an opportune^time and it could',
be
ingredient of a fiscal
made
$400 million;
its
rea-
expect,^^{however; vthat ,
$3.5 billion of mort-
over
$4 billion
consti-
our
wauld, .; depend* On
mphetary ? policy., ;Itrseems
ldans or'securities .are1*excluded^ " ■*tq
large,
indulge
has
surplus of funds seeking
little?' effect pri ,the prices of long-;
term _securitiesAlso, whether
tended to raise long-term in-,
of these financial
over
than $500 million; the
the
availability of invests
funds.
ment
an
for
on
economy, this would depend on
the timing and,.-volume of sale&
et Message * estimated- fhat; Treas-
mated $800 million in fiscal
expenditure. This would be done
might
raise long-term interest rates and
ur^ holdings
1963; Rural Electrification
Business ; Administra-' tion; .$1.8 billion of
higher" level of private investment
conditions, namely, that pub¬
exert
of federal credit
area
two
lic sales of financial assets
Held Financial
5'Assets
-
<
search
,
sets will reach $29 billion-by the
look is that there is need * for 'Currently,;r total/ disbursements
end of the fiscal year 1963. Only
' caution in the apaount and Charac¬ under the programs are estimated
direct loans are included in this
ter of tax reduction. As it is de- for fiscal 1963 at something over:
amount; insured ,or f guaranteed„
stantial deficit, as large or larger
than
must
reductions in
stantial
$5 bil¬
above
that
grams are necessary.
they would other¬
$93.7 billion fiscal 1963 level..
Message
on
those growing out of the
as
relations,
taxes
wise be and raise Federal expen¬
ceiling,
a
present tensions
fiscal
for the fiscal year 1964 by
lion
such
the
be
put
requirements
and
a
of
Budget
of
budget to
be
^perfectly neutral on this essen¬
tially
the
number
billion. Considering f<built-inw in¬ Federal credit program combined
creases
and
additional program will be a charge on the
tax reduction
no
present.
these
should do
we
years- has, carried a
expenditures special Appendix of factual infor¬
for, say, two years at the; fiscal mation. From this source we learni
1963 level, that, is, at about $94 that in the current fiscal
year all
is
generally
with
suppose
over^the increase, of Federal
expenditures. What
people would be disappoint¬
many
for
trol:
good
a
'
policy
would
hold
promise
of
re-
versing, the ttend. to, larger and
ar^ar:
;
y
^
,
^
growing out
international
"
that
lending
Curbing Civil Public Works 11
.j:;v. yy;;' Grants.-y)/
-
Many of these financial assets
Let
me
y -,y:^y
mention only one more
face
a substantial ;a nd-ybi<x~
likely oould^ jipweVqc,' take/a - ■f irst "Step7" than. $400 million. %v'-:
would - be
ineligible) for sale; expenditure program7 in: rWhi'ch
enlarged-budgetary deficit In fis¬ in this -direction; v hoping.vto'^take' U;"
'
- >'•*■ //■»',-V7"•
others, would be unsaleable under" economies might- be found. I have
*
■
cal 1964. This would
mean an .un¬
additional steps at a later date.
>
VWould Attack
Credit Programs
v.First
' '
Interestingly enough, however,
public discus¬
Since we are dealing with a
extending through the third full sion at. ,this tirpe (contemplates a
Very large deficit, economies' must
year
following a trough .in the policy that is exactly the opposite- be of; substantial size
.to be sig¬
of this, Very large increases iii
business Cycle. :
-v r '
V' - 7
nificantly helpful.- In ihist respect,
broken succession of deficits, each
one
larger than the
one
before,
the whole tenor of
any
practicable arrangement. But
there is
reason
to
would be possible to
sell
stantial' amount of them,
make
oven*
a
market
in mind the programs of Federal
believe that it, construction
a
sub-
and to
which
and.
grants
to
the
and civil public ( works,
have beeii increasing by
leaps and bounds of late.
total )
Therb
about val 50-50' distri-r
distribution
a!"small fraction di the
states
of
Number 6240
197
Volume
accounts and trust fund accounts,
accounting
each
$3% billion.
1963 for about
the
budget
fiscal
in
increased by about $1 billion in
fiscal years.
last two
the
As
a
been yery rapid.;
So far
years.
there
under the Federal credit programs
has
are
in this
A
fiscal 1964
level
the
to
of
consumer
<"
This
>
\'/ '< *
v
>
-
*
still provide "for a* level of5 spend¬
Sept. ,13}'
Western European nations
the last few
You
would be
American industry is being priced
can
austerity program.
could
be
still hear
years;
the argument that
of
growth
/'United Statesil*u
upward
an
and
wages
prices
pressure
in
those
Oct. Ill
-
-
in
"World's
we
more
increase
was
esti-
the lowest of the group
as
—about
oc-
These
in
are
transit
job to another.
one
Their
published statistics show that the
loss of time
worker amounted
per
the
average.
the
to
closely
classification:
we
the
same
the
as
United
have in oun unemployment stattstics of those workers out of a job
fess than five weeks. This figure
*n
^e U. S. often amounts to as
r\ual productivity gains of France,
wage
hiuch as 40% or more of our total
unemployment. If . they used our
This low
explanation,
definition, they would have a substantial volume of unemployment.
Germany,
.often entirely
modest
:
Kingdom, but far below the 'an-.-
newspapers
champion?
settlements that
the
the
;
se?ond -place,; the. U. S.
productivity
Sept. 115
—
reading
overlook
? who
to about 30 days, on
.Productivity Comparison
mated
about
job
a
Yet they have
one.
workers
are
United Kingdom, from
the
create
In the
These figures may surprise you.
during
Union;
wants
.
We in the U. S. are so accustomed
ing' $500 million higher than ob¬
tained in fiscal 1961; This^ againv
no
/ Italy
to
Soviet
who
Now this would correspond fairly
pattern of price behavior
of
slow
countries.
is in sharp contrast to the experi¬
ence.
the
and
many
industry
'S ' 1-i '
:
the
they call "labor turnover."
on
,
have
can
in
worker
every
-
Canada
jlr
■
time, this
ployment
Conversely,
Sept. 149
Sept. 156
United Kingdom,.
Oct. 130
services.
r
the
the labor force, especially in Ger-
,
cost
same
of
Germany
picture in the near future.■
^^ifiedi^by ■ the
At the
casionally published statistics
which show the existence of what
may
France
extent by
some
growth
41
expanding labor supply will act
as a damper on wagCS and prices,
groups.
The 1963 outlook is for continuing
prevailing in fiscal 1962 would
produce a budget economy of
close to $500 million, but it would
similar
and : in
ing,
signs of any change
no
under which civil public
pripe ; st*ability,
experiditurOs ~ Would? be; slow rise the
in
held
see now,
as we can
program
works
the past five
risen very little in
their increase is exceeded
by the ballooning of expenditures
it
j§§
rapid
more
labor force.
ployees ih manufacturing; in min¬
Continued from page 10
group,
hut
the
The U. S. Economy in*1963
But
alone have
accounts
(809)
The Commercial and Financial Chronicle
,
Basic Trends Affecting
public works as between budget
with
.
will be affected to
expenditures for civil
button of
.
and. Italy.
estimate requires an
wage
It does not mean that the average
Furthermore, since they do not
throughout output
per man-hour in American admit the existence of
unemployhigh wages, high prices and high the whole economy. Since 1957,
mentioned. What is really needed
mdustry is at a lower level than men> they have no unemployment
is a thorough re-examination of labor costs. Certainly, the shifts the; average annual rate of in¬ m European countries; in fact, it
insurance* Therefore, if there is
in world
trade have
subjected crease in average hourly earnings is far
the Federal expenditure budget.
higher. It is true that there not enough work in the
factory to
A Presidentially - appointed com¬ some American industries to in¬ in the U. S. has been only about are some industries in some coun-..
keep all the workers busy, they
mission of private citizens who tensified competition, resulting in 3 % a year, The Canadian experi¬ tries which have achieved Amerimay be told not to report; and if
would approach the problems in rising imports and lost exports. ence has been about the same. can levels of output per manthere is no work, there is no pay.
Our balance of payments problem Both
countries
have
achieved
terms of what is good for
all
hour, but these are not
typicaUjpj^g system would correspond
has been
accentuated by these comparative price stability and
Americans
and not of what is
trade shifts. However, as so often moderate
wage
and salary in¬ The^ substantially higher wagf^uite closely to the practices of
good for particular interest groups
levels in the American economy
many American business concerns
happens in economics, these creases.
could do this.
are offset lit many industries by
in the old days before we had
To undertake such a budget re¬ trends have been halted and even
higher productivity, in which case unemployment insurance.
The
European Price-Wage Problems
reversed to some extent.
What
appraisal in order to prevent our
the labor costs would be more Work
week
would
be
shared
Seemed like a tidal wave a few
Conversely, most European na¬
being engulfed by federal spend¬
nearly
comparable.^ There is an- am0ng the existing work force in
tions are wrestling with the twin
ing that is getting so large and so years ago has become a gentle
other important point about rates order to avoid
layoffs; the work
tide.
The European nations are problem
of holding price and
complex and is growing so fast
of productivity gains. Most Euroweek might be
reduced to 32
now
beginning to encounter the wage increases within reasonable
that no one really comprehends it,
Other
out
possibilities
of
markets
world
through
and
increases
salary
.
-
,
would be reason enough.
ditional
An ad¬
the
derives from
reason
budgetary outlook I have sketched
in these remarks. It is this:
We need to restructure our tax
system and lighten the burden of
taxation in ways that will improve
countries
pean
are still in the
They have achieved full
process of catching up to their
and fast economic
long-term trends. They have not
growth while Canada and the
yet reached the U. S. stage of doU.
S.
have
been
European Price Comparison
experiencing
velopment. Finally, the more adheavy unemployment and sluggish
For
vanced a country is, the larger the
example, let us look at
growth. Now each group would
prices. The Organizatton^oi^^cofraction of its output which is
lik'e^'td^
'1
■'the^ other's
nomic Cooperation an£ develop¬
devpted- to consumer services. A
economic forces which the U. S.
bounds.
experienced in the 1950's.
employment
(OECD) has recently'pub¬
ment
^
abhiCY^merif^
endan¬
hours, 24 hours, or even less.
is
interesting
practice
to
note
ceased
has
to
that
It
this
exist in
American industry. Statistics from
employers on hours of work per
clearly demonstrate that
week
workers
for
a
generally employed
are
full week if they work at all
nation investing large resources
that week. if they are laid off for
All nations are ia
construction and heavy indus- a full
week, they draw unemploypursuit of the goals of full
try will usually show higher rates ment insurance,
that, unless we exert a much more Price Stability, in which their
employment, fast growth, stable
of productivity. As higher stand¬
effective discipline over the vol¬ Working Party of experts com¬
prices and moderate wage in¬
ards of living are achieved, the Where Else Are Their Surpluses?
pares the "experience of Western
ume of our federal spending,1 we
creases.. For some years it seemed
shift
to
the
service
industries
cannot undertake
these needed European nations with that of the
as
if Germany
and Japan had
However, there are some facts
brings down the rates of producmeasures
of tax relief without U. S. and Canada. For the eight
accomplished this feat, but the
tivity increase and produces that BPeak_tou<Jer than statistics
courting larger and larger deficits. year period 1953-61 consumer
last two years have dispelled this
somewhat more modest gains in For example, have you heard of
All the evidence points to the prices in France rose at an annual
illusion. Japan suffered a rise in
need for a searching scrutiny of rate of over 4%, Sweden over
Gross National Product.
an/ surpluses Communist world?
of
any¬
consumer
where in the
prices of 5%
during
the
performance of
the
but
our economy,
outlook
budget
tells
us
lished
report
a
on
Policies
for
gering its own.
in
anything
3%, United Kingdom 2.9, Norway
expenditure priorities.
and Denmark
address
*An
conference
1963"
the
of
by
Saulnier
Dr.
"Federal
on
Tax
at the
Reform in
Tax Foundation,
Nejv York
City.
2.7, Netherlands 2.6,
1.8.
Germany
contrast,
By
the
annual rate for the U. S. was 1.4,
Canada
Belgium
1.3,
1.3,
and
Switzerland 1.2.
Buckingham Corp.
the
the
(first
Working
of
The
York,
offering of 400,000
Class
A
N.
Y.),
stock
common
Buckingham Corp.
(New
importer
sole
of
Cutty Sark Scotch whisky in the
United
Statesj is beipg made by a
group headed by Lehman
Broth¬
priced
ers, New York. The stock is
at $27 a
share.
The conclusion I wish to draw
by
is
re¬
conditions
that
are
changing,
months), the
isn't the
ures
story always one of failand shortages—crop failures,
prices, and both here and abroad. The 1960's food shortages, empty stores, bl¬
costs have produced a slackening are different from the 1950's, and adequate housing, and consumer
the relative positions of different grumbling. There is no Commuof economic growth.
This
problem
of
achieving countries are continually chang- nist country which has yet solved
cent
rises
in
wages,
Party well-balanced growth will become ing. The important point about the
forward
comparison
acute, in view of the targets Western World is that most adwhich some nations have set for vanced nations are moving toward
more
its agricultural problem
raise
enough
how to
its own
—
for
food
people. The two nations wittcif
higher have done best among them are
nificant. The 1961-62 rates of in¬ OECD Countries adopted a resolu¬ incomes and rising standards of
Yugoslavia and Poland, in both,of
crease were as follows: Denmark
tion setting a goal of a 50% in¬ living.
which they have refrained from
6.6%, France 5.4, Norway 5.4; crease in Gross National Product
communizing fhe farms.
The
Comparison With U.S.S.R.
Austria 5.4; Switzerland 4.5, Ger¬ for the decade 1960-70. The OECD
Communist "c omm on market"
many 4.3,
United Kingdom 4.2, established another Working Party
I have said nothing so far about (copied from the West) has gone
etc., etc. The comparable U. S. of experts who produced a report the Iron Curtain countries; but nowhere; they haven't yet develseven
upward trend was even more sig¬
secondary
shares
of
when
to 1962
Class A Offered
A
But
carried
1961, followed by nearly 7%
latter 1962. In Germany, the
figure
was
near
themselves during the 1960's. The
and well-being
wealth
—
1.1% and Canada 0.8.
No European
where
>
on Policies for Economic Growth.
they too are claiming spectacular
country came any¬ The Working Party prepared some progress. They produce statistics
our record
of price estimates of the average annual which seem to demonstrate that
oped
an
international currency
It would be fpol-
for themselves.
ish
to
deny the
spectacular
capitalization stability, except Belgium with 1.8.
percentages rates of growth in they have greater productivity achievements of the Soviet Union
employment,' ? productivity^ am d gains and faster economic .growth in many fields of Activity, but it
This same pattern is "developing
effect to this offering by selling
than in the free nations. Further- would be equally shortsignted tb
Gross National Product.
stockholders consists of, 900,000 in wages and salaries in Western
Employ- Froducmore, their claims for the future over-rate these achievements. The
The
outstanding
of the company,
adjusted to give
shares
A
of
Class
common
and
2,000,000 shares of Class B com¬
mon
sales in 1962 amounted to
$55,806,154
and
net
income
to
entire busi¬
Buckingham consists of
Substantially
the
are
running -ahead
tivity
GNP
0.8
4.1
5.0
Germany
0.3
3.7
4.1
Italy
0.9
4.1
5.0
U. K.
0.5
2.8
3.3
2.7
4.4
Country
and of productivity. Our France^—.
Division of Foreign Labor
Conditions has prepared some in¬
dexes
over
$4,238,597.
These
of prices
BLS
stock.
Net
Europe.
are
of average
the
hourly earnings
past five years.
These
U. S.
— ----
ment
/
1.7
\
cash earnings, excluding sup¬
These statistics, being projec¬
plementary benefits, which, would
tions and conjectures, have a lot
Cutty Sark make some difference because
of weaknesses, but they are good
whisky, the brand name of which they are not uniform among all
is owned by Berry Bros. & Rudd these countries.
However, it is enough to highlight several im¬
Ltd., an English firm established unlikely that adjustments for sup¬ portant points. First, the U. S.
ness
of
the import and sale of
the
exceed
often
statistics.
The
Soviet Union prime Minister talks
confidently
about
with the
S.
U.
.
in
catching
up
1970's
and
the
,u
inOA,
XJ
to
'a£i£Tmong
free nations you can
the
imagine that
.
doubly
nist nations.
so
and
the
economics
cannot
be i®nored- their are deadIy seri"
The* objectives and
about
ous
their
a
devout
dedication
Communists
which
conscious o{
display
should make
some
of
classifications
often distinctly differ-
ordinary,
Most assuredly, C o m m u n i s.t
They have their own
definitions
are
with the Commu-
achieved at
often
of
competition in
dlffkuU
which
is
expense
sputniks displace shoes.
r
™
it is
spectacular
the
our
own
+uoxr
shortcomings. Furthermore, they
baveah^
mately 11% of the total case sales
of Scotch whisky in the United
plements would alter the general labor force (employment) is due
ent from ours. The Soviet methods
picture.
If we use the average
mg to their system anything we
to grow two to three times as fast of calculating the gross output of
« which ]ooks
omising_ex.
hourly earnings of employees in
as
the labor supply in Western their economy is so different from
f cour
our {ree economy.
the year 1957 as a base ('57=100),
ours
that American students of
has
-ts
the indexes for such earnings at Europe.
This factor may be of
problems>
Soviet economy have to try to rethe latest available months in 1962 critical
^ we are t
in
to solve butimportance in determining
calculate it on a comparable basis.
are
as follows:
The figures are
^ Communists have not yet cre.
the patterns of economic growth
The case of the unemployment a^e(j
not
strictly
comparable
from
any system which is as good.
which develop in these countries
figures is an even better illustra—
v
country to country, but they are
during the decade. Unemployment tion of Soviet invalid claims. Their
*An ®ddI?s? bZ MlVC1ugrf*J>eiane iq8
good enough for our purpose here.
States in 1961.
They represent earnings
in the 17th Century. The company
has the sole right to import
Sark
for
States under
a
the
in
resale
of
one
United
contract which ex¬
tends to Dec. 31, 1987.
is
Cutty
Cutty Sark
brands
of the largest selling
Scotch
States,
whisky
accounting
-1
•
in the United
for
approxi¬
if
„
.
of
em¬
in the U. S. in the
coming decade
theory
is
j.
.
that there is no unem-
Harmome Club, New York City, Jan. 19,
1963.
y
;
42
(810)
jihc
commercial
ana
Financial
unronicie
rnursaay, February 21,
■.
.
.
responding week of 1962 and 4,308
Continued from page
week. '
defense
term
rifles
for
these
15
and
machine
will
guns,
provide the bar market
some sup¬
'Little
ers
4 are
from
merchant
quoting
stock
and
items
facing stiff com-
:'petition from .imports:
curtailed
result
of
by
a
as-
S.
charges filed
dumping
U.
•producers.
as
Steel
tell
great
rules
until
they
see
commissioner of customs
how the
pending dumping charges.
on
:
production
,-
about
this
of
million
one
will
mills
steel
by
road
the
of
current
be
esti¬
conservative 18.5 million tons.
a
to
domestic supply by imports of
foreign steel.
weeks
'
r
loadings
of
1963
8.9%
or
above
31.3%
or
above
period
in
the
1961.
T-.tJ. S. rail¬
Class
this
in
with
in
year's week
57
one
year
-
with
liabilities
of
under
$100,000
dipped to 267 from 274 in
which
the /prior'
week
and
the
,
retailing
where
the
toll
clined to 148 from 158 and in
ufacturing,
down
to
48
B i
de¬
55 last
actually
25-
No
to
of
in the similar week
as
Intercity truck tonnage in the
a
with
In most geographic
iness tolls declined
of. apparel
1962, the American
during the week.
Day sentiments
greeting
candy,
cardsv lingerie, cosmetics, jewelryr
arid men's furnishings, ' While;car
sales coritinued to forge ahead, it
year ago.
held
Signs
garden'supplies.?
and
sparked sales of
34
week for home furnish¬
regions/bus¬ ings.
or
the
spring appeared (in/vpurchases'
was so-so
ended Feb. 9 was 0.6% be¬
low the volume in the correspond¬
week
of
end
the
but New York and
Valentine's
•group suffered as many. casualties
-
antic¬
dampened
rain
their newspaper black-outs.
trade
or
West
Cleveland merchants still suffered
com¬
increased
industry
t h
trends
the
hit
shopping
on
Lincoln's
d a y.>: Philadelphia
sales
transit strike,
66.
mercial service, with 28 as against
25, while the toll among whole¬
from
year-earlier
weekend, while in
the
on
bloomed
compared
week, and in
Rains
'
••
ahead
mixed
man¬
from
as
'Y..',*..»*•
well
volume
comparable
East,
r
-J
•
Admittedly,
ipated
The week's downturn centered
in
•' Y
prevailed.
dropped
level Of 358 for this size
group.
with
in
the
Coast
;
'
total
level.
sharply from the comparable 1962
salers
of
pushed
failures
Only fractional shifts appeared in
and
the corresponding week
ing week
small
among
construction, with 53
com¬
ago
occurred
the
Inter-City Trucking Dips 0.6%
Below Year-Ago
mates, first quarter shipments will
Another 500,000 tons will be added
,
1961.
'
basis
*
systems originating this type
pared
55
and
round out semi-finished stocks for
On
cars
cars
traffic
the
pipelines
5,209
corresponding
About half of
fill
;
five
first
There were 61
domestic supply
accumulated
be
they
as
the
15,158
that
of
tons
'
1961
corresponding period of 1962, and
*
,
indicates
in the first quarter.
de¬
but that
restricting
are
allocations
S.
that
as ever
mills
European
U.
g
the
above
totaled 63,628 cars for an increase
has
quick service.
Importers
mand is
and
This
to
analysis of steel shipments
will be added to
' ''
Wire rod imports are apparently
*being
An
Domestic sell¬
service.
for
factor in recent sharp gains
a
41.8%
or
Cumulative piggyback
more
pipelines
own
production,
gain is noted in demand
products,
their
prompt
assure
•
in
for wire
in
steel
been
port through most of the year.
\
promises against rising de¬
notably mand, mills have had to keep
contracts,
cars
.-.ft
YY
•
The State of TRADE and INDUSTRY
Y._
even
The total dollar volume of
Failures in the
re¬
Consumption should
Trucking Associations announced Middle Atlantic States fell to 84 tail trade ih the week * ended
18 million tons
Feb. 15; Trucktbrinage was "2.1% from 102, in the Pacific States to Wedriesday, Feb. 13, ranged from
to
pay the
difference between for the quarter. This means that
ahead of the volume for the pre¬ 50 from 81, and in New England -f-4r to 8% higher than a year
home market price and delivered about one
million tons will be
vious Week of this year. The vol¬ to $ from 21. A strong contrasting ago, according to spot estimates
U. -S. price.
added to the supply chain, but
ume
of intercity tonnage, While increase, on the other hand, oc¬ collected by- Dun & Bradstreet,
To protect themselves with sup¬ hot necessarily to stocks in the,
still 'trailing 1962, has shown an curred in the East North Central Inc.
Regional estimates varied
plies, importers are placing more hands of users and service centers.
improvement since the ending of Region which reported a climb to from comparable ' 1962 levels • by
of their-rod orders with Japanese
the dock strike. In part, persist¬ 00 from 46. Fewer concerns suc¬ the following percentages: New
Auto Pace Advance 12.6% Over
mills.
It's
considered
unlikely
ent
winter
weather
in
certain cumbed than last year in six of England —-5 to —1; East Sbuth
Year-Ago Level
Japanese mills "will be
found
Central 0 to -f-4; West -North.
areas has had the over-all effect the nine major regions, With par¬
Auto production in the U. S.
guilty of dumping. They recently
of depressing traffic.
ticularly steep downswings in the Central and West South Central
..
"tipped prices $5 a ton and may last week tanged approximately
to ^6; Middle Atlaritic 4-3 to
Middle land "South " Atlantic ^
These findings are based oti the
hike them again in the second 12.6 % above the corresponding
Pacific States.
Tolis ran above -f 7;; Sorith Atlantic -f-*6 to 4-10;
week of last year, Ward's Auto¬ weekly survey of 34 metropolitan
quarter.
year-earlier levels only in the East North Central 4-7 to
-4/11;
motive Reports said.
areas conducted by the ATA De¬
Importers who handle Welded
East and West North Central and Mburitairi arid Padfic
4^8 to -f 12.
The statistical agency estimated partment of (Research and Trans? •
standard pipe say some foreign
If
they stick, importers will have
rouhd
out
about
,
mills have Suspended offerings as
the
Pushes
Buying
Btrike^Hedge
The steel market is
that should
lator
general improvement in
a
demand
Ward's
built
said
that
1,000,000
the
wide
from
of
areas
in¬
duction
of
1963
period.
model
Pro¬
the
cars,
reporting service said,
is
now
at
close to 3.6 million
units, pacing
which all
previous model runs.
show
their
strength
in
early
:: Of the industry's 47 assembly:
spring, and inventory building as
t>larit, only five were scheduled
a hedge against possible steel labor
for operations last
Saturday/ all
trouble. "Y
dustry,
seasonal
factors
yy/
of
Iron Age said automotive steel
orders for April
delivery, expected
momentarily, will give
dication
of
what's
March
be
Will
another 10%
backed
by
up
ventory-buildup
were
early this week.
In
in¬
an
dismissed
an
unprece¬
disclosure, General Motors
acknowledged its
more
plans to stock¬
pile in advance of steel labor
A Buick
ne¬
mobile-Pontiac
Gate
Buick-O'lds-
also
were
expectes to have
the
steel
labor
proaches,
-'
~
an
1962
as
ap¬
This statement by General Mo¬
tant
who
users
about
industry
have
suppliers
i
what's-'expected
Motor
They
score.
to
assure
books
if
their
will
Non-
-
know
forced
be
protective device
positions
steel
any
mill
on
labor
crisis
Co.,
for the
will
close
However, the
jam develops
on
mill
order
books.
the
little
books
on
promises
some,
tively
five day sched¬
a
program.
week
inventory
up
gains
solid
have
business
to now, most of
appear
demand.
to
be
Delivery
lengthened
out
but mills still promise rela¬
quick
delivery.
To
meet
Wholesale
Slips Further
-
15 localities,
528,762
This
cars
the
cars,
American
Feb.
of
announced.
increase
an
totaled
of
■
•
•
13,653
the
1962,
cars
of
cars
registered
metropolitan
increased
ton¬
Lumber Data Unavailable
yearly
Note:
and
W
k 1 y
e e
production,
lumber
.■
/.
but
increase
an
8.7%
or
above
loaded with
14,626
one
or
highway trailers
or
tainers
ended
total).
1,784
The
in
This
cars or
2,
1963
that
distributed
and
was
in
42,379
corre¬
reported
more
revenue
highway
con¬
the
week
(which
timated at
cording
week's
over-all
increase
13.9% above the
of
cor¬
overall fgatrx. of /6%
an
ended Feb.
.
was
17,672,000,000 kwh.,
the
Edison
Output
was
to
es¬
ac¬
Electric
14,000,000
272.94
.
Edge
Lower
In Latest Week
The
Wholesale
dipped
to
Dun
311
in
the
on
consecutive
$5.83
on
&
were
Bradstreet,
less
Inc.
numerous
some
6%
more
busi¬
failed than in pre-war 1939
when the tbll Came to'293. '
Casualties
a
the
than
a
country's 112
$5.84
a
year
ago ' for
,
principal retail
Price
.
week
and
to
came
Cleveland's
sales/ declined
2%
Feb. 19. Down 0.2% from
compared to last year's period, but
1.2% be¬ the sales for the week endirig Feb.
week ago, it was
low the comparable
1962 level of
$5.90.
"9, were 6% higher than the
com¬
parable week in 1962.
steers
involving
or
55
year ago.
more
a
hogs
dipped
Almost offsetting
declines
Dun
increases
seven
food¬
lard, cheese, sugar,
cottonseed oil, cocoa and eggs.
&
Bradstreet,
Inc.
Wholesale Food Price Index rep¬
resents the
per
sum
pound
of
total of the price
31
raw
foodstuffs
and meats in general use.
a
co^t-of-living
function
is
to
index.
show
It is not
Its
the
Stock All Sold : 77
in
rye,
chief
The
ing,
of 54,000
$7.50
per
A mild decline also
Shares
payment
loans,
of
additional
; "
.
Y;:.,-'
Warmer Weather Spurs
Consumer Buying
Rising
perked
week
temperatures
up
,
generally
retail purchases in the
ended
this
Wednesday and
of
equipment, and work¬
ing capital.
Wellington
of
65
aluminum
of
Honeck
tures
ing
and
production
capacitors.,-
of
for
St.,
en¬
sale
of
to
electro¬
It also manufac¬
leases
machines
foil
aluminum
lytic capacitors.
y
re¬
purchase
etched
level.
at
Net
proceeds will be used for the
sale
.
down
common
share, was all sold.
trend of food prices at the whole¬
general
re¬
offering, without Underwrit¬
producers
earlier and
reports that its
company
cent
Englewood, N. J,, is primarily
gaged
in
the
manufacture
liabilities
edged
week
/"
were
the wholesale cost of
The
Wellington Elect.:
and
the heels of the
than last year when 412 occurred
54
1
week average totalled
-
more
Index, centers -which; incidentally,: in¬
Bradstreet, cludes Cleveland and New York
lower for the third; City,
In the past four weeks,
Inc., inched
week
in the comparable week and
they
also fell short of the 374 in 1961.
to 44 from
y
City * news¬
Dun ' &
by
stuffs:
Commercial and industrial fail¬
$100,000
2%
,
these
of
■,
day, Bee. 8, 1962. D~ne~ can only
speculate as to %hat - the Spies
the. four
moderately.
Failures
However,
-
,
parable 1962 week,
nesses
-
York
registered
oats,
Casualties
'■ ■
papers
strike by the printers'
Monday, Feb-' Big Six Commenced 2 a:m. Satur¬
on
Hams and bellies were
the
previous
priced
17,532,000,000 kwh., appreciably lower at wholesale
16,266,000,000 kwh., or 8.6% markets this week and wheat,
reported
~-7- >7'
New
than
more
Business
-
v
The
It fell
above the total output of the Com¬
were
an
Saturday, Feb. 16,
100)
=
compiled
energy
electric light
by the
month.
Level;
electric
industry for the week
power
ended
Year's
of
;
1962.
•
,
Wholesale Food Price Index Dips
For Third Straight Week
/ -
preceding week's slight rise to 329,
the
in
Last
amount
.
Daily Wholesale Commod¬
ruary 18, from 268.59 a week ear¬
lier and 269.23 in the
preceding
the
are
ended Feb. 14
cars
(piggyback)
Feb.
included
data
de¬
sponding week in 1961.
were
order
new
be¬
of
reported
.
considerably below: would have been in the absence
on the cor¬
of the strike; ?Even though the
responding 'day of 1962/
strike has spread to
:
Cleveland,
.and
ship¬
(Electric Output Rises "to 8,6 %
27,468
week
a
country-Wide basis las taken from
the Federal Reserve -Board's iridex
ip- v.
Y The
(1930-32
XXXaM
7...:
.
a
corresponding
■
ity Price Index dipped to 268.24
nage, while 13 areas reported de¬
creases;
2.5%
or
(i /
.
preceding -week, 21
ures
loading represented
\y
sales "on
a
Compared with the immediately ber, hogs and coffee.
5.5% above the preceding
or
store
for the week
Despite
week's total of
Association
Railroads
was
9,
Department
v
kwh.
freight in
revenue
Sales Rise 6% Over Last *
^lI'l/Z/^Ycsar's Week
liidex;
This Week
'
•
week, and.
.
and
of
ended
as last
steady
^
Institute.
Freight Drops
Loading
the
There
recent
based
American Motors
four-day
a
Rail
low
the
assembly
2.5% Below 1962 Week
crease
dering well in advance, even into
May and June, to assure delivery
at
ago
32, the same
held
9, com¬
rise in steel scrap, the
with 18 points reflecting decreases
pared with the like period in 1962.
general w ho 1 e s al e commodity:
frbm the 1962iey^/;?pne terminal
In the. four^week period ended
price level eased down to 268.24
city, New York, showed no Change
Feb. 9, 1963, sales : gained /'2%
litis
Monday, reported Dun &
from the corresponding week of
over the fcorresporiding /period in,
Bradstreet, Inc. The trend below
1962.
Trucking centers at Dos both
1962.
r
:
month-ago and year-ago lev¬
Angeles registered tonnage gains
els Continued. "Wheat a'nd "hides1
Accordirig to the Federal' 'Re¬
of * 17.2%',' While Charlotte and
W^e -qtiotcd (Appreciablylower at* serve SyStein, department Store
Memphis terminals reflected de-l
wholesale markets than on the Sales in New York City for; the
creases
of 11.7 and 10.2%, re¬
similar day last week, arid mild week ended Feb. 9, teiriained un¬
spectively,
' / ^
'
A declines Were
'.•v...chalked up for rub-: changed trom the-same period in
v.?
•v YY. YYY
YY V Y YY Y..1"■■■■:■
Over
ule last week, but Studebaker re¬
turned to
But many steel users had been
With
four
at
Chrysler
Continued
acknowledged inventory building.
on
its
line this week.
The
or¬
year
a
last
tonnage
unavailable this week.
Up to now, there has been little
a
first
week.
develops.
if
from
failures
,7
for
survey
.
increased
ble passenger cars
Auto
also
terminal
showed
Saturday this year, did not assem¬
know
them.
users
to go along as a
week
Editor's
hesi¬
now
of
automotive steel
the
been
inventory plans.
.'.fo; :V, Y YV\i7v.
V--y-r.:
at
com¬
Nationwide Department Store
Y Y//YY Y7 Y'/ YY/Y
-7-:.Y YY-Y
freight remained below the 48 recorded in
the, corresponding week of 1962;
general
ment
also
,
tors will force 'the hands Of many
steel
v'
pro¬
Chrysler Corp., on a five-day
inveritory schedule last week at all plants,
deadline
~
.
requirements,
similar to what it held in
of
throughout the country.
grammed for overtime.
ThC automotive ^giant company made tfubks
is stepping up its steel buying by locations last Saturday/
from 10 to 15% over
carriers
mon
'
Canadian
at more
complex at South
(Calif.)
Ford
report /re-/
handled
tohnage
areas
plant at Flint (Mich.)
combination
a
:
••
.
gotiations.
It
Corp.
The
than 400 truck "terminals of
than 1,000,000 cars
f
three plants.
and
gain in April.
Any lingering doubts of
dented
has made
increase
10%
Motors
Chevrolet, which alone
-in the current model year,
oper¬
"Fore¬
ahead.
a
General
good in¬
a
ated
casts indicate that
in
them
facilities.
fleets
The
in
cars
Mountain {States.'
»port Econbmics.
ago.
industry
passenger
the Jan. 1-mid-Feb.
upward movement is pow¬
by
responding, week of (-a year
lift it by Stages
reported.
ered
less than
cars
assemblies completed in the cor¬
on en esca¬
through May, Iron Age magazine
The
few
a
153,981 counted in the previ¬
session, but far above 135*085
ous
Demand for Steel
,
that output last week would reach
152,169 units,
result of dumping Charges.
a
,
automatic wind-"
for
use
various
Y
in
types
the
of
Volume
197
Number 6240
.
.
.
The Commercial and Financial Chronicle
(Briggs&Stratton]
DIVIDEND
,
The Board of Directors has declared a
regular
quarterly dividend
of
thirty-five
cents
(35c) per share on the capital stock
($3 par value) of the Corporation, payable
March 15,
1963, to stockholders of record
v
March
1,
1963.
G.
h.
Regner
'■■■■<;
Vice President & Secretary
Milwaukee, Wis,
February 19, 1963
UTILITIES
COMPANY
TENNESSEE
The
CORPORATION
Board
declared
February 19,1963
at
meeting held today, declared a quar¬
terly dividend of 40 cents per share on
a
the Common Stock of the
able
of
on
record
March
Company, pay¬
15, 1963, to shareholders
March
the
at
1,
close
of
business
on
1963. Checks will be mailed.
:John Corcoran,
Vice-President «Ss Secretary
,
February 18,1963.
A
quarterly dividend of
thirtyive (35c) cents per
share was declared payable
March 15, 1963, to stock'
holders of record at the close
of business March 1, 1963.
"
a
per
share
of
the
Directors
of
today
dividend of 30 cents
on
the Common Stock
Company,
payable
Aprjl 1, 1963 to stockholders of
record at the close of
Business
March 1,1963
D
W, JACK
Secretary
February 15,1963
-John G. Greenburgh,
61
Broadway
Treasurer
New York 6, N. Y.
Kennecott
^CORPORATION
ROCHESTER, NEW YORK
NOTICE
DIVIDEND
The Directors of Xerox Cor¬
poration at
February 15,1963
At the
meeting of the Board of
Directors
AMERICA'S FIRST TOBACCO MERCHANTS
.•
of Kennecott
Copper
Corporation held today,
distribution of
declared,
was
Cigar riles ?:
March 22,
KENT
Public Service Electric
Regular
King Stze
Crusb-Proof Box'
KENT
old
gold
Regular
King Siy
y,
,
york
share
payable
dividend of $0.25
the common stock
payable April 1, 1963, to stock¬
quarterly
per
share
on
holders of record
of business
on
on
at
the close
March 8, 1963.
1963, to stockholders
E.K. DAMON
Treasurer
Company
on
February 26, 1963.
MALCOLM R. WILKEY,
NEWARK. N.J.
straights
cash
a
per
meeting held on
of record at the close of busi¬
ness
and Gas
$1.00
a
February 7, 1963, declared a
Secretary
161 East 42nd Street, New York,N.Y.
;
,
■■
Imperial SiZ.9
:
newport
/
King Size
*•>
Crusb-Proof Box
-
.
•
QUARTERLY
*•'
\
spring
.'v
King Size,
hwrgjfltms:
.
.-f:
DIVIDENDS
clared the
following dividends
filters
old gold spin filters
for the quarter ending
King Size
spin
31, 1963:
SF»FH2NT<3
.
V:
embassy
i
.
on
the Preferred Stock and
regular
quarterly dividend of $.60 per share on
the
outstanding
lorillard
Common
Stock
of
P.
Company have been declared
payable April I, 1963, to stockholders of
record
at
the close of business March 4,
INDIA
-
G. O. DAVIES,
1963)
.....
4.30%
Series
5.05%
BETWEEN
.
.
.$1.02
....
Series
Preference
Chewing Tobaccos
BEECH-NUT
Common
.....
1.045
1.075
eighty-seven
BLOSSOM
(87'/2tf)
per share
on
the out¬
standing shares of the Company's
3 Va %
to
Common
....
*
.
Cumulative Preferred Stock
D,
record
at
the
.60
.
March
1,
April
such
1,
of
1963.
close
of
DIVIDEND NOTICE
1963,
stock
business
The Board of Directors de¬
clared
a
quarterly cash divi¬
dend of 2 5 ft per
All dividends
are
payable
COMMON
on or
before March 30, 1963 to stock¬
holders of record March 1.1983.
; ,
K ALCOLM CARRINGTON, JR.
Vice President
37/ie ffiinebt—
of
•
Secretary
ican
Cyanamid
declared
CROSSROADS
OF
THE
EAST
a
forty-five
on
the
Company today
quarterly dividend of
(45^) per share
cents
outstanding shares of the
Common
Stock
of
common
the
close
March
21,
share
.
the
1963,
to
share¬
holders of record March 7,
1963.
G.
J. LANDSTROM
Vice
President-Secretary
1963.
of
on
stock, payable
the Company,
Eayable of such 29, 1963, to the
March stock of record
olders
1,
PVBLIC SERVICE
DIVIDEND
The Board of Directors of Amer¬
at
ffiLoU
payable
holders
the
.35
.
.
CORPORATION
and one-half cents
1.32
Series
BAGPIPE
HAVANA
ican
Cyanamid Company today
declared a quarterly dividend of
$1.40 Dividend
MADISON
SUNDSTRAND
The Board of Directors of Amer¬
1.2625
Series
5.28%
THE ACTS
Turkish Cigarettes
Ubroerr 20,
Series
.
HOUSE
Little Cigars
J 963. Checks will be moiled.
York,
.
4.18%
UNION LEADER
Series
.
DIVIDEND
PREFERRED
4.08%
FRIENDS
Regular quarterly dividend of $1.75 per
share
Per Share
Cumulative Preferred
BRIGGS
NOTICE
COMPANY
Dividend
Stock
Smoking Tobaccos
DIVIDEND
CYANAMID
March
..-'...I-
Class of
King Size
KINO SIZE
AMERICAN
The Board of Directors has de¬
business
R. S. KYLE,
March
Rockford, Illinois
Secretary
Wayne, N. J., February 19,1963.
February 12. 1963
The Commercial and Financial Chronicle
44
.
.
Thursday, February 21, 1963
.
(812)
nual
convention
House. 'A
MR. CACKLES
BEHIND-THE-SCENES INTERPRETATIONS
.//'*
//.:// A "
/•' / ••'.
...
' V,
(Washington, D. C.)
Mutual
of
Association
National
Palmer
the
at
/• ;/
May 13-15,1963
NATION'S CAPITAL
FROM THE
Federation an¬
Financial Analysts
WASHINGTON AND YOU
IIU
(Chicago,
May 12-15, 1963
Savings Banks 43rd annual con¬
ference
at
the
Sheraton
Park
Hotel.
death K Under the leadership of Senator
of
Senator
Robert S.
Kerr of Byrd, who is 75, the New Frontier's/
Oklahoma, the log - cabin - born legislative
program
has ; some a
wealthiest man in the Senate, has rough, tough sailing in the Senate .
focused attention i on 44-year-old Finance Committee. This includes
Senator
Russell:: B.
.Long
of the proposed tax reduction and |
Louisiana.
••
tax reform program submitted by
WASHINGTON, D. C.—The
the'No!
Senator Long is
Democrat
Ing
<;care program. i
Committee headed
Senate Finance
..
.
.
the..
when expected
.
Dealers annual spring party
Because Mr. Long is a compara¬
i
tively
the
and
man,
young
-
in
ahead
years
the
appears
in
interest
no
man
Per
oil
much
as
•,
Subcommittee. He takes
natural gas
production and in reserves as does
Senator Long's South Louisiana.
// The
;
"unfair
from
his political philos¬
U
know
you're
the
here,
new
National
assistance of this correspondent.:
Lo
n
advocate
Liberal
An Economic
welfare
the
late
liberal
of
he is
ne is
issues,
issues,
most
ana.
developments
- fi¬
of - r
Probably
side more
to
.
and
Tennessee,
Democrat
Carthy,
of
Senator
late
the
did
than
"inconsistent"
Mc¬
Minnesota,
J.
Eugene
Senator Long
Kerr.
this, and he
is
champion of economic
all-out
the
by
out
cerning the
strong
he
when
for
age
United
a
as
withheld j from
be
public
gated
Louisiana. He is the titular head of
reelection
the
is
than
growing
national
the
His late
Long,
a
little
faster
iNo
average.
that
since
1928.
Huey
Long
tains
Governor from 1928-32 and Sena¬
electing
Earl
to
(Huey's 'r brother
K.
Long
had
family
Huey.
-
.I.
five
in
and " Russell's
members
Congress
wasted
U.
,,,,
Propelled
By
-
•
claims
Long,
that
his
political victory
cause
the little
:
.
*
like
his
first
came
man
.
'
i
•
father,
be¬
laid down the
to
Washington.
over
Judge
They
ran
him
He
Robert
on
his way
was
elected
F.
Kennon.-
xr
™
1963
J?
i
Y rk
may or
coincide with the "Chronicle's"
views.]
10
/
a
are
his
was
Association
Bar
26,
1963
Association
New
York Annual
Grand Ballroom,
Hotel.
Dinner
in
■
father
Rouge
on a
September,
Huey
^
;
limited
to
1935,
when
was
of
Spring
Board
of
Stock
| j v. Botany Industries/
Pictorial
'
/Maxson Electronics
/Official Films/]
May
8-11, -1963
/>Waste King... J i
Exchange
Meeting [ of
Governors
at
the
the
Our
Board
of
Bankers
Governors
New
York telephone number is
John
;
-
(White
Brokera and Dealer»
/ [ Indian Head Mills I
H
*
CAnal 6-4592
Sulphur
LERNER & CO., Inc.
Association
Meeting
Investment Securities
at
10 Post Office
the G
;
;
I
Square, Boston 9, Mass.
Telephone
HUbbard
Teletype
617
2-1990
451-3438
Major Pool
Equipment
Corporation
Carl Marks & Co. Inc.
the
meet¬
FOREIGN
SECURITIES
Bought—Sold—Quoted
SPECIALISTS
Annual Report
extraordinary session at
on
in Congress that "what is good for
Louisiana is good for the country."
_
MILL, THOMPSON & CO., INC.
*
70 Wall Street, New York 5, N. Y.
Tel. WH 4-4540
these
available
request
.
-
days
Mr.
Long
-
'!-}>
partnership.
,
was
Senator Long takes the position
of
,
f
TRADING MARKETS
Waldorf-Astoria
,
Investment
47th annual
dinner at the Detroit Boat Club,
Sunday night
Legislature
Huey's request.
One
»<'
City, members of the;
York - Stock Exchange, on
Attention
of
the
wounded in the skyscraper Capito!
an
^
s" ' ' /
City)
(New York
fatally
ing in
*J
S'tearns & Co., 1 Wall St.,
Friedman
only 16
in
\
V//,
March 1st will admit William J.
Re¬
only 10 years
father
was
Louisiana
_/
friendly to the
was
at Baton
Kr
i
j
when
his
*•% -'A,*.
Bear, Stearns to Admit
Springs, W. Va.)
>
(Detroit, Mich.)
Bond Club of Detroit,
,
^
May 6-7, 1963 (Richmond, Ya.)
Stratford
;
have
*'
New York
Marshall Hotel/
Section March 7.
V
tear,
April
CHRONICLE'S Special Pictorial
Feb. 27, 1963
of r Mutual
gional Meeting.
(Philadelphia, Pa.)
Bellevue
*
/'
Section April 25.
Firms
funds
the
the
at
,
U1'
CHRONICLE'S Special Pictorial
Association
dollars
years
.A?
Group Investment Bankers
Investment Traders Association of
the
•
ing ut the Sheraton Park Hotel.
April 3-4-5, 1963 (Dallas, Tex.)
Section May 9.
at
Hotel,
- \,
Savings. Banks 45th Annual Meet-*
CHRONICLE'S Special
ner
Hotel.
(Washington,
1965
Association
National
New
IN INVESTMENT FIELD
as-
15-19,
D; C.r ' \.-1
;
,
6f Mutual
;
ing at the Commodore
May
CHRONICLE'S Special Pictorial
Section April 4.
Association
Savings Banks 44th Annual Meet-*
tl
•
iflgEVENTS
Feb. 21, 1963
Convention
Hollywood Beach Hotel.1
National
'
ciation rf/tn Annual Dinner at in*
reflect Association
Convention
Statler Hilton Hotel.
to
Association
Annual
May 16-24, 1964 (N. Y. City)
(New York Cltvl
Waldorf-Astoria Hotel.
Texas
COMING
I960.
for the unexpired term
Governor.
carry
of the late Senator John H. Over¬
ton of Louisiana.
March 29
Philadelphia annual winter din-
of
■
at the
Finance
of
Bankers
America
of
and Commerce.
American
Foreign
Our
'
plows and the hoes and went to
the polls to send
him
because
Senator Long
when
as
in¬
which
career
do
elected Governor. He
i
statewide
about
;
old
School
v
Investment
April 17-21, 1963 (Syracuse, N. Y.)
Program
United States.
"Little Man"
•
Senator
will
I: Fla.)
Pennsyl-
of
the wrong countries,
countries that
the
of
including
;
of
billions
have gone to
uncle) Governor, the Long family
has
un-
question of foreign,
that
been
to :
and
help
covering the past
1935. In addition
1932 to
tor from
may not
oivri.
eign spending program. He jnain-
was
his late Uncle
from the nation's Capital and
rather firm stand against the for¬
ship of state in Louisiana, off and
on,
now
-
sistance, Senator Long has taken
the
steered
has
Devotee
On the
the founder of the Long
"dynasty"
to
can
Wharton
Security-/ Traders
of
1964,
Aid
father, Senator Huey P.
was
he
father's
segre¬
Louisiana again as he did in
followers in that state,
Long
which
what
political organization or
in
stormy
nor
[This column is intended
^o
will support PresiKennedy; in
his bid for
dent
University
sponsored by the InvestBankers Association
and
,
late
that
schools.
as
the
"stormy petrel type"
cluded three terms
funds
the
as
-
a
questionably
most
powerful single political figure in
the Long
long
Senator
The
States
the
probably
is
Senator,
Earl's
con¬
aid
at
'
.
(Hollywood Beach,
Dec. 1-6, 1963
Banking
? New York Security Dealers at thi
Assoriafif)n Q7th Annual Dinner
the
the years ahead
- a.
national figure,
marked ,his
political career,
He is a
Federal
might
was
the
a
some
Supplement Oct. 17.
Investment
of
the "behind the scene?', interpretation
is
maintains
and
oppose
education
barely 30, the minimum constitu¬
tional
man.
not
that
are
that he
little
a
against /"forced
advocate
will
he
who came to the
1948,
in
average
integration,"
under the jurisdiction
Senator Long,
doubt
no
lliberal in economic matters
Con¬
of the Senate Finance Committee.
Senate
is
There
gressional Quarterly, taxes, tariffs,
Social Security and welfare pro¬
grams come
but
"wrong" in their contentions.
including the oil and gas industry.
pointed
critics
his
-
in
*a.
readily give his
why
u
Perhaps
:
he will *
become
emphatically denies
can
explanation
interests involving his own state,
As
a 1
areas.
„
his
of
some
he grows
as
little more conservative in
political philosophies in Congress,
However, like Senator Kerr, he
an
.,
_
on
Traders Asso¬
Security
CHRONICLE'S Special Pictorial
1963
(Philadelphia, Pa.)
Institute
the
older, Senator Long may become
mr
often with away patents discovered at Govcnph committee liberals as ^ena
such Committee liberals as Sena- 1 ernment-expense to big industries.
r
- 6
tors Paul H. Douglas, Democrat of ;
Although he has been described
Illinois; Albert Gore, Democrat of by some few critics as / being
pected
governorship
Seriate.
United States
Kennedy to urge him not to "give
nflfentB%BPrtwrwi
forthcoming
elected
contest, but he has no intention of vania
leaving a bright career in the ment
President
night conference with
ex-
He could probably be
the
in
Government
through
March 10-15,
by serving as Governor of Louisi¬
scientific
or
he went to the White House for a
economic
An
economy.
on
hopes to end his political career
nanced research. Not too long ago
people and to stimu¬
low income
,
strong
a
retaining for public
technological
made
programs
buying power
the
increase
to
inventions
any
and
advocate of
Senator Long is an
economic' and
use
,"//
of
fad o
o
Broadmoor Hotel.
is
g
'
(C o 1
ciation Annual Convention atthe
of
Some Patents
y
Lodge,
1963
Springs, Colo.)
system!"
'eeny-meeny-miny-mo'
Association
Bankers
22-26,
Sept.
search
Senator
(Pebble Beach,
Governors; Meeting at
the Del Monte
MacRadish, but in picking
growth stocks for our weekly newsletter we don't use
"I
■
Favors Government Ownership
ophy, has done considerable re¬
on his activities with the
of
Board
competi¬
tion" from larger firms 1
interest in
of the sudden
Mr. Long and
Investment
role in the Senate in matters de¬
nessman
Pictorial
Calif.)
signed to protect the small busi¬
Quarterly,
Congressional
because
Sept/11-13, 1963
leading
a
;
Association
Section, July 11.
square
and
(Chicago, 111.)
Bankers
CHRONICLE'S Special
The Southerner, who ranks. 15th
■
at the
Municipal Conference at the PickCongress Hotel.
gas
in
Democratic
senority in the
mile Senate, is chairman of the Small
place in America that Business Anti-Trust and Monopoly
the
country.
there is
has
oil and natural
industries.
matters
marked
from
the
the
concerning taxes, there is
Bayou
Investment
allowance
depletion
27J/2%
accorded the
in
to have a strong role
destined
June .19-21, 1963
part. He is against reducing
most
*
Belle
respectively.
Meade Country Club,
for /the
program
1 '
,
Hillwood Country Club and
the
behind
rally
to
President's, tax
term expires,
-
May 16-17, 1963 (Nashville, Tenn.j>
>Nashville Association of Securities}
Flood Byrd, the j
Senator' Long/ like' the late
distinguished Amer i c an from Senator Kerr, opposes the medical
Virginia, who insists that he will bills. On the other hand, he is /
his present
Outing
Club;
Queen " City
May 17 at the Losantiville Coun*
by Senator Harry
end his Congressional career
Day-r
Field
Annual
Cincinnati
try Club.
{
,
Q.) f
Reception and Dinner May 16 at
ranki President Kennedy, ".also in- :
eludes the Social Security Medi-
2
.
•Municipal Bond Dealers Group of
important
the
on
/
May 16-17, 1963 (Cincinnati,
v
Tele. 212 571-1708
Volume 197
Number 6240
.
..A Supplement to
the Commercial and Financial Chronicle
Thursday, February 21, 1963
39TH ANNUAL WINTER DINNER
STATLER-HILTON HOTEL
•
•
•FEBRUARY 8,
1963
RECORDING
VICE-PRESIDENT
CORRESPONDING
TREASURER
SECRETARY
SECRETARY
Clive B. Fazioli
Curtis S. Bates
Wallace D. Dexter
Charles D. Drlscoll
White, Weld A Co.
David W. Stumpp
Draper, Sears & Co.
Paine, Webber,
W. E. Hutton (ft Co.
PRESIDENT
Officers
Stone A Webster
Securities
Jackson
Curtis
Corporation
Governors
John J. D'Arcy
Gregory M. Dunn
Herbert L Ferrari
F. L. Putnam <ft
May (ft Gannon, Inc.
Hornblower & Weeks
Company, Inc.
Robert L. Polleys
McDonough
H. C. Wainwright &
Co.
Vincent P. Ryan
Josephthal <ft Co.
John L
New York Hanseatic
Corporation
i
(1)
(2)
Volume
Thursday, February 21, 1963
197
Number 6240
A Supplement to the Commercial and Financial Chronicle
...
F. S. MOSELEY & CO.
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York; Maurice Hart, New York Hanseatic Corporation, New York; Jerry Abeles,
^
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Burnham and-. Company, New York
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Volume 197
Number
6240
...
A Supplement to the Commercial and
Financial Chronicle
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Francis
Cogghill, White, Weld
Co., Boston; Clive Fazioli, White, Weld & Co., Boston; Arthur
Murphy, A. C. Allyn & Co., Boston; Richard Walker, Vilas <ft Hickey, New York; Frank J.
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(3)
Thursday, February 21, 1963
Concagh, Green shields & Co., Inc., New York; Vincent Ryan, New York Hanseatic
Corporation, Boston; Russ Potter, Arthur W. Wood Company, Boston;
Ed Schaefer, H, D, Knox <ft Co., Inc., New York
'
Securities Markets
Robert
G.
Wade, Martin, Hall & Rounds, Inc., LeWiston, Maine; Bob Kerr,
C. Kerr & Co., Indian Orchard, Mass.; Robert L. Polleys,
'
Josephthal & Co., Boston
Robert
to
,
'■
suit every
need
of Institutional
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'
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Investors
Securities of the United States
Government and its
The
Agencies
State, Municipal, Revenue and Housing
Securities
•
Bonds, Preferred and Common Stocks
of
FIRST BOSTON
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|
Industrial, Public Utility and
Railroad
CORPORATION
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Ferrari, Hornblower & Weeks, Boston; Sal Saladini, Hornblower
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& Weeks,
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Chicago
Philadelphia
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Securities of the International Bank for
Herb
Boston
WndeKwriteK
Q)Utoilulw Wea/er
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•
Volume 197
Thursday, February 21, 1963
(4)
Number 6240
.
.
.
A Supplement to the Commercial
and Financial Chronicle
PRIMARY MARKETS
UTILITY and INDUSTRIAL STOCKS
NEW?ENGLAND SECURITIES
B.
MAGUIRE & CO., INC.
J.
1'
-
>
i
-
31
i tfn ;
:
'
'
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Brown, Spear, Leeds A Kellogg, New York; Frank Mullin, White, Weld A Co., Boston; Irwin
Shubert, Arnhold A S. Bleichroeder, Inc., New York; Jim Connolly, Estabrook & Co., NewYork
Milk Street. Boston 9, Massachusetts
V/
'w-• ■"
Tom
•
•:1;«, •
j ' •.'
'v.\ '
' v,.
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.._
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•
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Open-end Telephone Wire to New York
Boston—HUbbard 2-5500
NewYork—CAnal 6-1613
Bell
System Teletype—617 451-3470
Providence, R. I.—Enterprise 2904
Portland, Maine—Enterprise 2904
Hartford, Conn.—Enterprise 6800
Private Wire To A. M. Kidder & Co., Inc., New York
For
Bank and Insurance Stocks
?
'
'
.
Investment
y
V
t>
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ij,
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'
>
Leon
'.* « i
,
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Dorfman, Goldman, Sachs <ft Co., New York; Leo Brown, Asiel & Co., New York; Herb Stern,
Co., New York; Robert Kauffman, L. F. Rothschild A Co., New York
L. F* Rothschildt A
.
UNDERWRITERS
DISTRIBUTORS
i
DEALERS
and BROKERS
Lee Higginson Corporation
CHICAGO
BOSTON
NEW YORK
Member of New York Stock Exchange
*■
and other
principal stock exchanges,
Investment Service Since 1848
David
INSURANCE
BANK
Ginberg, Frank Qinberg A Co., Inc., New York; Gerry Markciwitz, Frank Ginberg A Co., Inc.,
New York; Irvin Hood, Lee Higginson Corporation, New York; Joseph Scheidecker,
Myron A.. Lomasney A Co., New York
STOCKS
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*
{
NEW
AMERICAN
MEMBERS
YORK
STOCK
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51
STOCK
EXCHANGE
EXCHANGE (ASSOCIATE)
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STREET
YORK
4,
N.Y.
KEYSER
BUILDING
BALTIMORE 3,
MD.
Hank Serlen, Josephthal A Co., New York; Paul Davenport, £. R. Davenport A
Bob
Polleys, Josephthal A Co., Boston; Larry Nathan, Lerner
Co., Providence, R. I.
Boston
A Co., Inc.,
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Number 6240 ;.
A Supplement to the Commercial and
;
(5)
Thursday, February 21, 1963
Financial Chronicle
Bonds
Preferred Stocks
•
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Industrial and Public Utility
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,
Companies
■:*
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Companies
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Complete Trading Facilities
Jack Putnam, W. E. Hut ton A Co., Boston; Guy R. Hogarth, Fah nestock & Co., New Haven,
John M. Fitzgerald, IV. C. Pitfield & Co., Inc., New York; Fred Carter, De Haven &
Town send,
>
Conn.;
CrouterABodine', Philadelphia
Blyth8.COm Inc.
,-K>vlr
Boston
;
>
A,
1|| /!,
t
#
StA
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Philadelphia
Louisville
1
Detroit
Pasadena
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Portland
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Tacoma
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Reno
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ll|P*
&&,■
mmm
A
Frank Ronan, New
York Hanseatic Corporation, New York; Arthur Murphy, A. C. Allyn & Co.
Boston; John McCue, May A Cannon, Inc., Boston;William,Maguire, <
Stroud A Company Incorporated, Philadelphia
I
Coast-to-Coast
*
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II
Gerald
D'Ambrosio, Breen Creamer Stanley Corp., Boston; Frank Breen, Breen Creamer Stanley Corp.,
Boston; Clive Fazioli, White, Weld A Co., Boston; Wendell Gustavson, Shear son, Hammill A Co.,
Boston; William Clendenin, National Association of Securities Dealers
m
Correspondent Network
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and
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over
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Trading Teletype: 212 571-1740
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We have
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Day, Chas. A. Day A Co., Inc., Boston; Joe Carew, Hanrahan A Co., Inc., Worcester, Mass.;
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Bert
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t:i
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ft
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II
i
Volume
Thursday, February 21, 1963
(6)
197
Number
6240
...
A
Supplement to the Commercial and Financial Chronicle
Kidder, Peabody & Co.
Founded
in
1865
Members New York, A merican, Boston, Midwest, Pacific Coast and
Philadelphia-Baltimore Stock Exchanges
V- 'V \S>\.y W'x
•
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Trading markets in
New
England Bank, Utility and Industrial Stocks
75 Federal Street, Boston
Telephone: Liberty 2-6200
NEW YORK
Teletype: 617 451-3548
SAN FRANCISCO
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New
LOWELL
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PHILADELPHIA
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•■■■
...v.;
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England Branches:
PROVIDENCE
NEWPORT
BEDFORD
Don
Bank
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TAUNTON
SPRINGFIELD
Robertaille, Dominion Securities Corporation, New York; Sid Jacobs, Sidney Jacobs Co.,
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Specialists in
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Common
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Laird, Bis sell & Meeds
Jim
120
Jacques, First Southwest Company, Dallas; Irv Skinner, Eaton & Howard, Inc., Boston;
Boone, First Southwest Company, Dallas; Mike Epstein, Abraham & Co., New York
John
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Our
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On All Rhode Island Securities
Open-end Phone to Boston
—
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LAfayette 3-0610-0611
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members
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american
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R.
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and
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ST.
ANGELES—Mitchum, Jones & Templeton
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to
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wires
bridgeport,
WIRE
i"
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direct
new york,
34
,
1.
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r
(assoc.)
FRANCISCO—Mitchum, Jones & Templeton
waterbury
Direct private telephone: Philadelphia-^'Alnut 2-1514
Number 6240
Volume 197
...
A Supplement to the
(7)
Thursday, February 21, 1963
Commercial and Financial Chronicle
,x
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Cy,
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LOS ANGELES
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and
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LONDON
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Co.,
New
SPECIALIZING IN
—
RIGHTS AND "WHEN ISSUED"
SECURITIES
Research for the Serious Buyer
*
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FOUNDBO
1910
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MEMBERS NEW YORK STOCK EXCHANGE
Curtis
Co., Boston; Mike Growney, Gregory A Sons, New York;
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Bob
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WORTH 4-5000
BROOKLYN, N. Y.
Firm
\
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HANOVER, PA.
LOCK HAVEN, PA.
PLA1NFIELD, N. J.
Trading Markets in 891 OTC Securities
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*-R, S. Dickson & Co.* Inc.
Atlanta
Brokers,
For Banks,
•
Dealers & Financial
Win. A. Fuller & Co,
Chicago
Cleveland
-
-
-/♦ N, Russell & Co., Inc,
Columbus, O.-------------Xyercoe & Co,
Dallas----Dallas Union Securities Company
Detroit--y------—~Bakeii Simonds <& Co,
Grand Rapids
King and Company
Hartford
Coburn & Middlebrook, Inc.
Houston
A. G. Edwards & Sons
Indianapolis
John A. Kemper & Co.
—
Institutions
Kansas City,
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Your Orders Invited
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Co., Inc.
Mo,--------H. O. Peet & Co.
Incorporated
The Kentucky Company
Piper, Joff ray & Hop wood
--H.A. Riecke & Co., Inc,
Pittsburgh
Arthurs, Lestrange & Co.
Portland, Oregon
Black & Co., Inc.
Minneapolis-Philadelphia
Invited
the Purchase
Large
or
on
Sale of
Blocks of Stocks
distributing
Los Angeles
Currier & Carisen,
Louisville
Inquiries
UNDERWRITERS, BROKERS and DEALERS
Barret, Fitch, North &
San Antonio
X
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Dewar, Robertson & Pancoast
San Francisco-----St. Louis
CORPORATE and MUNICIPAL SECURITIES
-----Sutro & Co,
Fusz-Schmelzle & Co., Inc.
Washington, D. C.
Rouse, Brewer, Becker & Bryant, Inc.
W. E. HUTTON & CO.
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Exchange
and other leading exchanges
Troster,! Singer & Co.
Members: New York Security
14 Wall Street
First Nat*l Bank Bldg.
NEW YORK 5
CINCINNATI 2
Dealers Association
Boston
74
Telephone
HAnover
Trinity Place, New York 6, N. Y.
2-2400
Teletype 212-571-1780; 1781; 1782
Portland, Me.
Leiviston, Me.
Hackensack, N. J.
i
Philadelphia
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Dayton,O, Columbus,0. Lexington,Ky, Easton,Pa.
Biddeford, Me.
Hartford.Conn.
Burlington, Vt.
10 East 44th Street, N. Y. 17, N. Y.
>
(8)
Volume 197
Thursday, February 21, 1963
Number 6240
...
A Supplement to the Commercial and Financial Chronicle
CREAMER1
STANLEY Corp
Over-the-Counter Securities serving
and
Brokers
Dealers
Telephone?
423-0100
Primary Markets in
Teletype
NEW ENGLAND
617
Joe
451-3463
Buonomo, F. L. Putnam-& Company Inc., Boston; A1 Tisch, Fitzgerald A Company, New York;
George Angelos, Chas. W. Scranton A Co., New Haven; Irving Le Beau, May A Gannon, Inc., Boston
Securities
Direct Wire to
50 CONGRESS STREET, BOSTON 9,
New York
MASS.
CAnal 6-7000
Dealers and Brokers in
General Market Issues
-
Ed
Hines, Chace, Whiteside A Winslpu), Inc., Boston; Crandon Leahy, National Quotation Bureau,
Boston; Louis Zucchelli, J. B. Maguire A Co., Inc., Boston; Bob Sorterup, Brown, Lisle A Marshall,
Providence, ,R. I.; Pete Brodersen, A. M. Kidder A Co., Inc., New York
Specializing in
New England Securities
Carr & Thompson, Inc.
31
MILK
STREET
BOSTON 9, MASS.
BOSTON
Bell System Teletype 617 451-3545
HUbbard 2-6442
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Branch* Worcester, Mass,
Dave
Stumpp, W. E. Hut ton A Co., Boston; Gilbert Lothrop, W. E. Mutton A Co., Boston; David
Garceau, Bank Commissioner, State of Maine; Hal G. Hoyt, Director of Securities Division,
-
*
*
State
of
Maine
a VEMS OF SERVICE *
Chas. A. Day & Co.
Incorporated
=
Listed and Unlisted Bonds and Stocks
particularly of
r
l
New
England Corporations
Inquiries invited from Dealers
and Financial Institutions
Maintaining
a
Retail Department
with Distribution in New England
WASHINGTON AT COURT STREET
Member Boston Stock
"Exchange
Herb Beattie, H. A. Riecke A Co., Inc.,
A1
MacCart, Drexel & .Co., Philadelphia;
Philadelphia; Dave Conary, May A Gannon, Inc., Boston;
Bob Greene, Stroud A Company Incorporated, Philadelphia
Volume 197
i
Number
6240
...
A
Supplement to the Commercial and Financial Chronicle
Thursday, February 21, 1963
<•-"
INVESTMENT
141 Milk
SECURITIES
|
Street, Boston 9, Mass.
Telephone 617 423-3470
Teletype 617 451-3783
:
A
(9)
Complete Net Trading Service
for
Banks, Brokers, Dealers and
Herb Smith,
& Co., Inc., Boston; Gene Hussey, First
Corporation, Boston
Carl
Boston
Institutional Investors
Wells, Paine, Webber, Jackson A Curtis, Boston;
Clayton, Clayton Securities Corporation, Boston
Calvin
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San Francisco
Boston
Chicago
JOHN J. MEYERS & CO.
t-
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Brokers and Dealers
Charles
R.
Dick
Clausen, Hoit, Rose A Company, New York;
Ryan, A. G. Edwards A Sons, New York
Ed
Beakey,
E.
W. Eddy A Co., Hartford; Jerry
C., J. Devine A Co., New York
Devine,
INDUSTRIAL, PUBLIC UTILITY
AND RAILROAD SECURITIES
30 Broad
Street, New York 4, New York
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212 WH 3-2850
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Teletype 212 571-0439
Direct private wires to: '
First Alabama
Securities, Montgomery, Alabama
Nolting, Nichol & O'Donnell, Pensacola, Florida
G. H. Crawford & Co., Columbia, South Carolina
William
Jerry Coe, Lerner A Co., Inc., Boston; Jerry Abeles,
Burnham and
Leo
F.
Jack
Company,;New York
R.
Hough, St. Petersburg, Florida
Newman, American Securities Corporation, Boston
McDonough, H. C. Wainwright A Co., Boston
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We maintain primary markets in
AMERICAN FAMILY LIFE
AMERICAN
INCOME
LIFE
BENEFICIAL STANDARD LIFE
HAMILTON LIFE INS. CO., N. Y.
LOYAL AMERICAN LIFE
OLD
REPUBLIC LIFE INSURANCE
REINSURANCE INVESTMENT
SOUTHLAND LIFE
UNITED
CORP.
/
LIFE
SECURITY
WEST COAST LIFE
Inquiries invited
on
and inactive
J.
H.
block offerings of active
life
company
GODDARD
&
ESTABLISHED
INVESTMENT
85
stocks.
CO.,
INC.
1925
SECURITIES
DEVONSHIRE STREET
; BOSTON 9
MEMBERS
BOSTON
STOCK
TELEPHONE
EXCHANGE
Bell
Frank
Harrington. H. D. Knox A Co., Inc., Boston; Philip
Securities A Exchange Commission
Kendrick,
Allen J.
White, Allen J. White A Co., Inc., East Providence,
I.; Hy Patashnick, Hy Patashnick, Inc.,
North
Adams, Mass.
R.
.-
System—TWX 617 451-3725
Western
Union Telex 094-562
AREA
617-523-7930
CODE
Volume 197
Thursday, February 21, 1963
(10)
Ntimber 6240
.
.
,
A .Supplement to the Commercial and Financial
Henry Tabb, Townsend, Dabney & Tyson, Boston; Frank Murray, Laird, Bissell &
Conn.; George Stanley, Breen Creamer Stanley Corp., Boston
Aaron
Geller, Allen <ft Company, New York; Walter F. Saunders,
Corporation, New York; "Duke" Hunter, Wellington
Associates, Jersey City, N. J.
Securities
Chronicle
Meeds, New Haven,
Dominion
Hunter
Townsend, Dabney & Tyson
established 1887
Members of the New York and Boston
Hal Murphy,
Stock Exchanges,
'
Associate Members American Stock
30 State Street, Boston
Private
Wire
System
on
any
Department
•
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Teletype
Branches:
M
Me.
Greenfield,
•
Mass.
Lawrence, Mass.
SINCE 1887
LAfayette 3-7010
Keene, N. H.
Cable Address"SENDANTHY"
Mike Heaney, Michael J. Heaney & Co., New York;
Through
V, A,
"
Fitchburg, Mass.
Bangor, Me.
Tel.Boston:
<
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CAnal 6-1540
Portland, Me.
Lewiston, Me.
Augusta,
'
617 451-3731 for Municipal Dept.
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Branches:
1
Exchange or Market
New York Telephone
•
617 451-3730 for Trading
Commercial A Financial Chronicle, New York; Harold Vaughan, Doremus & Co., Boston
'«
SECURITIES
UNLISTED
Orders Executed
'
Exchange
our
we
"Speed" Hughes, Clayton Securities Corp., Boston
Private Wire System
give
can
you
MARKETS
PRIMARY
wwjm. ■
In Coast-to-Coast Securities
m vn
Member
HAIGNEY
Boston
Stock
Q)ra/fiev,
& CO.
&Roo.
England
Exchange
INCORPORATED
Established in 1897
Members Boston and New York Stock
and American Stock
50
CONGRESS
Exchanges
Exchange (Associate)
Fall River
Lowell
New York, N. Y.
75 FEDERAL STREET, BOSTON
Teletype 617 451-3631
STREET, BOSTON
Telephone: LAfayette 3-4832
Winchester
Markets
Teletpye 617 451-3745
Haverhill
Manchester, N. H.
New York
Milford
Hyannis
George
Miregeas,
J.
H.
Goddard
Co., Inc., Boston
&
Telephone WOrth 4-2463
Volume 197
Number 6240
...
A Supplement to the Commercial and Financial Chronicle
Thursday, February 21, 1963
(11)
Clayton Securities Corporation
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UNDERWRITERS
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DISTRIBUTORS
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DEALERS
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Members
Midwest Stock Exchange
Boston Stock Exchange
—
American Stock Exchange
(Assoc*)
147 MILK STREET, BOSTON 9, MASS.
Gregory Dunn, May <ft Gannon, Inc., Boston; Marty Gunkel, P. F. Fox & Co., Inc., New York;
William Thompson, Carr & Thompson, Inc., Boston
Telephone HUbbard 2-6065
'
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Teletype 617 451-3418
•
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.
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.
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Portland, Maine
Direct Telephone to New
TRADING
BOLT
BERANEK
BOTANY
ENGINES
INDIAN
§
MARKETS
NEWMAN
INDUSTRIES
CLINTON
;
&
York ^ CAnal 6*8447
HEAD
MILLS
ELECTRONICS
MAXSON
OFFICIAL
FILMS
PREMIER
CORP
STANDARD
Bob
Woeber, Arthurs, Lestrange & Co., Pittsburgh, Pa.; Jim Mundy, Suplee, Yeatman, Mosley Co.,
Inc., Philadelphia; Jack Barker, Lee Higginson Corporation, New York
WASTE
OF
AMERICA
FRUIT
&
SS.
KING
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LERNER & CO., INC.
Investment Securities
10 Post Office Square
§: •
Boston 9, Massachusetts
N. Y. Telephone No. CAnal 6-4592
Telephone: HUbbard 2-1990
Teletype: 617 451-3438
Associate Member American Stock Exchange
Inactive
,
:
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BANK and INSURANCE
Joseph
Smith. Newburger & Co., Philadelphia; Herbert
Singer, Bean <ft Machie, Inc., New York
STOCKS
Singer.
Massachusetts
Maine
-
New
Paul
Hampshire
31 Milk
are
Vermont
D.
Sheeline & Co.
Street, Boston 9, Mass.
Telephone HAncock 6-0170
We
-
Teletype 617-451-3424
proud to have participated in the origination
of the following Projects and the
Tom
Feeley,
underwriting of their Bonds:
Goodbody & Co., New York; Walter Saunders, Dominion Securities Corporation,
New York; James B. Maguire, J. B. Maguire £ Co., Inc.,
Boston/,;:-^'.
Mystic River Bridge Authority
Massachusetts Turnpike Authority
/.;
H.C. WAIjYWRIGHT4- CO.
■
(Initial)
Mass. Turnpike
Established 1868
Tunnel Authority
Massachusetts Port Authority
Massachusetts
INVESTMENT SECURITIES
Turnpike Authority
'
(Boston Extension)
Members
Boston
and
New
York
Stock
Framingham, Mass.
Exchanges
1RIPP & CO., INC.
Portland, Maine
Peabody, Mass.
Manchester, N. H.
Fitchburg, Mass.
Keene, N. H.
AX EXEMPT BONDS
Providence, R. I.
40 WALL STREET,
dOSTON
NEW YORK
NEW YORK 5, N. Y.
Telephone: HAnover 2-5252
Hubert
Bernard, J. H. Goddard
Co., Inc., Boston
A
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(12)
Haigney,
Dayton
Thursday, February 21, 1963
Jr.,
Hammill
Shearson,
A
Co.,
Boston;
Frank Barrett, H. C. Wainwright A Co., New York; Jim Moynihan,
J. B. Maguire A Co., Inc., Boston; W. D. Dexter,
Stone A Webster Securities Corporation, Boston
Warren
Donovan, Dayton Haigney A Co., Inc., Boston; Dick Guarino,
Merrill Lynch, Pierce, FennerA Smith Incorporated, Boston
Henry Tabb, Townsend, Dabney A Tyson, Boston; Diana Frankland,
White, Weld A Co., Boston; Burt Whitcomb, Harriman Ripley
A Co. Incorporated, Boston
v
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Milton
Lewis, Weedon A Co., Boston; Bill Mueller, Middendorf,
Colgate A Co., New York; Harold Brown, Middendorf,
Warren
Capper, Russell A Saxe, New York;
Elmer Myers, Eisele A
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Warren
i'i King, v Libaire, Stout • A Co., New York
..
Moore, Coffin A Burr, Boston; Clem Diamond, Townsend,
Dabney A Tyson, Boston; Charles Thornton, L. H. Rothchild
A Co., New York
inger
Mackie,
Inc.
Burton J. Vincent & Co.
NEW YORK
•
PHILADELPHIA
Members New York Security Dealers Association
Direct Wires to
Chicago
Saunders, Stiver & Co.
Cleveland
Evans MacCormack & Co.
Los Angeles
Birr, Wilson & Co., Inc.
San Francisco
Stifel, Nicolaus & Company, Incorporated
St. Louis
Jones, Kreeger & Co.
Washington
@FedFRASER