The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Volume
AND
LEADING
THE
MOST
INFORMATIVE PUBLICATION
New York 7, N.
Number 6236
197
IN
THE
FINANCIAL
FIELD
ESTABLISHED
1839
Y., Thursday, February 7, 1963
EDITORIAL
Vlt ii not
going to be easy to prove the case for the
which superimposes a planned deficit of
nearly three billion on top of an involuntary deficit of
some seven or eight billion." With these words columnist
Walter Lippman begins a discussion of the current
new;
"budget
By M. Monroe Kimbrel,*
Spokesman
and
of; his argument,
economic
Atlantic
a
situation
approximately large enough to
exists,
apparently, that the
and
only then,
economy
we
may
into the Common Market.
say,
States ih EUropel
will
inflii-
lars into
*
immediately
(Continued
:
political,
the
20)
run:
m.
certain:
these
re¬
television
'
manner.
This insistence
on. our
part I
We
permitted
discrimination
against
American
[
NATO, We contributed to NATO |
biggest share of its armed forces and by far i
the biggest share bf
money to support them.
We |
require
developments
one
then
and
defense
But
effort
is
re-
,
J}
w
the
time before
some
of
the
Public
Security Traders Association of Chicago,
appear
we
realize
more
now
knew it
going to have
was
that
a
joint
several
:
The United States
\
economical
independent deterrent forces.
.
than
(Continued
on page
23}
I otate, ■
in today's Pictorial Supplement.
j,Municipal
Housing,
j andPtiMic
Stdti and Municipal
'Securities V ";
\ Housing;yj
;
,
Underwriters
Distributors •
:
Dealers
G23
So.
Hope Street, Los Angeles 17,
r":
p-;-"
ffif||
:."
California.
,
.
•
:
I
■■
;
.
Members New York Stock
Exchange
Exchange
' Membefs Pacific Coast; Exchange
Vi
Associate Member American Stock
; •
Corporate & Municipal
Office* in Corona del Mar/ Encino, GIendale, Hollywood,; Long Beach, Oceanside,
Securities
CHEMICAL BANK NEW YORK TRUST COMPANY
1
BOISD DEPARTMENT
P.O. Box 710, New York S, N.
PHONES:
770-2541
•
;'v [
•"
members
stock
Y.
770-2661
.
exchan6e
FIRST NATIONAL CITY BANK
\ Bonds and
I Notes :; I
Municipal
Bond
Division
CHA8E
Inquiries Invited
135 So. La Salle Street
Bond Dept.
TWX: 212-571-1414
j Agency ^ H
Pasadena, Pomona, Redlands, Rirerside,
San. Diego,; Santa
AnayySanjla Monica,
> :,'i
Southern
on
California Securities
Teletype: 5714)830
New
York Correspondent
—
;
/y'
■
;
.
MANHATTAN
Pershing & Co.
BANK
Net Active Markets Maintained S *
To Dealers, Banks and Brokers
t.L. Watson &Co
•
? -
'-l
3
~
■
ESTABLISHED 1832
:'V;.A;;;y.
;• i
3f
Members
New- York Stock Exchange
_
»'■
We
;,'
•
1
^
Canadian Securities
Block Inquiries invited *
'
Commission
•jy
Orders
Executed
;
On
y,"
All
•
Class A Common
*
are
i,-"'
!
'
'
'
maintaining
shareholders
basis of one
Canadian Exchanges
Shell
of
Shell
of
"
•
Arnericmi
Stock
CANADIAN DEPARTMENT
Exchange
:?
25
BROAD
STREET
NEW YORK 4, N. Y,
•
'
"
-
•five Shell
~
S r,Teletype 212-571-1213
*. MKCT
VIRES TO
NEW
2 BROADWAY
NEW YORK
YORK
&
STOCK
NORTH LA SALLE ST.
v-.V. JCHICAGO
'
?
this
Oil.
Oil
Co^
Canada
"
the:
on
for. each:
-yc'-y-y
GRPORATIOTV
Co.
EXCHANGE
\ '-\l
f
- a,.
Dominion Securries
MONTKAL AND TOIORTO
Goodbooy
MEMBERS
S
f >*
market In
a
stock either at net New York
prices or
at prices in Canadian funds.
Ilie stock
.was
distributed - on
November
1 ' to
/
40
"
California Vintners
:
MUNICIPAL BOND DEPARTMENT
Exchange Place, New York 5, N. Y.~
BANK OF AMERICA
Te»-tvn..,«STl.nnatv«
•
Aran Csds >11
,
-
v
{
>|p^ens6me* j
PICTURES IN THIS ISSUE-^-Candid photographs taken at the Annual Midwinter Dinner
■ViS.Governnieniy
j
ilead in organizing
.
Kimbra
m..r..
lohg-rarige effects will' be known.
thing is
a
we insisted that European countries ;
to "assure that the aid was used in the »
realized
deep, and it may be
in
>
economic ramifications of these
actions
goals
help • Europe" establish'*the strong j
economic foundation it needed to deter the spread11
of international: Communism.
* " / »\ *
;
To 'provide the 'military umbrella under which* I
economic recovery; could flourish j we took the /
j
and
long-range
commitments ta
hid
byVPresi-H;
HKflr iH
military
basic ;
goods because of the_ dollar shortage in Europe/
We encouraged United States investment in Eu-
nuclear, deterrent;
proposed
was
our
founding \oi the Organization for EuroV 1
peari Economic Cooperation, known as the OEEC. ■;
id£a;£ *.■
-
still
led to the
Kennedy in Nassau.
The
in the
on page
which-
the
are
Jan. 27.
<moSt Efficient
I
Gommoii *Mai&hfrf I
has. rejected
NATO
a
dent
purpose, moreover, can be accomplished either by taking
less from the public in taxes or
by spending more—or
Ac^inistration
he
and
of
Atlantic
time,
same
evident ih two recent acts/ He; '
tb; enter the
on
t cooperate
js dominant.
-"His-ij grand '-.design- 'has vbeenly
has vetoed' Great Britain's
closely knit
a
the United States poured billions of dol- |:Europe Under the Marshall Plan. At the '
economy
--
v
envisaged; by the
set¬
ence
that, first, the lack of "balance"
power; of the: .Federal ^Grbverninent? to shore up
fragging? demaM^and is its plain duty to. do so. This
years
•
(2)
The United States has worked toward these goals
in many ways.
To develop a strong European
a;EuV'pHp
served ;by
which -French
these
interview
I
r
y
the
and
be
in
rope <
generaUy stenis from inadequate demand
by consumers and prpducersrahdf second, that it is within
months
best
*
in the eeonomy
are
iterated
Apparently/ it is Presi¬
H^ appeare'
Europe,
In fact, Secretary of State Dean Busk
goals.
| to believe the interest of France3
\
This may be said to be in -essence the New Frontier
th^oriy of ^budget faking; and it-Is further argued * by
xhev aiithbts and defenders bf? the present budget plans
both, Both
severe
united
tions of the Free World. These
dent de Gaulle's intention to reduce the influence,
of Great Britain and the United *
]
bf -the .Administration
potentially
r
Community, and (3) cooperation between the At- •
lantic Community and the new and emerging na- '
back when France prevented Great Britain's
entry
is "in balance" and it is
;
and
(t). jeopardizing close relationship of the
Community and the Free World; (2) altering inter¬
a
the long-range
goals of the United States have been: (1) a strong
repercussions France's action may set in motion.
European unity suffered
(Wily;when that balance is present is it possible to balance
the Federal budget..
Western
the
of
Since the end of World War II,
Britain from the European
warns we
investments-flow; (3) putting our balance of pay¬
ments policies fosteraer tests; and (4)'
fostering regional
protectionism harmful to U. K., U. S. A., as well as ECM.
resources
such
jectives and operating structure
concern
national
new
for approximately all the labor, plant, and capital
are
capable of producing efficiently." When
pay
utmost
Latter includes
theory" which holds that "the total demand for goods
and services should be
of
voices
may be compelled to reduce
foreign military and economic aid after tracing adverse
our
Mr. Lippman refers to
apparently accepts without qualification "the
bankers
about the Jan. 29 exclusion
ordinary citizens of the United States of America.
course
for American
Common Market. He
nedy budget—proving it to his own evident satisfaction,
that is, and, we are afraid, to the satisfaction of all too
many
apppraisal of many of this nation's policies, for.;
they have profound implications for the basic oh- h
Alliance.
budget proposals of President Kennedy in the course of
which he succeeds in proving the case for the Ken¬
In the
President of the American
Bankers A ssociation, and Chairman of the Board,
First National Bank, Thomson, Ga. m
-:
WHiteksll 4-tlCl
••
.
•;
.
,
—
•
N.T. & S.A.—
SAN FRANCISCO
~—
3 LOS ANGELES
2
The Commercial and Financial Chronicle
(574)
The Security
Banks, Brokers, Dealers only
For
Professional Service
OVER-THE-COUNTER
New York
in
Positions
than
more
as
Coe & Co.,
leading O-T-C issues.:
•
broadest coverage
This is my
Nationwide facilities for
v
!!!'•
Getty Oil Company...
future
the
possesses
all
ments
O-T-C markets.
■
^ CORPORATION
by
J.
Stock
60 Broad St., New York 4>
Chicago
•
World
in the stock,
moves
Capital
(d)
Los Angeles
•
San Francisco
•
Wide Wire Service
The purpose of
forth
AVi
Skelly Oil
;j
simplify
bring
simple end result 'which
a
(A
UA
WAAVA
and
and
IV AAAVAA.
VWMAV
*
substantial earnings,
expansion,
further
for
prospects
nas
OKeny
-
,
,
-ductive
-
1 QAi
19oI
itirnmp
income
npt
net
alone
about
6, N.Y.
$11,440,000.
w
from
«.«nrr,0
^come
of
or
16c
loc
share—thus
snare
mus
a
a,
total
total
Tidewater
instead).
net
net
from
40th
David
St.,
—two
and
McKay
N. Y.
18
;
of
controls
most
distributing companies in the
to
Getty
oil,
:
NEW YORK 5, N. Y.
SUGAR
of
Liquid
earnings
earnings,
of
oi
shares
grossly
are
;
nearly 80%.
own
every
direction
,
are
rere
g Cor^ames!we
!
opinion,^
t
In
,
my
p1ft
t
nnp
nf
outstanding
The
Piedmont
Corp.. were
over
after
open
market
(which have been
ac-
77% of Mission Developbelieved that
Gejty be dissolved Developowns 80%, and the
will
ment
underlying Tidewater shares dis->
in this
tributed;
iTidewater
of
stead
with
will
contrpj .of,
(inheretofore)
directly
indirectly ;
Getty.
tEvery
way,
rest
,
.
.
100, shares -of
v
Mission
-Development today represents 140
shares
of
Tidewater,
mathematically
;water
I
through
which
>
its
all
of
Getty
holding
so
the
.
of
,
that
Tide-
receives
in
^
: .v
-
are
"
Richardson Co.!!-!
■f'SU
ij<
^e^ki^n,J(nc.
:/;■
f*
jr; i
BOENNING & CO.
'
The Alison
278,000
shares
of
iggn
su'ance
the
,
.0
.
duction
ties
.
zone
The value of the
alone
is close to
Gettv
pHce
0f
means
that for
-
pro-
securi--
the market
shares
which
nominal amount,
a
million
.
assets,
.
'
and
"
companies* in size.
$1
a'share
valued by
a
a
more
wnich is more than twice
^he ,average of the top 25 corndoes' hof -limit' Panies Lt;is among the wealthiest;
minimum.of ^10 per?
( However, 'that:
the future price appraisal by
the
immediate
j
this!
|^e 'C5>IPP!aP^s
come, cTidewater ; and *; Skellyi
greatly should -increase "earnings'
relation to size
^ ^us ^as boundless
yearsi
eppprtunity to expand.
j
Piedmont-Southern is really an
i of
Tidewater which Getty owns and the neutral zone - properties! investment trust specializing in
directly, plus approximately 272,- 4re capable of substantial expan-i
B. M., Richardson-Merrell and
\
r
»7V- "'.i V- %•'!-,;;
C> 5 :
; -M 1 ,|
(This is under no circumstances, to be construed as an offer to sell, or >1;
as a solicitation
of an offer (q fray, any security referred to herein.) > .
.
*
•
•
per
(Single Copy
This
bound
give
all
on
.well
-
as
listed
those
Over - the
-
year)
—
$4)
publication
th^
you
rV!y.!
*.!
will
*
securities
"bard
to
as
or
-
find"
Counter quotations.
Write
-
monthly prices M;
;
call:
WILLIAM B. DANA CO.
;
25 Park Place
.
!
: ;
New York 7, N, Y.
i
REctor 2-9570
earnings'in
.•.
In
"
share one is buying
or
share..;
amount.
•
(Only $45
Piedmont-
Southern is a unique and extraordinar^y wealthy life company,
the Arabian zone If capitalized at ^ith $149'47"in surplus for every
Liv Men times ^arnings^thii!
m^poUcy reserves. It has.
wouid add another $10 a share
$137-9^ of assets in cash, bonds;
Hence at this time Getty ls;pnd^r-; kod .stpcks for every $100 of lia0f about
*
v.
*,~rArt"
and ^54<5 mil* credlt llfe) as of
MM2* Puts the company in the
top 10% of a11 U* S* and Canadian
CO 7-1200
record
•
$422 million
insurance.m force ($147.4 mil.
$^0.1 mil. group,
.
BANK & QUOTATION
-
Tidewater
-
.
.
111
Quickly By Using Our !
very
Skelly plus its
neutral
Arabian
own
P,
shares-of
48
and u% shares 0f
;
,
Service Your Accounts
Life In-'
Geo^^^was
-Vx
j
Broadway
New York 6, N. Y;
-
LO 8-0900
of
merged into the company, making
Co
Building ;
Philadelphia 3, Pa.'/
Piedmont;
.!/
Southern
Established 1914 :yW:-;:
Rittenhouse Square
-ten«?
Mission tjo
Development, plus 2,100,000 shares
Telephone: WOrth 4-3033
Keyes Fibre Co.
!
shares ; of
exchanged
.working Life.^
^imarv
thp
under-
mately
ment. It is generally
Co.
of^tW- coverage' and insurance ln force-'
^aDD^i-'V'Pifedmont Southern with $41
.•».
,
purchases
ly
•
>
';•••
r
T
'Hofdiite^^^
celerated) Getty now owns slight-
York 6, N. Y.
;
Carpenter & Co., Inc.
:
^million. Piedmont Corporation was largely,
*the thrfe T""
,
Through .-recent
p
Year—1963
L. E.
t the Scarcity Ot attrac
P.
..
-
valued.
Export e—Importt—Futures
PRINTING CO., INC.
BEekman 3-3622-3
P A Continuing Interest in
of attrac-
-tlve investment media is only too -
towar(j the eventual consolidation
these two Holding Com-
i
Getty
APPEAL
Broadway, New York 6, N.Y.
Telephone:
Oil
Getty
.
plus). On only ten times earnings
74th
;J NEW YORK OFFICE
-
STREET
DIgby 4-2727
WA
Securities Co.9 Ltd.
149
it one of the south's larger and .
stronger eomnanies
Southern
Str0nser companies, bout hern
panies
through their Operating
?r.!?. primary oteps Life had been chartered in 1935
? 7
®3in this Consolidation, and Should anri haH hphinH it a nnarW ppn
Companies,
total
earnings
for i^or.
H
and had behind it a quarter cenGetty in 1961 would have been
ar P- J
^
V ^v?
' tury of growth and progress. The , '!
$1.99 per share; estimate for 1962 U&mW o!th^U^a^Ct^' merger brouSht about a combinais nearer $2.40 per share (1963
tion of financial strength, execuis tentatively estimated at $2.60
tive talent, .-.field,, and . product
tamed by
r>
1889—Our
present the scarcity
In the meantime, all the forces, for
in
namely Tidewater
proportion
proporuon
the
ine
130 Cedar St., New
;
laleg
trusts
ous
important producing
United states
LAMB0RN & CO., Inc.
—
an enormous potential
gain investor,
pj8(jmQnt Southern Life Insurance Co. *
^
family directly and through vari-
Holding .Companies
poration).; Adding
Refined
;
outstanding, owned by the Richardson Family,
which J. Paul Getty and his which started the? Vick Chemical
shares
!!!!!y!^h Misesionmc!-
WALL
||D A I
daf' ^ make these shares more, adding Cab ou tT $15 million to
^, Piedmont's capital, surplus. The
nearly
16
.
or
_
hv bnvin^
cbarns
valuable.;:;: , There
are
!:;!
addition
in
through two
$5.50
current
.
-
stock
'•
1
.
Getty
>
accuracy.
neutral
of
j
^
tu^' phisticatcd [investor in Piedmont
leverage m this setup . g thern Life Insurance Co a
flows toward Getty which is the aouiqein. i+ixe insurance vo., a
H ultimate bene-- fast
growing Atlanta-based mcompany „a d u timate bene guran
comoanv and a
sunerblv
of Mission
some
Corporation's
book, the noted statistician,
usable detail his sta¬
methods
of
market and stock
the
excess
Getty alone amounted
(Getty received
in clear,
in
far
king its sha es by buying appai.ent Thete is however an
the market whenever substan-,cippciiei1u- -tnere is, noweyer, an
hinpk<, arp availaWe • .'.r unusual
opportunity for the so-^
AU'®f
in- -
Wnmincr
Holding
ih*
the
c-hHnkinr* i to
in
ceived
By LOUIS BEAN
—
securities!
flclaiY and recipient-of every- surance company ana a superbly
fh .
taking nlace in the managed investment company; in-'
.thmg that is taking place in the
Dackage
,
V
to 87c a share From this narticu- overa11 picture*
•
'' - ' '
Package., .,,
lar source
Getty's earnings for
Furthermore, shavehol^ers, are -The company began busine^s in
1962 are esdmated iri Excess of $l ' fortunate
in having < one . of- the v 1948 .and in 1956 the Piedmont
a
share notwithstanding the fact ablest,„ richest Eind smartest men . Corp.
of Delaware was merged
that no
cas^dividend was' re in the world -working night and; with Piedmont Life Insurance Co.,!
In this timely
Raw
-
*
STOCK MARKET
A Robert B. Luce Book.
share
a
Dividend
vif
dup
one
that
(Mission Corporation)
Companies
PREDICT THE
forecasting, famous for their
71c
was
branch offices
"
^is;^sTWhySkelly isrichin
frnTY1
trom
our
i
.
, _
,
?
Tn
in
:
f
Direct wires to
double its
or
of
capacity
is
zone
rlties and 1S in a position-.to keep
HOW TO
99
last,three years be
'
r
^"eL^^potentof pro!
its own, is prob-
on
substantial
operations, substantial nil nrnriur
oil produc-
income for
W.
^
212 571-1425
New Orleans, La. - Birmingham, Ala.
>'•
Mobile,Ala.
t
0f a sUper expansion and
cause
cash and U. S. Government secu-
was
was
119
NAnovcr 2-0700
,
preciation. It earns about. $4 a.i0 t e cap n gain investor.
and is paying dividends of
WILLIS M. EVERETT !
$}-80 °r only 45% whereas most
Analyst, Goodbody & Co., Atlanta£
°^er od companies similarly sitGeorgia
1
ua*ed payout a great deal more,
nnt>rntin<ns
Telephone: BOwling Green 9-2895
Th& is not an offer or solicitation for
orders for any particular securities
bookstores
Members New York Stock Exchange
Members. American Stock Exchange
>19 Rector St., New York 6, N. Y.r
a
J'™! " rtenlefinnlnri
change, has
a.sharft.before depletion and de-. r
• .
upgrading re-appraisal.
source
61 Broadway, New York
Inc.,
'
"
filso. has. debt has been reduced,
tion in the Arabian neutral zone.
all
^
has-
Skellv
Getty has for itself in its own
The Nomura Securities Co, Ltd.
Co.,
Steiner^ Rouse & Co.
U V'
,ing anddistnl^in&o^anizations ;i,My conclusion is that Getty)
ln th® United States. It originates,,..listed"on the New York Stock Ex-
intermediate
the
of
already has
Monthly Stock
Digest, and our other reportg
}; that give you a pretty clear
picture of the Japanese
economy as a whole.;
At
•
-
its own stock.
.
this article is to
Companies
Holding
IN JAPAN
tistical
Ga.
be
1962 it bought 154,800 shares,of
significance of the ultimate
elimination
Opportunities Unlimited
gives you
t
j.I"
is'too ably one of the finest oil produc- figures,
structure
complicated for casual analysis.
*
the
our
f»
*t»»
could raise
...
-
•«
«
cut through the red tape,
Write for
Atlanta,
Co.,
v
.Paul
(c) There have been many false
'.
Telephone: 363-2000
— 1231, 32, 33, 34
Philadelphia
n
; s
onen
dividends;
(b) Does not pay
Exchange
Teletype: 212-571
Boston
&
(Page ,2)
.
having bought during 1962 m the.- rei0iri the dividend caving ranks
,
dominated
pletely
Goodbody
.
.
V
:
Oo,—WiUis M. Everett, Analyst)
"
Mission's
'
'»'.V-si*'
•:!>
'
Piedmont Southern Life Insurance
^
,
'
'
Member
Associate
.
dissolving
-
.
A one-man company> com-;/Missioh. Corporation
(a)
-
t'. '/y'X*
(Page 2)
been; shrinking its capitalization, development program but. should
'market—246 446 shares !
-fne dividend paying raqks,
open mantel
snares. - . as SOon as some of its substantial
from
•*..•.
&
Coe
Bought—Sold—Quoted ?
time later/ the
,
»fmm
flwav
shied... awa^
have
:
Established 1920;/v
American
by
Corporation.
Getty Oil for various reasons:
Hanseatic I
v
ele- Skelly
....
chipri
luivp
Many
,Co., New York City.
v
Louisiana Securities
Coe, Se-
Jacques
mechanics may be used in
1
establishing i direct
control-^ OfT~~
;
Manv
some
market ^-the'inOantime
irT ine meantime,
^
Co.—Jacques
Partner,
same
re-discovery,
.and M higher
expansion
NEW YORK
3."-Probably
it
because
essential
eventual
of
-
^
,
(about 60%).
.Tidewater
favorite selection for
immediate
the
of all
;
nior
•
give Getty substantial control of
Exchange
.
500
Alabama &!.!!
>
stock dividend through Mis¬
a
sion Corporation, eventually will
City
Members New York Stock
Oil
Getty
which Getty received
shares
000
JACQUES COE
Senior Partner, Jacques
Participants and
Their Selections
,
MARKETS
•
Forum
security.
participate and give their reasons for favoring a partioular
r'
Thursday, February 7, 1963
.
advisory field from all sections of the country
in the investment and
:
.
This Week's
. .
each week,* a different group of experts1
A continuous forum in which,
in
I Like Best.
.
and
with; the life husinesg thrown in
Other blue chip
commons,
,^2—LContinued Qn. Vgge 8
National
Quotation
Bureau
Incorporated
-
Established 1913
Over-the-Counter Quotations.
Services for 49 Years
r
46 Front Street, New York
4, N. Y.
CHICAGO
SAN FRANCISCO
6236
.
.
The Commercial and Financial Chronicle
,
;|g?;^(575) ■; 3
gin Today's.
CONTENTS
:
*
•
*
* Success in. home
,
,-w!ivv,of
;'
;
Thursday, February 7, 1963
building
'
;j
i
--
'
:
■-
ohn L. Rowe,
'•
.'"•'"''A:•''/
ORGANIZATION, INC.
!
'
Articles and News
Vice-President, Parker, Ford & Co., Inc., Tulsa, Okla.
to
i,
page
Examination of the ebb tide since the exit of the "Turbulent Sixties"
in
1963, and
the
Dow-Jones
as
an
indicator
of
portfolio
Mr, Rowe sees no recession ahead; guesses the DJIA will
.
European Common Market Impasse Affects the
''
Investment Outlook- ........M. Monroe Kimbrel
<
Spring deals with the business outlook, stock and bond prices
values.
A--
this
range
V-
quality investment areas available.
ties
"fast buck"
or
appetite;
warns
the speculator to expect
y
yj
rough
a
ago,;, in the Feb.
years
issue
Financial
dealt
the
the
18,
&
Commercial
Chronicle,
with
This
the
of
was
vestors
be¬
striking
000
larity in
nomic
the
J
^ J"
'
Dow
The
price range of
or
jargon
related
Fabulous
Fif¬
ties. This
•hands.
sec¬
ond
t
witnessed
our
material
welfare
market.
Dow
advance
since
stocks
John L. Rowe
eral
had
its epic ending last
in
Foods,
Texaco,
duPont,
Kodak, Procter &
attack
eral
had
industrial
been
that
average
postponed^ too
doomed without
Kennedy inter¬
was brewed in
num,
the Fabulous Fifties
dividends
of
by the" Eisen¬
Administration.
optimism
hilaration
nancial
market
services,
.
community
ex-;
ler,
etc.,
leadership collaborated to create
These
imbalance in stock prices not
an
like
As
in
the
late
-
1
-
Twenties,; the
sallow
following—not
days
proceed
months,, prices of,
or
securities
pled.
Examples:
firm,
Alberto-Culver,
keted at
ment
Dynatronics,
Shares
Jones
mar¬
usual
/,
'
x
^
4
or
a
,
.*"•
'
X
,
to
' ^
un¬
,
^
averaged
billion
dollars
high
above
k
of
,1
one-half
The
billion
was
established in the second quarter
let
and
was
made
'
;
v,?
i
iv's
'>•>'
'
short maturities
a.
';£■
v.'s
tax
mum
ing
.....
Common Oil
.
Governments—
on
.......
...
$
...
Salesman's
from the present
91%. Look-
deficit
a whopping'
perhaps exceed¬
ing $10
revised
billion
(U.
S.
estimate
■
;
Chicago
Cleveland
Philadelphia
14
St. Louis
Los Angeles
Sart Francisco
Washington
:
40
....
FINANCIAL CHRONICLE
"
CLAUDE D.
7, N.'T.
on
page
:
BEotor 8-9570 to 9570
SEIBERT, President
WILLIAM DANA
Treasury
Carter
SEIBERT, Treasurer
GEORGE J. MORRISSEY, Editor
$7.8
Continued
Mary
Beg.- U. S. Piatent Office
Thursday, February 7, 1963
Eyery Thursday (general newg and advertising lsBue) and every
(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).
•r'Vr.
Paint Co
>%>nday
24
All
V
rights reserved. Reproduction In whole or In part
written permission is
striotly prohibited.
Xi'
Second class postage paid at New York,
'
N.
:
-
''
Y.
SUBSCRIPTION RATES
MONDAY AND THURSDAY EDITIONS (104 Issues
per year)
United
Founded
New
York
8.
Possessions
and
of
members
of
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v
American^
Pan
$83.00
per
.
THURSDAY EDITION ONLY (52 issues
In United States, U. S. Possessions and
v.
Union
^
$20.00
per year; in Dominion
other countries $23.50 per year.
of
per
members
of
Canada
year)
Pan
American
$21.50
per
Bank
and
Quotation
TELETYPE 212-571-0785
Note—On
Chicago
Schenectady
Glens Falls
Worcester
made
in
for
New
Record
'
account
remittances
Boston
INCORPORATED
-
.
_
Postage extra). "
Newark
W» V. FRANKEL i CO.
year;
Exchange
$%* NEW YORK 4, N. Y,
TELEPHONE HAnover 2-4300
year;
t
-
1868
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OTHER PUBLICATIONS
Direct Wires to
2
iV WILLIAM B. ©ANA COMPANY, PUBLISHER
"85 Park Place, New York
jtbward' 'June* 30,
Federal
-
;
4Q Exchange Place, NX
Teletype 212 571-0610
21
.....
The COMMERCIAL and
"i-.it;
PREFERRED STOCKS
f
Albany
sMackie.Inc.
34
........
Corner
Published Twlco Weekly
-
'
i
Nashville
Singer. Bean
if
maxi¬
Spencer Trusk & Go.
|
19
Refining
that the maximum
other
BROAD
4
—
Washington and You...
year
and
Union
25
Elect ronic Capital
22
27
In
Members
Marrud Inc.
26
...
Copyright 1963 by William B. Dana Company
"
SavAstop
18
......
without
specialized in
^
'
22
"
have
Telex Inc.
V?
<
State of Trade and Industry (The)
individual incomes will be
on
Denver.
Tax-Exempt Bond Market..........6
are
steep
appear
-—
HA 2-9000
^
-
long
gradually reduced to 65%
available.* Beside
For many years we
f
s
21
Prospective Security Offerings
./
the bond
jfour
Chicago
U VXi
bond
the
for
—-
Sfflf
37
.....
s
\
(The)..
Securities Now in Registration
Dow-
public)
CHICAGO
Connecting Wires:
17
Publio IJtility Securities.
,
.us
billion)
cash was exchanged for shares or should by itself act to soften long#
vice versa.
For those short of term bond prices. To this deficit
add a cry from the. spenders' to
money, credit was avidly sought
of 1961. Billions changed hands as
'
*
and You
Our Reporter
;
new
quarterly.
$1.6
1
quar¬
underwritings of
issues
record
vr'
f
r
-
.
.
Observations
The tax-exempt'
riding
is.
Yields
crest*
space-age
I)
Waker of
Security I Like Best (The)
in sharp contrast,
category
we can assume
' r
v
'
.
News About Banks and Bankers
were
the
The two divisions of
22.
New York
a
and
market (corporate and
tech¬
a
in
Bond Market
7%,
During 1961 and the first
ter of 1962,
prices,
stock
Direct
8
NSTA Notes
examine the business
thermometer
Field.^^^—36
Mutual Funds
random
backdrop,
a
^
v
Market
leading—
these
1
/,
Security
5V2
at
break-through, an
product
.
with
>
prices for 1963:
skyrocketed.
name
«
at
soared
identified
nological
>,
Inc.
/
as
offered; publicly
at 17%.
Priced
traded
t
was
to
outlook,
cosmetic
$10, then traded
complexion
With
as
high
60% per share. Brooks Instru¬
as
;
•The
tri¬
or
index.
thoughts
unsea¬
doubled
1
the amazing upsurge of the DowJones
J.F.Reilly&Co.,Inc.
19
Rand,
equities and others with
new-issue mafket had long passed
the boiling point.-Within minutes,
soned
-
always in good supply.
similar
*
.......1.....l..... 1....
Indications of Current Business Activity
time
-
^
From Washington Ahead of the News...
.
Chrys¬
Sperry
merely
witnessed since 1928-29*
1
20
France'?..ECM'Yeto'%.^.....^v.^J^^-.;rX3:^
wTt
^
;7»Tc.,iuO'ti-
'
were
..(Editorial)
.........
Einzigr ^British Stocks; Rebound
near
Old
zero.
Westinghouse,
'
I
ATLAS CREDIT CORP.
miJ
^"T
Montgomery Ward, Allied Stores,
^Republican
the
hV.
Losv Angeles
stock
acquisition costs to
favorites
*■#.•
i.ry
'
had
even
s'-V-
COMMONWEALTH
38
vV
years
speculative
analysts, fi¬
where
the
Mr/i-'f-
?'
OIL
Dealer-Broker Investment Recommendations.
seeking
an¬
more
s
HEW YORK
re¬
over
zero—or
the- business
and
even
reduced
mood
changed' to
was
as
A
was
rhatching
a
x\\v
UNITED NUCLEAR
........
Current News in the
One
10% to 80% per
turn of from
vention. This mix.
hower
with
quality
ENGINEERING
26
and Insurance Stocks.
Commentary
iah after-tax replacement of simi¬
lar
ROCKET JET
■v
Coming Events in the Investment Field.......... 40
capital-gain
Another
tax of 25%.
long.
Actually, an ending of the longterm ; r v^esypr^e* | * spli&t1 was
*
Bank
Gen¬
price.
any
*
Eastman
Gamble,
the
r>
*■* T
Civic Duties.
As We See It
Gen¬
roadblock
was
;C ^
^
Regular Features
Tele¬
the Dow
r
^
the
industry. By
singling out U. S. Steel, President
Kennedy triggered a decline in
;
Y-
Motors,
willing sellers at
^
Roger W. Babson 15
Japan's New Foreign Exchange Policy to
Bolster ^U*.. So
,
etc., in short sup¬
ply. Their stockholders were un¬
the steel
vfr
^ '
premium
American
-
President Kennedy unleashed his
on
1
,
Chase National Bank Lauds Five Staff Members
climb in
made
General
Electric,
phone,
April 11 when
t ^
.,
*
spe¬
Cash
flood
The steep
1953
like
*
actually;
never
flash
a
stock
approach
o
Many had
ARVIDA CORP.
10
Cherne 16
inflation
to
9
1963 Will Be Transition Year Before the
Big
of the stand¬
some
responsive magnets.
were
,
:
went out of style with these new:
and
)
e
"'
"
Twenties
Ira U. Cobleigh
Chester S. Iverson
* -3
\
f '
roller
.
5
Dowf Jones Averages and the Small Investor
climb
to
Jones,
t
Telephone i. WHitehaU 4"6581
Marin
Study of Our Existing Dollar
Trouble
in¬
green
COMPANY
STREET, NEW YORK"
Investment Factor
an
/
A Realistic
For
ard
Roaring
for-;|l
a
as
\
.
Louis _Munoz
induced by some 20,-
the
cific stocks
ment accorded
the
financial insti¬
stockbrokers
green
coaster.
eco¬
treat¬
Competition
main
or
million
seven
were
aboard
simi¬
Gov.
was
WALL
J
"
(factoring).
Some.
the
of
domestic
or
tution
con-
ceived
cause
bank loan,
AND
4
Puerto Rico's Economic and Political Future
a
borrowing
eign
connota¬
tion
house,
for
non-purpose
author
Turbulent Sixties.
the
brokerage
channel
B.s.ucHTfnsi£in
3
,V !
09
oadi and advises the investor to keep up his "eternal vigilance." ;
1960
John L. Rowe
v '
Great .Prospects for Electronics and Aerospace
Groups..
.——John Bawkinson
He suggests weeding out securi¬
carelessly and thoughtlessly purchased because of inflationary
fears
\
;
.
715 high to a .620 low; and offers > general survey of
year from
1
Investing in Today's Less Turbulent Market
.
'
diversify.:
Sena for detailed reprint.
'
last
v
I
PICKWICK
Less Turbulent Market
•
•
spurs
"
of
the
foreign
York
—
Monthly,
,*v.'
,
per
year
'"S
fluctuations
subscriptions
funds.
$45.00
.
in
and
the
rate
.
;
I.
of
advertisements
39
BROADWAY, NEW YORK fii
(Foreign
-'v.
•
WHitehall 3-6633
exchange,
must
be
Teletype 212-571-0500
212-571-0501
4
(576)
.
doings ainouhted to 39.2%;inl958 from; sellipg.in ;thev Majch^>1962; confined do-Individual- cqmppnies
toMs^vv-> t.
"V. fi>. period; ip-some Jnstabfc<^^uir^
UO^^icitjiatelsdC- '*
;*'
;
/."
-
in the same issues.-
.Hopefully, Jthie Administration's
"Use of the terfti-"capital inve$t-s
WILFREMAY-
BY-A.
jyill be clarified when Sec¬
ment"
retaries Billon^ Hodges and
cessfully;" he added.
Again, the. rubber and-tire; is-« •• • "F]or: -those investors h a v i n g
sues, heavily 'sold in the December long-term capital gain4 objectives
.
Wirtz
and September quarters,
had been for education, retirement or simi-
preening
June lar goals; we commend the shares
"The testify before. the House Ways., and March quarters. - > ; > i
of a well managed .mutual fund
"
"
,>
• *
*
which places primary emphasis on
mountains are; there to be scaled hhd-Means^Committeethis Week;
Terming the Administration's tax
and by Big Board Prexy Funston
aerospace arid electronic equities
and so the dollars to be spent";
cut
proposals /'strategic
sugarwhen he "takes the stand" 'after
Such p o r t f o 1 i o transactions in
their ' investment ' portfolio,"
and more concretely: "Competi¬
coating, or perhaps outright brib¬
when executed by a.single man- Hawkinson continued,
Feb. 18.
tors are building plants; and to
ery1^ to render huge deficit • spend¬
In any event, surely, none of the agement; Jmay well be justified
in explaining the growth of the
keep in the running, you have toing more palatable to the
existing or ^prospective, capital .< on varhus grounds* ^sdhe above^ f^
citiieMy-electorate can, of course, dp^the same even^ if your decisions gains taxation techniques are sat-*
violate
common
sense
and ac¬
cited:^'aiifIncreased' in the
be
questioned.
In any event,
centuate the industry's problems.'- isfactory—-in line With the current portfolio requirements,-tax- ;exi-. aerospace industry from an annual
however,
inconsistency
in the
British" situation.
' I
gencies, etc.
But :the. far, more volume of $170 million in 1952 to
arguments of the proponents is
This cash-flow-to-capital - in¬
plays"
by $3.9'billion in 1963, a compound
Perhaps the solution lies in pervasive' "reverse
undeniable.
vestment switch away from divi¬
considered
as va annual rate of growth of 38%.
eliminating the -holding period managements
Exemplifying this, along with dend; disbursement results both differential entirely—with either whole, oh an issue or an
industryf^^fectfohTcs ih the same period ex-'
haziness regarding the concept,! is f from limitations on the share¬ a uniform.
19.5%. or 25% maxi-' may be, based on motives ranging perieiiced an annual growth rate
the handling (or manhandling) :of holder's freedom of choice regard¬
These cbmpafed with
mumtax, or of eliminating all tax from management-to-management of
the capital investment process by ing
his
corporation's "captive on capital gains (with extinction difference in attitude toward mar- u conipound anriuaf rath of growth
all sorts of discussants,
capital," and the investor's over-? of the loss-carry-over complex¬ ket timing to the- portfolio win-. q£
gross national product of
"The President, at the outset of emphasis
dow dressing to tax exigencies.
of capital gains and ities).
4.8% in the last decade.
his tax message, cited "under¬ "growth" — with denigration of
Hawkinson also compared the
investment" as one of the chief income yield.
two industries with other growth
FUND MANAGEMENTS
Cites Great Prospects
problems confronting our econ¬
industries,
including
chemicals,
Also in the individual and cor¬
ON THE SEE-SAW
omy;
and emphatically declared
drugs and medicines, petroleum
that his program would spur in¬ porate tax-cut camp (hut wanting
The mutual funds' current re¬ For Electronics and
bought in the
climbers:
mountain
makes
A HAZY CONCEPT
well
'
•
.
.
■■■
.
-
vestment and "more plant capac¬
it
financed
—
through
and
excise
ports of their portfolio operations
(alluding, at least in some taxes), Arthur Burns, former top highlight the continuance of in¬
economic
adviser
to
President
part, to other than to moderniza¬
teresting "turn-about" policies.
Eisenhower, emphasizes the pro¬
ity"
tion);^
three
sued
Kennedy
Economic report is¬ gram's benefit in
days previously, Mr,
to
incentive
"the
stated
aptly
had
invest
that
in
than
rather
putting the pro¬
of
pacity."
And Chief Presidential Adviser
extent they
small
a
transactions by
growth
constructively motivated;
well be
than any
of the nation's
While their defintion and con¬
is
ample
as
a
.concomitant
Fund's op¬
Lazard
the
cept
investment
capital
of
Telephone
American
in
erations
as
again in the Council's Economic treated by the parties cited above stock. Founded at mid-year 'in
Report, cited presently unused may manifest differences, they are 1958,- this pianfigement acquired
plant capacity as a noiirinflation- pnly slight — practically in the 25,000 shares of the stock during
ary guaranty. : -r
umere nuance, Category—the Stock that year's ^third* quarto^; which
He
,
An
A
Interesting
major
source
little
.,
expenditure,
investment
significantly
Linharti
'by
uncovered
Stearns,"
President •-j of
Bernstein-Macaulay Inc., business
authorities
surely -go hlock was
whole-hog
King's
n edy's
(after
over
quarter of' 1961, the
capital gains tax proposals,
'hihnagement
pleasure
re-acquired 10,000 shares of Tele¬
prospective rate reduc¬
phone, bought 3,500 additional in
expressing
the
his
tion) said "Lengthening the hold¬ the March quarter of 1962, and
ing period for capital gains would 1,500 more;during the final quar¬
further [sic] lock-in millions of ter of last year.
picts the productive capacity 1 of dollars of
capital which should
Group Schizophrenia >
many industries in excess of de-1 be: available for our
expanding
mand since World War II in the
Telephone has been regarded
economy and helping to create
face of vigorous increases in both
new jobs..
fund
it would discourage schizophrenically ■ by - the
personal incomes and population. investment and restrain
capital managements as a group. Whereas
: He points out that corporationsthe issue was bought"* on* balance
growth/'*
have been paying out ih dividends
during: the' past quarter, it had
to their owners; the stockholders;
Incidentally,
the
Exchange's been liberally liquidated durihg
.
......
_
...
....
,
earnings
the
depletion, and amortization). Such
"h u g e"
fetching
over-investment, often
disadvantageous: low vestment"
a
return, the author
managements'
bias
ascribes
against
adequate distribution of the
ings
to
many
have
the
stockholders;
managements
to six
an
earn¬
with
seeming
9.5%
(i. e.,
holding, of
purposes
months
are
tions")
one
to
which
30-day "trading transac¬
in September, 1960, such
"short-term
capital
investment"
to
adopted the attitude which
based
e n
t
on
iin-^s^arch
•
'
;
.
.
a
of the
1970.
vital factor
prospects, for
>
aerospace
industry
^i^nding.
', V:; \
r,esearch—supersonic ;aerodynamics,
high v energy propellants,
power,
nuclear
ultra long-range guidance
5»nd; tracking, radio and TV
of
commit-
industry
should
1967 at least;
authorities
distances, -radiation
studies, and scores of other ;new
vista for scientific knowledge,
These : are long-range programs
not likely to b6 curtailed for reasons o& national defeixse; national
through
competent
fantastic
com¬
data transmission
munication and
John Hawkinson
aerospace-
with
before
;^"Here, indeed, is. signi|ic^pt
-x
pres-
continue
industry
Is research and discussed the trend
ments, a high rate of growth for
the
industry
long-term
that
source
aerospace
•growth of the
a nV
agemerit' Cor-
these
.
be-
Heving that •'dramatic" expansion
wilt continue' fdrv into the Tiiture. prestige, and;^^ the demands of scicompanion electronics in- entific knowledge."
For the
; v
current de¬
velopments will insure growth Tjl T ' Jf ]wi yyi "\X7if "U
throughout the next - several" de- •!» •
• JA-ltJ JLI1 111 V V It'll
far-reaching
dustry,
cades, he said.
^
-v
:
^
;
'
j
tt
o
• . •..
of t^6;jndu4r;UluSCl! OGCliritlGS
try, that of the electronic corn~
latest relevant Public Transaction
puter, is experiencing one of the GREENSBORO, N. C.—Francis L.
Study,t reveal that 38% of the ing on the seesaw of the funds as
most dramatic growth patterns in Klemm, Jr. has become associated
public's total. share transactions a group. Well-bought- during the
business annals," he added.
with. United Securities , Com
are motivated by short-term "in¬
final 1962 quarter, it had been
of; the an-; bwn 'findings as contained in its
depreciation,
plus
Shares M
the
explained that
inf the
of
i sion
e v
twisting
in
Under the thesis "The Investor's
net
1
durihg |hef first potation," Chi-
sqld; out
Loss of Freedom" Mr. Stearns de¬
nual corporate cash flow (1 e.,
e
English. " Thus,
and investment advisers.
only about one-third
President
the. quarter of 1959, after management "eagd, said here'
"
Exchange had the time to build up its pcrt- today, :Hawkinson
President Keith ..Funston, in-'for-' folio'with5 other JssiiieSi "Mthbst*
mally ; commenting. on Mr. Ken-; ,three years l&f&r> ^fn^thfc^al,* asserted that,:
the
realized
of ample, and even super¬
fluous,
is
but
Explanation
.Exchange
Hawkinson,
T
of
authoritative
automotive
•
Walter Heller, has repeatedly, and
The annual
none
will surpass gross revenues
John
economy,
an
-indicated
major segment
starting-up operations.'A good ex¬
Really Twisting the King's English
by
other
of
sometimes
of
rate
that pf either the aerospfe or electronics industries,
In examining,the growth poten^ial' he referred to one prediction
NEW
a
investment"
agement in
the pockets of
"business
bent hoped-for spenders.
is
beneath the weight of excess ca¬
*
into
ceeds
Aerospace Groups
consist
YORK, Feb. 6—The elecsingle man¬ tronics and aerospace industries
a single issue.
Such have more favorable prospects for
same-management turnabout may sustained and accelerated growth
To
-But in his
petroleum products, and elec¬
tric power and light.
m* New
York
City;
Jan. 24,
Tempe, Arizona, Feb. 6.
1963,
.
at
"A
the previous quarter.
I.B.M. is another issue remain¬
sold
balance
on
during the pre¬
sih^ejsegment
Hawkinson made these apprais-
als
of the
ceding third quarter of
1962;
dressing
bought during the June quarter.,
Chrysler
particularly well-
was
ers
two
a group
Southeastern Building, members
ad-
t h e Philadelphia-Baltimore-
of securities deal-
Washington Stock Exchange. Mr.
industries
in
here.}-;
Klemm was formerly
'
the municipal
He reminded his audience that
bought in the latest period—after
news of its cars' comeback — in "expert analysis and selection" of
,
contrast to its
liquidation during
electronic
and aerospace
manager of
department
of McEaniel. Lewis & Co.
equities thereto he
is essential for investment success,
the previous two,periods.
bond
was
f0i> Mead
municipal
Miller & Co
Prior
man-
Bal-
Conversely, Xerox was an issue "Financial prudence dictates a
liquidated during the final 1962 carefully formulated progranr of
quarter, which had been popular diversification in the most promising segments of these industries
during previous periods.
we Are pleased to announce that
^
timore> and was with the Merpany
The
merchandising
of the
MR. W1LLARD P. WHITLOCK, III
the
cantile Safe Deposit & Trust Comin Baltimore.
issues, one
heavily sold groups during*
end-of-the-year* period /. (for
not
once
the, Christmas
chasing
We maintain active
trading market in i
calendar), had been substantially
is now associated with us
during
bought
as analyst and registered representative
preceding
the
LANCE, INC
quarter.
automotives
The
period-to-period
featured
group
the
'
Common Stock
switchers;
being well-bought during the lat¬
est quarter following
their liqui-
dationduring theSeptember,1962*
period liquidation*
The/insurance
casualty, marked
tion
where
the
life
a
portfolio
sec¬
turn-around, (to
Stock Market,
.Eleventh Public Transaction Study^ September.'13, 1961," New* York Stock Exchange- Department - oi
Research
and
./Statistics.
U■
february
1,
1963
"
worth 2-5900
-
Portrait'
of
i
the'
«
m -o
i
»M
i
til
I
'
u
buying in the December quarter4
t "A
R. S. DICKSON & COMPANY
and
group,
^
; Member* M/dwtt Stock Exchange
^
charlotte
-
raleigh
columbia^-* til
//
york
new
/
\ ;
v
.
v
^
atlanta
" /V* greensboro
greenville
-
~
^-s ^jacksonville
-years-j. there^ has .been a signifi- tourism. This industry v has-been' Relatively Unaffected by U. S. Ai*
httptttdila.1 p.o s'^~|jjputl otn 1p.. > :."-cant' increase In capital.grierrfed-.stimulated by the construction of-■
Recessions
7<r
*^..-,.r-.,tyPe?,orman\rfacturing as .com-.several .major-tourist hotels,-and '.Som-e bf y0u m'ay wonder hdw,
A' ^ /l "XJ/S^
w
J^bor-oriented'industries its possibilities have also been p„erta Rico has been affected by
i:
,
'
characterized -the early greatly enhanced by the^ advent
of rapid jet transportation. It.
'
•
1
stages of Puerto Rico s develop-
<
**
-
t
r
T'
•
*r
'Z
'
•
■
'■..W'-'f'-V —V
B
'•>
•'*?
■
I*', -•'t.T . y
i
;
,f.
•
jji
*<
:
...By Louis .MunozMarin,*<■Governorpfyfaerto-lti
Rjco's economic and
Puerto
IS-
.(*
giving
would
obligate
holds
but
should be made as the lsiatid advances.. Other
^
progress.
payments
observations attesting
from
get
AYashington,
or
past Unlted States mainland eco-
New
York.
,
'
v
vears
current.
a
report.
state
on.
union
.
United
■
v-/(' „'
,c;.,y
;
.
million, in
Although."'
has
States
Rico.
As
million
played
1962.-j:
major-role
a
of
ment of
public funds by
eminent
develooment
bas been
invest-
'the
business recessions in the United
■
t
_
Basic
•
-
-
reduction of
some
most 9%.
un-
employment, but the problem has
gov-
been rendered
an
in
$595
V but- it' is
V-
This,
1960.
of
ahead
represents
situation
t
of
other
every
rec-
two
a
rpnrpspnt"?
Tt
vpars
18%: in just
rise of
intensifying
now
are
as-
an
aonishmg advance, irom $12r
our
ranita
>
which
Rico
Piiprto
centives helping to bring about
this - rapid industrial growth in
Puerto Rico is the exemption
granted from Commonwealth tax-*
ation for a 10-year or a 13-year
b^ comparing the total number period to certain enterprises,
f
bv
tion
local
capital
in
•
t
*1+1
'hpp
.
b
m
for work. Then they answer
^be nfx^ question by saying, I
haven t found it lam not going
£rimarily
^
P
y
j
mto detail on that, but I don t
efforts
new
tPrrninntP
.
lv
Pnh
u~
hp^inq
nprinH
pvpmntinn
labor force consists of those
Persuns who answer a given
Question by saying, UI am look-
thp
from
t
n
attracted orieinal-
by
the
,
tax
,
exemp-
th
p
.
firms-will leave Puerto
to
■> e
is
a
verv
acciirafp go to other areas at the end of
mis is a very accurate °
tav.PVPmntinn npriod
As a
of unemployment.. In me tax.exemption ..perioa, „ as a
Rictra^ldt of unemnlov^d matter of fact, a number of, m-.
this
per>to Stimulate increased participa- inmK
fp^is-
...
*irms Will Stay Alter
uxempuoiiunas
Since one of>the principal; in*
tln th(; labor force with the humbe*Persons employed, and the
think
good.*;;
cannot
to
"Coufsd,4s still lowel—much lower
—than-the United States figure,
gt
Fjrms
difficult as
more
public
c 1 i m a t e s, and' by supporting
.private investment with adequate
public investment, the process of
capital formation has been suecessfuliy. spefeded up in Puerto
Rico. A large portion of new investment in Puerto Rico—in fi\t,
about 50% —continues to come
from the - outside. However, we
our
Latin-American country. And this
survey
I find it
k of:
sectors
•
r States. For example> during' the.
total
to- the
formation.
capital
-<
the
or *: rc® ;
tmost recent United States receshave not yet conquered the sion, in 1959-1960, Puerto Rico
problem of unemployment. There maintained a growth rate of al-
the.
in
i-.
^
Population Increases, Absorbed
-—
.
also contributed
has
importantsegment
last year reached $700, com-
pared
■
•
.
I
the1'
I
U
be-
t h e:A
all
heen
\
.
private-1 investment
orocess
Per capita personal;in-
have
,
i960, and increased by 27%;
.to $443
^
nearly
; come
Puerto $:
and,
in
; economy.
the
of
tween
*
|
the f
when recessions
steUto? eTonoml? growXtn
-
sent
pro—
has been mild. During the'
.•.Puerto*' Rico's,;splendid >growth
in
by holding the plebiscite.;
.
development
gram
a result of increased productivity
^r°m labor-saving devices. HowMany things have happened in never been below 7% anually, al- services — roads, < electric power ever>
1 do not believe very
Puerto Rico
since my previous though in none of these years has facilities, water and, sewer sys- strongly in the way unemployappearance here
two years ago. the price level risen by more than terns, and education—had to be ment
is measured, either in
Accordingly, I welcome the oppor— 3 %—about 2.8% actually.
greatly
extended
by
creating Puerto Rico, the United States, or
Newr peaks have been reached favorable economic and political the United Nations! It is measured
tunity to pre- »>,
be settled on this matter
-
Rico's
Puerto
Baltimore...to San
-
aegi e e of million to $66 million—14%. Al- United States the effect on Puerto
the; Coh^mon- though this is still small com- Rico was to produce a somewhat
PyPSrani^ .and. pared. nwith,;i,ncome .from ....otjier slower rate of expansion than
,
:.,\yhieh ^amounted, to. $348
.
,
:
to
and
■
v
"
more^-aiMf more capital-using jnstead eHaboring-using plantsj and
:■
(2 ) ,iavorabte:<permanancy-ratlo!'Pf ^plants' jio >IOuger"Povared by the - 13-year tax-exemption inducement period. Gov. Munoz also, proposes
that a bi-partisan plebiscite on the Issue of the IslancTs political
relationship with the^ Mainland be; held—viz. an expanded Commonwealthy statehood, or; independence. He personally; favors .Common- wealth- relationship and is< convinced the lslanders will overwhelm- ingly agree with him but he urges doubts as to the paopie's views
.
minutes
hours
sectors of our economy, it signi- previously anticipated. Nevertheties-.a rapidly- growing supple-, less," Puerto Rico's- economy >con--^>
rate ;Jhas been spurred on by a ment to
our over-all economic tinued to progress at a favorable
high level of growth investment,, expansion, i
;
•
rate, even though there have been •
.
>v-
changing trend toward-
CommonwealthVprogress are:;(1)
the
to
larger
corresponc"ingly
that
.ai^ gi eater
perhsa^eiiLCy,^ to.
.
athbxdmple "to other Underdeveloped' erea$i by proposing that Puerto % •'
Rico begin to contribute funds tc the U» S. Treasury-in ii9ttr of taxes»He admits threconomy is^ still too ^ooic;fuli
'3tatehf»iM^
;
-
plants,
three
greatly,. in?ieased, .Puerto .-RicO.S ,'Juan. Since:-.i960 tourist expendi—
industrial, income, .and they are tures have increased from $58.
^Islaridr
review of^4he-Commonwealth's sensational -grewthy " which serves as ;
'•
capital-oriented
takes
nomic recessions. I can report that
fifteen the effect of these recessions on
■
-
in-
more
highly-skilled labor, have
in the United Nations. The Governor back up his
even
These
program.
tensively
political future' discussed byGoVr Mutioz;'
subject;attracting more and mere ^atteiitioii in j the
a
Mainland, and
rnent
^
measu^e
or
/•
capital in. _new or
t
M
Stdrgd back %.$40, before our:de- expanding s enterprises. We are;_er:° f1100;7dustries hay ^alreadv exhausted
rt/if-'1r»l
pi
5npfi
1
pmrihacici
fho
..
"H
'. «
placing Especial emphasis on the UPOnlp havp lnpntrfpc nf JtWlwCflft ' thil^'^x^xenipifeiOii^^'neriOd and
taxes for in- ;
'
4'"!' ' -' way:-'All'indications point to an- development of joint ventures or $100 a week—ahd^ not from ^ mortality rate among them is
vestors from the United States—;other
period (of record-breakiiig representing ; a
combinatioh of government! The point I should -e, . , • ,,y ^.7.
i
because there ain't no taxes! I will ucrtwth idnriTu*1: thp encrpnt fiscal- .outside and local capital
prewth" rinrinc thp enrrpnt fiscal outside
like t0 have Puerto Rico
growth curing, the current fiscal .ouisiae an^ local- capital.
and^ iocai-capital. >
' iihe to have Puerto Rico reach— ^ higher than that of industries
^
the worst possible level of due to other causes.
Experience
not recommend
a
tax increase,
The
end-
o mm
a
'VvwftrTrom
•
^
no1
a
-
..
nn
a
.
year
either.
l
;::
*'.x:
'
If
and in thd years ahead,
valye
xxxv,
ot
goods
exported
wifh
thus far indicates that the termip#''nation of the tax-exemption pe- ;
mprciai hankprs nn thp mainland''r^od "will have only a' limited im- '
T
,
■
p
r^ach thbt nnmf P^ot upori the industrial program .
fbp not-too-distant future
and the economy of Puerto Rico,
...
wrone methods of
A survey conducted recently by
scA^uiicu
' think :the
,
a
^giving this audience- of investr »haps • bhly ^apan and^ Germany viiii spectacular increase of; :22-% Over
merit and commercial bankers and certain years: have been able to the $622 million in I960, and a
businessmen a few figures, and I match this Tate of progress.
striking advance of 723% overfhe
shall now proceed to do so, after,
Puerto Rico's net income from $?2 million exported 22 years ago^
my
which
I
should
like
discuss
to
them in some detail. After I have
given
Rican economic; progress,
in 194°-
fromI
$291
1960 to $384 million in
increase of ; 32%, and
I should
like to^-discuss; the political' status
-
rose
,
status.
^
ho
ao7
anJ
—
g
;;-v
nearly
representing
22%,
.gt
a
an
"
,
-
^terize^he Went .emjloy^
not .only -the Commonwealth, but
jmade to; the.;U6n- Development.; Administration; ^ls0 the United States as a whole,
gress of ..the United, States by the iDuririg the last :Hscal year, pro- vTbe': Commonwealth
is now a
Legislature ; of : the
Common- auction by these plants in'terms larger r per . capita purchaser ct
wealth
regarding- •• its
political, of income generated increased by. United States goods than any
that has been
.
Axmiiiri
invPsfmcnf
of
independent management consuiting firm showed that only y
miHi0n in
/
Renefits IT- s
A
The Quality of jobs,,,however, four out of 60 firms, started with J
1962. ,an
"
:
has greatly improved. The longer capital from the United State3
mucli of this gain is traceable"to-: Puerto Rico's association with work-week and more steady em- and now reaching the end of their
the
mannfarfnTinff jartivitipq
of the United - States has benefited' niovment
throughout
the
vear tax-exemption periodj intend to.
^manufacturing^
of Puerto,
general view
a
if
mpacnrinp'
during the fiscal year 1962 totaled
you.take the other areas of
leave ttierto Hico. In the^casMl.
ment situation in Puerto Rico. In these four firms, factors other
fact, we have now reached the than the termination of the taxpoint where population increases exemption period appear to, ex- ■
can be absorbed into the labor Ptein their reaction. All the other
two- other of the principal export mar- force without seriously affecting-Jfirms seem virtually certain^ to
ke.ts of the United States; In terms the . employment situation, if we continue, without interruption,
of total value Puerto Rico is the can maintain the economic growth Jbelr operations m +^uerfo mc0dinary pace. During the most re-;> There were 168 new industrial fifth largest purchaser of United rate which we have recently been " should be noted that tnese cu
cent
fiscal
year,, which
ended-enterprises promoted during 1962/;
^ goods, in the world,- fol- experiencing.^,.
,
v;
■;,;■*
Continued on page.25
June
30 ;. 1962,
the ' Common-;'compared with127 in the pre- -lowing Germany, -Canada, * Japanr
^^ x
wealth's-, net v income ' rose
by vioUs year, a * w- ■■V- >•'r
and.England. The Commonwealth^
10.8%, following two years in,s.1;'buys almost $1 billion worth of
Puerto Rico's, economy has been
moving
ahead
at
thirds, of the total net manufaeturing
extraor-
an'
in ;,Puerto
income
Ric0;
-
~
■
,
PopK of whirh fho growth ratp
9%
That,'S
highest
In
^
anywhere
the
in
otX
one
Puerto
Rico's
rate
years -
of growth
'
„
.
i
/,
It
has
\
-
t
in
:'i
•;
Plants
world.
fact, during the last five
goods each year from the United
Trend Toward More Capital-Using
wac
States/Furthermore, Puerto Rico
offers a lucrative field for United
States investors expanding ineir
brisiness operations in a favorable
is expected that promotions
the
current
again set
a
new
>" c
fiscal
year
will
record. In recent
- -y,
i
.economic
We
and political climate. In
States
United
capital
ment in Puerto Rico have
H.'PFLUGFELDEIT
WM.
;;" KATHERINE PFLUGFEIDER
•
lars,
announce
than one-half
more
and
-
1962
to
thai
announce'
invest¬
totaled.
has
joined
our
municipal ■ departpxent
billion dol¬
United
amounted
earnings
the formation of
in
a
pleased to
powhatan m; conway; jr.
the last five-year period earnings
on
are
States
$145
-
as
an
ojficer
mil-
lion, equivalent to 7% of the gross
product of the Commonwealth.
h. pflugfelder
&
co.
'
y
'-.-MEMBERS NEW YORK STOCK EXCHANGE •/, V-
•
-
/
-
.
:
v
PFLUGFELDER. f RUST
grahamrconway^cosfelyyy
i%$. thahiUriitcdyStatag; 5riy^tbr4;^lL:
successors^
v
■■vyc;y-;;As;the. Island's^.economic. de^;
.w; VelopmentJj>Continues; to V gather:.
;-^vmomentumf'- it: may- be- expected
/ V-
.
.
supply y a; substantial^ amount, ofadditional
capital and continue to
y
*
'
•
-
^
.
Kentucky HomeLife Building '
share;-in/the; greateri henefits>ytrin.
be
'f
■
*■'
^:
: ^v
'
Februory1963-
r
-
derived- irom
such yinvest-
^ /V;
''hientS.,
r.
Another sector of the .economy
^^BO
y
which
-
has
'
shown
remarkable
years .is
growth: in; the past few
vy f
-■JcL.S
/"-v
y
-
;
~
*.
>
-
•
t
. .w,-
President
■» -
f
v
*'.•
,
-
-i i. ■'/
• '• i
■
i<
_
FranlcB. Jlegist«r r
'Thdm4»-rirah*im^y;;»'::y/- Willl»rd B; McNair
"*-f. Trading Dcparimdn^
»$
* ,-u
Louisville-2r Kentucky 'r
:•vv j„
v-jj
■
_' Momloi|Mrf
♦
.
Depart>nent.i;;.|
i'S,f
i.-*
L.
...
6
The Commercial and Financial Chronicle
(578)
is
There
issue
ated
DONALD D. MACKEY
but
one
being readied for
now
* Yi -- £•''*'"J'*
V" *\: "'
v
V
February 7 (Thursday)
Baldwin, Big Flats, etc. SD 1, N.Y. jV 2,595,000 : 1963-1988
market; <$100,000,000-rTriborough
rial and term bonds
past week the state the current market leveb This has
and municipal bond market has meant that in many instances new
backed off to an extent matching issue offerings have had to be cut
in price before any important in¬
the
Weeyy setbacks that have
the
^
which was
2.92% in early January
high, following
market's
the
late
v
;.;v
the
November iSeaction; The Index
2.962% yield on
Febi 6t as against '2&5% h: Week
ago.
Thus, The Cofrihierciai- and
Financial Chronicle's high grade'
averages out at a
}'•
V-
l
a.m.
1965-1990
11:00
a.m.
37,200,000
1963-1985
10:00 a.m,
2,375,000
1965-1993
at¬
$25,000,000
Bi
$30,000,000
-
-
8:00 p.tn.
1,300,000
1964-1993
8;00p.ftu
Calif.1,200,000
1,000,000
1965-1988
1965-1983
State West Orange S. D., N. J—
* '
V,A
_
*
-
V
,
^Consequently, for the past few
weeks but, few; of our
notable, new
.,,,
issues have met. with'inuch inves*
interest;
tor
this
have
ever,
The
how¬
dealers*
week
As
sub¬
we
Yakima, Wash
try could use more'of this type of
financing;
to
begun
catch on and the new issue bidding
has moderated sOmA
Ste S;
Theindus-;' Foothill' College, District,
'Transit revenue bonds.
Inventories
of
Danville, ;Ky.
everyone* in
;
—
hhd. municipalJb o h. d s, ;;,as<
List_ hover
Blue
the
in.
around the $500,000,000
<\
•
Univ.
1,500,000
total Vis-.-
We hasten to
has been remarkably
steady con¬
sidering all of the factors that in
one,way Or another bear upon it.
It is; not generally realized that
almost
for
type of investor;
any
Fond
to be Unless he wants 4% or better- "
recognizing this-simple fact as the
: highly
successful flotation, this, -Recent Awards [
week, of $6,000,000 Cincinnati,
The volume of new issue under¬
January's new issue volume was Ohio School (1964-1983) bonds, writing slumped considerably this
greater than the volume of Janu¬ points up. The bidders set. a 3 % week with only- $68,000,000 of
ary a year ago.
The more than coupon with yields to 3.10% and bonds having been sold at com¬
$900 million of long-term financ¬
Dealers
pafhy.
now
seem
appears
reaction.
~
when
However,
•,
that this record
immediately
-v
■«-
__
a.,
3,750,000
average
was
.
.
cations both state-side and foreign,
1964-1983
higher in January, 1963 Nationalism muffling the Adminis¬
January, 1962, a conclusion tration's strident calls for a tight¬
that, the market has been unusu¬ ening Western unity/ it begins to
ally steady and receptive is ines¬ appear that bur bond market may
capable.
be precariously ' perched
at its
points
/
11:00
1964-1984
Noon
* 1964-1993
a.m.
1:00 p.m.
1,700,000
1964-1978
2:00 p.m.
2,000,000
1966-1993
8:00 p.m.
February 19 (Tuesday)
Gulfport Mun. Separate S. D., Ind.
Jefferson County S. D. R-l, Colo.
10:00
11:00 a.m.j
1,000,000
1965-1974
14,000,000
1964-1983
1,560,00|)
1964-198^
Dist., 111.
Los Angeles, Calif
-
Sch.
9:30 a.m.
-
8:00 p.m.
-
1964-1993
7:30p.m.
1966-1989
11:00 a.m.
1,715,000
-
1964-1992
1965-1989
1964-1983
/
St. Louis, Mo.^:__
2:30 p.m.
1964-1993
1,700,000
Dist., Ga.
5,000,000
14,765,000
County
a.m.
58,000,000
1 3,250,000
."--1
Pembroke, Darien, etc. SD 2, N. Y.
Richmond
1964-1988
1,850,000
6,500,000
The RpsenibUht S.'D. 196, Minn.______
cost.'
designating" :"a
bld,
up
-
1964-1991
1,050,000
N. Mex.__
"
Week ago; $3,750,*
net interest
3.193%
a
a.m.
11:00 a.m.
2,357,000
Osseo School District 279, Minn.__
awarded i;o the group headed by
runher
11:00
1974
1,900,000
.
a.m.
2:00 p.m.
Las CrucOs,
about ; 5 with the inevitable rumblings of The 'Northern1 Trust - Company at
than in
11:00
1966-1992!
1964-1985
3,215,000
" 4;000,t)0012,380,000
1:00 p.m.
7:30 p.m.
February 18 (Monday)
persisting in.. unmitigated imbal¬ 00d Cook and- Will' CountieSrJiU- Melville S; DV R-9, Mo.ance, with the image of the tak- nois High School District NO. 206 ]vjasrhvjile, Tenn.
(1962) cut
proposal accruing ugly impli¬ serial
(1965*1981) * -bonds * Were- New Jersey (State of)__"—:
annual
1965-1981
Chandler Sch. Dist. No. 80, Ariz.__
Lake Co, Forest Preserve
Thursday,
1
i
1964-1986
2,050,000
Smithtown Central S. D. # 1, N. Y.
volume followed
volume and then recalls that the
market's
By Foreign Factors
With the balance of payments
3:00 p.m.
1,340,000
Shelby- City Sch. Dist., Ohio_«*
level and the overall initial recep¬
tion by investors was good.
_ _ _ _ _ _
the termination .of
on
record-breaking
a
considers
one
-
Wis.__—_________
MQnroe County, "N. Y.,-
buy "these few loans continued
be keen, but at a little lower
to
State of Market Dictated
*
Lac,
_
very
alone the one-point set¬ likely have been laid.
as only a normal
pressure
back
du
Hamilton County, Tenn. n
well with the loan. A petitive bidding.
As mentioned
ing accomplished is a record for week ago the -issue would have- earlier iri this article, competition
the month. On the basis of this been bid as 2%s and an egg would
to
did
11:00 a.pci.
1964-2001
4,050,000
,
market for tax-exempts met with but little investor -sym^
the
that
1964.-1982
February 14 (Thursday)
20-25-year high-grade
ihat
8:00 p.m.
Noon V
4,920,000
N. J
of Rutgers,
-
Not Too Significant
7:30 pm.
1965-1993
1,845,000 :1963-1977
Greenville, Tenn.
State
'
tptal gen¬
the
.Currently,
erally,
•,
February 13 (Wednesday)
1,200,000 1964-1982
Auburn etc., SD #1, Wis.
offerings-of
-Campbell Cb;S, Bldg./Va.______
shown
ain.
3:00 p.m.
'i' 'Yr
1,875,000
—
r
,
business^eems to. have plenty bloomer,
bonds.
Dealers
state
10:00
February 12 (Tuesday)
well
be
to
seem
contained,, although
the
country.
could the
so
$495,657,094,. This more - of - less Copley-S. D,,. Ohio,.
serial
normalx^rryiis ph; impediment tQi; DuPage Cd^Gomm. S. D. #99, 111.
issues that have penetrated the 3%
the market, However, it does rep- Elk Grove Village, Ill._______z____
indicate, however, coupon level on. the long end have
resent a nice variety of offerings' Fairbanks, Alaska
?['l !
^
•
Reaction
11:00
Washington Toll Bridge'Authority
West Kern Co. Water Dist., Calif.
,
3:00 p.m.
1963-1976
10,960,000
1,000,000
February, a group headed by John
Nuveen & Company plans to, offer
,
-
Dillon, Buffalo, N. Y._—,
_______
Later in Michigan" (State. Park Rev.)
Head & Company group.
shows- the
sequently discuss some of tire
market, as measured by its most
week's flotations, this revision will
representative offerings, to be be
exemplified.
down % of a point in the course
of the last week and off at least
Proving the Point
a point from its recent high level.
It may be generalized, however,
'
~v ;■
<
offered about Feb. 19 by a
Index
bond
20-year
due to be
are
;v-
*<
tracted.
OurYi^ld Index reached
the yeati
consideration could be
vestor
the first of
been occurring since
Thursday) February 7; 1963
In the' following tabulations we list the bond issues of
$1,000,000 or more for which specific sale dates have been set.
negoti-
large
-
Bridge, and Tunnel Authority se-.
During
v .
Hl^i!Larger Issues Scheduled; For Sale
Tax-Exempt Bond, Market
BY
.
Noon
1:00 p.m.
11:00
a.m.
cost,; dame Triborough Bridge & Tunnel Auth. 100,000,000
vfrom Harris-Trust & Savings Bank
[Underwriting group -jointly managed by Dillon, Read A Co., Inc., Merrill
Dill
'andr associates.
- v
■ * :*
*' " • Lvnch, Pierce, Fenner &_Smith Inc., W. H. Morton & Co., Inc. and Allen & Co.]
University of .North Dakota_ _—" •' 1,080,000 1964-2001 v 1:30 p^mV
newly-won high level despite some
Other major members! of the Upland. Waterworks, Calif.
1,500,000
1964-1983
7:30 pJm.
of its technically favorable> as¬
winning group include Harriman Wausau; Wis.*
—
1,700,000 1964-1983
1:30 p.m.
pects.
Woonsocket,
I
Ripley .& Company," Inc.,4 A, C. WoOn'socket, R. 1-^____^.—_____
2,000,000
11:00 a.m.
It begins to appear that for¬ Allyn
& Company, Inc., Paine,
f
February 20 (Wednesday)
eign developments, temporarily at Webber, Jackson & Curtis, Horn3.229 %
^
net: interest
- -
To bd sure,
the tax-exempt bond
market, in spite-of the distractions
f
the
of
cold
the
war,
impact of
Cuba, the disturbances of crucial
strikes and the volume of; Fed¬
_____
3,187,000
11,700,000
1964-4983
11, Colo.___
11,500,000
financing,. has been steadier
Eastern Kentucky State College— *
and
moire
El Paso County S. D. #11,
least; may- bear, more directly on blower & Weeks, Wm. Blair &
receptive thatCdtfrjng :the level of the* bond market than
Company, McMaster Hutchinson &
any year
in our memory.
Two do the
underlying so-called tech¬ Company, and Ballman & Main.
powerful factors combined in ef¬ nical factors. It is on this theme
fecting this phenomenon: the ele¬ that the dealers have been \
vating
effect of
Federal
Reserve
open-market policies and the
suming
interest
in
banks
their
of
the
con*
nation's
adding
abundantly
tax-exempt portfolios.
out-traded 4 by
sistently
The
dealers
high
conviction.
level
Many of
have
our
on
unsettlement.
political
way
to
not- represent
as
a
against
more
total
be
competitive "offerings
through March.-1, „This total
do
-
•
Friday there
were
the sale
week,
im¬
no
issue
less
than
$625,000,000
no
than represents a steady flow
the
First
attracted
the - successful
cago,
net
11
Bank
National
interest
other
of
cost
bids
bidder,
1__
Associated
MARKET ON REPRESENTATIVE SERIAL ISSUES
,
California, State
3%%
Mfttarlty
1982
/
Bid
3.25%
Asked
3.10%
tional
Bank
underwriters
with
of
of
12
at
a
The
University System Bldg. Auth., Ga.
3,538,000
Buena Park,
East Point,
Calif
Daytona Beach, Fla._______—___
First
as
Drexel
&
Na¬
major
Com¬
Philadelphia National Bank,
Authority
Agency
25,000,000
—
Louisiana
———
9,000,000
1968-2002
; 1,150,000
1965-1983
2,500,000
1965-1988
1,237,000
1963-1978
—
Pattonville Sch. Dist. R-3, Mb.____
Jersey Hwy. Auth., Gtd
3%'
'
1981-1982
3.05%
2.90%
White, Weld & Company, Weeden
Terrebonne Par.,
Con. SD #1, La.
New
York, State___
3Vi %
1981-1982
3.00%
2.85%
&
Ventrior City, N.
JX—._
1974-1975-
2.70%
2.55%
1981-1982' 3.00%
2.85%
3.10%
2.95%
New
2.90%
Housing Auth. (N. Y., N. Y.)_ 3^%
1981-1982
Company, Coffin & Burr, A. G.
&
Securities
Company,
&
Inc.,
Wood,
Company, American
Corporation,
Bache
&
Los Angeles, California.^..
33/4%
1981-1982
3.25%
3.10%
Company, Commerce Trust Com¬
Baltimore, Maryland
3V4%*
1981
3.10%
2.95%
Cincinnati, Ohio (U.T.)_______.„W 3%%;
Philadelphia, Pennsylvania...,:... 3^%
1981
3.15%
3.00%
♦Chicago,
Illinois
New York, New York
•
-
;
-—__ _.
10:30 a.m.
8:00 p.m.
10:00
a.m.
8:00 p.m.
March 5 (Tuesday)
Anne Arundel Co. San. Comm.,
Md.
Clyde School District, Ohio_______
Fullerton Union
-
High S. D., Calif;
7,500,000
1,140,000 "
V-1,700,0001964-1983- 11:00
3y4%
1981
3.30%
3.15%
3%
1980
3.12%
3.07%
pany
1981
*
February 7, 1963 Index = 2.962%
apparent availability.
___.
a.m.1
pany,^ Kansas, City, The lllinois ; Pennsylvania General State Auth.
25,000,000
j
Company; The Milwaukee Com¬
*1
:
'V March 6 (Wednesday)
pany,
Johnston,: Lemon &> Com¬
Louisiana Fiscal Authority.
'20,000,000,
pany, Watling, Lerchen & Com¬
-
3.25%
3.10%
and R. D. White & Company.
Scaled
3.10%
♦No
_______
'
[SytMiicate headed by John Nuveen & Co., StifeI; NicoIaus & Go., tnc.]
Greater Baton Rouge Port Comm.,
*
2.90%
Struthers
1965-1997
•-J
February 28 (Thursday)
Dev.
3.05%
Becker
3,500,000
1,500,000
•
Willoughby-East Lake S. D., Ohio
1981-1982
3%%
^
February 27 (Wednesday)
New
^
12,750,000
Prince George's County, Md.—__
3%%
State..
Noon
1,995,000
—
Connecticut, State.
Pennsylvania,
1966-2003
1,800,000
Ga
pany,
Delaware, State
8:00 p.m.
February 26 (Tuesday)
Bi-State
'
;
Chicago
are
a.m.
interest
in
the
11:00
1,250,000
(Mo.-Ill.)
I:;
1964-1991
3,000,000
_
cost from 2.90%^ to-2.925% for this
well^regarded bond*
*.
1,650,000
Tempe High Sch. Dist. #213, Ariz.
Chi¬
of
2.892%.
ranged
8:00 p.m.
February 23 (Friday)
of $6,000,000
(1964-1987) bonds 'was
This
12:30 p.m.
1964-1985
February 25 (Monday)
portant sales, but on Monday,
this
1963-1992
3,905,000
University of Idaho.
*
-
2;470,000
!
Rahway <S». D^ N; • J
Roseville, Minn.
On
notable.
and
light. > Scheduled
ferings
concession
to
-y
sold
bids, with the account headed by
continues
calendar
The
now
or
$1,670,000.
were
5
City Sch. Dist., N. Y
in 1980, the pres¬
due -1981,
bonds,
Norwich
Cincinnati, Ohio, Board of Educa¬
at least, strongly resisting any of¬
that
2.00%
ent balance in group is
tion serial
tentatively
time being
from
Nearing Market
relatively
bargain
are
Large Negotiated Offerings
investors
for the
in 1965 to 3.35%
interna¬
Dealers
make any money.
dividual investors and institutional
are,
and
finding this to be the hard
lacked
large in¬
yield
The
new
highs, recent efforts in penetrating
new
big
bid them
trade
Although the market's perform¬
the
the
to
lip on the
to technical factors while the buyers pre-sale.
Investors Demanding Concessions
during 1962 put prices at
con¬
buyers during the past 2 months.
tional
ance
:
Reoffered
El Paso Sch. Dist. No.
11:00 a.m.
1965-2002
Colo.___
eral
for
to
a
yield
3%
from <1.65%
coupon,
_Continued
on
to
investor
page
Louisiana
San
(State of)___—____—.
Antonio, Texas
fr
,
39 .Beloit, Wis. _:
*
.
March 7
20,000,000"
,3,500,000
(Thursday);
-4-—-
v
1,420,000
1964-1983
11:00
a.m.
Volume
Number 6236
197
.
The Commercial and Financial Chronicle
.
.
(579)
NEW ISSUE
$89,079,000
V?
11 • i
*\vr.^»A.
^«-i?
>'
• -
i
3.60% General
('< V;:Y j *,.,*# jc •> br#
'
r
'-.r
Housing Loan Bonds, 1963 Series A
-j -
Dated March 1, 1963
Due November 1, 1965 to November 1, 2006
,-P
...
.
payable May 1,' 1963 and semi-annually thereafter on May 1 and November 1. Coupon bonds of $1,000 denomination, registerable as to principal
fully registered bonds in denominations of $1,000 or any authorized multiple thereof. Coupon and registered bonds are interchangeable.
Interest
and
only
The Chase Manhattan
Bank, Trustee
Morgan Guaranty Trust Company of New York, Depository
Company, First National City Bank, United States Trust Company of New York, and Chemical Bank New York Trust
Bankers Trust
'•
•
;
??•:;'v.?
:'v
**?•;''
;
- •
'
;
:
'
"y
■
$'''?.■*?
•'*
k1-' -.J
>
.
' .V | vv^'-:*
•:<*
'
'' '
' *' *
"
"
'-s *
>
Company, Paying Agents
'' *'
•
* ' •'
-
the New York State Housing Finance Agency Act, Article III of the Private Housing Finance Law of
the State of New York; for the purpose of providing the Ageftcy with funds to nlake mortgage Joans to limited-profit housing companies,
to fund notes of the Agency issued for such purpose, and to deposit the required amount in the Capital Reserve Fund of the Agency.
The Bonds will be issued pursuant to
constitute, in the opinion of bond counsel for the Agency, direct and general obligations of
for the payment of principal and redemption price of and interest on which the full faith and
credit of the Agency will be pledged, and will be further secured as set forth in the Official Statement.
The Bonds will
the Agency>
</
>?
,r'
' K
Tf ..^1V k
:
.
-
:
'
•
v,
,
.
.
'
•
f
-S
-v:'
The Agency has no taxing power. The Bonds of the Agency zvill not be a debt
of the State of New York and the State zvill not be liable on such Bonds*
•;
^
Federal income
exempt, in the opinion of bond counsel for the Agency, undet existing laws from
Interest
^
;
of the New York State Housing Finance Agency Act, from New York State income taxes•
taxes, and, by virtue
L^ai investments* in Nezv Yoirk State, pursuant:to tJie Nezv York State Housing Finance Agettcy Act,
for the persons, public bodies/institutions/and fiduciaries as set forth in the Official Statement.
$
m.q
O0:i?
Ct<*
r^i.... ^.
U', ''•
$ ''
'
5'"-.
•
3./..',
-
"
/
•
r-
Amount
I
"
5
r
;
1,095,000
.
$
$
Y
•:
/.
'•
'vm>
<•*'
•
r
.*
;
1,175,000 ;
:
^
v^
^:---v .^;.%
^
i
■
'#
^^
.....
Amount
7'
3.30
3,055,000
3.30
3.35
3,280,000
2,949,000
3,165,000
1987
3.35
3.40
3,395,000
2,145,000
2*220,000
1988
3.40
3,645,000
tMmM$t405,000f?7772,300,000 J;
1989
^
1,450,000
1976
3.05 :
'
2,285,000
,1990
3,775,000
1991
3.45
3.45
2.50
1992
3.50
1,530,000
1,260,000
1972
1973
1,355,000
i
;
1971
1,305,000
'
$
1974
2.80
*
-
,
2.90
2.95
;
1986
t'
,
S
1,505,000
"1977 "
^
1,560,000
1978
!
J
'
.
'
.
2,560,000
'W.
*
.
y'K-.'
••'
r/rej« Bonds
are
offered when,
as
*''I
only by
w"
Phelps, Fenn & Co.
'
y-
^
:
Carl M. Ldeb, Rhoades &
C. J. Devine & Co.
.
%
1
>
A.G. Becker & Co.
"
Hemphill, Noyes & Co.
'•
ly/
_
4.
k 1
.
V ;vf
;"v
V
'
3
*
*
•"
,
Corporation
^
■■
Coffin 4 Burr
Incorporated
/
1
•,
: \
'
.
i1"
,.
^
1
f-'-
'•
-
'
.
'"3y-v3^v:y/:3^v3^.';;;y;-^ •- V^';
New York,
February 7,1963
.
'''3
'
.
'
*
'
-
i
Ripley & Co.
Incorporated *
%»1
»,a>
Equitable Securities Corporation
Ladenburg, Thalmann 4 Co.
Kidder, Peabody & Co;
.
R. W. Pressprich & Co.
Wertheim & Co.
' *f'v
Goodb'ody & Co.
First of Michigan Corporation
,
;
Salomon Brothers & Hutzler
■■
.-•■■■
''.33
/;:y
-
"
1
F. S. Moseley 4 Co.
4»
*
Bacon, Stevenson 4 Co.
*
,
.,
EldreJge 4 Co.,
Incorporated
?
Weeden 4 Co.
.'.':.y5:.3y'?■:*<
-
1
'
•
v;yy V.y* ;y;
v
J. C. Bradford & Co.
: ;'}3y:3y?".;':.N:; .y5 '"y',3'■ ;V'
Stroud 4 Company
Incorporated
Incorporated
;j
Wood, Struthers & Co.
'incprporated
"
•' . '
y
' 3 ' - ;3''3vv33.yy'3;3r:3ji: y'3
.
Geo. B. Gibbons & Company
Incorporated
Roosevelt 4 Cross
'
Braun, Bosworth & Co.
Incorporated
Fitzpatrick, Sullivan & Co.
'. 3 ..-.v
Chas. E. Weigold & Co.
Wm. E. Pollock & Co., Inc.
Adams, McEntee 4 Co., Inc.
Incorporated
'
Barr Brothers 4 Co.
Estabrdok 4 Co.
Newburger, Loeb 4 Co.
G. H. Walker & Co.
Hallgarten & Co.
■
,
F. S. Smithers 4 Co.
*■
A. C. Allyn 4 Co.
»
.
3'
Harriman
'
? *>% V
Lee Higginson Corporation
"
"
Tucker, Anthony & R. L. Day
•
•
"
' "
1
V'
W. H. Morton & Co.
«
Incorporated
Paribas Corporation
.y•
- *
;yry3vf3
Incorporated
^
I?
-
• '
"
Kean, Taylor & Co.
Hirsch & Co.
Gregory 4 Sons
:
R. Si Dickson 4 Company )
Dick 4 Merle-Smith
,
*
James A. Andrews 4 Co.
James A. Andrews & Co.
y
.Jri
Eastman Dillon, Union Securities & Co.
Shearson, HammiU 4 Co.
'
1
* r
6. J. Van Ingen & Co. Inc.
W. E. Hutton & Co.
L. F. Rothschild 4 Co.
*
American Securities
\
Blyth & Co., Inc.
;
Drexel & Co.
3
-
^
Incorpor«t«d
John Nuveen & Co.
...
Reynolds & Co., Inc.
y;
,
Francis L duPont & Co,
Blair & Co.
^
>. ;.•/ s t-.--.
(Incorporatrd)
Incorporated
Haupt & Co. ^
^.v.;
"
Incorporated
Bache & Co.
'J' y.y
undersigned and other underwriters as are registered dealers in this State.
Kuhn, Loeb & Co.
Stone & Webster Securities Corporation
••
•lik'ii; '..'yu -'..fv.
Incorporated
Hornblower & Weeks
Incorporated
1
•
r "1
;
stated in,the Official Statement.
as
Smith, Barney & Co.
-
Merrill Lynch, Pierce, Fenner & Smith
Co.
'
approval of legality by Messrs. Caldwell, Trimble & Mitchell, bond
btf Messrs. Mudge, Siertt Baldwin 6 Todd, counsel to fhe underwriters. The offering is not made hereby,
Goldman, Sachs & Co.
1
Shields & Company
redemption prices
Lehman Brothers
v
,
Alex. Brown & Sons
Glore, Forgan £ Co.
-H*
The First Boston Corporation
Halsey, Stuart & Co. Inc.
Allen & Company
•• - •
of the Offering Prospectus, copies of which may be obtained from such of the
means
3,580,050
and if issued and received by the underwriters, subject to the
counsel to the Agency.be passed on
but
3,910,000
after November 1, 1984, will be redeemable at the option bf the Agency on November 1, 1983
104% and accrued interest, and thereafter,,at the times and
at
3,520,000
(Accrued interest to be added)
"•*>.
* *• "•
Bonds maturing on and
y
•
■b;
■
,y.
,
*>
2,470,000
/
3.10
3.15
^
.
' 5
2,845,000
,
v
3y?gj; j
2,745,000
3.20
3.25
3.25
;
;
*'Yield'*
•>•>«?.1
•
$2,650,000
1985
2.70
1,215,000
<
^
^
.
i-> '^> t^ rtr^-y- ■ -<>ri < $
r";~
>.i
*
1,995,000
2,070,000
$
Ira
:^y
*jfO rftiw
' -., i-i-ti
~-'ii''>ti
( mi'.
Yield
3.20%
■
.
f
i.;:-.- ^
....:
, -,
,
_
,
>1,135,000
,
.,'"*
..
.
1,055,000 ;
^
..
.;,.
AMOUNTS, MATURITIES, YIELDS AND PRICES „:.^rJj,j.':,:lft,yfoy
\ - Yield .V"",'? *'■>'''»? Amount'• -3?- Due
1965 : ,W L90% ' "
" $1,615,000 ?./?1979
1966 V * 1 2.05 U
■ 1,675,000
77. 1980
1967 v
2.20
1,735,000.
;
1981
1968
2.35
1,795,000
1982
1969
2.50
t 7. 1,860,000
1 1983
1970?
1 2.60
V?
1,930,000;
1984
,,
650,000
/:> ■,.<
Due_
.
115,000
$
v
,
,
.
.3
Tripp & Co., Inc.
7
8
The Commercial and Financial Chronicle
(580)
Aikman
DEALER-BROKER
Co.,
INVESTMENT LITERATURE
Radio
IT
>
'
•
''""
~
"
"
*
'
;
"
7
,
ue
'
'
"
;
Stocks
Hanse-showing
Corporation, 60 Broad Street,
New York 4, N.
American
up-to-date comparithe listed industrial
in
the
Dow-Jones
an
between
stocks
used
S0I}(
Y. ''
Incorpo-
Quotation
National
the
Stock^Com-
Canadian Common
N^w
Stocks
tations
Shares During the
ments—Loewi & Co.
1962—Tabulation—Gerst-
Broadway
ti
How to
et
Yoyrk f
New
N
' ir
Stock
°f
.
Dis-
Milwaukee
pUrposes—Harris,
Qus
exposi-
Wjf Jj JJgyflgll
Texas
of
Wall
36
St.,
—
^
Bache
New
York
*
#
#
fit YYHP ID 1VT15^1 TYl 1
k;uuAA^ 1
1
6111
&
5,
Co.,: Incorporated,! 301 Southeast
Scranton & Co., 209 Church
New .Haven 7/ Conn. Also
r^3*/3 r»G ffS 3 memoran<^um ?n.
Bulletin
—
Montana Dakota Utilities.;
Grumman—Memorandum—Chas.
&
—
V
;
Hcrshey Chocolate Corp. .— Re¬
vlew- D. H. Blair & Co., 5 Hanover Square, New York 4, N. Y.
Y. Also available
Also
available
are
.
reviews
of
2,'Minn.
Co.
Refining
„
and
Company—An-
Reid
Co
'
.
6
N
Y
70 Wal1
;
•
Brooklyn
N
Also avai^ble
Y
'L
Hnmestake
on
,
are
-2?10?*.
York 5>
V.
N.
^wlll^ O^ckle
Also available is an
Japanese^Market-yjtevie^y^ya- analysis.of Medtronic Inc.
&
-
*
-
,v-
-V
..
.
nothing.
Toky» Electric Power, and Toyo for
Co
Spapi
,
.
;'
"
■'
*•
continued from
Electric Industries, Teijm
com-
Mining
*
.
Continued ironi page 2.
fact,
In
common
.stocks ?represeht 54%: of admitted
??Se S.-Xer?^
?TVeoa^f-*0
-n
thar? 5% ;foj $11 rfU.'rS. hfe corn-
—
,
.
.
V
•
Shct^
I1 ^orecas^1A1^ David
McK^ Co., Inc., Y.—$5.50 40 St.,
119 West
•
I Like Best
6, N. Y.
p^blic utHity Common Stocks—
Mclntyre JPoreupine- Mines
^
; ,
Comparative figures—^^G. A-Saxtoni " Ltd* 1
^
^
, : Northern |Uinoi$. Gas^T-Ati&lysis—
& Co In
52 Wall street, New Canadian Pacific
Memorandum Watling,
Lerchen :& Co.,' Ford
iwf x^an<^r?
for-
was
The Security
Aiso available are memoranda, on
Report - Oppenheimcr, Newborg
& Neu, 120,Broadway, New York
5
'
Co., Ltd., 149
Broadway, New York
Company
Gas
Union
regtotered
a
merly with A. C. Allyn & Co.
•
New York 5' N* Y-
rsrsrssrsjss»»<» Securities
C '
^
-Daiwa
•
as
representative. Mr. Baren
Major Po01 Equipment Corp.—Re-
Pnm0n
4, N. Y,
29 Broadway,
' P°rt—Hill> Thompson & Co., Inc.,
'
j
York
street
Second
Inc
Cleveland 14
Building
i
&
New
Wm. S. Baren
Company-Analysis-
Schweiekart & Co
Fulton
ohio
Eaqt
&
Upham
:^n yritingMagna^ox
Distilling
Ohio
storer Broadcasting Co.
itajis^c^l mettiods of^ar^
.
aiysis
pay-
Co- 120 Broadway, New York 5,
ivr lirof.
A^st) available are reports
Market
Atlantic'
.
reviews
,
«
National Can.
on
bulletin).
Barton
Incorporated,
Y
New York 18, N.
Also ,'
St., Boston .9, Mass./Also available
comments ;ohCurtiss Wright, Jos tens—Memorandum—s'Cr.aig-v
Northern
Pacific
and
Textron* Hallum, Kinnard, Inc., 133 South
widely
.
on
—Louis Bean—A detailed
Y.
are
Portfolios_Four chosen for vari.
.
of
report
a
'
,
dividend
1962
and
225 East Mason Street,
sstiXnt
PllU^phia 7, Pa.
r>' *• 4. .the
Predict
*
w
quarter ended
Mar
—
120 an(*
,.e.
held in Wisconsin—Year end quo-
Companies Purchasing Their Own
Common
'
•
Counter
the
Over
1, Ont., Canada.
European
Viscose
New York 5, N.
is
Bureau
y'rk 4;N
Limited, 60 Yonge Street, To-
Broad .Street,
N.
5,
—(Brm requests stamped self-ad- Seventh St., Minneapolis
parative figures-Equitable Brok-
Dec. 31,
Wall
Averages and the 35 ove^thf" rShv & Company, hL? ftV State Budget Finance, and Coqa Cola
counter industrial stocks used in
Colby
Inc., 85
Bottj|ng. q
of New 1'ork
Position—
Financial
a
c al
Study —Greenshields
ronto
Inc.
Folder .Waiston & Co.* Inc., 74-Wall St.,
—
rated, 507 Place de-Armes, Mont- Averages, both as to yield and
real, Canada.
market, performance over a. 23**
ers
Climax
Metal
Courts & Co., 11 Marietta Street, Broadway, New York 6, N. Y.
companies of the over-the-Counter Index
New York
united States
Canada's
Canada s
ea o y.
»
American
quarterly| comparison;; of leading N. W., Atlanta l, Ga.
banks and trust
are
B&rGlt
42
are com- mIAMI, Fia.—William S. Baren
ments on Avco, P. Lorillard Co., has become associated with: the
i
Morris» NationaLFuel Gas ^ami office bf Hayden, Stone &
qji Stocks—Comparative figures-?-." —-Discussion—Carre&u & Co., 115
consecutive
123rd
—
Co.,
120 Broadway, New York, 5, N, Y. American Teiephone & Teiegraph
sey-Tegeler & Co., Inc., AmeriBuilding, Houston 2, Texas,
York
M
Co.,
Greyhound—Bulletin
Y.
N.
5,
v
cana
atic
available
"T~ w;\:
-'r
Report —Reynolds? & Co.,
O i 1—Review—Demp- of income—Laird, Bissell & Meeds, Broadway, New York 5, N. Y.
Australian
Bank
"
"
1
New
&
Utilities and Boise Cascade.
Chemical
York
New
Grace—Review—Cary
Rhoades
nS0<*alailthlJ? 1S * SUrvey 0t N* T- Als° availaWe
»
'"••
Agricultural
Broadway,
MENTIONED WILL BE PLEASED
THE FOLLOWING LITERATURE: V -
PARTIES
INTERESTED
SEND
TO
an4 St.,
Co.—Survey—Abraham & Co., 120
FIRMS
THE
THAT
UNDERSTOOD
IS
Corp.
R.
Loeb,
Corp. of America:
American
AND RECOMMENDATIONS 1
W.
Insurance
Cup
Tulip
Lily
Pacific
Georgia
Corp.;
Great American
Corp.,
Thursday, February 7, 1963
...
Building, Detroit 26, Mich,
>Bank^^L^S$ii:|:^
^
its ihSiirance.«b
Canada;;.i^^ilx.l^ahcfcc!feMemqr$ndtii#^
Yrak' 6 ' N-? Y Ako°avMtebie afe- ^""^"ftPTt-Puerto Rico Ports. Canadian Superior Oil' J.td.—An-'^ilson & Co., Inc. 155; Sari^me tetter . tK|inahe: inaustfy's., Pki'd.
NviL* Also avaimpie are ••Authority, P. Q. Box 3508, S&n alvsi^Califoi-hi^ investors 3544^^ St^Sarr FrahciSco 4, Calif;^- ^-mont-SoOthern's? insurance
in.
reports on Kawasaki Kisen Kai- juan Puerto
Rico
" c
^sisr^iifornm^investqrs, ^44 Piqkwick Organization,. Inc.-~-Gi^^i^or<ie^^.had^ ah$hnto ir^e$^e qf
C
haA
West
Olympic »- Bouleyard,
Los
maichirSecurities^ Co. of New
puerto^ Rico
Ports
.44 King, Street."West,' Pacific: National
Liniited,
Toronto'
Ont;,
Angeles
19
Authority—
.
-
•
sha,
Ltd.,'- Nippon
»
Japanese
Market
Review
—
'
Kabu-f
Yusen
.
Rubber Industry
shiki Kaisha and Nitto Shosen Co.
Boston^
—
^
^
F.
Study
S.
°
50 Congress St.,
.,
Calif.
Ciferpiliar
<
.
Tractor
—
'
Securities
Co.,
™?9
,
La tin
N.-V.I'
American and the European
^Common
Markei-r-Study t in' cur^-
•
^Selected
MOKR
f
'
1
\
.'**
'
t^lanese—Memorandum^ogge-"pyii^ National^/— Anafi&
Stocks—^Bulletih-^Gohehi" shall & Hicks, 111,Broadway; New"Binariuel,* Deetjen, -.& vCo.^ :/l^
n •Bank 1 Chase: Manhattan
Plaza New York 15,
Co.
;
nue,
300
Incorporated,
^
<
Park
*«^iG*.
^
'.Mutual
ACF Industries
^Taussig,
Day
Olive
:
in
Bulletin
Chear^
comments on Family
FiiiancS
not:: to>
are
and-Pillsb^^
Co.
;
^
Company,
Street, St. Louis 1
4rvTirv;;?«cw.: iuik u, n.
City Bank -Stocks— are. reviews of
x.
aiso avauaoie
ru«uu«»n»u. * *«*<«,
A
v^w
Y». Also available
^pulletiii, on(; breakdown:;.^overnf .Corp., ' American U Broadcasting-' OOmmehts on Standard
bond
^
1962—Study-
&
\ New. York
ment
mentroh., thej Richardson
Review-^Albert : Ginsburg *; Qorhr related tb AlIstate lnsurahcc^^
Pany,lBdk 777,,Hibbing,vMinn. ; tlArc.'Aliyn & Co., 122*
^
»
*
••
5>r:
—Fahnestock & Co., 65 Broadway, dum—Saunders, Stiver
& Ch.,
Jts sponsorship is of the best,
York 6, N. Y. Also,available .Terminal-'Tower^- Cleveland ,13, directori iinclude .sbme, of' the
rdview b^Ex-Ceil-O Corn.
: v- •' -pleading biisinessmeniin:the.sopth,
>
;
*
^
^
Funds—Taxability of disr
paid
•
*
•
Ave
New York 22, N.;Y.
::;tributions
509
N. Y.
*
Packers-4Report--Evans ^
Meat
Q'/on/eih
.
•
w
portfolio
and
Paramount
sources
Allied
York .5, N.;
Chemica!
Theatres,- Collins
Jersey,7
&
— - —
infiiirflnrft
hii^irifHsc !inrliiding
Slater Steel „Ihdustrie%:Ltd.^Re^"
are
Suburban
Ralston. Purina, ^Sealright.
Falls,
For Bahks,
McKesson* •&
Andrew
Brokers\jiffi:]FirianaaI. Institutions
Co.-
Jergens
C
'•
New,Yq*k 5;^N.
Y:i''^
Currently Active OTCT '
G. D. SEARLE
fv-.
.*
;
";T.
.
y..u \
.,
•
^:.vt
-V-
;"f
iMOSLER SAF£
'
REWANEE OIL A
||;
Canada.
&Rp—W'
Eastman
Thomson
-
4
:S. V-
i>
^'-Jry
$.v$ilable .is
3,
.U- '.
mnrn
.J
;X.
/
J.
/V.
-P-J/',
'.y ,*
T-;« *'»••••;.;'Hi*
-
■
-v"'
V -.1
*■.{'
v-
*•'
':!v■"#»-V H-KV/.V'V.V^
t
Members New Yftrkfiwsurity
Dewier. AModati on' ,r,
a
/p^jgjo^hduin o'fi.
•
J.
h.
ti. i
C.
SC
•
Bradford
Nashville 3,
&
c'
74 Trinity Place, New York 6, N. Y.
•i HAnover 2-2400
_;
v:.
v
^
V
fcrqehure-j—^
v; •Weil,
.Co.,'414 Union
Tenrnv^fg 1'*.
^BROKER^WANTEDl
Labouisse;'Fr4edtK^s
*
Xelety}>e^l2 571il780;-T781?17U
J
;
Peter
.,
JfC
;Broadwayf *NeW^Ybrk.^4;;Ni:;Y:
f
.•
."•/*'
..v.
*'*
'i"V.
'.«■
• •
-•<*
V.
A'U»ue.;$300,000f
c©nvcftible- sinking
fund
debentures
for' <substantial,'
profitable
gUvM;'.•';V
concern.
¥'> •*'
*
Offering. circular, available
5; Nr'
Co.^-Analysis—' Xtra Inc. ^ Analysis — Putnam
McDermott & Co., .- 42 Co.,.: 6'Central. Row, Hartford-4;,
Machine
.r. r
:
Co.",-Jnc.V'44 Wall ;St.,; New York;
%
^Gisholt
,-Vv
•Tn handl« Reg.
diversified, and
,,(^niscpr—Memorandum 7^Lest'eiy,;lW^d^Toy uHohse—^3\4emoi$ndui»^
Ryons-& CoA; 623 South Hope St.',. -^Laren & Grimm, 2Q Broadway,
>; - 'L6s'j'Angelas 17; Calif/.'.'-,
,'r,-:^^ew York 4,*'Nt Y.;
?■
x
i
,
•
^ide^er'M^inr' Sfer^pe
vFoote.&^DaviesVlncr—Analysis—^Men^rai^hir^Cutter,''Benhett.;&
y
Troster, Singer &iCo.
^
.
*
Inc.^M.emorarir;;, 2li'CarOndelet St., N.ew; Orieans:
f dum—McKeown' & Co.; 200 South
La. ;.
■■tj -v*v ]'!■ '?*■
,.LatSalle. Stk, Chicagp 4,-111.
••. West VirginiaJ Turnpike.BpnJdiTr-V
15
-
•
2;Broad- tcries.
Gould, National Bat
«Eversweet Foods,
vVt*
»V
.i
'
A* rmtraauigmarltet*
'v.:.*.:
j& McKinnon,
;He J; Heinz. :.i
STANDARD
FRUIT & STEAMSHIP
'.*.:■*£
Kodak—Memorandum—'- Alkali. and
.yw.ay,'4^Tew«: Yo^k,. 4; .-'N»
:ALBEE H&MES
*'■
about B0.
'
UNITED UTILITIES
<{
.
«
zinernieSLw-^-v25 Brpad street'~ >°?6- & Aikman^oiii^rReview Broad-f■ ^ow Sohs^MemQrah^^
Y,:
:
Yoik
^imness-Highlights;v^^hase'AMank.Ne^Xork. 4,,-N; Y.
Covins
O;. M. Scott: ^
-
+
A
increaseV^Or/^vs,^.^
-
.
'of
-O
.-of -8%froin. ,1955-1961; ^capital
99- Wail St.,.,New York 5, N. Y.
Rouse &
KUsbury-Co. - Memorandum
Ltd., 61
•0Sl0n
Mass
Broadway. New York 6,n: Y. Secondary, and Speculative .Kail-Rector Street, New York'6,-N. Y. Sincere & Co. 208 South
Also available isiah analysis of.. Bohds-^Report-^Garyin, Bantel & Also
available ■ 'are - 'mernQrahda ^St;, Chicago 4, 111." Also.'
Mitsukoshi Ltd.
•
•
'
}
Co^' 120 Broadway, New. York °5, ori Rdyal Dutch and PHlsbury Co. - fs a irtemorapdum on Seebbrg. i
Nomura
19,% against . a. national average
i '11
1 cular^B. S. Lichtenstein and Co.,;
ft
«*.
i-v
i.:
iff'*
'
Memoran^
dStinef
Mass -
V
-
STAR
V" r
3601
•
DEVELOPMENT-;.:
CORPORATION
i
East SavthvMQuntain Avenue-
J*v O. Box. i^215j
JP<ho,enix, Arizorva
>Telephone. 276-^544
•
■;
>
Number 9236
Volume 197
.
.
The Commercial and Financial Chronicle
.
Chapter
(581)
XI
of . the
Setting down some random reflections on the selection of invest*
menlS) with a View to minimizing exposure to competitively induced
This
is
limits
ambitious
en-
Meat
describe,fwithin
the
have
single article, the im¬
fully
quite;
deavorv^to
of
-
a
an
competition *
of
pact
limiting
comeptition
oppressive
in
areas
either
less
under
system
this
panies
build
enter¬
theoreti¬
2,000
com¬
and they built
cars;
different makes.
today, how
left?
are
800
over
formed in America to
motor
over
margins.
always
making
GM
General
and
billion!
Motors,
in 1962 than
corporation
in
Those
fantastically,
8%
earns
after
competitive
in¬
who
today
of
in
the
found
net
most
businesses.
has
survive
to
and
one
of
Motors
mula
The textile business has
been
fiercely competitive
have
experienced
and
for¬
overcome
he
should
tric
run¬
gory.
drastically
unsold, sacrificed,
written
off.
The
filling station end of the oil busi¬
has
ness
that
exuded
today,
politan
often
competition
on many
highway
see
three
stations
busy metro¬
corners,
and
you
sometimes
slugging it out with
other—brandishing
cuts and
so
price
third to one-half of
Having
stores
had
pretty
good going until discount houses
These have
along.
came
altered
merchandising methods but
themselves have
among
even
completely smooth sailing.
Korvette
has
slowed
had
not
E.
J.
down
its
the
with
grim brush,
of
ogre
to
come
rate
and
a
pioneer
dis¬
count
11
house,
stores
Masters,
has
just
Inc.,
filed
with
under
mind
created
such
cate¬
insulated
broad
a
in this
American Home
Products, Bristol- equities selected along the lines
to look on Myers,
etc.
Service companies we've indicated.
Competition has like American Express and unique
smart
managements
enterprises
process
consistently and prof¬
such
Pit-
as
ney-Bowes have good competitive
machine
to
ways
with
cope
Another
industry is replete with
competition,
IBM
yet
sheltered
ing
recent years
oil
Socony-Mobil
yet
a
is
just
the
roses,
competition magnificently
after year.
of
the
most
highly
businesses, but look
Franklin
the
each
General,
and
etc.
every
the
cess
in
a
and
Own Law Office
CHICAGO, 111.—John M. Roncone,
formerly attorney for the Illinois
Securities
gaged in
law
Division,
the
from
Salle
is
private
offices
at
now
practice
11
South
hundreds
drove
of
other
companies out of business.
•In
1954/6
Street.
on de¬
for
the
most
part,
profitability
in
Levien, Greenwald
To Admit Partner
Levien,
of
the best
Greenwald
&
Co.,
pete in that exciting
legal monopolies.
Those investors change,
on
March
1
Su¬
whose portfolios have majored in Robert D. Lubash to
one
telephone and electric
shares
suc¬
competitive society.
have
done
after dec&de;
u
will
try.
Where
90%
of
t i 1 It y Mr. Lubash will acquire a mem¬
well
decade
bership
in
the
New
York
They have substi¬ Exchange.
dead, and
the rest only alive
2,500,000 Shares
Over
many
of
Competition
competition
that
Greatamerica Corporation
an¬
guished nine out of 10 speculators
bold
enough
f i$ld;
;
Between
tronic
to
1
1955
in
this
...
and
companies
dandelions
in
venture
;
...
-
and surviving
by virtue of merger.
again—but
!i
indus¬
they today?
are
them
com¬
spring, and
Common Stock
elec¬
1959,
blossomed
like
($3 Par Value)
specu¬
lators v tripped, oyer each other to;
buy the "hot" issues.
they
are
But, where
electronic
(the
com¬
panies) today?
Many are out of
business, the shares of dozens sell
at
10%
highs;
to
20%
and
of
several
their
are
Price $16 Per Share
market
dying
to
merge, and may die if they don't.
Competition
again.
Some
inves¬
tors wound up as fortunate stock¬
holders
Texas
in
the
Loral,
Litton
Instruments—many
wound up
Upon request,
or
Company
more
may
a copy
of
a
Prospectus describing these securities and the business of the
any State from any Underwriter who may
regularly
be obtained within
distribute it within such State. The securities
in left field!
and this announcement is neither
an
are
offered only by means of the
offer to sell
nor
a
Inter-Industry Competition
Competition
dored
thing.
is
a
Prospectus,
solicitation of any offer to buy.
many-splen-
You find it aggres¬
sively present not just within the
industries
newer
cited,
we
but
Goldman, Sachs & Co.
between major established indus¬
tries.
For
dustry
example, the' steel in¬
suffers
from
Glore, Forgan & Co.
competition
with
aluminum, prestrcssed
crete
and, of course, low cost for¬
eign producers.
The
lumber
Carl M.
industry grapples
A. C.
against the inroads of aluminum
and
plastics.-
hounded
-
Railroads
Loeb, Rhoades & Co.
Allyn & Co.
Francis I. dnPont & Co.
.
so
E. F. Hutton
transporta¬
displaced by
W. C.
it goes.
&
Company Inc.
Langley & Co.
L.F. Rothschild & Co.
Inter-Company Competition
Most
intense,
competition
perhaps,
within
is
A. G. Becker & Co.
Hayden, Stone & Co.
W. E. Hutton & Co.
Lee Higginson Corporation
Shearson, Hammill & Co.
.t
,
.
Drexel & Co.
a
Hemphill, Noyes
Co.
Ladenbnrg, Thalmann & Co.
F. S. Moseley & Co.
Shields & Company
Incorporated
February 7, 1963.
j
the
industries.
Wertheim & Co.
Incorporated
pipelines; leather is being re¬
placed by plastics and synthetics.
And
Bear, Stearns & Co.
Hallgarten & Co.
~
natural gas; oil water
are
Bache&Co.
Paribas Corporation
Coal has
suffered the invasions of oil and
companies
Lazard Freres & Co.
Incorporated
by- • competition
from
trucks, passenger cars, pipelines,
tion
Hornblower & Weeks
are
:
airways and waterways.
Lehman Brothers
con¬
•£
admit
partnership.
motor
new
50
to avoid Broadway, New York City, mem¬
competitive pitfalls is to invest in bers of the New York Stock Ex¬
ways
•
forrft'ed to
of
La
Companies such
uranium
400
over
companies were
en¬
sector.
One
surge
year.
keys to survival and
Sam,
Garrett, North American Avia¬
this
way
perior salesmanship is surely
of
Uncle
$52 billion
competition-free
one
Life, Republic National,
Connecticut
aerospace. Here
biggest,
year.
year
competitive
at
this
sustained
Life insurance is
Opens
de¬
tion and United Aircraft illustrate
yet International Harvester fends
off
world's
fense
as
of
national
The customer here is
who will spend
re¬
Farm
year.
bed
no
in
competition-
flows from research and de¬
velopment.
struggle,
a
has
wonderful
machinery
Kodak,
business
has been
in
companies enjoy large in¬
many
come
Eastman
The
much.
very
is
fense, particularly
corporate entries, yet noth¬
bothers
excellent
area
prospers
continually. Photography spawned
many
Roncone
insulation.
"profit-squeeze" that
against the
com¬
petition.
competition, and to insulate itself
*
the
for
of
A second tactic is selection
it's time
the brighter side.
ahead
growth
rigors
of
our own.
painted
competition
ported
trading stamps.
Department
regulation
incisive
petition inter-industry, i n t e rcompany
or
international may
companies with firmly estab¬
substantially dim the prospects
lished proprietary
products, such for future profit, investors may do
as
Carter's Products, Coca-Cola, well to consider better
ning them with labor costs, one-
itably found
or
often
probably
business adversaries. The business
were
Gen¬
the
and
dismal
to
years
history
annually
in
taxes
eral
because
they
by
which have
each
vested with General Motors pros¬
pered
partly
so
brains out
our
also
four
more money
—$1,459
fright¬
First,
postwar plants
could beat
great swings from high profits in
But
Five, with Studebaker,
other
any
been
it?
restraining influence of
government
We have done nothing
today to
his
enough, we have slant
investment
dollars limit
competition, or its effects
the specter of increasing govern¬ toward those
companies with in¬ on corporate
profits; but we have
ment in business, and energetic dicated
or
proven
competitive suggested that special attention be
foreign competition from coun¬ competence.
Such companies as
given to competition as a signifi¬
tries
for
whom
we
were
kind General
Foods, Corning Glass, du cant investment factor.
Bather
enough to build beautifully effi¬ Pont, Lorillard and General Elec¬
than invest where bitter
com¬
such small profit
on
investors
and
motor companies
many
along;
competitive
they operate
the oldest of them all, just creak¬
ing
traditionally
new
of
severe
inventories
free
a
which
in
century,
were
packing, and retail groceries
competition
frequently disastrous losses when
Survival
cally, competition is the life blood.
In
■
not
fortunate
effectively
\
live
prise
outline
is
Competitive
We
factor
a
profits
being
or
overcome.
as
reducing
or
various fields, and to
where
"profit-squeezes."4—
inter-company
cient
By Dr. Ira U. Cobleigh, Economist
and
tuted the
one
the facts of investment life. What
then should an investor do about
inter industry
And as if all this
were
'
1
Investment Guidance
Obviously, competition is
Foreign Competition
Investment Factor
•
Bankruptcy
Act.
as an
9
Reynolds & Co., Inc.
G.H. Walker & Co.
Incorporated
Ai
Stock
The Commercial and Financial Chronicle
10
Each is powerful enough
economy.
to
Study of Our
A Realistic
nation.y If
public
-
welfare
of
spotlight
thef
attention
^
can
focused
be
.
should
edies
>
possible.; Solu-
be
of the
III-
:
'
the
conference
fisc
on
t and
a
hers of the
came
1199356476320—.
$10' billion
gigantic
It
is
expected
the
new
he
brought
year
it
that early" in
arid
the
before
sundry purposes
the world.
Con¬
year
every
for some Gov-
the
present position of the
dollar. A study of our exist¬
palling situation.
money
ap~
or
S.
world's
with
dollar
is
weak,
in
distrust
and
world
Today
viewed;
markets.'
Devaluation is rumored. In recent
i
.
,
gold reserves have been
years our
shrinking
ift
constantly.
-t
of
..
.
living
*:
'
! i
^
A
cannot be ignored,
two.
TABLE A
THE FEDERAL BUDGET
••
*i-
r
^
on
the
^
..-'I
■.
3,116
1,924
;1933
2,021
4,623
1934
3,064
6,694
3,730
6,521
1936.
4,069
4,979
7,756
5,615
.
,8,85a
1
7,103
1942..——
«
9,062
L
3,862
13,262
.
79.407
95,059
44,475
98,416
39,771
60,448
39,786
3&0?2: v
3-7,696
-J—
1955
1957
1962—
1964
♦Fiscal
67,7-72
•69,433
^
-
OF
eliding June 30.
FIGURES:
remain seriously out of balance, if
continues; and
Inflation
as
Foreign
Spending goes unchecked, de valid¬
become
may
Worse
If devaluation, should come
door
1,596
v
2,819
the
would
be
the
opened- to some¬
long
.
.
such will
the
dollar has
(Table B).
down.
in the dollar with
what
buy
one
has'
must be warned
TABLE
a
Consumer
a
dollar's;
C
Price
Index
-
halt
To
will
be
1943
>
—
'1944—
79.0
—
—
trend
the
difficult,
index
based
is
inflation
of
it
but
be
can
approximately
on
commonplace items which enter into
general cost of living for the average
consumer.
Such items
are
arranged in
Other
•» is
Goods
100.0
given
Recreation,
Services.
Each
group
a
117.3
TABLED
1 124.6.
———
and
weighted value in accordance
with its relative importance.
The eight
groups are combined
forming a national
index which
represents to a significant
degree the cost of living for the average
U. S. citizen. •; "
A, >
105.9
-
fire does and
Personal; Care,';Reading- and
100).\
A "Index
——
—
con¬
unwary
eight component groups: Food, Housing,
Apparel, •• Transportation, Medical Care,
1940—.—^.—.— 100.8
1942
the
th6
LIVING
as
foreboding
as
300
OF
Veap—-
worst;
will burn!
1 This
COST
Just
sequences.
A
Whereas in 1939
would
THE
happen here. But,
be" overlooked that
kind of shock to world confidence
gone
reveals
record
dollar
never
never
devaluatidn: could bring the
Cost of Living
Everybody knows that the value
of
right out M those countries
taking refuge elsewhere. W'e trust
it should
Value of the Dollar and the
,
millions in private capital
came,
moved
,
94.4
——
77.2
126.6
EXPENDITURES
1945———— 129.5
1946
71.2
-
———1—62.2
——
>
.57".$
58t3
FOR
1,224
—
1949—
—A
-i^l———53.5;:
57.8
-
140.4
■
160.8
3,856
171.4
*
8,811
—_
11,902
'
tExclusiVe 6f proposed tax cut.
statistics.
51.9
1
51.7
1955——;--—.-
51.8A
: ;
470
1947..—.———
186.9
51.1
1954.———..
716
1951
1,028 J
1954—
,
I! 49.4,
I960—
1
Figures furnished
Morgan
1958
of
New
I960—
—....
1962
York.
I
(October)
A
'
1,814
1957
1,955
A
2,140
2,380
213.0
I960-
215.2
219.0
'
1,612
1956—
AV
SOURCE OF FIGURES: Bureau of Labor
Statistics, U. Sv Department of Labor.
2,640
1961.
1961—
a;
1,401
'
: 209.8
1959—
/
47.0
45.7
Co.
207.9
...
.,*1955
195.6
—
;
48.1'
through courtesy of—
Guaranty Trust
1956
1957...————202.4
46.5
(October)
;
'
I
1,306.
192.8
———
.
1,188
193.3
1955.-
688
—
1937
—173.1
1
47.7
-
($ Millions)
1929.
I
1953——.—— 192.6
———.
6,378
;
By U. S. Residents
Year—
1952—A. 191.1
—_—
1957.—
a
-
Government
—
19471—
FOREIGN TRAVEL
1948——— 173.1
a
1956—————-
'
12,427
y* '
4
States
that
denied
duction costs—a major component;
——99.1
1954—————
'
:
'
'
be
-
94,311
98,802
United
seems cer¬
oui*;
1939_—
x—;
1962
year
the
—
tain: if the Budget is allowed to
inflation and
of
1953
87,787-
,
86,900
This much
be avoided.
faucets which
many
3952_:—- 52.3-
„—
1,626
81,515
Estimate-
SOURCE
:
71,936
76,539
.
are
(Based 1939
1951.
80,342
81,409
anybody wants devalution
question is whether or' not it can
take considerable muscle thing one hardly /dares mention.
We trust God it will never hap¬
cannot
the Consumer
1949.
,
' :"
85>50&
not seem to be a case of whether
.
1950.
'
Estimatef
There is no rea¬
to doubt their sincerity. How¬
ever, M matters look now, it does
happened, since before World War;
B
J—.
1948.
.
64,570.
77,659
-
1945
3,510
66,540
67,915
—
political party aire opposed
shut off certain of the spigots.
not
were
-1944—.I—————
74,274
77,763
.'
734
65.408
69,117.
son
may
living
i—80.2
8,419
44,058
71,029
1959—
1963
I
68,165
—
negative.
•
'
60,390 :
—
1958_.„
each
to. devaluation.
to
85.2
1947.
64,655
...
53,941
20,676
^
it
-
,19461
64,825
1956-j—
in. " "the
"Is'
Avowedly, leading spokesmen of
it
(Cents)
—
39,6i7-
61,391
«
There
1939———— 100.0
39,507-
-
'4t,$68
1954—
•
——
33,069
A
36,495
1951.
Repeatedly the official
response
After Devaluation Something
feed the: stream
Value
51,423
1950—
position
its
,
will the
valued?
It
of the cbrise-
Year—
57,420
43,635
1949
regain
t$an doubled
:
.
often the question is
dollar be de¬
so
—
Inflation
A
21,490
21,987
41,488
Every
Price Index
"6,159
1944
1948———
more;
-k
.,
Will the Dollar Be Devalued?
The United States dollar
never
Price;
,
1939= and: during; that
period it. has.
(Based 1939 as 100)
3,918
.
1^43.—.
—
will
stark
As Measured by
1,177
.
—
•
34,04a --
—
Consumers
sharp, and consistent, rise
a
since
ever
This fact should be recognized
Purchasing Power of the Dollar
2,777
12,555
1945——
representative;
istered
he soon exhausts his savings, falls
II
4,425
—
6,792
4,996
5,144
low
In other words,
(Table-C).
still of inflation.
a
year.
TH® VALUE OF THE DOLLAR
2,791.
8,493
1937
1
pur¬
dollar
all-time
new,
a
just 45.7 cents.
the
the
Index,1* the cost-of-living has reg¬
or,
this trend?
Can anyone -dispute
All of this
rather silly if
TABLE
"3,630
'
in
results
more
quences.
2,602
....
it
with
deficit the next
for the seriousness
2,735
•
be .met
furthery-inflation.
S sounds
462
'
adds
which
tends to increase the cost of
and
Deficit,
Surplus
V
4,659
1940. A-
of
Two of the most
interest
either
higher
,
3,577
■1932
—
times,
over-alt cost, of running sudcessioh .of wage increases has
Government. This added cdst resulted in materially higher pro-,
taxes-,. or,
SCOREBOARD
.Expenditure^
1931—;
1938——J-U-
of
' to the
.
...
Harbor?^(,, ',..
must
(Millions of Dollars)
1935^1
dropped, to
•
56-57
Just who paid much atten- nently!
debt carries
-r
Receipts
October,r 1962,
in
51
things.
same
powerful factors pen, -but A should we ' reach the
inflation are j stage of devalution, world- confi¬
Not Without Consequences
dence irr the. dollar would .prob-:
'
"
low interest rates and jtlxe wage •
Dollar Trouble in Three Parts
ably * fly right out the :t window^
Don't ever think that an un- spiral.
Orthodox money experts
There are three principal parts balanced Budget is without, don-. agree that our easy money poli- In, its place: Hve cofuld then expect
to our dollar trouble --- the out- seqirences — and«mighty serious cies which tend to keep interest to. have: threaten us the;; flight joi
of-balance/ Federal Budget, Inflaones.
The deficit results in more rates at artificially low levels, add capital from, these United States,
That is exactly what happened in
tion and Foreign Spending/These
|
,
borrowing and a higher total of to inflation and also stimulate the
are closely related for whatever
^„Vlt
j
s,
and
in France after
Government debt. The increased outflow of our gold. Moreover, it Germany
affects one affects also the other
World War X When devaluation
continues to mount. The- exerting a vital influence
!*Vear—
six
scarcely
contributing to
Budget Receipts and Expenditures and "Surplus" or Deficit
?j
disre-
highly vulnerable and indefensible positior^ right before Pearl
not.
or
I
\
purchase only
of those
chasing-; power
exeep-
51,
would
An¬
1956—
.
Inflation
-Inflation
has continued apace and the cost
•
And,
in
con-
and something should be done
to ourselves!
money
But, step.
.
the.
as
spasmodic
1947-48,
in
No matter, how tion to. the fact
happening.
is
likes it
generations
rated
soundest currency.
dollar
the
For
deficit.
U.
the
the
ing situation
Each year- our
plain language it is operating at a
loss
balanced
about it.
spends more-nmiuch This is a dilemma>With which our
than it collects: In* nation must deal whether anyone,
Government
more
an
owe
that the United
much we abhor or dislike that States fleet was being dangerously
which has come to pass, the exist- concentrated and placed in a
it
t
with
nation is faced
the
not true and
this' could not "happen here!
ingdollar trbuble, therefore,
seems
apropos
at this- time.
Our
deficits
later—in
entire situation gard with which thousands some- the world's soundest currency "un- ation of the dollar
would appear to be incredible, times look upon ominous dangers less and until we restore a Balinescapable.
6ur forefathers might have said resting right on their own door- anced Federal Budget and perma-
to
focus attention once again on
,
had
Sinuously with
only
Beginning
A).
have
things.
same
years
cents worth
score-
11994650328 19540— 195382
We merely
worry?
why
mistakable,
.
(Table
we
the
10
dollar
a
the
but
the
at
^s; to individuals. This is. so elearound, however, all - semblance of (nentary that it - seems ■ almost
a
.balanced budget has usually ridiculous to, discuss it. Yet, overthroughout disappeared and another deficit is ^pending is precisely the malady
being scored.' After all, some say With which our nation is afflicted.
tude
_
"look
By. the - time the; next, year rolls
the, evidence so manifest land un- y It is amazing to note the
..
a
the
reveal
to
If all of this were
promises
1931
exception
the
Take
jn debt and gets into serious trouapproximate amount of the cur- ble. Over-spending is the first
tent deficit and at the same time cousin to bankruptcy. Such has
to-forecast that for thfe hext fiscal heen the case for centuries and
year-the Budget will be "balanced, it has applied to nations as well
official
eminent
its
Forthcoming d e b a t e over,
tax reduction of the magni¬
proposed
longer
rule.
of
other
asked
most
This Gould Not Happen Here
•
worth
are
'• ' S?melhin? Should Be Doije .
it
When Joe Doakes spends more
does
difference
gress.
,
no
However, deficits
dollars by the millions
forth like water for various
seems,
flow
this matter will
out
seriouslv
is
^udgft-is^ reriousiy oui
'what
Almost without restraint,
abated.
tax cut. '
serious.
not quite .' once for every-: four
thef:times-thete-has been a deficit.
fact' that
the
is
Riidvet
problem
worsehed
status, foreign aid continues un-
Advisory Commit-,
out in favor of a
Sq
later—in 1946
years
seven
—it would buy just about 71 cents
once
Ther
decline. Yet, despite our
monetary policy certain memr-
worth,
only
At the very core^f Aur money '
difficulties
.
purfchasing power has gohe doWn
and- down — and, It fcdhtrnues" tb
Washington
recent
occurred
v-«adeficits and'the Budget has been,
,
value of the dollar in terms of
Preface
I
...
expenditures. We" faCmg
by cutting
Thursday, February 7, 1963
jn every 25 years'it would not be
cprrect our troubles will tions
Out-of-Balance .FederalBudget
;
wcpcM^anionEjctte^Wngs^nial^ thc aovcranicnt, centre) its
t^eway •
bankruptcy—i.e.,
To
ot*v--l"■&%J
reduction and iefic|t-size, and'the dollar!*. world
position. Analysis divides, our dollar problem into three parts—. :
chronic fiscal deficits, price inflation, and international imbalance
and foreign spending—and speculates on the possibilities of. de
MfBatleii an* pMS.«H»con8eqBenceywere that t» occur, Mr. Iverseit_ .
the proposed* tax
tee
.
pod/ be easy, but it can be pcGom-. and. 196&: .Ever* since, the. depresh the value of the dollar has ^ not
jplished. j The essential ipg^edient siml— pyci? ,3 span* o| 3&year$—- only declined — it is | moving
yis -the; will-thai-it.jb.e^dpne.;
A wei have scored no less thart 26> steadily -lower!
Measured by the
Contributor to; t&i "Chronicle" and: other financial publications, for
a good many years probes the reasons for our .dollar's weakness , :
and prescribes direct and practical remedies.
Mr, IVerson's views |
take info consideration the forthcoming Congressional- debate over
much
a
prevailing trend is always difficult.
spending, reform fbe fax structure and react to iti present
against
action
national
Broad
deficit
a
easy^bbard
-tions, of course, wiU not be
By Chester S. Tver son, former President Mitd, Chairman
Board, UrS. Railroad SeturitiesFund, Inc., Chicago,
jf
-
on'these problems, effective rem-
."Existing
At
.
Deficits Now the Trend
v
of
the, entire
disrupt
our
"
in
.
(582)
2,642
Figures
Business,
U.
S.
taken
Office
from—Survey of
of
Business
Department of Commerce.
-
Current
Economics,
Volume
done
197
Number 6236
The Commercial and Financial Chronicle
...
(583)
11
thosein .'authority .will
if
billions abroad, the "Balance of most- astute
economists.
This situation somethlngVlikeVthat hi seem to be holding in our Foreign
the task.; Payments" was still largely in our would invoke such realistic /net Mr. & Mrs. Joe Doakes when Joe Spending. ; It's almost like having
Necessary requirements'; the will favor. (This was J why: after 1935 practical; steps as to end the in¬ Junior got married during his a bear by the tail.
to accomplish plus the courage to the U. S.
acquired so much of the flationary
pressures
caused
by freshman year in college., Every-; J
:
mobilize
accomplish/
to
The/rux of the matter' is that
step
sensitive
on
If we have any inten¬
necessary.
tion
of
salvaging
achieve
markets
must
competition
Balance
involved.
constitute
the
expenditures.
other
major
year
American
many
there
millions abroad
of
huge
the
for
sides this,
lions
in
vested
these
every
abroad
to
up
expenditures"
(recorded
"U.
as
F).
our
of
the
unified
11995657208
19345—2of
...
...
nations,
since the
ever
foreign
our
a very
on
spending in
startling evidence
high
level
total
S.
Pay¬
else.
As
we
the total
foreign
our
to
exceed
to the
gold.
(Defi¬
billion.)
$2
All
billion
gross
its
to
1949
declined
approximately
$24J/2
level
present
—
billion
$15.9
(Table H).
So far
of money spent
sums
nations
for
pur¬
change
These
policy
embrace their purchases of wheat
and corn,
and many
OUTFLOW
:i
against loans and the earnings of
American
etc.
foreign
(recorded
.
ceipts").
"U.
S.
difference
the overall
up
so-called
our
balance
U.
"Balance
S.
gold
or
into account certain basic
1950 the
exports W(oyfer- imports)great that
even
of
excess
though
was
we
so
2,301
I960—
TABLE
E
Threatening Bankruptcy
little
The
The
more
That's
money.
mixed
blessings
Reacts
mention
mere
spending
of
to
ob¬
certain
from
Continued
on
'"
.
SPENDING IN 1961
(In Comparison With the Record Since 1946)
12,760
Foreign Expenditures by U. S. Residents and U. S. Business
14,512
Foreign
17,644
travel
21,995
—
the 1961
22,737
was
U. S.
21,938
amounted
defecit in
over
dollars
22,726
to
our
billion.
$2,642
(Total
three times the
1947
figure and
more
exceeded
even
Balance of Payments—$2,461
r
v
,
than twice the
spent for travel in 1961.
business
concerns
invested
approximately $1V2 billion of new
[7. S. private capital outflow to foreign countries
20,065
amounted to almost
This is about four times the amounts in 1947 and in
$4 billion.*
20,529
1951 and about 2V2 times the 1954 total.
22,754
un
>
24,244
:!
24,427
r
v.--,/
.
i
-
...Foreign Expenditures by Government
rod"
22,706
Military'expenditure abroctd
amounted to
approximately
$3 hillioiL
22.695
In 1946 and 1947 this amounted to less than V2 billion each year
23,187
and; in 1951 the total
was only about $1% billion.
Since 1956,
however, these expenditures have held around the $3 billion level
22,030
22,781
—
each year.
'•
••
,
Military grants of aid stood at approximately $1 ^ billion. This is less
than half the-1954 rate, but compares with grants of
onty $112
million for the yearss 1946 and 1947,
"
combined.'
^, X
"V
Economic grants of aid amounted to some $1.9 billion. This is much
less than the peak of $5 billion in 1949 due to the Marshall Plan.
It corresponds, however, with the 1947 total and remains at a
20,534
19,456
17,767
16,889
'
level constant since 1952.
15,977 *
net purchases of foreign securities
Bhort-term loans and-acquisitions'of
*Direct investments accounted for Sl1/^ billion;
and
medium-term
loans^r-about
$X
liquid assets abroad—$1% billion.;
billion;
and
■'
.
*
Thu announcement is not an
New Issue
offer of securities for sate
v
:
-
or-a:
solicitation' oj
an
offer Ao buy securities*
1
>
-
?
February 6, 1963
$14,000,000
Southwestern Public Service
Company
First Mortgage Bonds, 4%% Series due 1993
GOVERNMENT
(Millions of Dollars)
•-
Military
,
Year—
Military
Expenditures
1946
■4
_
Grants of Aid
1947—.-
plus accrued interest from January 1, 1963
Net Capital
Grants of Aid
Outflow*
Total
3,024
V 2,274
69
455 ?
1948-—___'
799
43
•
'
5,860
"
;
6,969
;^,894;ii
1,024
1,897
-
210:
526
1933^^X535^
[
:!
4,997
X\>
3.484 *
652 V
156
,
.
>
6,480 V
,2,603,/.
V
;!
6,940
\
r
1,837
218
3*161 ^
1,647;
—90;
rl955£/^~ 2,825^ t "r>r2^25/-
1,901*
310
'V'7,359
,<1956...-wLJ
2,955-;
1,733
,1957i
3,165>~
v
/ 7,318
■v
1958_____->3,416
2,435
2,281 VV
'?
>
1,616
1,616
.
*'•
>
>•••>
>
?,
—
V
•
..ir in.
2,974 :
.—
'
1
f
'...%•*#
V 'VI,465 :
'•<.
>
h*
vr
"■* *.!■ -
.'
Vy-
-,1,851
V
*958
971
Figures
taken
926
—
.
on
Economic
Policy.
-
ii
Dillon, Read &Co.Inc,
v/
J
v-
^ -
„-
EasbnairDiltoR^ Union Securities & Go. ^ Goldman; Sachs & Go^ ^ U
BIyth & G<r., Inc.
/ Harriman Ripley & Co.
8,515
.
v
r
;
a
_
'.Incorporated—
8*386 *!
X;
~
'
7,582
V 7,189
Monetaty: Fund and the World Batik V
from——Report of the Committee
0? ibe Xnite*. States,
8,174 '*
i
X
X; ^fnc,udih?;inirestments In Xhe international
"
7,896
;
1961
4 v
"
8,844
629 '
^1959/^^:3,134-'/:^ /J.988H/ W-l'0231:733
''
*
-
5,931
420
1,960
■|£2,579/:<l
are among
4,742
4,254
j954/j//2,603/-.
he obtained from such of the undersigned (who
prospectus) as may legally offer r
these securities under applicable securities laws*
"
may
the underu>riters named in tne
6,017
..3,035/
U
Copies of the prospectus
9,364
/
*
*300 ;,
<"621 /'
1950//.LV 576: > '
;1951^1^.: 1,270:V":
>
Price 100%%
/'•
.
,
•
493
'
v.
.
Economic
Chamber
•_
«
^
^
Kidder, Peabody & Co.
V".
Lazard Freres & Co«
Incorporated
-
'
v
'V-".•
Stone & Webster SecuritiesGorporatb*L
Incorporated
v
-White, Weld & Cow
•
A-
'
Smith, Barney & Gov ,v
V > ;•' •
.• -
_
,~r[
Incorporated-
DeanWitte^&Cow
b
-
■
CarlM.Loeb* Rhoades&€o. Merrill Lynch, Pierce^Feimer&Sinith
I
It
billion.)
capital in foreign subsidiaries, branches and affiliated companies.
20.619
—
G
Principal Foreign Expenditures and Transfers of U. S. Government
.
12
page
■*
i
in
cut
a
encounters
especially
we
3,953 <
______
XV:?r:;rn.r:
FOREIGN EXPENDITURES BY
,
How Business
the
while,
a
of
11,258
taken from—Banking & Mone¬
Statistics Board of Governors, The
Reserve System.
3,882 \
1961
'
therewith.
connection
10,125
Figures taken from—Survey of Current
Business, Office
of
Business
Economics,
U. S. Department of Commerce.
spent
world.
2,844
____
1959
5
the
of
areas
is aid to the
underdeveloped
HIGHLIGHTS ON CERTAIN ITEMS OF FOREIGN
(.S Millions)
3,175
1958_
our
of
cry
and
plus all those special
TABLE
2,990
1957
r
the-battle
1,211
1956—
af¬
Now
jections,
sort
despite
Yet,
We used to hear about
depressed
foreign
the
trade.
aid for War-devastated countries.
larger apartment and extra furni¬
H
and
major
a
keep on spending
though nothing* had
as
ture cost still
TABLE
1,619
changes
arrival
been
we,
changed.
glad tid¬
apartment got just too small.
a
21,949
1,068
1955
Throughout World :War It
and Until
into
in
the
has
and
fact,
abroad;
the
and
the
came
announcing
after
21,713
1,158
take
that .have occurred in world
Spending
gotten
duction
this
for
pay
there
the re¬
Europe
1,265
1951__—
in
Now, any consideration of for¬
fairs:
tary
553
1950
Some Changes Have Been Made
must
Foreign
have
shoes
new
Then
to
Western
shift in the world balance of pro¬
one
equipment.
needed
Joe the 3rd
Figures
906
___
ings
be
we
gigantic foreign
a
Now,. due to
of
Japan
needed to buy furni¬
-was
dentist.
21,690
369-
needs
to
1962 (Dec. 5)
987
1949.
its, equivalent.
eign. spending
regards
for
trade.
covery
apartment
food
household
and
medicine,
Federal
isting "balance" between nations
*
413
<
enough
bills
seem
little
all
for
pay
mouth. Soon, however, more
And,
<8 Millions)
1948_
>
ex¬
is usually settled; by payment
interest
that
on
fair-sized
would
buy
money
these
1956
PRIVATE
S.
U.
1947
of
The
OF
1946—
in
International Payments."
national
bad—a
too
Next, there were doctor bills and
more¬
in
1955
F
Year—
makes
figure
the
(Outflow of Funds)
Re¬
The total of all U. S. Re¬
The
that
1953-!—4.
our
COUNTRIES
ceipts is tallied against total U. S.
Payments.
of
some
CAPITAL TO FOREIGN
investments,
as
by
•
repayments
any
fiscal
that has been long
one
—
significant
(government)
TABLE
manufactured products.
are
in
concerned,
a
Success,
demand
War II
World
of
on
to work. At first the spending "spree." At that time
for the parents the U. S. held the lion's share of
look
rent
ture
and
branch
Executive
1954.
machinery, chemicals
Also included
inflation is
recommended
cotton, foodstuffs, auto¬
mobiles and
as
the situation calls for
all
the
1940—
Gold
our
from
action
Year—
steady outflow of
Since
has
Stock
ledger
in the United; States.
poses
the
close
embarked
expense
(Gold Value at $35 per Ounce)
total
Direct and Practical Remedies
by
go
money was
re¬
at the
GOLD STOCK (U. S. Treasury)
overall Balance of Pay¬
cur
will
things
courageous
as
will
matters
of for¬
U.
these
recog¬
put first and ahead of everything
on
exceed
now
It is
longer.
Government.
over
The highlights on cer¬
abroad
measure
dollars
On the other side of the
are
all
or
support of the Legislative
well
as
(Table G).
expected
Payments").
S.
quire
This has contributed in substantial
in¬
are
that
$2.5 billion in 1961 and in 1962 is
mil¬
(Table
things add
foreign
many
capital
much
nized
ments stood at $3.9 billion in 1960,
Be¬
year
,
lower balance of trade
spending
cit in
millions
(Table E).
private
former
in
than
U. S. receipts from abroad.
ex¬
is
result of these changes and
a
eign
are
Foreign Aid
a
score
ments
also
out
.
,
continued
and
personnel
pays
commodities)
of
favor, but it now rests
our
reveal
As
to
Government
and
(based on exports
lower level
a
this
The
facilities
such
The
imports
1961
invest
sums
Trade
tain items of foreign
makes loans and grants to foreign
countries
action
executive
or
more
high level.
(Table D).
military forces while dollars
by
1119994433572867865
0
admonition, legisla¬
lected
spending has continued
are
operations.
pays
defense
enormous.
imports of for¬
our
close of World War II
spend
concerns
over-seas
pended
added
three—-this matter cannot be neg¬
with other
millions in the normal conduct of
maintain
gradually
and
recover
Despite
Each
tourists
business
Government
could
spiral.
and
years.
largest
However,
their
termi¬
for
wage
tion,
on
a
dollar expenditures
item.
S.
vicious
our
didn't
Amongst
single
U.
necessity
nating
check each month
and
imports of foreign goods and
products
paramount
Junior would
—whether by
to
still in
great national problem for many
foreign
There is also the most urgent and
that
agreed
one
have to finish college before he
eign goods have increased, but our
of
Foreign Spending has become
total
rates.
several years
in
here
Payments
our
abroad
interest
.Whatever steps may be necessary
ance
are
business
conditions
low
exports; have xieclined." The Bal¬
inflation
—
So-Called
things
•$241/k
some
Then
1949.)
economic
began
be ended.
Our
in
of
artificially
the situation changed. For the last
at
expect to meet
we
acid-test
new
world
stability
and
high
a
billion
desire
we
Total* hoi dings
gold.
reached
purchasing
economic
home—and, if
the
the
the dollar—if
power of
to
wherever world's
toes
.
K.
^
12
The Commercial and Financial Chronicle
(584)
then
of
A Realistic Study
Exist ing
.
members
These
have
of
.
be
best
this
achieved
through the creation of
a
who would
boys
the
Ate
c o u
again
once
monetary
v
neath, ready to move forward se¬
Tax Reform!
curely irito" the 'future.
Graham-Conway
"In summary, as
a;
ATT,rttr„
T
tion) would go to the person who doesn't
G r a h a rn-
—
tarjK problems
realistic
return, to
and practical
a
-
measures
headed .management do when
down
facing
is
corporation
spending
a
more?
busiriess
Government
to
raise
most, bankers?, who
d^nt
Woodrow
wr;£er
this
iater "how
told
was
Government
cd
series
Bonds
Libert
of
created
tperations-lower all costs, and
;d.rectJy t0 .the pUblIc
theh expand sales -f- balance the
whom
a
o£
many
had hever bought securities
for certain
—
—
start
of
moving ahead.
not
items
two
a
of
case
just
one
being out of line.
•
ment 1
which
A giant sales cam-
kind.
any
of'
Cotnyay, Jr.
uate of Yale College
47%
firm,
was
or-
who
not
did
a
under the
emergency
A
grad¬
without
nominal tax
a
new
tax
Corporate tax
program.
us
some
have
future
could easily prevent the tax-rate cuts
programmed for the future. After all, the 47% rate
is now the "permanent"
rate; the 52% level has
and Harvard
where' he
out-of-uniform jn finance last June.
buy Liberty Bonds
regarded
was
re-;
been
He also was;
graduated from St. Paul's School,;
"temporary" since the Korean War
is
and
"At first glance, the tax program looks more
geared to promoting ionsumptiop and to producing
votes than it is to
revitalizing the free enterprise
system, ft hardly justifies the taking of additional
publicly
.
and
one
«the'maximum' Strength f and *
„
attention has been focused
with
Lanston &
He tateo .fcpenii-.a year* with, Ana?'
FOreigri Spending^ But, 'som&I
risks
-
syndicate and trading department,
the Federal - Budget; Inflation
extraordinary
Co.; Inc.
deficits."
'
•
—
%%%%. %
Aubrey G.
';
* %
i:^
botida- IVfominum- Company in ;ite:
Our
on
certain
things that seem: iogicaii to e^pCct>
It is to«be hoped,>fo^ OXampla;
that
the need to fill out and turn in
June for years.
The
point" of
trebles
are
rolls, in fact, to
benefits
scheduled to end next June,
just as it has been each
view, before our money,
rectified, there
tax
future
siasm that anyone
or
.
be
from the
greater
been, around Jlong enough to know that
as
not Concord,. N. H. At Yale he rowed
Neediest toAon^the -hegvy-*weight Crew,
area appears to have gotten com¬
say, the GoVefhn)eut Raised the
«v. *
*
pletely out of balance. Extensive mohey ^ all of-Ht
quickly and
.Eor
past six months, - Mr.
Conway has been training with
changes hnd 'stricter controls are Effectively. V
%
Smith, Barney & Co., New York
Indicated.
First Things Should-Come First • investment firm, in the municipal
From
the
can
removed
payments will go up first, however. All of
Total.spending in this being .real patriotic.
layman's
be
themselves
paign was Organized; Jt was exe-" ceived his master's degreer in busicuted with such vigor and enthu- ness administration with a major
whole sphere of foreign expendi¬
tures' is in need of the closest
scrutiny.
much in taxes to
pay
"Corporate tax rates would ultimately drop to
of
May, im
nativeof'. Louisville; he: is
Business; School;
doesn't
return.
ganized in
for sale
in
even
invest¬
the
P. M.
causes;
of the late
founders
the
han-
0n the- advic6 0I this cotirt-
d,ed
supplies and needless
Wilson,
son
to
for State government; and doesn't happen to
ill health.
Nearly one million taxpayers
would
Conway
the
is
one
served on
his
into
vote
Mr.
printing-create greater efficiency
budget and
fall
depart¬
available through jiormal
channels. One of Chicago's fore¬
a'
lf to trim expenses-cut special advisory council to Presii
olfiee space,
to pay
in
municipal
bond
a
not then
enterlamment-eliminate wasted
is
the
htpney ^ which was
out, all unnecesary long distance
telephone calls, travelling and
It
President
own
capital
support city schools and other local services and
Vice-
sistant
World
charitable
ment.
great i^eal ; of
Keep right
Spend
The first order of
Hardly.
on.
provide
industry through stock ownership;
doesn't carry his
proportionate share of the sup¬
port of • our churches, hospitals, colleges, and
,
a
and
save
American
t>
caie fo point. It
necessary oh short notice
the
for
the
before?
as
?
vides
provides
became
road: to bankruptcy?
on
is'turned
ot power
Wa> ,
What does sound, hard-
methods.
Ppiht
doesn't
.
_
Tr.
/
Conway Co., in Kentucky Home
'. Life Building has. announced.that
Few people realize the power of, Powhatan
M. J Conway, > Jr. has
quite unthinkable. Herein lies the
j oined th e
government "persuasion and what
basisJ ot solution of ah burhtone-firm as an As¬
caii >. be accomplished ohce^" this
---Case in
home;
own
„
LOUISVILLE, Ky.
Oovernment Persuasion
far as individuals are concerned,
plums in this tax package (of the Administra¬
the
.
:
,
Thursday, February 7, 1963
.
And So It Often Is With
a
under¬
roadbed
.
will
the main track with
distinct re-. \Ji 1X001
delegated
be
sponsibilities.
phy that; we can spend our way
into prosperity. To these any re¬
duction in spending, or, changes
in-bUi*o^d^eigtf'p61idy^ Wbuld':be
a
solid
nation
on
qualified commission to. which
might
accept the false philoso¬
us
1d
Perhaps
set.
political
the
•
Dollar Trouble
11
Continued from page
Our§§g|
this
be back
.
would not gild the liIy-4-even if
could! * H:
we
;!% -■
there*' not other- Louisville headquarters.
askS ^ are
things'^ which add to* our pfl&dica->
Graham-Conway is joint fiscal.
.
_
_
the jdollai^other' bi^ agent^^ with^^ Slyth Si Oo^ Ihbl fojJpwjyOiTtC^ 1^ 011^1 TtiPT" assignment, for the benefit of
mustered and used in execut- and
serious
problems
affecting* Kenturlcv hond issues, other than
be mustered and used in. execut- anU
serious problems «« affecting' Kentucky hbnd issues, other thaii -.*" *
%
..
® bondholders, of all mortgages un¬
der which the Housing Finance
ing ;an, offensive ' against; >our pub monetary welfare?1- Most as-^^
asslstance^which ii hvailEble; willivith
•
-
tUimpike%aUtb6rity^bbrids^ v sndl
money
real
problems.
There seems
suredly there are. There are many^ for country schools and other
™rrtHT#»rric ciir*Vl a® fhnsP' „;_
i
a
1
J]""'1
^ Finance Agency
Agency has made mortgage loans
mu-
for
"D
as
:
The
And, %e A®r crying for intelligent* and Jprac-- prank1
BegisteE
Public:
Secretary
tical: reforms-. - Withodt - question Treasurer.;
% ■p:
fuLweapon of offense*'If;w^faii-;9^-A©ptirq;^ fa*-'•
to recognise and Use
a
goodly, drastic- revision.- .However, .'these. T^n'
measure
of government persua- and vother things" are-likely' to be
V dvlld u Ulllb . -1-1 sa
Ahore-effectiveljr^:4fterAthe
will be oveilooking a most powCr-'
thosj i?
ernnient
*i
..
.
.
the
in
-
■
It • is' "better .'to: repair "the
industry,vbefore arranging-
~em.onsir^
edly Ahat these
-
.
pf babkmg.; and.
fepfat~
the
after
have
a
fhe
0f its disappearing act.
^solution of
There is
^ would
^n the practicali.much
no
national
nor
finer
problems.
,
more
loyal
seem
prudent to insist
come
putting the horse before
the
The
associ-'
.
ated with their
J
^
serve-Board
•
which
does
.
,
such
an
excellgnt job
shfeguaTding our
banking^and".creiliC structuwi, be
ous consequences.
If taxes
could
direct and
of
the
bonds
are
scaled
on
them.
'
.
80%',, of the; estimated ^cost of the
project/, V
c
from
.
,
x-
offering
AgEncy-ereated^^ ;1960; by^the
.
Legislature to' proyi4e. dwelling.
pjper,
T
pp
";
^
■
C. Vacha
imminent -pes-
become
an
are
.cut, in the unlisted
M
Sfe S
Principal of and.interest on the,
°f£lc?.s at,9'65.W|lshire-Blvd. bohds are naVable from morteaee Quartett Planning Corporation
r-'- to pngage w a eeourrties Jjusmess^ 1
.
sibility
-
....
..
..
_
'proach is called
Which to tighten
*
'
y*
diitary .operations; of private en-yvr^^
pj p
PciTTioJ
| terprise^^cahnot^^pt:oYidd.^i The first?J*M
Q.;iX\a 'WT»
^• offering, $51,863,000 ofr4% 4honds;
r>^>
due 1964-2004, was made in July, MINNEAPOLIS, ..M i n n.—Robert
771901%
G.^Davis has been appointed man-;,
.thE realm of Foreign^pepding
r„
Closely control every expenditure.
/
J aiiraV
-
;*
or-*
It appears that a Whole new hp
•
^
Sfte4 ln Manhattan three in
5'®°^
an^ Jiyp. in th^.Broiix.
is the second to be
specific ? responsibijity
for future: control Of this problem'.
In
..
,
a;
delegated
"
gen-
Housing
principal land Interest
.payment
on."
''
-
regards the Budget it-would
made
accommodations at rentals the
firm
,
>
was
■ijiadg 'by-i the,. Hcnising -iFinance:
.
a
are
frc^ci- Federal ..and New ^oyk^tate-Ybrk City limited^prpfit housing
interne "iaxeW s^^
$
projects, three of: which, are lo-:
in" thfe •
group of non-partisan stafeshion. cajt.
«>
A;;i:
adlhk^^E-* ^
Everybody's Business Should Be
* A.. taxwH Jred.qciiojl • ?is desirable partment.
..
Somebody's Business
A
only If it is accomplished 4n such
Mr'. Vacha;
James
a;manner as not. to incur ha^qrd- was formerly
AS;
on
bonds
obligations
Proceeds, from the offering will
yield, of % .90% to a price of ,98.
provide funds with which to make
Interest ori the bonds is exempt; mortgage loans for eight. New
And, as yaPha has be>-
all want lower taxes,
as we
eral
•s
rescueci the dollar from the throes that "James C.
valuable~-stan^willmg and eager
as^st
1; 1965-20Q6.
-r.-.'rvi«
rinou ncedi
anji business connections ai*ein-.
Bojids, -1^03 i Seriea A,yiue;
Incbrpotated//l35^Mciirtoh ':.'-S*■' incorporated
^ ;Go,
^
\
^
z.r
Koftse -Street,vmemT.
we
$89,079,000
Loam
the furnhure^Tt' ^xg vof^thE^
farmers
of
Nov.
wprk?
experience
offering
StatE jfoqsing- Fiuapce" Finance Agency > and; its full faith
;Agency; 6^0%. .Gonoral- ^Housing: arid ^credit are pledged for the"
would i seem more plausible to Midwest Stock
puf some tealishc solUlion^. |jx-d h.^hdvjs
ieaders_--* ; whose
combined knowledge,
i
proj¬
New: York
,
e^eiph
t.; leaders
;
,
fup^
.of
ar •
^ ^ ^arid VGomp^hy;;
the advice, and assistance^ Puttmg the Horse Before the Cact South : .aSalle
3.'';
-:1-.-j.
A
y'^.:
1
..
field|
financed
4 j-'v
to
tary chaos in the future:
"
permanently
ects.
gating
w„w
^/Cchfia8?eht*
„
^r8t Nal,°^
and
Olmstead, Allen & Co.
further* secured -by
a
pledge and
;
Secretary and Treasurer.
-
-
■
has
Volume 197
Number 6236
The Commercial
and Financial Chronicle
capital-t NYSE Conferences
British Stocks Rebound in I
likely to
Wakeof France's ECM-Veto
// -0
c;.
Paul
>
Eingig
M' ,a
'■
' ' <W'
-m-r
■?
•
v
Britain.-
come to
Important
capital
as
*
<
Kfeitti Funston, Presidents!, the
fnbveirienifc^^
airb,;the basic.posiUon of sterling
^nnouhced
British labor could have been induced to increase its productivity if
the U. K. Government hadn't played down the economic disadvantages
Britain's admission io the ECM. The noted economist joints out that
which may
Market,
-
take
V
pessimistic view
a
-a,
*
,
.
^^weKtment
to the future of sterling
as
as
result of
a
I\
,
w
Gaulle, in
a
American
Nassau,
fit of bad temper
British
-
view...
over
agreement
at
attempt
to
the
wrecked
.establish
General de speculators take
—
^
.
•
Before
in
was
the
breakdown
position
a
to
to
nobody
exports.
be
to.
Western Europe.4 Jt was a, child*' "gainedby efficient industries trom
-
Uf„
t>
AilQri
in
Government
London,
ing Foreign/Office jingle:
;
Marshall Fetaiii
certainty about the overall-effect
that was depressing the Stock Exthat
an
;'vi
-;May;bb-a.^eti»:-^ }-fr,k&
But General
It
good at all.
no
official
know where
relief-that
at
stand.
we
a
least
during has
not
created
doubt
no
caused
But there could be
that
difficulties
the
by.uGeneral
prima
crisis
temperament
from
a
1
<v\r
One
•
ducted.large^ToB
Wiflham
vcl? Xh*
The
urer
atmos-
and trus-
of
nlI,nv
,
"y'
•
Mr. Funston noited #iat tfie.Fx-
^
Ifuhston *hoted /that''
ences
'
•
will be "to provide a better
the Exchange's
understanding of
and
standards for advertis-
ior accuracy and Completeness of
factual information on the member firms, ahd'Steiil from^the Ex-
/ftjtirkdti letters^} WC -exK... V^ -.^tiradftipnal
:ipe6t that thCrC *wili be- benefits, ^ standards of fruthfuiness ahd good
-as'Well^lrdm ^h#4lMisctttesiohs |a^e* /»- /: YYt
^ V;Y
/"df^einh^rbbiem^ and/theIgha^ihg, i/^ut/ Ytd
Liths
-.df Meas.^ / %&¥.<
B ;Y placed !good 'judgihent.YThisr;is
-irig
I
The
'
^iibiie(is^red^ the ^o^^^
/'Will
iriclude;^e/fe6hange^:ipoI^'fe^^$^-'
^fersorinel have bfe^tntip.orsbme^/6,600 member ' f i r
to this program in "the Past,
^cfes'/fih4";Vg^depssta*-|pr reviewV
Allan W.-Setts
Australia,a field
:
is
estitoaled ,to have reached 110,000
■
*
educa-'panes ^.
£
Treas¬
tee
the
■,-:lishea-^ by member
pro-
tional *worki;hatcan.be doiie/!
mj.
ls chlef
dent,
conference
will. multiply
gram
:
todlvidtfal
an
w
m 'pefaon.
n
!
,
•
Krte(.
w
.Fund, .Inc,-!. .Wtlham
Fund
.
lngr
"England's col-
as
Gaulle's lapse" refer to
de
donna-like
>.
lHjles
a
•
-intervals
quent
Headlines such
Y Y
,
The
KhefWar
jin^er'-liin"
^BrUkip»
,the / Free French. iVipvemerit ?was, glaring headlines in the- Press, the ^ouhdatidh
more trouble /than/ it wa^ worth'
British-public is still much* more
Mr Beits
frbm
Ih^^cnhibf^^^eW-p|/tfe Al^, .interested ^i hYt;be Cricket "TCst-^
Eed. causey This was,: of ,.course. Match results, cabled^ over in fre- '
ihvestm hnt
exaggeration.
•>.:•••
fiye Officer,/
opinion'the breakdown of the'negotiations
circles
t\*
Administra-
But do
it is unfortunate that
way
/•-"
'.
•
w
nounced.
Be^s
v YT1
we?
In
the considered
was
British
all-round
we
;
!
Is
of
,
de Gaulle
"
:
;
president;^
know the worst, there is
we
*
•.•/
,/_•
of
IIunter
change during recent weeks. Now
''
- -
td^c
w
directoi
UA
fie fully, earned /the follow
follow-;
when
/••
<
4.4.
■dtudn^^heCearly'®
^oY- t£g&
Me auffee^by the^nefr ^
~iitical'career ns'head of the Vree'.fictent industries. .It Was'this.uh- street.
French
;
1 ^{JL/irSCtOl^
ishly irresponsible act, recalling joining the Common Market would
the General's behavior' atits worst be .outweighed by the -dlsadvah^
period' fort lace-to-iace discus-v lirrT1 every three years, on averf0r face-t°-;tace discus- firm
sions between the Exchange staff a£e,
^ons between the Exchange staff age, to a current rate .of at least
fy&y •
i whihs
for ^acb
dpptipmbf iheipl^
;firm, snd more frsQupnt ^^checks
"ini,;ihshkct/ietlers and:sales.'lit-*- where^ ihe need vis indicated,
erature," Mr. Funstdn said.
t
There, are no exact figures en. the
period,
kelp dow^osts
/;"//■-*•* .J';-..
predict
economically United whether1 the* advantages
an
ift
j*M evolved! team one cheek'per
an ?PP°rtunity, over an extended
unions^^^craerato'Im a^'Sdrt
f;
;
-
induce'thetode
living will
favorable
a more
roonthii coh/''**
itffieSixdiang^ v.
.arrdngonients With j&m'
31,, ^fth;~s6rrie" 25represent -{SpoVCheCk review* of. market
^NativesYof ^t>out a/dozkn/iirms in/lej;te|;s, /grid //safes; fftbrafeife; ^was
*v^e^,-and
Y* / vC'/ 't^plnneferedfby/ jttfe.*■E^charige;;im
extent, the .''concern- of; then
ftublle; > ■ aT^'effastingswill- provide' ,i8M~' the 'extent ot -fiie'. review
over the new
held
,
why 1* may be premature to
the French blackbaJl1;
^afH:feieh<ies whs
ard of
'
con-
i cernihg ad ver Using /was a direcseries pf conferences /tive in 1898 that all member firm
The-,first of the
'
consequently arise from being kept out of fhe.Dommon
lie does, however, make clear
LONDON, England
'
Trade Relations
;The. E#c!hange\s first rule
Dr. Einzig explains diverse weakening of sterling and stock excbange'srsharp recovery following General tfeGaiille's veto of Great
I
r-t
,
13
••
\
.
a
on
7'H/depends Jon - Ihe'balance/ ot lpay--idr Member flrm/advertlsing/a^^
bii<£from/thM point <oi Vtfewrmarket letter executjves,.Ss;part /field.1* ^
?'"£•■•
■
-/■^^
(585)
bad
day
on
the
cricket field at Melbourne and not
v
went
long
a
out-
advantages'uenved
advantages
weighing the
from
towards
way
the Free French
Movement
History appears to be repeating
Itself;- The "General has' bndoubf-*
edly tendered va * great aefvice to
enneren
the
of
use
cause
a
ereai
serv.cp
European
viiotv his: latest action has
is.latest
„>
htit
uhitv
jeoparte
jeopard
ized not only the chanoes of fur-
The conferences will also deal
Shields & Company a year. All printed ads, other
-cpiiie^'part bf a ";tTmteiT Western^{^ntilfqn^ring the Athiy AitTbrc^. 4han routine announces
must ^ith fepecifie«xaihpl^;and. actual
Sufd|>e. This t cold-plooded attf?- ii{}.i/Discharged irij 1945 as a .-be' approved ;by-,jthe * Exchange rulings -giyen by ^he ^ExchangdIn
tude is a matter for regret because
^t. Colonel with the Legion of prior to publication; market let- this area.
Some of the material
a: real ;:^dkre;rgbb^t';',tKe; b^n6micv Merits ^ Mr/ BettsJ joined
.U. |nrs/and salCa Jliteratpre, mast be -discussed fai/the meetings, yasivvell
consequences of being^ left outside/ Walker & -Co.,- becoming partner approved by responsible member as interpretations of policies and
ihe Commo11 Market might:just in charge of investment manage--firm. Pfficers and kept available rules, toill be.summarized m.'the.
needej;.mb„t ^rvice. In I9S;'> he ^came.tor possible Ixphange review for Educational Cwculara which ;are
shock to
to the
shattering of hopes to be-- Brothers
,
bring the' British 'people "associated with
out of their lethargy and to
ther prbgtess
but/eVen-'the^main/ awakfcrriri them-the best qualities
tenance of past achievements. His
of the ^British character.* "
./
dictatorial attitude -recalls the fact
Criticizes U.K. Government
that during the War he was in the
habit of deferring to those French
4CiCillu5 w MWOC ,1C1JU1
'• Such
Colonies which
suited in
under Free
were
shock/might have
.a
a
arid/
the
charge
was *
late
of
appointed
-
Vincent. a three-year
investments
ness
affairs
in
Since
head, of»thel the
Astor office in-charge of all busi-
1957.
member
ducing
Following letter
•
period.
1956, Mr. Funston noted,
organizations
pro¬
and - market
increased from
advertising
copy,
has
New du Pont Office
HARTFORD, Conn.—Francis I. du
Mr> Astor's death> Mr. Betts was about 300 to 400, with a consename<i executor and trustee of fhe^ quent rise in the total output of Pont & Co., 750 Main Street, K,
A^tor e?ta!e^ ^ assumed; his such materials, and expansion of Albert Barqnian is resident man-
re-
.
real effort to increase
comb public-spirited for
in
Astor
French-control as ''nion fief? (my Pi^uctivity and might Wen have
feudal estate). Judging by his be- induced, the trade unions to; be-
/havior, he must/regard France's
and
-Presfpt duties.,
,,
review activities, 1,
'
^
-
..
; -
ager.
.
: *
changer
a
five partners in the Common Market in the
ernments
Of
the
same
were
French
Unfortunately, the Government, in
its effort to mitigate the bad int¬
powerless in face pression caused by the failure of
veto on Britain's its
attempt, is inclined to play
Their Gov-
way.
veto
political
position
a
integration
further progress
even
integration of the Six.
It
and
seems
prdbable, therefore, that the progtowards
ress
cation
of
the
appears as a
down rather than play up the
economic disadvantages, that are
in economic liable to arise.
Nobody is in a
entry, but they are in
to
All of these shares having been sold,
economic
unifi-
position to
■
I
Not
a
this advertisement
matter of record only.
,
'/
January 31,1963
New Issue
those disadvan-
assess
tages, and the fact that during
1962 Britain's trade balance with
/
Western
;/;/f53f800. Shares//
'
suffer
a
^rave setback
.
Bullish
From
is
about
the
of
British
a
about
de
of
rived
indeed
as
opinions
the
and/disadvantages
tages
opinions
for two
the/balance
advan-
to be de-
Market.
From
this point of view
to note the
trast between the reaction
Stock
con-
on
the
Exchange "and in the For-
Exchange
breakdown
of
market
the
to
the
Brussels talks,
While continental selling resulted
in
weak
a
there
-left
out
of
consequence
by it
-
It is true, the further progress to-
within
integration
wards
E.E.C. during the last
loaded
the
dice
■
:
,
.
•
■.
'
.
'
■■
;.
Common Stocks-
mean-
.
in France ; and Gerhave been rising -even faster
wages
many
sharp
likely that
sels
as a
failure,
payments
verse
Britain's
would
in 1963.
From
this
pessimism
so that it is unresult of the Brusbalance
turn
/
point
/"
of
very,
of
ad:
-
view,
*
the
of continental Foreign
Exchange dealers about the future
of sterling does not appear to be
On the other hand,-they
This means that may toe right in assuming that as
recovery on
the justified.
while operators in Paris and Zu-
a consequence
rich
British capital will, flow to West-
ain's
.
tendency of sterling,
was a
Stock Exchange.
mon
■,
Britain,
On the other hand, in the
time,
the
months
12
against
/■:;/.,
"
Manufacturing Company
^exaggerated.
were
•
being
fr^fm; joining the Common than in Britain,
it is interesting
eign
view
consequences
Gaulle,
room
of
two
economic
was
Beaction
point
for
room
G-eneral
about the
#
Stock'. Market
there
there
••
-'v
.
are
pessimistic
about
Brit-
prospects outside the
Com-
Market, British investors and
ern
of the failure
in
industries,
a n
d
BROADWAY, NEW YORK^4, NEW YHftK
■
more
Europe to take direct partici-
pation
2
less
///AOfficesln' ^42Cfiti es
,
.
.
'
_
'
14
Production
steel
fill
;
:
CI J-
'
J?
1 j~
pansioh
Food Price index
Auto production
AxN 1/ *J kJ -L11 X
Business
",;f'
'•
-
■
''''
'■
"
'
'
■
■
■
Failures
Commodity Price
.
,
remained, weeks
.
Thursday, February 7, 1963
.
Output Increase Fraction-' increasing order volume that its
backlog .is still only -35 to 40 % of
ally After Last Week's Decline
r
,
.
a
__
/'of last year's Economic Report has the American' Ifbn fend'Steel Jin- but; concedes" that its backlog is
indei been replaced with a much more stitute, production for the week nothing to shout about.
; ,r
"
•' cautiods
appraisal; arid an em-' "ended Feb.;2"was 1,874,000 tons 1 Automakers, the-"biggest users•
" = ph^siS on the failure'of the econ- (♦100.6%); ,as -against * 1,863,000, of steel, hold the key to the up-
majoromy-to achieve full. Employment tons-(100.0%)
in the week end-, tiirn. Asof .now, sonte automakers'
in t e years mg Jan.- 26. The week to week plans seem to be indefinite- algrow
Jv. ® expressed confi- output increased 0.6%.
though suppliers of automotive
Wtetod«-J So fat this year—through Feb; -parts,
'.'Business,
sentiment-
confident
the new year began," news affecting business was being
as
of
1963, while
the
a.
in Washington and Brussels. ®mc®
said the Federal Reserve.Bank of. made
k New:York- ini its Monthly Review With much of the nation
for
February. However,
of economic
noted,
the
tivity
•
.
fifthsIsvDowir^23.4%^^Fr6lll^:V:^A/\^at;it/.waS■ it yea^agOr A^^ttsi.--'..
recession to interrupt our progress
•
'
Last Year
*
burgh mill says January was its
in 1963. Yet the bright optimism
According to data compiled by -best month for bookings in a year
A
<Xll\A
and Financial Chronicle
Steel
favorable; He said he'
as
^ n°t bxperf
TPR A TW cmrl TKTDTT^TRY
A
for continued moderate ex-
look
Electric Qutvut
,
"JLliebt&tG 01V
N
Commercial
The
(586)
"appeared
pace
show
to
recent months,
from
change
the demand for goods and seryipes
eduction and trade pointed toward ;;pf~$24biiliW;W4%;ta$578biia continuation of an upward drift,, non- Understood as the
'midpoint
1 Data for the latest- week-ended; months - in. ordersfor -. ^a&tings, »
omy's productive capacity."
exciting neither high hopes nor 0f a, $iq billion range. Such .an Feb. 2 shows a production de- jnachined components^ fasteners,
'
gloomy apprehension. The biggest advance, according to the Presi- clihe of 23.4% compared to last electrical', equipment,
electrical
In December, industrial producquesti0n marks for America n .4eht,"wiU leave the
economy well yearns week .output of ,2,446,000' pibtprs, mechanical .rubber .gOods /
employment,.businessmen were posed by Presi- below the
Employment Act's high net tons (131 !3%)i
and belting;' and other formed
well
./continued
below
the
econ-
..
.
_
.
.
.
Whnf
Sdprs
nPw
for
an? standard of maximum
^f11^ proposals, while France's, ment, production and purchasing i„dex of Ingot
do! the Common Britam's created new power." Most private forecasts for tricts-for^the
°f Market bid^to join
ae
durahlfi
housins Starts had
nousmg sians aaa
and
gooasapa
cli ned .so me what
November rates
from
the
-1963 have tended to cluster at or
high. uncertainties abroad.''
Construction
con-.
•
S tract awards and residential build-An? erratic
*
weatoer^pattern
permits, however, had climbed bringing arctic blasts to the United JCI
mg
S to new highs.
9
_
..
•'?? *jUa«?r,4.
that
Northern
steel
advanced
forsfhe
auto-
•
•
month,
and
^ and
vious
m^h^f
for
the
ore-
mcy t e users maications that a
e are are
steel
few
rate ^of
.
.,
Whether the
inven-
VsvQ«rg.«««^».
*Z
d,spute m Philadelphia.
decline
December
cannot
suhieet
are
and the relatively high
level of such orders
quarter may have
in the forth
The major stimuli to the
omy
continue to be
econ-
Chicago: _L_-
in
^Sub-zero
ke^
su&est^
ratail
and
npcember
salos
'
tentative January
nn
'
ume
,
..
^
«
.
..
irv
and
rnadG
•
TcltG
'
^'
"*
""
•
was
worked out
-
*'
"
-
-
as
cfrilzn
nvJiiivirt
nvo
.
least
--
no^ihMifv
*
Sharp
Steel
Rise
Inventory
Expected in March
-
,
--1T
t
titpiv
chin
occur
wiText^nd'
Tarmarv
.
said*
The mato
•
and this rate
during March
in February than oi accumulation will e x,t e n a
will* produce^Steel magazine .through .the Jsecond. quarterl.For^ r
QPttincf
.
,
m°re tonnage
income
failed
to
a
.
anH
of'
Fphrnarv
shipments
Bad weather year,
reason:
thiq
aiid. .chew-up
-
has delayed shipments from mills., (consumption) will , balance out.
>
, v ,v^
.
,:,.
h
■
.f
nf, in- n+rtr„
hlliiJim
^
;
Examples; Rivers, froze
Janiiary,
late'
m
The ; rate of .inventory puiiaup
.
'faggingp^mph^s Jb.e'-
forcihg V manjr;,?inlaftdV
mills to
warehouse
sched-
steel
pro-v
15i
V
>
steem, end oil lines
were
frozen,
Output this week is expected td
ap-
be slightly higher -ttian the 1^63,^
000 net tons that Steel est mated
eM co^;; 000 net tons that;Steelye^tirnated
Wagf an Januarv's oroduction last-week.
the. industry poured
cents per
about
two-year
J
in
,\
Mixed. Reactions to President's
In the government sector, pur-
this
Hnnlr
' i-
''
'V- v'v
.
fnp
aad !ihe dock strike are-adding to
housewife s food bills.
some-
December
n'X' '
*
at
.
con-
.
ann
I
(seasonally adjusted)
below the high
what
^
85
Qf
_
1
ss
^le3P®d ^a^d which a^st^ial threeiman panel
Plated
ar® 3,°m®'
J
.
11
stocks
'-'V •'* --'•v-
™ a ateel strlke are the P"n«Pai
^e8ter"
•
thp
^uce agreement, the President
•
IZZ
/
lower-
108
wnmb'
ctiii
are
mediation-efforts
coin
buvihk^S^
puymg, aespite
consumer
.
for
1
Rpttprand
105
109
fouthem
steel production below
and caused
.fringe costs n?^f/ qo
of 37^-39
adverse influe'nce 'of The "news- shutdowns of auto assembly lines,
7?^ v*in? Per
and^ transportation strikes °n the other hand, *'
petroleum re- of more than ^
paper ana transportation strikes
lnto mcreafs
5% per year, far
in several major cities. New car tinery
runs and eiectnc power out of line with the 'guideposts'
January
110
IinCLSSfs__:::::::::i:
and retail sales are still setting
.
January 19.
and
consumer
able \^ek"y data o1°reteU^sates\n
weeK1y aata on retail sales in
_
to
^
larger impact
a
87
<
,
2
hind the- normal;rate; o.f^ a. §teel.
uled for barge shipment. And. an labor contract year^ In past ,y«ars
ice gorge at Wheeling, W: Va., ' When;
steel labor negotiations
^uence of strikes, however, is ap- forced settlement of the recent prevented- tubemakers ; in the
^ae>v u?ers;;Were ; atlding to
Paren^ in department store sales, dock strike raised immediate fears Pittsburgh area'from barging pipe.
stocks- in January und. even,
A nationwide rise of 6% over a that an unfortunate precedent had to oil country distributors;
earlier.,
:
^ear a^° contrasts with declines, been set for the numerous major
Extremely severe weather east -'9' jTon^ A&e
'^ut,; wijt;/b®
to. substantial changes from month
to month
-tag
' 90
86
-
inventories outnumber those iook-
m
A? curious pmiss^pn fyolh, the,
I11 the; ^first three weeks of 1963. President's message
notld; by
averaged 11% higher than a year Congressmen on both sides of the
earlier, influenced by a 16% gain aisle—was any . proposal for dealr
An new car sales. The spotty in- ing with disruptive strikes. The
vet be determined
as
nQ ft in
the , other hand, personal
,
the rate bf outnut in the monthc tn
come
nn, at
ANeveiUieiebS» lemduve odnuaiy
data are encouraging. Retail sales
5eel—wil anhreoiaSv af^rt
New .order nlacemcnts
th l
„N
new
ttan
vrtrir
.
orders of durable goods—
roncpntratpd in inducstriPG nthpr
-
; '
-
88
Youngstown
1963
Compounding little
-
,,,.
for
crops.
accumulations as; ^ hedge
Y Sf s
t
9
Alieugf and Cleveland and by the transit
a possible strike in August,
4r,
tory
.against
1
1963
>
Pittsburgh
mate^ ioss 0f Up to $800 million, tween 119 and 120 during the
Local disruptions we're^caused W remainder of the year, and ended
taking steps
4o speed, up their
.
-
_f^heivwgfess-during the _^»tai ^ncuotry.-.^ 100.6
"oo.. steei users' will add about a
remainder Of the year. For ex- .index ®i production based on average , half-million-tons to their steel inample, the Federal Reserve index, weekly production tor-.1957-1959.
valtories during the first quarter
^"Sshoremen's walk out which °£ industrial production (season- steelmakers to Ship More • Ton- of this- year; Iron Age magazine
Up Atlantic and Gulf coa?'nage Than They'll Produce '
reports.
^
ng
yS at an esfa- yanced to 119.3 in July, held beThis Month
' The bulk of this buildup Will
—If not^comDletelv!-!!ltairSed
In fact therThre Indications toat b
in
.
V
were numerous
strikes. The most costly was the
have been largely
vear mav
vegeteMe
tend 'tov maintain .their'w present.
' stock positions-over thenextthree
\ iSffSg* months,, those!- expecting higher
-
followed inactivity. One
rose in 1961
then showed
shop-
activity,
industrial
vey of component inventories; in- -
■
-index of in^ot--
ifeld ifack these di£ficulties
steel inventoriM whidi
nrodfSn
slowed
pers>
- .
District-
'This more cautious view is
Heavy snows and low prompted by the behavior of some
temperatures! discouraged
:
-
-
■
of the more widely
dicators of business
^obile ass^bhes remained at the .disrupted .transportation - and index after another
^high rate thathad prevailed smce wrought heavy damage to fruit and early 1962 and
straight
«
,
•-
"•
=
^
Reason for Cautious vlew
Hemisphere
of Jan
third
that
/ ;
*
hampered
economic activity through much
,-.
u.
available data
ingot P™-
*
indicated
duction
Statesand other countries of the
'
J
;
last
rT- v-
follows*
somewhatbelow the lower end of
...
""i
While three-fourths; of Qie. reiwo-Weeks- ak ^9n<lents. to.Steel's quarterly sur-v
tiife■
Production by .Dis-
u
was
January's- production was about
8.4 million tons-latgest of -any
month since last
April.
The
price
'
big
freeze
composite
slowed
also
No.
on
1
melting grade was^^unchahged for
+w«.«97
Cleanings
Increased
ton
Above 1962:
Tax Proposals
Week's^Volumkv:-^-^?';,
\
-1
months
i'
«
time .cushion to
ventories^ after«notice'
the contract is giyen;
\
in¬
build
to ,reopen,
5 "
Second,' there' is -growing jdOubt,
that
the; United
'
Steeiworkers;of
America will automatically file a
notice to reopen .on-
heavy
■
*
Bank
vides for; 90-day notice after May
This gives steel 'Users a three-
,
.
that date.
.
.
.
,
Thte^oubt was ^increased-last.
week by statements of mdustry
leaders. They implied, thgit/I>ayid■
Ji -J./ "McDonald, .vPresident j of v iKe.;
year
in
1962,
made In the
Annual Keport of the
tinued to react buoyantly ^ mc
Council of Economic Advisers. The
prospects of tax cuts. The Dow-1
future course of the
economy will, Jones industrial average touched
of course, be
importantly influ- 684 on January 29 capping a 22%
enced by Congressional and public ^increase
during the last
three
reaction ,to-the President's-tax
months^and a recovery of ^nearly
program.: x
:
g: '
,
.3 three fourths of the ground lost
.
..
;,
A
y!
slightly
term
.
Ui X.
.
City
Finds
a e f®ncouraff,nff X
optimist
more
economic
vided
W
Bank
...
FirsKNatwnal
outlook
was
war
pro-
this week by the First Na-
tional
City.
City
Bank
According
February
Totter
L>euer,
marking
in
to
New
the
York
economy
time
in
the
and June
1962.
However, businessmen were
deeply disappointed in the failure
Gf
the
tax
reform
through
carry
pr0ve
on
incentives
proposals
to
promises to fmfor
work
and
enterprise
has
been
-
U-.
.
v
In his Economic
Forecasts
-
V
-
\-
Report, Presiopening dent Kennedy described the out-
•
■-•
.
^
-
.
,
....
.
.
»
New
Yoi'k
Chicago..^/
Philadelphia
Sa""
(000s omitted)—^
,
ZVV,
Feb. 2
The Administration's
-
that for the week ; ended
Steelmakers are producingr kt a^ra^o^^edv^. industry'and',
^.a!ur<*ay' ^eb« 2, clearings for all level, that is geared to consump- uniom »jnemb'ers, ; and has '' been ^J1?8
^be United States for - tion;. they will have no reason : to studying * a >numberi $>t\ questions ,
^
^ ' ^ ^ possible to pbtain ;boost operaticms .unless consump-*referre(^ i° it-* It', will, report back-..
wee^ly; cle^rings ^iU
tion accelerates ni1 users-start to ^s recommendations to the: top
above.those of *he corresponding build inventories;
.^bargaining:group/.. XX x
;
wee^
year. Our preliminary r
Since no bne expects consumpAnother factor is involved in
tota.ls stand at $32,721,371,672 tion to go up sharply in February, regard to the possible reopening
a£aAns^ $30,546,095,436 :xfor;x the it is apparent that X; inventory date; This 31s cold union tattics./same week in 1962, °ur compara- policies will have a decisive in- If a 90-day notice is filed May 1,/
tive summary for some of the fluence on the amount of steel this would bring a strike deadline .
PrinciPal money centers follows: produced.
"
to around Aug. 1. For purposes of
-
Week End.
Bank's
Monthly Economic
me
between December 1961
+
cfty
1963
$18,896,323
'
1962
$17,264,639
Although plans for
'
%
+
>'
9.5
tory buildup
are
1,320,830 V' 1,322,291
-
0,2'
is little urgency in the
—
6.1
most
880,554
494,549
'864,603 + 2.6
1,8
507,850
—
users.
A
inven-
being laid, there
1,105,000
1,177,000
an
planning of
Chicago
mill
re-
ports after three straight weeks of
union strategy, this -would be the
worst possible -time of the -year
to call a strike.
/ Around Aug.: 1, auto companies
^
Continued
i
on page
38
v/V-V
Volume-197
Number 6236
•
mi
bearish
to me * because it
"little • people"' are
sign
\ means' that
And the Small Investor
Babson
By Roger W.
national
Forming Spain
Fi
Corporation,
n a nee
said/ "The establishment of Banico
Desarrollo Economico
de
getting into- the market and' they
ate generally too late or wrong.
\. >
Credit Bank
if is dismissed as an "artificial" index with
market swings and of being suitable to
criticism of that index,
the virtue of marking the
people. Mr. Babson also describes the significance of Odd Lot
changes, and intermixes investment advice which
Co.ncliidingiy recommends the professional investor, or a "good"
mutual fund or stock insurance company to the small investor.
most
and' Short Sale
national ; financial
c i r e 1 e s
of
^
'xMi m
increase in the
Morgan Guaranty Trust Company Spain's rapid progress toward de¬
Short Sales should be indicative
of New York, thrdugh a subsidy' veloping its economy and expand¬
of important news to those bro¬
iary, is joining with Banco Es- ing its! industrial base.'
kers- who are "closely watching
•/'/.,./ l///'"-'
;}..„:>*■/*' I
' /'//i*/;!•'i
/; /"' !/*. /SI' /////-'' ./'?'
panol de Credito of Madrid/ a
"BANDESCO .represents^ one
the market, If these short•sales
leading bank in Spain, in forming
more institution for rasing capital
are
legitimate, it should mean
a new investment - bank in that t.
in Western Europe; and thus les¬
that the "big people" are getting
country, Four leading banks from
sening the foreign demands on
bearish. These should show how
other European countries, as well
U; S. capital that have beeri cited
the big investors feel,' ip contrast
as the International Finance Cor¬
as a detriment to the U. S. bal¬
to
the
Odd-Lot
figures
which
poration^ an; affiliate of the World ance of
payments."
show how the small buyers feel.
'&!-••/ I
Bank, are also participating in the A;f jr.V :.£;$•$' A'y/
•.
■
course^
Of
an
v
the Standard &
'Poor's and the Neiv York Times.
Finally,
■
same
tell you what
me
wise investor of
Gloucester, Mass., told me many
times: "Roger, don't speculate. If
my
father,
Industrial
started, it consisted of
'.When the Dow-Jones
cannot beat the other fellow
a
■
(BANDES'CO).: It will conduct a ual association with the Common
Market, such as. that already ap¬
general investment banking busi¬
ness with emphasis on the promo¬
business, which you
don't try to beat
own
your
should
/f
/ Spain, applied in: February 1962
The .new bapk, headquarteredi for association with thp European
Negotia¬
in Madrid/ is to be called Banco, Economic; Community.
de Desarrollo Economico Espanol tions toward some form of grad¬
r
you
cycle
Onecomplete
sometimes takes 20 years.
./
let
institution,
new
Word
Personal
One
at
about ' the
all7 tell
They
10/years.
proved for Greece, are now going
forward. V
industry
tion and development of
know,
'story; namely, 'tyhether J the mar¬ Index was
in Spain through long-and medi¬
him at his".
ket went up or down during the only 12 stocks. The prices of these
um-term loans and through un¬
The above means: Employ an
day,
and
approximately how 12 were added l and the/ total
derwriting of debt and equity
Investment I Advisory
Organiza¬ securities of
.miichr They are: reported) shortly divided by 12. This was simple,
Spanish companies.
after 3;i3t> p.m. eachf day except and not doctored. It was. a real tion of long experience under one
Banco Espanol de Credito and
you
are
a its
Saturdays, Sundays, and holidays. average; but as I mentioned management-, or—if
affiliate; Banco Guipuzcoaho,
investor
with no capital under whose
above, the stock dividends, stock small
joint initiative the
What Stocks Are Followed
and with savings of only $1,000 or
splits, etc., made it advisable to
new
institution is being formed,
The D-J has three groups; (1)
change the system. When I began $2,000 a year—invest in a good will together own the largest par¬
the Industrials totaling 30 stocks; to write this column, the number Mutual Fund or in the stock of
ticipation in the new bank.
'(2) the Railroads, with 20 stocks; of stocks, as I remember, was 20; an established Insurance Com¬
The other European participat¬
(3) the Utilities, with 15 stocks. then in 1928, it was increased to pany which has a large carefully
ing banks are Barclays Bank Ltd.
The public follows the Industrial 30 stocks. There also were some managed investment surplus and
of London, de Rothschild Freres
Grbup chiefly, as the movement changes or substitutes. The mar¬ portfolio.fa//'; V ?-/;/v" • ■ .
of Paris, the Deutsche Bank of
of the other two groups is small,
ket was very active, culminating
Frankfurt, and Banca Commerand usually follows the direction in the
panic and collapse of the
ciale Italiana of Milan.
>
of
The 30 Indus-
Industrials.
the
almost continuous decline
through 1930-1931 and the first
by
Allied Chemical,.;
,*5 Aluminum Co...:/.
.; American.. Can,:..'
<v
;
^
T /
;
,
?
.
'
^/Anaconda /
--
•'
'
,•
'f Bethlehem Steel,"/•'
/
turned
f)t Chrysler/ /,/ /^/V"'-'"j ' *. "
//< /•••/. p ? ' •* v"•
-Eastman. Kodak
VDu Pont
General Electric y
^
jbht
<
::
Harvester
v-
Nickel •yi,.
Int.
Paper
v
^
Glass rp
Owens-Ill.
Procter & Gamble y
-
■.-
may
The
number
A
and
being implemented
now
are
ago,
recommendations
its
of
plans for the adoption of addi¬
tional
measures
suggested
are
\
under way.,
'■ ■
-■,
•
r•
AP" •'
■
'■'■■■
Mitchell, Hutchins
Branch
-j.
institution will oper¬
new
ate under
A.,
recent Spanish
Form Willson, Goldwyn
gov-
ernment decree providing for the
establishment in, Spain of invest¬ COCOA, Fla.—iWillson, Goldwyn
ment banks ? as a means of stim¬ & Strange, Inc. has been; formed
ulating the mobilization of capital with offices at 511 Delannoy Ave.
;
be surpris¬
see
now
as
-
for
to whether
'
way. ^
i
"
Spain's /fash-
in
market
1928 the
In
Std/Oil of Calif.. ;
•TStd/Oil of Nv;;Jv:,/
r-;
/,,;/•'
'/,/;./;•: Change in 1928
•
in
securities business.
a
Officers are Jerome H.
Goldwyn,
the
anty Trust Company ahd Chair¬
"
to engage
Morgan President; Irving F. Willspn, ViceGuaranty participation, Thomas S. President; and - Gilbert Strange,
Gates, President of Morgan Guar¬ Secretary and Treasurer. All were
' m
.
investment,
,v
growing economy.
In
announcing
another decline
■
,/
$ears; Roebuck /
•
May 28/1962,
exception to this rule;
divided
is
will
the
i, r
some/ months
ernment
de Credito.
—perhaps lower than the last, or
whether another bull market is on
•,
;;;Johns-Manville
,
Banco Espanol
the
of
Spanish Government. Their 352page repoi t, "The Economic De¬
velopment of Spain," was placed
in the hands of the Spanish Gov¬
SEATTLE, Wash.r- John Nuveen
secondary break. from' pres¬
a
Street
v
we
Int.
de Deleitosa,
Spain at the invitation of the
ited
.
"
Tot.
Chairman
ing.' The market/has recovered a
little more than half way/ Wall
fr General Motors-/
*': ]
•-Goodyear T•>: >'■ •
•
an
ent prices would not
^General Foods f
•
prove
.
.
Seattle Office
market
upward for 4 years.
which bamie oil
'
rv
the
Then
1932.
of
hew bank
The Chairman of the
will be the Marques
perts from the World Bank vis-r
{y}:
BURLINGTON, Vt. — Mitchell,
Morgan/Guaranty Tnist Com¬ Hutchins & Co., Inc., has opened
participation wil 1
he a branch office at 138 Church St.,
Here I might remark that after & Co., jiational investment bank¬ pany's
- ;
organization with principal ; through its Edge Act subsidiary, uiider the miahagenient of Robert
every violent decline and an" up¬ ing
International R. Bensen.
.
- ward recovery there usiially is a offices in Chicago and New York, Morgan/ Guaranty
Finance Corporation
second reaction. The big break
'
Tobacco
4/| American
Expands
ah
half
/ American Tel. & Tel.
.
Nuveen
followed
market in .1929, This was
trials are as follows;
In March, 1961, a team of ex¬
;
,
'
•
(•;
'Thef^^ard -four ^ differentr "aver-, by following.', the long swings,
ages^ reported ,:ih > most-rnews¬ buying when prices were low and
papers cand
via radioand TV. selling when,- high. These i long
They ' are the
Dow-Jones, the swings vary inylength- from 5 to
Associated Press,
Espanol
reflects7 the recognition in inter¬
v''
DoW-jones Average is Followed by a
of the
Succinct explanation
iK";
(587)
the Commercial and Financial Chronicle
; ;
;
man
became so
of Morgan Guaranty
Inter¬
formerly with Jay, Morton &
Inc.
Coi,
■
William J. Rex
James G. Frazer
active that a:^^ hew method of com¬
puting the D*-J. was devised; in¬ ; has completed arrangements in its
//c; Al'
y stead of merely: adding the prices
Seattle regional office for .depart¬
'..•Texaco
./Ay- •• ry|< «,<•;:n: / of ithe: 30 stocks and • dividing by mentalized, operation, according
/Union .Carbide
>'»■-;/ / 30, a divisor ? was "developed / The to Chester W. Laing, President.
vy.United Aircraft k***.<*\Y* *v.* divisor now stands arbitrarily at
f William J. Rex, a veteran sales
;u. S. steel Hy;
/••; T •
2,988. I have never approved of
representative of the company,
T\VI£estingh'OUSd Electric, r
'
this method, as we now cannot
will •; head the Sales Department
/ Woolworth. • /.;/
figure a dollar value to the Index.
of the Seattle Office and be reIn- fact, it truly is no longer an
How the Actual Quotations
sponsible for the company's sales
Average* but purely; an artificial
Are "Doctored" •
operations in Washington, Oregon,
"Index".
However,
it
at
least
Idaho and Alaska.* Mr. Rex comes
y lUnfortun^telyj/ it. seems neces¬
shows which way the market is
l to Seattle from Nuveen's regional
sary to add
or cut out certain going compared with the previous
office in Omaha, Neb/; which he
stocks at certain times. Further¬ day, which suits most people.
helped to establish/ He is a spe¬
more, stock dividends, stock splits
Statisticians in brokerage of¬ cialist in institutional and dealer
and other changes malcb adjust¬
fices will teli you that a one-point sales.
>
i
*
i
1;
ments necessary. Also, as these
/./A••
.../i: H-* • '
V ••''
*. /; ?.1 >:\
/j
change in the Dpw-Jones Indus¬ 7
averages go back, the adjustments ,
James G. Frazer, Regional Man¬
trial Index today means a theoret¬
show up more. For instance^ Gen¬
ager, who established the Seattle
ical change of about 10c in the
eral Electric is quoted : today at
Office in 1959, will now devote his
dollar value of the 30 stocks now
about. 80; going back, 10 years it
full attention to syndication, un¬
covered, by this D-J Industrial
was also quoted at about 80 (not
derwriting and special originaAverage.
^
}
t .
,
allowing for stock split). This
/tions for the company in thb same
The Dow-Jones Bond Average
gives the reader no realization
/area. ;///■ //// '///• ///;////:///
that if he had invested $100 in one is a true mathematical average of
share of General Electric stock 30 10 industrial bonds, 10 high-grade
railroad bonds, 10 second-grade
years ago, this one share would
since have become worth about railroad bonds, and 10 public util¬
This advertisement is neither
"
r
j
NEW ISSUE
offer to sell nor a solicitation of offers to buy
offering is made only by the Prospedusi "
of these securities.
any
an
The
•
/? //
?
February 6,1963
.
$50,000,000
;
The Bell
.
■
■
^
-
•
.
•:X
:
; ■
.
.
ity bonds.
-
<
Importance of Patience
No
one
knows
what the stock
market will do next
week or even
associates may
intelligent guess as to
tomorrow, but my
make
the
the
an
market's
next
tunes
30
during
The real for-,
In
will /refer
given
to
have been made
this
Copies of the Prospectus may be obtained from any of the several underwriters,
including the undersigned, only in States in which such underwriters are qualified to
dealers in securities and in which the Prospectus may legally be distributed.
The First Boston
Glore, Forgan & Co.
William H. Pflugfelder,
has
out each day by the New
Exchange. One is" the
Wm.
York Stock
Odd-Lot
transactions,
other is the reported
est. If the Odd-Lot
•;
and
to
the
-
Plugfelder
Pflugfelder
was
member
formation
Pflugf elder
&
&
Co.,
•
a
predecessor firm.
'"
>7
■
"//v
1
f- f
of
i
Mr.
partner in the
,
.
.
I
"
''
./< A1"'Vj./'"''
Shearson, HammHI & Co.
•
>
1
j t
0v
Alex. Brown & Sons
,
Granbery, Marache & Co.
Fulton, Reid & Co., Inc.
The Robinson-Humphrey
61
Hornblower & Weeks
Francis I. duPont & Co.
^
Reynolds & Co., Inc.
suc¬
Rust,
York City.
Broadway,. New
Short Inter¬
increasing, it is a
H.
cessor
the
purchases are
announced
Goldman, Sachs & Co.
Salomon Brothers & Hutzler
Incorporated
Stock Exchange,
of the New York
Corporation
v
Dean Witter & Co.
column,
/ /";
February 1, 2003
act as
Merrill Lynch, Pierce, Fenner & Smith
Forms Own Co.
I
two / other figures
concluding
Due
February 1,1963
Price 101.625% and accrued interest
Odd Lots and Short Sales
in
market have been made continuously
which
the stock
movement
days.
ji
..
.
Forty -Year 4%% Debentures
Dated
.
Wm. H. Pflugfelder
$1,800.
Telephone Company
Pennsylvania
of
'
•
Company, Inc.
/
Schwabacher & Co.
,/
Incorporated
Spencer Trask & Co.
16
The Commercial and Financial Chronicle
(588)
will -not
there
|||
1963 Will Be Transition
Research-instititle 0/ America,
By Leo Cherne,' BxeaUhte Director,
J.
MY
York, /V. Y.
Neiv
*
►
■
-
1 '
•
dential year
of 1964 than in 1963.
offers his panoramic review:of domesticinternational political problems and • possibilities lying
for ithe business outlook.
Cherne
Mr.
with
-
Action
.
economists' give
"There
words.
pect
tax
more
ex¬
with!
On
the
h e
tax
a
Consumer
expect e q
librium,
•up
i-
u
h o,
w
when
We're
one.
are
those
Germany there is
it
of
And there
good
way
are
'
always
visit
the Wall dowm—especially if
date;.5% of
wiped
The; euphoria
the
in
e -from the Indian political
talking the lan¬
lofty morality and prin¬
ciple, but when they were asked;
to stand up and be counted
dia's
request,
found.;
"
they
at In¬
couldn't
be
-
And
this, too, is understandable.
The
same
"
you
dilemma
•Pakistan I faces
that
faced
Burma,Malaya,
.
Ceylon, Laos.
,
Whatever else happened in In¬
United
out 'States which followed Cuba is in -dia» China. did not. emerge weak,
•
In other, words, it. takes certain- ways-well warranted and
an; Act of;Congress tb keep the
unified; "The action of the Pres-
And each of these nations, knows
they ^re-
anyway.
critical
iweep-»
or
each
effective date nf Jbuild.6ne.between yourselves and
an
understandably,
few Americans
guage of
make arrange-
can/
-were.
|rea^dividends.
years -been
other. If this works out, we'll take
a
in
reasons—one
families
.
,even more
But whatever, momentary satisi
-
to "Gentlemen, get together, talk to
can
hu¬
them
/faction we > took, it is importanj;
- that we observe that China gained ^
Berlin, Khrushchev's bait will be,
will
meanly
serves
^e'
■
July. 1. ulf Congress doesn't'take #rance!(aiid. the United States.)!'
/
a
For
ments,
particular for
,
•
And
'^.ar
look" at
you
;
|ng tears at Khrishna Menon's de-
with
out,- the profitable way out.
•
retro-
1.
filled
The It—> called detefitei -4he easy
.effective July: 1—not
to Jan.
(or
/
there
ly; ?Erencih-soundihg thing
curves
by
•
have
corporate .rate where it ^ is now. ideht was one of the extraordinary *. .This euphoria we've Been eqr
-been running) at about 57/10%
And you won't have a reduction ih high-writer * marks
of American J oying. has veiled some continuing
•of the employed population; The
corporate rates without a;reducr ^edsion. But rit was not the end problems, and yexing . .problems
Research Institute
stability, and
there
in prices.
v e
each other. We
of TVa % kny action that's the
corporate taxes gets
Unemployment: Here's
ri d
a
further* CTeep
a
expect
those who
are
i o
-
/them/depending; how
-
L
(perhaps
reaction—"It
.right!"
policy
ticularly to Germany) that sweet,
without
we were
starting date
Kremlin
inflicted
^rtein
Offering; to Europe (andr,par¬
would
couple
.Spending-—up -3 %
that
of
satisfaction-,
pain
«»we wdb a certain unaer-
standable
- 7/one powerful impulse. The counat the try is divided, The Wall separates
guess
is
thee heart
we
active
The Consumer Price Index-~we
there
be:
.
t
our
,
"derived
that we told India over, arid over
unlocks
within the next few> months will
/v.
•
cut.
'♦ •.
Institute
a
on
isay
n
^
cut
passed, and that if
bet
expect a 5% % rise over 1962.
t/six
x
months,
be
V * Housing, Starts—-down 3%.:
,
that
mak¬
our
India, but from the fact'
on
man)
.cuts1 get mixed Up with
is of tax cuts.-
surge."
Business'Capital "Spending-^wb
-
reces¬
a
sion
those who
are
to
Which
the
from
China
that
of
ways ...we
certain -emotional
not
It is our expectation, therefore,
>
tax - reform, the less "prospect there
up-^hiding, .however,, an unhappy
ahead for 1963 flows from 4irst half on industrial production,
meaning
.
"
Not ^tak'.'-: reform—tsix^
Research
the
;■
•That law is tax cut.
;
Part of the problem in forecasting
what's
■' • i
■
Anticipates ;Fayerabie- Tax - Cut;
=He is confident that we are getting on
Free World partners.
our
year.
statute Con¬
one
a
to
"p&n - it- get-tlwt t>ne layA finish^d in
the;liali year requited?;- - .V f
relations
right track in the economy and internationally for the "big
the
is" the"^key
maxim
some
a"
the key which unlocks the door
Europe."
r '-•/,«
is
In fact, the big questiom is,
gress.
problems we
change Washington'is taking toward foreign aid; the
Tface in Central and South America; and subtle Shifts in our
This will be
i-
toughening
the
notes
Kremlin
old
Berlin"
schools and high schools—'nothing,
■
23rd onnual-con-;
s&cutive time-to that group. Mr* Cherne predicts 3% 'GNP rise to
$510 (billion and a S'/4% gain in business capital spending compared
to 1962; anticipates favorable tax-cut action with a 3uly 4; effective
date; and opines that the 3% increase in young, marriageable adults
-will leap to 16% year to year gain in 1964 offering a favorableomen
the
js
no sense are
ing'..- In
.On aid to education lor primary the gate to Germany and Germany
;
ahead to the Sales Executive Club of "Nv Y. for *he
„
the Presi-
be..more ;useful in
$0
pragnosticator
..economic and
which in
because of the of Europe.
Rules Committee than because of:
The Kremlin's interest in Berthe fact that Medicare would tei.i un is not Berlin.
It's Europe. It
Colleges? Yes. -This
Skilled
Thursday, February 7, 1963
.
rate all of Germany from the rest
Medicare
any
.
Bill this year—less
Year Before the Big Surge
:
be
.
they
(arid
running
.
,
at
look
anticipates the
maintenance of the 5 7/10%.
1963,
1963
rea
ch.new
ion-
enmptimp
Cherne
Leo
thing.
SSZdlh7v
WJ44
an
U'»e
ua,bet
pany.
in
that,
in-
xneic
aic-
uiwc
www
doHOTflMWV
not be aware
^'coi^ out of -ta^ fact, that the day before yesterday have also -creased.
vvxii
,
,
ohnori
the-year ahead.
;
economy
"
Growth
Our/ Slowed
,
The
v
few
next
months
be' to
Still.
stand
months -of
those
-
mounting -difficulty for Jomy the
who
manufacture
things, sales. ; J
% simultaneously,
difficulties
The
•will
be
masked
/ /: I'm
continuing
by
,
is
''4
fact
,-7,Khrushchev in'" Berlin
and
spending,
consumer
Still further than that by
WW
pfrom the'fact that any economist
ican .anticipate with close to cer.rise.
consumer
^Now,,the significant trouble
fact
that
any
of
consumer
which
-in
QtntP«
The
A
that
that WO Were not supported
ancj
,
hich
It
European nation
a
water
us
incomes
We've
got
sinee
1047
there
;.•—°Nnw'
thp
Ttnlinn
C mrommont
to
the
will
-we
one*
begin to
before the end
1963-has been -
:,ing
the /"hollow
years
or
in
this
re-
.
no
110
iri the
in uie
don't learn.v .'I'---"^
Government
doing in
learned
'
the
-a
Prp«?ident
in
learned
the
team
harder
White House.
may
than
little
a
President.
It's
because the
the
The team advises.
In
that
sure
not- be
the
makes
President
filled its miota of
by
team Bas
A hard
1962.
respects-I'm not
some*
ac?ivitie^'^
statement
training
one
one
Farley—you. learn by doing,
you
This
:Janliry,
•
real
no
as
as
,
easier for them to be,
lias
"Guatemala
^Ca,tr0
generation" of the 1930's has been
seven
whinh
Jim
/ydieora^^
Why would Khrushchev: go to
Berlin?
wish I. were making these
the changing population -mix. EQ rthe last
in
to the others.)
the end of It
see
of
-
formed
was
country knows better than
u00
;
yriar
one attended by/Premier
we're-entering--^d Khrushchev (he sent subordinates
economic growth of this last
is
school for: this,
scnooi ior uns,
Ttalv
,
,
Washington
just elects men.
And
hell
come
event will turn out tp
Ms
be Berlin. Unlike the Party Congresses which have within recent b
y
^ociaiist^
of that peace is
weeks .occurred, in ..Hungary, in a"d *be price " «»* .Peace. ls
to accurately measufe
us
Team in
Government
-
Cuba.by,
/which has supported
-,
enables
iare not rising fast enough. Spend-
for
TTnitprf
t,av®/experience wtth; them; for ^OTia, im rthep.fipyict ■ bloe.. ,In
f£rst• w;ek 6f
a year.
; i *
^V^^V-.the JPafty. Congress in , - -^
■; An important'factor in the slow East, Berlin^of .Jan. 15,
wilbbet ntine
income will «nd
,point isn't in the rise, but In fhe
loold
yet the "data
confusion flow's about
of the
dainty that
not *
in-"corporate' profits.
creasing
["' Some
..
raiw
automobile sales—masked further
•by increasing
■'
u
Now for the world around us:
'good automobile «ales-^thpughuot -^imriie i-easOrx: *sinCO;the^^riwfdo^;
sxrupit: vieaauii,. -biiict:
tiie new
u.e^
as gooS as November-December's
-preciation' rules there frankly "Js important
nubutituwu.
,
.dfa
"
corporate profits for-a
on
.f.
friande
Pakistan'
.
R.I.A. antici-
no
.
opprl
Klfan"of
avub
,,,
energy,
on
•
indicating
pation.
ecori-
in that
And
premium
*
rpQl1«-
niir
Ggneral
-Whon to private spending,by .re- -4T a wi n.g^trom SEA TQ and^ silly expectation aui*?av^.
a _;„
that a moment
ducing taxes, $2 billion is being -CENTO^
at
the
ballot box
automatically
taken but in the meantime,
You may /not be aware of /the creates a
government. It doesn't.
).^^0ne that's running fairly hard fiT£t
will
nf
.nnp
our attention con- notified
the United States that
wnnenur auenuoii cuii- Pakistan""was "conXdderin^with" the Fal1 of 1962 in Washington.
have
on,addm^ -^e by $8
wi n Tlrom
S E A T O
^nd Perhaps as Americans we h«
.private spending
|^tratf
described it, is
IVe
as
because this !
—
,
..
the increased
Security faxes.
So that while
-4h;«
dition^l business
-
7.
..
.
fact,
.
of
We'*
'
«
troubles' have
of fhe creased, certain ol pur capacities;
.they wore • prosper during 1963 and those who - Payers -pockets
right, because that is the nature will sweat for each dollar" of ad°r.
strate
fact, |t is reported
/
Snbte nli
they
;ucmuir-
therCold; War. And it distracts
look just
»
7*.
up
we
Stf
•
■
Wm-
will aU
0-U1U
ing
Spending:
they're-aUkaying^xact'ly the
same
Of 8%^unemnloved-
Hnrinp iQfi3
opin¬
of
•
four - ritfentiqn frond the fact that that Vice president Lyndon John^
"•at'tbe" Urgency-of incrOas- *th,ere,are places where things are has .alJ amusing great routine,
incentive for investments arid "riot goirig better since Cuba-^here ^-e
mto his plane and he tells
Incidentally, while
lirihaDDvfieure
highs.
In our
tion of individual rates.
•
^
will
say
?:
decisions.
-
But thte team-has shaken do wn.
simultaneous
J ^ ^^
And
now
in the White House there
-marks two weeks from now; Bedi
ruhan pxilp leaders
and
t
rktiiir
Vi<sro
J-eacung jL.uoan exiie leaders, ana is the group of Bundy, McNamara,
/transport, leisure-^hag been
passing, through the; age grorips"1131^® now I can only ^uess"^®re 5^^^^g*j^-J^^xil^Cubans Taylor, Bob Kennedy, McCone,.
ling at a steady two billion dollar that account for most of the BTe W guesses:
,
.in Guatemala that they, have to Rusk —arid not very far in the
Tate year afteryear..-WithiiaroomeR
maarryir\g,- househoid formation, •* My'very strong feeling:
^thatrjjea^heutral."v7
'
"
wings^IDeari Acheson — about as
Berlin is not de-.Why?'
tough a group as has ever been
up a new Berlin
Because
Guatemala: fears
the: assemk*ed"
consumer
fronennrf
iaicva
services-,rent,
u~•
•
i'
••
V'
...
_
^
ippiico
nn«r
enii
diiocc
.
,
,
.
_
Sniirt
<
,
durables—consumer goods.
Npyf
t ?
v ;
Ypar
Hous»—
p
1 fNext x ear
.
it -will
ing starts will be down. We expect
Now, here's where to take heart, fering
vtheyUl drop 3-4%- -in this year The "wor babies- are finally just crises.
-
ahead with consequent little cheer
(for home furnishings,
( and so forth.
t
*
way
21
to
;
/ \
24-year age group
irv/vi*ftOMv>rf
an-
f
jj
.
.
In 1960 and'61 the population in
/
the
Business spending .presents
jOther
l
appliances,
about coming of age.
increasing
»of understanding ^ 1V2%
problem. The latest McGraw-Hill
In
a year.
'62
the
at
it
v«r*+A
rate
.
-
increased
a-P
Ithat
' }
r
•
^
of bait
*
.700 Guatemalans who are at this
But ^ caution against expectthough heds of- mnmtv being drained- by Soviet - ihg that the^^tt^h igroup^wiU bunof terminating Bertinv+pphnipians in ruha^ undpr" flip' ger- tO ' take" "tough action, ^r :/ :
•
,j .believe
leadership of Communist Jaeobo
,
that Khrushchev in
Guatemala
ace-ia-the-hole—a, piece ;ago with
.??'
really directed to the Goy-r CIA ;
J.*„
J
1
J
11.
-7
2V2%." of Germany to
come
Communist
from
mean mo rise at all
current levels, since the sec1962
was
already
run-
nijag 4% ahead of the first half of
-1962.
-Jtc7..; /:
Our expectations in detail
'
follows:
"
'
,
are as
•
Gross National Product for 1963
should reach $570
billion—3%
Industrial
Production
should
3&
hurriedly
que
are
in they
much
........
years
'■Z
of the
•
.
'•***
communi-
particularly interesting—
directed to
were
as
some
small assist from the
a
to
us.
mala awaits
They will not. /.///j/S/f
By and iarSe they will be
happy to face no problems; they're
not going looking for them./They
left ."
recall
«you
Castro
as
j
reciprocity",
1a'
intend to face them
-mm
as
arise, and would just
1964
come
without
crisis—except
of
health
the
4-Um«*
see
soon
single other
a
one.
affect
S -C
J"
and if they
as
r-
They would like to
They said: "Guate-
" *
see
-
a
•"
,
rf ;•
crisis
bearded
one
in Havana
literally that — be¬
sees this as a moment of* - The reason? • r ; d ' :
/
jWar class of !47 turns 21—this 21 weakness; for NATO (as well sas^ We had a twenty-to-nothing cause there are no other present
plans to assure his political de¬
f° 24 age bracket will grow by for himself;);, */ >;
-5 - / ;
f*/; t vote ^with us in October. That rein one year-i And some-comIt
is our. judgment that. he sponse was phenomenal. Nobody mise. There are plans to make
And in I968—the year the post- shchev
—
panies will do enough, pla n knows he cannot heat up Berlimwould
have believed it. But it was
'
•enough, act enough, make enough -today'without running something a
responseto doing '-'something/
and sell enough to take their giant of the risk that he ran iri Cuba—
And Guatemala, correctly or not,'
share of that
•
up.
.
_...
reacn an index,w>,
424.J0122, also
as
The last lines
to terms with
Government
.....
.
This would
J.
*
in(
3% rise for the total-year 1-963 be6%-%—-that's how big the jump East Germany.
over 1962. But here s the kicker: will be next year.
v
It is our judgment that Khru-
ond half of
:
Arbenzv who
/Soviet
.
;.a
y*
the
ernment of the. Federal Republic
^survey of business plans forecasts In '63 it will be 3%, in '64 it will the
j
,
will (unveil
Union's
was
about
•
a way
Berlin
nU ah!
of
r
.
quite the contrary,
appear as
.Legislation:
:
extraordinary bulge.' but he
So much for the
economy.%
,
7,
5
He
can
do the opposite, r^r-
can appear
•
•
•
yet introduce
My guess is that whatever is powerful fuse
done,
on
the .Rules
Committee, only
one
a
-
to de-fuse Berlin,*
really much more'
—
government more difficult, more
costly in Havana, to make shipP^g more expensive, to make it
believes that our quota—the U. S.- tougher on the allies who use their
quota of anti-Castro activities— ship bottoms to feed Castro, but
has, for the moment, at least,mot there are no present plans-to set
because he has been filled.
aim in Berlin—to
$epa-rv
There
are-
motion again .the prisoners
1
other
difficulties
who were-released,-or the thou-
Number 6236
Volume 197
sandsr of
far,
plans.
(589)
others,, in Miami, New now. It doesn't have much sentK recognize that this
York— elsewhere— itching to go
back.
Thus
; The Commercial and Financial Chronicle
.
.
there
are
it
it;
the UN has become
There may be before '64;
there aren't
into
has
Second,
and though it will never be; said,
crisis
had
of the reasons that we're
one
im¬
FROM WASHINGTON
longer.
any
their club-*
it's
now.
the
was
perative that could not be evaded
no
great expectations; it knows that
such
no
mixed
ment
\ V
this
therefore,
within
long
ourselves.
was
What
a
we
ourselves
assured
17
•;/" •'/ \\
"
'..'en.
:■.
->
(i
«Ii-
,<
\,C
*
•'
Ahead of the News
.....
we
The toughness, in fact, of which
not quite as happy as we were would do "if they pushed us far
BY CARLISLE BARGERON
With that club,
enough" but which we ; really
ways. But the obvious limitations
The Administration is racking doubted We might rln, nnw wag
of time permit me to give the its brain for some way of solving done. There might be a
turning
~
oversimplified impressions, t h e What it. has learned, to be among back from these deeds; the voices If Mr. Kennedy were to go after are entitled to aid, too. There
I
spoke,
reflects
itself
in
other
.
the; most difficult problems-
headlines.
|: •• r
the
.
T: *-
;«* 'c r,.c
..1 "\i;< \c
rv
" " ;!; !
.;
of pacificism and the fear of war
problem of South America.«
might yet
New
Toughness Toward Foreign
: -/..'"."Aid
■
The
ment With the United
will
it
use
We might yet become so terrified
There's the fact that the Alii— with how
close
ance for Progress has stalled—
Armageddon, that
team has no enchant-
new
not
or
Nations.
leadership to
cause our
It
there's a growing awareness that
there isn't the time, there aren't
giass, building the resodtces, and there dbesh't
and
admiration for the
drawn from the immediate
the East River.
on
The
toughness
another
has
already
"Look
in
still
itself
reached
with
had
;
foreign aid!"
That
through with it.
the
and
It
have
the
means
been
ceiling
we're
mean
the most
Commission
which
has
has
Most
.-
those
are
fantastic
er
study*foreign aid under
Chairmanship now of General
of
one
series
a
difference.
sions and
but
It. starts with;
the
at
time
same
of
a/arise
And
that
problem which
with
the
on
a
jseems to have no
.
*Frcm
Sales
with
Brazil
—
.
solution.— which President Ken-
impaled
—
no
has
one
(and
happily, accurately) that the rich
solve
of .the world grow
g06d for lis that these
it
richer and the
nothing we
anybody else has been able to
or
do has thus far
*act'
last
ninety days.
Some
parts
they're- in
f
.what's involved. *
And before China
Washington that we'd better pro-,
our own scalp inside the Com-
is
Market;
mon
there's
whether
concern
growing
a
munism.
taken by the time the negotiations
get under
wards
way—as
the
end
of
and
If
1964.
in
And I must say, if I were to pick
the
I
one
whose
man
least, and
envy
visible
in
practical
is
already
purposes
there
—there
is
important
an
that's
because
have
we
change
of
other alliances.
some
the
ways
becomes
with
one
On
more
the
Washington
Adenauer
-
leave,
it;
rt
t
g
a, growing
is
this
victory
Ger¬
The
France
use
of
courage
partially
we
was
that
the
visible
make
no
Soviet
Union
missiles
out.
There
are
many
have
seen"
couple
the: end
of
of
months
America's
Joyes- affair with -the neutrals;vBut''
not
-
Suggesting
going
to
take
the neutrals:
that
we're
positions
But this is
n6w
against
an
open-
Orem
real
y e
d, ? unromantic A relationship
serious
a
PHILADELPHIA, Pa. —Theodore
n
r
to
the
vAth
date
i {
Philadelphia.
Mr. Eckfeldt
the lannual
,
ReDublicans
election of the
|L
club
B
:
into
amount
out^
a
program
many
w„ttrm
E.
W.
*r
™
rn
Term
Vice-
Corporation,
real President; Frank L. Newburger,
could Jr. of Newburger & Co., Treasurer,
that
billions beyond the and
many Democrats in
Lof-
J
of
any
far specified. There
so
Hotei
officers elected
Phillips B. Street of The
were:
bill, not only ill- pirst Boston
advised, but also without
at The
' la'
tus
,
■■■■■
discriminating. aTOe administration
has presented
fixed
in full of bank loans
on
Thurs-
evening
Jan 24
B
ST^to e^LZ,
ac^'%*■'¥.'Maintatos fhai
dlimhstI^'t
be expired. Other
-
on
dav
in-:";^^^Bv
not
are
and
meeting
.
an
'
elected at
was
»
..
:Edgar
th
of
Club
Bond
mis-
>j,be jyjew jersey Republican
/■!
^ AM
4-1^
n
/l
vi
i
nil
AM
/lAin
are
Richard
Hole
W
of
W.
R.
pressprich & Co., Secretary.
A
£
Congress Who
same
4- 1A
A
A4V<A
VIA
vt
AM
of Goldman
properties and the bailee of
available
Sachs & Co. and The-
grain for the
for
the
payment of is pressing and that it should not
be dealt with
as
a
in
Dallas,
the
of
tion,
operating revenues eminent should keep hands off the
been derived from this elementary school system; that the
Aug. 31,
fiscal
year
i
*kt
air
aid
filtered
u/r
P0RTL,
P^gv—Edwin M.
Badgley has been named manager
of the Portland office pf Francis
B duPont & Co., 50b Southwest
^lxt" Avenue,
Washington
J. Gilbert Robbins, Sr., former
com- could be better provided by the manager who was for many years
The
1962.
i
•
Badgley Named Mgr. i
its
the
V
H
three-year'terms.'
The education bill faces opposi-
engaged in the gen-
during
elected to
partisan politi-
'/ cai issue.
also provides water service states,
in the city of Clovis, N. Mex.
The seives.
pany
through
and
are
of Campbell & Rob¬
bins, a well-known Portland in-
them- senior partner
communities
Others
opposed to go-
territory served by the company ^g into programs that will swell vestment firm Before it merged
took
includes the Texas and Oklahoma
But
Panhandle,
the
and
a
les-
of _the
estimated
*
^
by^ -the
:
875,000.
Millions
of
,
,
.
at
,
gg
in
many
than
its
more wan
group that
is
the
over
Federal
aid
to
^
which
declines
to
give ?
order
to
the requirements of his many investment accounts. His son, James
G. Robbins; Jr., is the associate
elementary schools, that is against manager.
system
in
entlre ttae t0 servicing
.
Mr.
Badgley
.
•
-
returns
.
to
-
,
Port-
aid t0 Pri-vate schools, particularly: land from Francis I duPont &
1&; Irving Hochberg will that by removing millions of
Co.'s Seattle office, where he was
manager. He had pre-v
pils from the public school sys- viously been affiliated with PortSprayregen & Co., 26 Broadway, tern, thereby reducing the cost of land investment firms for nine
become
and
rial; responsibilities
devote
parochial schools. This group feels
On Feb.,
Francis I. duPont & Co. in
1961, is relinquishing his manage-
time when with
fg the mat'
discrimination
.a
Suravregen to?Admit
a
more
"
is another
*
servedj is. j-gady
company
dollars
Avenues
in
The present,Bbpu—
ferritpry
spending at
fne Government is spending
of Texas
the Pecos Valley Yegion
lation
Federal
^greater portion of
South Plains legion
V^ew*-, Mexico.
"
is
is
today.
price tag,
ended
<
"policy"
v
...
...
convinced it
run
having
a
limited
partner
pu-
associate
in
valid
only to
the^ extent that
within-it inheres the element of 'New.-'Yorkr City,-members- of the the public schocJ system -by-mil- -years .before^ moving 4o
Exchangg^* - - .^r- lionsr of;.^dQllars^privatfis -4Schools » in. 1958r,
ivilk However reluctantly;-we did New < YnrW
'
e
irlterest
service
£n acceptance^ of the thethat
-
*
+
„
vides for loans. Mr. Frelinghuysen
redeemed
First} this was an assertion of
poiaer,
,
portion of the net proceeds from
99%
■
idon't -read; too i much- inw this^ I'm
if
absorbed: But two already stand
out -clearly:
u
as it stands, from many
eration,. transmission, distribution groups in Congress. Some memand 'sale of electric energy, over ' bers believe that the Ffederal Gov-
will be'a long time in being.fully
last
105.13%
Headquartered
temponzing, -waiting for;his sue-'sons in. the Cuban crisis, and they
These
!
-
in view of the situation of colleges
company is
mistake, the most im-
missiles in?
f1
take not to provide also for grants
provements.
in
waiting * for- to take the- risk of putting those
cessojr.
option
be
happiest thing about Cuba
their
1
elementary schools. odore C( sheaffer of
Janney, Bat-:
such proceeds will be added to the Mr, Frelinghuysen contends that
+|e
& E
w
Clark
Inc. were
company's general funds and will the problem of aid to education
of
not the
gained
"Rl PPt^
the
on
of. the
from
the
4.33%
its
awareness
power,
Al
1
Lbftus was elected to the
feeling—and Board 0f Governors to serve for
000, obtained for the construction some of them are strongly op0ne year
Leighton H Mclllvane
of additions and improvements to posed to the Administration's pro-
,
just
at
uv,
standing in the amount of $3,000,- have much the
beginning
the
-r^ ' '
...
Jrhlla. BOlld ClUU
been
at prices scaling down-
p
ment
Cuba.
really
part
vi
-;,
; <
portant* thing about': .Cuba was
Germany, that the Soviet Union' was Willing
with
is- just
to
•
it
the end
end of it—this is the fruit of the
captivating
difficult.
one
approximately
further costs of additions and im-
America's
precisely because with de Gaulle,
it's the
he
d
and, in
France,
"more
the
••
with
ones—are
and. with
many
enter,
as
towards
progress
construction.
vate. The Administration bill pro-
the sale of the bonds to the pay-
in some respects, is the
Anglo-,, beginning of America's participa-
only had one partnership.
The other alliances We have—
major
we
year
a
es¬
This,
We
the
the
In
meeting the needs of public school
* He beli'
sort, we beneves
.
,
The company proposes ;to apply
tion in the Cold War, not the end.
profound
a
in
crued
complex problems.
American alliance.
And
4
priced at 100.75%
1^075%Mn eaX cas^
that there aren't easy answers for
longer
no
are
.
^r^the 12 monthsredeemed on
ending Dec.
31, 1963 to 100% if
colored
words
making real
are
a prime need is for Federal
-
wiirjbe 'redbemable in whole is
ward
of describing
way
few
the
of
There's
For many
Anglo-American partnership
an
one
last
constructed.
were
other words, states and localities
1
.
Department
for example, 72,000
year,
classrooms
proposals for Federal
many
of th
that
yield
4
had
>
>
ranking Republican
to the reeent
of Health, Education and Welfare
that last
prepa-
already
g0
announcement by the
Rea<*4". loans to the institutions of >
Sft-8
and
and loans to the institutions of | t
higher learning, public and pri- !
headed by. Dillon,
group
company
away.
relationships with
our
three main allies.
our
I
have
SrV 2 I—
„
Co.-Inc., New York.
or
hope, mighty purposes and
iUusions. And some of
giant illusions are stripping
the
is
they
contest
a
already in
are
They
aid to education as political cyni-
and
^ gjant'
the tariff rates.
change
Yo
to
v
Hh
hes assumed for the negotiations
of
for
colleges
these
rrt
mortgage bonds due 1993 of
The bonds
The United States Uas followed
ter, because of the responsibility,
aura
&
of illusion..
,it would be former
Secretary of State Christian Her-
An
a 1/
j*
is
would be to describe it
courage
I admire most
on
trying
these
sence
responsibility
whose
ing
Summary Outlook
they will to¬
'63
nnnnnh
,
_
nation's monopoly of world Corn-
hide will be
our
really
.
£Lf!P,ar"n!
mittee, Representative Peter Fre-
finished 6r after Jan. 1, 1992; and for
she will unveil the fact that she
tect
remedied,
colleges from Federal
introduced.
.
munist Movement—that's exactly
of
be
_
to
bill
committee.
£££
ciassrooms
bills
Southwestern Public Service Co.
"
J
"
LjuI
u
is
being made by arv^underwnt-
for the control of the World Coin-
this have not yet been expressed,
but there's a growing feeling in
for aid t0 the public schooIs as
proposed by ..the Administration.
Hid to elementary schools. In fact,
dealing exclusively with aid
by Mr. Cherne at the
of New York, New
rfilo $14,000,000 °
rn
first
urgently
giant
bv
j
President of The
split;
because
a
aid
of
could
_
eral
Club
•
ee
Chinese
more
Russians
the
know
radical change within the
a
are
the
make
j
E
Eckfeldt, a vice-president of
linghuysen of New Jersey, has de- stroud
& Company, Incorporated,
scnbed
the lumping
together of bas been
elected
A
belligerent. And it puts the heat
\a.-.on
■?
to
inventive,
more
really altered that
Our attitude towards Europe has
taken
tends
is made
argument
House Education and Labor Com-
it
automatically
popr grow poorer, and
strone
s
? ti
is maae oy
those opposed to Federal spending
Bonds Offered
impaled
because
iiaw.
hop-
a
Public Service
these
Sino-Soviet
not
isn't
it
address
an
Executive
he
en
a
omnibus
out
situation
™le'
right.
the
get
-
The
a
Because
.
rpbe
nvi/l/wi
Southwestern
any
it is you do about it.
un-
4-
will
split! But impaled on
nedy referred to in his television whether it's good or bad and what
interview when he noted
of
essence
in
whether
ever
ration—some
ponders whether there is a split
---there is
wm
to
and
statesmanship
the problem of the
split
what's
gen-
America
states
discipline
and
the
noirl
was
and even Vast-
! fnismahagOment
illusions
in the
giant
wrong?
s
T'rrrv
line
no
dilemma—of
a
"What
ttrV\r\4
ago
year
a
what I've said today is to under¬
illu-\ problems;
great expectations—
The Administration is
no
knowledge
two
theme
my
weeks
Congressional
^l^^dthaItJ^([eg;^0nisW^^
doubt
If
of confi-
South
of
the
big surge.
vote of
a
into
"""V0:( w!hich 1have been opposed
before. He thereby.aroused grave
and inter-
before
year
are
They point out that the states and
jpers a p a c k a g e containing 24;
localities are doing a real job in
pieces of Federal aid to education
in-between
economy
The
of
—r
dropped
had taken.
an
eouDle
A
was
crisis,
doubt of the
no
we
be
moment
heat
package with
one
the chances that he will get none
of them.
■
i-V
but
lack
resources
Argentina.
of commissions which have stud-
ied foreign aid—but this one has
be¬
is
troublesome,
the
Clay is but
it
money,
the
supreme
leukemia
eral
been
formed to
Lucius
needs
will
nationally.
take
dence. With good reason,
narrowed,
been accepted in the White House.
The
likely
ninety-day credit
a
ex-
amounts
on
will
she
cause
doesn't
pectations
Brazil
be
step
year—in the
Brazil. Ninety-day credit!
that,
it
we've
white
could
1963
was
historic
the
enormous
other day a ninety-day
about to be granted to
% The
credit
that
at
until
there
to ®et this one moving,
new
decision which
a
been
boys,
the
and
reflects
way—in
will down there
appear to be the
mood
new
But
proposals into
would undo
depending on
the circumstances,. It has no gi;eat
it.
to
were
we
we
■
,
.
his education legislation' piece by other members of Congress who
piece the indications are that he feel strongly that the Federal,
could get ihuch bf it. But instead, Government should not'contribute
he insists upon lumping his many to teachers' salaries.
retreat from the rim of the abyss,
South America
Problem of
.
Seattle
18
The Commercial and Financial Chronicle
(590)
r
"V
-
-
'
it
POTTER
C.
JOSEPH
BY
to
entrusted
money
MUTUAL-.FUNDS
you
/'/J//
1961.
where
on
can
subject not only
any
be ar¬
endowment,
is
days
Vogue
compares
Thomas C.
Jones
has
been
/A,V--;/ Z :■ A:/-.,/-///y /
Accumulating
Fund
-
sets
$43,874,552,
were
as¬
F uri d1
a
against
share;
assets of $38,685,-
market Value,: Jersey had to dis¬
.*.V
end of 1961.
chines,
Indeed,
the way
vesting their funds; is* most wel¬
Boston
daddy
stocks.
colleges and' universities are in¬
other
Fund', which began
H
.
The
19541, has never varied* from a
these- endowment1
criticism
funds
wound
n
balance
;
k
the
of
America n
speak for them¬
panies^ based
com¬
-■>
excepted, these issues also end up
the- first: 101 with
and ,$14.78
$10.21
or
a
earlier..
•
*
■-
'
*<'■'IZ
; ■"■/ ;/
L/,r
.
sB
,
:
/
the
Ford
'Motor'
Nickel/ take
fyifi-
and G. E.
NATION-WIDE
•
While
and'
the
For the past 24 years, Mr.
re¬
share,
a
y
:
to.
as.se
.
$302,099,983,
-
,ment department,. He is a
,«
ate of the Bentley
Corpt, reports
31:! net
Dec.
at
.
.
..
$
..
$2,117
.v:/,-./.::./,/"
»
„
,j ;
r,
de Vegh Investing
Co.,
or
<
Bell
a^share at th£;sn<f of , 1961. p/
This compares
$5^224,810, equal to
shargy at the end of 1961,
steks^ .wbich are Net/'assets
Debens. Offered
First Boston Corp.KNew York,
of' the undenvriting
group, ha^! announced a public of¬
fering bf $50,000/000 .4% % deben¬
tures of The Bell Telephone Co. of
Pennsylvania. The debentures, due
2003, are/ priceci 'at 101.625%; and;
accrued interest to yield approxi¬
mately 4.29% tb maturity. : :
J From the proceeds of the sale,
The
1
Oyer-the-Counter Fuhd^' Bhj/ • at" Dec;: 31 ;were' $185*/:
Market, don't turn up among, the 38Q,450i,/or' $56.15 ^per /share, /corny'. $19.94
t '■ '
sichooF favoritesthey; are/ never* pared with $25,006,447 and $68.49
»•
theless
t
The big
folios.
in
prominent
these
port¬
share
a
New York banks
predominate, "although
tionai of BostowaM
••
a
./
fund,
"balanced?" mutual
Sold
only
through fii»gwtened invpstiTwnt dbalers. Ask
in vestment dealer for free prospectus,
OMBail:thisadio
-
your,
BULLOCK,
CALV'N
r
.
i
Established 1894
-
WALK
ONE
STREET,
ill
LTD.
* /-/
"■
NEW
YORK 5
CF
NAME
AM) MESS.
1
1
'■
assets
of
$3.13
or
•-
••
.v-
.
«
earlier;
♦
.
:
'•
,
*
.
net
**!'■
J-"*
f
Clark
Stevens
Fund
assets
-
at
$301,-
This
end
of 1961/
-
•
-
-
^
-
.
.
/ insurance
are
.
.
,
Public
utilities
(exclusive
of
amounted
^telephone and-gas-equities) have
considerable
appeal for
investing. .That
by Middle
er,
Consumers Power and
Com¬
Edison. Indeed,
every
monwealth
segment of the
COMMON
It
•
useful to
fund folk
individual, investors
note
to
breakdown of
college invest¬
ments. The
fund, investing for
and
ties
growth possibili¬
through seasoned com¬
mon
stocks selected for their
;.a.: v•;/■■■■;t
common
3%.. and bond holdings
accounted
for
/
real
estate
stock position
34.1%. / Preferred'
stocks, represented
and
■
and
mere
a
1.7%,
mortgages. 9.8%
V; miscellaneous
.
■
investments
4.1%.
Mail this advertisement.
-
,j
1
.
'A\
>
»
JPO
>
*
'
~
> ^
'/)
"
.ii r'*
■.
V*
a
•
7
•
,
CHY
.
.
&
\
'»i"- '/ * """
v,c
•'
f\
L"/.!; K '
r.
V-
❖
\
re¬
Financial Industrial Income
:•
460, or $36.46"per share, compared
with assets of $237,677,289, or $43
Fund
reports that, at Dec. 31 net assets
Were
$3,432,882;
$8.91
or
share.'
a
asseti amounted to $202;9i7,i
net
-
share,- ai the end of 19611/;
a
467,765,
$9.75
or
share.-
a
*
-
At the .Wall
Street
*
'
Investing / Corp.
for
expenditures made for exten¬
sions,,. additions and improvements
to its
plant.
debentures^ will, not bq re-J
prior to Feb._ 1, ,1968!
Beginning with that .date the re¬
demption price will be.105.125% to
and including Jan. 31, 1969,; and
The.
deemable
redemption prices thereafter will
.downward to the principal
range
on nnd; after Fei>, 1,; 1998.
Headquartered in Philadelphia,
Bell Telephone had. 4,517,978 tele¬
amount
phones in service as of Sept. 30,
1962.
Of these, about 44% were
in
the
area
Philadelphia metropolitan
23 % in; the Pittsburgh
and
metropolitan
^
area.
■:■•/"/
../::;/.
Byrd Bros., King
'
A; year: "earlier.; assets^- w.fere $2,V.:.
,re-
Admit Dimond
elpse; of:;the. .fiscal.-year; Qn June -poftsj; thai at Deic. 131' nef 1 assets
Renwick Bauer Dimond has been
30y l962/ assets '.amounted 'to 1£2,- totaled' $11,899,641, equal to- $8.69
a
Shpre. value a year ear- Admitted to general partnership
631^573,, equal to $8.25 a share..'
In Byrd' Brothers, King, 21 West
?>*: ;v'':
*•-' *
*:#'•>"
r/ lier'was $10.06:
; v.f
- •*•--N'r
•• •.;
-j i
■
J:" ■ ■
«
Street,, New York City.
Net
operating;income, excluding
Winfield Growth Industries Fund
net gains in sales of investments,
Of Investor^ Diversified Services, ^reports that at Dec. 31 net assets Customers Brokers to
.
.
■■
*«
DISTRIBUTORS GROUP, INC.
Nliw. York. 3,N. Y„;».
...
r
,
.......
Ine. and its
iaries, in
1962,
wholly-owned subsid¬
the
was
ended Dec. 31,
$17,465,598,
This
compares
or
$12.01
with
a
$17,-
Net/gain .from
kind
of
fundy the
annual
other
study
by Boston Fund is well
worth reading. In its 20
pages are
You'll
a
not
wealth
•
of,
information.
only. learn
.
what
our
colleges and universities do with
their
ideas
„
money,
about
but
what
may
to
do
get
some
with
the
year.
share, for the
sales of investments
share
cents
in
a
was
$3.30
1962, compared with
per
19
share.in 1961.
&
of
of
,v
^
to/$9,100,111,
$6.83
or
share. .This compares with assets
$7,665,104 and value
$8.78 at the end of
■':
a
any
amounted
a
year
preceding ;
packed
r''
835^97, of $12.27
or
.
VOL Pfo«
T'**1, ^
growth/: balanced
prepared
1
--'vVi; H«
.»
'
Whether you're associated with
'
'
KJnm«
^
ports that at the end of 196? total
earlier.
ry,;\
share.
\
j
■
;.•!❖
frfe:!AT&T»".^^itsjparent
organization and' to use /the ,re;mainder-to' rblm6ur$e i|s treasury
•
stood at .50
mutual
y
State Street Investment Corp.
'
Y
$42,50*0,000- of outstanding
-
GROUP SECURITIES, INC
quality.
be
may,
and
the
income
is represented
map
in the
STOCK FUND
A
topped
Utilities, American Electric Pow/
THE
j oj
is
group,
South Utilities, Texas
the end of the preceding year.
or
of assets and $14/98 a" share a year
leges,/ which must be > extremely
prospectm
describes
$183,748,622,
/'A
the-col*
conservative in their approach to
to
$ 12.71 a shafey against $212,015,022
intends to r e p a y
company
about
compares With assets of $89,912/-;
iadyances^^
293, equal to $20.63 a year,,
the
,
bwklet-
the
$93,336,655r or $18.16. a; share^ This
Dividend
were
a yea^
l '". '•<.
end-of-year
puts-
v
"share.
a,
share,,
a
■ ■
Scudder,
-
$52,-
,
compares withl assets of'.$340,877,-*
.:v',v!y,
*. - '*/ . *•: / ;■ •■/!/;/■//
companies " 765/an'd share asset value of
$3.63 Selected American Shares reports
neglected.
Travelers
Insurance a year earlier;"•'
•/'/' -V" that at Dec. ?31 total net assets
a net Insura nee Company of North
»i!
*
*
were ,$110,037,310, equal to $8;97,
America are leaders.
Eaton ^ Howard Balanced F uir d
per share:.-This compares with as- ■
Campus
thinking isn't'. much reports riet assets - at
/ Dec. - 31 sets of ;$124,717,568, or $10.79 a.!
different
from* Vorftaday. ;• Wall amounted) to
$208,420,705, equal to khare, a; year earlier:
/ :
Street/however, when .it comes to $11.93 a share.
A year earlier
the
railroads. Santa Fe,,!. Union value
per share was $12.87, while Trustees of Shareholders, Trust of
Pacific and Southern Pacific! rep7
assets were^ $225,383,061.
Boston report that at the end of
resent
multi-millioh-dollar* in;/ M A ■•• A/v/v- 1962 total pet assets were $64,778,*
vestments, but the other carriers,
Eaton & Howard Stock Fund re¬ 875, or $ 10.20 a share, against $60,*
get scant attention.
!
•
ports
net. assets
at
Dec.
31 610,511! equal to- $11.34 a share, at.
Nor.
,
i'
^
V #
1*
'I
'
earlier;;
Shares, Inc. at Dec. 31
all Bank/ of Chicago- represent siz¬
'331,319,
a-
year
First Na-* Tat al >net
Fii^t ^ation-t
able investments',
reports:/thai at
wasr
manager
as
eq[uiyalont to$9 41 : a
share^v>, a^irist -r' $52,438,595^.u. or
.
Yegh^ MutuaV?
of " de"
>
'
Company
>
Dec:-31 net asset value
dealt lira ©$ the:
Securities
Stock; Fund
mon
*-y
Pennsylvania
Of
share.-
a
$2,564 a
Telephone
<
.
with assets of
Inc.
»
bank
Jones
Keystone
with
associated
gradu¬
School'of-;Acts .counting and Finance/
i.'
1 f- ;'i- i-\/ : ?■
"v.c-
.
Investors;
$13,86- per share.. Value- per share
at the- start of 1962 was $16.87.
This
puts net assets at Dec, 31 at? $7,-
place ?of Kodak
>
■
re-
$^curi*
all/purchases and sales of
y
■h.
be
for
and
i sponsiblefor
V,. V
.Jfr' .*. *• f *
v.., / / j;.
$24 a billion// 959,000, or $16.57 per share, com- •
Scudder; Stevens. &. Clark Com*
International pared^Wfth' $9,568,109 and $18.84'
approximate
funds
will
Thomas C. Jones
.
(u
./•' V:.'
V;
National
..~
with assets of
■
The
invest¬
ment companies whose combined
assets
the
market
specialist
*f *>
**.
y
- . \
$313,698,- 314, on $12.38'a Share, on DecV 31, ' Nelson, Fund reports net/assets at
the end of 1962 were $4^575,614, or*
1961.
50. It shows that Kodak and G. E.
among
/ <■•//
^
end of 1962. net-assets were $256>-
Viekers Favorite
on
;.;■/?
was
/!/////? that
yorites
Boston, FhnC fonbws:
cidentaliy,.
.
Chemical Fund reports that at the • amounted
150,528,
investment
be
senior
1962 total net
■
■
compares
the
\<
reports- Mutual :Bond Income; ]Fuhd
Trust
assets
of.
10 of' the schools rwtitte the 10 fa-v
of
:n.-;vv
•
•
$709 million (Harvard). In--
Jones
Mr.
tjes for the group.
share-at the end of 1961..
selves, Siacfy~four hj-gher seats of .'
jGr, * E. is a newcomer- to the list,
learnim>g are covered in*; this latest
replacing Christiana Securities. •
study with endowments ranging
Boston Fund compares- the top
in size from some- $6, million, to
over
.
-v.
a year
Shares
-571,587
Kodak^ Bu Poiif and General
Electric.
Interestingly - enough,
man
facts and figures
W
ports net/asset value" per share;
assets- amounted to $100,438,826,- at Dec. 31/ 1962; was: $5,72,. up Custodian Funds in. Boston, most
recently as manager of the investfrom $5.65. a-year earlier.
or; $13.13 a share,- against -$100,r:
General Motors? East¬
Standard,
by
h
g
'!will
*
,
that at the end- of
California
Oil,
Gulf
Century
10 in¬
top
Telephone ■' & >
■
*
u
dentr
to
year earlier.
a
up
;
Telegraph,
without
comment, letting the
or
M.
Texaco,
•
cluded
practice of providing the data on
the
*
B.
\ J
was
Long, :> Presi-
Mutual Bond Fund reports" that
$31.75 ,perr at the close-1 of 1962 assets were
growth'
share, at Dec., 31. This compares $2,451,598, equal to $7.21 per unif,
fell all
with $20,594,213, or $36.71 a share,
against $1,893,716, or $6.80 a unit,
equal
$17,811,984,
to the No. 3 slot, as an¬
oil,
second.
making these yearly studies back
in
of
I.
annual' report:of Carriers/#
it
announced
General Corp, shows net assets of
place International Business Ma¬
study of Boston Fund,, which dis¬
closes how some of our larger
come.
jthe;
Fund,
/
021',"ed.uai, tOr $3.74-a share/the
and. Indiana! General Corp.
vents
•
annual
and
Westminster
..
Given this situation, the
Diversifi ed
Growth Stock
$3.50
or
'
-
Inves¬
re¬
ports that at Dec. 31 total net
Atomics, Physics. & Science Fund
every¬ •Standard Oii "Co. (New- Jersey),
Pont, which has- been- setting new' mar¬
craves. *
Vice-
a
Fundamental
of
///is/
It ,eliminated! American. ;■ Potashi
quality,. Du
Mutual Incomc .Fund; reports net
General Motors,: Norfolk & West- ket highs this yedt ■ after s everal & Chemicair Falrchild Camera &
asset vaiue
per
share,,of $5.09,
err^
the international oils and years, of being out of favor- in Instrument and Ogden Corp.
against $5,7$ a share a: year eartheir ilk are the dfirlingsof the Waif Street/ To regain its- pbsi-- ft/
I'/■#"
«H / j!*:.V
tioh as: the - largest, in: terms -of
day. .
'
:•»'
:,' ^ ^
^
^
'>
body:
—
elected
•
.
L
.
about
Just
stocks.
IH!.
ELIZABETH, N. J.
or
tors, Diversified Investment Fund,
Mutual
reports that during, the last three
these //. And what is the favorite, stock, months of 1962 it made new in¬
of the 64 institutions under study? vestments
Value vs.
in Commercial
Sol¬
of
the "issue
on
This
Four Funds
re~
1962
President
"'t
disagreement
no
of
$1,591,783,189,
share.
a
close
the
at
Jones V.-P. of ||||
'/N
.
875,825, equal to $15,55 per share.
a
share; af the end; of 1961.
college
trust-and other in¬
'/
\ '■
With year-earlier assets of $1,799,-
many,
stitutional funds.
ranged but is often unavoidable,
there
concept of bal¬
same
,
anced investing, as
almost
argument
an,
much. the
community,
investment
that
$13.32'
share,
of ' $53,90: a
againstz $46',121,471,
In Lthe
%'vX
net assets totaled
puts net assets at Dec. 31 at $35,-
210,426, "equal to $41.15
/
ports
Abacus. Fund! in its annual report
Aid to Education
Thursday, February 7, 1963
.
Massachusetts Investors Trust
The Funds Report
/
■(' "" ti"
.
to $18.06 from $24.05 at the end of
your
or
own.///:/
.
7
-
/■ -A -/'
i
share
per
1961.
Hold Meeting
vi; /•
The Association of
'•
kers
Feb. 12, at
-
will
York
of "New
educational
Ilauser, Murdoch;/
forum
.on
—
Members
Hauser, Mur-
an
will be "Out¬
look for Stock Prices in
AUSTIN, Texas
hold
/.Tuesday,
15 William Street. The
subject of the forum
Branch
t'i
Customers Bro¬
of
the
panel
1963."
will
be
Net; assets of- Madison Fund,. Inc. dochyvMilfer & Co- has, opened a; Anthony Gaubis, publisher of Bus¬
for., 1962 were $141,350,812,. com* branch office in the Perry-Brooks iness .and Investment Timing, and
pared with.$173,593,988 at the end
Buiiding^. under
of 1961. .Assets per share declined
of Wayne
the management
McConnell.
!
/
R.
W.
Mansfield,
publisher of
a
Number 6236-,
197
Volume
..
The Commercial and Financial Chronicle
.
which
COMMENTARY.-.'.
BY
R.
M.
(591)
shape
and
determine
M
the
direction taken by a country's
po-
litical
system.
such, .cannot
LEFKOE
A
"country,"
create
if the .citizens of >
their
ideas
about
version of Americas eco-
failure, however, was riot caused tivist
•byany external force,Inherent inits
mere
is
oruy
one
t
question : to
ecoriofritc *
enslaver
ultimate
and-the
chaos
;
ment of both consumers and work-
sumptions;^ deliberate distortions,
and outright lies.
.
cide that he
silent
.
.
no
businessmen should, have cede the loss
—I
:
e
to learn the true
taken the time to learn the true* eluding the
t
a.1.
i.
do-
afford tQ keep
longer, unwilling to conean
More
of ,any market—in^
*n-
,
was Vindicated that the owners
refunding operation of the new of securities scheduled to mature
year rirr the .short and inter- within three or four years would
mediate areas of the money mar- be. invited to,.turn them in for
ket so that rates on these securi- new bonds that would come due
t^s would continue to conform to beyond five and one-half years,
the Pattern that has been used to
.
:
kee]
keep funds here that might otherinis^will be the first advance
wise
wise be finding an outlet in other
operation of the
tbt;ir
ag
weap«qn^<)i;
ledd^to
CHIPPENDALE, JR.
t
..
.to let his enemies
ideag
on
:
first It
oLcapitalism^pr.;^
will
BY JOHN T*
system
^
.the:very^ nature ol free enterprise -theory
,are defects and flaws wMch;if;not; really are: an incoherent Bodge:destjroy hlm>,
corrected by the government, nee-• podge of. false and ipisleadmg asstrongest,
essarily
Reporter
-
morality, -and
its terprise has failed miserably. It economics, their political
Its has failed to expose the;collect will change accordingly, v
.
miserably;
i
failed
chance, but
had
capitalism
Laissez-faire
Our
v
;
country change
a
*
'an
idea; .only individuals can.* Thus,
'
*
(
as
hold
or
:
19
—,
.
...
.i(
f.
A
businessmen,
marketplace of ideas
Those who dare question this fact; story, and then to spread it as
en to
—without a- fight? ■;
a
since
last
September
need only )ook at history—the era effectively as the collectivists have
;he collectivists have
free world money, centers.. This is Treasury
❖
free
when a highly successful one was
of theHla^lSpo'^
theirvdistortdd:
the'gov- spread their distorted version. If
If
Tbnco
■ one of the ways in which help is
Tb
carried
out
as
near
maturities
ernment stepped In to regulate and more businessmen h^d done this,
'the Ameriran 'hiicmoae^fl fi.
?i being given to. our balance of pay-!
ers
predatory
by
_
when competition
control business,
ber barons who
the nation.
ran
.
.
trol of
,
.
.,
This historical'account of "orig-
ments
American public, which gen-
the
the rob^ erally sanctions government
stifled completely by
was
con-
.
,
.*
.
X.T.
.
1.
e<iSfu
A 4 6
to cHSSerriiriate infomiatin
arl
business,-could have been
.
•
bit,
ge„erai bubHe
,w
se"er«i puDiie are invited'to contact me with any ideas or suaaes-
•
led to understand that the busi-
vance
obligations.
Treasury, looking ahead
indicated
that- another
a
that
it
variants,
many
finally has permeated our
Itis found in his-
entire culture.
"If the busiriess community
the :/acts
made
American
public
Another
Kidding conditions would be
~
the
the market.
s
would have
,
Qgri trail ZP flalpc:
VB" NdUZe faleS
and' economic textbooks, in discovered that, although the
newspaper editorials and syndi- United States in the early 1800's
cated columns, in best-selling nov- came the closest to it, a. totally
tory
on
In
: ~ '
to
s
however; thatthe Government
will crowd the capital market
witfr offeringsx)tlong-term bonds
fK"
.
!"
in
giving out
not1 expected,
It is
the
£omiietHiye Bbitdv
Award
.
C. F. Childs Co. tO
had
available,
soon
„
of
one
ity of its debt.
^=*,■
.
so
longer-term
is
able to extend the overall matur¬
refunding" operation could
be expected soon and by spring
is not the threat too many tions they might have "
been repeated by America's left- of them believe him to be,, but • - '
v ^
*v.-,v>-■-«■•**#,■another^ long-term ' new Vmoney ;
wing politicians and intellectuals their least appreciated benefactor.
_.
raising bond under competitive
often and in
into
This
iri which the Government is
ways
"ad¬
'inal sin" applied to capitalism has nerrman
so
converted
were
problem.
The
April
some
of the de-
+
wl
-ei-e
,
e
money
immediate
the
-CHICAGO, IH-^C. F, Childs and
T
indirated
that
in- the
CAWpany, ^corporated, specialists
sale largely to the ultimate f. t .rj.
-. a oril
it
hones to
els, ;iri Broadway plays and Hoi- unregulated, laissez-faire economic ^ri governmeri^TVsecririties, V have investor
^
bring out another long-tetm GbyannfllinPPH fHot
Tt'.
flywood movies, and even in comic system has never existed, in- his- announced, that they willcentlal- *
'
ernment bond for pew money pur¬
strips. Arid interwoven throughout tory. Thus, one important bulwark ize all sales operations in Govern' Successful_Exchange Offering
l.n.,nA4
n
rA
nnmin
1 m
A.rrtn
1
A
fl-io-tr
H
nrtll
.
.
capitalism of the collectivist thesis: capital
ment,; Federal
the battfe" ism
.r
-
.
^
.
Indicated
and Certificates of. Deposit in the
their; condemnation of
.
Agency 'securities
poses!
and
the'" businessman,
had
its
chance
failed
and
The Treasury exchanged
inter-
t-;<
-<
-
the^trut^wjuld have'taught'1A
nahng
.
.
of
cates
The
•
almost
total acceptance
has
to. the
led
adoption
by
our
of
freedom
known-as
;
A
and
^P
nf
*wv1q»
lpsqrnv
,
ernment
tivist euphorism for an
in which
economic
If
? *
.S
e e, m raci, ocesa raxea.
y }' g0V"
intervention.
■
Americans
enough
come
this
of
aware
of
the
"private sector"—where it is
the
ere-
wealth
ated by men of productiye ability,
and transfers it td the "public Sec-
<
; tor"—where it is spent by bureau-
they
had
also
had
fact,
decided
determined
were
to
his
life, his
oicn
own
and
operations will be transferred
chllds Securities Corporation.
,
;
'
The first
xue fir
iuoi
There had been
the
uvw
bond sold
money
inwrxv-jr
would
a
deal
redemption
same
time,
sell
among
make
new
the attrition
McCarley
thevsrriall side.
needed of desired 'last' vestige of collectivism would & Company,
Inc., members' |New did "create it,: for have been-swept clean from our; York Stdck -Exchange, and will
: people who couldn't create it.
country onc^ and for all.
;
become Manager lof ' their new Pe^d to be
M
those* who
com-
institutional: investors
the most important buyers.
of investment buying.
at
money
Greatamerica
operation
Common Sold
successful rine, with
or
insurance
This is the non-inflationary type
operaand,
as
non-bank
opinions around
Treasury
ins
cash turn
on
Goldman, Sachs & Co. and Leh-
and services hot
by
new
panies, pension funds- and other-
will be a very
crats who didn't create it, on goods' and' his dton happiness—then theyEdinunds, Jr. has joined
^
"
as much
000,000.
investors such
the exchange refunding
liberty,' CHARLESTON, S. C.—Robert P.
...
ing 3V4s and 3%s.
the
-
»
..
as $1-00°.
falsing issues to the general in¬
vesting public. It is iridlcafed-that
JoitlS McC8<rl6V &' Co.
of
to turn them, in for the refund-
tiori
the.
amount
competitive bidding was
3V4S and'the 3y2s having the right taken very rapidly, with ultimate
'
to
The
as
Was
holders of the. maturing 2%s, the under
municipal--.that
if"-V"
they
that
uphold
trading',
month.
that
$250,000,000, but won't be
coming
straight
with, only the
»"*jr
exchange .offer,
Will
were
was a
bond ^underwriting] and trading the mid-winter refunding
be-
and
Constitutional, guarantee that each
and every individual has the right
to
,
FHA -Debentures,: and Net Block
1 Stock
•
expropriates
UittUU1'uaaaccs
a part 6t Childs Securities
Corporation, the firm's wholly-'
owned. subsidiary for corporate
securities, p ri v a t e placements,
;
the government
fcrdrith- offices "will
A"1"°
The End of Collectivism?
Collec¬
a
firm-s
all
a+tr^iJfi t/iVS bec0Tne
■
,
$9.5 .billion which
due on Feb. 15. It
se-
mixea
imnortant
"mixed economy."
a:
<fmix'ed: economy" is
system
slavery
a
morp
government of that grotesque mix-'
.ture
ot
Of
thesis by tlib American public
corporate and municipal
last
obligation
the offering will not be less than
W&t Jackson Boulevard, but 3%% due Aug. 15, 1968, for the
^America s economy an. curities-will befhaiidled iffCR1cago
. vocal advo-,
competitive
under
30-year
sold
Mixture of .Freedom and Slavery
and
general order of maturity
same
the
tervention arid controls.?
•
bidding. This bond will be of the
'
....
.
..
*
*
-
~
k\ Certificate was ex- ^ Bro^s»
-
.
?r.®
the most popular joint managers of
issue of the package refunding .offering publicly 2,509,000- comde^ gince there is- stin a very mon shares of Greatamerica,Corp.
large demand around for) short-, at $16 " per share; The offering
every case it is the businessman
-J-.lIi~" quired to understand the fallacies: - Prior to joining McCarley & term liquid Government securi- aggregates $40,000,000, making it
the productive genius and creator
contained in the collectivist ver--.. Company Inc:, .Mr. Edmunds was
ties. On the other hand, the re- one of the largest common stock
W Ni° is harnessed^vex- sion 0f America's, economic his. Senior Vice-President and Gen- opening 6f the 3%% bond with a s.ales in recent months.
|plcrited,.and sacrificed for the ben- t;ory. Then, a major effort must eral Trust Officer of .the South fci/, maturitv fitted" into the in-AxTiii;
•ij
aPy0ne andeveryone who., be. made /by the. business commu- Caroling National Bank. He re-/vefetm^nt needs' of many owners'
shares, 1,650,
a
could not
ing sold for the company and
suriviye without his help, nity to inform the general public tired on Dec. 31, after * 35 year^
of-the Feb. 15 th" maturities. In
850,000 for a stockholder. Great¬
about both; capitalism—the; only; of service.
M/.;Edmunds has liv6d 'a(jditidn, tHe exchanges that were
Regulatory Strait Jacket
america intends to* use the pro¬
political-economic system which in Charleston for the past 35 made into the' 3%% bond due
Despite a growing, awareness of
ceeds it receives* primarily to recan
But
regardless
of
the
innc
devious
«
But it
'
phrases used, to cloud the issue
„-v
//"'
x
P
is
nessmen
Charlp«?tnn
•
not yet .too late,
Busi-
must find: the time
re-
q
c
nffirp
nt
ft
qtntp
..CJiarieston, S. C. office at 3 State
otreei.
.,
u
can
1
nnn
.
the
is
regulatory
tighter,
tighter
businessmen; have
ciety—and .businessmen—the
and
tive
of
power
a
mo-
done
,
15y 1968, will give this ob-.
ligation
of the
industrial
free
Board of Managers of The
a
larger
its
that
so,
d^
floating- Supply «ftnriAPtinn
marketability
and
Incused *in
with
certain' acauisi-
•
Charleston Club; a member of The
activity should be improved.
'■
'
L
Specifically, •, such a program-Carolina - Yacht - Club and" The • There had been rumor in the^ -Greatamericay witH h v comrpcnnricibio ^should inclbde^tho..dissemination of Country Club of Charleston; He is;finaricial district: that:the Gbvern^ 'menced,! «p®rationtsp -;liix^ August,
responsible
for
permittin
*Sa
information on-three^^major topicsfy'past president of ;the" Charlesibn^
provide for the Feb- 1962f controls-four: life, insurance
growth of the \air.Uf ai
uncertainty
'tbeorir^ of laissez^aire capitai-::;Kiwanis Club^^ k past Vice-Presi- ruary maturities through, not only companies; The Franklin Xife Inwhich fill their lives daily.
ism, the moral stature and crucial/ dent and board imember : of the a short-term issiie and ari. inter- surance Co.; American Life InConsider .the total context: Not; economic function 'of
the Airieri-A Chariest c)ri
,* Chamber ' of ' Com- mediate-term obligation, but also surance (of Alabama); Gulf life
only .do businessmen have to fight can businessman, and the history
merce; a past chairman of the by the' use of a ten or twelve Insurance Co., and Amicable Life
;thei government, but they, are re- bf: free, enterprise'1^in'^the 'United Charleston C oti n t y Planning year bond, The financial district Insurance Co.
little to
Tn
In
;
sustain^ free indusMal ^ .^rs^Se.is^^c^Presidenrof Aug;
The Huguenot,Society, a member
strait jacket which-
them
binding
combat their adversaries.
h»cinpc«w«rt
Qw
fact, businessmen
are
■
r
pa
^
.
quired-to coptend with the major-
:
.lty of the American public
because it,
of
essence
as
toonhas accepted the
the
collectivist .thesis.
Moreover,
themselves do
not
stand
;
many
nature of free
the true
terprise
United
and
States.
nessmen
defend
who
its
businessmen
clearly under¬
history
Thus,
have
themselves
in
some
en-.
the
'".
an
to
*
,
.
■ -
,
Time, however, is of the
The business
ficult
of
s
'
t,> Board arid
job
it, one which probably.
past general chairman" got a .bond iri the
a
0f the Red Cross
essence,
community has a dif-.
and; frustrating
graduate
a
ahead
South
the
of
Carolina
wilLtake.'degree in-law.-
campaign.
University
and; also
'
'
He is
'
""
of
has
a
•
results
can
the job can
:
.
in-
The
be seen;
Nevertheless,.
%
Crucial
k
Role
'
of
that
the
It
'A
•
~
1
^
one,
just about long enough to
it out; of the note classification.,
:
Bank
take
commercial
Ideas 1
-•
-
-
1
-
.
Financing
Imminent
i
Under-Secretary Roosa that there
control
of
b n- t I
First
pur¬
y
Western.
a California
operating 67
branches* throughout the state. Its
head office ls= at 311 So. Akard
St
Trust
Co.,.
bank
Street, Dallas;
The announcement by Treasury
Dudley IllC.
-
&
"
..
"Advance Refundiiig
1
^
? Greatamerica rib e
chased
_
"
iSJoW Almond,
and must be done.
Those businessmen who believe
creasingly omnipotent government
XT
refunding deal
a real short
all right, but it was
many years before any significant- - a
busi¬
attempted
from
states.
well
-
/
;r
-
"
would be
an
"advance refunding"
©Now D, H. Magid Co.;
,—
.
.
r
firm name of D. H. Magid,
actually have been hindered by this type would be too late to make of Almort'&'McKiriney,* Inc., Mer- operation was out of the way niayf Ehrlich.-■& Co.j lnc;> 1 Chase Manmany of their own colleagues.; :
any
difference : must' remember cantile Bank Building, has been be the reason why. a bit longer- hattan Plaza, New York City, has
Consequently, in a certain sense, that history is not predetermined, changed to -Almon, McKinney & term bond was-not used in the'been changed to D, H. Magid &
American
system
of
free
en-
is
an
informational program
ideas —and
ideas
of
alone—
DALLAS, Texa&—The firm
Dudley, Inc.
name
operation after the mid-February!^ The
recent regular refunding venture.
Co., Inc.
L,
.
,
-
.
20
TTI
The Commercial and Financial Chronicle
(592)
"\TT7"
A
XTT^%T'\TOTTT^ A 1VT/^T7^
J 1 FSlh LJ JLvjLJl-W VvJZJ
A
il/\ 1\| K
statements has been restored by the strong subsequent recovery
.funds .turned
of the stock market in the last half of 1962. ./g
•'
/\ N I
.iic! in
The merger trend
the past
STOCKS
This Week
—
Thursday, February 7, 1963
.
Insurance Stocks
initiated
consummated
or
during
the
Fire & Casualty insurance stocks tended to
closely follow the gen¬
pattern of the stock market throughout 1962, On balance, the
eral
:
in the period from year-end
that the reduction of
changes in price
better; than
fared
strength
1961 to Dec. 31, 1962, but individual
tions is
of major significance. Casualty stocks/
property insurers, while individual market,
were not
competitive times.
tory for the industry, yet not
generally be described
up
as
point in the industry's
one
half
ratios
should not be so extravagant
tin dUiT ...treatment of thevvetr
future
in
confidence
-of the
an
underwriting profit margin of 1.5%;
pared, while bodily injury
were
improvement
over the
previous
liability
but remained
year
in the red and property damage was at the break-even level. The
other
liability lines showed more favorable results.
General
business
fidelity and surety were bright spots in
Workmen's compensation experience indicated a
profitability.
year.
As We See It
ahead.5 This
Continued
in
rationale
of
growing homeowner's line continued to be substan¬
To
all
lis
in the Pacific Northwest inflicted
October storm
heavy property damage losses.
sounds
this
their attention
so
full forre of
dent
and
people
The
have
chasing
rather evi-
rebuttal.
power,
adequate
of
all
a
of
practical busmessmap t h a t to forget or ignore
previous
year,
despite the
positive cash flow picture, due to the general decline in stock mar¬
ket values; in investment portfolios. ■ A
significant portion of the
decline in stockholders' surplus which was
indicated in
mid-year
Selected
Fire
&
'
Casualty Insurance
Price
Price
12/2D/GI
Insurance—
.
31%
Continental
Casualty!^
75
—26
—11
32
Insurance
68
68%
General Reinsurance-190
Glens Falls—
52
'American——59%
of N.
A.
68
—15
59%
Insurance
3
60%
/
—10
Maryland Casualty
46
51
11
Northern
49%
41
—17
24
—34
Phoenix
Insurance—^32
Paul
F
&
Springfield
M_;
—
Insurance..
.
i
11Q'.
i
x
who
57
40%
46%
U. S. F & G—65
97%
54
130 '
—20
—
Is
ought
This
know harm
to
that
thing
we
which
hear it
^
'
53%
6
%r
j?x
that
is
long
as
there
no
is
a.
|g
+
65%
be
,
®
j,
- *,
x
j
produced, it would vated,
,
-•
-
Grindlays
Bank Limited
NEW YORK CITY
Head Office
26 BISHOPSGATE.
/''
BANK STOCKS
LONDON, E.C2
reply would into being. Thus unless—as is
be that it is not what
people certaintly not anticipated in
that is in question but any of the current arguments
ability to buy what they —there is a sharp reduction
want. It would,
however, be in what is termed purchasing
MINERVA
/ Breakdown Government Bond
Portfolio & Sources of Income
LONDON
Telex Nos. 22368-9
Bulletin
Bankers
ADEN
to
KENYA
•
the Government in
•
UGANDA
•
•
PAKISTAN
ADEN
«
•
CFYLON
SOMALIA
•
Members
BURMA
EAST AFRICA
AND THE RHODESIAS
Request
Laird, Bissell 8 Meeds
Members* New
•
on
em.
fact, they
'
h
d
have
_
creases
ei^ul&d^X
^
'
SP^ e volume mregu ar of
the,
A
.
fh{
•
..
•
in
,
goods and services
f„„_
vear
y
.
after
.
.
^ ^ther measured/in
^
^.n'
x. *
„
r^n
■
known as
u
^nc^S
ome o
constant prices.
That
J!s
^
e
\
•
sluggishness arises,
r^e^»n.0^ ^rom a^y
,fom, an7 ^ure of produc?,5lse/rom^ea^year!
but rather from the failure of
Pr°ducflon to reach some figwhich tbe ^wiseacres in
produced with all this "sur- goods and services will
ment.
We
man's
wants
but
and
manpower
we
still
are
tinue well in
equip-
believe
well
con-
:
of|the\
{
J
pt
Clearly, the arguments usu- ^
,.lly
1„ defense ot
,h„
"
^-till 13,. beCS. ASS H !'
goods available for purchase. PHILADELPHIA,
that
insatiable,
are
excess
Pa. —Richard
xH-aYeT?s'™Pr^esident of the In-
;
ZANZIBAR
Branches in
INDIA
Available
look
a
^ave error not to take into power as soon as we reach a ^a^llnf !?n. hay^ ln^
consideration- What; Is being ^balanced economy" thq;sup-/?eP^'of
^wisdom fixed
produced and what could be posed power to purchase
adVance as desirable,
plus"
Telegraphic Address
y
;-;M .!■ Jwill be automatically brought^
•
Of course, the
want
and
.
purchasing power m
be obviously silly to plan to amounts
equivalent to the
produce more that nobody cost of producing the goods
wants.
■
_
people do not want pie fact that if the idle equipbeing produced or ment and manpower is acti-
u
In
k
to
+i
typ/of
is
,
Man
+
so
their
National
b
large
ji
thf
dk-
notion of
dem
uld
precisely defined, today. The trouble with this
meant is simply
argument is the sim-
very
what
T
u
from the vir-
is tual printing of greenbacks
like
bar°°ssfn„ questions could be
TjfTfTf of T
asked or the leaders
the
power
said
can come
.
John
taking
should
How often New Frontier.
•.
could
66
13,
61
purchasing
J,
j
artificially
no
bremd theory will save the day.
a
"demand"
,
1 —17
L
71%
oduced
as
into
something
•
x
all that is
25
36%
p r
accepted by all too do
that the
431/3
/V St.
■
If
75%
94
Insurance!
demand has
„
been
68
104
Casualty—
t-
supposedly inadequate amount of idle equipment and
*1
v
;
has, so far as we know, never manpower around as there is
65%
3
to
these
of them
must lead in
now
45
80
/HartfordFire
Co.
•
called
81 %
—20
nd
|at
int/this
generalized and for- created
better.
2117
61
i
•
i
5
41%
—
Insurance
xr
sagging
is
many
63
1
200
,tamneded
fla
a
j
j
which
63%
61
u
81%
59
46%
Group^^.^.
i
39
66%
automatically creates
services
■
341/2
19
•_
mulated into
$88y2.
—2
de-
old
as
„
Ta
It is,
become
Price
23%
,
37%
101
Continental Insurance!-
Employers'
$80
inadequate
in
.
C(mrses,
not so
all
simpiy refuse-to
goods he had to purchasing power adequate
+
Tr,.
i
i
T
if
aster. They
however, only rela- to their purchase-but if the
ciosely
tively recently that this no- wrong goods and services are
ii
sell
Recent
% Change
31
Boston Insurance-44%
.
Performances
;
12/31/62
Casualty_^r.. $65
American
Stock
lay
New
all along
some
—
mand for the
tion of
'
;
bad
the
are
with
least
at
are
the fact
is
if
Congress who
£*aw_ wiu
that the creatiori of goods and
were
be
"new" ideas
appeared
the trouble when "times
will
enchanted
long, and rather chasing power theory. What
to the so many commentators seem
and
we
leaaus. ine ia^K,
though, that we have little
doubt what the ultimate out-
of
other falla-
are
'-r
1
*
the line. Our hope is, our
hope must be that members
not quite cies in this creation of pur-
course*
It has
But there
naturally,
will be somewhat less than that of the
V*
a^most sa*d that
come
.
goods. This
Headed'
™
.
Frontier has its way
the most anything that is around.
Vl. > ' ^
, ./
sagging demand
Other Fallacies, Too
sorts. of
idea is,
pur-
they will buy
possibly
fallacy is found in the
notion
for
the
for
need
ex-
«n,.ss
as
purchasing power
apparently in the belief that, if the
it
with all the
—
away,
We
increas-
upon
come
generally provided enough income Jo offset any underwriting
losses incurred to provide an overall net profit on operations for
the year for virtually, every underwriter.
Policyholders' surplus
appeal
po¬
economic sins in the book
concentrate
'ng what is known
little difficult to feel the
a
new.
Investment results continued satisfactory. Net investment in¬
advanced between 5% and 10% for the major
companies,
and
amounts
Alice .in Wonderland that
serious
severe
the
ignore
demand
the
feom
first
wind and hail storms in the midwest and the
flagging
to
up
distressingly clear
,
mained
slightly profitable. The slightly better than break-even
experience in extended coverage was disappointing in view of the
absence of a major hurricane during the year.
However, severe
most
a
budget type of goods or services to- plained
presented by the head of be produced in larger
w,
tially unprofitable due to bitter competitive practices in that area.
Extended coverage, inland marine and ocean marine lines re¬
Ohio
1
from page
litical
nutshell /is
a
the New Frontier.
is
Fire insurance remained slightly in the red for the
year and
the rapidly
Home
controls -and
of
matter
regulations. It all adds
and
slight improvement over the previous
Great
nrdirmrv
by piling Pelion; on|Ossa in
now
some
Federal
reck-
or so
pniprcmitf
governmentaf e%endituJs
the
physical damage line
Aetna
•
we
,
—
the
/
*
underwriting results of individual lines varied consider¬
liability
§
the farmers,
erans,
underwriting profitability, the foundation
industry, remains highly uncertain for the present year. //
ket crisis. Nevertheless,
-
nrtf,iPlfW
J5
Strengthened through the satisfactory endurance of a stock mar-
ably. Automobile insurance continued to be disappointing due to
increasing loss frequency and inadequate rates. Profits in the auto
shewed
*+Tnn<mi™*
are
tively, indicating
The
this
in
•
believed to have been reduced by approximately
point from the previous year to 64.0% and 34.5% respec¬
a
It
amounts.
be -difficult
would
!
com¬
bined loss and expense ratio for the year. Both the loss and ex¬
pense
.
enjoy largesse
now
.substantial
in-
to be for more of the same as
Many companies have indicated
operations through a number of
their
to have been somewhat better than those of 1961. It is estimated
improvement of approximately
stituents
for survival in these
/
great, conven-
a
ience to all those whose con-
year-end dividend increases. In addition, the industry has. been
in line
with the* performance of the national, economy. Premium volume
advanced an estimated 5% and underwriting results are believed
that the composite figures for all stock companies will show art
"
more necessary
politically
^
experienced in the past year.
satisfac¬
to earlier expectations,
is
reflects
move
The outlook for 1963 appears
shown by a number of companies involved in mergers;
was
The year as a whole may
becoming more and
significant
be in¬
may
tended, this line of reasoning
the fact
operating costs through high volume opera-
This highly
Insurance.
Home
a
Whatever
tures.
pressures
market prices of the major companies in the field declined slightly
•
|
which induced these consolidations also
brought forth the decision of Springfield Insurance to withdraw
from the industry by the sale of virtually all of its business-to
competitive
it
logical absurdity
to reduce or even to prevent
increases in current expendi¬
General
Insurance,
Accident-Camden Fire and' Connecticut General-Aetna Fire. The
FIRE & CASUALTY INSURANCE STOCKS IN 1962—
Wduld be
Fidelity & Guaranty-
Maryland Casualty-Northern
in.
'
include
year
to/the: pub-
over
excess of that, taken
such
circumstances,
In
Major consolidations, whichf
1962.
in
Fireman's Fund-American Insurance, XJ. S.
Merchants Fire,
.
which has been evident in the industry over
decade intensified
either
were
\\
_
120
York
American
Stock
Stock
Exchange '
Exchange
BROADWAY, NEW YORK 5, N. ,Y.
Telephone:
Bell
BArclay
tor
particular the New Frontier budget phi- eon meeting of the Philadelphia
goods or services may well be losophy render - absurd any Securities Association to.be held
sated.- All the
arguments of/attempt
to ^reduce
current on Friday, Feb. 8 at the Warwick
the
7-3500
xi
Teletype 212 571-1170
desire
man s
_•
their
New
-
.
Frontiersmen
i
friends
,
•
who
.
and
.
-
outlays.1 The
.J
..
insist-that-the
Specialists in Bank Stocks
government somehow bolster
to
purpose
r
1 of all
.
.
H Rubin
budgetary legerdemain
as
ton
increase
of
ments.
the. amount
Hardy of The First Bos-
Corp, is* in -charge of arrange-
Volume 197 ;Number 6236
The Commercial and Financial Chronicle
......
for the five largestcompanies in this industry; *
|
v
Pair
A
WALLACE STREETE
i-
/ General.' Dynamics
f-
to
appears
remarkable comeback. It is
a
SECURITY SALESMAN'S
of Comebacks
CORNER
have turned the profits corner in
BY
m,i#:
a
come ;ialmpst/a
way
The sensitive Dow-Jones indus¬
trial; average continues to hpyer
around th# 680 mkrk.'Tt 'mbV6s up
few
points,
closing
down,
Or
time, ;lt
toward
the
lately
the
but
definite
a
of
6.5
a
million
This
year.
gain
estimated earnings of $8 to
close,
a
definite direction is due.
$10
a
still
active
demand. Despite a growing belief
renewal
a
many observers
rent
that, the cur¬
is just about over, this
move
demand
could
delay
nearly
the
This
to be fairly sharp
in
Both
talk
of tax
cuts
and
Chevrolet
have
exerted
ences among
Thus,
the
tacular.
strong
influ¬
traders and investors.
economic
although
encouraging
sold
j ;
is
news
not
;
spec¬
passenger
jV'K
economic
also
31%
tern of the last half of 1962. The
two
decline
major
on
ment
national
a
December
indicators
levels
and
from
basis
employ¬
were
non-food
to
wholesale
prices.
while
gain
a
production - has failed to advance
its
' Gasoline
rather
soft but auto sales set
the
upset i by
new
records
day
-
to
day
-
few
a
have
the
action
traders
develop¬
placid
this
to
ago
trouble.
real
almost
be
to
months
spelled
Contrast
of
refuses
market
that
ments
could
from
8%.
sales
re¬
nation's
claims
to
War
that
develop¬
3%.
But
its
compact
Galaxie's sales
ago
year
he
you
reaped
extreme
or
set
from
a
do
the
are
has
issues
aircraft
like
total
he
sub¬
end
rear
a
the
are
author
those
at
Dynamics fall In
far
a
added
are
Coast
Corp., 302
lime coin¬
those
grOUp.?
;
5-.-
r •
in
cana
Growth
Martin
Ga.,
400,000
interest
disclosed
of the
is
Stock
Bldg.,
offering
common
budget
stock
deficit
little
prices.
to
East, Inc., at $2.50
the F-4C, this-plane will
built
behind
part
Sales
Colum¬
per
be
rThe /company, i of 173
commercial
play
erties. and in the
■.
51;.. v?
Today
are
to
would-be
many
buyers,
continuing to hold back,
as
is
evident iti'the less th'ari fOtir mil¬
lion
share sessions
lately.
But observers
sign in the
sessions
have seen
we
see a
role
in
McDon¬
occurred
on
light
the
high
of 61 V«
announcement.
soon
low
Its
period was 35.
Other-space-kge: stocks-to show,
brightening potentials:: are Lock¬
Lockheed,
haying
share.
a
appears headed for a
period
stability. Its sales for 1962 are
on the upside days.
The accent on activity continues expected to be slightly under $1.8
to highlight the better quality in¬ billion, while profits should be
dustrials.
chips
Motors,
oils
and
dominated the
haye
blue nearly $4.80
most
would be
a
new
hem,
now a
;
used
News
?
by
create
and
signs
active
ments
the
list.
of
achieve
of record
sales
announce¬
volume
for
past few weeks make almost
monotonous,; but. welcome read¬
k-
Based
on
estimated
ings, Lockheed is
and
residential
results.
successful
just to make
a
clients.
Morals
■<
,
Securities
tion
of
Stock
Exchange
National Associa¬
no
C'7"
SecuritiesDealers,
Counter
Market
the
within the
no
Over-the-
or
Association,
sincerity,
honesty of
or
*
and
Exchange,
can
integrity,
human being
every
security business. They
lay
only
down
rules
some
which will attempt to protect (to
extent)
an
life
those
who
are
his
even
family
the prejudices
either
suasive
and
convincing,
particu¬
larly when his customers
the
the
can
precedes the disintegration of his
poorly constructed clientele.
is
his
himself
expenditure
and
does the best
who
through
intellectual
of
diligent
will
effort,
knowledge,
experience,
and valuable information that he
re¬
eventual disillusionment that
of
after day,
day
inform
to
acquire
can
are
that
esteem
the
salesman who
The
values
he
edifice
an
aMoclhles;, ^hd I clients.
business
sweat
customers.
in
measured
tries
bracket,
tax
something
as
construct
job he
How to Offer* Securities
There
of
five
are
now
1963
Orion
earn¬
selling at
a
s,:
security buyers. These are:
(1)
interested
-
in
interested
safety
possible consistent with this
,•
of
ob¬
jective; (3) conservative investors
interested in capital conservation,
appreciation,
speculators;
present to his customers. The
results
Wise
not
they achieve investment-
Will
he
determine
creates
whether;
a
satisfaction to all who
to
him,
as
well
or
growing
solid,
a
business that will be
source
are
of
known
to himself.
as
income;
and
(4)
77
is
not
investor
to tell
any
anything
but
necessary
qlient
or
the
of
:
opinions
newspaper, servative
regarding
a
Bawl security in order to do business
Street Journal
will
publish as with them. All that is required is
usual on Junk 7, it was announced to establish a basis of understand¬
by H. Lawrence Bogert, Jr., East¬ ing that enables your prospective
man
in
New
Dillon,
York,
Union
Common Sold
ports that it has completed
the
Securities
&.
Co., President of the Bond Club
York, sponsor of the pub¬
client
what
to
tell
hfr
him find
as
you
desires,
is
it. If he
determine
where
a
and
;
he
a
re¬
sec¬
ondary offering of 53,800 common
shares
of
Proceeds
Joy
will
Manufacturing
the
to
go
Co.
selling
stockholders.
Pittsburgh,
in
Headquartered
Joy is primarily engaged in
gamblers.
(5)
provable facts, and to offer con¬
strike
Joy Mfg. Co..
manufacture
Journal in/June
salesman
help'
investor,
and
sale
of
the
mining
machinery and equipment., Simi¬
lar and other -products are ' also p.
manufactured
and
sold
to
the
construction,
and
petroleum,
other industries
marine
and to mu¬
nicipal governments.
A. C. Allen Co.
then
an
fits
in
the
,
Appoints
three foregoing groups. If
he is a
CHICAGO, 111.—A. C. Aliyn & .Co.,
speculator or a gambler, that, too,
pearance. only once a year, lam¬
122 South La Salle Street, mem¬
is something that is easily discov¬
bers of the New York Stock Ex¬
poons Wall Street and Washington
ered. Timing your offerings after
to the amusement of a nation¬
change and other Exchanges, have
you have constructed a relation¬
wide readership,
announced
the
appointment
of
ship that is based upon mutual
To make
certain of receiving understanding will lead directly John H. Riley as senior partner.
the 1963 edition, subscribers are to -a-satisfactory meeting of the John W; Allyn, James D. Casey,
advised, to contact, their vsecqrity.. -minds.Investment salesmanship Jr., William B. Hamilton, James
E. Snyder, and Gordon L. Teach
broker or dealer, or to write to is
more
than
thumping a tub,
The Bawl, which makes its ap¬
<
the Bawl Street
Journal, Box 1807,
Church
is
7,
N. : Y.
The price
at
$1
copy.
considerably less than an esti¬
average of slightly more
categories
main
capital andas generous income as
prop¬
management of
price-earnings ratio of 9 to 1. This
mated
help
is familiar with their invest¬
It
of New
its major programs which incl ude
deserting the most
Repeated
keep; clients,
works with them and tries to
vestors
Bawl Street
lication.
v
The
autos; bolstered by con¬ the Polaris, Agena, - P3A
tinuing reports of high sales, show and the Hercules C-130.
few
any
First: ISt., primarily in the conservation of
their capital; (2) conservative in¬ Goodbody & Co., New York/
properties.: :;f "-vH
records*
rather pale plue chip; company is expected to get im¬
portant sales contributions from
Welcome Auto
such
sharef Both results
Lockheed's
earnings for
1963
heavily traded issues this week.;
Exceptions
include
t he* two have been cited by some observers
merger-minded rails, Pennsy and at $5.50 to $5.75. Sales are ex¬
New York, Central, and Bethle- pected to top the 1862 level. The
,
his
Commission,
can
to
ments, is the most vulnerable to
qpirtg/.aftdconstructing industrial;
Regardless
settled
troublesome labor' relations prob¬
lem,
,
No
his
for the 1962-63
of
activity
V
1962-63
bright heed and General Dynamics.
trading days in contrast to heavier
i
after
fact that most down
have
its
Push sales
interests of
how
is engaged in devel-
the Navy and Marines, arid should
gotten strong sup-' nell's profit picture for the next
port from* inflation-worried in¬ five years. The stock climbed close
vestors.
make
or
us.
Conservative investors
Macon, Ga.,
have
markets
(4)
The security salesman who knows
of
capital.
to
growing
Exaggerate,
.
on
a
st
production bonus.
or
facts.
the
expend¬
upon
sometimes exaggerated state¬
effect
many
(3)
solely
offered
statement he cannot back up with
can
in
unload
quantity
shares of Ameri¬
appears
past
this
ceptive to his blandishments, and
The Phantorri II is also used by
the
In
security
any
special credit
proclivities,
it will spend
historically by Republic Aviation' Corp.
direct
mis¬
securities
upon
"
had
his
publicly,
Net proceeds will
:
Offer
ment needs and tastes, speculative
; -
be Used to back up the F-105,
as
egotistical
able investment clients is for the
them
Nu south
tials
new
or
The salesman who is most per¬
bus,
stirred
so
from
looked
situation, and
different
(2)
because /he ha&;; been
regulate
greatest
Common Offered
Government
offer securities that
or
pre¬
securities in
sell
something
as
only. 1
spending and better profit poten¬
has
careless
Happily, the day when security
Americana East
McDonnell,
through
learn
will
salesmen
He
stocks.
security
sec¬
"Chronicle."
as
(1) Sell
too
uninformed, or careless, .to
This busi¬
protect themselves.
ness is no longer just a means' of
Only the man who looks upon
this article obtaining a big commission check.
any
the
presented
any
re¬
Only the neophyte,
cannot
takes,
lot of future
West
of
made
manner.
doors.
access
the
even
are
the salesman who is
McDonnell, Republic
necessarily
that
create
hope.
most
ivith
They
Claims
can
and
Phantom
a
engine
on
securities
sales¬
he believes to be overpriced.
dictions, and glowing forecasts
that lie in the realm of conjecture
some
Republic,, and General
category,
this
for
mostly in
from
not
cide
Another group to show revived
Although
order
and
the market.
on
in
cutbacks,
f The views expressed in
Its
ago,
year
company
producer.
monthly record in
a
a
hit
help from the huge
Republic
work
Revived Interest in Aircraft
Douglas,
hard
Although future subcontracts
its
of
World
they
contract
some
to
statements, over-enthusiastic
Aviation,
been
get
tions
Cadillac, in ad¬
models went
interest
has
fighter,
rose
record
ends
the
A. professionals security;
today will not:
"good"
say
maximum,
a
man
you
will
while
capital
earn
forgotten. Experienced security big commission showing today, at
salesmen know the pitfalls that the same time ignoring the best
contract of $30 million for the jet
three of. the four months since its
*
to
,»
build
is
II bazooka.
jets.
top-selling Chevro¬
10%
now
1963
similar
crease, and
making
it
retiirh.
will be remembered when all else
the
hopes to pick up
holdings.
high
If
prospect
your
garding the future of
from
dependent
known
have
and
will think "fair". But when it
spect.
feet
fired
missile
McDonnell
they hit
as
their British and Common Market
a
known
Slightest suggestion that you may
be "gilding the lily" is circum¬
Americana to erect a 104-rqom
$2; motel at Warner Robins, Ga., and
versy abou% the; Cuban, military billion over the next fiv<^ years a 32-unit luxury type apartment
build-up. The British turndown for 1,000 jet fighters. The Phan¬ building; for? the repayment of
did prompt one broker to recom¬ tom II planes for the Air Force debt, additional construction and
mend
that his clients cut back cost $1.5 to $1.7 million each. Also land development, and working
Even the threat of
is
•
salesmen.
most
"good", if
copies
be
(four
Motors
the
up
may
this
even
will
work
small
a
Government
rose
let, had its best January ever.
sales,
is
shoulder,
division
Car
Ford
wide product mix.
added contro¬ Force
Market, and
of
think
pending.
are
long)
marks
McDonnell
had a
brisk
move
diplomatic wrangle >witb Canada,Britain^ rejection, by the Com¬ this week even before the Air
mon
This
"best"
say
a
the Redeye missile.
on
year.
from
dition
sales
new
than
a
General
prices remain
for nearly every maker last month.
But
21%
from its standard Gal-
59,300 this
despite expectations of hedge buy¬
ing in the event of a strike this
summer.
rose
Its truck sales
mere
came
have
But the pattern is spotty.- Steel
to be prejudiced in favor of
accepted; Jt is. the reasQp,experi¬
people usually discount the
development
Redeye
month, thanks to its higher
climbed
show little, change from the patr
only
tract
cars
it did
added
cars
set
truck volume.
20%
indicators
sales¬
a
enced
Republic
Ford
for the
axie
Spotty Pattern
January's
more
Both categories set records for the
sports models.
5-'
10%
Truck sales
year ago.
while
pre¬
dictions of favorable earnings this
year
always normal for
product.
or
extended indefinitely while -nego¬
tiations for the production con¬
most
period.
inevitable reaction.
1962
research and
on
ment work
year ago ap¬
and trucks in January than
a
of
its
on
•
Army this week in the form of
Meanwhile, the contrast in auto
pears
meeting
taxes
his
Dynamics got a small
million) crumb from the
($1.6
prove cor¬
rect.
Meanwhile, most better quality
are
profits.
is
man
Fed¬
pay
General
areas.
issues
income
1963
this
It
~
sales from those of
Quality in Demand
eral
13%
produce
would
predictions
million; will not have to
ex¬
market
car
share if the
toward*
change
pect Chrysler will get 12 to
days
Most
been
has
race
Several
back
scurries
mark.
680
by
but
lot of favorable com¬
a
ment from analysts.
Exaggerate?
deficit for any company in history
with a 1961 red ink bath of $143
The latter auto maker continues
current slow-motion stock market." to attract
a
JOHN DUTTON
ex¬
condition that the- ing, for stockholders of General pected to net more than $4.50 a
Wall Street community; like most Motors, Ford, American Motors, share, or possibly eyen $5 for 1962.
others, deplores. But it has be¬ and Chrysler.. V/*-.'.
GD, the company that set a record
Uncertainty; is
21
.than 12 to 1
The Market;.. And.You
BY
(593)
Street
per
Station, New York
>
remain
will
-
•
\
-
overcoming objec¬
haranguing,
or
tions. It is
combination of effort
to
a
accomplish
a
stated and diffi¬
cult task—namely
to protect, in¬
have been named
ners
managing part¬
of the firm. Mr. Casey makes
his headquarters at
York
the firm's New
office, 45 Wall Street.
Financial Chronicle-.
The Commercial and
22
nounced that the Board of
NEWS ABOUT
Of¬
•
Branches
New
New Officers, etc.
•
Revised Capitalizations
•
sis
Ex¬
Douglas,
•
James J. Saxon approved the ap-
newly
John Watts will take up the
Representative of the
Bank, New York.
Haven, Conn., and the Second Na-
hattan
sponsibilities
travel
exten-
the Continent.
on
-•
-
will
and
London
sively
of
will be
1,
tiorial Bank of New Haven, N6w
his new position Haven, Conn.,, effective
headquartered in after Feb. 7.~ /..
,:.//;
ma ;1
*
.
i ^
X.&; :■
Milner
Charles
and
E.
Board
f^ce
'
and
Mr.
rp^e
will
in
be
business
relations
public
and
development,
'
•
of
merger
Bogota, N. J., into The Haekensack Trust Company, Hackensack,
New York State New Jersey.
Jan. 31 from the
*
s;:
200,000 shares to be set
an Incentive Stock Op¬
bank by
shares of the same par value.
for
aside
i?.
s
^
r
On
Jan
State
the New York
30
Department ? g a v e
Banking
4-
cy4-
,
v
*1*
'•
1
a,.-
-
nounced
of automation,
on
di¬
relations,
President
by
Beise,
• ;•»
and
John
Dwyer,
California,
196—
another
farm
examples. Iowa ranks first in cattle
in
cash farm
income.'While the number of farms and'
population are declining, the use of automation and elec¬
tricity continues to climb steadily/
administer the Los An- *
to
nated
farm
and desig¬
Senior Vice-President
Directors.
ap-D<
California
been elected
Schutt has
M.
On
production, grain- crop production, hog'
production, livestock and poultry value and is second only to
that
of
.
birth to slaughter, in winter and.
Value, corn production, egg
San
Calif., announced
Bank
The
of
Francisco,
continuous, flow of 1,500 head of
a
before marketing.
stages
in air-conditioned barracks-like buildings
fattened
scientifically and profitably. The company is trying to persuade
Bretteville, President
de
-Charles
\
Pa.,
J.
able to feed
final
the
in
three men with $50,000 worth of electric equipment
were
other farmers to follow these
'c
;•
••
gas revenues rep-;
summer,
Clark
S.
'
-
farm
thousands of pigs are raised from
an-
was
one
cattle
handles corporation
bank
and
national
the
in
which
vision
Tradesmens Bank
Co.,
Edward
elected
resentatives
Philadelphia,
Provident
*
at
o«
--»/• •;
Trust
&
.j.
.j.
{•*.
The
Company, New York.
Trust
y:;vf,
r
F. Ward
district rep¬
Evanson,
-
61% of
househeating; saturation qf the
*
"
been working actively to promote greater,
automation of farms and to attract new. industry. As an example
employees.
tion Plan for key
Joseph D. Davis has been elected
a
Vice-President of the Empire
O.
H.
and
*
reve-'
The company has
Calif., office of William
a
*
*
*
The shareholders of the Mellon
consisting of 5,520,405 shares of National Bank and Trust Comthe par value of $10 each, to $56,- pany,
Pittsburgh, Pa., voted to
308,140 ; consisting
of
5,630,814 increase its Capital S'tock of the
increase
Capital Stock from $55,204,050
farm implement manu- :
at
San Francisco,'
of America,
.
12% rural, 25% commercial, 22% /
about 30% residential,
latter is about 86%.
Vice-President
to
Promotion
Department to
are
industrial and 5% miscellaneous. Some
Bank
Banking
nues
Trust Company, New
Irving
farm state-^noted for
a
facturing and light consumer goods. The company's electric
resent residential sales, including
York, N. Y. received approval on
its
and
#
t.i
i
farming; had exceeded industry. Des Moines is a printing
publishing center and the major jobbing point for central
dale.
'
The
generally considered
is
title First National Bank of Pine-
Bogota,
of
Bank
the
Iowa
\.
,
livestock,
Iowa; it has diversified food processing;
the
under
A
revenues.
in 1949
$225,000 and
operated
be
will
it
the
of
its^ approval
announced
<
.<
given preliminary
bank will amount to
Jan.' 30
System
Reserve
pecieraf
Woodruff in the national division.
the
of
other communities, together with
dairying, and food processing—industry is- now
miore than twice as important as farming in dollar output, although
capitalization of the new
Initial
Governors
0f
Board
*
„
268
and
While
corn,
to
Bank in
*
*
.
organize a National
Pinedale, Wyo.;
approval
-
r
Senior Vice-Presidents. Mr. Milner
Bluffs,
% quarters of the
has
that he
28
Of-
Valley
Passaic
the
of
Des Moines/^Councjl
20,000 farms.;'
While the service afea covers some 5,600 square miles in central
and southwest Iowa, the two leading cities furnish about threepopulatipn-rH^ver half a million, people' in
Comptroller of the .Currency
James J. Saxon announced Jan.
Russen E. Norem to the Advisory
Philip H.
Woodruff
New York elected
Co.,
(62% electric and 38% gas) is the largest of Iowa's six investorowned utilities. The company serves about one-fifth of the state's
and
*
-
Light Company
Light, with annual revenues of about $55 million
Power &
Iowa
a
The-
and Mr.
0f Mr< Paul L. Gasbarino
Trust
Iowa Power &
Boulevard National
mit, N. J., announces the election
/A/*///
;
operated under the title
Bank.
it will be
ELY
OWEN
BY
■
.
Initial capitalization of the new
-.
*
The Manufacturers Hanover
y
bank will amount to $500,000
The Summit Trust Company, Sum-
7
<
organize
to
Bank in
who assumed the re-
Mr. Watts,
/
National,,
Denver, Colo.-;:;y;,
approval
V
••
given preliminary
has
that he
28
American
Chase Man- Bank and' Trust Company, New
European plication to merge The
of Senior
post
Saxon
J.
/
r
of the Currency
announced Jan.
The Comptroller
James
SECURITIES
Heyer, President,
Stuart
James
and
the
ecutive Vice-President.
Consolidations
Jan,
Thursday, February 7, 1963
.
PUBLIC UTILITY
Felix,
of
Executive
Chief
and
ficer Robert W.
Direct¬
J.
Vice-Chairman
Senior
BANKS AND BANKERS
Louis
elected
has
ors
Board
created
.
(594)
/
•
•/-
-
//i h
.
w.iffi^tjie' go'verpment and a
Schutt has been
State Development .Conapiissjon |o .attract. new industries, to. Jowa,"
Vicd-Presideht and Senior Loan ' The
company recently purchased a 11 acre plot near Des Moines,,
Capital
Stock
from
Officer
at
the
San
Francisco
developed it with roads and utilities as an industrial park, and is,
consisting of 360,000 shares of the./Vice-President and Comptroller, head
office
for
the
past -five
now selling sections of it to business firms. The company continues
par value of $5 each, to $2,000,000 John F- Cooney, F. Leon Minker
years.
s
r
■
* * .
to participate actively in the $100 million^ urban redevelopment
*
consisting of 400,000 shares of and ' J.
Richard Charles were
H.;- sis :
^
A''
the same par value.
program in Des Moines. The legislature has appropriated funds, to.
named Vice-Presidents and Trust The Wells Fargo Bank, San Fran¬
Officers. Luther E. Pflum retired
promote the location of research type industries in the area .and
cisco, Calif, elected Hector Escothe company, is cooperating in this field..
'. /
/ /
The State Bank' of Albany, Al- as Vice-President and Secretary.
bosa,
and J.
W. Mailliard III,
bany N Y„ received approval on
;
";
The company's rates average about 10% below those of other
The Central Nationa, R
CIeve. Directors.' '-f.• -'
Jan. 28 from the N Y. State Bank*
'
''
utilities in the state, the rate structure being designed to aid sales
,
elected
f Hed(Je_
mg
Department to increase its;
.
.
d
„
Perrv
vice- The Comptroller of the Currency
promotion. Both plectric and gas advertising campaigns are under
Capital
Stock
from
$8,108,790
a T
* y'
• James J. Saxon announced Jan. way to aid sales of appliances. In November a two months' cam-1
consisting of 810,879 shares of the
'
28 that he has given preliminary
paign resulted in the sale of 1,000 automatic clothes dryers, or
to,.the
proval
Hempstead
N. Y.
Hempstead,
Bank,U
H.
its-J®?1®
Trust Co.„ ;
" $1,800,000 Beading, Pa. elected Ernest Vize
to increase
geles operation.
a
:
•
-
'
'
■
•,
value of $10 each, to $8,514,-
par
230 consisting of,851,423 shares of
the
same
value.
par
...
.,
"
On
Jan.
proval
the New
28
Banking
V
M
Department -gave
the
to
increase
its
shares
each,
136,490
Capital
the
of
ap-
of
shares
from
Stock
of
value
par
129,990
the
Ma
as
pany,
Citizens
of
par
same
value.
Sera fin
of
Division
Trust
-
Corn-
Toledo, Ohio, has been
approval
an-
*
Trust
elected
of Indiana,
James
L.
Dandurand
a
Syracuse, N. Y.,
pany,
approval
Alexander
«
«
*
National
£Ry
Bank,
Kansas
cRyf Missouri announces the
ap-
Kelly to the
York'State
/' 3
duties immediately,
Department
Banking
P
,°n
from
Harold
given
was
Mr.
will
Kelly
*
-
of
consisting
$2,625/767.50,
First'
Bank
Rutherford,
Rutherford,
of
Tenn.
4
Cumulahve
Stock
of
Conyertible Preferred
$225,610 divided into
45,122 shares of the
par
Stock,
mon
shares
of
par
par
value of $2.50
Lincoln
Company,
Rochester,
ment to increase its
$11,176,140
shares
of $20 each, to
of
N.
Y.,
re-
the
Depart-
Capital Stock
consisting
s^etarv
the
®
Cum™nas'
G
k
Boyte'
Cashto:
Griffin
Bvron Crouse
Mrs. Martha McCullar, Assistant
cashier
!
*
par
James
28
J.
.„
Saxon
that he has
approval
to
*
Jan.
given preliminary
organize
a
National
York
Stock
Exchange,
the
nounced
rue
firm's
The
for
many
years
Trust
*
Comptroller of the Currency,
Port
New
Orange,
Southern
Company,
Arizona
*
&
an
&
Ariz.,
Trust
an¬
sterdam,
Co.,
"
be
officer of the
&
at 25
City,
Co.,
-/-
with
maintains
branches in London, Am¬
Geneva,
and Sao Paulo.
Buenos
Tax Savings From
Accelerated
Credit
Depreciation
$120
-Construction
•r$738/"
$77.6
739 //;
323.4
.
;450
18.5
4..
11.0
-
-
-10.0-m
/■
i
/
;400
-
90
'
Aires
-
H% Investment
Credit
558.7 /
820
;-'// 924
'
;;r
*
257.8
1/100
■
860
275.2
150
10.0
869
181.5
11.0 ;
expects to generate internally about two-thirds of
$60 million to be expended for construction
years
invest¬
.
,
-
•1962_./.i:i_/. $10.0 > it;
during the five
1963-67, with the balance of $20 million to be obtained from
sale of securities.
1
.,
■
,
•
/
,
,
.
Regarding regulation, there is no state commission
in Iowa,
although it has been proposed from time to time that one should
be created. Under
a
court decision "fair value" is regarded as the
basis for rate making in the state, but as
with municipalities use
company
to
Broad Street,
also
/
Interest
Est. Cost of
.
1964———
the
(in millions):
the rates are negotiated
of fair value is not always assured. The
is earning about 5.7%
on
invested capital, which on a
fair value basis would work out at only about
successors
Lilienthal
York *
overseas
Bank
Tucson,
will
Company of New York.
Hirsch
headquarters
«
office
new
under the direction of Andre Lord,
Hirsch,
*
an¬
de Ponthieu, Paris, France.
Halifax
same
of the New;
have
generating units to
liberalized depreciation and the 3%
follows
1967———
opening of their af¬
it will be operated under the title
of
-
as
1965—:—
filiate, Hirsch & Co., S. A. R. L.,
value
Bank
'•■#*:"'
19631
re-/
Paris branch of Morgan Guaranty
Initial capitalization of the new
credit
The company
Hirsch & Co., members
bank will amount to $525,000 and
National
rjfi 1
years-
syndicate
and
•
H Hirsch Paris Branch
the Currency
announced
Bank in Port Orange, Fla.
value.
Warmath
r 0 c
buying
seven
of
kw^
of member companies.:. The company has pro¬
and tax savings from
ment
partment of Lehman Brothers.
of
$11,399,680 consist-
*
The
B
'
Trust
ing of 569,984 shares of the
par
president.
the
for
the anticipated summer peak load of 375,000
jected its construction program, credits for interest on construction,
-
Bache. Mr.v
joining1
served
Schwartz
in
City,
immediately.
over
125,000 kw unit will be completed in May 1964 increasing ca¬
offj.
Frank
The Comptroller of
Rochester
New York State Banking
558,807
,
Its
Q 00
to
refrigerators^color TV, etc./^/~
Light's peak load is close to capability but firm
change of power and the "staggering'', of new
Co.,
&
New York
effective
Prior*
at 8
ceived approval on Jan. 28 by
from
surplus o£ $150 „00
value of $2.50 each.
*
The
and
divided into 960,063 Vice-President-
the
o?Sh9770 shares of Common Stock
979,277 i2'448,19f2r°' dividelint°
the
The Bank has caDita] Q{ $
value of
$5 each, and $2,400,157.50 of Com-
15%
the best advantage
Bache,. managing part¬
L.
is
ment
■'
Street,
are
pacity about 30%, and providing about 24% reserve. The company
is a member of the Iowa Power Pool which provides for the inter¬
has announced. His appoint-/
ner,
National
d Feb
new
...
*
^
his
assume
-
Interna¬
Bache
Division, of
Wall
has
Jr.
Manager of the New
Department,
Business
tional
Schwartz,
C.
.
named
been
36
Jan.. 25 by the New
on
A
Bache Names Schwartz
Vice-President
'pjje
speOiaT campaigns,
1963
capacity of 55,000 kw can be purchased, providing a reserve
Gary, Ind.,
Com-
Deposit
&
Southwest Bank.
sales.* In
normal
residential and commercial lighting, electric heating
use of electricity together with promotion of appliances
Iowa Power &
*
pointment of C. H.
First
and rural
some
The Bank
times
.
on
such as dishwashers; freezers;
the
and it will be operated under
,
.
three
planned
will
title National
nounced.
■•/,*
about
capitalization of the new >
amount to $1,500,000;
Initial
bank
position of General Trust Officer.
The
organize a National
Calif. : r • ^ /
to
Bank in Pasadena,
of the newl
International
Ohio
$10
of
consisting
$1,364,900
to
r
Trust Com-
First
consisting
$1,299,900
of
GaudenPs
The
State
York
The vanDointment"
created
.
,
v
of Albany, Albany, N. Y„ to
pany
of
The company is working closely
room
1958
for improvement in
and
gas
rates were adjusted in 1959.
present intention of asking for a rate
Aided
and
irregular).
The
increase./,;
by cold weather, earnings in
compared with $2.21 in 1961
slow
4-5;%, which allows
earnings; Electric rates were revised in
company
/v/ /
has no
...
1962 were $2.43 a share
(growth in earlier years was rather
in a recent talk
President Paul Thompson
,
Volume
Number 6236
197
.
The Commercial and Financial Chronicle
.
.
'
-
A
*
"■'.v
v
,,
.•//'/;
•;
•
'*
.
'-*
•:
•
f
/
■/•./
before the New York Society
timistic forecast regarding
/
.'.v,'; "•
y.
••.
///*/;•/
'
•
'
•
;
* v .vV ;•/"•
V
V//"
•
/,
•
/
/,/
••;•*•._
'/ ."■'••'•.'v.. /
?:
• •.
./ /
.•
■V','////
\
•
•
./
•
•
-
•'/
/•• •/. j.
/
//
"*•;
/ '/;•//•*■;
(595)
,
•////////•' ',; -////•'Y//
//■ '/://'';
'//
'*"••••.
/•/. V
5;
V
'**:
:-V:/* ••/•//;*-•"" .//••> : /•' /;/^/'*\/V
v.V
; v//-V "*' '//
;
•./,.•'/*/•/ * .*
■'/
of Security Analysts made, an op- / ments, and the longer-range out-
the future trend of earnings:
;
.
look for British export opportun-
<-/
.
ities becomes less favorable. These
will increase almost 30% during the next fiv$ years—to about $72 ^circumstances
could complicate
million in 1967. Our: common stock earnings during: that period
Britain's . balance? of ~ payments,
should rise close to 56%.-In 1967, we expect to earn about $7.8 milproblems and, as a result, increase
"Projecting
lion net."
should
as
realistically
Assuming no equity financing during
share
mean
equity financing at
'
■
•
mil'a
1967;
our revenues
if
about $3.44
oi
gain in share earnings
compounded;
'
-
-
-
.
on
,
'■
1
ii ?' Htu Wr i ?r'
ai*'v'"
The stock; has been
^ling recently on me NeW Y?5* Stock
Exchange around 55 /2; the yierd based on the $1.80' dividend is
:
;
.
3;2%, and the price-earnings ratio is 22.8.
r"T*
The
-
led
Conservative
Government
by Prime Minister Macmillan
has based* its. future on the
E n IVyr • TTYITYQQQP dlllyv UkJ
A
•
-1
'
i
>
I T117pcf""rn
n P
A llVy
.
-/
PHt
XI1 V Vl/O l/lllvll
•
V/•///••*:
'
•
•
*•
»'}'
spokesmen
ever,
••
,
•
indicated
have
looking Europe is to develop and
that the United- States will
barriers to free trade are to- persist, the participation by American producers in European mar-*
kets may well require the loca-
tinue to negotiate for tariff concessions with the Common Mar-
con-
ket.;; And Great^Britain, with the
support of the five Common Market members which supported
her, will probably try again at a
'later date to gain membership,
We cannot exert too much pres-
time, forces working.ini the prucial date in the history of the
opposite d ir
e c
t i
o n
notably
—
French efforts to curtail American
Western Alliance. Its implications
will
expec-.investment;in the Common Mar-'
be felt for many years.
As
observer put it, de Gaulle has
one
ma^torper ,the' ConserY!-im6n Marketipartners to sugges-vdrive a v^edge in th&'Westerri ALativesout.
:
tionsi for curbs, on the inflow of liance»
1 How wil1 the new Situation af- private capital from America has / We will be hearing much more
f
I nn IT
111 T
I
V/ ttuIUv/XV
\J
inward-
r:
•
'//»V.
GauHe
,
"i-
i
an
.(•
23
•••■'• l.
;
station/ of/Britain's, joining^succeeded in doing whatr Bhrush-
i *
v
^
v
'
i
~
'
v;
-
Now, if
export sales.
the six nations on the Continent/ same"
'
,
Vj' '-*; ://'//>••' / : /:'s .•*•••.£
/ /••
*'•
is. very high, and entry into the funds4 to Europe. actually; will
In closing, let me say that Jan; '
Common IVfarket was expepfed to materialize, but the1 possibility 29, 1963,■?wnivuhdbubtedlyi fee re*y
help increase: Britain's exports* to should not be ignored.*^ At .the?, memberetl' for a, long time as~k%
i
1.
:'/* //
.
■
the
y
.••••;•
risks of international mone- tion of production facilities and
tary instability.
,
*
investments inside — rather than
How wiu they breakdown in outside—the tariff walls.
;
;
negotiations affect Great Britain?
It is too early to say whether
Great Britain has. had, its eco- this potential pressure, for an sure without irritating those who-;
nomic problems.. .Unemployment increased flow : of investment support our position. - , »
.
second
the
on
1', •!" i^:/
; the
this period this
or
rate of perhaps l-for-20 should prove ad-
a
first basis would- approximate 8.3%
7>2%
in
earnings of $3.61
visable in later years. The rate
r
believe
as we can, we
'•/ /:/. ■ "--'//• ■ '// ■'/' '■{■■■':
//
V-
••/V''
feet the United'-States?'While no
at this point, sev-
been cold. In the short
run,
how-
about
this
in .'the
development
hesitate to weeks and months ahead. It will
Continued from page 1
//n Many observers of the Common eral consequences appear to be in make: capital investments in En- figure more dominantly in our
to shoulder the bulk of the bur* Market — both inside ana out** prospect. First*, nur efforts to help rope until the future course of economic forecasts; deh for defending the Free^ World have expressed the^^ view? that the Europe develop into a eoopera- European affairs becomes clearer*
it wilt test anew the vision, the
and its efforts were directed to- Common
Market was beginning tive economic unity have been
Granting that the recent devel- will and the judgment not only
ward making 5 the total* cost as*0 ^ose some of, its momentum thwarted at least
temporarily.
opmentsin Europe canont be fully ^f our government spokesmen; but
one can
.
small
entry would
surging economic forces
*^at, had nxarked th° <?yb.antic
underlying the *
NATG is eoopera*
emphasis
operation' of
OEEC, and the
Cooperation
The
third/longrrange
relationship
goal-*a'*
between
United States trade
,
.
investors
ever,
may
appraised until the situation firms. of all Americans: who- believe that:;
bit,, there nevertheless, are. a strong and united Western AW
up. a.
may,be put to sterner tests. In the grounds for wondering whether bance is essential to our. ultimateshort run^ any loss of steam, in or not a new, note, of additional victory over Communism^
the. economiea of the Common gravity has. beent added to our »
■
'•
^i
,
,
Market/countries/ ^
t
..
.
-jj^]
to; balance-ofrpaymfnts j^oblem;/
ish. ..would force...thq. Common weaken our export markets-and y The President,. discussing, the ence sponsored! by. the. a.b^v'b
Market to look outward from the make it difficult for us to main* balance-of-payments iri his eco* Division, Nevr York ^ity, Feb. 4, 1963.
Continent. The .feeling after the tain our. trade surplus, at adequate nomic report to Congress,; said, .i./ /
/ :
TT
1
dispute was that the Common levels. In the longer run, an in- and I quote: "The area in which K HO WIGS tO JjLGRCl
Market! may tend to-, look ihward ; ward.?- looking. Common Market**; our greatest efforts must now be:
'
11
and
Development'}•■■ >/,: / : ^v/
i
Secondly,
Organizaiipn^ ^rit^^^PpBcatip^ felt the Brit*
^of Jthe OECDr // the
close
of the six nations,
sure
and balance-of-payments. policies
The five nations which backed
is now true
same
fou .Economic
of the progress
true
was,
.
.
-
tionv The same
that Britain's
and
possible.
as
The
be
the
Atlantic Community, and the• rest
•
World?^lso
sbould it developr*rmight, reason? concenhated is; ^e[ in which the
/
^
trade with the rest of the, wprld;/ably.. be/expected, to maintain government can provide only u v/iii v x-* v
v.
:
States- for., some^ time has/ been; / But: the actions/of the Erench. tariffwalls? specif icallyj calculated, ^ leadership, and 'opportunity; i>ri*
-r/;
trying to persuade the more affiu- raise other serious questions. The to reduce the inflow of American vate business must produce the IVvIlIIlIIt/ l/CU k/bdLl
ent European
countries to eon- Common Market has shown phe- and British goods. Such a devel- results.
Our
commercial
trade genat0r Paul H. Douglas (D., Ill ),
tribute mo^e- in -th^ fbrm
q|. aid 'nomenal growth" because the six opment, would seriously interfere surplus—tbe excess ^ hi our ex- nkairmah^ oi the JoiHt^Efc^ornid
to underdeveloped nations. - This/countries cooperated to a much with: ©ur objective of achieving ports over imports of goods and
Committee
announced
the ap¬
is the kind of cooperation that greater extent than anyone had' permanent balance - of - payments, services—must rise substantially
poi^tment of James wi Knowle3
of vthe Eree
d^mai^S;
cooperation,; In': fact, the United
cbpnts.';
De
.
r
Gaulle's
actions
tile effect of: aiyertm^
three of thesq
^
-ever; dreamed possible. National/
istic jealousies that had existed1
;us;from^ll/fbrrc^n^^
objectives.
"/
r/ : / * H
V
'
C.
have
can
Eoononiie ImpUeatious
equilibrium^
L
to assure, that we will reach
,
payments equillbirium
I962i designed to protect United^ within a reasonably period// ;
States producers-against exclusion
The . surplus in our trade ac*^
The
Trade
Expansion
Act
of
ance
-
of
-
Executiye^Director^^ot^ the staff
of the Joint Economic
^
,
/ the- good of the six. With the cpfi01^
/ /operative -environment,
nations/ft'Qm. the'-•rich'"aiiid''growing-ihdr'4:••'Coont./fca®'.•.been^$ubstantiafc■:.,fon
Wm
that
reflected
nwkt/
^Bufelt
r
Smce.we .aje all. Interested m,.an iinprecedented degree of' mu- mudt ol its. significance, as a re>- enough to compensate in the «
-f
.thd investment outlook,' we might taual trust and responsibility. The
s'niatirBio
inability, to enter largeoutlays for defense andi eeoattempt. tp appraise the, economic,,,split will surely'cause the other, themarkeU.
nomic: aid; that add to our payc
implications of de Gaulle's
tho House
Britains,
Great
mg
Insodb-". istie
in the Common Market.
l^realize: that
raising
more
will be.
we
sooner
start
we
:
.
comparable to that of
the veto will
Market
Common
diate reactions
by
expressed
Cotemon:
on
itself.;
most
Market
of
u
cg
ased
five
Vi
/a^'-^tum
w ee
said: .-"The
Common
unable
Market
is
to
over.
ovcrcome
Henri
SSpaak "
Foreign Miinster,
mon
Market will
t>
i„-
Belgium
'
.
s.
Lefevre said
ship
dispute
"which
'*
'
to Uve?
r,.-
.
might
a
S
the
expected
be
Free Trade
„
Associated Press also .quoted Lefeyre as saying; VA United Europe
cap sit down
-..United-
•
countries
small
ern
as
an
States,
cannot
.
Association
this.
knpw they
now
and
a
which
sacrifice
can
of
ensure
.
:
^
:
'
^
Affect Upon.U.K., and U.S.A.^ i
national
markets
a
are . small "and
-
^$22 5
'exwrb
bilMon;
frrfte
/
,
+n
nnr
haianc-p-
dampened^ by
the
new
develop-
study on'Productivity,;Prk;es,.and
incomes' and the study on 'The
lncom-ys anu ulv
Potential Economic Growth of tee
Wted State^ :^e ^mnn^. tua
,
,
,.
,.
,
ioTe™°? tiding, nations of
the W0rld to P^nt■ cUsrupbve
knowledge. •• I am ,sure- that, the*
economic profession as well an the
ral
blic wiu be* delighted
,hat 3uch, a competent
pro{essional economist is to head
States Were $8» WUicm" currency
speculation _ThiS ,*apHowever the uSted States and ?vroachu ls, toplemented in part,
the" common:; «/w»hout « SteSii the Committee staff."
Great Britain accounted in 1960
for 80% of world exports in only
two commodity roups: aircraft,
and margarine and shortenings.
:
■
investments Flow
:
'
"
■
In addition to carrying unfavor.
,
:
able implications for
an
our
export
many
•
•
Mr. Knowles served the Cornterested. in reducing the influence mittee as its senior economist as
of m Unlted states on the Con- ; economist for , its. Subcommittee
tinent, could become reluctant to on Economic Statistics, and as its
yari<>us countries. Fi:ance
participate in these
tf in.
cooperative special economic counsel
study,
large-scale
efforts.
,
Tt
*+
j
What,CJm the Uruted States do
"Emolovment
Levelg„
m
Growth
for itj
of
1959,
Price
and
,
about developments in Europe.,
nion Market also eould heighten Secretary Rusk stated a week ago
.
our balance-of-payments problem tbat; if our policies
a strong um- J)i3,rn0nd, St6Ckl6r
by Contributing to a net outflow Bed Europe, a close; Atlantic Al**:.,. *^.
:■>,^
s;-^;/**;/.p•©f private capital.
Prospects for liance, and cooperation with the
Admit DicUIlOUd
markets,
inward-looking Com-
Europe,
have
^encouraged
American fiFms to believe
those, capital to Britain is. likely/to be - that they - would be able* to serve
,
rpcrarH
United
much, more and
those.,which difficult task. The flow of foreign
which do not know it."/
"Not only has, Mr,
original contnbubons tb
.
.u
^ree W01*^
were soima in ,tne *:.(
'^.*-.***. •>--.t*
beginning, they are just as sound Diamond, Steckler
the rich European market through
5
;
-
. &
Cq.,_ 6U;
and. that we should continue Broad Street, :New Ynrlc ^Cuy,
with our basic plans.. - ;
^ ^ members of.Ibe New York Stock
* Apparently the first yeactionvin, Exchangey on. Feb, 7>.. wul >admi
Washington tq the French action Howard A. Diamond tq.,limi eo<
was one of wait and see.
How- partnership.
r
/Only the defense of the pouiid in Inter-; riers between thfe United States now
cpuntrie^ are: left in West-
Europe^
which the special' authority would*
the
but-Z individual
do
and
5 Finally^ it should be noted that
inability of Britain t© enter British entry into the Market, and
the Common Market may'make for the reduction ef trade bar-
equal with the
•
^
throughout the Free World.
status of European defense/ The
?»«««»•-
Another point that should be
to ecus chemical products. "In I960,"
froma reduction of trade harriers
entire
.
.
a
nnfpri
^T^S^orT^f
benefits
the
crisis
grave
affect
woiild apply to
etosbr ttaberektidiw according "tb rthe fepbrt; :
with, other members of the" World exports of those goods to
protectionism
the British memberwas
act
cosmetics
paints,
easily be the growth of regional
x
Prim0 Minister Thep
could
t
SUrWf, the_ responsibility.Knowlei been With the staffifqi:;
raiscellan-
_
' - "
'
unable to generate the,necessary direc tor.
ner entry; s macmnery, pnotograpnic supplies,
£^regwnal.trading blocks wiften
Com-Eurep .wuld scarcely be consiier®^to,be n°'^u^e'to European
P°btical, .economic, and social
unity; and the end^result could
BelgUim
said"'"The
' * r
the
aquareftr on the government ovel. 12 years," he said, "but he
*? eomf the imbalance by fur- has Splayed a leadrng role m
£,ar orgSc chemicals transpor- 0161 .^ueing the doiiar outflow every economic invesUgabon un¬
KSKtSTol associated, with, government ald dertaken by the Committee. The
of
but the European spirit has been
badly hit."
..
,
»e-situation;, but, if business is has accepted the appointment .as,
^prov^-
l/0°^niy known ^^5 ^0^ /0^ amounted^
ohly^a.
continue
1Economic
^ m^nSy ^ph^ogrShte supplied
ta
resistance^
iS|a
Pail
ofTe
i
Alternat,W! Cut to JToteiga Aid. two-year term as^Clwrman 9t
Th^.goyernmen^Jcaftnpfeshift Jointjfconomte;Co^
twafd
European
now
all
rertsto.ce
.vjuroDean
Germany. Ludwig.ErWest. Germany's eeonomie
minister,
to
&°Bort of the^^^ouncil of
I
into the Common Market, Britain
France, and
hard,
.
B
,F®®^
f^ ?
h///./
bet
h
cooperation
be able
again when
momentum
ay may not ratify
.
Ly
wlu have to start
mem-
*
the
/
®
ta/ust' SS
get: the bail back, but they wide rangd of products tacluding
which
supported Britain's bid for
c
baU.;. They
pick
were
the
nations
.
/f /-
the
Imme^
the veto-
to
football
a
is driving down
deficits.
of Renre-
foeroburden to toin^s. In- W Douglas
world^^ex- the^re m°t% tuLm
Sector
£
«ie AnnSl
dehghted^ that Mr. Knowles
field and suddbnlv fumbles'awav'
-
have
which
team
^
respectsSthe situation
Some
wq;should^' consider 'the.'the
First,
effect
PresWlent ments
ier.i^
««*.•
^
II"might^^hbiwdighttharfiffithe-'reeehtpastv-WV,^^^
discussing the problem the better
off
gives
views will'again bear
questions than lean "• In
But the
answer:
The
hprt-
onH
0^Lp
■
veto^ fivehations to take a harder look ,,
membership at new policy decisions. National^
John^
has resi
j^r
.
concessions
made
Committee,
Summers
24
The Commercial and Financial Chronicle
(596)
A
Investing in Today's
Federal
billion
else
ceiling
debt
and
for
thorities
had
have something
you
'
Federal
billion level. Com¬
assumed lowered taxes to
above the $300
bine
ulative
.
there
bids
no
for
the
take
$8.5
mount
as
Price
issue.
the
for
par
was
June
to
tax-payers'
blue-chip
broker
not
private
another
recalls
Sir,
<
Benn's remark: "When
spends
man
he
money
can' be
is
;;
on
No recession.
Rather
intense
as
$60
leveling
a
competition
425,455
58%
sectors
by
marked
Housing
The
of
glut
temporary
starts
from
;
The
treated
ways
margins and the
prospects
growing
,
for
a
resur-
gehce onatent inflationary trends,
another excellent new-car year. A the market measured by Donmodest pickup in capital spending .Tones could again this year have
wild
to $38.5 billion could occur as in¬ some
gyrations.
A guess
businessmen
are
automation
improved
and
year's
enacted
accelerating
schedule
provide
the
new
dn
•>
credit
tax
depreciation
t he
on
for last
Which guess brings to mind
year.
1
equipment could
high, 620 low-the
12% swing predicted
same
facilities.
Last
would be 715
squeeze
pelled to meet the profit
with
com¬
observation
"When the
of
Charles
Dow:
blindly
as
buildup
seems
forces
likely
Stock
and
leaders
agitation
the
for
work
tory
inflationary
35
week
by
hour
labor
manda¬
gather
steam.
Excellent retail sales, particularly
for home
increase
and
goods and apparel. % An
in
additional
mercial
public
$6
An
billion
channels.
annually
Federal
into
This
an
com¬
means
for
income
should
related
the
to
the economy.
better
Na¬
1962.
estimate—$565 billion! A de¬
pression? [The thought is absurd!
Dow-Jones
Actually the
oppor-
tumty for capital growth has
rowed
un-
sluggish nature of
considerably
in
nar-
recent
occurred. Peru, *
-138
68,148
581
and
166
68,595
586
popular
69,318
593
counter
—
—
91%
1.832'
,
Is it surAluminum ■'
Kaiser
found
impact
financial
the
on
General
of
beentee'd
most of
of
legion
^he
time.
newcomers
For
the
to
market, it was largely a numbers
game centered
in stocks priced
erest
community./ Down lady
asked: "How is the market?" and
$5
cad answer: "down 10," it brings
lose
wipce. Actually,
on
a
10 minus points
Dow need, not make
the. well-groomed
a
dent in
security
folio. Last year the 30 stocks
port¬
com¬
prising the Dow-Jones industrial
average
top. .to
had
a
bottom
27%. plunge from
The goal was
quality
.
.
,
is
-;villustrate
and
was
negligible.
asked
was
When-one
stock
were
you
can't
much!" Balance sheet items
as
and
zero,
nomparative
ignored.
earning
.
trends
,
be
can
exacting
the
as
industrial
Co.
menced
business
to,
New
of
York
e is
The
For
business Nov. 24, 1928. There
adjudge
compare General
ifued 2.210,716 shares At $85 per
share, the open-market valuation
is
man-
years
earning
concerns
.
these
o£
and
three
can
®lg. ?:e.ar^aS0-
still
completely
support
The borne office
automated
is
ur
,5,0^. d'vlde"d
-
•
•
runs
to
last
May
or
Payrolls
.
.
1960
,
.
somewhere
tween
209
„nd
10Hn
mil1inn
214
,
their equally
partner? Ak
aggressive
for
a prop
Beside
nancing
increases
the
push for a' shortehed work week;
there is
.<li£e
ployed workers
work
insurance"
premiums
-
is
widowed
n
mother-
who pay the
not always around
are
..
me„tioned-
-
,y
.
,r
,
Yet
are modest
third
a
can
hours
seven
then
attempt to
of
two
em¬
be induced to
five
for
worker
days,
take
can
up
the thirty-five hours relinquished
by
the
are
not alarmed
other
is
Rather
it
by this proposal.
the
shortened work
market
stock
Businessmen
two.
hours pay for 35
demands
40
of
hours work. The
week
could
deterrent
be
as
a
we
approach mid year.
With
without
or
manipulation,
certain selected shares will again
this year be in the spotlight-r-this
despite the impending S. E. C. re¬
port to Congress on its investiga¬
tion
of
the
financial
industry. A
careful perusal and comparison of
annual reports is more than ever
essential. A
culling out of those
thoughtless
careless,
purchases
associated with; inflation ancf our \
*Tast 'buck** feebnomy' Is; sdggest^d.
speculator^ the road- will
rough! For the investor, more
the same; i.e. eternal vigilance!
For the
Mgr.
ROCHESTER, N. Y.—Charles W.
Higbie has been appointed manager
of
Francis
evervwhere'
natural revulsion when
Those breadwinners
the ganiut of
each
Named Branch
and
salesman'is
a
unieqs: itv-
secur-
if
that
prove
the
I.
Rochester
office
of
'duPont-&-'Co'.v< 8 Ex-
seemingly ubiquitous life in. •change Street.
surance
generally fully
fi¬
at
Their economists will
be
Be ause
this observa-
deficit
accelerated
Fnr
0Kn
,
,
soureesr^
is
China
Marxist
..
^^flSn S
chronic
the'amount
/er/^/l/e inLrance
trace the price
recovery
.
thoughts of disarmament
more likely to
intensify?! How can
disarmament talks be^ conducted ;
of
bondsr mortgages,, real estate and J
June and
s
-:
preposterous? Is not the cold war
be
.
isolated
The diversified
My. portfolio
not
are
^PJ.Vla"°v" l-isen
afford
over current
other
to
_
What is the future for selected
income, the life insurance industry
easons
•' de Gaulle francs...
With Cuba in the Marxist camp,
and seas0ned life ™™s? By
those who
now
.
^.e aPPr°Ved March 12, the Republla stockb°ld« w'll own .6,750
s^,?ufs ^°r
shares held
issued
combined
the luxury of growth
appears
,
'«,
® pr°pascd
has been quite accurate.
the
.
s a»es
,?lnce. then' »?
stac'kb«lder has received 4 500
"ka ,es worth ,"3 f78:000.
the balance sheet
twice
,
<=.
over
286'°0° Shar°S)'
For
,
in
Motors, Ford and
appraisal
On
franc.
automatically exchangeable for 10
new
$188 million. The cash dividend
ls 10 cents. At the highest offered
easy
Chrysler. You will learn that
the
are
example,
an
the
Labor leaders will' intensify their
1850.
trast, Republic Life Insurance
More often Co-.of Dallas, Texas, commenced
comparative/profit
is
margins.
revalued
1, 1963, 1,000 old francs are
in.America. There
4,
per share is
15 cents. One hundred shares purchased fifty-five years ago (1907)
has grown now to 1,250 shares
currently worth $105,000. For con-
ere.
key to
Jan.
is. the oldest stock life insur¬
March
nual cash dividend
,
,
cially
home; there is the
growing unemployment. problem.
ance .company
observation. A high price-earngs mu.ltiple implies quality—a
™ Pnce-earnings ratio risk,
a stock trades at ten or
fl"ee" V™5 lts Pnoe-earmngs
ratl° ln. thJ? economy look for a.
«n no
inflation, France has offi-,
rency
corn-
,
,arn'
living has soared 4,000%. By con¬
trast, after forty-tfive years of cur¬
in-; with/Soviet; leaders/Avhefry Bed ■*'
tedious
as
be- .9" settlement ^ay.
it can"dt
in many cause agents are on straight com- b? denied that upwards of $78
individual stocks. Learn first hand m^ss^onThis industry has es^ billion of life insurance was purhow difficult or
easy,, can be the caped the profit squeeze. .Reliable chased last year. Another $78 biL-.
'Turn
to
inflation.
alarming
.
why she fancied
goes? to
promising life
a.
stock
surance
tfiat jt
v
related
generally
ClaI
Jf10.6.,1" the s'ock 1Tiark®t as
are issued 1,710,000 shares. At $81
da®d lt generally is elsewhere. The per share, the company commands
heralded Pfce-earmngs an open market valuation apr?tl0 frequently substantiates this proaching $i40 miuion. The an-
quantity, from
,ta be- specific .art of speculation,-, where;
capital
...
Selecting
shares of Ford and Chrysler (119,-
the
their
un¬
measures
.
last year's dramatm stock market
have
faced with
austerity
_
than
backE in' /ss-SG
Chile* Costa Rica
are.
its stock. or the real,estate venture.' our ^coijiomy, advancing military
divi- Examples: United States Life In- expenditures seem here to stay!
with
Foods.
from 5% to 256 months preceding
under 20.
welfare
,
surance
tion. The life company .deals only
25 points or up 25 points has dra¬ shares with a $5 tag or less
her in money
Tfiere is no inventory
matic anneal. When a broker is answer typified the times: "If the problem. There is no obsolescence.
the
.
l
industrial classificaIt is unfortunate that this wide¬ not value. If a stock of your choice tions, even including local favorly accepted stock market barom¬ sold above 50, the audience was Res—petroleum, drugs and public
restricted.
At $75 per share, in- utilities.
eter
should have
such
a
There are substantial
pro¬
.
_
Chronicle, Feb. 1, 1962).
For
C«
Uruguay
collapse. In nine years, the cost of
For those who seek factual evi(yielding 2.4%) and Alcoa (yield-- dence» Dr. Ira Cobleigh, the dis*ng l-9%) are approaching their tmguished economist, used the
1962 highs while Harvey Alum- comparisons m the accompanying
inum trades under 20 to yield 6%
*0 reYie™. ^
ra
that
example, a one-time General Motors
spread-eagles the
speculative favorite (Texas Instru- field—this despite the fact its 283,ments) had its amazing markup'
545iooo issued shares are more
years.
moves
,
phone and electric properties has
fal1 recovery?
agement
.
of individ-
ual stocks since 1959 has been
armament
,
improvements.
public
tional
at
spending approaching $100
billion
and
spending
levels should throw
state
„
The price movement
Brazil
695
is the aim. .Was it IBM or : operating costs at less than 1% in
Rand that surged forward the decade 1952-62.
ment.
'
capitalism.
79,545
'
Market
mid¬
before
as
rapidly in that direction. Expro¬
Life--^/— 175
The premium is still on manage"
Inventory
as
they bought."
.
year
state
1,058
priation of American-owned tele¬
Standard—
public begins to sell,
they sometimes sell
stimulus.
needed
1,684
115,770 4-
Bolivia is in complete chaos and
chip
automobile industry is looking at
formed
178,353
....
824
protected $1.80
dend yields 2.2% and trades near
al- $80 per share. There are many
.
.
.
completely embraced
3,619
broF-• matching
;
has
Cuba
92,358
Life,
incoiiae/cpmparispn^
ordinary
as
Because of 50%
:
4,155
371,892
bank. Any realized
e—not capital gains.
1.962.
million.
estimate,; 1.2
your
grandchildren will be living
under communism.
,
accom-
country but
Khrushchev will be proved right:
4,521
■ v.
contented
a
persists, I sadly predict that
146
you
profits from "short" sales are
the
apartments.
down
not
er,
units,
rental
deluxe
especially
in
improvement
"short' sale''
modation is made with your
racial restrictions at¬
tached to borrowed Federal funds.
No
should
Conversely,
ference. .The
adversely/effected imsome
starts
makes for
General-—— 284
Lincoln National
Jefferson
R
per
$330
draw first but the good man y
your
borrowed funds re- plus from its indicated $1.20 ancarry the second
100 nual dividend? In the food field
to
shares.
'Federal subsidies.- Rental
32
462,117
American Bakeries fell from 40 to
tinues to accent the profit margin
wish to wager that Texaco will
.20 and offers a 9% return
squeeze. Farm income holding the
go "down,
then
the borrowing assuming the hazardous $1.80 div$34 billion level, which figure in¬
process is reversed with this dif- idend can be maintained.
Bluecludes
r
the $6,000
quired
con¬
is bound to win. Such an attitude
140
,
Government Employees Life
Connecticut
creates gam
the
offset
to
may
78
Commonwealth Life--
as
161
,,
Life
S.
relations
western, the bad man
165
.
442
i—-«
ehdirigV-~thati5
'happy
international
-13,185
~
*
Average Gain——
which is the 5%% interest levied
Business
off
credit
a
with
of
$370 figures
This
22%-
Continental Assurance.—— 195
of
annually.
$370
■
:
U.
or
At
shares.
100
bank
purchase
your
the
with the TV
lieve in the
26,094
136%
,
229
•^25,454/.
243%
..r
Tel
Afrlines,^--^
'Franklin Life
see
incomb from 200 shares is
cated
leaves the market."
'
L-.—
Average Gain*
$6,000. The well-pro- Sperry
tected annual dividend is
$1.85 in.the
her share
Therefore
the indi- pnsing
politician spends money, value
■
-
&
,.101
ing capacity of Americans to. be-
shares
These
with
against
debit
a
trusted to; get value for it—when
a
and
the pledged Texaco
share
Ernest
business¬
a
1
,
sharp re¬
a
Tel.
388
32,882
;
140:
48,842
.
I ,57
Ten Representative Life Co.'s^-*.
Aetna
Texaco.
pledged
are
This is
funds. There is a difference! This
observation
aided
duPont-L'-
,
•
creasingly worried by the alarm¬
20,099
»
50%
l
sembly of the United Nations and
warm U. S. friend,
,
»I am 4n-
if it
Suppose you own 100 shares of
a
1, 2002.
money,
(N, J.)
Philippines',General Romulo, for-4
24,247
53%
* 89%
*
Travelers Insurance
3%% coupon with staggered ma¬
turities
Corporation——.^.
American
margin
50%
favorite
Dow
one
Radio
American
what could happen.
Federal agency bought
a;
279
E. I.
in the Dow index. Let us
covery
Oklahoma Lake Development Au¬
thority,
37,941
75%
General Motors—
could
fever
rule has already
despite the fact that when
were
759
Standard Oil
New
of
margins, spec¬
50%
reinstatement of the
ad¬
is
1963.: This. conclusion
in
2,167
Electric-
sharper ^
:mer president of the General As¬
85,905
Sears Roebuck
margin re¬
the
present price structure for, quirement penalized "short" sell¬
long-term bonds should give way ers. Undoubtedly it impaired stock
—especially in those 'credits with market liquidity. When credit fac¬
tors are imbalanced, a liquidation
coupons of 3%% or less,'
^ *
So
Long-term bond prices appear once begun, feeds on itself.
vanced
'
General
ly matched. The 70%
high. They are headed downward
■
''
'
into
brings
focus the sage observation of the
Gain
$226,743
bears and bulls appear more even¬
accelerated Federal spending and
12-31-6L
seemingly
#:V
:
$10,000
General Foods—96%
Chrysler.
with
Now
Oil
Standard
and
Jersey
long-term bonds to evalue. The
debt - is
now
actually
of
examples:
Two
laggards
institutional buyers
and
^ v/,';. Bid
~ :
13-31-ci
,
'Industrial Companies—
their de¬
long-time
cancelled
nearly
clines.
Federal Reserve au¬
our
U/' It is sad but tme that epch year"4
Ten Representative Dow-Jones
year-end, some Dow components
$284.9
of
"%•;
.
points, v; Approaching
190.25
ing
statutory
Conclusion
(12-31-51 to 12-31-61)
•
.
to 535.76—a resound¬
from 726.01
3
the outgrown
Thursday, February 7, 1963
.
Value of
Less Turbulent Market
Continued from page
.
$10,000 INVESTMENT COMPARISON
;
//i
terminate
.
indicate^ ther ^ change' in-1-lion-or"more is indicated ft)r-~1963.
Leonard Bakrow and John
former; co-managers
standing
in
community,
managerial
order
to
to
long
t
financial
Rochester's
are
Frey,
with
.
relinquishing their
responsibilities,
devote their
entire
in|
time;
servicing the requirements, of
their
manyinvestment
v
accounts;
with- Francis T. duPont & Co.
Mr.
over-
Higbie has
25
years
a
background of
experience in
field'of business anxhfinanee
the
*1
Volume
Number 6236
197
.
.
The Commercial and Financial Chronicle
..
do
Puerto: Rico's Economic
fjj
iHiglAnd Political Future
Continued from page 5
j.■
firms, organized early under the
industrial program, generally rep-
,
resent investments smaller than is
* It
therefore
is
In
tisan
Puerto
those who believe
resolution
almost
mously—I think it had
of
a
votes
the economy, meaning about
couple V
of the income of the Puerto Rican
againstlit in the house
and
by
this
time—those who
that Puerto Rico should
pendent. There
unincorP°rated territory. . Nobody had
ev^>v^ear^ °f -this before 1900.
a new concept—ran
lieve
in
parties
they
on
At
the
count
you
for ; dealing
procedure
with
of 0f
political status by what;
in their platforms— Commonwealth status to
who
believe
obtained 32%
in
what
that
would
Imagine what would happen if,
all of
a sudden, the United States
bad to pay out 14% of its national
'
One, for the Congress and those income to the United Nations!
us in Puerto Eico who believe What would happen to the United
j^e vwprth and validity; of thev States? You would have a revo¬
have
those
audience
mean.
the
status question of Puerto: Rico:
last
votes
this
the
of the United States the following
inde-
those who be-
statehood.
election—if
ex-
are
believe
be
it/in
14%
community, i don't have to tell
senate—proposing to the Congress
small minority
against
vote
one
25
unania
in Puerto Rico—a
with those more recently
case
established.
change it.
are
State of the Union, and there are
This meant that the United States
did not; have to run it - fully,
pected that the rate of closings Therefore, the door to invention
Would2 "be 1 even lower for the —as Felix Frankfurter was to say,
hewer, ' more' highly capitalized *Jthe. door of political creativeness
&nd Well-rooted enterprises.
<*-was left wide ;open for the ConFavorahle Outlook
gress and the people of Puerto.
the
to
that Puerto Eico should become
So Congress proceeded to orig-
^n$te
want
Eico there
(597)
statehood
lution!
agree as
j10W the .Commonwealth status
about
That
would
$75 billion
—
amount
almost
to
your
of
theyotes, those should be broadened; two^ wheh
pptire bqdget all byqr again!f^Th^
independence oh- bie. Congress and Congressional same thing would Jiappen proper?
tained 3%, and those wno believe,
leadership
and
the
people
of tionately jn Ppertd Eico.
^
as
I
do, in the continuance of Pu^to Rico have arrived at an
Commonwealth status, with all its
Forming An Above- Suspicion :
agreement as to the Common?
v
,,
- Rico to work out their future depotential for growth within its -wealth
u
Prospects for^h continued high -.yelopment
\
Compact"
'
\J
growth, that}' agreement
and, future political
own nature, obtained 59% of the
level, of 5economic
should be spelled out ina law
Bui the Commonwealth will be
^activity in status 0n the basis 0f that, after v°tes.
Puerto Rico appear to be exand then be put to a vote by the sustained. Of that I am complete¬
many years, which I shall not go
.tremely good. Continued growth into in detall> between 1950 and
Plebiscite on Commonwealth
People of Puerto Rico, giving .the; ly certain. The principal thing H
sis expected in the prinicpal sec1952 the Commonwealth of Puerto
Status
-people: of Puerto Rico a. chance the growth-of the Commonwealth,
-tors of manufacturing, agriculture
at the same time to vote for state- or in the growth of the idea of the
Ric0 was created.
But almost from the beginning hood or independence
and
tourism;5 with .great strides
;
•
v.
if they Commonwealth, what, we want to
..
V
:
i
.
-
.
'•'
"
,
,
following in
supporting
the
rate
of
gives -us
progress,
great
there
Commonwealth Status in 1952
sec¬
b;!;
tors of the economy. Although our
-•
•
&lx
The
Rico
j
.
.
'v
•'
Commonwealth
of
has been some question as
.v;<.:
V
to
Puerto
the
.wealth
should prefer either of those two nccpoiplish and that we Should
validity of the Common- forms of status to that of the accomplish, is to make certain
status of Puerto Rico, a Commonwealth as so developed,
there is a compact, to put the
an Act of Conx don>t know what congress is
Law 600 of 1950, questioning by some people in
a law approved on the principle good fmth m Puerto Rico and by going to do about; the develop*
a lot of people
of the economy, and it will rem_bad faith out- menj 0f the Commonwealth. So
qf government by mutual consent
of
Puerto
Rico, meaning far as the
quire a continuation of the same an(j the principle of compact. The side
feeling of the people of
efforts we have applied in the law itself
principally the Communists, and, pUerto Rico is
says that this law is
concerned, they
more recently, the Castroist proPast,,^We shall have to continue approved in the nature of a com*
would
vote for Commonwealth
to look to. the United States finanThey
claim
that status even if it had no
pact and subject to the approval pagandists.
potential
cial community for support. Ob- ,0f the
people of Puerto Rico at
J}1?0 'Jtua c? <?n^-u°. this f°r growth and development beviously our access to-mainland the polls before it could go into Umted States. They claim that
d what exists today. If, howcapital markets has been one of effect. On the basis of that the Commonwealth status is a mere
there ls that potential for
the advantages enjoyed by Puerto Puerto Eican
disguise
for
colonialism.
They
people held a congrow^b and development, obviRico in its effort; to accomplish stitutional convention and drew claim that -there, is np such thing
ously they would vote still more
its goals.bf .economic, progress,
as a compact, that it is called a
up
a
constitution, and on July
strongly and decisively for CornInvestment bankers" assistance as
25, 1952, the Commonwealth of compact but it is just a fraud that monwealth status.
|cpnfidence, vwe know that much
remains,to be done in all sector^
gress
begun by
was
known
idea :of compact beyond . any pos?
as
sible shadow of doubt, to destroy
all
world
the United States tries to perpepart of the United States finanr;_Puerto Eico was proclaimed,
*
*
cial communify has indeed played
trate on the good faith of the rest
Under
the
constitution
that
a vital role in Puerto Rico's ecoof the world.
*'
T
,
.
or
that
fake
Ricans
nomic
development, program bnd
...
we are ceitamly
?
that
fident
-.
,
it
.
,.
.
up,'all the
hopeful and con-: Lof' puerto
wilh continue
to
themselves
internal
ro e'
—two houses
r
convinced
the
—
Unique Political Formation J ;; governor—one.
they
it
is
among some
We
But
have
are
the
so.
hot so.
propaganda persists
the legislatut.e
'
.
from
the Puerto Rican
of
important..peopl ,Th'ey. elect
play; an increasingly
We know it is not
government
Rico - arises
sovereignty
lowers
drew
even
since
perhaps,
brief
posal here
today,
conseryatiye
'
fraud
some
the
on
way—which*-
clear and
be
definite, because
it should.riot be open to •question.
we
"
dis¬
Then' nf course, we should dis¬
tribute powfijc betweeq .(be4 Fed¬
at
we
our
eral Government and Puerto Rico
refer to it.
Statehood
that
might be most effective
ever-way
in
elect their it persists. They,, I say, are those
who believe so, in] good faith. But
a
the
—the idea of compact should
Disadvantages of Statehood
persons
is
that
and
should not
time
a
Rico,
itself
with the help of
leadership, tries to
world. And in
and even
—
elect their
good faith does not guarantee
,t Now as to the political status mayors and their municipal asthat they have a good head!
that goes with- this progress in semblies. And then the governor,
i So on the 10th anniversary of
Puerto Rico I should like to say with the consent of the Senate,
a few words. Puerto Eico started''appoints
the: judiciary—the Su- -our Commonwealth it was felt it
out. as ' a possession of the United preme Court for life, the Superior would be a Rood idea to make <a
States
.following
the
Spanish- Court, which is the next level, for record .of how : the people of
American •. War. With .great wis- '12
years,
and the- ^Municipal Puerto Rico felt about this. Qndom from the beginning of - the Courts, known as Districts Courts the basis of that we called upon
relationship in 1900 the Congress for four-years, with the consent the legislature .to .take measure;
of the United States ratified, with- of the. Senate,. So. that there, is for a plebiscite in-which the idea
of an expanded
in the next few years, by decision foil local self-government,
Commonwealth
They
that
so
States,
system,
a
Puerto
fraud
a
perpetrate
being
in
compact
Puerto Rican
.
puerto
the
and
United
few fol-
so
to there
as
colonialism
v.. made
■■,
=
has
Independence
propaganda of the Com¬
of
,
a
the
munist and Castroist forces in the
.
would
whichever
be
it will be
the basis of
on
tem upon the shoulders of Puerto
citizenship,
Rican
common
taxpayers, and,
of course,
appears
to
of self-government.
measure
immediately
place the whole Federal tax sys-
manner
conducive
But
common
defense,
common
obligation to all the du¬
indirectly, upon the shoulders of ties of democracy, and free trade.
be
no
substantial
entire economy of Puerto There will
the
It
Rico.
would, I think, make
change there.
a
shambles of our industrial program.;There would be uo possible
incentive for investment.
established
already
tries
Indus-
Would ^Contribute
;
We
would
Payments to
U. S. A. In Lieu of Taxes
,';
however
proposing,
are
'
c
the
of
United-
Supreme
States,
a
constitutional
the
tween
Court
of
the
completely
new
relationship
United
be-
States
and
Present Political Relationship
' r-/-
With U. S. A.
.
with
relationship
The
the
United States is based on what is
t relationship is
what has opened known as the State of Federal
the
door j to
creative
political Relation, which is a promulgathinking in Puerto Eico end in tion of. the statute that had fixed
the Congress Of the United States that
relationship before
1950,
connection with
methods
United
of
States:
,
part
by
t?; the . vote,, along no special reason -for continuing,
and
independence,
without anyj candidates; involved.
After
extensive
many
discussions
the legislature
hearings
and
approved
and
debates,
■
very
don't want to
the
difficult to promote.' State-
this
at
time
a
We
siphoning out of Rican
get a free ride for
don't
economy
;
bipar- about $200 million a year from
a
the United States and Puerto Rico
there is practically a customs
state union, since the federal United
of } the
being
a
want
the
crushed,
Contmued
The Most Accurate and Complete
corporated territory of the Union.
that
the rule of taxation shall be
uniform
z
American
that
after
1900,
if
no
Spanish-
.War, Congress realized
Puerto
incorporated
sink
the
Rico
had
territory,
to
be
it
would
an
economically: It would have
possible hope of making
ress.
The
among
poverty
was
are
the
same
prog-
extreme
most of the people.
Hope
from Federal taxation.
-V "i >£-•.
ryyb,* /
11V
;r.
•
VJs
1
'i~<*\X'C
).'*"
] *.?s
'Jf's
*
:
't
-*7
'• U-"
^ ® 0d
j4eas J a!" ls
g<^i5-'
.U
n
11?Yen^ a"ything in ccnnectlon with that,
A
cannot
be
heretofore
existed
is
the
You
in this world!
slave
existed,
of
what
when
CHRONICLE for the most comprehensive concentration
of
news on new
"
••
V
1
security offerings—published weekly in
x'
,m"
x,
\r 1r
^
I.
"'.y-
1
.
.
,
.
v
'
has
end of this year, December, 1963.
going to be tyrannous
in the future.;
,
The COMMERCIAL and FINANCIAL CHRONICLE
the tax-exemption law at the
.what
,
You
might
want to
u '
See "SECURITIES NOW IN REGISTRATION" in the
not very bright for the great
to meet needs
9i
<
No taxation without
(That is the situation as it has
majority of families in Puerto been during the last 10 years, so
Rico. So Congress invented some- you can see that that is why I am
thing. You have to invent things proposing that the legislature rewas
i
We also
^av<L,no
representation in
^ngre?Su??
U™ted
;
The idea of
V*, ;^*\£'\
in Puerto
United- Eico,: excepting the fax laws, so
Puerto Rico is -virtually exempt
throughout " the
States.
In
eral laws
« NEW SECURITY OFFERINGS IN REGISTRATION
\;'1 V
say,
Does
change this?
would be surprised!
anyone
Well,
you
Some people
■
:
25 Park Place, New York 7, N. Y.
free
Puerto
as
on page
by being an in-
In both cases, of course,
.
con¬
sake} of getting- a
mere
ride!
hood in Puerto Rico would mean
to
of the Union, because we
pense
New industries would be - very,
begin
and common citizenship. Between
.
.States tariff obtains in Puerto Rico,
But the money that is collected at
the Coa- the customs house goes into the
stitution of the United States ap- treasury of the Commonwealth
plied fully, including that clause and not into the treasury of the
in the constitution which provides United States, Practically all Fedor
tribute money to the general ex¬
with statehood
Rico
only two
were
being
of the Union
would find-r-that they would have
Puerto
developments mentioning free trade, of course,
in Puerto Rico.
Up to 190Q there
that
should be put
^
Puerto Rico. This completely new
in
findr-7-or. least most of them I feel
■
it
26
26
The Commercial and Financial Chronicle
(598)
as
have
If®11
waged
ill ill And Political Future
Continued from page
v
25
j
r
Congress
in
Rico
Puerto
its economy grows
resentative- John ^ V. Lindsay, Re¬
that
publican
Congressman
,
be.
:6r an; old
1
be
percenta ge Would/appear -to
adeuu^e ^of the
and:
something of depth and dignity,
/.v
;
have it, by defini¬
cannot a possibly- ruin
So there you
It
f.
in
The
of
since the United / States
retain Federal power
Puerto
in
Rico,
the
on
first
its
Awards
States
,
Constitution
of
three-fourth
of
tures
five
to
staff
nationality group for the
worked
as
of
B.
Noble
in
tive
of
member
a
of
Vice-President: Wilson C.
re¬
of
of
ber
campaign
"Citizens
the
the
received
Each
winners.
Treasurer: Robert F.
ac¬
for
following officers have been elected by the Nashville As¬
sociation of Securities Dealers for the calendar year 1963: •
Rocke¬
She
President: Tom H. Mitchell,
was
the
for
$100 U. S. Savings
Dudley,
Democratic
,successful
The
keeping with the objectives
Jr.,
•
un-
"the
proud
justly
is
bank
Fitzhugh.-; y.
Booth, Jr,
.be
can
urged
ment
a
amend¬
Merrill
&
.United States..
;«*•" *
*
,
ficult
"as.
•°f Choice
gratulates
more
What we are ;now presenting to'
.the Congress is not just common- : made
■y
growth^ But
senting
to
are .pre¬
the
Congress
A resolution
of
whole
Puerto : Rican
the
legislature. We
presenting to
are
Congress the idea that the Comshould
monwealth
and
especially
be
that
developed, '
the
it should be placed beyond
the shadow of doubt.
even
awards
com-
the
;
The
bank
winners
and
the
^notable ^contributionsto-
Earlyf
,
Smith
& Royce.
The
*
Association's
^
annual
Spring
'
,•
-
Party
has
been
scheduled
;piyiy affairs by. its staff members.
SECURITY.TRADERS ASSOCIATION OF PORTLAND
"
:
New Market
Info. Service
public affairs during 1962."
A
The winners of the awards par¬
ticipated in
a
wide fange of politi¬
activity ..in; the
New York
boroughs
counsel: in
the
market information
stock
new
service
for
munity
was
the
investment
com¬
introduced to the 44th
of. Mid-Winter Trust
City last fall.
Conference
of
the American Bankers Association
Raymond A. Guenter, assistant
staff
C.
Lynch, Pierce, Fenner
•
Civic; betterment ■ through' activi*
cal
&
Chase ;
con¬
than 700 staff members who
ties in
^
O:
Trask
for May 16 and 17 at Hillwood Country Club and Belle Meade
Manhattan's" campaign to
encourage' active participation in ;Country Club, respectively.
<
compact
should be made sure, and by that
mean
nominated.
AThe Awards Program ^is jpart of
Spencer
curities Companyari,d WiljEEEE*** ;*
liam L. Qranbery, Stein Bros.
w irvjn Berrsr : v
i,t, H. Mitchell, Jr*
;
rmany Outstanding .candidates
were
j
'
dif-'
" mittee," continued Mr. Champion,
•
Giving Puerto Ricans the Right
wealth
task /for? the
: ;
was a
/ '
i *
Incorporated; EnochStephenson,.. Mid-South tSe- :
ana
mittee determines the winners.
,
"Selecting only five
the
of
quali¬
exceptional
ties of good citizenship.
separate
an
Constitution
the
to
as
proposing
resolution,
demonstrated
.<
•7*
Directors: Morris
public1 affairs
eligible
-
tC6m£any^^
All members
are
-
Secretary-Treasurer: H.
the bank's
bank's staff
to present;
'
W: * ' Irvin
Berry^ Heriy^pdti
candidate
awards, which will be pre¬
tered by
Securities
Vice-President:
..
post of New York State
department.
Cumberland
.Corporation. "
sented each; January, are«adminis¬
Cbainpioii said ^at the lunch¬
eon,
fund-raising
President Edward R,
a
/of; tho. Public. Affairs" Program,*'
state legisla¬
the
Gerwin, Coughlin & Co., Inc.
NASHVILLE ASSOCIATION OF SECURITIES DEALERS
Attorney General.
'
Mr..
in
^
The
mem¬
campaign for Manhattan Borough
citation; ^roll, ^ ;°b6-week
a
active
v
,
Secretary: William E. Sweet, Jr., Peters, Writer & Christensen*
litera¬
a
as
feller-Javits" committee.
also
(
Birkenmayer, Birkenmayer & Co.
canvassing,
ture and clerical work
,*
was
J
„
Incorporated.
bank's
the
door-to-door
distribution
Jr.", Robert F. Gerwin A
William E. Sweet,
President: Barnes H. Hill, Boettcher & Co.
:
Governor Rockefeller.
of
: W. Birkenmayer
James A. Hill
publicity.
international department
members
litical affairs.
"In
until
which the Congress cari agree*. But
!
his
of
one
the handling
was
these, awards; 16, such ;i
have agreed. So that cannot ;
outstanding; individual^ who have;^candidate; must be nominated' by
any part of the .compact to /
a staff member.
An awards com¬
form
AX
Assembly
Spanish-language
Estelle
Bond.
ythe; United
ratified
be
cannot-
States
;
and
area,
duties
election
Citizen
Outstanding
vacation and
Constitution of the
States. :Ari amendment; to
United
;
to; initiate ah kmend*-.
power
ment; to the
;
4th
also
re¬
distinguished records in po¬
/the'{ the
^ould have to -be
amended, and- Congress has only
►
the
in
Congres¬
the Bronx.
in
.
United
it
22nd
the
Bank
Manhattan
Chase
with
of
basis
citizenship, common de*
President; /tho- Constitution of
the
the
Gonzales-
Republican
He
'However,
vote for
the
department
predominantly Spanish-
a
speaking
Chase Manhattan Chairman
and
common ' currency*;
for v Puerto' Ricans • to George Champion presented the
a
President;; apd Vice-¬ awards at a luncheon honoring
fense,'
worked
District,
cently announced the presentation
will always
common
for
the
of
Oscar
sional District seat
the
,
'
,
Resi¬
have the
right to vote for a President and
Vice-President; v of
the
United
States,
candidate
For Civic Duties
possibility
the
resolution
its
that Puerto Ricans shall
for
unsuccessful
Suarez,
Five Staffers
mentions
international
campaigned
City,; Jan;^J8, <■' 1963.;.A; y-T
'
the
for
Menendez
A.
bank's
:■
January, the Bond Club of Denver elected
A/.;
main
growth of Puerto Rico.
also
:j>-
address
Chase Bank Lauds
standa;rd of liv^
legislature
■
He
ing and to the general economic
The
an
Governor
York
part of our growth,' arid the rest
of that growth will contribute to
<mr
**.•;•£ V.-A.Aj«-r yj/V-/'■;yyyiy.y[• y.yiy;
campaign
of vRronx;; JSorough
Louis
Louis Munoz Marin at a
sponsored by the Government
Development Bank for Puerto Rico, New
by
of dollars in the future.' But' it
Praisingof
<•
^Stenographic -transcript of
successful
office
t
the foHowing new officers for .1963:.
co-
dent.
good image and pres¬
luncheon
may^ be: millions,
is
PuertoARico:: It
the
;
DENVER 1
At its Annual Meeting in
headquar¬
was
/v.;:':;;.
BOND CLUB OF
Rockefeller-Javits"
In 1961 she
v';
co¬
as
Joseph F. Periconi in
manager for
his
.
served
special1 events ' for
v
at the New York State
pride of the Puerto Rican people.
economy.
tion.
for
Rico's tige of the United States and the
Puerto
of
of
"Citizens
pieceVof cioihi; It should
both for the
an¬
,
growth
department
ordinator
on
info the Federal treasury of what--
nual
•
•
•
.
ters last fall.
be fair
front the
17th District in: Manhattan;
it
the not be d mere Jtampering with/Dp
basis of payments by Puerto Rico a mere fixing-up of an old sock
over
NOTES
ticipated in the campaigns of Rep*
the
should
formula
in
Hoeck: bas^also-pary
credit
the
the 'Senate
for
run^
general be treated witli dignity, and, whatr
ever is worked out in regard;td
expenses
of the Federal union.
And although the legislature has the Commonwealth, shobld have
not spelled it out, my view is that dignity and; greatness. ■; It should
to
contribute
should
district since
should; also be
yj- :•
'•••:/■.
.'.y
•; /./:
V:]'
ij'f!"
Puerto Rico bipartisan in Congress. It should ;'. i Kathryn A. Kearns of the bank's
in statehood. But we do feel
as
:
and not as
as a measure
to
1956;";
party proposal. If it is bipartisan
a
the
in
Senator Jacob Javits left the dis¬
trict
would be by the taxation involved
Thursday, February 7, 1963.
.
"the best the Republicans
terly
Puerto Rico's Economic
.•
.
bank's
legal
in
New
will
York.
The
service
new
bankers and
enable
brokers
department,' was campaign man¬ to utilize their own data process¬
for New York State Assem¬ ing systems for trust account pric¬
ager.
also presenting to
blyman Jerome Kretchmer in his
ing,
Congress is that the Puerto Rican
successful bid in both the Septem¬
portfolio evaluation. *"
people
ber
/
What
we
are
should
have, the
vote for statehood if
and
for
vote
to
that
;
is
what
right
to
they want it,
independence
they want.
I
if
think
\ I have assured my listeners that
they won't do it. But they should
have the
right to do it. Therefore,
primary and November elec¬
tion.
founder
A
also
certainly hope that
support
of
every
we can
the
And I
get the
citizen for
tivities
York's
which
I
tempted
have
to
very
explain
briefly
the
In
cratic
the
for
at¬
meaning
for Puerto Rico.
certainly
talks
with
ried out in
hope
also
that
Congress will be
an
the
car¬
atmosphere of dig¬
to the
can¬
Demo¬
as
first
:
;
;
Kenneth T. Hoeck Jr., an assist¬
ant
Vice-President
United
States
in
the
bank's
department,
has
been active in politics since 1949.
the
campaign for Gil¬
which
ume
on
and
the
same
Mr.
didate for
New
Congressional
atmosphere of
unsuccessful,
dickering. I
presenting this to
rated by the
District.
the
the
20th
Although
campaign
was
Congressional Quar¬
Richard
the
furnishes
open,
each of
some
4,000 stocks,
format
which
;f| Witter Appoints
Joseph
E. Bitterly
M.
Dominey,
George
Patten
pointed
manager
Chicago Analysts
has been
of
the
ap¬
East
11
55th
Street, New York City of¬
supplies the closing price of the fice of Dean Witter & Co., it has
be
in
Secretary-Treasurer:
Investment Co.
language
forms, the Quotron data for¬
bert A. Robinson, Republican can¬
Congress
j
Vice-President: P. A. Kosterman, E. I. Hagen & Co.
the
computer
high, low, closing price and vol¬
.
^
President: Jack Bader, First California Company, Inc.
ac¬
available for
1963, of the Security Traders
follows:
The information is offered ; in
mat
•_;
be
in
are as
tape.
;
two
District.
will
time
Pierre A. Kosterman
officers for the calendar year
Association of Portland
well
as
stocks' daily
new
through the medium of magnetic
repre¬
an
successful
Committee
nity and not in
am
Dis¬
September primary,
was a
election
State
re-elected in
Senatorial
a
sentative for the Third Assembly
He headed
I
was
25th
Los
The
Angeles, originators of the service,
Ohrenstein, who
New
this
principle of self-determination, of
Inc.,
closing stock prices
didate
but
Electronics,
Jack Bader
'
Scantlin, President of
summary of
of commonwealth
independence,
for
Scantlin
and
'
as
trict.
or
was
R.
analysis
said
Mr. Guenter
hood,
he
co-ordinator
campaign
Congress is not really the matter
issue of self-determination.
'the; New
John
.
action
New York State Senator Manfred
what is about to be placed before
status, of state¬
of
Chelsea Democratic Club,
stock
summary
list of securities.
been announced.
Scantlin said the
supplied
York
from
the
computer
data
will
company's
center,
the
world's largest for the processing
Mr. Bitterly
with
13
the
years
has been associated
investment
business for
in sales and sales man¬
and dissemination of stock market
agement capacities. He is a mem¬
ber of the Association of Custom¬
information.
ers
Brokers.
-
•
;
r
To Hear
CHICAGO, 111.
—
Hartman L,
Butler, partner in Duff, Anderson
& Clark, will be
guest speaker at
the
luncheon
vestment
meeting of the In¬
Analysts
Society ; of
Chicago to be held today, Feb. 7,
at the Midland Hotel.
subject
industry.
will
■
be
Mr. Butler's
the
aerospace
..A
;;
Volume
Number 6236
197
.
.
.
The Commercial and Financial Chronicle
Now
Securities
Registration
July 9, 1962 filed 94,500
—
the SEC since the last issue of the;
Business—An
"Ctiron-
the end
carried separately at
are now
~—
ofthis^sectibn."SechritiesNowinRegistracompany's nahtej and in the index,
open-end management
'
licly. "'I "V
*
/ /
re¬
axe;
those Issues which became
:
-offered
pub¬
// /'-.///
were
v
fering—Indefinite/
/
Anadite,
//;/,/://r
1963, filed
28,
,
'/C 'Z-2'/"//-//"•
_
Realty Fund, Inc.
for
Office-^292v.Madison" Ave;; N.- Y. Underwriter*-^
'
■
—Indefinite.
.
•
-
shares,. Prlcer—
•
writer—Dean Witter
&
;
(2/14)
19
held.
Price—By amendment (max. $44.40).
construction, and loan repayment. Office
St., Rapid City, South Dakota. Underwriter
•—Eastman Dillon; Union Securities< & Co./ New York.
•
Sixth
Buckingham Corp.
(2/18-21)
Jan. 25, 1963, filed 400,000 class A Common. Price—By
amendment (max. $30). Business — Importer of Cutty
-
a™e$dm®nt, <m";
Address—10647 Garfield
each
—621
-
new plants and other cbi^orate purposed Procoio «nii
ceeds from the stock sale will go to certain stockholders.
Scotch whiskey. Proceeds^-For selling stOckholdAve., N£w York. Underwriter
crs.' Addrfess-^-*620T Fifth
Lehman Brothers, New York,'
Butternut
.1'
Ave., South Gate, Calif. Under¬
Co., San Francisco.
Basin, Inc.
Jan- 15, 1963 .(^Reg; A") 250 common. Price
Rns;inPfsS—Dpvp 1 nritYipnt flnrf onpratinri
—- $1,000.
nf
Business—Development and operation of a ski anri rpa ski and re¬
creational area. Proceeds—For construction, equipment
and working capital. Address—Butternut Basin, Great
/ Antenna Systems, Inc. ;
Sept. 28, 1962 filed 35,000 common. Price—By amend¬
ment (max. $30).
Business—Design, manufacture and
large microwave antennas and antenna
components.
Proceeds—For reduction of bank loans,
and working capital. Office—349 Lincoln St., Hingham,
Price—$1.50.
Business—Design and manufacture of flexible re-usable
vinyl packages. Proceeds—For debt repayment; sale pro¬
Mass.
•
Barrington, Mass. Underwriter—Kennedy-Peterson, Inc.,
installation
,
Accounting Corp; of'America
Dec. 5, 1962("Reg.. A*)> 300,000 common.
Price^-$1.
Business—Operation of an4 electronic data processing
service.- Proceeds—For expansion, equipment and work-,
ing capital. Office — 37 Brighton Ave., Boston. Underwriter—Walker, Waehtel &- Co., Inc., Boston. Offering
t
•;,/'/
: //
Proceeds—For
/payment,
-
Morris Cohon & Co. and Street. & Co., Inc., N. Y. Offer¬
ing—Indefinite.-,
<
k - /., /
'Black Kills :Power & "Light Co.
Jan. 17, 1963, filed 22,516 common to be offered for sub¬
scription by stockholders on the basis of one new share
$20). Business—Furnishing of specialized chemical metal
processing and finishing services. Proceeds—For debt re-
29/fr9@2:fife<f 380,000?ClassuA cbmihbxtt Price^$10*
Business^Real estate ownersMp and management/Pro-*
ceeds—For; debt repayment and general corporate pur¬
-
•
$800,000 wnvcrtible. subordinated
££$Sbe?tures'
.
poses.
pected in April,
Inc.
debentures dub 1978, and 15,000 capital
Abbot
Mi writer—P. J. Gruber & Co., Inc.,-N. Y; Offering—Ex-
products.\ Office—1570 W. Blanche, Linden; 'N.' J. /Un*/derwriter—John R. Boland & Co., Inc.,: New York. Of-
Jan.
'"
special-
company
v
effective'this week* and
ISSUE
Nov. 26, 1962 filed 86,000 common.
.
//Alsb^^
June
value.
/•!;'//Z'Zk
IZ-ZZ > V i
t
Ampeg -Co.,' Inc.
'viyfe/•'/';//.I/;/»
Oct. 29, 1962 ("Reg. A") $294,000 7% conv. subord. de¬
bentures due '1972 and 29,400 common to be offered in
.; .Units of one. $1,000 debenture and
100: Shares.
Price—?
•t$l ,020 per unitV:Bifsiness^~Mabufacture -df lamplif ietra. and
:
accessory equipment ,for musical instruments; Proceeds
—For inventory, equipment, debt repayment and new
flect the expectations of the underwriter but
Registrations"
PREVIOUS
ITEMS REVISED
Big Top Stores, Inc.
common. Price—Net asset
.
tionv" Dates ^ shown in«parenthesis alongside
the*
Inc.
SINCE
•
Price—$3.50. Business—Operation of five retail toy, stationery and variety
izing in life, health, casualty and accident insurance.^-^stores, and the servicing of franchised dealers* Proceeds
Proceeds—For investment. Office—1523 Kalakaua
Ave., < —For expansion, additional inventory, and working capHonolulu. Underwriter—American Pacific Management ; ital. Office—832 Scarsdale
Ave., S'carsdale, N. Y. Under; Corp. (same address);
\*
;
: \
'
Registration statements filed with
icle";
27
* INDICATES ADDITIONS
in
American Pacific Fund,
./
,
NOTE
(599)
motion; equipment; research and development, and
working capital. Office — 2401 Pacific St., Brooklyn,
of
Underwriter—None.
Arden Farms Co.
,
Hartford, Conn.
CThrw Products, Inc.
v
• x, •
Dec. 13, 1962 ("Reg. A") 90,000 common.
.
•
.
-
N. Y. Underwriter — BroadweU; Securities, Inc., New
May 23, 1962 filed 49,993 shares of $3 cumulative pre¬
York. Offering—Indefinite.
ferred stock and 205,105 common shares being offered
Aerosystems TechnologyCorp.
for subscription by stockholders of the respective classes
Aug. 29, 1962 filed 165,000 common. Price—$3; Business
Cable Carriers, Inc.
*
<-„
$
Company has been engaged in experimentation on
on the basis of one new share for each 10 held.
Record
June 22, 1962 filed 1,015,564 capital shares to be offered
aerodynamic concepts and holds ten U. S. Patents relatdate for both offerings is Nov. 21 and the rights expirafor subscription by stockholders on the basis of four .new
ing to advanced/vertical lift vehicles and systems forf/tion date Feb. 15; Price—For preferred $52; for common
snares for each share held on Feb.
14, 1962. Price—25
achieving controlled vertical flight. Proceeds—For addi$13. Business -- Manufacture, purchase and sale of ice /cents. Business—Manufacture and sale of overhead troltlonal equipment, research and development, plant facream and other dairy products. Proceeds—For debt re- /ley conveyers, vertical tray lift systems, floor and overcilities and other corporate purposes. Office-^Raute 15,,
payment. Office — 1900 W. Slauson Ave., Los Angeles.'; head tow. systems, etc. Proceeds—For working capital.
Sparta; N/ J: Underwriters-Chase Securities Cbrp;, N. Y,., Underwriter—None.
"
Office — Kirk Blvd., Greenville, S. C/Underwriter—»
Offering—Indefinite.
Arkansas Power & Light Co. (2/20)
r
• tNone.
'
-
,
"
-
/
-
Aiken SavingsTrusts
-
w*
,
1
f
Aug' 22 • 4962ffiled 100 60b shares of • beneficial Interest
)Pric/^$10. Bosiness/Comfiany
plans to qualify as a'
Proceeds—For investment.
real estate investment trust.
Address—Florence, S.'C. Underwriter—None.
J^p^ 10;/1963 filed $15,000,000 of 'first mortgage ifymdst-ivw Canaveral- HiHswEnterprises,lnc. 4 (2/25-28)'
due 1993. Proceeds—To -refund outstanding 5%% ;firsts -May 10,: 1962 filed )()0,000 common*15 Price—$a. Business
mprtgag® bondsrdue Dec. 1, 1989. Address — Ninth and -Company was .foraned to own and operate a country
Little Rock, Ark. Underwriters—(Com-
Louisiana Sts.
bl^?e.uS: Hrfsey, Stuart.& Co Inc.;
■
chase a like number of common shares, to be offered in
600 units, ?each consisting/of one $1,000 debenture, 400
White, Weld & Co.;fcBlyth & Co., Inc.-Dean Witter &
Co. (jointly); Lehman Brothers-Stone & Webster Securities Corp. (jointly); Merrill Lynch, Pierce, Fenner &'
Smith Inc.; Eastman Dillon, Union Securities & Co.Equitable Securities Corp. (jointly). Bids — Feb. 20
(11:30 a.m.) at 2 Broadway (28th floor), New York.
commonv; and .3Q0 warrants. Price---$1,000 per unit. Businessr-A public utility supply ing electricity and telephone
Jan.
23, 1963 filed $25,000,000 sinking fund debentures
due
1988;
/
,
Alaska
Power & Telephone Co.
1962 filed $600,000 of ,6% debentures due 1978;!
240,000 common, and 180,000 10-year warrants to pur^
'
Deb. 26,
■
service to
4
Ashland
Alaskan communities. Proceeds—Expansion
service, loan repayment, and working capital. Office—
Fifth* Ave.;* Skagway, Alaska, !Underwriter — Jay W.
Kaufmann & Co., New York. Offering — Expected in
or
April.
*
*
■
'
/ '
;,
•
Allied
a warrant to.purchase two shares) and one com¬
share, vPrice-vBy amendment. Business-—Mortgage
1993; and 260,000
Dec.
1962
21,
banking, real estate development, and sale of insurance.
are
Proceeds
Price—By
For debt
repayment, land development, and
working capital. Office;
' 3756 Lamar Ave., Memphis,
Tenn/Underwriter—To be named.
—
Aii.ctatA
PrA>«Ai*tiAe
emphasis
a
subord.
amendment
on
which
of
$10).
servicing
of
Business—Originat-
first
mortgages
construction
^
;
-common
shares.
>
exploration
S''v
and
general
drilling,
ex-
corporate
Office —80 Richmond St.,W., Toronto.
writer—E. A. Manning, Ltd., Toronto.
//
American Bolt & Screw Mfg. Corp.
1; Dec. VIS," 1961 filed $900,000 of 6 % convertible
Under-
Oedar Lake Public Service Corp.
March 20* 1962 filed 9,964 common. Price—$100. Business
Company plans to - qualify as; a public utility and
furnish water and sewage
disposal services in and
around Cedar Lake, Ind. Proceeds — To construct a
sewage disposal system. Address — R.R. N. 3, Box 28,
Cedar Lake/ Ind. Underwriter—None.
--■
,
Center Star Gold Mines, Inc.
April 10,1962 ("Reg/A"). 2,000,000 common. Price—15c;
exploration, development and production
of mineral deposits. Proceeds — For mining expenses.
Business—For
:
and
.
fipvippc
on
page
and
of
antomatirallv
automatically
%
over-the-counter securities
electrical,
onprate
operate
..
..
specializing in
induq-
purposes.
Office—3601
Merrick
Underwriter—S. Schramm &
Rd., Seaford,
Co., Inc., N. Y.
Merchandising, Inc."
BOUGHT
for
be
common, of which 125,000 are
by company and 100,000 by stockholders.
amendment (max. $8).
Business—Company
offered
Price—By
operates,
services and
leases coin-operated auto-machines/ Proceeds-^-For debt repay¬
ment, inventories, equipment and working capital. Of- /
fice—217 N. Willow Ave., Tampa.
Underwriter—A. C
Allyn & Co., Chicago.
'matic
ment.
Price—$18. Business—A mort¬
insurance company. Proceeds — For investments.
Office—300 S. Salisbury St., Raleigh, N. C. Underwriter
Continued
Business
to
for each five shares held.
;.//
-
^Sin//;
named., Offering—Indefinite.
rontrol
tf)
Automatic
June
"
-
Inc.
May 24, 1962 filed 225,000
American Mortgage Insurance Co.
10, 1963 filed 31,070 common to be offered for
subscription by stockholders on the basis of one share
:
Jam
"
/ s,/-—
ana devices t0 control and automatically operate general;'
maustrial machinery and processes. Proceeds
For
subordi¬
porate purposes. Office—Lawson Blvd., Ocpansidp. L I.
N. Y. Underwriter—S. D. Fuller &
Co., N. Y. OfferingIndefinite.
; ■
^
. ■
"
--
pneumatic, hydraulic and mechanical systems, controls
N. Y.
,
gage
Office—1068 S. Ocean Blvd., Fom-
Underwriter—None.
—
Price—$100 per unit/Business—Manufacture of standard
and special industrial aircraft and missile fasteners. Proceeds—For debt' repayment," equipment and other cor¬
s
;
corporate
nated debentures and
90,000 common, to be offered
in units, consisting: of "oner$100 debenture and 10shares/^
.
Beach, Fla.
Offering Indefinite,
Atmosphere Control,
Dec.11!'™'*'!5 fUed^O.tfo'o 'common. Price—$4.
-Design, manufacture
installation
PrJce-^Oif.
/penses.
—None.
pano
May 28, 1962 ("Reg. -A ) 200,000. commonirPrIce-*$L50.
Business—Manufacture and sale of ,Misti-Cone humidi?
jiers- Proceeds—For equipment, inventories and work-
and
/.construction,
•
corporate purposes.
Mining Co. Ltd.
300,000
:
and
real estate. Proceeds—For loan repayment, and
Underwriter—To be
.
100,000
and 35,205; by stockholders.
(max.
14,1962 filed $500,000 of 8% debentures due 1969.
par
($1,000).
Business—Company plans to
offer management and consultant services to motels and
furnish them with equipment.
Proceeds—For general
& Co.. Inc,
Business—Company and
Fla^Md^N; YV and Ky; Proceeds-^For repayment
rol ffebtrDfHce^230 Park ;AV6.,: N/Y%~Underwriters—
Amerel
common,
deben—r
in
?
loans
general.real estate business with
land development and; home
-on
135,205
Castle Hospitality Services;/Inc*
Dec.
working capital. Office—1120 Connecticut Ave.; N. W.,
1977. JPrice—At par.
subsidiaries conduct
filed
For debt repayment and expansion.. Office—309 Ainsley
"Bldg., Miami, Fla, Underwriter—Willis E.; Burnside &
Co., Inc., New York.
Price—At
common.
to be offered by - company
ing, marketing and
•
i„.
conv.
tures due
(2/20)
Associated Mortgage Co., Inc.
(with
mon
Refining Co.
$35,000,000 convertible subordinated
tures due
Mortgage A Development Co., Inc.
Jan. 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
/
&
deben¬
Price—By amendment. (max. $30 for the common). • Business — A re¬
finer, transporter and marketer of petroleum products.
/Proceeds—For proposed acquisition of United Carbon
Co.iAddress—1409 Winchester Ave., Ashland, Ky. 'Un¬
derwriter—Eastman Dillon, Union Securities & Co., and
E. F, Hutton & Co., Inc., New York, and A. G. Becker
& Co., Inc, Chicago.
of
March
OiI
club and golf course, swimming, pool and cabana club,
neat Cape Canaveral, Fla., and develop real estate,
erect homes, apartment houses, motels, etc. Proceeds—
owns,
vending
j
Properties, Inc.
1962 filed 400,000 class A common;-Price—By
amendment
(max. $12). Business—Real estate invest¬
Proceeds—For debt repayment, acquisition of 8
building and other corporate purposes. Office—521 Fifth
Ave., N. Y. Underwriter—Hornblower & Weeks, N. Y.
Offering—Indefinite.
SOLD
-
QUOTED
yUneifiS,i SIEGEIj ¥ We., Jna
ESTABLISHED 1942
Members of. New York Security Dealers
39 Broadway,
Basic
29,
-
Banks, Brokers, Institutions
/
'
"i
Association,
Wew York 6, N. Y.
7WX: 212-571-0320
DIgby 4-2370
Direct Wires
to
INC., Los Angeles /
WOODCOCK, MOYER, FRICKE & FRENCH, INC., Philadelphia
R. ]. HENDERSON & CO.,
28
28
The Commercial and Financial Chronicle
(600)
:
Continued from page 27
-
Parker St.,
,
&
naluna
Underwriters—Pen-
469, Wallace, Idaho.
Co.
Colorado Imperial Mining' Co.
f •,'v:
Sept. 20, 1962 filed 200,000 common. Price—$1. Bustness—General mining. Proceeds—For Uxploratidh and
in March.
Wash. Offering—Expected sometime
Jacksonville, Jll. \ Underwtiterr-tGN
St.,
Inc., same address. Offering-^Indefinite.
;
Commercial Life Insurance Go. of Missouri
for
$10 debenture and two
unit. Business—Production-and
designed to control odors, bacterial
growth and air pollutants; and development, produc->
tion and sale of an electronic vaporizing unit for dis¬
'Price—$12
-
.
(2/11-15)
;
—Gompany plans to operate a
paints. Proceeds—FOr general cor¬
porate purposes. Office—Santurce, P. R. Underwriter—
Arnold Malkan Investment Growth of Puerto Rico, Inc.,
ness and manufacture
—<
Corp. Offering—Indefinitely postponed.
Cotter & Co.
Nov. 21,, 1962 filed $3,000,000 'of «6% subordinated, notes,
Sept. 27,1962 filed 125,000 common._ Price—By amend¬
ment (max. $10), Business—Manufacture of. borne fur¬
nishing trimmings and accessories. Proceeds—For ma- .'
chinery and working capital. Office—27 W. 23d St., N. Y.
Underwriter—H. Hentz & Co., N. Y. Offering—March.
Price—$5. Business
painting contracting busi¬
Proceeds
working capital. Office—315 W. 47th St., N. Y. Underf writer—Van Alstyne, Noel & Co., N, Y, Note—This firm't
was known formerly as the Cosnat Record Distributing
Inc.
Products,
»and : distribution ^of J phonograph '
For the repayment, bl debt, and
manufacture
records.
-
of digital equipment, Proceeds—For, debt
repayment. Office—983 Concord St., Framingham, Mass.
Underwriter—Kidder, Peabody & Co., New York.
Chemical Coating Corp.
May 26, 1962 filed $1;250^O0 of ^%^oxiVeftible sub-..
Business
ordinated -debentures due 1977. Price—At par.
-^The
manufacture
June 29, 1962 filed 70,000 common.
March.
Cosftat Corp.
:
.
iPrice^^y amendment :(iriax;^10)^^siiiess-^e^n and
Coiiso
other corporate purposes. Office—12515 Chadron Ave.,
Hawthorne, Calif. Underwriter'—Carl M. Loeb, Rhoades-:
& Co.; Inc. New York. Offering—Expected in February,
or
"Jan. 24, *1962 filed 165,000 common, of which 100,000
will be sold for the company and 65,000 for stockholders.
pensing such Chemicals. Proceeds—For debt repayment,
equipment, sales promotion and working capital. Office
i*M221 N;' La "Salle St.; Chicago^ Undejwriter—Price In*
vesting *Co.,"New York.
'
:
26, 1962 filed 275,000 common. Price—By amend- $
(max. $6). Business—Company is engaged in re¬
search, development and manufacture of certain types
\ of semiconductor products, and specialized test equip¬
ment. Proceeds—For loan repayment, equipment, and
Blvd^13t» Louis/ Underwriters-Edward. €>., Jones:
Co.^St/L(Mis.>0fffiring---Indefinite..*. • .•
Computer Control Co., Inc.
x
■
ment
/Lindell
pet
'
-
•
Dec.
Business—Sale of health, accident; life and hospital inProceeds-—For working capital.
Office—3570
chemicals
of
,*
.
Continental Device Corp.
tsuran.ee.
offered in units ^consisting of one
common.
1962 ('Reg. A") 46,000 common to be offered
subscription by stockholders on the baSis of one share
fe,lttelMMr,3r:% UnderwriterOffering-
DeGolger Co., Inc., Rochester, N. Y.
Indefinite. '
"
'
* *
*
'
for each 3.36 common-shares tield/Pnce-^-At-the-iharket.
>
Dec. 28, 1962 filed $150,000 of 6% subordinated income
debentures due 1973 and 30,000 common shares to be
sale
Underwriter
Nov. 26,
Agency,
Electronics Corp.
Chemair
Office—Creede, Colo.
operating expenses.
Central Mutual Fund, Inc.'
Aug. 2u, 1962 filed 100,000 capital shares. Price—Net
asset -value
(max. $14) plus a 2% sales commission.
Business—A mutual fund specializing in life insurance
stocks.,- Proceeds—For investment.
Office—110 North
East
John J.
T*
Spokane,
Inc.,
Securities.
Standard
and
Thursday, February 7, 1963
,.
Office—8& Main St
Manchester, Conn. Underwriter—Putnam &
Offering—Expected in March.
^ \ "
Co., Hartford.
Address—Box
.
series I.
saler
Price—At par. Business—A cooperative whole¬
hardware and related items.; Proceeds-tFor
of
working capital. Office—2740 N. Clybourn Ave., Chicago.
Underwriter—None.
Consolidated Leasing Corp. of America
Creative Ventures Corp.
April 27, 1962 filed $1,000,000 of &Vz% subord. deben¬
May 28,1962 filed 150,000 commomand #arrants*to "pur-;
tures due 1977 (with warrants), and 29,000 dominon.
chase 30,000 additional shares, :to be offered in Units of
Price—For (debentures, at par; for Stock, by amendment
iione share and ^one warrant.'Price—*$2.25 per unit, Busi-"
(max. $9). Business—Renting of cars, trucks and equip¬
ucss—A corporate guidance and interim financing con¬
ment. Proceeds—For debt repayment, an acquisition
cern. Company may also act as a broker-dealer and. un¬
and other corporate purposes. Office
1012 Baltimore
derwriter, Proceeds—For Inyestment. ^Office—733 Third
Ave., Kansas City, Mo. Underwriter^4Blair & Co., N. Y.
Ave,, N. Y. Underwriter—Hampsfead Investing Gorp.,
Offering—Indefinite.
"New York.
^Santurce, P. R.-
'
Chestnut Hill
Nov.
Industries, Inc.
1961 filed 300,000 dass A common, of which
by the company and 75,000 by
Price—$5. Business—Design and manu¬
facture of women's, misses' and junior sportswear, co¬
-ordinates, and dresses. Proeeeds-^-For debt repayment,
equipment and working capital. Office^—2025 McKinley
Hollywood, Fla. 'Underwriter — Clayton Securities
29,
2253)00 are to be offered
stockholders.
,
Consolidated
Child Guidance Toys, Inc.
100,00006mindn^ ^
'May- 23," :19«2^filed
be offered by company and 30,000 by stockholders.
Price—By amendment (max. $12.50). Business—Design,
manufacture ' and sale of plastic ^educational toys. ProOeeds^For working capital.! Office—1125 Close Ave.,
N. V
Underwriter—,T
R. WiUiston ^ Beane,
New York. Note—This registration was withdrawn,
)ere to
•
two
'
investments, Inc.
Price—$10. /(For an
initial period the fund will also offer its shares in ex¬
for acceptable securities on the basis of. one
share for each $10 market value Of securities). Business
—A new mutual fund. Proceeds—For investment. Wfice
change
$i:$0 pr^grred ($25
75,000
par),
common and' Wmrants to purchase 37,500
shares to be offered in units of one preferred,
and
common
—211
contact; lens.
j-'L
^
iS.
>
l.^.Commoii
—
bo.)
165,000 shares
^
^
250,000 shares
Hobam, -Inc.
*
•;
<lngram,
(Bids
&r Stephen,
(B.
$718,750 '
?
Roddy Recreation Products Inc.*.
(Dempsey-Tegier
"Co.,
Inc.)
..
IE.
P.
Hutton
Si
Co. -and
Inc.)
Co.,
M. H.
k
"■
293,000
shares
Pioneer Telephone Co....*
HDean Witter &
(Oiiering
Drexel
Enterprises, Inc
(Lehman
v
.
'
,
Dillort,
and
shares
?
Railway Co.^........ w
(Bids
*
12
noon
EST)
March
Bends
(Bids
12
noon
~
_
EST)-$15,000,'000
,
March 4
Becker
&
"
-
Buckingham Corp.
CLehnian
Inc.
S®'
........Class A
Brothers)
400,000
—
(Pulton,
shares
...
Reid
&
Co.,
Inc.)
Great Eastern Insurance Co....
12
(Bids
&
Co.;
E.
P.
Hutton
&
*'
Si
Natural Gas & Oil Producing Co.......
Morgan
&
V-7
'
Co.)
$900,000
Class A
AiTO.
EST) >^16,000^00
..iBohds'
...J
Southern
Pacific
$500,000
'
EST)' $6,360,000
'
11
a.m.-
-
&
.
,
-
...
March 6
4
(Bids
(Bids
to
Atlantic
Inc.)
received)
(Wednesday)
V-JCommon
v 4- &
a.m.
>
EST)
$40,000,000
ry
Telephone Co
Debefis.
/be received) $50,000,000
to
'
Bonds
be-received)
$25;000,000
,4
■
14
Witter & Co.)
<
' -
Bonds
;
JPreferred;;
to
be
received)
$5,000,000
.
,,
.
(Tuesday)
—Bonds
(Bids to be'received) ^30,000;000
November
7
;
..."Bonds
4
,
.
.
~
(Bids
(Thursday)
to
be
Georgia Power Co
(Bids
,
;
Co.
Virginia Electric Sc Power Co._
;
;
Telephone Co., fnc.____ JCommbn
,
Georgia Power Go--
"
$15,000,000
May
-
.
'
.Debentmres
City Electric Co....
11
Bell
to
(Thursday )
Power
(Bids
^
50,00Q shares
Bell Telephone Co.
(Bids
-$4,020,000
stockholders underwritten by Dean
-$3,000,000 '
'
Co., Inc.) $131,250
Stone & Co.
be
EST)
(Bids to be received) $13,000,000
Stores Corp.—.,
to
noon
Alabarna Power
\
,
(Wednesday)
,
Alabama
(Tuesday)
(Bids
12
Tampa Electric Co
May "9
;
Bonds
1
(Wednesday)
Northwest
'
(Offering
EST) $12,000,000
Co
(Tuesday)
May 1
Ctf^
Service
(Bids
Jhc^ii~~.--^^ommoii
$5,475,000
Railway •Co.i^A^.i-.jEquip. "Trust Ctfs.
April 2
Co.,-Inc.)
JEquip. Trust Cffs.
be received)
to
,^;v/®ids 1^:30 a:m. EgT)f$#2,Qqo,OOQr^
March 27
Co.; E. F. Hutton Si Co.,
Inc.) 260,000 shares
i—. JEquip. Wust
noon
Gllhart
(Hayden,
•
.......Common;
'
*
'
(Tuesday)
Electric
Texas
Common
&
Co.,
of.America--
Northwestern,
3300,000
-
'
(Monday)
March 26
Co.,
(Monday)
John's Bargain
> '
$1,908,000
(Peter
March 5
.Debentures
(Emanuel, Deetjen Sc Co. and Zuckerman Smith & Co.)
.and.,,ADR's
l,300;000
(Tuesday)
(Bias
(Monday)
Burnside
(A. D.
^ k
'
Emtec
19
.Equip. Trust Ctfs.
$3,600,000
Bmiih,. Inc.
Ltd.)
Norfolk '& Wfestern Ry—
Debentures
(Wedifdsddy)
Brooklyn" Union Gas
Data Corp.
EST)
Co.,
(Tuesday )
March 25
February 27
and Cyrus J. Lawrence & Sons)
256,000 shares
'
V
$9,375,000
Co.y
Michigan Consolidated Gas Co.-
Bonds
(White, Weld & Co.
•
$5,250,000
Bonds
11 *)!». EST)
■(Bids II
$50,000,000
Refining Co
G.
(Bids
,
_Common
February 18 (Monday)
Atlantic Coast Line RR
March 12
February 26 (Tuesday)
Equip Tr. Ctfs.
$4,020,000
29
Oklahoma Gas & Bleetric <3otv««:..-.>-.i-.^-.Bonds
w
Western Light &
Wallace & Tiernan Inc.
page
(Monday)
The 74dmura Bectirities
...jOommon
100,000
'.Schweickart & Co.) 80,000 shares
Southern
<=•
-
JCo...-:j.l.
Seaboard Air Line RR.
Common
...
EST)
noon
(Merrill I,yrtch, f»ierce, penner &
_Ccwwmon
Co.) $3,504,000
Union Securities
A.
(Willis E.
-
R. E. D. M. Corp..
March 11
..«..Bonds
EST)
a.m.
Canaveral Hills Enterprises,
....Common
—
on
Central LHinois Light
;-
'
,
Brothers; R. S. Dickson & Co., Inc. and Powell, •
Kistler.<& Co.) .156,414 shares
v
V
:
Dillon,
Inc.;
..—.Common
.
Inc.)
Dillon, Union Securities
(Eastman
75,000 shares
to stockholders—-underwritten by Eastman
Union; Securities & Co.) 22,5X6 jshares '
^
Co.,
11:30 a.m.
February 25
Black Hills Power & Light Co..
h
Equip. Trust Ctfs.
12
Kansai Rlectire Bow«r
Refining Co
Ashland Oil &
Common
Bishop & Co.)
A
(Thursday)
(Bids
;
Inc.; and A. G. Becker ^5 Co., Inc.) ?$35;000,000,?;
*
(Eastman Dillon, Union Securities & Co.; E. P. Hutton & Co.,
Inc.; and
G. Becker^ Co^ rlnc.) $25,000,000 A
'
February 14 -(Thursday)
,
March 7
(Wednesday)
(Bids
;
Ptibif ic5' Southwestv Airlinesi*i j*
&
C. Ziegler &
Ashland Oil &
..
(Eastman
*
Continued
Common
Arkansas Power & "Light
f
-
Units
$1,300,000
r
(Bids to ^be 'receivbd) $30;000,000
February 13 (Wednesday)
;
11
February 20
Inc.)
«
'
Inc.
Great Northern Ry
Presbyterian. Ministries, Inc
-
(Doolittle & Co.) $300,000
Lambert
C. Transit Systems,
Common
Potomac Electric Rower
Class A
v
v
Offset, Inc
G. Becker
^
.Common
pnit.
April 30, 1962 filed $6,250,000 of
% conv. subord;.de¬
bentures due 1977 and*fi
an aggregate of 187,500 class A shares, 4o be offered for
subscription by/hdlders of class A and -class B stock, iu
units consisting of $100 of debentures and three war¬
rants.
Price—$100 per unit.- Business—Operation of a
public transit system in Washington, JD. C.; a new sub¬
sidiary to construct housing projects In Washington,
"
(Blyth Sc Co., Inc.) 162,045 shares
(A.
.Common
O. Burns & Co., Inc.) j$160^000
Bancgrowth,
(Dempsey-Tegeler dt Co., Inc.)
-
D.
Bonds
Packard Instrument Co., Inc...._.
,
per
(KrPac Secu?itieS/Corp.) $350,000
J
•,
;
.
y;.
Light
(Bids 11:30 a.m. EST) 1S1Q,000,000
Emerson Electric Manufacturing Co
;
Price—$550
.ICahn .& Co.?" inc., ;N., Yi1'
Bernard, M
.^
(Bids
.
shares.
oommon
Offering—Sometime in March.
-
:;Blectr0rTemp -Systems, Inc.
Florida
common.
a
(Don D. 'Anderson '& 'Co., Ino.) '$300,000
.
Underwriter
February 19 (Tuesday)
Computer Control Co., Inc;.-.
(Kiddef, "Peabody 1&
"A"
Zero Mountain, Inc
..
February 11 (Monday)
<
*
,
.Bonds
(Btone & 'Webster Securities-Corp. and First Boston Corp.)
$27,000,000
v
■
White Photo
American Savings & Loan Association...Cap, Shs.
v)
.(J A. Bogle & Co.) $2,061,938
v;4'
;
class
patented
moving expenses,
re¬
advertising and working capital.
Texas Power &
20
.and
.Business—A consumer sales finance company. Proceeds
—For debt repayment.
Office—1775 Broadway, Ni^Y.
.
Proceeds—For
inventory,
search,
,
•r
Philadelphia. Underwriter-^Gerst-
St.,
Price—$4. Business-^Manufacture and sale of
(Monday)
Atlanta Gas Light Co.-__
Broad
7Cbntact Lens Guild, Inc.
Sept. 19, 1962 ("Reg. A") 75,000
§| NEW ISSUE €ALENDAR§§i
February 7
S.
ley, Sunstein & Co., Philadelphia.
to
warrant
purchase one common
Share. Of the common, 26,000 shares will be sold for the
company and 49,000 for stockholders. Price—By amend¬
ment. Business — Manufacture of fiberboard, boxboard
and shoeboard. Proceeds—For equipment, plant improve¬
ment, loan repayment and working capital. -Office—615
a
tures
'
Consultant's Mutual
Dec. 21, 1962 filed 500,000 ebmihon.
Inc.
Department,
Jan. 26, 1962 filed $1,200,320 trf 7% -conv. subord., de¬
bentures due 1974 and 54,560 common shares to be
offered in 2^728 units, each consisting of $440 of deben¬
bp withdrawn.
Colonial Board Co.
Mardh 28, 1962 filed 37,500 shares of
-common
Credit
April 2, 1962 filed 70,000 common. Price—$5.75. Business
—Operation of vending machines. Proceeds^—For debt
repayment, working capital -and other corporate pUfpbses.
Office—129 S. State St., Dover, Del. Underwriter—Dana
Securities Ctov, Inc., Nv Y; Note«-This registration will
,/Corp., Boston,-Mass. Offering^ndefinite.
•
Vending Corp.
to
$30,000,000
..Preferred
;
be
i
...Bomls
received)
received)
$7,000,000
V\ 4
Volume
Number 6236
197
Continued from page
.
.
The Commercial and Financial Chronicle
.
•
28
Price—$4. Business
—manufacturing, labeling and packaging of long playing
stereophonic and monaural phonograph records for label
record companies. Proceeds—For equipment and work¬
ing capital. Office — 900 Passaic Ave., East Newark,
N. J. Underwriter—Mortimer B. Burnside & Co., Inc.,
New York. Note—This registration was withdrawn.
>
corporate
Proceeds—For construction and general
Office—3600 M St., N. W., Washington, D.
purposes.
Underwriter—None.
I ,,
V
• Data Corp. of America
.
C.
r,-,
^
(3/4-8)
1962 filed 105,000 common. Price—$1.25. Busi¬
ness—Development of specialized data processing appli¬
cations and the furnishing of data processing services.
Oct. 29,
Dynapower Systems Corp.
ness—Manufacture
New York.
Proceeds—For
training
of
Sept.
sales
f
-
and
other
,
printing. Proceeds—For debt repayment,
corporate
__
,
purposes.
^
tt
T
Office
—
A1
„
P
750 Hyler
5%
and
marine
purposes.
Corp.
[
>
?;>
—
park, Fla. Underwriter—To be named.
Business—Operation pf/retail
store
ment
and
white
stores and depart¬
concessions. Company also processes black:
film and repairs photographic / equipment.
camera
Proceeds—For debt repayment and
working capital.
Of¬
toys and games.
Freoplex, Inc.
Jan. 2, 1963
—Route
(2
1961 filed 330,000 common. Price—$3. Business
—A small business investment company. Proceeds—For
investment. Office—1180 Raymond Blvd., Newark, N. J.
11-15)
Underwriter—Godfrey, Hamilton, Taylor &
Offering—Temporarily postponed.
equipment. Proceeds*—For debt re¬
payment, equipment, inventory and working capital. Of¬
tion machinery'and
Hillside Ave.,
Co., Inc., N, Y.
Dispenser Corp.
29, 1963, filed 50,000 common. Price—$2. Business
valves and fittings. Proceeds—For inventory.
Office—
4124 N. Broadway, St. Louis. Underwriter—Midland Se¬
—Manufacture of the SAFER Butter Chipping
machine,
and processing of tray-forming and chip-covering mate¬
rials. Proceeds—For operating expenses, equipment, in¬
ventory and advertising. Office—118 E. 28th St., New
York. Underwriter—L. D. Brown Co., New York.
ment
curities Co., Inc., Kansas
General
Business—A real estate investment
Proceeds—For investment. Office—8397 N. E.
Miami, Fla. Underwriter—Karen Securities
Corp.; N.-Y»
-
*-5
-•*'
^
& Co.,
-
Diversified Real Estate Trust
«
•
•
March 8, 1962 filed 1,000,000 shares of beneficial inter¬
est. /Priced—$10.
Business—A
real
estate
investment
Proceeds—For investment
trust.
u
N.
.<
Jan.
\
1963
(2/18-21)
debentures
due
1968.
Price—At
par
;
($500).
.
and
Inc.:<•;/
debt
("Reg. A")
Olive
istration/
•
(
A„
mu"
Underwriter—Wisconsin-Con
Corp.
Oct. 29, 1962 filed 20,000 common, of which 17,500 are to
be offered by company and 2,500 by a shareholder. Price
—By amendment (max» $15). jBqsiness—Design and
manufacture of tools, dies, molds, beryllium castings and
the distribution of plastic, metal and glass products for/
Address—Municipal Airport, Danbury, Conn.
Underwriter—None. Note—rThe SEC has questioned the
and adequacy* ofi thiar statement.
Donmoor-lsaacson, Inc.
Feb; 26, 1962 filed 150,000 ccmmon, of which" 50,000 arc
to be offered by the company and 100,000 by stock-*
.accuracy
home use.
Proceeds—For
recession offer to stockhold¬
a
ers and, reduction of accounts payable.
Office—36Q0..W,
holders.; PricesBy. amendment {max. $12).'Business**
Pratt Ave,, Chicago, Underwriter—None.
Design and - manufacture of iibys: knit shirty, Sweater^
and pajamas; .Proceeds—For working capital. Office— g
Fidelity Mining Investments Ltd.
Co.,' Nov;
30, 1961 filed 800J)00 cdmmon. Price*rrBy amend¬
New:York. • Offering-r-Expected in February.
ment; Business—Exploration and testing of mining prop¬
Dudiey Spdrts Co., Inc. ' '
.
erties. Proceeds—For general corporate purposes. Office
Jan. '28, 1963 ("Reg. A'') 66,000 common. Price—$2.25.
—62 Richmond St^:Torontoi Underwriter—G. V. Kirby
.
Busihess3^D^|ribui;ioh of " baseballs^ softballs^ baseball ^
& Associates,
pitching machine^ and other sports equipment; Proceeds
—For^ repaymCrit - of loaris,; promotional inaterialsr;and.
working Capital. Office —633 Second Ave., New York..
iit
minent,
ing—Imminent
•
■
•
*•.
■
Mutual
-v.
Fund
(max. $10). Business—
plans to invest primarily in equity
type securities of Israeli companies. Proceeds—For in¬
vestment; Office—141 Milk St;, Boston. Underwriter—
terest.
^
Drexel
el
^
Price—By
-
23,
amendment
A mutual fund which
:
Duro-Test
Corp.: $ -
Dec
>
^
'*■?■.>
6,-1962 filed 150,000 common. Price—By
(ipax. $9). Business — Manufacture of various types of
lights for industrial and commercial use. Proceeds—For
the
filed 75,000 common. Price—By amendment
(max. $6). Business—Design, manufacture, and market¬
ing of items used in educational institutions such a3
chalk boards, exhibit cases, etc. Proceeds—For general
corporate purposes. Office — 91 Weyman Ave., New n;
Rochelle, N. Y. Underwriter—Federman, Stonehill & Co.,
New York. Offering—-Expected in mid-March. ;;
?
Great ContinonUI
&
lnvMtm«nt Tru«t
•
Great Eastern Insurance
Co.; (2/18*22 )
;
Price—$5. Business
types of fire and
casualty insurance. Proceeds — For general corporate
purposes. Office—116 John St., New York. Underwriters
—Emanuel, Deetjen & Co., and Zuckerman Smith -&
April 13, 1962 filed 381,600 common.
—Company plans to write certain
v
~
v
v'
/;
Co., .New York.
Greater- McCoy's
Bellflower,- Calif
Proceeds—For investment.
Redpath, New York. Offering — Temporarily postr
Office—3356 Atlantic Blvd., Pompano Beach, Fla.
Poned. //
/;^\?-:-\:t;v.^;-//^;';';-':.^/'/;derwriter^Dempsey-Tegeler & Co., Inc., St. Louis.
Roal EsUto
3,/1961 filed 300,000 shares of beneficial interest, v *
prico*-$10. Business—Real estate. Proceeds^*For investment. Office—530 St. Paul Place, Baltimore; Underwrtteu * ;
—To be named. Note—This firm formerly was known aa v
Continental Real Estate Investment Trust
Markets^ Inc,- -'/
'///i
June 28 1962 filed 219,150 class A commorn Price—By. ■./!;
v
• Florida Bancgrowtb^ l»ic.« J2/ll-15).
--//-;r^£/- «^'. amendmenty (max. *$14)./ Business—Operation of '^19
March 16,* 1962 filed 250,000 common. Price—By amend*-' supermarkets in the Los Angeles area./ Proceeds—For v; /''
Office—17.602 Bellflower Blvd^ ;,^
ment
(max. $15)." Business—An investment>company : selling stockholders.
selling stockholder. Office — 2321 Hudson Blvd.;
Bergen. N. J.'.Underwriter-^-Auchincloss. Parker 7%.specializing in bank stocks.
North
Inc.
Dec. 4, 1962
ceeds—For; investment. Office—1295; Northern Blvdn
amendmentManhasset, N, Y. Underwriter—None;
^
Leaf Pharmacal Co.,
13, 1962 filed 80,000 common. Price—$4; Budness—Manufacture, development and sale of pharmaceu¬
tical and veterinarian products, proceeds—For advertis¬
ing, research, debt repayment and working capital.
Office—36 Lawton St., New Rochelle, N. Y;-Underwrite*
—Droulia & Co.. N. Y.
Gotham Educational Equipment Co* Inc.
-
,
'
March
& Curtls' Boston. Offering-Ex-
^
!
ness-^Manufacture, salo and lease of steel supports and
'Enterprises, Inc. (2/14)^
1963 filed 156,414 common; Price—By amend.ment- (max. $25). Business-Manufacture -M"furniture
for homes, and institutions;/ Proceds—For selling ■' stock^■. " ;
;
"v
/holders; Address—Drexel, N. C. Underwriters—Lehman ^
First New York Capital Fund, Inc.- «
-Brothers,- New York, .R. S. Dickson & Co;, Inc., Char-?/ ; Oct; 27, 1961 filed 2,770,000- capital shares. Price—
lotte,- N. C, and Powell, Kistler & Co., Fayetteville, N.
f Business—A small business investment company,'. ProJan.
,
Aug.
^<m
j
'
%
Israel
First American
Cot,- Ihc^NeW York. Offer-
\
Ltd., Toronto.
Aug,, ,15, 1962 filed. 2,750,000 -Shares of beneficial infprpst. Prir»p—Rv*-ampnHmpnf
r
0
Underwriter
nter—W; R.> Reisch &
■
Gold
Fedco
TOgistration was withdrawn,
Inc. Price—$10.. Bmi-June 29, 1962 filed 100,000 comriiori. Pttc€^-$Hr;\BOSI*
be withdrawn.
tion of experimental helicopters; Proceeds—To obtain
certification of "mhdels, train service personnel, repay
will; be withdrawn.
Global Construction Devices,
,
.
—^he
related products; Proceeds v
Glensder Corp.
al, Inc., Mil- //^ote^Yhis
granite, lime rock, and agricultural limestone,
geles* waukee.
Proceeds—For loan repayment, and working capital.
Fastpak, Inc
Office—11; N. Main St., Ocala, Fla. Underwrite*—Courts
**
n«.i^
& Co., Atlanta, <Ga; Offcrin^—Indefinite.' '< */■ :'V'v/
distributionfastening
Doman Helicopters, Inc.
and
150,000 common, of .'which* 60,QQ0
the company and 90,000 by the
company's parent* Glen Modes-, Inc. Price-*-By amend¬
ment (max. $7). Business—Design, production and sale y
of women's fashion accessories, and sportswear. Proceeds
—•For general corporate purposes. Office — 417 Fifth
Ave.*N. Y. Underwriter—Sprayregen. Haft & Co., N.'Y. ;.
240,000 common. Price—By amend¬
Business—A holding company for
firms'selling life insurance and mutual funds. Proceeds
For new sales offices, advances to subsidiaries and
m,,y, TAO
doors
March 23, 1962 filed
are to
be offered by
March 29, 1962 filed
ment (max. $6.50).
wn«,w^
mirror
and working capital. Office
Jose, Calif. Underwriter-m
Birr, Wilson & Co., Inc., San Francisco. Note—This reg¬
S Equity funding Corp. of America '
of crushed
etc.
.
.
—For equipment, inventory
—1299 N. First Street, San
repayment and working capital. Office — 140 S.
St., Elyria, Ohio. Underwriter—Fulton, Reid &
Co., Inc., Cleveland.
^ Dixie Lime & Stone Go;~
debt.
Inc.
250,000 common
A and one com¬
mon
share. Price—$5.05 per unit. Business—Company
plans to: manufacture flat glass mirrors and sliding
wardrobe
—
subminiature
Sept. 27, 1962 filed 100,000 common./ Price—By amend*/
ment (max,' $6.75).*
Business—Mining and processing -
'
Pacific,
1962 filed 250,000 class A and
shares to be Offered ih httlts/oftprie qia$^
July 12,
Design and manufacture of miniature and
metal products for electronic, appliance
automotive industries. Proceeds—For equipment,
Business
67,000 common. Price — $3.
Business—Manufacture of a lightweight structural board
and sheet insulating material (wallboard). Proceeds—
For equipment, leasing of working space, advertising,
and working capital. Office—42 Broadway, N. Y. Under- *
writer—A. J.-Gabriel Co., Inc., New York.
16,
Glasco
is¬
.
*
Diversified Resources,
Inc.
Harris & Co., Inc., Philadelphia. Note—The SEJG has
sued an order temporarily
suspending this issue.
;
:
City, Mo. Offering—March.
Corp*
equipment and working capital. Office—1252 W. Peachtree St., N. W., Atlanta, Ga. Underwriter — Robert M.
4, 1963 ("Reg: A") $300,000 o£ 6% convertible Sub¬
ordinated
Financial Program
(same address). Offering—Indefinite.
Inc., New York.
Emtec
Jan.
§H
Office—500 Fifth Ave.*
Underwriter— Consolidated
Y.
Manufacturing Co.; (2/19)
amend¬
electric
motors; automatic controls, electronic devices, and build¬
er products. Proceeds—For selling stockholders. Address
—8100 Florissant Ave., St. Louis. Underwriter—Blyth
Price—By amend¬
Second Ave.,
Electric
Design
April 25, 1962 ("Reg. A") 65,000 common. Price-*$3.
Business—Design and development of new products for
various
industries.
Proceeds—For
debt
repayment,
Jan. 17, 1963 filed 162,045 common. Price-^By
ment (max. $35). Business — Manufacture of
(max. $11.75).
company.
Emerson
Co., N. Y.
Geigher Pipe Supply Inc.
Sept. 28, 1962 filed 60,000 class A common, of which 50,000 are to be offered by company and 10,000 by stock*
holders.
Price—$9.50.
Business—Sale of steel pipes,
Jamaica, N. Y. Underwriter
Electronic
,
18, Tices Lane, East Brunswick, N. J. Under¬
Garden State Small Buslness Investment Co,
definitely postponed.
Diversified Collateral Corp.
June; 13, 1962 filed 77,050 commoii.
Sub*
writer—Alessandrini & Co., Inc., N. Y.
Oct. 18, 1962 ("Reg, A") 160,000 common. Price — $1.
Business—Sale of commercial and industrial refrigera¬
Jan.
7^ convertible
Oct. 27,
/.#. ElectrowTemp Systems, Inc.
—S. C. Burns &
_
("Reg. A") $200,000 of
ordinated debentures due March 1, 19751; Price—At par/
!BusinesS^-^Operation of retail meat supermarkets. Pfq*
: ceeds—For debt repayment and working capital. Address
Co., Inc., New York, Note—This registration is expected
Diamond Mills Corp.
Jan. 23, 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
women's nylon hosiery.
Proceeds—For debt repayment
and working capital. Office—417 Fifth Ave., N. Y.
Un¬
derwriter—Drexel & Co., Philadelphia.
Offering—In¬
Proceeds—For selling stockholders.-; Of-
fice—2885 Jerome Ave., Bronx; N. Y,; Onderwritet-*-Mc*v
Donnell & Co., New York; Offering—Indefinite.
t
-
.
to be withdrawn.
fice—150-49
,
Forst (Alex) & Sons, Inc,
| March 23, 1962 filed 125,000 common. Price—^By amend-*
ment (max. $15).
Business—Wholesale r distribution of
fice—68 W. Columbia St., Hempstead, N. Y. Underwrit¬
ers— Edwards M Henley, Hempstead, L* I., and Street &
preferred
,
;Floseal Corp. '//;
May 10, 1962 filed 169,420 common to be offered tot
subscription by stockholders.
Price—By amendment
(max. $2). Business—Company owns and licenses carton /
pouring spout patents and die patents. Proceeds—For
debt repayment and other corporate purposes.
Office—
190 W. 10th St., Wilmington; Del. Underwriter—None.
.
A stock held and 40
units for each $1,200 face amount of non-interest bear¬
ing subordinated debentures held. At the same time, the
company will offer the securities to the public. Price—
To subscribers, $20; to public, $22.25. Business—Com¬
pany' plans to erect a small size production and experi¬
mental plant for the limited manufacture of deuterium
and deuterium oxide, and to establish and equip a gen¬
eral research laboratory. Proceeds—For working capital,*
construction, equipment and other corporate purposes.
Office—260 Lexington Ave., N. Y. Underwriter—None.
each
medical
for
tures due 1972 and 50,000 common shares (of which 25,000 will be sold by the company and 25,000^ by stock-*
holders). The securities are to be offered in units of one i.
$100 debenture and 10 shares. Price—By amendment.
Sept. 28, 1962 filed 120,000 common with attached war¬
rants to purchase an additional 120,000 shares to be ofered for subscription by holders of its stock and deben¬
tures in units (of one share and one warrant) on the
basis of 3 units for each 5% prior preferred share held,
for
common.
Price—$5. Busi¬
ness
Operation of Jai Alai games and pari-mutuel
betting. Proceeds—For rent, purchase of leased quarters,
building improvements, working capital.
Office—Fern
March 28 1962 filed $500,000 of 6% conv. subord. deben-
Deuterium, Corp.
units
devices
Eastern Camera & Photo
St.,
+
iTeterboro, N. J. Underwrite
Van# Alstyne Noel Corp.,
New York. Offering—Expected in. late Feb. or March.
2
common. Price—$1. Busi¬
electro-mechanical vehicles and
750,000
of
payment.
Underwriter—None.
Do Troy Bergen,
_
filed
1962
working capital, equipment and debt re¬
Office—2222 S, Centinela Ave., Los Angeles.
|Dec. 20, 1962 filed 140,000 common. Price—$4;. Business
—Commercial
28,
electronic
,
June
1962 filed 75,000 common.
personnel, advertising and
promotion, and working capital. Office—44 Beaver
St., New York." Underwriter—A. D. Gilhart & Co., Inc.,
Proceeds—For
29
Florida Jal Alal, fnc.
28, 1962 filed 400,000
Dynamic L. P. Industries, Inc.
June 21,
D. C.
(601)
Un'
v
New York.
•
*
.
Underwriter—Morris Cohon
Offering—Indefinite.
:;-4:
.•>
*>, ;
/ -y./;
Continued
on page
.
JO
^
30
The Commercial and Financial Chronicle
(602)
Industry Capital Corp26, 1961 filed 500,000
Continued from page 29
common
Dec.
Greenman
St., Chicago. Underwriter—A. C. Allyn & Co., Chicago,
registration will be withdrawn.
—Research, engineering, manufacturing and marketing
in the field of electronic information handling and automation systems. Proceeds—For new products,
inventory, new plant and working capital. Office—1401 S. Post
Oak Rd,, Houston. Underwriter—None.
Hallandale
Rock &
Sand Co.
TT
March 30, 1962 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—Extraction,
processing and sale of rock and sand. Proceeds—For a
new plant and other corporate purposes. Address—-Hal¬
landale, Fla. Underwriter—To be named.
"
"
~
units consisting of a
Price—$900 per unit.
*T~~"
bution
•
Heck's
June
Discount
1962 filed
7,
125,000
share.
St.
Albans.
W,
Va
Underwriter—Willard
Securities,
ManuTacturing Co., Inc.
Aug. 7, 1962 ("Reg. A") 75,000 common, of which 69,000
shares
be
to
are
offered
the
for
account
of the
Nov.
Kwik-Kold, Inc.
patented cooling packages. Proceeds—For debt repay¬
working capital. Office—Jennings Bldg., P. O.
Box 638, Moberly, Mo.
Underwriter—John W. Flynn
& Co., Santa Barbara, Calif. Note—This letter will b«
ment and
withdrawn.
Las Vegas
electronic
Vegas.
Underwriter—Securities
(same address).
Las
("Reg.
Inc.
75,000 common.
A")
Proceeds—
pany
.
vestment.
Office—760 S. Hill St., Los Angeles.
/./'
*/;/;: / ;■/V/
>
Under-
i
Investors Realty Trust
May 31, 1962 filed 200,000 shares. Price
"
_
•
Hillsboro
—A
Associates, Inc.
Nov. 27, 1962 filed $1,000,000 of 4%
tures due 1982 and 15,000
units
organization. Proceeds—For working capital,
repayment, and property improvement.
Office—
1776 E. Sunrise Blvd., Fort
Lauderdale, Fla. Underwriter
»—None. Note—This statement has become,
effective;.
A
and
For
warrant.
Price
—
$100
Monica, Calif. Underwriter—Bernard
per
M.
& Sons
•
named.
Ideal
1977 and
200,000
(max. $6 per
common
common
?ay«' 1
be offered
y
share)/
/
common, of which 250,000 will
by company and 240.000
by stockholders. Price
amendment (max: $20)*
Business^—Manufacture of
and
general
o
corporate
—
purposes.
°llis' LonS Island.• N.
was/Sawn. C°"
Offering
—
F
<
For debt repay-'
Office
—
184-10
YrUnderwriter—v
Y Not^This registration
equipment
and
Loyalty Financing Corp.
19, 1962 ("Reg^-A") 24,000 shares of 6V2
cumu¬
lative. convertible preferred and 60,000 common to; be
offered in units consisting of 20 preferred and 50 com¬
mon shares. Price—$250
per unit. Business—A business
Dowd
Indefinitely post¬
'
finance company. Proceeds—For working capital. Office
—5 W. Main St., Freehold, N. J. Underwriter—Friedman
1962
&
Co., Inc., New
York#1
•
LunarFilms,lnc.( 2/11-15 )
'
Aug. 31, 1961 filed 125,000 common. Price—$5/75. Busi¬
ness—The production of television films. Proceeds—For
filming and production and working capital.
Office—
543
Madison Ave., New
York.' Underwriter
Lambert & Stephen, Inc., 50
Madison
Life
— Ingram,
Broad St., New York.
Insurance Co.
Dec. 27, 1963 filed 219,000 capital shares. Price
$6.
Business
Company plans to' sell life, accident^ and
vestment,/Office--l Liberty St., New York. Underwriter
—None.-
\£;■'&;.;/yJ/"//v-
Mail Assembly Service, Inc.
April 27, 1962 filed 100,000 common. Price—$2.25. Bust-:
uess—Assembling of packages lor shipment to. post of¬
fices.- Proceeds—For general corporate put poses; Office
Corp/;/>/:/
Business—Real
—145
Ave.
of the Americas, N. Y. Underwriter—To be
Offering—Indefinitely postponed.* j.
named.
estate investment.
Proceeds—For debt
-repayment and working capital. Office—30 E. 42nH St
N. Y.
Underwriter—Hayden; Stone & Co., N. Y. Note—
This registration will be withdrawn. /- *
1
Management Investment Corp;.
•
Aug/29, *1962 filed 2,000 common ( with attached * warrants).
Price—$500. Business—Company plans to fur-;
nish equity capital to firms in the atomic; space and
'/;rmissHe fields, and provide advisory and management
v
;
filed 490.000
toys and related products. Proceeds
ment
Underwriter—R
leases,
Dec.
29, 1962 filed 50,000 shares 6% cum. preferred
and four-year common stock
purchase warrants to be
offered in units consisting of one
preferred and one
warrant.
Price—^By amendment (max. $101 per unit).
shares.
®nd other corporate purposes.
Edna-PL, Irwindale, Calif/ Underwriter—
Offering—Indefinite.
;
v
$1.
working capital. Office—
Rd., Los' Angtetes. Underwriter
—Keon & Co., Los Angeles.
of teaching programs. Proceeds—
facilities and working capital. Office
N
—
1601 Mandeville Canyon
March
$1,300,000 of convertible subordi¬
Toy Corp.
For
Central ^ark W
Kavanau
*
■"/< •"
and apartments on land
which company has
acquired in Southern Calif. Proceeds
To be
new
("Reg. A"); 100,000 common. Price
Business—Operation of drive-in restaurants. Proceeds—
repayment, and general cor¬
porate purposes. Office—733 Third Ave., New York. Un¬
derwriter—Pacific Coast Securities Co., San Francisco.
Offering—Expected in mid-February.
Kahn &"
Business—Construction of homes
nff^P
production
14, 1963
distribution of motion picture films for television. Pro- ^
ceeds — For financing of
health, group insurance and annuities in New/York
production costs of films, for
State. Proceeds—For organizational expenses, and in¬
sales and promotion, debt
unit.
.Co., Inc., New York. Offering—Expected in
February.
Office—15855
Jan.
Jayark Films Corp.
Aug. 24; 1961 filed 85,000 common. Price—By amendment. (Approx. $5).
Business—Company is engaged in
—
By amendment
,
Office—460
•
subsidiary are engaged in the
development and promotion of a pay television
system
Santa Monica, Calif. Proceeds—For
installation of a
pay television system. Address
19th and Broadway,
due
investment.
Indefinite,
and
1962 filed
Proceeds—For
—
in
debentures
fice—26 Broadway, N. Y. Underwriter—Filor, Bullard &
Smyth, N. Y. Note—This company formerly was named
Logos Financial, Ltd. Offering—Indefinite.
Lord Jim's Service Systems, Inc.
("Reg, A") 40,000 common. Price — $3
Business—Design, installation and maintenance of heat¬
ing, plumbing and air conditioning systems. Proceeds—
For inventory, equipment and other corporate
purposes
Office
954 Jamaica Ave., Brooklyn. N
Y
Underwriter—Martin-Warren Co., Ltd., New York Offering-
Entertainment Co. of America
16, 1963 filed 230,000 common of Home Entertain¬
ment Co., Inc., Los
Angeles, a subsidiary, and 23,000
stock purchase warrants in
parent, to be offered in units
Price
the
Feb. 28,
$4.
Home
nated
con¬
Jamoco Air Conditioning Corp.
—
Jan.
March -30,
For
Connecticut
Building, Denver. Distributor—Nemrava &
& Co., Inc., New York.
poned. *
Co., Philadelphia. Offer¬
(S. V.)
fund.
expansion,
—315
ing—Temporarily postponed.
Hunsaker
—Shearson, Hammili & Co., N. Y. Offering—Indefinite.
Jan. 30, 1962 filed 100,000 common. Price—$3. Business
—Industrial designing, the design of teaching machines
Business—Manufacture, sale and development of solderless terminals and other wire
terminating products. Pro¬
ceeds—For debt
repayment, equipment, advertising and
working capital. Address—P. O. Box 430, Phoenixville,
Pa. Underwriter—Harrison &
Santa
—
subsidiaries. Office—26 Piatt St., N. Y. Underwriter
;/yLogos-Options,Ltd. n »
-r
*„ /
•, -•< -j t
April: 11, 1962 filed 250,000 capital* shares. Price — By
amendment (max. $10). Business—A diversified closedend investment company. Proceeds—For investment. Of¬
Jaap Penraat Associates, Inc./
..
one
3315
animals. Proceeds—To form
the lives of all types of
new
Co., (same address).
Hobam, Inc. (2/11-15)
.
Jan. 16, 1963 ("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.
and
mutual
Denver Club
•
shares
—
1962 filed 130,000 common. Price—$10. Business
holding company whose subsidiaries in¬
sure
shares. Price — Net
asset value (max. $5), plus 8% sales charge. Business—
debt
10
Office
::
—An insurance
Jan.
reational
of
investment.
Feb. 23,
Investors Trading Co.
17, 1963 filed 200,000 capital
Price—$1,000 per unit. Business—Company
plans to purchase the Hillsboro Club, a social and rec¬
Business—Company
and
,
$10: Business
estate investment trust. Proceeds
Nevada
Livestock Financial Corp.;;
Ave., N. W., Washington, D. C. Underwriter—None.
capital shares to be offered in
consisting of 10 shares or one $500 debenture and
five shares.
Hollingsworth Soldetiess Terminal Co. |
Feb. 27, 1962 ("Reg.
A") 75,000 common. Price
real
struction
income deben¬
cum.
—
of
—Processing, canning, bottling and selling of fruits and
vegetables. Proceeds—For debt repayment and.working
capital. Office—Fresno Ave. & Charter Way^.rStocktop.
Calif. Underwriter — Van Alstyne, Noel & Co., New
York. Offering—Indefinite, -, - >; v,
r*; >£
1,
repayment, equipment, working capital and other corpo¬
purposes., Office—826 E. 62nd St., Brooklyn, N. Y.
For debt repayment, advetrising, research and
develop-/ Underwriter—Jay Gould & Co., Inc., Ill W. 57th St.,
ment and ..working capital.
^Office—2176, Pallou, * San j New York. Offering—Imminent.
Francisco. Underwriter—L.
1
Co.4<>Ibe.* N. Y.
Interstate Equity
Hill Street Co.
March 30, 1962 filed 1,605,100 shares of beneficial interest
Oct. 16, 1961 filed 2,265,138 common to be offered far
Price—(max. $10). Business—A real estate investment
subscription by stockholders of Union Bank of Califor¬
company. Proceeds—For investment. Office—450 Seventh
nia on a share-for-share basis. Price—$3. Business—A
Ave.. N. Y. Underwriter—Van Alstyne, Noel & Co., N. Y.
management investment company.
Offering—Indefinite.
Proceeds—For in¬
/'■/
5 V
rate
writer—None.
Co.
Lewis (Til lie) Foods, Inc.
April 9, 1962 filed $2,250,000 of 5^2% convertible sub¬
ordinated debentures due 1982. Price—At par. Business
Price—$2.
Price—$2.
Business—Manufacture of dental equipment.
1962
Properties Trust
1962 filed 500,000 shares of beneficial interest.
Price—$10. Business—A real estate investment trust.
Proceeds—For investment.
Office—4933 Paradise Rd.,
Oct. 29,
Business—Manufacture and installation of terrazzo, and
the installation of marble and tile. Proceeds—For debt
com¬
and 6,000 shares for the underwriter.
8,
repayment.
March 29, 1962 ("Keg. 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
International Terrazzo Co.,
Hek
debt
Beverly Hills, Calif. Underwriter—Lee Higginson Corp.,
equipment for government
agencies and the military. Proceeds—For equipment,
debi repayment and working capital. Office—Engineer's
Hill, Plainview, L. I., N. Y. Underwriter—Leib, Skloot &
Co., Inc., Clifton, N. J. Offering—Indefinite.
Inc., New York. Offering—In mid-March.
(max. $27).
Business—
office buildings. Proceeds
Office—9350 Wilshire Blvd.,
New York. Offering—Indefinitely postponed.
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¬
(max. $5). Business—Operation of discount stores.
Proceeds—For inventory, expansion, debt repayment and
working capital. Office—6400 MacCorkle Ave., S. W.,
Chicago.
amendment
Price—By
—For
International Systems Research Corp.
and
Co., and Leason & Co., Inc.,
Construction and operation of
Maich 30,1962 filed 110,000 class A common and 9-month
warrants to purchase 110,000 class A shares at $4 per
mechanical
Proceeds—For accounts receiv¬
consisting of $25 of debentures and one common
In units
None.
Price—By amend- /
common.
debenture and 200 shares.
Business*—Processing and distri¬
$300
seed.
Construction Corp.
^prji 19^ 1992 filed $5,000,000 of conv. subord. debentures due 1982 and 200,000 common shares to be offered
Price—$3. Business
—Company plans to engage in the research and develop¬
ment of devices for the hard of hearing and equipment
applicable to certain specialized and affiliated areas of
communication. Proceeds—For general corporate pur¬
poses/ Office—171 E. 77th St., New York. Underwriter—
ment
sesame
Kreedman Realty &
Intelectron Corp.
Dec. 10, 1962 filed 100,000 common.
Centers, Inc.
of
John A. Dawson &
—
Development Corp.
March 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 10 com¬
mon held.
Price—$12. Business—Real estate. Proceeds
—For general corporate purposes and debt repayment.
Office—40 Beaver St., Albany, N. Y. Underwriter—None.
debentures
Price—At par,
able, inventories, plant expansion and working capital.
Office—2301 N. Main St., Paris, Texas. Underwriters-
^
Heartland
stockholders at the rate of $100 of
Kraft (John) Sesame Corp.
May 24, 1962 filed $225,000 of t>% conv. subord. debentures, due 1972, and 150,000 common to be offered in
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. Proceeds—For
debt
repayment, advertising, inventories,
new
products and working capital.
Office—3181 N.
Elston Ave., Chicago. Underwriter-*- R. A. Holman &
Co., Inc., N. Y.
Harwyn Publishing Corp.
Jan. 29, 1962 filed 300,000 class A common. Price—By
amendment. Business
Publishes illustrated encyclo¬
pedic Works for children and operates an advertising
agency for sale of TV and radio spot time. Proceeds—
For working capital. Office—170 Varick St., N. Y. Un¬
derwriter—Van Alstyne, Noel & Co., New York. Note
—This registration will be withdrawn.
Thursday, February 7, 1963
BankBldg., Denver, Colo. Underwriter—None. Note—
This statement has become effective.
Infotronics Corp.
Oct. 23, 1962 filed 100,000 common. Price—$5. Business
Beane, New York.
.
Business—Company is engaged in operating gas and oil
properties, supervising drilling on its leases and managing exploration programs for investors. Proceeds—For
general corporate purposes. Office—2200 First National
Note—Th'.s
Offering—Indefinite.
.
for each 30 shares held of record Nov. 15.
ness—A small business investment company. Proceeds—
For general corporate purposes. Office—208 S. La Salle
Bros., Inc.
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 ;■
equipment. Proceeds—For debt repayment, inventory
and working capital. Office—35 Engel St., Hicksville,
N. Y. Underwriter—J. R. Williston &
Price—$15. Busl-
common.
.
Kenner rProducts Co.
March 30, 1962 filed 542,000 common, of which
205,000 /
are to be offered by company and 317,000 by stockhold- • •
counseling services on a fee basis. Proceeds—For repayment of Joans, and general corporate purposes. Office
ers.
Price—By amendment (max. $24). Business—Manufacture, design, and distribution of plastic.toys. Proceeds
'—-For'general corporate purposes'.. Office-^-912' Sycamainr'
St.; Cincinnati
-
Ohio
Underwriter—Kuhn, Loeb & Co.,
Fulton .Federal
130
>
None,
' >1
Bldg.,
Atlanta;/Underwriter—
•/,.">? j" /
.
L'
;
Manchester'lnsurance Management & Investment
>
Corp.
r ■
';-v»
*•
•
. ;v ^
; ; ,
1962 fUed 272,941 common.- Price—$3.50, Busi"King-Stevenson Gas & Off -Co^/:'^*.:'• P'.ness^-Writing-; of -casualty insurance, : adjustment /of
Nov. 26, 1962 filed $1,526,200 of 6M>% conv. subord/ de-*
claims, financing of insurance premiums, and the mak-
New York.
bentures,
Offering—Indefinite.v ;
due
1977,
to
be
offered
"
-
by
subscription
by
Nov. 28,
ing of investments.
Proceeds—For expansion, loan re-
Volume
197
Number 6236
.
.
The Commercial and Financial Chronicle
.
pansion and working capital. Address — Portage, Pa.
Underwriter—Cortlandt Investing Corp., N. Y. Note—
This, registration will be withdrawn.
payment and other corporate purposes.
Office—9929
Manchester Rd., St. Louis. Underwriter—Troster, Singer
Manhattan Drug Co.,
Inc.
National Fence Manufacturing Co.,
March 29, 1962 filed 72,000 common, of which 58,000 are
to be offered by company a rift 14,000 by stockholders.
Nov, 29, 1962 filed 100,000 common.
Pripe—$3.50. ; Business—Manufacture,
packaging: and
of various proprietary drug products* Proceeds—
For equipment, new products, debt
Office—156, Tillary
Underwriter—Dana Securities. Co.,
repayment and: work¬
St., Brooklyn, N. Y.
Inc^N. Y, Note—This
registration will be withdrawn,
,
,
.
_
(John W.)< Corp,
June >28, 1962 filed.
253,875. common. Price—By amend¬
Manufacture
of
medical
general corporate
Calif. Underwriter —
$1. Busi¬
Underwriter—J. R. Wil-
Offering—-Indefinite.
Met Food Corp.
filed $1,006,000 of convertible subordi¬
du$;NQv.;:t£^
ment. Busii^ssrrPistribution pf foods and- related: prod¬
ucts
to
supermarkets
and .other
the New York .Metropolitan? area. Proceeds—For. general
corporate purposes! Office—345XJnderhill Blvd., Syosset,
!.N* Y; Under^riterr-Brand/'Grumet: & Siegel, Inc., N, Y.
Offering—Indefinite.
5
v
'
'■.?
Martft" 3$ *1962
nated debentures
.
,
Midwestern Indemnity Co.
common
to be offered for sub*;
the basis of one share for
1962. Price—$19.50.
Business—A multiple line insurance carrier. Proceeds—
For additional capital and surplus. Office—6901 Wooster
Pike*; Cincinnati l^nderwrUers^^^Di Gradiaon & Co.,
Cincinnati; and? Greene; ^ Lad(k Daytpn;. •
on
of record Dec. 31,
Life
v
Insurance Co.
By amendment
(max. $15). Business—Writing of health and accident in¬
surance. Proceeds—For general corporate purposes. Ad¬
dress—2632 McGee St., Kansas City, Mo. Underwriter—
Dec.
7
filed
125,000 common. Price
—
To be named.
-National
Equipment & Plastics Corp.
Price—$5 Business
—Operation of a cleaning andr pressing, plant and. affili¬
ated stores.
Proceeds—For debt repayment, store ex¬
Sept. 28. 1961 filed 105,000 common.
#
Brookfield, 111. Underwriter—A, G. Becker & Co., Inc.,
Chicago.
pany.
—70
;
To
Price—50c*
h
Proceeds—For general corporate purposes. Office
Main St., Freeport, L/X, N. Y. "Underwriter—
N.
be named.
Parkway Laboratories^ Ihc.
Dec. 6, 1961 filed 160,000 common.
Price—$5. Business
drugs and pharmaceuticals. Proceeds
-UFor an acquisition, research and other corporate pur¬
poses^/ Office—- 2301 Pennsylvania Ave.,; Philadelphia,
Underwriter—Arnold Malkan &:Co.; lnc^ N.? Y/ Netew.
Thi& registration will be withdrawn.'
'
;
—Manufacture of
Business-LExplbration,
i
,
develop*
.
For debt
repayment*" working capital? and^
Co., N* ¥. Offering—Ex*
Proceeds—For payment of income taxes and loans and
for working capital. Office—Wopdbridge-Carteret Road.
Port Reading, N. J. Underwriter—Mortimer B. BUrnside
& Co., Inc., N. Y. Offering—Temporarily postponed*
•
Pioneer Telephone Co.
(2/13)
; Dec. 28, 1962 filed 75,000 common, of
to be offered by company and 30,584
which 44,416' are
by stockholders.
Price—By amendment (max. $20). Proceeds—For debt
repayment, expansion and working capital. Office—40
Nordon Corp., Ltd.
S. Elm St, Waconia; Minri Underwriters—Dean Witter
March 29, 1962 filed 375,000 capital shares, of' which ;• & Co.; San Francisco^ and M; H. Bishop & Co., Min¬
neapolis.
100,000 are to be offered by company and 275,006 by
stockholders.
Price—By amendment (max. $6). Busi¬
Playboy Clubs International, Inc.
Proceeds—For
Central
(max. $25). Business
of? scientific ^ instru^"
and measurement of
pected in March.
em¬
acquisition of musical properties, and working capital.
Office—545 Fifth Ave., N, Y. Underwriter—Associated!
,
ments;t'p^^Pdlly'rf6r:':;detc'ction
radio-activity^ Procced$rrF6i^ debt repayment, phint ex*
pansion, ahd^^ woilcirig ciaijital;^^ Office—3713 Grand
Office—-Tekoil Bldg./ Oklahoma City.
Underwriter—S. D. Fuller &
sign faces*, quantity signs and; boat windshields;
Securities Co,, 545 Fifth Ave.* N. Y.
• Natural Gas & Off Producing Co.
(2/18)
Sept. 7, 1962 filed 180,000 class A common. •: Price—$5.
Business—Production ofc natural gas and oil. Proceeds?
—For drilling expenses, working capital and other cor¬
Proceeds^
Price—$2i
;MusicC Royalty Corp.
amendment
—Development5 and manufacture
stockholders of record Oct. 15,
other corporate purposes. Office—601 W. 26th St.. N. Y.
Corp.
July 27, 1962 filed 150,000 common. Price—$1. Business
—Company acts as representative of artists, musicians,
etc. and plans to engage in the music publishing. busi*
ness.
Proceeds—For debt repayment* public relations,
Chairman. Price—By
M.
Nerdav Essential Oil
Chemical Co.; Inc.
March 20, 1965^ filed 200,000 class. A shares. Price—By:
amendment (max. $15). Business—Manufacture, process¬
ing and distribution of natural and synthetic essential
oils, flavor, essences,^^etc.;/tb foo<| an# dru^ inehistries.
minent.
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— Thefund will invest in tax-exempt bonds of states, counties,
municipalities and territories of the U. S. Proceeds—For
investment. Sponsor—Ira Haupt & Co., Ill Broadway,
New York; Offering—Indefinite;'
common
.
mining* Proceeds—General corporate purposes. H
Pellegrino Aggregate Technlco, Inc.
Office—90 Industry .Stv^Toronto, Canada^ Underwriter-**
Aug. 10, 1961 filed 130,000 class A common shares. Price
A. C; MacPherson & Co., Toronto.
—$5. Business—The manufacture of building materials*
Oct. 29, 1962
("Reg; A"); 9^,000^ Common, vPrice^-$3,
Business — Manufacture - o£ cosmetics.
Proceeds — For
equipment Office—837 W. North Ave., Pittsburgh. Un¬
derwriter—A. J. Davis:
Co^ Pittsburgh* Offering—Irp?
.
N.
Albuquerque,
Way, San Diego, Calif. Underwriter
Co., Inc., Los Angeles.
ment and
/UbderwriteiVTTNone//;/4:;;|/;;^
• Modern
Laboratories, Inc.
purchase of land and building, moving
expenses, equipment; and working capital. Office—5606
Stuebnsr Airline ^ Rd., Houston.
Underwriter—W.
Sauve Co., N. Y.
E.
share-for-share basis. Price—By amendment "(max.
holder;
of plastic letters,
N.
named.
New Campbell Island, Mines Ltd,
company. Proceeds — For general corporate purposes.
Office — 2615 First National Bank Bldg., Minneapolis.
Business—Manufacture and sale
be
Oct. 13* 1961filed 475,000 common^ of which» 400,000.are
totbe^ offered by the^ company and *75,000: by: at stocky.
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 aihendmeht (max.
$7>. Business- — A closed-end* ipanagement investment
("Reg,/A" St? 140,060; commoix
130; Alvarado,
Underwriter—Peter Morgan & Co., N, ,Y.
-Midwest Technicai Development Corp.
Plastics
by stockhold¬
Packard Instrument Co., Inc. (2/19)
Jan. 28, 1963, filed 100,000 common, of which 50,000 are
to be offered by company and 50,000 by L* EI Packard,
Price—$17.50. Business—A life, accident and
insurance company* Proceeds—For investment
—
porate purposes.
Feb.
May >28;1962
„•
$2). Business—Writing of• participating and non-partici¬
• Pak-Weil
Paper Industries, Inc.
pating ordinary life insurance. Proceeds — Th expand,J March 30; 1962 filed
150,000.das?: A common., price—Byoperations. Office—6225 University Ave., Madison, Wis,
amendment (max. $13). Business—Manufacture of emUnderwriter—None.
velopes, packaging materials of various kinds, wrapping
National Telepix* Inc.
paper, stationery, and school supplies.
Proceeds—For
July 30;? 1962 filed $150,000 oi 6^ %Vconv. subprd> deben*
selling stockholders. Office—198 W. Alameda, Denver.
tares due 1972. :Price---Atpar; Business—Production
* Underwriter—Francis I. du Pont & Co., N. Y.
Offering
motion pictures.
Proceeds—For production and/distri¬
—Expected in April or May.
bution expenses
and working capital.
Office—r270
Pan American Beryllium Corp.
Aye. of the Americas, N, Y. Underwriter—None.
Feb. 28, 1962 filed
^00,000 common. Price—$5. Business
National Uni-Pac, Inc.
—Company p!hiiSs"tdi mine for beryl ore in Argentina,
July 31, 1962 filed 85,000* common. Price—By amend- s Proceeds —For debt repayment, equipment, and other
ment (max, $4) ,:i• Business—Company, plana to sell .or ? I corporate purposes/ Office-^-39
Broadway, N. Y. Under¬
lease coin operated vending machines.
Proceeds—For
writer—To be named;
debt repayment, equipment and working; capital* Office V;
PanAm Realty: & Development Corp.
—15 Peachtree St,? Atlanta; Underwriter—None. Note— • / March
12, 1962 filed 400,000 class A stock. Price—$10.
This registration will bft withdrawn,
Business—A real estate holding and development com¬
Price—By amendment (max. $5.50). Business—Sale of
phonbgraph/records to, and the^ providing; of merchant
dising; services: to retail, record department. Proceeds—
For general corporate purposes.
Office-—750 Stewart
each: three held
23, 1962/filed 100,606 common, of wftich 8O;0Q0^
to be offered by company and 20,000 by stock¬
March
subscription by
Enterprises, Inc.
scription by stockholders
—E. F. Hutton &
National Security Life Insurance Co., Inc.
Nov, 28, 1962 filed 590,075 common to: be offered for
equipment.
purposes.
Office?
Financial Equity
Nov, 5, 1962 filed 104,000r common, of which 33,000 are
to be offered by company and 71,000 by stockholders.
T)eeu26; 1-962' filed- 23,495
fice—3100 Goddard
National Security Life Insurance Co.
on a
Aye., Garden City, L. I., N. Y.
to be" offered by: company^ and-213,000
Kansas.
Underwriter—To
Corp., Los Angeles.
liston & Beane, N. Y.
,.
j)efe2j^ 1962 filed 293,000 common,' of which 8Q,000;ar^
holders.
electronic
Proceeds —For
City,
—
(2/13) J
shares. ^ Price—Forteer*? *
Proceeds—For general corporate pur*
ers. Price—By amendment (max., $20). Business—Com¬
Office—113 S. Hydraulic, Wichita, Kan/ Under* // pany operates a scheduled; airline in
California, provid4:
writer^National Mortgage Agency, Inc.^ (same address).
ing daily service; between San Diego, Los Angeles, and
Note—This offering will be made only in the State of
San Francisco. Proceeds—For prepayment of loans. Of¬
Office
Nov; 13, 1961 filed 250,000 common, Price
common
company.
health
Medical Video Corp.
National
trousers. Proceeds
For additional inventory, equip¬
Price—$1; Bus!*
ment, research, and working capital. Address—P. O.
ness—Company plans to engage in cemetery develop-v * Box:
27, Opelika^ Ala* Underwriter—First Alabamai Se¬
ment and to establish and operate a life and' disability
curities, Inc., Montgomery. Offcring—Indefinite.
insurance concern. Proceeds—For general corporate purOutlet Mining Co., Inc*
poseS;^Office^l3^S^Broadway;: Red Lodge; Mont, Ua-Ml
Feb. 28* 1962 filed. 900,000 common. Price—$L Business
derwriter—Security Brokerage Co., Billings, Mont,
—Mining. Proceeds—For equipment and working capi¬
National Mortgage Corp., Inc.
tal. Address—Creede; Colo,/Underwriter—None.
Dec, • 28, ,1962 refiled $8,000,000 face amount certificates
• Pacific Southwest Airline*
are
and capital growth situations. Office
Lafayette5 St.r Denver, Underwriter ^ Medical As«sociates, Inc., Denver,
1
J
medical industry
•—677
bossed
of
poses.
.
Monarch
Manufacture
Oct. IT, 1962 filed. 4,750,000' common;
loan
Medical Industries Fund, Inc.
Oct 23, X96L filed 25,000 common; Price—$10/Business ;
—A closed - end investment company which plans to
become open/* end,
Proceeds — For investment in the
Merco
Inc.
Prico—$8*75.
tificates,: $762; for stock, $1.15,1 Business—A mortgage
Office—39;Broadway, N» Y. Underwriter—Bear, Stearns
& Co., New York. Offering—Indefinite.
—Studio
—•
/(series 20)tend -300,000
(max., $15). Business—Contract stevedoring and
telatedi operations,:: Proceeds-^or seliing jstockholder^6
ment
—
Inc.-White, Weld & Co. (jointly); Halsey, Stuart
Inc.; Lehman Brothers-Blyth & Co. Inc. (jointly);
Corp.; Harriman Ripley & Co., Inc.-East¬
man Dillon, Union Securities & Co.
(jointly); Equitable
Securities Corp. Bids—March 12 (11 a.m. EST) at First
Boston
—
Press, Inc.
May 29, 1962 filed 60,000 common. Price—$3.75. Busil nessS^raphic design and printing. Proceeds—For pub* .
| lishing a/ sales catalogue* developing. a natfonal sales*!
staff and working capital., Office—812 Greenwich St.,
N.' Y, Underwriter—To. be named* Offering—Indefinitely
postponed,
->
'
'
•
ness
& Smith
& Co.
First
National Memorial Estates
Marshall
McGrath
31
Busi-"
National City Bank* 55 Wall St., New York.
galvanized* chain link fence, 1
0rr (J. Herbert)- Enterprises, fn&
welded concrete reinforcing fabric, gates and related
products. Proceeds—For construction of a plant in Ire- < May 1; 1962 filed 200,000' common. Price—$5.25, Busi¬
ness—The company and its subsidiaries manufacture andt
land; and working capital. Office—4301 46th St., Bladdistribute cartridge type tape player recorders and pro¬
ensburg, Md. Underwriter—Netherlands Securities Co.,
grams therefor; sell at retail nationally known audio
Inv., New York. Offering—Indefinite.
*
>
i v v
visual equipment; and manufacture men's and boy's dress
ness
gate
ing capital.
(603)
:
ness—Acquisition and? development of oil and natural ; May 28, 1962 filed
270,000 common*: Price—By amend¬
gas properties. • Proceeds—For
drilling expenses and •, ment. (max. $7). Business—Company is engaged in the
working capital. Office — 5455 Wilshire Blvd., Los An¬
ownership and franchising of Playboy Clubs. Proceeds—
geles.
Underwriter—Gregory-Massari,
Inc.,
Beverly
For debt repayment and general corporate purposes. Of¬
Hills, Calif.
fice—232 E. Ohio St., Chicago,
Underwriter—Golkin,
Nuclear Science & Engineering. Corp.
Divine & Fishman, Inc., Chicago. Offering—Indefinite.
March 29, 1062 filed 100,000 common, Price^—By amend¬
• Potomac Electric Power Co.
(2/19)
ment (max. $15), Business—Research and development ; Jan.
25, 1963, filed $50,000,000 of first mortgage bond3
on contracts- using radioactive tracers; precision radio¬
due 1998. Proceeds—For loan repayment, and construc¬
activity measurement; production of radioactive isotopes 3 tion. Office—929 E St., N. W-, Washington, D. C. Under¬
and the. furnishing of consulting and radiation measure¬
writers—^Competitive) Probable bidders: Dillon, Read &
ment services* Proceeds—For equipment, debt repay¬
Co., Inc.-Lehman BrothersrEastman Dillon,, Union Secu¬
ment, expansion and working capital. Address—P. O.
rities & Co.-Stone & Webster Securities Corp.-Johnston,
Box 1^901. Pittsburgh. Underwriter—Johnston, Lemno &
Lemon & Co. (jointly); Halsey, Stuart & Co. Inc.; First
Co., Washington, D. C.
Note—This registration will ba ; Boston Corp.; Kidder, Peabody & Co.-Merrill Lynch,
withdrawn.^
1
Pierce, Fenner & Smith Inc.-White, Weld & Co.-SaloNuveen Tax-Exempt Bond Fund; Series 4
mon Brothers
& Hutzler (jointly).
Bids—Feb. 19 (11
Oct.
a.m.
17, 1961 filed $15,000,000 of units representing
EST) in Room 933, above address.
Information
fractional interests^ in the Fund; Price—By amendment.
Meeting— Feb. 14 (11 a.m. EST) at 48 Wall St., N. Y.
Business—The Fund will invest in interest-bearing obli¬
Potomac Real Estate Investment Trust
.
gations of states, counties, and municipalities of the U. S.,
and political subdivisions thereof which are believed
to be
For
exempted, from Federal Income taxes.
investment.
Nuveen &
30,
Gas * &
Electric Co.
investment trust.
III,; Sponsor—John
Co., 135* So, La Salle St., Chicago.
Oklahoma
Jan.
Office—Chicago,
July 6, 1962 filed 1,000,000 shares of beneficial interest.
Price—By amendment (max. $5). Business—A real estate
Proceeds—
*
,
(3/12)
1963, filed $15,000,000 of first mortgage bonds
Proceeds—For construction.
Office—321 No.
due 1993.
Harvey St;, Oklahoma City, Underwriters — (Competi¬
tive). Probable bidders: Merrill Lynch, Pierce, Fenner
Proceeds—For investment. Office—889
Bonifant St., Silver Spring, Md. Underwriter—None.
.
>
Powell Petroleum, Inc.
Sept. 28,1962 filed 100,000 common. Price—$5. Proceeds
—To drill for and operate oil wells,, Office—418 Mar¬
ket. St., Shreveport,, La. Underwriter—None. '
;
Continued
on
page
32
32
The Commercial and Financial Chronicle
(604)
Continued jrom page 31
v:'::
/':'/■
":ct
Power Cam Corp.
'
accuracy
adequacy
and
Underwriter—McDonnell & Co., Inc., New York. Offer¬
-
•
vehicles. Proceeds
,
equipment, and working capital. Office — 2604
Leith St., Flint, Mich. Underwriter—Farrell Securities
Co., New York.
,
,
—For
'
1
•"
,
ing—Indefinite.
Stars of New York, Inc. Roddy Recreation Products Inc. (2/11-15)::,v;
Dec. 31, 1962 filed $1,000,000 of 6V2% convertible sub¬ \ Dec. 28, 1962 filed
$450,000 of 15-year 8% debentures
ordinated debentures due 1978 and 50,000 common shares;, ; and 15,000 common shares to be offered in 300 units,
to be offered in units of one $500 debenture and 25
each consisting of $1,500 of debentures and 50 shares.
shares. Price—$650 per unit. Business—Manufacture and
Price—$2,000 per unit. Business—Operation of discount
i
sale of fishing equipment, ammunition reloading devices
department stores. Proceeds—For debt repayment and
and cord, tapes, etc. Proceeds—For debt repayment and
working capital. Office—North Colony Rd.j Wallingford,'
Conn. Underwriter—Non6.working capital. Office—1526 W. 166th St., Gardena,
^ —1 •' ■'<-
<v
.
28, 1963, filed 200,000 capital shares. Price—$4.75.
Business—Company plans to manufacture a new type of
»
the
of this, registration statement.
/•
'
Jan.
^
challenged
(
^'
-
tf/VpsV..
brake unit for heavy duty automotive
SEC has
The
j
■■■"/'
'■
•
,
Prescott-Lancaster
Corp.
filed 150,000 common. Price—$5. ButlneM %
purchase of mortgages, and <
working capital. Office—18 Lancaster Rd., Union, N. J.
Calif. Underwriter
March 30, 1962
—
Dempsey
-
Tegeler & Co., Inc., St,
Sterling Copper Corp.
Aug; 2, 1962 - filed 850,000 .common. Price—$1.
—Real estate. Proceeds—For
Underwriter—To be named.
Rorta Lea Corp.
; >
Prince Georges Country
Sept. 26,1962 filed 100,000 common. Price—$5. Busi¬
ness—Design, manufacture, and distribution of girls'
blouses, sportswear, and
coordinates. ; Proceeds—For
debt repayment* Office-—1 12 W. 34th St., N. Y, Under¬
Club, Inc.
Oct. 15, 1962 filed 500 common to be offered for sub¬
scription by stockholders on the basis of one new share
for each share held of record Feb. 18, 1962. Price—$1,000.
Proceeds—For debt repayment, construction of a swim¬
ming pool, and other improvements. Address—Landov^r,
Prince Georges County, Md. Underwriter—None.
v
:
Indefinite.
»
.
•
Association, Inc.
Jan. 8, 1963 filed 40,000 common. Price—$5. Business
—Company specializes in financial consulting, and serv¬
icing patients' accounts of member hospitals, physicians
v
t
t
.
,
'V
-vu
J..",
•
*
k
.
*
-v
•
-
-
«fv
'
.
Royaltone Photo Corp.
Nov. 29, 1961 filed 300,000 common, of which 100,OOd
I are to be offered by the company and 200,000 by stock¬
holders.
Price — By amendment.
Business—Develops
and prints color, and black and white photographic
film. Proceeds
For equipment and working capital.
Office—245 7th Ave., N. Y. Underwriter — Federman
Stonehill & Co., N. Y. Note—This registration will be
<
,
dentists. Proceeds—For debt repayment and work¬
ing capital. Address—100 W. Tenth St., Wilmington, Del.
-
Publishers
Co., Inc.
Aug. 29, 1962 filed 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 & Co.,
Inc., Philadelphia. Note—This registration will be with¬
-
1962 ("Reg. A") 2,400,000 common. Price—12%
Business—Exploration and development of mineral
deposits. Proceeds—For debt repayment and general
"orporate purposes. Address—Box 1088, Wallace, Idaho.
2,
:
and
stockholders.
Office—60
Congress
Proceeds—For bond retirement and plant
Address—Alexander City, Ala. Underwriter
—Hornblower & Weeks, N. Y.
Note — This company
formerly was called Russell Manufacturing Co. Offering
•
Quick-N-Clean Corp. of Minnesota, Inc.
r
1, 1962 ("Reg. A") 205,000 common. Price—$1.15,
if*.-.:V.
|
-v
'
•- ttr-.f
i
<
^
v
»
y.'-
^
(
^
^
*,*
t"'
l
;!«/
j
company. Proceeds—^For debt repayment. Office
Madison Ave.^ N. Y. Underwriter—Mortimer B.
Burnside & Co.. Inc., N. Y;
—95
Fund, I nc.
for
shares
of
the
without
Fund
incurring Federal
income tax liability. Office—15 William St., New York.
Dealer-Manager—J. R. Williston & Beane, N. Y. Note
—This company formerly was named Stratton Realty &
System^,
Inc.
Jan. 21, 1963 filed 48,500 common.
—A
holding
Oct.
•
Uvf
March 29; 1962 filed 315,000 class A shares of ..which
218,000 are to be offered by the company and 97,000 by
the stockholders.
Price—$6. Business—Commercial fi-
Tecumseh Investment Co., Inc.
expansion.
Underwriter—To be named.
i
teaching aids. Proceeds—For equipment, promotion and
advertising and working capital.
Office—1650 Broad¬
way, N. Y. Underwriter—Creative Ventures Corp., 733
Third Ave., N. Y.
cloth.
cotton
' i/
•
Teaching
Russell Mills, Inc.
Sept. 28, 1962 filed 312,500 common. Price—By amend¬
ment (max. $12).
Business—Manufacture of athletic
clothing, knitted underwear, children's sleepwear and
Boston,
St.,
*
June 1, 1962 ("Reg. A") 50,000 common.'Price—$2. Busl*
ness—Production and sale of educational audio-visual
Underwriter—To be named.
distributor of mutual funds. Proceeds—For
adviser
'r v
Construction Fund, Inc.. Offering—Indefinite.
drawn.
Putnam Management Co., Inc.
Aug. 22, 1962 filed 150,000 common (non-voting). Prico
—By amendment (max. $14). Business—An investment
•>
Stratton
cents.
'
'>
ties
Ruby Silver Mines, Inc. '
Jan.
•
March 20, 1962 filed 500,000 common. Price—$20. Busi¬
ness—A new mutual fund which plans to offer investors
the opportunity of exchanging their individual securi¬
withdrawn.
Underwriter—None.
•
r nance
—
and
'
Stratford Financial Corp*
:
'
,
.
- Business &*.
—Company plans to operate a non-ferrous rod and tube
mill. Proceeds—For plant and
equipment, working capi¬
tal and other corporate purposes. Office—300 Horn
Rd.,
Pinconning, Mich. Underwriter—None.
" M
'
V
writer—Winslow; Cohu & Stetson Inc., N. Y. Offering-
Professional Men's
selling
Thursday, February 7, 1963
.
—Indefinite.
surance
Business—Company plans to open a chain of coin opera ted dry cleaning stores.
Proceeds—Advertising, expan-r
sion and working capital. Office—712 Fir St., Brainerd,
San Francisco Capital Corp.
April 23, 1962 filed 60,000 common. Price—$12.50. Busi¬
ness—A small business investment company.
Proceeds
—For investment.
Office—400 Montgomery St., San
.
Price—$100. Business
which plans to organize a life in¬
Proceeds—For investment: in U> S.
company
sand
Minn.
Underwriter—Northwest Securities. Inc., Detroit
Offering—Expected in March.
Lakes, Minn.
Francisco.
Corp. (2/14)|
June 29, 1962 filed 80,000 common, of which 40,000 will
•
R. E. 0. M.
Beverly
Office—912
23,
Industries, Inc.,
1962
("Reg. A")
For
capital
W.
411
St., Los
&
Co.,
Calif.
products. Proceeds
Undcr-
capital.
•
on
gage
Financial Corp.
;
loans
finance,
mortgage,
general
Sept. 10,
1962 filed 250,000 capital shares. Price — $5.
Business—Company plans to sell life and disability in¬
surance.
and
electronic
fields.
Proceeds—For
debt
and working capital. Office—455 W. Main
St., Wyckoff. N. J. Underwriter—Myron A. Lomasney &
Co.,. N. Y. Note—This registration will be withdrawn
Proceeds—For
then refiled.'
:y
_
-
-
—
and
and sell
operate
80
acres
construction.
a
March
or
Richard
June
21,
Business
home sites.
Proceeds—For
Office—3615 Olive St., St. Louis.
writer—R. L. Warren
in
Under¬
Co., St. Louis. Offering—Expected
April.
-
a
^;r.
;
—
New York.
Dec. 21,
&
common.
Price—$7. Business
and gene-al corporate purposes.
*LW-> Washington, D. C.
•
on
,—
Office
—
444
National
First
.
Bank
equipment and working capital. Office—317 East Emma
Building,
„
i
,
■
Ave., Springdale, Ark.
Underwriter—Rauscher, Pierce &
Co., Inc., Dallas.
:
V :
^
Sovereign Life Insurance of California
Ultrasonic
Nov. 28,
Laboratories, Inc.
1962 filed 800 capital shares.
Price—$2,500.
Nov. 29, 1962 filed 67,200-common.
Business—Company plans to engage in writing life and
Price—$3.50. Busi¬
ness—Design, engineering and manufacture of
disability insurance in California. Proceeds—For capital
specialand surplus.
Office—510 S, .Spring; St., Los, Angeles;;; jzed products primarily in theJEieldl; ol. contamination
"
Office—220
Underwriter—Hirschel
Co., Silver Spring, Md. Offering—Indefinite. Note—
common
Phoenix. Underwriter—None.
—A real estate investment
company. Proceeds—For debt
repayment
filed 638,237
.
payment.
Corp.
1961 filed 142,858
1963
"
Offering—Indefinite.
Richmond
,
May 28; 1962 filed 500,000 capital shares. Price—$1.50.
Business—Exploration, development and production of'
the Lake Shore
copper deposit near Casa Grande, Ariz.
Proceeds—For equipment, exploration and
working cap¬
ital. Officer—201 E; 4th
St^iCasa ^Grande, Ariz. Under-
to be offered for
writer—None.
the basis of three new
Tyson's Foods, Inc.
;
shares for each five held. Price—By amendment (max.
$7). Business—Company manufactures lumber and wood / Dec. 26, 1962 filed 100,000 common. Price—By amendment (max. $12).
products, and converts, processes and distributes paper
Business—Company operates an inteproducts. Proceeds—For working capital and debt re¬ /. grated poultry business. Proceeds
For construction,
11,
subscription by stockholders
working capital and other corporate purposes. Office—
237 W
51st St., N. Y.
Underwriter—Richard Gray Co.,
;
Southwest Forest Industries, Inc.
Jan.
Gray & Co., Inc.
("Reg. A") 60,000 common. Price—$5.
A securities broker-dealer.
Proceeds
For
1962
—
a
and
working capital. Office—3300 N. W. North River Drive,
Miami, Fla. Underwriter—Irwin Karp & Co., Inc., 68
William St., N. Y.
luxury hotel and resort facilities,
of land for
Inc.
29,
.
Nov.
erect
22,
Top Dollar Stores, Inc.
1962 filed 126,000 common. Price—$4.50. Business—Manufacture, sale and development of glow lampi / May 1, 1962 filed 200,000 common, of which 100,000 are
for use as indicators and circuit components. Proceeds— > to be offered by company and 100,000 by stockholders.
Price—$5. Business—Operation of a chain of self-serv¬
For debt repayment, equipment and working capital.
ice retail stores
Office—1933 Heck Ave., Neptune, N. J. Underwriter—
selling clothing, housewares, etc. Proeeeds—For expansion, equipment and
Milton D. Blauner & Co., N. Y. Offering—Postponed.
working capital.
Office—2220 Florida Ave., Jasper, Ala.- Underwriter—
Southeastern Towing & Transportation Co., Inc.
Philips, Appel & Walden, 115 Broadway, N. Y. Offering
Nov. 29, 1961 ("Reg. A") 100,000 common.
Price—$3.
—Temporarily postponed.
•
Business—Construction and operation of towing boats.
Transarizona Resources, Inc.
Proceeds—For debt repayment, conversion of
boat,
Jan.
Resort
Corp. of Missouri
27, 1962 filed 125,000 class A common and threeyear warrants to purchase 1,250 class A shares to be
offered in units
consisting of four shares and one war¬
rant.
Price —$32 per unit.
Business
Company will
Underwriter—Crow, Brourman &
18 (11:30 a.m.
EST) at Ebasco Services, Inc., 2 Rector
St., New York. Information Meeting—Feb. 14 (11 &.m;
EST) at same address.
inite.
Signalite
Remitco, Inc.
'i; Nov. 19, 1962 filed 952,000 common. Price—$10. Business
—Company is engaged in selling "puts" and "calls."
Proceeds—For working capital. Office—130 N.
Virginia
St., Reno, Nev. Underwriter—None.
common. Price—$3,50. Busi¬
plant producing plastic film and
Proceeds-^-For working
capital.
Weld & Co.; First Boston
Corp.; Eastman Dillon, Union
Securities & Co.-Salomon Brothers & Hutzler
(jointly);
Lehman Brothers; Halsey, Stuart & Co. Inc. Bids—Feb.
and
"
1
a
writers—(Competitive). Probable bidders: Kuhn, Loeb
& Co.-Blyth &
Co., Inc.-Kidder, Peabody & Co.-Merrill
Lynch, Pierce, Fenner & .Smith Inc. (jointly); White,
working capital. Office
—1956 Union Commerce Bldg., Cleveland. Ohio. Under¬
writer—McDonald & Co., Cleveland. Offering—Indef-
repayment
and
investment
Cranwood
(2/18)
1963 filed $10,000,000 of first mortgage bonds
1993. Proceeds—For
construction, and other corpo¬
rate purposes. Office — 1511
Bryan St., Dallas. Under¬
1962 filed
electric
the
Office—19201
due
other
corporate purposes. Office—225 Bush St., San Francisco,
75,000 common, of which 50,000 are ;; Calif. Underwriter—None.
to be offered by the
company and 25,000 by Electronic
Shaker Properties
Specialty Co., parent. Price—$5. Business—Design and
Oct. 19, 1962 filed 215,000 shares of beneficial interest.
manufacture of regulating and control devices used in
Price—$15. Business — A real estate investment trust.
29,
capital.
Texas Power & Light Co.
Jan.
Proceeds—For organizational expenses and
Regulators, Inc.
Jan.
working
packaging products.
Address—Elsa, Texas.
Chatkin, Inc., N. Y.
Underwriter—None.
Sentinel Life Insurance Co.
Offering—Indef.
and
ness—Operation of
—
nix.
For debt repayment and working
Tennessee
Texas Plastics, Inc.
July 27;: 1962 filed 313,108
fi¬
nance and related businesses.
Proceeds
For general
corporate purposes. Office—830 N. Central Ave;, Phoe¬
consumer
—
Office—3814
Parkway, Warrensville Heights, Ohio. Underwriters—
Westheimer & Co., Cincinnati, and Hartzmark & Co^
Inc., Cleveland.
two-thirds share for each class C share of
Life held. Remaining 94,822 and any unsub-
the
fo?
ment (max.
$ll).t Business—Manufacture p£ automobile
antennas and radios. Proceeds—For
repayment of bank
the basis of 4 company shares for each class A or
in
shares to be offered
Ave., Chatsworth, Ga.
Underwriter—Irving J. Rice & Co., Inc., St. Paul,
Tenna Corp.
Sept. 28, 1962 filed 122,000 common, Price—By-amerid-
Corp.,
-
Selective
Costello.
—
Md.
Securities
scribed shares will be offered publicly. Price—To public,
$6; to stockholders, $5. Business—Company plans to en¬
;
•
Underwriter
Hills,
Spring,
Seaboard
B share and
common. Price — $2.
entertainment. Proceeds—
Angeles.
Beverly
Silver
common
subscription by stockholders oi Ten-Tex Corp., parent,
of record Feb. 1, 1963 on the basis of one. unit for' Cach
150 conamon shares held.
Price—$100.
Business—Sale
and lease of machinery for production of tufted textile
to
ate,
investment, and working capital. Office—
7th
Russotto
Ave.,
American
("Reg. A") 3,000 units each consisting of
6%%'10-year debenture, 25 common shares and pur¬
chase warrants for 100
'
,*
1962 filed' 500,000 common, of which 405,000;
be offered for subscription by holders of the A,
B and C stock of Selective Life Insurance
Co., an affili¬
sys¬
'
Thayer
Selective
are
75,000
Business—Sale of travel and
one
be
Feb; 28,
Monica, Calif. Underwriter—White, Weld & Co.
Inc., New York. Offering—Indefinite.
Nov.
will
(same address).
Santa
Recreation
registration
.<
writer — North'
1, 1962 filed 100,000 common, of which 75,000 will
be sold by company and 25,000 by a stockholder. Price
—By amendment (max. $10).
Business—Design and
tems, and integrally lighted switches. Proceeds — For
product improvement and development, working capital,
and other
corporate purposes.
Office—1631 10th; St.,
Note—This
July 25, 1962 filed 200,000 class A common. Price—By
amendment (max. $2.50). Business—Ownership and de¬
velopment of real estate. Proceeds—For working capital.
Oct.
monitoring and warning
Ten-Tex, Inc.
Dec. 31, 1962
Seaboard Land Co.
gaged in manufacturing, engineering and research under
Defense Department contracts; also manufactures ball
point pens, points, mechanical pencils and desk; sets.
% Proceeds—For equipment and working capital. Office—
Little
Falls, Passaic County, N. J,
Underwriter—
Schweickart .& Co., New York.
'Radar Relay," Inc.
manufacture of electronic
Calif.
withdrawn.
be offered for the company and 40,000 for certain stock¬
holders. Price—By amendment (max. $6). Business—En¬
Government Bonds and in new subsidiary. Office—801
Lafayette Life Bldg., Lafayette, Ind. Underwriter—AmoInc., (same address).
;
J?;
Underwriter—Cantor. Fitzgerald & Co.. Inc..
Hills,
company.
•
.
•
.
Volume 197; /Number: ,6236 /.«.The
Commercial and Financial Chronicle
(605)
• White Photo Offset, Inc.
(2/18-21)
contamination •/July 13, 1962 filed 100,000 common. Price—$3.50. Busi¬
For debt repay¬
control and ultrasonics.1 Proceeds-^-For debt repayment, p ness—Photo-offset printing. Proceeds
equipment, advertising: and other corporate./purposes. / ment, equipment and working capital. Office—142 W.
Office—1695 Elizabeth Ave., Rahway, N. J. Underwriter / 26th St., N. Y. Underwriter — K-Pac Securities Corp.,
control. /Company alsb acts as
-
/
★ -Green Shoe Manufacturing Co.
&HeS; agents and Zdistrife
v /
Feb. 6, 1963 filed 170,500 common. Price—At-the-market.
Business
Manufacture and sale of children's shoes.
utors of allied equipment in the fields of
./
.
/
New York.
'./■:.^None;//;/Z/%/;///^
Exchange, Inc.
/}':,/ '•/
Nov. 29, 1962 ("Reg. A") 100,000 common.: Price^$3.
/ Business—Operation of retail stores selling and trading
cameras, films and other photographic equipment. Company also. sells, radios,- tape recorders,
dictating ahd
/-, photocopying machines, and provides a film developing
/and printing; service.
Proceeds—For new stores and
/ camera concessions.
Office—25 W. 43rd St., N. Y. Underwriter—Ingram/Lambert & Stephen, Inc., 50 Broad
St., New York.' Offering^Expected in "March./1 *
/
United Camera
•
Widman
j
,
.
•
Inc.vi
^
,
stock. Prlcer—S1®
share/Business^A-new mutual fund. Piveeeds-^fFor
/ investment. Office/-50 W; 9 th Street, - Kansas- City, Mo
J IJnderwriter^Waddell
/
•
•
;
Urethane of Texas, Inc.
/''/
?
drawn.
/
t>e offered iny units of one share of
$5.05
per
•! leasehold expenses and /other corporate/purposes. Office
—2300 Republic; National. Bank Bldg., Dallas.
Under*
J writer r# First ^braskarsecurities /Cbrp;, Lihcolii; Neb Z
'
poses. Office—1005 First
writer—To be named.
'
,
,
Valley Investors, Inc.
/
Inc.
1
★ Kansai Electric Power Co., Inc. (3/11-15)
Feb. 6, 1963 filed 1,300,000 American Depositary Re¬
ceipts. Price—By amendment. Business
An. electric
utility, serving the Osaka-Kyoto-Kobe area., Proceeds—
For: expansion*/Addresss-Osak^,/Japan,. UnderwHters-4-,
.
Jan. 23, 1963/filed 328,858 common. Price—$1. Business
new
mutual fund. Proceeds—For investment. Ad- *
—A
dress—Sidney, Montana. Underwriter—To be named.
Ave., Asbury Park, N. J. Under¬
Jan. 28,
Corp.
A
shares
held.
residential
lanta.
-
•
capital. Office—565 Fifth Ave., New York.
'
$250,000 of 7%
1973./ Price—95%
il
Wallace & Tiernan 4nc.
(3/14)
36,
1962
("Reg. A";
_
,
jjips /Angeles.^ Underwriter-^None.r///" • •*:
:.>BusineSifrQpWation of underground cold storage ^
principal
For
>
poses.
•
/
Effective
general
Hynds
,
corporate
Bldg.,
pur-4
Cheyenne,
Registrations |
The following regtstratiqn statements were xfcctared effective this Week hy the SEC. Offering
.....t
detaUsy Where available, will be carried in the
^ AtlanticGas LightCo. (2/37)
Feb. 1, 1963 filed $27,000,000 of first mortgage bonds vMondMxyiissu&of the ^Ckrom^
Z,; ///i i L
due 1981 (wth attached warrants.) and 150,000 common
U-due March 1, 1988. Of the total,/ $17,000,000 principal
r
'
;
.
/
* »
,
♦
1
to be offered in units consisting of one $1,000 debenture
amount will be ready for delivery about March -6, and /
11
:
,
g ^
arid pne; warrant/to/purchase/55 common .sharps/;Price : thebalance, on or about Aug. -15. Proceeds—To redeem' * t F~^/
"
"
amendmentUBusiiies$-^Manuf acture of double „waUi approximately/$17;000,006/hf/o6tstahding. 5% %, bonds
American Gas Co.' /- / / *
V* > :
; ;
.
gas vent sy^tenas, - prefabricated, chimneys^ roof drainage
due 1982 and 1985; retire outstanding 3 % bonds matur- -;$3,300,000 of 6V2% sinking fund debentures due Jan. 15,
;*/ ^
Wallace (William);Co.'
! . / ,
f \
Jan. 9, 1963 filed $2,500,000 of subordinate debentures-
|
11
,
If /,
$
412-413
Issues Filed With SEC
/':/ «*. /^erSi,OfHce^^Main/Sti^Belle1villepvk/JKUiSei^i^ters^
1
construction and
•:
— Manufacture of chemicals, equipment
and pharmaceuticals. Broceeds-^For selling stockhold-
[
plant
Address—Suite
Wyo. Underwriter—C. B. Hoke-Agency, Cheyenne, Wyo.
/'
:' ment. Business;
f
^•>>
iuu,000 commop. Price—$3.
/ Jan. 16, 1963 filed 256,000 common. .Price—By amend-
.
*
.
conv
2117 N. Wayne, Chicago. Underwriter—None.
p::
".'
Feb. 1, -1963 - filed 30,000 shares of beneficial interest.
Price—$100. Business — A real estate investment trhst.
Proceeds—For investment. Office—4900 Wilshire Blvd.,
/sale of cleaning equipment and materials. Proceeds-^For
debt repayment and other corporate purposes. Office—
<
|
f.
of
Se¬
Service,
1 ^-H'v
»
^Sutro Mortgage Investment Trust
cleaning of
carpets, furniture, floors*fetc., and the manufacture and
}'■
P
due
Investment
.
on the basis of one share for
each three shares held. Unsubscribed shares will be sold
Business—Sale of franchises for on-location
-
I
23,1962 filed
Zero Mountain. I2/18^
March
York.'/
: •Weuger ServiceMaster Co. ^
bentures
■
scription by stockholders
] .ProceedsFor debt repayment, equipment, expansion
-Nov.
Proceeds—For
if Stone Mountain Scenic Railway Co., Inc.
Jan. 22,1963 filed 105,000 common to be offered for sub¬
berry & Co., St. Petersburg, Fla. Offering—February.
.
/
{
Z"-/Jv;,iS' fa
/:■;*;
ventory, research, and other corporate purposes. Office
—Packinghouse Rd., Sarasota. Fla
Underwriter—Hens-
'
■
Price—$2.50. Busi¬
estate.
Electronic Products, Inc.
to the public. Price—To stockholders, $5.50; to public,
1962 filed 140,000 common. Price—$3. Business
$6.50. Business—Operation of a scenic railroad. Proceeds
—Manufacture, development and assembling of precise
For /general corporate purposes; Address
v Stone
electronic replacement components for radio, TV and>
Mountain; Ga. Underwriter—None,
industrial
use.
Proceeds—For
debt
repayment,
in¬
'Vend-Mart"iric, : / /;•.„■/
,//Z
:/^Jan*; 22, 1963 filed/60,0i00Tc6ihmoh./Price~r$4. eBusiness1
^Operation/of c6in4pperated automatic ice cube yepding
machines and clothes;/w^shing/ahd^drying /machihesi:
/
Underwriter—Overseas
ville, Spain.
per
real
Workman
«
St.,. Los Angeles. Underwriteiv-To ;be/named/?//
Underwriter—M. G. Davis & Co., Inc., New
common.
commercial
Oct. 25,
-
and working
and
corporate/purposes^/Office—82 Baker St/ At¬
general
unit. BusinessReal estate. Proceeds—For debt repayment and realty
acquisitions. Office—10 East 40th St., N/ Y, Underwriter
/--5/ E; Securities, Inc., 10 East 40th Street,-New York,
Note—This registration will be withdrawn. /
Price—$500
1963 filed 1,250,000
ness—Company plans to develop mobile home parks and
26,
class
Valu-Rack, Inc;j
/. May 4,: 1962. filed 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 pf ; health and beauty aids, housewares,
kitchenwares,-. wearing apparel1 and /other goods.
Proceeds-^For debt ■repayment./ Office—2925 S.' San Pedro
i
Merrill Lynch, Pierce, Fenner. & Smith Inc., and The
Nomura Securities Cp., Ltd.,* New York.'
' '
/ 1
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
Jan.
-
;N,e Wi Yor^l::/;^;'///'
if Mobile Home Parks Development Corp. I
Wolf
:
f
//
Electronics,
—
★ John's Bargain Stores Corp. (3/5)
/ I;
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./Ofhce/s- .1200 /Zerega/ Ave.^
Bronx, N. Y;, Underwriter—Hayden, Stone & Co.; Inc.*
28, 1961 filed 125,000 common. Price—$4. Business
—Design and manufacture of precision electrical and
electronic measuring devices and test equipment. Pro¬
ceeds—For debt repayment and other corporate pur-
,
5rf6ams:®Pwfceie^
//
$12.50. Business—Writing of life, accident and
Proceeds—For general corporate pur¬
poses. Office—216 E. Monroe Se, Springfield, 111. Under¬
writers-Horace Mdnn Investors Inc.; (same address),/
Dec.
/ ufethane
Offering—Temporarily postponed.
Price
health insurance.
://■'■:/
Winslow
;ea<m: class//Pricfc--
/unit/^
willlbe with¬
.
.
—
Feb. 14. 1962 filed 250,000 class A and 250,000 common to
;
son
★ Horace Mann Life Insurance Co.*
Feb. 1, 1963 filed 200,000 common, of 'which 80,000 are
to be offered by company and 120,000 by stockholders.
Inc.
Co., New Orleans^ Note-—This registration
Reed, Incs, .Kansas City, Mo
/
(L.
Wiener Shoes
per
,
selling stockholders. Office—960 Har¬
Ave., Boston. Underwriter—Paine, Webber, Jack¬
& Curtis, Boston.
'
rison
April 2* 1962 "filed 80,000 common. Price
By amend-,
ment (max; $11); Business—Operation of, a chain of shoe;
;
stores'. Proceeds—For debt repayment; expansion / and
working capital. Office — 808 Dakin St., New Orleans.
Underwriter
Howard, Weil, Labouisse. Friedrichs &
.
United Variable Annuities Fund,
April 11, 1961 filed,2,500,000 shares of
i
—
Proceeds—For the
F-), Inc.
Oct. 27, 1961 filed 162,000 common, of which 102,000 are
to be offered by the * company and 60,000 by stock¬
holders. Price—$3. Business—Operates a chain of retail
drug stores/ Proceeds—Expansion, equipment and work¬
ing capital. Office—738 Bellefonte Ave., Lock Haven, Pa.
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
v
'
..*'*■
33
■
•,/
>*
It'
•
v
equipment, stove pipe,, and Sittings. Proceeds—For loan
repayment and working capital. Address—230 Park Ave.,
.New/York; UnderwTiters--fRpyn.6lds & C6i,r Ind./.and P;Z
ing Sept. 1, 1963; repay bank loans, and for construction
and other corporate purposes. Office—243 Peachtree St.,
N. E., Atlanta. Underwriters—Stone & Webster^ SeCuriYork;^ Offering¥^Expected 1-1 ties Corp/^^ and First Boston Cbrp., "New Yotk/.
/ ' '
/.V in;mter Februaryj:
:r 1
"V/////; /.
Gevetopment Co., Inc.
.
.
/
/ W.cBrboks^^^
.
,
.
,
1978 and 230,000 common-shares offered in units of one
$20 debenture and two shares, at $25 per unit, by A. C
/ Allyn & Co„ Ghicago and
Walston & Co., ^nc./New York,
^
,
./Bell Telephone :Co^ of Pennsylvania
v /
n ;
^
,$50,000,000 of 4%% debentures due 2003 offered at 101.- :
24, 1963 ( Reg- A ) 60,000 common. 'Price.
$15. * 625% and accrued interest, to yield 4.29%, by First Bos/ ./- Aug. 29; J96L filed 1^743,000 common. Price—By amend- - Busine^^Estaj^shmentHpf a winter and summer sports
. ton
CorD
York
i qf/Jiner-type
/:
;C8rgoes;/^aTjgS3 Proiwd^-rXFor general *cbrporate ..purposes/ Address / ; v,.
^
<■ :z v /■
p/•. .P^oce^^Fqr theinir^^e cf, vessels, and working ^p- ///^Bariner Elk/ N. C. Underwriter—None;
/;
/ -r v 1 / Caldwell Publishing Corp.
-{Saint iJoseph^JSL,ZMobilb, Ala. Uaider- /'' '
100,006:; common offered at $3.50 per share by S. B. Can-»
■
4wiicr-:ShiSs &IS0
★Brooklyn Union Gas Co. (2/27)
tor Co., New York;
5?^'W')' /Offcrinc—
fi
Feb. 4, 1963 f..p. $12,000,000 nf first mortgage bonds due
filed CIO ooo nno of first r
-T^nporatiiy ^slpginedv ' .
Greatamerica Corp.
1988. Proceeds—For repayment of bank loans. Office.—
Z /^ /Western/Empire^Real Estate lnvestmentk
2,500,000 common shares offered* at1 >$16 per share* by i
195 Montague St., Brooklyn, N. Y. Underwriters-^-(ComWaterman -Steamship Corp.
..
Jan.
V
'
Jari.-21,.1963 'filed $9,000,000 6f -subordinated debens. due ;Exp?cted ;Feb' 27 (H a-ra-.EST).
19Jt8/ Price^r-®y amendment. Proceeds—For/debt: /★ Danac RbaI Estate Investment Corp.
Feb. 15,
;
^
ritieg Corp., New-York. Offering—Imminent.
//Western
"Travel,•Jnc.V:/7'-;//;/7;/r *.;/'//
\ Oct. 29, .1962 ('-Reg. A'') 187,000 common/Price — $1.
*;1 Buslness-^Operation ■* of motels, hotels, restaurants ahd
Z
.
I
j
related businesses; Proceeds-^For completion of a motel
.-/ aud working capital. Gffice—290 N. University Ave.,
/.> 'Prbvo> Utah*;; Underwriter---Westerh
Securities, Inc.,
ment, and other corporate purposes* Office^—1710 ChapAve., Rockville; Md. Underwriter — Ferris & Co.,
Washington, D. C.
.,
''/>• /
/
z *
Z
? /;
cSUon.
f
^^
Whee ten & Rya n,. I itc.
.Jtad-
,
;
preferred
shares
at
pef
.
—
.
-New York.,(Issue was exempted from SEC registration).
Olympia Record Industries, Inc. . '/•
x
Proceeds—For general corporate> purposes. Office—146'> 53,000-class A shares offered at $5 per share
//; Old Country Rd., Mjneola,rN, rY.*U^J®<widter^N<)he.
Town Securities ^orp.j New Yprk. ; ;
ness
fehare 'by
$9,000,000 of U. S. Government Insured Merchant Bonds,
4.20% S. S. Brasil Series, offered at par and accrued
interest by Lehman Erothers and Kuhn, Loeb & Co. Inc.,
.
,
4.56%
Moore-McCormack Lines, Inc.
-
man
/ /
VtaJv.
200,000
Company plans to write automobile insurance.
V
i
•, * -
.
by :Mid<r
.
?
/
-: %★ Fischbach A Moore, -Inc. -i'/Z
•■1
./. Southern Public Service Co. ///
; /
- ."v /*/.( July^<30, .1962;^filed/80,060;bommoh.^ Price^i2^ Bus!- •
Feb/ 4, 1963, Tiled' 75,000 common. Price^By amend- ;/ $14,000,000 of 4%% first mortgage bonds due Jan. 1,
,®*»8-~Acquisitioiiofleasesandproduction'Ofoiland gas. • ment (max. $25).,Businessr—Companyis engaged-in vari- :Z 1993 ,bffered.at. lOA-75%; and, accrued /interest to yiel^;
/ ■' ~^oceeds-v/;Fof ^epayrhem of debt and bthei1 Corporate • - ouS types of Electrical Cbhtracting. Proceeds^-For^selling ' 4.33 % by Dillon, Read & Co. Inc., New/York.
•?/ ," * c
--p
Tulsa. Underwrrter/stockholders.Address
545 Madison Ave./New York.
'
■
/ f*
*
/* /-,> W'*
-j 'i£# •'/rfH.v
.1 ■ 4Z.-//v,/%/rZrUndOTwtitei!^AHenn8cGo.vNew~YoFkr,
V/;V*.*/
r
,
.t
...
......
,
...
..
.r.
lC
—
.
^
.
34
The Commercial and Financial Chronicle
(606)
Continued from page
Chicago Burlington & Quincy RR 7
33
Jan.
16, 1963, following the sale of $6,300,000 of equip¬
certificates, it was reported that $14,700,000
of certificates 'remain to be sold in 1963, in two or more//
instalments. Office
547 W. Jackson Blvd., Chicago.
Underwriters— (Competitive).
Probable bidders: Salo¬
mon Brothers & Hutzler; Halsey, Stuart & Co. Inc.
////■/:
ment trust
ATTENTION UNDERWRITERS!
—
.
you're planning to register?
News Department would like
Do you have an issue
Our, Corporation
•// to know about it so that we can prepare an item
*
Would
telephone
you
us
at 25 Park Place,
us
Alabama
at REctor 2-9570
New York 7, N. YJ
(5/9)
Co.
Power
or
(3/7)¥^$
/jl^nooh/EST) ataboye'address.r-'
if Columbia Gas System, Inc/ 1 ./■/*'/.
*
Feb. 5, 1963 it was reported that the company plans to
sell
about $50,000,000
of 25-year debentures, half in
•"•v
ham, Ala. Underwriters—(Competitive). Probable bid¬
ders:
(Bonds): Blyth & Co., Inc.-Kidder, Peabody &
Co. (jointly); Lehman Brothers; Eastman Dillon, Union
Securities & Co.-Equitable Securities Corp.-Drexel &
Co. (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.; Stone & Webster Securities Corp. Bids—Expected
May 9, 1963.
June and the balance in October. Office—120 E. 41st
Community Public Service Co. * /
16, 1963 it was reported that this company plans/'
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.
Jan.
to
•
Atlantic City
Electric Co.
(3/6)
1963
Consumers
Power Co*
>
.
^
Jan. 16, 1963 it was reported that the company plans to
sell $40,000,000 of bonds in the second half of 1963, orin 1964. Office—212 West Michigan Ave., Jackson, Mich. -
+ Hartford Electric Light Co.
Feb.
6, 1963 it was reported that this utility plans to
$151,000,000 of first mortgage bonds in the first or
second quarter. Proceeds—For construction. Office—176
Cumberland Ave., Wethersfield, Conn. Underwriters—To
sell
be named. The last sale of
handled
on
negotiated
a
York;
Putnam
&
bonds in
October
1958,
was
basis by First Boston Corp.,
Co., Hartford, and Chas.XW.
Co., New. Haven,
y
-"
V.
(
•
*,
-!*• >3:/'
if Hawaiian Telephone Co*
v
/•'">
Feb. 4, 1963, the company announced plans to sell about
$9,000,000 of common stock late in the'third quarter.
Details have riot been decided upon. However,' in the
period August 1937 to October 1961 the company offeried
common to stockholders through subscription rights, T4
times. Office—li30 Alakea St'./ Honolulu. Underwriter
—Kidder, Peabody & Co., New York. •'
'T*
*
-1
•
^
Interstate Power Co.
'
■
Jan. 16, 1963 it was reported that this company plans
sell $6,000,000 6f first mortgage bofids arid $3,000,000
to
of
Street,
Underwriters—(Competitive),; Probable bidders: Halsey, '
& Co, Inc.; White,: Weld & Co.-Shields & Co. I common stock in May 1963./ Office—1000 Main
(jointly); Harriman Ripley & Co. Inc.-First Boston Corp. **' Dubuque, Iowa. Underwriters— (Competitive)'." Probable
bidders: Merrill Lynch, Pierce, Fenner & Smith Inc.(jointly); Morgan Stanley & Co.
•
»
:
'
Kidder, Peabody & Co. (jointly); Halsey, Stuart & Co.
« Eastern
Freight Ways,
Inc.; Salomon Brothers & Hutzler J White, Weld & Co.
Oct. 9, 1962 the ICC authorized the company to issue
^ r"-', i
I'7 '■* *
^ 1
V '
'
*"
'■ •'
Iowa Power & Light Co.
100,000 cdtftfobfr. Price-^-By* amertdirient (mih/ $5>. Busi^
"
'fiess^A ihot^ir'Vehicle common carrier operating in nine
Jan. ,16, 1962 it was reported that the company plans
eastern states from Vermont to Virginia. Proceeds—For * to sell $10,000,000 of bonds in the fourth
quarter. Office
—823 Walnut St., Des Moines. Underwriters—(Competi¬
working capital, debt repayment and advances to sub¬
sidiaries. Office
Moonachie Ave., Carlstadt,- N. J.
tive). Probable bidders: First Boston Corp.; White, Weld
Underwriter—Allen & Co.. New York.
& Co.; Halsey; Stuart & Co. Ine.; Equitable Securities
Corp.; Kidder, Peabody & Co.; Eastman Dillon, Union
Food Fair Properties, Inc. /
Securities & Co.; Lehman Brothers; Blyth & Co.
?; ;
May 11, 1962 stockholders authorized the company to
Stuart
Ave./ Atlantic City, N, J. Underwriters—
(Competitive). Probable bidders: White, Weld & Co.-
Shields & Co.
v
1964. Proceeds—For construction. Address—Sel- /
'
(
(jointly): Kuhn, Loeb & Co., Inc.-Ameri¬
Corp.-Wood, Struthers & Co. (jointly);
Lee Higginson Corp.; Halsey, Stuart & Co. Inc.7 White,
Weld. & Co.-Shields & Co. (jointly); First HOstoh3Corp.Drei'el & Co. (jointly); Eastman Dillon, tFnibrir Securi\ ties & Co.-Smith, Barney & Co. (jointly); Blyth & Co.
Bids—Expected March 6 (11 a.m. EST) at Irving Trust
Co., One Wall St./ New York. Information Meeting—
March 1 (11 a.m. EST) at some address.
or
St., Berlin, Conn. Underwriters—To be named. The
last public offering of bonds on Jam 20,* 1960 was/
handled by Morgan Stanley & Co.-Putnam & Co.-Chas.
W. Scranton & Co.-Estabrook & Co. (jointly).
—1600 Pacific
can
of 1963. Office—285 Liberty Ave., Beaumont, Tex.
Underwriters—(Competitive),;. Probable bidders: Stone
& Webster Securities Corp.^Lehman Brothers-Equitable
Securities Corp./(jointly); Glore, Forgan & Co.-W. C.
Langley & Co. (jointly); Lee Higginson Corp. v
v*
Scranton &
den
Jan. 22, 1963 it was reported that the company plans to*
sell $15,000,000 of first mortgage bonds due 1993. Office
;i
Light & Power Co.
10, 1962 it was reported that the company is con- *
sidering the issuance of about $22,500,000 of bonds in/
Of the total, 200,000 will be sold for the company
and 42,581 for certain stockholders.
The issue is exempted from SEC registration. Price—$8.50. Business—
A savings and loan company with branches in Utah and
Hawaii. Office—63 South Main St., Salt Lake City. Underwriter—J. A. Hogle & Co., Salt Lake City.
:
half
Dec.
ruary.
•
^
New
(2/11-15)
Jan. 29, 1963 it was reported that 242,581 shares of this
firm's capital stock will be offered publicly in Feb¬
.
St./*;.
Underwriters—(Competitive). Probable bid¬
ders: Morgan Stanley & Co.-First Boston Corp. (jointly);
Merrill Lynch, Pierce, Fenner & Smith Inc.-White, Weld
& Co. (jointly); Halsey> Stuart & Co.
;
-7
Utilities Co.
Gulf States
Jan. 29, 1963 the company announced plans to sell*100,000 shares of preferred stock (par $100) in the second
New York.
Connecticut
Savings & Loan Association
:
„
$5,000,000 of preferred stock in May. Proceeds
—For construction. Office—600 North 18th St., Birming¬
American
Ion, Union Securities & Co. (jointly); Blyth & Co.-Kidder, Peabody & Co.-Shields & Co. (jointly)
Halsey,
Stuart & Co. Inc.; First Boston Corp.; Harriman Ripley
& Co.; Morgan Stanley & Co.; Lehman Brothers.. (Pre¬
ferred): First Boston Corp.; Lehman Brothers; Blyth &
Co.; Eastman Dillon, Union Securities & Co.-Equitable
Securities Corp. (jointly); Morgan Stanley & Co. Bids
—Expected Nov/-1963^;^/r^^>v:*:^
■
.
bonds and
%
Thursday, February 7, 1963
issue
Jan. 22, 1963 it was reported that this subsidiary of The
Southern Co., plans to sell $13,000,000 of first mortgage
.
.
Nov.
Prospective Offerings
;
.
Chicago Union Station Co.
28, 1962 it was reported that this company will
•v
Great Northern Ry.
$48-$50 million of first mortgage bonds in May/v
/Jan.30, 1963 it was reported that thi? road plans (to^
1963. Proceeds—To refund outstanding 3 Vs % and 2 % % V
sell $5,250,000 of equipment trust!certificates in March.,
bonds maturing ?July ^ly 1963; Office—210 S. Canal St., *
Office—39 Broadway, New York; Underwriters—(Com¬
Chicago/Underwriters — (Competitive)r.Probable bid-;
petitive). Probable bidders: Salomon Brothers & Hutz¬
ders: Kuhn, Loeb & Co.; Halsey, Stuart & Co. Inc.; Kid-'/;:
ler; Halsey, Stuart & Co. Inc. Bids—Expected Marcfy 7
der, Peabody & Co. ::t^^
similar to those you'll find hereunder.
H write
^
.
Securities
:
*
%
t
»
•
"
.
—
.
Atlantic Coast Line RR (2/18)
,
Jan. 15,
1963 it
^
reported that this road plans to sell
was
J about $3,600,000 of 1-15
year equipment trust certifi¬
42nd St., New York. Underwriters
—(Competitive). Probable bidders: Salomon Brothers &
cates.
Hutzler;
Halsey, Stuart &/Co. Inc.
EST) at above address., v.
noon
Bethlehem
fv
issue 756.000 shares of
Office—220 E.
Dec.
3,
Steel
Co.
Bids—Feb.
*
18
which will be
; tion
'
"-T
New York.
was
to
Power
Central Illinois Light Co. (3/11)
'/
;
„•
2, 1963 it was reported that this utility plans to sell
$9,375,000 of first mortgage bonds due 1993 in March,
April
a
like amount of 3V4 %
bonds due
Illinois
it
Public
able
bidders:
Servlca Co.
was
Eastman
Jamaica,
N.
Y.
sale of bonds
now
Other bidders
,
on
were:
•
,
,
plans to sell $25,Office
—
2020
J-
Dec.
Massachusetts Electric Co.
•
Georgia Power Co. (11/7) y
'
Jan. 22, 1963 it was reported that this subsidiary of The
Southern Co., plans to sell $30,000,000 of first mortgage
bonds and $7,000,000 of preferred stock/ in» November.
.
Dillon, Union Securities & Co.Equitable Securities Corp. (jointly); Blyth & Co.-Kidder, Peabody & Co.-Merrill Lynch,
Pierce, Fenner &
Smith Inc.
(jointly); Halsey, Stuart & Co. Inc.; Salomon
Brothers & Hutzler; First Boston
Corp.; Lehman Broth¬
Proceeds—For construction. Office—270 Peachtree
Bldg.,
Atlanta. Underwriters —
ers-Bear, Stearns & Co. (jointly).
ders:
sell
Laguna Niguel Corp.
11, 1962, Gerald W. Blakeley, President, stated that
the company is "seriously considering" the issuance;of
about $10,000,000 ■ of debentures to redeem its 60-cent
cumulative class A stock. Mr. Blakeley said class A divi¬
dends must be paid from after-tax earnings,' meaning
the company has to earn 12% of gross revenue, whereas
ic General Telephone & Electronics Corp/yy/,^': interest on debentures is an expense iterri, so the com¬
Feb. 5, 1963 it was reported that this company plans to
pany would have to earn only 6% to provide the same
sell $50,000,000 of sinking fund debentures in March or : return. Business-—Acquisition, development and manage¬
April. Proceeds^—To repay bank loans, make advances to / ment of real properties.- Office — 32802 Pacific Coast
subsidiaries, etc. Office — 730 Third Ave., New York/; Hwy., So., Laguna, Calif. Underwriter—To be named.
Underwriters — Paine, Webber, Jackson &
The last financing for the company was handled .by
Curtis, and
Stone & Webster Securities
Paine, Webber, Jackson & Curtis, Boston./ -.
/
:
Corp., New York; Mitchum,
Jones & Templeton, Los Angeles,
(11 a.m.) at 16 Wall St.
reported that this company plans
to issue about
$10,000,000 of first mortgage bonds in
1963. Proceeds—For construction.
Office—607 E. Adams
St., Springfield, 111.
Underwriters—(Competitive). Prob¬
1962 it was reported that this utility plans
$3,000,000 of mortgage bonds and $2,000,000 of
preferred and common stocks. Proceeds—For debt re¬
payment, and construction. Office — 161-20 89th Ave.,
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).
' :V '
1
Lynch, Pierce, Fenner & Smith Inc.-Stone & Webster
Securities Corp. (jointly);
Blyth & Co.-Lehman Brothers
& Co.-Salomon Brothers &
Hutzler (jointly). BidsMarch 11 (11 a.m.
EST) at 300 Park Ave., New York.
1962
March 20,
,v
Santa Monica
—
Central
.
to
000,000 of first mortgage bonds in June.
1963.. Office—300 Liberty St., Peoria, 111. Un¬
derwriters
(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; First Boston
Corp.; Kidder, Peabody
& Co.; Eastman
Dillon, Union Securities & Co.; Merrill
July 10,
V
.
Co. Inc.; Kidder, Peabody & Co.-White, Weld
& Co.
Co. of California
(jointly); Eastman Dillon, Union Securities & Co.-Mer¬
subsidiary of Gen- |
rill Lynch, Pierce, Fenner & Smith Inc. (jointly)/ >
Feb. 5, 1963 it was reported that this
eral Telephone & Electronics Corp.,
1,
Information Meeting—March 8
(2nd floor), New York.
.
the
General Telephone
Jan.
Proceeds—To refund
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¬
,
1
—
/
Offering—Indefinitely postponed.
voting control of the company. The stock,
held by the Attorney General, was seized in 1942
Co.
though a final decision has not been made. Office—2885
Foothill Blvd., San Bernardino. Underwriter
Merrill
Lynch, Pierce, Fenner & Smith Inc., New York.
7
"
Nov.
Underwriters—To be named. The l&st
May 3, 1956 was made by Blyth & Co.
Halsey, Stuart & Co, Inc.; Kidder,
as a
Peabody & Co.; White, Weld & Co. > The last several
German asset. No date has been set for the offering
Issues of preferred were sold privately, The last sale
which need not be registered with the SEC. Proceeds 1
of common on May 9, 1956 was made through Blyth &
from the sale will be used to reimburse American citi- \
Co., Inc.
zens for losses of life
and property during World War
II. Business—Company is a leading domestic producer '
Kentucky Utilities Co*
/
»;
of dyestuffs, chemicals and photographic materials. Of- s Aug.
1, 1962 it was reported that this utility plans»to
fice—111 W. 50th St., New York. Underwriters—(Com¬
sell approximately $15,000,000 of 30-year first mortgage
petitive). Probable bidders: Bache & Co.; Blyth & Co.bonds, in the first quarter of 1963. Office—120 So. Lime¬
First Boston Corp. (jointly); Lehman Brothers-Kuhn,
stone St., Lexington, Ky.
Underwriters—(Competitive).
Loeb & Co.-Glore, Forgan & Co. (jointly).
Probable bidders: Blyth & Co., Inc.; Halsey, Stuart &
of
reported that this company plans
in the third or fourth quarter of
raise new money
1963. A spokesman for the company stated that the util¬
ity is thinking of selling 380,000 common shares, al¬
// Iowa Public Service Co..
;
l-for-10 basis.
Corp.
On Oct. 22, 1962, President Kennedy signed a bill authorizing the Government to sell its holdings of 540,894
class A and 2,050,000 class B shares,
representing 98%
The last public sale of securities in
May,
1955, was handled by Kuhn, Loeb & Co., and Smith,
Barney & Co., New York.
Electric
a
General Aniline & Film
—To be named.
29, 1962 it
on
,
added that this would not be required in the immediate
future. Office—25 Broadway, New York. Underwriters
California
convertible preferred stock
,
1962, Arthur
B. Homer, Chairman, announced
that the company, will embark on a
$750,000,000 capital
improvements program to be completed over the next
three years. .He said that
approximately two-thirds of
the financing for the program will be
generated inter¬
nally and the balance secured externally. Mr. Homer
Oct.
new
Price—By amendment y:
Business—Development and operation of shopping cen-;/?
ters. Proceeds—To retire outstanding 6%
preferred stock
derwriters—(Competitive).
Probable bidders: Kidder,
and purchase up to $6,000,000 convertible debentures of
Peabody & Co.-Blyth & Co. Inc. (jointly); Eastman Dil¬
Major Realty Corp., an affiliate. Office—223 East Alleg- /
lon, Union Securities & Co.; Equitable Securities Corp.;
hany Ave., Philadelphia. Underwriter—To be named.
White, Weld, & Co.; First Boston Corp. ■"
*, ; .:
The last rights offering in December 1957 was under- /
M Jamaica Water Supply Co.
written by Eastman Dillon. Union
Securities & Co.,
"
1
5
(12
/v
1
rights
a
offered to stockholders through subscrip-
(Competitive). Probable bid¬
(Bonds): Equitable Securities Corp.-Eastman Dil*> *
Jan.
/
;
V"
16, 1963 it was reported that this company plans'to
sell $10,000,000 of bonds in the fourth quarter. Office—
441 Stuart St., Boston/Underwriters — (Competitive).
Probable bidders: Halsey, Stuart & Co. Inc.; First Bos¬
ton Corp.; Merrill Lynch/Pierce, Fenner & Smith Inc.;
Eastman Dillon, Union Securities & Co.; Kidder, Pea¬
body & Co.; Blyth & Co.-White, Weld & Co. (jointly).
Volume
Number 6236
197
.
.
.
The Commercial and Financial Chronicle
Michigan Consolidated Gas Co. (3/19)
Jan.
—215
South Cascade St., Fergus X Falls, Minn. Under¬
writers—(Competitive). Probable bidders: Halsey, Stuart;
& Co. Inc.; Blyth & Co. Inc.; Glore, Forgan & Co.-Kalman & Co. (jointly);-White,'Weld & Co,
;
reported that this company plans
to sell $30,000,000 of 25-year first mortgage bonds in
March. Office^415 Clifford St., Detroit. Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; Blyth-& Co., Inc.; White, Weld & Co.-Lehman
Brothers (jointly). Bids—Expected March 19,
-v.*
30,
1963 it
was
24, 1962 it was reported that this company plans
about $22,000,000 of first mortgage bonds in the
third quarter of 1963. Proceeds—For construction. Office
—500 Griswold St., Detroit. Underwriters—(Competi¬
tive). Probable bidders: Halsey, Stuart & Co. Inc.; First
Boston Corp.; Blyth & Co., Inct^
to sell
Ministry had authorized the
<-
•
0 •)■<■*>'>> ^"00*
itv wa§ reported that the Japanese Finance
company
of convertible bonds in the U. S.
/
bear interest of 6.5%. No decision has yet been made as
to whether the issue will be sold publicly or privately.
Buslttess^Productioh of; electrie.machineryy- Proceeds^;
For expansion :v Office—Tokyo; Japan;" Underwriter--*
Kidder, Peabody & Co., New York.
;
New England'Power Co.
Jam
16C 1963^ it;
was
1
:
-
:
Pacific Power & Light Co....
Co.-Salomon
Brothers
&
.
:
¬
Southern Union Gas Co.
.
Ave.,^Dallas. Underwriters — To be named. The last X
rights offering of preferred stock in April 1959 Was $
Co.*l Inc*i NcY,,; and At 0*1
Allyn & Co., Chicago*
,4•
handled by SnowK feweeftyXdt
.
curities & Co. (jointly); Kuhn, Loeb
Infe*-Salomon
Stuart &
Underwriters(Competitive);' Probable 'bidders: ^proeeeds^For ^onstruction ahd tho retiremont
000,000 of maturing bonds.. Office—9th and Hamilton
Co. •Inc.Lehman: BrothersSfcs.* xAllentown, Pa/ Underwriters^-To < be namod. The
Equitable Securities Corp. (jointly); Kuhn, Loeb & Co.;
last sale of bonds
1
.
Probable bidders: Salomon
& Hutzler; Halsey, Stuart & Co. Inc. Bids —
Northern
*
^
'
Illinois Gas
,
-
■
/
of
a
new
$6,000,000 retirement
residence in Seattle. Underwriter~-B, C. Ziegler & Co.,
West Behd, Wis.
Seaboard Air Line RR
Jan. 29,1963. it
sell
(2/2^)*f?^
:
Co.^.
competitive bidding $45,600,000 of 4^% bonds due Feb.
1, 1987. The Issue was Won by a group jointly managed
by Chase Manhattan Bank; Morgan Guaranty Trust Co.
0 Chemical Bank New York Trus| Co,; C.
and the First National Bank of Chicago.
*
^
^
wa^V^pbrte4^hat
CP.lao& lo
$6,360,000 of equipment trust 'certificates in-late
* Texas Electric Service Co. (3/26)
Feb.
This is the second installment of a total
$12,720*000. Office—3600 W. Broad St., Rich¬
mond, Va. Underwriters — (Competitive.) Probable
bidders: Halsey, Stuart & Co. Inc.; Salomon Brothers &
'
of
iHutzler. Bids—Feb. 26
?
(12
noon
20,' 1962 .the company stated that it plans to spend
$40,900,000 on construction in 1963, an undetermined
EST) at office of Will-
and Lamar Sts., Fort Worth* Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; First Boston Corp.; Eastman Dillon, Union Secu¬
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 (U a.m,
Seventh
kie, Farr, Gallagher, Walton & Fitzgibboir; One Chase
Manhattan Pla2a, New York.
Nov;
20, 1962 it was announced that the company plans
public offering of stock. Business—Operation of
its first
amount of which Will be raised
a nationwide network of franchised personnel consult¬
by sale of bonds. Office
Ave., Bellwood, 111. Underwriters—(Com- :: ants with offices in 35 major cities. Proceeds—For ex¬
petitive). Probable bidders: First Boston Corp.; Halsey,
pansion:; OfficeLi-l53d Chestnut St^ Philadelphia:: Under¬
Stuart & Co. Inc.; Blyth
"Co.,- Inc.-Equitable Securities :: writer-—To be flamed.
"
" *" - "
'•^
Corp. (jointly); Qlore^Forgan & COi o
Socony Mobil Oil Co., Inc.
:
\
*
Northern Indiana Public Service Co.
Jan. 22, 1963 the company announced plans to sell about
Jan: 27, 1963, the company stated that it plans to sell
$200,000,000 of debentures in early April. Business—Com¬
$25~$30>000,000 of first mortgage bonds sometime in 1963,
pany and its subsidiaries are engaged in the production,
depending on market conditions. Office — 5265 Hohrtlan - refining, transportation and distribution of petroleum
Ave., Hammond, Ind. Underwriters — (Competitive).
products. Proceeds—For general corporate purposes. Of¬
fice—150 E. 42nd St.v New York. Underwriter—Morgan
% Probable bidders: Halsey, Stuart & Co. Inc.; White, Weld
& Co.; Eastman
Dillon, Union Securities & Co.-Lehman
Stanley & Co., New York.
Brothers-Bear, Stearns & Co. (jointly); Equitable SeSouthern California Edison Co.
g curities Corp.; Dean Witter & Co.-Blyth & Co.-MerrillM
Lypch, Pierce, Fenner & Smith Inc. (jointly); First Bos¬
Jan. 16, 1963 it was reported that this company plans
ton Corp.; Kuhn,. Loeb & Co. to sell $60,000,000 of bonds later this year or in 1964.
; v
>
: :
t
-
—615 Eastern
EST) at same address.
Union Light,
.
Peabody & Co.
plans to
1963
or
.
Gas Co* of Calif.
14.
Washington Gas Light Co.
Aug. i, 1962 It was reported that this company plans to
sell $12,000,000 of 25*-year bonds, in the second quarter
of 1963.
Office—1100 H. St., N. W., Washington, D. C.
bonds in the fourth quarter. Address—P. O.
Box
2736, Terminal 'Annex, Los Angeles 54, Calif. Under¬
Jan. llv: 1963,>it was/reported that this
writers—(Competitive) Probable bidders: White, Weld
company plans
to Sell $25,000,600 of first
mortgage bonds due 1993 in V & Co.; Blyth & Co. Inc.; Merrill Lynch* Pierce, Fenner
"& Smith Inc.; 'Halsey; Stuart & Co. Inc.; First Boston
the last half of the year. Proceeds
For construction.
Office—15 South Fifth St.; Minneapolis. Underwriters—
(Competitive). Probable bidders; Halsey, Stuart & Co.
Southern Railway Co.
Inc.; First Boston Corp.-Blyth & Co.
(Minn.)
Underwriters—(Competitive): Probable bidders! East¬
man Dillon, Union Securities & Co.; Equitable Securities
Corp.; Kidder, Peabody & Co.; First Boston Corp.; Hal¬
sey, Stuart 8c Co, Inc.
.
„
;
i
(Jointly); Merrill
Lynch, Pierce, Fenner & Smith Inc.-Kidder, Peabody &
Co.-White, Weld & Co. (jointly); Equitable Securities
Corp.-Eastman Dillon, Union Securities & Co. (joihtly);
Lehman Brothers^Riter & Co.
(jointly).
Jan.
1963 stockholders authorized the company to
$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
; Northwestern Bell Telephone Co. (3/5 )
" \ / provide for additional capital expenditures. Offices—14th
Dec. 3, 1962 it was reported that this .A. T. &
T., subsidi- - and Canal St., Richmond, Va., and 70 Pine St., New
\afy Plans to sell$40,000,000 of.debentures to mature not-: York. Underwriters — (Competitive). Probable bidder^:
later than 40 years after date of issuance. Office—100 " First Boston
Corp:; Eastman. Dillon, Uniora Securities
So. .19th St., Omaha^"Neb:v
& Co.-Salomori Brothers & Hutzler (jointly); Halsey,
Underwriters—(Competitive).
Probable bidders: Halsey, Stuart & Co. Inc.; Morgan : Stuart- & Co. Inc.:
Kidder, Peabody & Co.VWhite, Weld
Stanley & Co.; First Boston Corp.-Eastman Dillon,
& Co. (jointly). Bids-^-Expeeted in Match. ':
■
'
Unipn Securities & Co. Bids—Expected March
'::
'
T
5, 1963
Southern Railway Co/ (2/14)
f: at 195. Broadway, New York.
>
'
-
Otter Tail Power
Jan.
Co0;';
16, 1963 it was reported that this company plans
$10,000,000 of bonds in the fourth quarter. Office
to sell
Western
15,
issue
.
"
■
-
'
'
'
-
.
.
Jan. 16, 1963 it Was reported that the company plans to
sell $4,020,000 of equipment trust certificates in Feb¬
Office—70 Pine St., New York. Underwriters—r
(Competitive). Probable bidders: Salomon Brothers &
ruary.
?
Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; Stone & Webster Securities Corp.;
White, Weld & Co.; Eastman Dillon, Union Securities &
Co.; Salomon Brothers & Hutzler. Bids~-Expected May
Jan. 2, 1963 it was reported that this subsidiary of Paci¬
fic Lighting Corp., plans to sell $27,000,000 of first mort¬
gage
'
16, 1963 the company announced plans to sell $30,000.000 of first mortgage bonds due 1993. Proceeds—For
.
Northern States Power Co.
-
construction. Address—7th and Franklin Sts., Richmond.
Angeles. Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; First Boston Corp., and Dean Witter & Co. (joint¬
ly).
:
Southern Counties
•
Jan.
Dodge St., Omaha, Neb. Underwriter—
yTo be named. The last sale of debentures on Nov. ,16,
f1960 was handled on ^ negotiated basis by Blyth'
Co.;
Inc., N; Y.
•
1
bonds in 1963.
Virginia Electric & Power Co. (5/14)
.
Northern Natural Gas Co*.
>
r
of
of
Office—139 East Fourth
St., Cincinnati. Underwriters—(Competitive). Probable
bidders: Halsey, Stuart & Co. Inc.; Blyth & Co.vlnc.First Boston Corp. (jointly); Merrill Lynch, Pierce, Fen¬
ner
&
Smith Inc.-Kidder, Peabody & Co. >(jointly);
Equitable- Securities "Corp.; White, Weld & Co.*;* Kidder,w
first mortgage
Office—601 West Fifth St., Los
Jan: 16, 1963 it was reported that this
company
sell $30,000,000 of debt securities sometime in
Heat & Power Co.
Nov* 21, 1962 Tt was reported that-this subsidiary
Cincinnati Gas & Electric Co., plans to sell $5,000,000
^
.
5, 1963 it was reported that this subsidiary of Texas
Utilities Co., plans to sell $22,000,000 of first mortgage
bonds due 1993. Proceeds—For construction. Address—
§rielling & Snelling, Inc.
>
"
Dec:
1964. Office—2223
Valley Authority
February.
derwriters—(Competitive.)
Expected March 25.
Tennessee
Oct. 3, 1962, A. J. Wagner, Chairman, stated that the
Authority plans to issue $50,000,000 of short- or longterm securities in the spring of 1963.
Proceeds--Fqr
construction. Office—Knoxville,* Tenn. Underwriters—.
To be named.
On Jan. 24, 1962 the Authority sold at
$1,000 each. Business—A non-profit corporation affiliated
with the Synod of Washington - Alaska of the United
Presbyterian Church in the U. S. A. Proceeds—To help
finance the construction
Bids—Expected May 1.
issue
(3/25)
Dec. 26, 1962 it was reported that this road plans to sell
about $5,475,000 of 1-15 year equipment trust certificates
in March. Office—8 N. Jefferson St., Roanoke, Va. Un¬
Brothers
Co.
02003,^will be! offered publicly iri: late February; Price—
April 1, 1863 to March 31, 1964. The financing
program is subject to approval by the Japanese Diet.
Business — Nippon Telegraph, wholly-owned by the
Japanese Government, furnishes domestic telephone and
telegraph services, without competition, in Japan. Pro¬
ceeds—For
expansion.' Office—Tokyo, Japan. Under¬
writers—Dillon, Read & CO.; First Boston Corp., and
i;
Smi,th, Barney & Co., New York.
^
:
that this utility plans the
,
6, 1963 it was reported that $3,504,000 of this cor¬
poration's FHA insured sinking fund bonds (yielding
4% to 5.1%), maturing serially Feb. 1, 1964 to Nov. 1,
cal year
Norfolk&Western Ry.
(2/19)
Feb.
Nippon Telegraph & Telephone Public Corp.
Dec> 19, 1962; it was reported that the company plans to
sell.$20,000,000 of bonds in the United States in the fis¬
Halstyf
$25-$50,000,000 of bonds due 1993. Proceeds
construction, and possible refunding operations.
Office—-111 No. Dale Maby Hwy., Tampa, Fla.. Under¬
writers—(Competitive). Probable bidders: Halsey* Stuart
& Co, Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.;
Stone & Webster Securities Corp.; Goldman, Sachs &
inc.; First Boston Corp.-Drexel & Co. (jointly).
ok Presbyterian Ministries, Inc.
(jointly);
0,
f
—For
prlitiye :Biddingfi by White, - Weld, &? Co., :and Kidder,
Peabody & Co. -Other bidders were Halsey. Stuart &
Co.
& Co.-Smith, .Barney &,Co.-Wei:theim' & CO. (jointly);
Equitable Securities Corp.-Kidder, Peabody & Co.-Lee
Higginson Corp.-White, Weld & Co. (jointly); Lehman
Brothers; Merrill Lynch^ Pierce^ Fenheri)&Bmith,iInc.
Co, Inc.,
& Co.-Blyth & Co.
& -Hutzler
sale of from
Nov* 29, 1961 was won at com-
on
Brother*
Feb. 5* 1963 it waa reported
*
.
p
it: Tampa Electric Co. (5/1)
(Bdhds) HOlsey, Stuart
Lynch, Pierce, Fenner & Smith Inc.-Kidder,
Peabody & Co.-White,• Weld*& Cov (jointly); First Bos¬
ton : Corp; ;(Preferred);:Firstr Bostbir Corb^peah?Whter:
•/;:
ifers0tCoMpetitive)v :PrObaDle bidders: Merrill Lynch0
Pierce, Fenner & Smith InC.-E&stihan DillOhv Uiiion: Se¬
ton,
Merrill
•
Jatf16;,1963 it was reported that thi^ bpmpahy plahs; to
sell $30,000,000 of first mortgage bonds in the fall of
1963. Office—428 Travis St., Shreveport, La. Underwrit-
Co»*Kidder,
/'■
,
.
Southwestern Electric Power
Feb. 20,1962. Jack.K. Busb^ President and C, E. Oakes,1
Chairman, stated that the company will require about
$93,000,000 in debt financing in the period 1962 to 1970,
^reported- that this utility1 plans: to
-sell: $10,000,000 of bonds -and $10,000,000 of preferred
stock in the fourth quarter. Office—441 Stuart St., Bos¬
'
Aug. 15, 1962 it was reported that this utility plans a
rights offering of $10,000,000 of convertible preferred:;
stock'in the first quarter of 1963. Office—1507 Pacific
y
Pennsylvania Power & Light Co.
/
'
(Competitive). Probable bidders:, Salomon Brothers &
Hutzler; Halsey, Stuart
Co. Infc. Bids~-March 27*' 12v;
noon EST) at above address.'
(joihtly);- Halsey,
:
29,
sell
March. This is the second instalment of
Co.;-White, Weld & Co. ( joint-'X
ly);. Eastman Dillon, Union Securities
Peabody & Co. (jointly). 0:00.^
;
—
^v*
Hutzler
Feb. 14 (12
Southern Railway Co.
to
%
Sixth Ave., Portland, Ore. Underwriters—(Competitive).
Prbbable ^bidders;/ Lehman 5 Brothers-Bfe^i^ -Stfearhs ^&
Stuart & Co. Inc.; Blyth &
—
35
1963 it was reported that this company plans
$4,020,000-of equipment trust certificates in
a total $8,040,000
issue. Office
70 Pine St., New York. Underwriters—
(4/2)
Nov, 28, .1962 it;waS reported that .the;company, plansto issue $30,000,000 of first mortgage bonds in June 1963.
Proceeds—To repay outstahding loans. Office—920 S. W.y
.
to sell $10,000,000
by March 31, 1963. It is
expected that the bonds would mature in 15 years and
*
Jan.
Jan. 28, 1963 it was reported that this company plans
to sell $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, Oregon and
Idaho. Office—1200 Third Ave., Seattle, Wash/ Under
writers—(Competitive). Probable bidders: Morgan Stan¬
ley & Co.; Halsey, Stuart & Co. Inc. Bids — Expected
April 2.
;
Oct,
Oct: 24', 1962
Hutzler; Halsey, Stuart & Co. Inc. Bids
noon EST) at above address.
; •
„
Pacific Northwest Bell Telephone Co.
Michigan Wisconsin Pipe Line Co.
Mitsubishi Electric Mfg. Co. "
(607)
Light & Telephone Co., Inc.
(5/1)
;
,
1963, the company announced plans to raise
i 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 of record about May
Jan.
29,
construction.
Underwriter
' :
^
1. Proceeds—To repay bank loans, and for
Office—2015 Forest Ave., Great Bend, Kan.
—Dean Witter & Co.,
'
San Francisco.
Wisconsin Public Service Corp.
„
*•: "
16, 1963 it was? reported that this company plans to
Sell $15,000,000 of bonds later this year or in 1964, Office
—1029 North Marshall St.. Milwaukee. Underwriters—
Jan.
*
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; Merrill Lynch, Pierce, Fenner &-Smith Inc.; East¬
man Dillon, Union Securities & Co.-Salomon
Brothers
& Hutzler (jointly); First Boston Corp.; White, Weld &
#
Vi J
D/\nV*/%4*r
9.
P/%
NEW FIRMS
Weiner
ALBUQUERQUE, N. Mex.—Coro-
Nadljer & Co, and Kesselman
nado
N;
These items
Richard
proprietor.
supplemental to similar notices appearing: elsewhere in this issue
are
Investment,1130
E.
GILEAD,
Columbus
BRUSSELS,
&
-
Belgium.—H.Hentz
High
Henri
Imperiali is resident
ager.
FOND
DU
' ,v
-
.
-
LAC,
of
under
First
—
the
Moore
West
246
sole
Roger
5
Moore
P.
is
now
proprietor of the firm.
-
;
CITY; Calif.'-^Hooker
vestors
.
Service.
V
;
is
Grier & Company, 104 South Main Burlingame office .with the office
-
P.
O.
'
Hurley
142;
*
-
L'arie^5f:vv^^J"^^^!V_i^
merly with the Ollen Investment the principal Juncheon^speaker, at
' ' ^
: ;'!
> i
,
a, tax workshop, andr conference
is Company/
for
small
business
College, 41. Park Row, Manhattan.
.
c.'
BOSTON,.
in Redwood City;. "723 Middlefleld
Mas&^Saul L. Landey
York
has joined the staff of Blair & Co.
formerly Vi^e-. Roadi
f GREENVILLE,
Miss,
Consoli¬
^ ^wrehceM
j-Fasterlmgi- dated''
Planning ' Corporation, 340
President of -the - Marshall CoixiJr., is resident vice president in Washington Avenue,. Officers are Square. He was formerly with
pany, with headquarters in FondJosephthal & Co.
du Lac.
charge. John Inglis
assistant Charles W, Blaylock, president;
/X
X
>
manager.
'
r.
..
He
»
\',y, V t-\)
^I
DODGE,
'
'
'
'
•
*
derson &
'
resident
in
was
•
C.
!•
Omar
K.
Brooks
is
o n
•
'A
v:
-
-
*.
♦,
„
v;.
F.
TOLEDO,
Ohio—First
Columbus
Corporation,
33 South Perry Street. Roswell E;
Currie is manager.
and
James, secretary and
Oakley is sole proprietor. He
Court, Thurman B. Turner is resi¬
dent manager.
4132
H.
president,
ing
is
now-
.
,
.
Government
.
,
f $ i li a; t ed
a
with
to
Josephthal &. Co., 19 Congress St.
He was formerly with Goodbody
was
Heathergreen fomerly with Birkenmayer & Co.
NEW
YORK
CITY. —Joseph
M.
Weiner, 420 East 55th Street. Mr.
Walston &
Street.
Shearson,
Rich
lin
HILL,
the staff of
Registered, Funds, Inc.
Street.
GOrmaji
HOW TO SELt SECURITIES
k>.
•*.
v
.**
.vVv
>.*'•'
■
'•
/'n>:
■-'■
v''-r
^
.
si•/.
■
W■. h
with
•.
u
•;
.
•
•
-
^ with
facilities
the
available to
them
agency programs
The Small Business Administra- V
Corp., 120. East, tion
helps small firms'-financially'
through loans,
Company, Inc.
Ohio
fects
Frank
—
has/ become
L.
the ef-
overcome
of disasters; sell: to.. or
buy
from the
Government,^ strengthen
their management and production
associated
Paine*, Webber, Jackson & capabilities and generally achieve
Curtis, Union Commerce Buildings increased growth and prosperity.
Was formerly with Bache &
More than 200 small business
••■)>
He
::' ■/:l-xi/xxv/
•
i:r</ \I
?.< .v-,
•
D.
He_was previously
CLEVELAND,
■;
C.—Robert
eastern Securities
Third
assistance
under the SBA and other Federal
Baskervill .is .how. with, South-
with Powell and.
leaders
and
formerly
was
Administration,
campaign to acquaint: small .busi¬
ness
He
CHARLOTTE, N.
In Your Business You Need
..
-
headed by Charles H. Knger, has
l^hed an extensive educational
C. —Robert
joined
has
Business
Small
N.
Building.
with
.-.-*
College
.
Hall.
Revenue Service and the Tax
Institute Of Pace College.
The New York Region of the
formerly with
Hammill & Co. and
was
Clemens Co., Inc., 157 East Frank¬
.
Busi-
The all-day tax-conference and
W. E. Hutton & Co.
W.
At
Small
heldr >in- the /Pace
be
Shaeble
Co., Inc., 80 Boylston
He
CHAPEL
r.
Helps
ness" during the luncheon session
LITTLETON, Colo. — Oakley In¬ &workshop is being jointly spon-^
vestment Securities Company, 722
BOSTON, Mass.—Howard S. Neff, sored
by
the
Small • Business
West Caley Avenue. Oliver H. Jr. has become connected with
Administration, the Internal
man¬
Planning. Corporation of Atlanta,
vice
treasurer.
ager.
Ala.—Investors
Paden;
PETERSBURG, Fla;—Harris; Malcolm
manager.
He formerly
^orth. Albert Wadle is local
charge of Hayden, Stone
t g o m e r y,
„
,
Committee, will discuss ^'How the
:
£ '/j?
l_*
;
Small Busmess
her
Robert; O. May* chairman; Morris BOSTON, Mass.—^Robe^t Sf.„Well-.
v *
'
r
Upham &Co., 3444. Fifth Avenue,
& Co.; Inc.'s local office.
M
,
\
Hen¬
Co., Inc., 906 First Ave¬ ST.
South.
nue
Iowa.—H
-
.,*V ,f' '
__
was
manager..
FT.
Saturday
on
afternoon; Feb.-. 16, 1963, at Pace
PERSONNEL
Homecrest
* i /'
Station,.
-1';.'
TaX- Work ShpP; .'
Stanley Hirsch,
Thornwood
^
^
Hurley In-
—
Ira
Box-
8715
TW^ A rl f\ rncc -Po
&cl
PAWTUCKET, R. I.—E. J. Dwyer 1 £ong*fssm£^ Abraham J- Multer,
^]::Co;;ll88:;;pridleSA^ue;;.I^rt|,^^^
: Democigt, ^,a•. ranking,
ners
are
Edmund J. Dwyer, Jr., imbiber of the House Banking
and M. M. Dwyer. Both were for^ Current^.Committee, will be
Washington
Fay, Inc.; has consolidated their principal of the firm. Mail address
&
Street. Henry J^ Bornelis resident
V
Sons;
BROOKLYN, N. Y.
L.
'" "
^
Fli.
TAMPA,
sole
George Kemnitzer.
REDWOOD
Wis. —Lon
&
;
Street.
manage¬
man¬
; -
1
Street,
ment
Co., 333 Avenue Louise, Jean
Ohio
Corporation,
as
D,| Maine.—D. | T.
BIDDEFOR
MOUNT
NEW BRANCHES
Alvarado;,
P. Hirori
;' 1"«'*'"
formerly with Joseph
was
•
Co,'
By JOHN DUttdN
executives
j
LINCOLN,
Stickles
has
Neb.—Charles
been
added
expected to attend
ducted by ranking officials of the
the
to
are
the sessions which will be con-
E.
staff of First Nebraska Securities,
This
Inc., 1001 "O" Street, members of
the New York Stock Exchange.
60-page booklet
help
you "
— available
exclusively^ from us — is designed to
increase your business through modern, proven investment
selling techniques. Its 25 chapters are full of practical and proven
recently opened - office, of Ed-
Robert
★
*
*
The initial /sales'
approach^
NEW
-
■ •
•
•
.
accounts.
These
defined
are
and
-
YORK
ihe
you're told
New
York
,
Techniques
you
can
to
use
analyze—on
is
your
now
nor
~the relative
attractiveness;of
various
"
*
v&-
Bank
In 1001 ways
more
"
}
'
.
*
.
»
r
this booklet
' '
'
';
can
lM
'
'
,'
~y
'
'i,"
.a
?
help.you be
profitable selling operation.
7,
,
a
>
'
.
^
>
*J'
»
j
'1
\
Neb.—Donald
Bell
M.
affiliated with Eisele, Ray-
Fisher, Inc.,;, FirstJNatio.nal.
Building.
\ 1
'
AW: ,
*}'■&
fir'.Ctti,
better salesman, and
i
v
-
has
Van
run a
been
•
added
Home
Credit
Farm
-
to
the
And it's yours FREE if you subscribe
to the
Thursday news edition of The Commercial and Financial Chronicle
NOW at the $20 rate.
Building.
He
was
Company, Inc.
%
_
OMAHA, Neb.-^James
T. Warren
has joined the staff of Dean Witter &. Co., Farnam
gardus has become affiliated with
VValston
ENTER
25 PARK
YOUR
AND WE
WILL RUSH YOU YOUR
COPY OF "HOW TO
i
.
j i
.
-
west
-
k
- -
&
Co., Inc.,
901
Washington- Street.
rpKrt
Revenue
■
w
Servlce and Thomas Director of
Scanlon.,
Brooklyn ..-District-
.
-
.
'
president of Pace College; Charles M
Eltinge, tax editor of Research
e.
institute of
America-; Benjamin L.
-
sterhf > pre$id6nt»; bf^.thelVEstate*
New
York;
Fred L.. Rush, trust officer of the
ward A.'
Fogel, ; associate professor
of Pace
College;
The. workshops,
will stress:
^Investment Crediti and Depreciatioa: Under the New Depreciation Guidelines"
SouthHe has
Entertainment Expenses."
.
-
/'Tax Considerations in ChooslnS Jojir
ness'
Form of Doing Busi:
.
'
:^
recently been with First Califor^
Enclosed is my check for $20, please send me 12 months'
| .152 issues) of The Commercial and Financial Chronicle
I Plus a FREE copy of "Ho\v to Sell Secarities".-:-'a- big
saving of $6
over
the single
copy
price,
/
P O R TLA
Caruson is
-
Gould
j
Name
&
N D-,;/Oreg.'^-: Joe
now
I,'->
i
Building.;--.,*-
.'
*
ddres$„.*.......«»»•, ♦
;?
'v-t
vtty,..
a.,....,
ft....
:
.<*w»..»«!»'^ v.... *:■»..... ^. \
.111.
x
.!
Z ofte •«,.««
State*'*.........
■
with
V*/V;
Blankenship,:; Moore
&
Schley,
Blakely, Inc.* Equitable' New York
•
FREE
SEL^ SECURITIES."
n n
internal
|
•
TODAY
& FINANCIAL CHRONICLE
PLACE, NEW YORK 7, N. Y.
Gentlemen:
|
SUBSCRIPTION
collections.
.•^Howr^6.r:-Handl.eV;irriayd;rand'i'
Building.
PORTLAND, Ore.—Robert A. Bo-
| COMMERCIAL
^ional Commissioneir-imbharge o£
staff, First National; City Bank and Ed-
Investments,. Inc.,
previously with J. Cliff Rahel ;&
;
I
,
Planning Council of
OMAHA, Neb.—Arville V. Nieloi
V'
Exchange.
advisory department.
sen
h
Stock
ment
securities and their vital balance sheet items
'
w
Morganwith
w.
associated
of
OMAHA,
own
CITY —Morgan
Cyrus ' J. Lawrence *. &;
Internal Revenue Service.•
Sons, 115 Broadway, in its invest¬
Also; Dr7. Edward- J. Mortola,
potential
•':
as-
- ■
firm
how to develop each of them to their maximum
*
V
-
Sifv,
?
Felt has become
•
The various categories of/ investors^—and; their
resident
is
Richard Gillman is
sistant manager
The final sale
#
Zoellner
E.
manager.
•
•
wil1 be: Howard D.1 Taylor; New
^Prk ' Regional Commissioner: .of ^
the / Intern^ ^
•
Elmer Klinsman^ Assistant.. Re- *
ton and Ted Willner.
iclient list
a-
and
to assist owr^ers ^ managers of
smaU business forgauge'the: mfect
wards & Hanly, 5 Commerce St., of current and new tax laws on
are Robert F. Calabrese; Leonard
operational costs, thereby creating
W. Cohen, William T. Eldred, Don- a better understanding ,by owners
aid W.LeBaron, Levon E. Locke; and managers of small business of
Alexander A. Maddalena, Martin *be tax laws.
E. Rosenfeld, Bernard Solomon; U -Others-.who wRl- participate in
Lawrence Stolk, Ronald H Wal- the different; discussion periods
learn about
Obtaining
Service
Revenue
NEWARK; N,vJ.—Associated with.
promotional ideas.. John Dutton drew it from the best of his
popular
weekly columns in The Commercial and Financial. Chronicle. You'll
*
banking, and tax experts,
The tax workshops are designed;
•the
,
selling
and
Internal
-.sy.
-
-
:
,
-
/.
; / New
-
120
Broadway,*
City, members
of the
YorkvStock. -Exchange-, and
JANESVILLE; Wis.—Marshall: C.! otheirleading exchange^ have anWhitloek,-
Bfown has become associated with : nounced that Willard P..
The Milwaukee;Company.-He .was,
IH
formerly local
them
manager
tenden, Podesta & Co.
-
for Crutv
has- become, -associated- with
as
>
analyst /and
r: '' representative.
^j v j
registered
,;"/^':
ii
:
Volume 197/ Number
The Commercial and Financial Chronicle
6236
Indications of Current
Business
The {following statistical tabulations
latest week
Activity
week
Latest
AMERICAN
Steel
of
Index
•./,
Feb.
Month
Week
1,874,000
2
month available.
date,
in
or,
Ago
37
production and other figures for the
cover
Dates shown in first column
either for the
are
of quotations,
cases
Year
'•'Ago
1,879,000
1,863,000
that
on
of that date:
are as
Latest
AMERICAN
TRUCKING
Previous
Year
Month
Month
Ago
6,193,501
>
2,446,000
5,969,950
ASSOCIATION, INC.—
-
production
Month, of November:. .•-<•
Feb.-- 2
1957-1959—
for
-
W i.
castings/net tons)——
production based on average weekly
and
or
month ended
or
Previous
Week
STEEL INSTITUTE:
IRON AND
ingots
(609)
.100.6
>
100.0
100.9
131.3
x;;
i-
;:;.r
,
Intercity general freight transport by 346
carriers (in \tons)j.—.
'
AMERICAN PETROLEUM INSTITUTE:
Crude
oil" and condensate-
///.&
output—rdaily average
{bbls.
of
BUSINESS
7,245,460
8,681,000
8,741,000
8,519,000
30,256,000
31,701,000
29,417,000
3,568,000
3,568,000
16,074.000
*
Finished
gasoline
Kerosene
(bbls.)
"
-'Distillate
"
3,641,000,
(bbls.)
15,637,000
15,503,000
6,113,000
6,293,000
6,104,000
•
••
w'-.-.-
198,976,000
194,418,000
129,744,000
'49,114,000
RAILROADS:
COAL OUTPUT
S; BUREAU
(U.
4
Pennsylvania
NEWS
J
ADVANCE
85,458,000
501,957
—
ENGINEERING
—-JlLJi•• i
$95,120
COMMERCE—Month of December
(000's omitted)
79,404,000
OUTPUT
533,643
405,436
6,190,000
8,225,000
399,000
272,000
CONSUMER
435,000
$601,900,000
$156,800,000
OF
61,400,000
95,400,000
165,400.000
302,300,000
95,400,000
160,200,000
Electric
:
(in
output
Other
■//
-
————Feb.
18,188,000
2
18,321,000
.
16,440,000
16,874,000
.
FAILURES
(COMMERCIAL
'■
INDUSTRIAL)
AND
DUN
—
&
—Jan.28
——,—.
(E. & M. J. QUOTATIONS):
Electrolytic copper—■ V/:'-/.//
'
' 7;7/.;
Domestic refinery
at
%
'
Export refinery at—
Lead (New York) at
—7—7———
•
6.196c
6.196c
6.196c
$63.43
$63.43
$66.44
Crushed
$27.17
$26.50
$36.83
Stocks
'itt■/i-;/!/
Feb.
-Feb.
——
28.500C
28.405c
1
•'
10.500c
10.500c
10.300c
10.300c
9.800c
12.000c
12.000c
12.000C
1
11.500C
11.500c
11.500c
22.500c"
Zinc
:
-
(East St.: Louis)
Aluminum
—
_
vat77;i-i———777—7-777——■„ Feb.
at_.
—7
———Feb.
—-Feb.
(primary, pig, 99.5%)
(New York) at-
Straits tin
i
22.500c
22.500c
i
110.350c
f
>:
U.S.
Baa
90.49
5
I
.
90.21
90.00
88.81
93.08'
92.93
90.77
•// 90.63
89.37
89.37
88.81
;
—--Feb-
5
Group—7—-Feb/
DAILY
AVERAGES:
r
V'"'/vV*-:
-
f
/
86.11
90.63'
90.63
/
3.72
.4.48
J.?"' 4.48
5
4.20'
4.21
5
4.36--
4.36
A,
.
—
-.T-—,_-Feb.
——
—^—.—^—-Feb.
.——Feb,
—-i-Felr.
-Baa-
: •
Railroad' Group—
Public Utilities Group^.-^----:-i;———
.
.
■■!;
.Industrials!:;
Group-.--—^-»-——--F&b4'
INDEX—
L—-——2iFeb.
MOODY'S' COMMODITY
.
•'
received
•'
Production-
•
'»
5*
5
:
"
•
'
{•'
OF
\
4.37
4.39.
«4i37'
4.37
4i40
374.9
371.2
352,233
341,351
313,358
350,835
-350,964
L94
265,486
46
413,806
455,418
5
373.6;
--Jan.
26
—T—-—Jan,
——
26
:
(tons) at end of period—i--———Jan. 26
TRANSACTIONS
ACCOUNT
FOR
.
.>
95
446,729'
373.1
;
345,837
"
■■
124.51
124.06
-Jan. 11
662,540
405,920
515,430
sales-——
Total-
floor—r
'
purchases—--—^-^-—--—--1---—Jati;
x
;
2,209,620
2,554,230
^———-—Jan. 11:
initiated'off the
193,100
Z-"'
*
...
V'}'
-v'/
"
"
"216
:
:
...
152
.
118
121
•
213
/-;■
116
consumers—
(000's omitted)
ultimate
61,029,349
at Nov.
30
S.
59,869,049
$1,084,567
60,984^310
$1,008,969
59,869,782
of*
;
PAYROLLS—U.
REVISED
64,712,955
$1,071,545
61,029,349
customers—Month
^^————
DEPT.
SERIES—Month
'■'} *:■?'. - (J ?'
•%'
of
>£. f1 'S'iJ' /
12,370,000
*12,500,000
6,953,000
•
♦6,967,000
6,844,000
*5,513,000
5,459,000
*115.0
*112.3
*16,871,000
16,556,000
5,417,000
.
z
114.8
12,303,000
/
•3,216,770
*
2,615,540
:
1,940,180
2,455,610
11
433,540
623,890
INSTITUTE
3,070,490
of
OF
*9.527,000
9,297,000
*7,344,000
7,259,000
>\ VJ'
w.-"'
•
LIFE
November:
$318,900,000
60,100,000
endowments
11,500,000
68,900,000
—
,•x—
»—
$316,600,000
$292,700,000
63.400,000
'
60,800,000
13.400,000
10,900,000
66,700,000
62,700,000
146.600,000
133,200,000
140,700,000
149,200,000
169,800,000
143,500,000
$741,800,000
Total
'382,760
•
TO
benefits
Policy dividends
2,643,070
397,680
PAYMENTS
Surrender,-'Values
'
-
7,237,000,
.-.w,
—
Disability payments
Annuity payments
2,879,060
427,420
9,493,000
-
-i
• .x
BENEFIT
POLICYHOLDERS
16,730,000.
.
jy
goods
INSURANCE
Matured
.—u—i.—————Jan. 11
salesi-—
transactions
ultimate
INSURANCE—Month
2,619,560
Total,
■
to
of November
from
LABOR
Death
2,178,010
.Other
,
sales
Nondurable
.U5^30
123.95
2,989,770
*
'
-;
unadjusted
Durable; goods
MEM-
OF
Total purchases
Short -sales
-Other
I
manufacturing,
employees in manufac¬
turing industries—
All manufacturing
—_„xx-
Transactions
■
158,300
190,700.
FED-
All
331,122
LIFE
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
of specialists in stbeks in which registered—
;_i„—:—
—Jan. 11
!
■
daily)
/" Durable
//4.58
:
SECOND
manufacturing (production workers)
goods
-Nondurable ' goods•
Payroll indexes (1957-59 average = 100)—
^6
446,459
-.
5
177,500
222,000
December:
4.61
4.37
SALES
All
4.91
5
STORE
EMPLOYMENT AND
5-08
«4;93-.
4.92
'
213,800
180,300
-
167,800
Number of ultimate customers
4.74
•4.50
,
,
4.70
—
111,600
145,500:
ELECTRIC INSTITUTE—
Month
4.56
.4.7.0
/152,100
180,400;
'
November
4:42
.
4.37
52,400
171,900
;
149,100
'■
,44.70
:
■
294,900
299,200
51,800
December 31
81,500
362,900
356,600
148,500
1
(bales)
Kilowatt-hour
4.09
.'4.21
/
4.50
4.90',
:
.
99,200
300,000
.
—
649,300
300,700
—
—i.
(bales
(average
EDISON
87.72
'-'i
4.50
-
vi
•4 46
'4.46 ;
;
,
OIL, PAINT AND DRUG REPORTER PRICE INDEX—
"
K
1949 'AVERAGE=100———i——Feb..
ROUND-LOT
2,561,400
Estimated number of
("tons) ——i—:
Unfilled'orders
877.800
770,200
2,276,500
98,500
——
Sales (average .daily) seasonally adjusted—
33.40
5
Jan. 26
(tons)
Percentage of ' activity
1,137,100
640,700
2,473,500
'
Sales
NATIONAL PAPER BO A R D. ASSOCIATION:
Orders
of
Average=l«0-—Monch of December.
'"••••! 87,32
/f i
90.20
——JFeb.
Feb.
——
5,438
3,583
,
ERALfc RESERVE
DISTRICT
FEDERAL
^RESERVE BANK OF l^EW YORK—1957-59
81.29
•
.
•
90.34
//
3.71
VAverage/coi^orate7.——«—777x7-7—7i,-.7.7^—_7—-—x—--Feb;
———
'
90.63
5
——
4,955
.
837,700
—ix—
(bales)
Revenue
■
Aa,
^
3.67
~f
5
Aaa'
Stocks
87.99
-
85.59
83.15
90.63
5
M'U.S.GovernmentEondS-.^—--«--JPeb.
•
;
'85.05'
83.53
•
83.53
86.11
YIELD
<
,
;
(tons)
DEPARTMENT
89.92
92.93
90.77
5
5
BOND
.
PROD¬
(tons)—
(tons)
Produced
86.11
6
industrials
MOODY'S
;
86.38
89.09
i-——------j.—•—i-—i—————i"*Fcb,
Utilities';
Publid
-r,
-
3,848
;
LintSrs—
24.000C
89.09-:
5
Group—'——Feb.
7—71——i
Railroaid-
•
Shipped
120.7S0.C
5 V..
—i.i-Feb.
———.1—
.
3,994
stocks (tons): December 31—..
Produced (tons)
12.000c
111.500c
5
Aaa
SEED
COMMERCE—Month
-
(tons)
Shipped
'&J
•
Goverhmfent-Bonds—x_—77—7——7—_7-_7—*7———F®b«.
:*y Average -corporate---^_'-iwwJ^i-—_-u-—-^Feb.
.
1
9.550c
12.500c
•
.
MOODY's' BOND .PRICES DAILY AVERAGES:
-
3,177
11,255
13,976
5,526
4,825
'■
COTTON
5,642
Hulls—
9.750c
10.000c
1
—
{5,579 /
(tons)
Shipped
28.575c
28.475c
1
at),,
14,199
*
l———
—
OF
16,960
11,771
'/
12,479
15,215
—
(tons)
Produced
30.600c
30.600c
30.600c
30.600c
1
1
(delivered
—
loans
AND
43,163
•
"
—
(tons) December 31—-ii—
Stocks
V
—-——Feb.
tZinc
3,290
Cake and Meal—
—————_Feb.
/Lead/tSt/Lottis)/ at——_7-7i:77-.;--—7——77—77-—.T—Tx-Febi,
'
'
payment
$57,i39
,
12,186
3,302
12,714
Received at mills
6.196c
METAL PRICES
■
47,274
19,307
;
12,855
loans
*
——-4an,0o
„
$61,473//
/
48,232
19,373
December:
$63.43
'// $27.83
J an. 28
feteel (per • lb.) 7
7—7
Pig iron (per.gross'ton)
Scrap steel (per gross ton)———,
$63,447
„
;
,
-.Finished
;
credit
;
credit
credit
UCTS—DEPT.
345
241
term
——
loans
SEED
1,376,000
31:
———
Cotton Seed—-
'
COMPOSITE PRICES:
321
320
Jan. 31
BRADSTREET, INC.
;
.IRON AGE
.'
Charge accounts
Service/credit
COTTON
35,044,000
.
RE¬
credit
consumer
Single
;
•
credit
Noninstalment
84
121
*94
83
I
1,660,000
SERIES—Esti¬
December
/. Repairs and modernization
/'
^.
kwh.)
000
26
of
consumer
Personal
'
$2,750,500
37,000,000
FEDERAL
intermediate
and
as
Automobile
5,200,000
60,600,000
THE
OF
SYSTEM—REVISED
short
millions
Instalment
DEPARTMENT STORE "SALES - INDEX—'FEDERAL RESERVE
INSTITUTE:
$412,000
.....
OUTSTANDING—BOARD
GOVERNORS
Total '
219,600,000
362,900,000
■
31
EDISON ELECTRIC
$2,968,200
MINES)—Month
'
CREDIT
SERVE
$385,000,000
239,000,000
$723,700,000
—
SYSTEM—1957-59 AVERAGEa=100w—Ji—————i-^—i Jan.
OF
Bituminous coal and lignite (net tons)
Pennsylvania anthracite (net tons)
506,104
.
8,505,000
..
-
——x—J,,v
(BUREAU
of.'December:-..
in
Federal;
^
:
mated
Jan. 31
Private ——————
-,—Jah,31
7/Yublic/—.—.—Jan. 31
State and Municipal———i
——u
...—Jan. 31
.
.;
CASH DIVIDENDS—PUBLICLY REPORTED BY
U. S. CORPORATIONS — U. S. DEPT; OF
;
Total advance
—
■■■'Retail
43,492,000
357,217
V.
478,361
7,365,000
348,000
i—2.Jan. 26
—Jan. 26
PLANNING
of dollars):
Manufac turing
is; Wholesale; 'f-
1
•453,182
RECORD—NEW SERIES:
planning by ownership
-
82,048,009
OF MINES):
lignite (tons)™;
anthracite
(tons)—
CONSTRUCTION
27,110,000
122,610,000
49,349,000
,
462,019
—
Bituminous coal and
6,811^09
of November
193,781,000
32,164,000
349,376,000
50,660,000;
s
.
(Millions
•
COAL
/. ■'
-Revenue freight loaded (number of cars)
.Jan. 26
Revenue freight received from connections (no. of cars)—Jan. 26
AMERICAN
187,876,000
28,843,000
80,487,000';
—-—^"27 van.--25
•
DEPT., OFCOM¬
NEW SERIES^—Month
Total
—-—Jan- 25
i—
MERCE
J
27,571.000
122,929,000
—
'Unfinished
ASSOCIATION OF
.
Jan. 25
..Jan.25
i.Jan. 25
at
at——.———_—————————
(bbls.)1 at2
oil
7,414,010
3,729,000
14,960,000
terminals, in transit, in pipe lines
Residual fuel oil (bbls.) at
—
oils (bbls.). at..——
;•{
...
-
fuel
7,361,760
*
S
,-{
^
INVENTORIES
6,61$,00Q
T:
,Kerosene-.rt:43«iiwti(bbls.)^^4r--r-—
JMsUHatet. tfttei xjilrjoutput
?5
Residual- fuel oil output (bblsv)_L—.Jaa. 25
f Stocks at refineries, bulk
;
7,299,210
8,611,000
30,337,000
gallons 'each)————.———.Jan. 25
Crude runs to stills—daily average (bbls.)
;
_Jan. 25
Gasoline output (bbls;)
—^*J&h, 25
42
$776,500,000
$711,300,000
$4,920
$4,891
•
LIFE
INSURANCE
PURCHASES
Short
sales.———————————^———.——Jan. 11
53,210
Other
sales-
-—Jan. 11
616,080
669,290
397,800
400,750
407,235
OF LIFE INSURANCE—Month of November
437,500
444,000
446)545
(000's omitted):
—-—
-
'
Total '-sales—
—-.—.---Jam 11
39.700
.,
39,310
43;250
"-'.Other transactions initiated'on the floor—„
Ordinary
1
„
Total
.
■■■
r
-
-
1,109,120
917,919
874;485
183,690
130,420
130,300
sales———————————----—Jan. 11
1,161,049
950,036
866,230
996,530
-
4,146,018
—
—
——
Total- .sales——-——1—Jan, 11
'
884,198
./
Totak purchases
Short-.sales
——
'
TotaF- -.sales—
1,080,456
3,529,469
576,040
3,891,725
688)980
540,450
3,557,456
3,207,160
3,896,140
4,052,588
LOT" DEALERS
EXCHANGE
Odd-lotr sales
AND
SPECIALISTS
—
SECURITIES
ON
EXCHANGE
$6,993
$6,755
$32,610
24,520
♦$32,760
*24,510
$31,530
$57,130
*$57,270
$55,030
*33,480
32,180
$4,148,000
$3,975,000
$4,294,000
Nondurables
1,076,003
899,440"
t
4,331,359
5,230,799
/
4,133,496 ;;
N.
Y.
.
:
MANUFACTURERS' INVENTORIES & SALES—
Month of November (millions of
dollars)
Inventories—
'
STOCK
■>/; 'Total
Sales
i
COMMISSION
purchases)—^t
(customers'
by dealers
NEW
——————i-———Jan. 11
1,932,829
Jan. 11
$92,651,610
Odd-lot purchases by dealers (customers' sales)—. .
,
Number- of orders-^-customers* total sales---.—-————Jan. 11
1,972,213
shares—
Number of
.Dollar value
——
1,327,453
1,242,682
$62,026,252
$59,847,835
$130,429,979
1,620,489
1^769,299
1,921,264
Customers' short sales
Jan!
?v" Customers' other -sales—-—Jan.
*
—
Dollar- valuer—-—x--—-
1
Round-lotr sales by
.•
X-...!
-
15,735.
11
1,956,478
$95,492,512
Other
i__:
-
li.
:
—Jan.
——
V.
16,237
$79,230,271
$106,060,254
777,980
by
STOCK SALES
TOTAL ROUND-LOT
EXCHANGE AND
510,870
XXShort sales.
Total
615,690
of
listed
of
listed
.
-
11
' 615~690'
V
574,710-
736720
312,830
Member
5ToT870
777~980
837,000
231,190
t
11
1,175,380
{X <>; Other- .sales__———————-—-i—.--'—7---Jan.. 11
Total- sales—-x-x-Jan. 11
23,328,920
T
>
-726,010
17,569,720
930,940 :
18,295,730
17,906;830*
•
18,837,770 :
706,220
/•
'
WHOLESALE PRICES,
NEW SERIES
—
U. S. DEPT. OF
.
it
19,231,723
',
j
•
Farm
"Government
*
1-—
v,
foods
t
-
100.5
100.6
"r 98.5
98.8
.99.1
Not avail.
Jan. 29
160.5
100.5
1068
vv
:
.?{•
——Jan. 29
-..r
-Jan. 29-
"96,0
' ■>
100:6
-
Not avail
98.6
9T-.2
Not avail.
100.6
1067
Not avail
OF
•
618,000
2,678,000
3,121,000
*$448.2
3,004,000
$4365
COMMERCE)—Month
billions):
income
,
„
1
;
i
$450.4
380.7.
;
industries
;;
117.8
/
I
77.44^.5
;
-
and
94.0
-
288.3
114.9
91.5
.
'»:74.5
V *77.1
*47.2
■
•
58.0
-44.9
57.7
12.5 X";
professional
!
4
,
Rental income
of
.Transfer
/.
37.4
•
54.0
12.5
contribution
36.2
"
? 140
*13.6
•'
12.9
17.0
77>.
30.8 ~-
/
-
,±.
payments
11.6
*37.3
/
•'
persons—
/.Personal interest income—
.-
.
/
Less employees
Z
*299^
7
94.0.
Dividends
z
/
117.8.
'__
Farm
,.r
s
^
•Revisedi-figured .tNumber of.orders-not; reported^since introduction, of Monthly. Investment Plan. fPrime Western zinc
oa -deliveroU.-.basis tat centers;.where Drgight«,frpnv East St^Louis exceeds one-hal*. centh*P«u«d.'
a-N«t available;"
Business
;
Not avail
All commodities other than, farm -and foods—-—
;•>..
100.4
—--Jan. 29
—-——-—Jan. 29
—
—
387,841,207
810,000
"
*
'x..\X:.'''X"
products^.-;
Processed
Meats
>-
'
All .commodities
>...."
.
'
104,634,320
341,136,631
35,000
*i
345,846,116 {
843,000
{{Other labor income
f
:
Commodity. Group—
shares
Service industries
X
..
bonds
(in
personal
Distributing
•/
LABOR—(1957-59==1B0):
•;
December
Manufacturing only
18,525,503
•
*
1,219,000
Wages and salary receipts, total
Commodity producing industries—
.
"
24-504,300
430,000
1,151,000
113,069,327
1,216,000
111,093,562
borrowings of U. S. Govt, issues
borrowings on other collateral—
(DEPARTMENT
of
-—Jan.
—
24,000
385,000
PERSONAL INCOME IN THE UNITED STATES
Total
■
24,000
405,000
.
S
free credit balances
value
_
!
of customers
banks in U.
value
;;
*•-
f,"
hand and in
on
Market
Member
TRANSACTIONS
(SHARES):
MEMBERS
OF
Cash
ON THE N. Y. STOCK
ROUND-LOT STOCK
round-lot sales—
-—-Jan.
dealers—Number of shares
firms carrying margin accounts—
Total customers net debit balances—
Credit extended to customers
1,899,563
730,720
STOCK EXCHANGE—
of December 31 (000's omitted):
Member
,\
21,301
1,753,062
23,500
YORK
As
11
Jan. 11
sales—
FOR. ACCOUNT
9,315
1,611,174
$71,040,982
,
Round-lot purchases
Total
2,275,155
—X-.——-
/:// Market
dealers—
\
~ ":
•
•
' '
■
Number of- shares—Total4 sales————————-—.——Jan. 11
'XXXv>. Short' sales__
'{
11
Jan. 11
————
.
>
'
"
$6,588
Durables
4,593,038
——Jan. 11
—-i.——-Jan. 11
591
34,000
Total
1,344,739
'
-v.
$4,979
;
1,185
STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODD-
>
1
618
1,484
590
1,078'
;•
T.h,;/:..,
—
4,722,780
———Jan. 11
Other:! sales—-i.iii-Jan, 11'?
'
v.
——
.Group'
73,720
Total round-lot transactions for account of members—
'•5
;
Industrial-
■
INSTITUTE
1,002,283
purchases
Short- sales-————'-—'-Other
—Jan. 11!
.—--—Jan. 11
—
^
•{
35.7 /
/
10.6
'
13.5
^
12.9
;;
28.4
30.6
.35.8
12.5
15.9
16.2
[
34.0
for social
insurance
^.Total. Bonagricultuial incomes—
432.2
//.
10.5
"9.9
#'v -z.*h*«4364 <*'W- *412:7.
'
38
The Commercial and Financial Chronicle
(610)
The State of TRADE and INDUSTRY
tractors
and
Continued from page
and
in the
are
14
;
Truck
V-...
a
their model
have completed
sure
the lowest
point.
*
r
,
26
Associations*
Trucking
Referring to the Human Rela¬
Committee, Iron
has
there
week of this year.
V The year-to-year and week-to-
a-
on
if
negotiations
smoothed
the
to
week decreases
in " part,
where?
conditions
creases.
1Z.5%: Over
Year's
Last
These
same
month
similarly matched
in
made
ATA De¬
The
report
handled
carriers
The
1960,
of
compared with
as
Central
at
96,
60
as
against 35; and the Pacific
as
against 60. In most;
as
business
mortality
1962 levels.
cline from
areas,
close to
came
Nearly all of the de^
last year
concen¬
was
trated in the Pacific States.
showed
from
with 25
a
Forty-two
from
and truck
freight
production during the month this
last
tonnage
at nine localities,
points reflecting decreases
the
at four
level.
1962
centers
of
Terminals
reflected
according
to
a
year ago,
estimates
spot
10%,
while
gains of
16
areas
and
col¬
by Dun & Bradstreet, Inc.
Regional- estimates varied from
levels
by
td
Canadian
"The
changing
little
in the preceding week
41
but.
exceeding
by
moderate
a
of the banks'
Price
Index
two
Wholesale
steady
Food
.
country-wide basis
the reported
on
a
Dec.
outstanding balances
31,
This
inflow
of
action
some
extent
1962.
to check to
serve
Euro-dollars,' for¬
taken from
as
overall
an
of
in
country
any
the
Free
World, there has in recent weeks
been a noticeable rise in shortterm
gain of 5%
foreign
deposits, * A
con¬
tinuation of this trend will, under
for the week ended Jan.
Price
ratio of the foreign
/
the Federal Reserve Board's index
weeks,
of
cur¬
Department
est
Food
Slides This Week
After
of
as
+4 to will
Department store sales
'. i-' s"''
"V:\
Wholesale
v
:
Bank
eign call money, and non-resident
Store ;
free yen deposits.
Since Japan's
Sales Rise 5% Over Last
official discount rate is the high¬
Year's Week
Nationwide
year ago.
V
the
for
applies only to that portion of for¬
eign currency liabilities in excess
•
-J. r-
*
V
;
•
of
be
even
loans
exchange banks from 20% to 35%
the
J.!( 'J A
margin the 35 in the similar week
a
+7; Pacific
foreign
decision
rency reserves
^6; Middle At¬
tral —7 to -—3; New England —6
to —2; East South Central —2 to
H-3 to
in
equipment
may
Japan to increase the foreign
lantic —9 to —5; West South Cen¬
failures lantic
capital
both
imports, there
the short term.
the
Central —17 to —13; West North
Central —10
for
decrease
a
lected
1962
current
movements reflecting a decline in
investment
7% to 3% lower than
I do not
increase for the
an
With
present.
Wed¬
reported
nesday-ending week ranged from
26, com¬ the new regulations, oblige the
Index,
& Bradstreet, pared with the like period in 1962. foreign exchange banks to.tighten
Inc., took a downturn to $5.85. on ■; In the four-week
period ended their terms of condition for ac¬
Feb. 7. This 0.7% dip from $5.89
Jan. 26, 1963, sales gained 5% cepting Euro-dollars.
The main
in the preceding week brought
over the
corresponding period in portion of the increased reserves
the index to the lowest level since
will be deposited
1962.
with foreign
June 13, 1962.
As well, it re¬
banks, principally in New York."
According to the Federal Re*
mained down 1.2% from the $5.92
compiled
by Dun
registered
on
the comparable day
System,
serve
sales
in
New
department
store
York
City for the
year, however, was prodded on
week ended Jan. 26, were .2 % less
registered decreases over 10 %
only by record demand, whereas
In all, 12 foodstuffs and meats than the same
period in 1962.
high-level output in early 1960
Compared with the immediately werie priced lower $t wholesale
The
New
York
was an effort toward making up
City news¬
preceding week, 10 metropolitan markets this week. Hams led the
than
more
anticipate such
re¬
reported,,
were
re¬
for
survey
increased
year ago
the
eign loans rises sharply.
'
-
+2; Mountain 0 to -Ml South At¬
at more
general
terminal
week
ary of 1951.
car
the
on
throughout the country.
the
highest except for war-time Janu¬
Ward's said that
based
are
of 34 metropolitan
survey
tonnage
mon
said
122,533
of
January
toll
in
trade
business.-
dollar volume
following percentages: East North
than 400 truck terminals of com¬
The statistical agency also
truck production during
change.
States'
of
total
a
comparable
from
Economics.
flects
Reports said.
that
units
port
month of 1960, Ward's
Automotive
the
partment of Research and Trans¬
with the record 688,690 assemblies
in the
also
tonnage de¬
conducted by the
areas
"bumper-to-bumper"
ran
to
amount
The
tial effect on our foreign activi¬
ties, until and if, demand for for¬
Fur clear¬
and White Sales attracted
against 66; the South Atlantic at
points
many
findings
Week
output in the U. S. during
January
Gulf ports.
■
weekly
Auto
at
contributed
"
Auto> Output Gains
Atlantic
North
East
little
showed
91
regions,
However, severe winter weather
a
peaceful settlement cap b>e pre¬
dicted.
longshoreman
the
to
attributed,
be
can
strike at Eastern and
be
to
are
point
the
at
at 62
issues^ But in¬
much*remains to be
say
done
progress
geographic
Middle
stood
fair
year
a
level, however.
34
previous
says
of ;;key
number
siders
been
Age
5.7%
Truck tonnage was
nounced.
an¬
good
ances
tail
most
casualties
below the volume for the
tions
In
10.1%
was
The
can
a
*
.
Jan.
behind the volume in the corres¬
of consumers for
early settlement would be at
an
suffered
concerns
in the
tonnage
truck
ended
ponding week of 1962, the Ameri¬
slumps. Altogether, pres¬
the part
on
service
suc¬
manufacturing
both
earlier.
Intercity
week
ing. Other major consumers are in
seasonal
but
slightly heavier tolls than
Last Year's Level
runs
of retool¬ /
process
Dips 5.7% Below
Tonnage
0
wholesalers
and
cumbed,
Thursday, February 7, 1963
...
of
February last
year.
Funston
Speaks
.
heavy production losses - incurred
registered
areas
in
nage,
lengthy steel tieup
a
in late
1959.
while 23
Passenger
week
of the prior week.
155,724
2.8%
Angeles, showed
last
production
car
scheduled
was
An estimated
Editor's
compared with 151,416 units made
two weeks ago, when
and
"cold-outs"
yearly
bad weather
took
about
Los
ment
a
Note:
lumber
and
,; v•
,
are
substantially out¬
Keith
day, Dec. 8, 1962.
only
Business Day address at Arizona
sales
State
speculate
would
of
the
strike
to
as
have
strike,
has
four
more
Wholesale Food Price Index rep¬
the
country's
&
Bradstreet,
jthe
sum total of the price
pound of 31 raw foodstuffs
and meats in general use.
It is not
centers
cludes
-
in
week
12
University, urged that
and
New
production
cars,
for
or
net
of
year ago,
to
to
year
week
Over Last Year's Level
\
a
amounted
a
the
week
same
138,467
gain
year
12.5%.
The
c.
w
amount
distributed
Blamed for Drop in
electric
the
by
electric
and
light
industry for the week
power
Saturday, Feb. 2, was"
es¬
timated at 18,188,000,000 kwh., ac¬
Rail Freight Loadings
cording
to
the y Edison
cost-of-living index.; Its chief
function is to show the general
trend of food prices at the whole¬
economy
'
r:.~-
.:,i
'$VvV'IS
{
'<•
.?
./
V
Wholesale Commodity Price Index
.
Electric
Lower in Latest Week
-
provi-
sions
York
that
might actually
City.
discourage in¬
itiative
Japan's New Foreign %
;
Mr. Funston
-
•
and
investment.
sale level.
fe*
lating
clude
in¬
V a
energy
„
V
ended
Weather
of
■
t
the
'
For the
a
u
should not in¬
principal retail
Cleveland
bill
d
e
m
stim
for
ago
i
a
a
any
tax
new
totalled
year
the
of
Exchange, in
Clevelan d,
incidentally,
•
President
Funston,
York Stock
though the
to
a
New
absence
average
than
which,
can
the
the
Even
v
spread
5%
Dun
One
What
been
the
per
Electric Output Rises to 10.6%
strike by the
printers'
Big Six commenced 2 a.m. Satur¬
papers
Inc.
The
resents.
unavailable this week."
f y:y
declines
and
5,000-unit toll of planned produc¬
tion.'
These
ship¬
data
order
new
wheat, corn, rye,
bellies, lard, butter, milk, cotton¬
seed: oil,:raisins, hogs ;and lambs.
lasses and steers..
Wee k 1 y
production,
list followed by
weighed the few nigher. quota*tior® for coffee, cocoa,' eggs, mo^
^
Lumber Data Unavailable
made last week
cars was
city,
change from
no
the earlier,week.*
ahead
ton¬
reported de¬
terminal
One
creases.
increased
areas
On Tax Bill
praised Presi-
Exchange Policy to
dent
Keith Funston
Bolster U. S. Trade
Ken¬
nedy's overall
goal of cutting
taxes
as
a
spur
to
economic
January,, U. S.-Japanese trade relations
26, which
previous
the general wholesale commodity will
be
was
affected by record breaking week's total of 18,321,000,000
greatly facilitated by growth, but he took issue with
kwh.,
price edged up fractionally this new measures just announced by some- points 4 in the President's
cold
weather
and
heavy snow, and 16,440,000,000 kwh., or 10.6%
program on the ground that they
totaled 462,019 cars, the Associa¬ above the total output of the com¬ Monday but still continued below Japan's Ministry of Finance—the
were
in conflict with its stated
a month-ago and a
year-ago, re¬ first significant shift in foreign
tion of American Railroads an¬ parable 1962 week.
ported Dim & Bradstreet, Inc. exchange policy since adoption of objective of encouraging invest¬
nounced. This was a decrease of
Loading
the
of
week
39,938
freight
revenue
ended
in
Institute.
kwh.
Jan.
de¬
a
After dipping last Friday to the
lowest
level
Compared
similar
Holding even, commercial and
industrial failures totalled 320 in
tations
~
The loadings represented
the
Latest Week
.
ceding week.
133,000,000
was
than
Business Failures Steady In
7.9% below the pre¬
cars or
Output
less
since
with
day
mid
prices
last
the
on
declines
week,
registered in wholesale
were
quo¬
for
wheat, rye, corn and
crease
of
tin. The strongest offsetting in*
71,624 cars or 13.4% the week
ended Jan. 31, about the
below the
crease was posted in steel scrap
corresponding week in same as in the
preceding week
1962, and a decrease of 14,181 cars when
prices.
321
3.0%
or
week
below the corresponding
in
1961.
There
.
13,029
were
loaded with
one
more
or
highway
(piggyback)
ended Jan.
included
total).
940
that
This
cars
or
(which
week's
was
an
7.8%
revenue
con¬
in the week
19, 1963
in
"
reported
cars
or
highway trailers
tainers
..
were
over-all
increase
above
the
of
cor¬
responding week of 1962 and 3,666
cars
39.2%
or
above
the
1961
occurred,
Dun
Bradstreet, Inc. Casualties
&
reports
con¬
tinued
345
below
in the similar
1961
level of 368.
first three
totaled 36,238
of
3,044
cars
cars
or
9.2%
an
corresponding
liabilities
was
road systems
traffic
pared
54
in
in
61
topping
ties
000
$100,000.
increase from
an
a
53
a
size
last
the
in
U.
this
year's
One
week
year
week
269.75
and
earlier.
the
on
Off
corre¬
week
fell
and
in
the
corresponding
year.
The
•
climbed
.
toll
to
166
wholesaling
retailers
from
failures
141,
while
declined
to
against
55
in
the
prior week
in construction with 45
48.-Compared
fewer
as
or
against
\yith ' last
retailers, construction
year,
con¬
the
week
ended
Wednesday Jan. 30. In most
of the
er
among
frigid temperatures cut retail
in
areas
country, the wintry weath¬
pushed volume
parable
1962
beneath
levels
com¬
the
first
time in January. Consumers
con¬
centrated
on
heavy clothing, elec¬
tric
heaters,
tapes,
auto
moval
for
electric
batteries,
heating
snow
re¬
supplies. Meanwhile, inter¬
est dwindled in
major home furn¬
in
"These
hardware.
purchases to
the
com¬
York
as
City
on
reflect Japan's
improved international balance of
measures
payments—and
the
are
in
line
with
government's policy of shift¬
a
ment.
control
and
He
singled out for criticism
gains
tax
holding
bring
back
full
delegating
to
more- re¬
private
financial
of
restrictions
on
of the
present dividend exclusion
"From the Exchange's point of
view, the President's recent
' to
sage
Congress
tax
on
Mr. Funston declared.
"For years leaders of the
community have been
ness
ing that lower taxes
would
and
be
on
strong
a
economic
on
growth.; We ,are
foreign lighted that the President
this philosophy."
an
for
immediate
rush
tional funds.
of
the
abroad
for
addi¬
policy
of
gradually easing credit to domes¬
corporations.
Those foreign
exchange banks whose loan limits
tic
had been reached, will once again
-
fact
would
that
spending
while
the cost of
-
."Most of
or
Since the Fuji Bank's
have-
no
the
re¬
these" restrictions
will
immediate
and
substan¬
face
hard
our
for
Administration
government
cutting
taxes,
at
bigger budget deficit.
a
eign banks.
foreign loans are lower than the
the
increase
family and
limits,
espouses
However, Mr. Funston criticized
the
be able to obtain loans from for¬
of
to
de¬
cause
Rather they are part
government's
profits
incentive
payment
guarantees
busi¬
argu¬
individual
corporate
and
loans is not expected to
mes¬
policy
by and. large, constructive,"
was,
the limit of foreign loans
on
taxation
and credit.
income
lifting
and
period
double
of dividends through cancellation
ing administration of foreign ex¬
change from direct to indirect
moval
car
of
largest
Feb. 6 by Rikuro Takahashi, New
York Agent. He said;
;
government-set
They did hold
18
institution
New
garden
and
conclusion
banking
disclosed
ishings items, building materials,
supplies
restrictions
proposals to lengthen the capital
the
is
"The
Further onslaughts of snow, ice
purchases
-
Bank, Japan's
mercial
Storms
In
and
week
Such
Fuji
sponsibility
con¬
y
credit
institutions.
Consumer Buying Bogs Down
involving losses under $100,dipped to 260 from 268 in the
30 from 37 and service to 23 from
com¬
a
the similar day a year-ago.
40.
corresponding week in
1961.
from
Monday, Feb. 4,
slightly from 270.84
year ago. Casual¬
rail¬
ago
on
This
1961.
S.
Daily Wholesale Commod¬
(1930-32—100)
week
Little
change
occurred
in
originating this type manufacturing where 56 failed as
with' 57
the
However, they
The
'v'"
ity Price Index slipped to 269.29
on
earlier and 42
1963
of
above
period
class I
were
the
and
"
.
increase
corresponding period of 1962, and
8,041 cars or 28.5%
above
the
There
of
loadings siderably short of the 303 of this
weeks
for
week
level
r
f - \
sponding day last month, it ran
Sixty of the week's failures had substantially.lower than the 274.02
previous
for the
1962
matched their pre-war toll of 318
in 1939.
-
week.
Cumulative piggyback
their
'
tightened
months ago.
us
have to balance
our
business
bankruptcy.
us
to
Thus,
understand
government, at
a
our
budgets
it
is
how
time when
the country is not engaged in war
or
confronted by
all-out national
Volume 197
Number 6236
-
live
.
.The Commercial and Financial Chronicle
.
by: another
(611)
Company
Exchange
The
that
Smithers & Company, J. C. Bradford & Company, Pierce, Carrison
& Wulbern, Inc., Rand & Com-
President noted Continued from page 6.
:
and
investors ^ demand was widespread, with the
the
Administra- present balance only $35,000.
businessmen
welcome
will
Stubbs, Watkins & LomTuesday was an active day with bardo, Inc., William R. Hough &
as recognition of the need to free'?four isues of note on the calendar.
Company and Potts & Shepard.
millions of dollars of locked-in- Efforts by the City of Lafayette, :. Reoffered to yield from 1.70%
capital to help expand the econ- Da., to refund three issues of util- to 3 40%, the present balance im
capital
gains rates. This would be taken
tion's
■
proposal
lower
to
and create jobs.
omy
''
v
r
;■
^
*
On the other hand,
"
■
lty^ bonds. failed, due to bidding Syndicate is $1,672,000.
:
'r,
•:
;
••
the proposal $15,545,000
for.-•^ .>:•
bids
to .attract
restrictions,
invest-; largest competitive underwriting
capital this week;- r:
:, t
-; < -
feet, he said, discouraging
growth.
-
.
;
&
fenn
r
d
t
Mr.
These
to yield from 1.90% to 3.55% in
give aged by The First Boston Corpo-
passed by Congress in 1954 to
1994- The bonds due 1995-2006
net interest were dollar priced from 100 to 98.
bid, a 2.89 %
This New York State Agency
and in- net
interest cost, . came from was created by the legislature in
* "
Harris Trust .and Savings Bank 1960 to finance middle income
.partial relief from ration at a 2.879%
double taxation of dividends^ cost. The runner-up
stockholders
the
profits
both corporate
as
awarded to the group man-
were
were
dividual income.
V,11,
other
of his speech,
discussed the Ex-
parts
The bond proceeds will
housing.
associates.
and
In
Z
Funston
First National Bank of Memphis
and Mercantile Trust Company of
in-
fuller
provide
to
formation for investors. These ef-:
forts
in
Were
3.10%, the present balance in
4 to
J
1
$910,000.
securities industry 'execu-'
..
tiye also took note of warnings,
the Exchange has given on several
occasions
c^o^rageinformed shSreownership; fifteen
T
"than
to
A Dividend No. 132 of
2.8419%.
0£
additional
have
has
'
Twenty-'
the Cbm-
on
been
declared,
payable April 1, 1963 to stockholders of record March 15,1963.
£jlp M. B. LOEB, President
ranging
Brooklyn, N. Y.
dan-; in
investors who
Stock
mon
There were
bids
($.25)
Unmformed,. or who are
of
highway;
driver
the
common
•
:
^onap Bank,
tion
>
and
Bank
Trust
is
founded
fin
a
*
4 were sold pre-sale.
f
;
\
v,
Pensacola,
awarded
Fla.,
cities, located in six states,
Canada, England, Italy,
Argentina and Brazil,
this
said
Funston
continuing
the Ira Haupt &
to
YALE & TOWNE
300th Quarterly Dividend
shareownership
of
on
;'a
•'
"There .are
shareowners in the stock market,
and
that
said.
Y.»
is
all to the
—
?'
;
good," he
-4
4
-;
at
Other
account
Jan.
-■
'
'
■
Diversified Products For Home and Industry
^
V
of
Board
has
Directors
declared
31.
quarter
ending
March
DIVIDEND- of
ONE
and
(11/2%) PER CENT
or
v. .;
.
GUARANTEE \
v
NEW YORK 20, N. Y.
"• 'i.
•. • •»' •
•
...
' •:
'
/
-
of
record
£
,.V.
I, 1903,
WILLIAM H.
DEATLY
#
share
per
a
I'•'••
■
■■
These dividends are payable March 15, 1963 to stock¬
holders of record at the close of business February 18,1963.
.
1962 SALES
;.
DIVIDEND
The Board of Directors
Stock of
payable March
10, 1963, to shareholders of
on
the Corpmon
the Company,
DIVIDEND NOTICE
business
record at the close of
The
more
:, owners
407th Dividend
February 18, 1963.
than 720,000':;
of Standard Oil Com¬
A. A. Finnell,
(New Jersey) will share
the earnings of the Com¬
in
Pullman
pany
S.
by
a
declared
I
Directors
>.'
31,
A quarterly dividend of thirty,
February
cents
(350
per
share will
be
paid
March 14, 1963,
rate
11, 1963 at the
of 65^ per
Axles
1
.
.
' v-^
I
m
I ■
X
■;
General
•
share of capital
Bumpers • Cushion
Brakes
the 81st consecutive
in which cash dividends
have been paid.
year
Transmissions
Torque Converters
Leaf and Mechanical Springs
•
stock.
1963 is
February 21, 1963.
■
I
ROCKWELL-STANDARD PRODUCES:
shareholders of record
stockholders cf record
on
!
Industry and Government
% 1963
to
■
Public Utilities •
J%3 and payable March 11,
97th Consecutive Year of
■■
Transportation • Construction
Agriculture • Petroleum
by the Board of
January
H
ROCKWELL-STANDARD SERVES:
dividend,
on
Secretary
January 28, 1963
pany
Incorporated
has to¬
day declared a regular quarterly
dividend of fifty cents (50*9 P®r
share
Pittsburgh, January 31, 1963
the
FOR
PEACETIME YEARS
President
•
Springs
Forgings
Stampings
-
Grating* Universal Joints
Executive Aircraft
Lighting Standards
Gas and Liquid Filters
Divisions and Subsidiaries:
Pullman-Standard division
$2-25 Series B Convertible 2nd Preferred Stock: $.56V4 per share
^
.
COMMON
on
President
$4.50 Series A Convertible 2nd Preferred Stock: $1.12Vfe per share
••-
.
SET ALL TIME RECORD
of $.45
STOCK, pay¬
able
March
1, 1963 to shareholders
of record February 11, 1963.
Also
'
$4 Cumulative Preferred Stock: $1 per share
pi.
QUARTER
annual dividend for
stockholders of record on Feb¬
ruary
/
REPORTS EXCELLENT 4TH
payable February 15, 1963
1963,
to
ROCKWELL-STANDARD
Secretary
i
1875
paid every year since 1899
!
Common Stock*: $.20 per share
I;!
Products since 1868
j
NOTICE
dividend of twentyhalf (27V6) cents per
designated as the first reg¬
share
share
per
W. IRVING OSBORNE, JR.
I quarterly dividends have been declared as follows:
||
||
M
Cash dividends
a
ular quarter
ONE-HALF
$1.50
19/ 1963 to shareholders
April 5, 1963.
declared
for
1963
to
-
YALE & TOWNE MFG. CO.
a
and
seven
STOCK, payable April
PREFERRED
on
five
THE FLINTKOTE COMPANY
-
and Treasurer
The Title
Guarantee Company have
Quarterly Cash Dividends
a•
Vice President
Secretary
Trustees^ of
$2,-
F.
%
31,1963
Elmer F. Franz
<
of
include
15,1963
share on the preferred stock,
payable March 1,1963 to stockhold¬
ers of record at the close of business
on February 5, 1963.
'
per
COMPANY
"
PjJjS
Mar.
Declared^,.
GERARD J. EGER,
Company ac- !
members
major
winning
-
——
|1
Record Date:
declared
quarterly dividend No. 178 of one
seventy-five cents ($1.75)
interest
net
a
£;■dividend notice
F1INTK0TE
Payable:
April 1,1963
;
of International
Company have
DIVIDEND
Halsey» Stuart & Company, Inc.
and associates.
*
41^ ^ »
fly-by-night
fewer
25? a Share
;
COMPANY
THE TITLE
cost of.
sound 3.227%. The second bid, a 3.24%
-Vnet interest cost, was made by
campaign: has resulted in growth count
basis.
""a
Materials Handling Equipment since
Change in bringing more informal 300,000 Excise Tax and Revenue,
tion to the attention of investors, Improvement
(1963-1982)" bonds
Mr.
at
New York, New York, February 6, 1963.
Thomas Welfer
i Describing the work of the Ex-
tax
of 6.99525% will be deducted.
By Order of the Board of Directors
F. A, SCHECK, Secretary.
February5,1963.
the
.
unsound economic citizen."
rate
Manufacturing plants in 22
declared
gullible prey-for: un-- New
tumors, or for a
the
shareholders
non-resident
Africa
Lock and Hardware
Xork, V',.44 :
4
•
1
shyster
Scaled to yield, from 1.60% in v
promoter, or in plainer words; he 1964 to 3 00% in 1984> bank de-|
is a sucker; <he, panics easily in mand was immediate and all but
time of crisis; he blames others $705,000 of the bonds have been
for his own stupidity; in all, he is sold< The bonds due 1985 to 1992
4-r ''He
$1 .40 per share, subject, however, to any
change which may occur in the rate of
exchange for South Africa funds prior to
February 26, 1963. Republic of South
(
Company,
1963
shares issued under the terms of the De¬
R. G. Hbngst, Secretary
and Federa-
Dallas
12,
March
posit Agreement dated June 24, 1946. The
dividend will amount to approximately
to shareholders of record at the
£ahkr
the
on
on
shares of the Com¬
close of business
said dividend
usiness
March 5, 1963 the close of
{) the holders of record at of American
v
payable February 25,1963,
pany,
are:
onv
/
forty-five cents (45tf) per share
on
to
.trained
poorly
JAMES E. McCAULEY, Treasure
.
February 6,1963
The A4. W.
- •
Kellogg Company
Standard, Oil Company
^
■
(New Jersey)
Trailmobile division
Trailmobile Finance Company
Swindell-Dressier Corporation
Transport Leasing division
"3
The Directors authorized the distribution
DIVIDEND No. 171
In
a
The Board of Directors' today declared
dividend of one Rand per share on th«
of the
company
On January 25, 1963, the Board
of Directors declared a dividend
get information. Bank and Trust Company, Confact, I.would say that an.U|i-, necticut Bank and Trust Commformed ..investor; can.
he :as
pany
Hartford,- National
City •
dangerous in the marketplace asCleveland, Republic Na-,
indifferent
or
^Dividend
notices
Aa CLEVELAND 10, OHIO
'vv"'
•
y
February 26, 1963;
CAlUn
Qther members of the winning .
too lazy syndicate include Mellon National *
^
notices
dollar and
ior+
gen¬
O'okiep Copper Company
!
manufacturing
r A TA u
Harvester
'
iCjVf»}
Z■•■■■<" r'".i. '
Dividend No. 132
Five Cents
interest cost from 2.842% to
economy," he said, - 3.19% made for this popular issue.
to our
gerous
be^more
could
"Nothing
jit
against
the Wachovia Bank and Trust
speculation, Company syndicate at a net intercost
behind the
Ordirtary Shares of the Company payable'*-*
The Directors
comfany, inc.
This
still to
seems
*—:—:———
I
BRILLO ^
.
Raleigh, N. C., sold $4,010,000
various purpose (1964-1992) bonds
of-Exchange programs to en-. est
considerably
dividend
HARVESTER
manufacturing
..
recent years
in
reckless,. uninformed
and
\
j
^
of obligation
other
verges
i
\ J I
,,,.
Many other
fractionally.
up
INTERNATIONAL
Reoffered to yield.from,-1.70%
2 and
up
eral market.
•
,
Dallas.
pre-
securities";
laws, he noted. 4. * /
.* The
the;
a' sense
"truth' in
dursors *of
were
•
,
porations
be
and
■■
educational ac-
various
change's
Toll
2; Kansas
Pur revenue bond,
dividend
vv
Other major members of the
successful group include Mellon project costs to the sponsors. The
tivities
and
its
self-regulatory National Bank and Trust Com- Sp0ns0rs contract to limit profits
role. He cited the pioneering work> Pany» Seattle First National Bank, ^ 6%.
of the Exchange, dating from the-National Bank of Detroit, Induslast century, in encouraging cor- trial Bank of Providence, R. I.,
dividend notices
Mr,
Strong
utility
issufes,^
be used to make low cost mortgage loans of Up to 90% of the
<
11014 bid up 1^4.
type
Tuesday's ^largest
noted.
Funston
public
$8^
Company group of
at
gone
quoted toll road, toll
bottefi*
tn
a]p
has
Index, utilizing the 23 most;
--the-"
by
Turnpike 3% at 87 bid
;i^euue: issues
underwriting! yield
fc>
t
.was,,climaxed
&
A*'p
bridge,
Indiana
at 92 bid up
national Kentucky Turnpike, Eastern 4.80
a
•
Dollar Bonds
follows:
Morton
with
3%
issues
The dollar
This week's big gain¬
as
Road
reoffering
The
:
are
&
well.
very
to do
# competitive Finance Agency, General Housing^
Likewise, elimination of the $50 sale 4Consisted of $6,000,000 Loan Bonds, 1963, Series A due
credit arid 4% exclusion allowed Boulder
Valley School District 1965-2006. Bearing a 3.60% couon
individuals' dividend income RE-2,
Colo., general obligation P°n
throughout, the maturity :
would also discourage investment, building (1964-1983) bonds which schedule, the bonds were priced
.
group.
f- 4 lbn£
020f00Q New York Stete^ Housing
m
'
■
-p.;
.
No ^O'-^'Week's Major Sale
refunding bonds.
tp lengthen the capital gains hold- plans to reoffer the bonds due
This
tag period from six months to a,, 1964-1987 have been announced. activit
year would have an opposite ef-; These loans had been listed.as the
ti
arid' restraining
./•.-
and
along
ers
Barney
H.
W.
Company
Leh¬
are
Smith,
Company
pany,
.
managers
as
Brothers,
man
•'
this week.
Associated with Phelps, Fenn &
TAX-EXEMPT BOND MARKET
39
ROCKWELL-STANDARD
CORPORATION
Coraopotts, Pennsylvania
■
40 *
The' Commgr£ial>anxl
(612)'
Financial Chrontcfe'.
-
X&ririajr,
*
1963.t .'V
February
'
'
A:
CACKLES 8 CO.
-
nual
SECURITIES
1
/c
to
>f 2 over-regulating!.. them,
lias issued a landmark decision. ^
roads
Government
includirig; the
thousands
lines«
truck-
of
with
lines,
barge
arid^uttoto,^
of
Mr.
The unanimous decision by th<e
grain
shipping
"
jumbo
v
(' V' menf
cision
cost;
£
new
great
mean a
after the
sight that, indicates it will be re¬
;
sued
restraining order to
a
vent 7
becoming
it
long
authorizes
the
take
to
advantage
"Big John" hoppers,
advance
cal
Southern,
by
competitive
weapon
The
a
as
shipments of grain.
'
.
Southern has 500 of these
John"
which
cars v
is
There
an
*
but you'd
sub¬
Security
2:
1963
(New
Traders
City)
York
of
Association
New York Annual Dinner
inspire greater customer confidence if you'd
say 'prospectus' instead /of ^whatchamacallit?!"
modes of transpor¬
some
Grand Ballroom,
in
the
Waldorf-Astoria
PiHoteKS
May 6-7, 1963 (Richmond, Va.)
/'
Assbdatioh^ of! Stock Exchange
transportation.
such modes of
"Big
represent
April 26,
"I realize you've been in Wall Street only a few days,
sideration in figuring the costs of
!'!:
,
of the
determina¬
a
Re¬
must7 be "taken" into :con-
tation:
sharply reduce rates for multiplecat
was
Bar. / Association
gional Meeting.
that ^'public:!costs" ?or.
sidies to
thus
and
-
tion
American
.!,
'daily."
paramount feature
drastic rate cut
technologic
a
Section April 25.
April 17-21, 1963 (Syracuse, N. Y.)
Commission's report to! allow the
its
of
1
CHRONICLE'S Special Pictorial
exhorbitant rates to
the tune of $100,000
Railway
Southern
order.
tinue to pay
*
*-
Statler Hilton Hotel.
Meantime, as
these rates are not in ef¬
as
"v«•
77 Texas Group Investment Bankers!
Association/Coriventiori r: at Ihe
part of the country will con¬
ern
The ICC's far-reaching decision
System
;:
fect, the people of the Southeast¬
pre¬
effective
immediately*
Waldorf-Astoria-Hotel.
April 3-4-5,1963 (Dallas, Tex.)
Supreme Court lifts its
restraining
although
the
Supreme
(Court of the United States has is¬
versed,
(New York City)
*
de¬
"a great
as
arid
New Vbrfe Security Dealers Asso-^
ciatiort 37th Annual Dinner at^ tho
,;
the
described
victory for the
deal to the American railroads if people." He said the new rates
it stands, and there is nothing in would be applied- "immediately
ICC's Division 2 will
Pennsyl^
Bankers- Association;
.
March 29, 1963
by 60%.
cars
Brosnan
Banking
..
and Commerce.
its
in
Investment
of
.University ^ of
-2 the Wharton School* of finance
approved
decision
ICC
v
'
the
of
"Victory for the People*
The
*
pro-railway
a
Institute
at .2 the
.
many
:
March 10-15,1963
can
shaken
has
transportation
whole
the
up
agency,
benefit
the
for
generate
they
economies
express
;^he jBelleyue// Stratford*
^(Philadelphia^Pa.)
people of America."
The independent agency- of the
Federal
2
is that
progress
regulation
of
minimum - rates
denies raiiroads the opportunity
Commission,
the nation's rail¬
often accused by
bar. to
greatest
In¬
C.—The
D.
Commerce
terstate
Investment Traders Association
2 toat
f
WASHINGTON,
thq
at
\
of
2 Philadelphia ;'anririal\ winter din-ij
a
.
Lanes. \
J963," (Phiiade^3tM^^?a?l^
SiJS
CAPITAL
FROM THE NATION'S
?
bowling tournament
YPennsylvania
BEHIND-THE-SCENES INTERPRETATIONS \ *
Philadelphia- an*;
Association x:of
speculation in Wash¬
investment of millions of dollars.
ington^; that
It is
Then in
an
obvious reference to
coping
substantial
••^inris'!rSpfirig:2 ^toin^;! of; 2 the"
unregu¬
competition
(present
with
Board
Of Governors
at: the
John"
serve as an alternative to implementation of President Kennedy's
decision
the
>
may
lated
truck
the many millions of dollars ConMarshall Hotel.~
- 2
■ J
laws
exempt trucking of farm*
gress appropriates annually in all
and fish products from an ICC May 8-lt, ,1963* (White Sulphur
this railroad, which is making
parts of the country in rivers,
call t for
endirig regulation of harbors and
Springs, W. Va.)
some dividends for its stpckholdi
flood control, and the regulation) 2 does not "constitute a
minimum rates tor the transporers but aims at making more.J
I
tremendous sums appropriated for destructive ^competitive practjce- Investment^Bankers: Association,
Of
course
the
ICC
decision, tation of commodities in bulk and highways ^ Commission noted: • • . merely .because a third mode: ®oa^ °| Gwernoia Meeting; at
;
'
•
•
■while immediately; affecting agricultural products.
(barge lines) does not suffer from,the Greenb"ei''
■
*;*
"However Congress-has tseen^;^.^
Southern, would apply to other TVA Voices
May 12.15, 1963 (Chicago, 111.);
;
,
,.
technological innovation by
a
,.
.
.
,
.
,
.
-
.
.
!t.
,
railroads.
that
A
the1
paramount
ruling;
reason
evoked
has
tremendous interest in the trans¬
field
portation
commission
is
the
because;
discusses : competing
-
Opposition to Ruling fit to accord funds to
,
Ironically,' two agencies of the. indicated
Federal
Government
taking
are
opposite sides in this far-reaching
rat®. case. J The
.
Department
determining
effect
7* competition.
the
Financial Analysts Federation an.-;
'improvements.
merely
the
sonableness of the level 2 of
,
nual
Jpaas technolopq^l pinovatiop hi
rea-
convention
at
the
Palmer
House.
par-"arisportatlbri of .grain.
;<V
The favorable report undoubt- May 13-15,1963 (Washin&ion,a
cif ticular rates to be charged ship-
.
_
In
public
_
..
.
.
...
...............
Agriculture is supporting South;- pers by " water carriers," the Com- edly.-will prove- to be a marked, National ;2Assq
ern's; position' btoris^2^2want^2tia|riiissiori2^as!peyegconsid^^,22asg
^v2::2v2.!.-":-22^v;2|:';222%:"':'2::move as.^^ much. grain asypossiblb a^ cost factor,
e^eriditeei:df ctoinued^ techi^l^cal advtoes^ference ?.at j the;^Sher9t0ri^;Part
;
- Congress
many years ago cre¬
^
' 2
and to stay alive.."-f. ^
^ ^ 'Nttoteliirr
ated the ICC to provide for an from the Grain Belt and'move it publicfunds.^.
fjv -" :. * ,•
y-c;«.T*. (; .*' : •:y; :
as cheaply as possible.' 2
.
agency empowered to regulate, in
"Nevertheless,
it
is
manifest
[This column is ^intended to reflect May 16-17, 1963 (.Cincinnati, O.) '
On the other hand the Tennes¬
the public interest, common car¬
that in competitive ratemakin-gr, the "behind the scene"
interpretation Municipal Bond Dealers Group of
see
Valley Authority, which was
riers engaged in trie transporta¬
where one mode does assert the from the nation's
Capital and may or Cincinnati Annual Field Day—
created for the purpose of naviga¬
tion in interstate commerce. The
inherent advantage of low cost in may not coincide;with the "Chronicle's" Reception and Dinner
May 16 at
tion and flood
carriers that
"subsidised
are
car¬
riers." '
^
..
.
Ccimmission
members
are
States.
United
ap¬
by the President of the
pointed
V V' ''
.
.
view
of
e
grain
TVA
:;
as
wants
n
^
a
j
Railroad
Southern
cutting the
'2-
"
takes
control,
,,
dim
rates by- 60%.
much
grain
of
as
I Southern's President Urges
f
is feasible to move along the Ten¬
f
:
nessee
Industry to "Look Alive""
Not
too
the
before
weeks ago,
many
Br'osnan,
ICC
decision,
president
but
D. W.
The
about
traverses
Knoxville,
650
Tenn.,
Tennessee
miles
to
from
.
Paducah,
.where , it empties-into the
OMo River. ; ; ., ; v ■ ^;
Nation's
Capital, ' and
Which
The principal " philosophy- of
operates more than 6,300miles of complaints now reaching the.Jntrack, warned in a .speech! of k terstate Commerce Commission is
which has its headquarters in
the
,
own
views.]
the
road block for the railroads,
unless
'/(Mr.
something
done. <
j
..
Brosnari declared emphatic
cally that
legs
was
it is
"as
plain as
the
dog (the railroads) have
on a
not
;arquestion,oK
costs,
including
'public
as
inherent
justice,
:
advantage
must,
be 2 considered.
in
COMING
all
to
have
no
essential,
characteristics. That
of 'public costs' is
a
an
a
+
Southern's evidence in this
case
pathway to new traffic and higher
profits." At the
not
of
excuse
the
same
time, he did
the [railroads for. part
troubles
that
have
piled
He added:
up.
:
-
j
j "We must get the lead out Of
to* thinking and tailor
fic
at stake ranged from
$5.32
per
net
ton.
'The
$2.28 to
present
lo
fit
the
ICC
Decision
Underscores
}JN INVESTMENT^
allocation
FlELi>^
Maxson
factor to be
irmi'ninv
to
only
carry
tories.
right."
our
minimum
need
inven¬
Finally, the price must be
: 2'' i
Tlieri,
squarely
'
Feb.
c?ear, td we so find^
(Boston, Mass.)
8, 1963
■;J-,
lines claimed they encountered
no
town
truck competition.
"we
initiative
find
and
that
the
same •
day.
Feb. 20, 1963 (Philadelphia, Pa.) Southern's Seeurity [/Traders! Association 2pL.
in New
.
an
LERNER & CO., Inc.
York
-
Investment
-
Traders
to
the
"The -Commission; acttxeres
National
Transportation
!
Teletype
617 451-3438
Equipment/
Corporation
Cml Marks & Co. Inc
FOREIGN
in the direction of
tjie
l^resid^. ^T^^nJdedared:
Bought—Sold-—Quoted
SECURITIES SPECIALISTS
20 BROAD STREET •
HEW YORK 5, N: Y.' ' '
; !
;
2 v Annual Report
on
J
Policy principle that this counlookipg try's several forms of transporta-
Interstate Commerce Commission,
Square, Boston 9, Mass.
Telephone
xlVtejor ppqlx
.
apparently
Investment Securities
HIJbbard 2-1990
significance," said the ICC's Divi¬
sion 2.
,
10 Post Oifics
Sub-
issue of much
tion should be treated fairly and
impartially and that no one form
-"The shourii. b^unduly«*pf,efoixeiL*£ »i
telephone nurnber is-
guests will be given at the
Parker tr
House
resourcefulness
:
.
CAnal 6-4S92
The ICC's report went on to say
that
—
Our New York
our serv-
customers
Electronics
;-!25^"PfficialrFjlto
"j;
'il Waste King V;V
distribution
evidence raises
llability that
22^2^ Botany Industries ^
! /2 I nd fan H ead Mills
intrinsic
rates, which^of course, ^do
not reflect
costs,
range from $2.11 to $7.62 per ton.
sidy Factor to Non^-Rail Transport
plans : The
approvCd "Big. John" rates
an
needs o modern industry
in
jor
five-car, shipments " Would
transit time, in lower loading and
range frOm $2.40 to $4.20 a ton.
unloading costs, and in perform¬
"The 'public ; cost'
(subsidies)
ing our service with such re-
Ices
TRADING MARKETS
EVENTS
reference other than
permanent,
Attention Brokers and Dealer»
As y we
understand the term 'inherent,' it
keePinr^he
indicated
a
Outing
cost,'
which go to make up the asserted
Boston Securities Traders Assorates down, but—of all'things— ,
.
|
to keep; the rates, up, .This iis a .^None* of the big trucking , lines ciation^nnual dinner at the Statmarked switch from former years, intervened in the case. The barge ler Hilton. A luncheon for out of
that "public costs" of
private enterprise
unless they set their feet oil the barge transportation on the traf¬
future
no
City/ Club;
May 17 at the Losantiville Coun-^
-
grave
Queen
„
can
SoutheriJ,
of
River.
~
perrorxning a service, sound eco1
,
.
.
,
...
nomics
plainly require that all
TEL: HANOVER 2-0050
"22
available
request
:
.
:;
•
;
:
TELETYPE 212-571.1685
ALL, THOMPSON & CO., INC.
:
,\
T« Waif Street N«w
Tel. WH 4-4540
:Yarf[ S,;N. T.
7'I212 571:t7PA
Volume 197
Number 6236
...
A Supplerfientio The Commercial and Financial
ASSOCIATION
ANNUAL
MIDWINTER
Chronicle
Thursday, February 7, 1.963
OF
DINNER
Ji
DRAKE
HOTEL
PRESIDENT
•
•
•
JANUARY 21,
VICE-PRESIDENT
SECRETARY
TREASURER
Officers
Frank X.
Cummings
Bear, Stearns & Co.
John P. O'Rourke
Joseph P. Murphy
/. P.XyRourke A Co,
Shearson, Hammill
A Co.
Thomas C. Driscoll
Directors
Brown Brother*'
J. Cushing Fitzgerald
Morey D. Sachnoff
William Blair A Co,
Cook Investment Co.
Harriman & Co.
Charles G. Scheuer
McKeown & Co.
John L.
Schlipper
New York Hanseatie
Corporation
Norman Hi Nagel
Sincere and
Company
(1)
(2)
John
P.
Volume
Thursday, February 7, 1963
197
Number 6236
...
A
Supplement to The Commercial and Financial Chronicle
O'Rourke, /. P. O'Rourke A Co., Chicago; Francis X. Cummings, Bear,
A Co., Chicago; Morey D. Sachnoff, Cook Investment Co., Chicago
Stearns
P.
Maurice
A.
Bergquist, First National Bank, Chicago; Harry Brown, Salomon Brothers A Hutzler,
George B. Wendt, First National Bank, Chicago
Chicago;
Hart, New York Hanseatic Corporation, New York; William R. Radetzky,
New York Hanseatic Corporation, Philadelphia; Frank J. Ronan,
New York Hanseatic Corporation, New York
Underwriters—Brokers
Listed A Unlisted Securities
Straus, Blosser & McDowell
39 South La Salle Street
Chicago 3, Illinois
•
AN 3-5700
•
TELETYPE 312 222-0371
Gerald
L.
Lewis, A. C. Allyn A Co.,
New
MEMBERS
NEW YORK STOCK
MIDWEST STOCK EXCHANGE
AMERICAN
NEW YORK
MILWAUKEE
Retail
•
STOCK
•
Trading
•
Chicago; Maurice Hart, New York Hanseatic Corporation,
M. Wakeley, A. C. Allyn A Co., Chicago
(ASSOC.)
KANSAS CITY
•
GRAND RAPIDS
•
Thompson
DETROIT STOCK EXCHANGE
EXCHANGE
DETROIT
•
York;
EXCHANGE
•
MARKETS ON ALL TAX-EXEMPT PUBLIC BONDS
MT. CLEMENS
Wire Connections Coast to Coast
^BOSTON
Three Years
of Investment Banking
SAN FRANCISCO
UNDERWRITERS
-
DISTRIBUTORS
-
DEALERS
Stifel, Nicolaus & Company
INCORPORATED
MEMBERS
NEW YORK STOCK EXCHANGE
AMERICAN
STOCK
105 W. Adams St.
MIDWEST STOCK EXCHANGE
EXCHANGE
CHICAGO 3, ILL.
312
222-0392
Marion
ST. LOUIS 2, MO.
STate 2-5770
E. Taylor Bldg.
LOUISVILLE
(ASSOCIATE)
314 N. Broadway
.
1, KY.
314
556-0007
GArfield
1-1980
Bankers Life Bldg.
MOUNE, ILL.
OUR PRIVATE WIRE SYSTEM Will SPEED YOUR MUNICIPAl BOND INQUIRIES
JOHN NUVEEN & CO.
(Incorporated)
Private
Wire Between
St.
and to Hayden, Stone & Co.
Louis, Chicago, Moline and Louisville Offices
and Singer, Bean & Mackie, Inc., New York City
Chicago, New York and other Principal Cities.
v
Volume 197
Number 6236
j
V» A
Supplement to The Commercial and Financial Chronicle
'■
.
;
•.
■■
■
•..
......
Thursday, February 7, 1963
:
,
■
■
(3)
Arthur E. Farrell, James
A
ton Hi
J. McNulty A Co., Chicago; Wellington "Duke" Hunter, Welliington Hunter
Associates, Jersey City, N. J.; Gerald M. Ryan, Jr., Doyle, O'Connor A Co., Inc
Chicago;
^
v,
>
;
W. Raymond Dixon, Goldman, Sachs & Co., Chicago
Frank X. Cummings, Bear, Stearns
A Co., President of the Chicago Traders Asso¬
ciation, presents silver bowl to Edward H. Welch, Sincere and Company, Chicago,
on
the 25th anniversary of the latter's presidency of the Association in 1938
SXlXvty^itWylv-Wl^^.VI.V/.t.^I.V.V.Vx;
'
•
^
Pal
■
■
I
■
•
Quail, Quail A Co., Inc., Davenport, Iowa; Col. Oliver Troster, Troster, Singer A Co., New York;
William J. McGregor, William A, Fuller A Co., Chicago; Charles Offerman,
■^
Troster, Singer A Co., New York
Firm
Trading Markets in Over-the-Counter Securities
Private Wires to:
R. S. Dickson & Co., Inc.
Atlanta
Wm. A. Fuller & Co.
Chicago
J. N. Russell & Co., Inc.
Cleveland
For Banks, Brokers,
Coas t-to-Coas t
Columbus, O.
Vercoe & Co.
Dallas Union Securities Company
Correspondent Network
Dallas--
•
Detroit--—^--—i+Baker, Simonds & Co.
Grand Rapids———-King and Company
Dealers & Financial
in
Stocks
and
Bonds
Markets in
John A. Kemper & Co.
Indianapolis
Kansas City, Mo*
Research
Comprehensive
*
A. G. Edwards & Sons
Houston
Institutions
Municipal and Revenue Bonds *. Complete Brokerage Service
Coburn & Middlebrook, Inc.
Hartford
Underwriters of Corporate Securities * Underwriters of State,
Primary
'
300 Unlisted Securities
over
'
Barret, Fitch, North & Co., Inc*
Kansas City,
Los
Your Orders Invited
Currier & Carisen,
Louisville
Inquiries
Invited
the Purchase
Large
Blocks
or
of
O, Peet & Co*
Angeles
The
Incorporated
Kentucky Company
Members
Minneapolis
Piper, Jaffray & Hopwood
Philadelphia-H* A. Riecke & Co., Inc*
Pittsburgh*.-.---—Arthurs, Lestrange & Co*
Portland, Oregon--.--—--Black & Co., Inc*
on
Sale of
San Antonio
Stocks
San Francisco
St. Louis
New York Stock Exchange
American Stock Exchange
*
Midwest Stock
Dewar, Robertson & Pancoast
Sutro & Co.
Exchange
-
Telephone WHitehall 3-7600
Trading Teletype: 212 571-1740
Fusz-Schmelzle & Co., Inc.
•
Municipal Teletype: 212 571-1741
Address: OREOSONS
Cable
Washington, D. C.
Rouse, Brewer, Becker & Bryant, Inc*
We have direct wires to Correspondents in the following cities:
Troster, Singer & Co.
Members: New York Security
74
Dealers Association
Trinity Place, New York 6, N. Y.
P
||
||
||
p
Albuquerque
Burlington
Anaheim
T'
'
^
Teletype 212-571-1780; 1781; 17J52
Ashevllle
Chicago
.
Baltimore
Cincinnati
Bismarck
Clearwater
Boston
Cleveland
Columbus
-' Corpus Christ!
Dallas
Denver
Des Moines
Detroit
Farmington, N. M.
Fayetteville, Ark.
Fullerton
Grand Rapids
Harrisburg
Houston
Indianapolis ;• Joplin
Kansas City
Los Angeles
i El Paso
Malone
Minneapolis
Philadelphia
Potsdam
Rapid
Salt
Louis
Santa
Ana
Nashville
Phoenix
St.
Telephone HAnover 2-2400
-
Charlottesville
City,
Lake
Santa
Fe
New Orleans
Pikesville, Md.
S. Dak.
City
Redlands, Cal.
San Antonio
Seattle
Washington
Oklahoma
Pittsburgh
Toronto
Westwood
Reno
Rome, N.Y.
San Francisco
Utica
Whittier
Oxnard
Portland, Ore.
San Diego
Tulsa
City
-
Victoria, Tex.
v/i
(4)
Volume
Thursday, February 7, 1963
197
Number
6236
...
A Supplement to The Commercial and Financial
Chronicle
Officers Elect 1963-1964
f
PRESIDENT
TREASURER
SECRETARY
VICE-PRESIDENT
Floyd D.
John P. 0'Rourke
Leonard J. Wolf,
J. P. O'Rourhe & Co.
Cerf, Jr., Floyd D. Cerf, Jr. Co., Inc., Chicago; Harvey W. Cornelius, C. J. Devine
Chicago; R. Donald Jacobson, Smith, Burris & Co., Chicago; Jay C. Erzberger,
Smith, Burris & Co., Chicago
& Co.,
Jr.
A. G. Becker &
Incorporated
£>enmi»ary iiarkd ^pmaltata
Lester J. Thorsen, Glore, Forgan & Co., Chicago; William J. Gratza, David A. Noyes & Co.,
Merton A. Russell, Halsey, Stuart <ft Co. Inc., Chicago; James C. Vacha,
H. M. Byllesby and Company, Incorporated, Chicago
TAX-EXEMPT
Chicago;
REVENUE and G. O. BONDS
We invite you fo
call
us
O
For prompt bids on items you have for
@
To show us your current buy inquiries
0 To place
sale
daily airmail offering list
your name on our
Municipal Bond Department
mis Ira Haupt
Members
New
1141
York
Stock
Exchange
Co.
&
'principal Exchanges
other
and
WEST JACKSON BLVD., CHICAGO 4
NEW YORK
"
922-5H6
•
SAN FRANCISCO
v
Star C.
DALLAS
•
A.
Kcerner, F. S. Moseley & Co., Chicago; Peter C. Koerner, F. S. Moseley & Co., Chicago; Philip
Lynch, Francis I. du Pont & Co., Chicago; George F. Hummel, First Securities Company, Chicago
OUR EIGHTY-FIFTH YEAR
LOCATED IN ST. LOUIS
SERVICING
'
K
'
'
'/
•
'/ '
4
1
-
-
-
,
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f*
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Heart
r.
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*
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,
ii
BROKERS AND DEALERS
of the Middle West
SINCE 1878
BUT
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V.
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We Make National Markets in
Unlisted Securities
V:C\
'
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v..'
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Direct Private Wiree To
New
York,
Denver,
r'ty'1:- ;
■.
*
<•.
>
*V-.
ASIEL & CO.
Kansas City
Dallas,
.
San Francisco,
Los Angeles,
Chicago,
V>
Y'-1-'-.'
V
Members
7i'/Y, Y
Yx
Members
J
SCHERCK, RICHTER COMPANY
'w:-
of:.:;'
Members Midwest Stock Exchange
320 N. 4th Street
'
20
VY'*
BROAD
New York Stock Exchange
American
|\Ky
Stock
*.*
^"y-Y1
STREET
••
f
*1%'
NEW YORK
5, N. Y.
Teletype 212-571-1280 and 1281i
Telephone HAnover 2-5000
,
DIRECT WIRES
ST.
Exchange
$
ru
LOUIS 2, MO.
Elkins, Morris, Stokes & Co.
Burgess & Leith
TO
Cruttenden & Co., Inc.
Houston Hill, Jr. & Co.
'
Philadelphia
TWX 314-556-0451
"
GArfield 1-0225
Boston
Los Angeles
San Francisco
Number 6236
197
Volume
A Supplement to The
...
William
Sid j. Sanders, Foster &
Thursday, February 7, 1963
Commercial and Financial Chronicle
(5)
Maguire, Stroud & Company Incorporated, Philadelphia; Robert Parsons, Parsons & Co., Inc.,
Cleveland; Jack Gettleman, The Marshall Company, Milwaukee; Sterling Graham,
Wm. C. Roney & Co., Detroit
Marshall, Seattle; Edward h. Welch, Sincereand
Company,^Chicago
Saul Golkin,
Golkin, Divine & Fishman, Inc., New York; Seymour Fishman, Golkin,
Divine <£ Fishman, lnc.i Chicago
Bonds
Preferred Stocks
•
to suit every
Common Stocks
•
Primary Markets
Industrial and Public
Utility Companies
Banks and Insurance
Securities of the United States
Companies
Government and its Agencies
States, Municipalities and Public Authorities
The " f"""
Securities
United States Government and Agencies
Bonds, Preferred and Common Stocks
Complete Trading Facilities
of
FIRST BOSTON
Industrial, Public Utility and
Railroad
CORPORATION
Corporations
Bank Stocks
20 Exchange Pl.
•
NEW YORK 5
Casualty, Fire and Life Insurance
Boston
Company Stocks
Bankers'
Blyth SXoJnc
New York
Boston
Pasadena
Fresno
Philadelphia
•
Louisville
*
.
*
San Francisco
•
Detroit
?
*
•
*
•
Los Angeles
Pittsburgh
•
Milwaukee
Spokane
San Jose
Chicago
•
•
•
Sacramento
*
■
%■
Oxnard
•
•
Indianapolis
•
Kansas City
Eureka
•
Portland
♦
Tacoma
•
Oakland
San Diego
«
Reno
Pittsburgh
San Francisco
Acceptances
Certificates of
Seattle
Cleveland
•
Minneapolis
Palo Alto'
•
v
:
State, Municipal, Revenue and Housing
Chicago
•
DIgby 4-1515
Philadelphia
Cleveland
Deposit
Securities of the International Bank for
Reconstruction and
Development
Canadian Securities
External Dollar Securities
fyCndewtite'K
<Snve4tment SPecuxitieA
(6)
Thursday, February 7, 1963
Volume 197
~
Michael D. Carioscia, J. F.Reilly A Co., Inc., Chicago; John Arthur, David A. Noyes
Walter C. Aim, David A. Noyes A Co., Chicago; Charles A. Beezer, Sutro Bros. A
Number 6236
A Co., Chicago;
Co., New York
V. Range,
Blair A Co., Incorporated, Chicago; Henry J. Arnold, Geo. Eustis A
Cincinnati; John D. Kipp, A. G. Becker A Co., Incorporated, Chicago; Harry J. Gawne,
Merrill, \Turben A Co., Cleveland
Laurence
.
.
.
A Supplement to The Commercial and Financial Chronicle
Charles
M.
Miller,
Mullaney, Wells A Company, Chicago;
Mullaney, Wells A Company, Chicago
Herman
J.
Eckrich,
Co.,
.
TRADING MARKETS
Earl
Hagensieker, Reinholdt A Gardner, St. Louis, President of the N. S. T. A.
presenting to John E. Canfield, Vice-President, Wisconsin Power A Light Co.,
Madison, Wis.,lhe N. S. T. A. Award for Shareholders Program;
People, Progress <& Power, 1962
}n
OVER-THE-COUNTER
SECURITIES
Over the Counter
SreeneanACompoiu^
Among the many unlisted securities
in which
Members New York Security Dealers Association
are
37 Wall Street, New York 5, N. Y.
Teletype
212
.
Telephone
HAnover 24850
571-1636
-
PRIVATE
WIRE
Interstate Vending
,
Josten's, Inc.
Dean Milk Co.
VSI Corporation
Inland Life Ins. Co.
01-2455
Wolverine Shoe
SYSTEM
A. G. Becker &Co.
Company of Chicago
Incorporated
CLEVELAND—Wm. J. Mericka & Co., Inc.
LOS ANGELES—Mitchum, Jones & Templet on
ST.
120 So. LaSalle St.
60 Broad St.
Chicago 3, 111.
LOUIS—Henry, Franc & Co.
SAN
primary markets
following:
Cummins Engine Co.
Branch Office: Miami Beach, Fla.
CHICAGO—First Securities
maintain
we
AMT Corp.
Telex
*
the
New York 4, N. Y.
FRANCISCO—Mitchum, Jones & Templeton
Direct private telephone: Philadelphia-WAlnut 2-1514
And
Members
New
York
Stock
Other Cities
Exchange
and
Other
Principal
Stock
Exchanges
Number 6236
Volume 197
.
.
% A Supplement to The Commercial and Financial Chronicle
J. Robert Doyle, Doyle, O'Connor & Co.,Inc., Chicago;
Co.,- Los Angelesf Bill Denney,
Thursday, February 7, 1963
(7)
Richard O'Neil, FaiYmdit &
Doyle* O'Connor & Co,, Inc., New York
Walter L.
Robert:
Strait, Swift, Henke & Co., Chicago; Joseph Mahoney, C. D. Mahoney & Co., Minneapolis;
;M,r Rice,;; Ralph Wy Davis <ft Co., Chicago; Daniel E. Murr&y, Ralph W, DaUis & Co., Chicago
Charles
A. Bodie, Stein Bros. & Boyee, Baltimore; Joseph E. Smith, Newburger &
Co., Philadelphia; John P. O'Rourke, J. P. (yRourhe & Co., Chicago
Leslie
For
J.
Howard, J. S. Strauss <ft Co., San Francisco; John Thomas, H. M. Byllesby and Company,
Incorporated, Chicago; William J. Kougias, Wm. H. Tegtmeyer & Co., Chicago;
Ted J. Crowley, Glore, Forgan <ft Co., Chicago
Banks, Institutional Investors, Brokers, Dealers
UNITED STATES GOVERNMENT and AGENCY SECURITIES
George R. Torrey, McCormick & Co., Chicago; Milton J. Isaacs, Straus, Blesser &
McDowell, Chicago; Joseph Krasowich, Gregory & Sons, New York'"
OFFICES:
MUNICIPAL BONDS
v
Boston, Mass.
Chicago, III.
Los
HIGH GRADE CORPORATE BONDS
EQUIPMENT TRUST CERTIFICATES
MUNICIPAL
BONDS
CORPORATION
PREFERRED
AND
COMMON
Angeles, Oaf.
Philadelphia, Pa.
San Francisco, Cat
OVER-THE-COUNTER STOCKS
BONDS
DIRECT WIRES TO:
STOCKS
Atlanta
FOREIGN SECURITIES
Louisville
1
Philadelphia
Cleveland
,
New Haven
Chicago
NEW YORK
Boston
Pittsburgh
HANSEATIC
Members Midwest Stock
Exchange
American Stock Exchange (Associate)
Established
Los Angeles
60
BROAD
STREET
•
1920
NEW YORK 4, N. Y.
120 S. LaSalle Street
3
f
San Francisco
Toronto, Canada
CHICAGO OFFICE:
CHICAGO
Financial 6-4646
San Antonio
CORPORATION
105 South La Salle Street
Telephone
Providence
Houston
McMASTER HUTCHINSON & CO.
Dallas
Telephone: 363-2000
Bell System Teletype
312
222-0276
Telex 02-5298
Teletype: 212-571-1231, 32, 33, 34
i'| Chicago 3, III.
CEntral 6-1282
Volume 197
Thursday, February 7, 1963
(8)
Number 6236
.
v;
A Supplement to
The Commercial and Financial Chronicle
-
Richard O'Neil, Fairman A
M.
s
Co., Los Angeles; Joseph A. Smole, First National Bank of Chicago; George
Edward K. Hardy III, Blunt Ellis & Simmons, Chicago
Baker, Blunt Ellis A Simmons, Chicago;
Orville
H. Strong, First National Bank of Chicago; Leslie Barbier, G. A. Saxton
ACo.,lnc., New York; RalphDeppe,£du;ard D. Jones A Co., St. Louis
John
P.
McGinty, McDonald A Co., Cleveland; Edwin P. O'Brien, Sincere and Company, Chicago;
John J. Meyers A Co., New York City; Bob Disbro, Disbro A Co., Willoughby, Ohio
John J. Meyers,
Robert M. Topol, Greene
and Company, New York; Dave Wiley, Jr., Wiley Brothers,
Nashville,*,Tenn.j^ Gary;;; A. Galdun, Wm.J.Mericka A Co., Inc., .Cleveland
Norman
H. Nagel, Sincere and Company,
New
York;
Don
E.
Chicago; Nat Krumholz, Ogden, Wechsler A Krumholz, Inc.,
Summerell, Wagenseller A Durst, Los Angeles; Morton A. Cayne,
Ledogar-Horner ACo., Cleveland
Jack
Wertheim, Wertheim A Co., New York; Arthur Salomon, Salomon Brother
Hutzler, New York; Robert L. Rosenbaum, Wertheim A Co., New York
A
INDUSTRIAL, RAILROAD, PUBLIC UTILITY
MUNICIPAL
Underwriters of securities of the United States Government,
'
AND FOREIGN
UNLISTED TRADING
SECURITIES
DEPARTMENT
states, counties and municipalities.
SERVING
CORPORATIONS,
INSTITUTIONS.
DEALERS,
BANKS
AND
INDIVIDUALS.
Building with Chicago and the nation for 100
Wertheim & Co.
years
Members New York Stock
The
First National Bank of
Chicago
Chicago 90, Illinois
FRanklin 2-6800
Member Federal Deposit Insurance
Corporation
Teletype: 222-9584
Exchange
YORK 5
i
,
Thursday, February 7, 1963
Wm. Rotated, F. J. Winckler Co., Detroit;
K. J. Whitehead, I.M.Simon A Co., St.
George W. Gearner,
Louis;
(9)
First Southwest Company, Houston;
Co., San Francisco
Bryan Robertson, Reynolds
Joseph G. Ballisch, A. C. Allyn A Co., Chicago; William B. Healy, Webber-Simpson
A Co., Chicago; Joseph T. Fuller, William A. Fuller A Co., Chicago
John
R.
Donahue, Joseph, Mellen A Miller, Cleveland; Francis Bertrand, H. 0. Peet A Co., Kansas
James McFarland, Stroud A Company Incorporated, Philadelphia; Arnold P. Wolter,
City, Mo.;
i
J. Ries
Harper
Dean
Witter
A
Co.,
Chicago
Bambenek, Dallas Union Securities Co., Dallas; Hugh R. Schlicting, Wm. P.
A Son A Co., Seattle; Allen J. Oliver, Jr., Sanders A Company, Dallas
Byron J. Sayre, Ira Haupt A Co., Chicago; J. William Kumm, Ira Haupt A Co., New York;
Wichmann, St ifel, Nicolaus and Company Incorporated, St. Louis
Primary Markets Maintained In
Alfred
F.
Tisch, Fitzgerald A Company, New York;
Joe E. Hutton, Equitable
Securities Corporation, Nashville
unlisted
We
are
pleased to
addition to
announce
our
the
trading
department of
MR. JAMES C. VACHA
H. M.
Byllesby & Co., Inc.
J. F. Reilly & Co., Inc.
208 SOUTH LA SALLE
STREET, CHICAGO 4
135 S. LaSalle St., Chicago 3, III.
39
Washington, D. C.
Minneapolis, Minn.
BROADWAY, NEW YORK 6, N. Y.
W. Jack
Volume
Thursday, February 7, 1963
(10)
Number 6236
197
...
A Supplement to The Commercial and Financial
Chronicle
DISTRIBUTORS, BROKERS & DEALERS
FOR THE
MIDWESTERN MARKET
Taylor, Rogers
Tracy
&
INC.
Member
of Midwest
Stock Exchange
105 S. La Salle Street
C. Driscoll, Brown Brothers Harriman £ Co., Chicago; Gerald M. Ryan, Jr., Doyle, O'Connor
Co., Chicago; Roger L. Pfohl, Brown Brothers Harriman A Co., Chicago; John L. Schlipper,
New York Hanseatic Corporation, Chicago
Thomas
CHICAGO
A
TELETYPE: 312 222-9482
TELEPHONE! Financial 6-1030
TT v ^7 7 ■ ;-:.r
cv#'
v.V,/ -V'J;'r \
: ^'' 7
H. TEGTMEYER &CO.
Investment
Securities
105 South LaSalle Street
CHICAGO
Direct Wire Service to
Leonard
KALB, VOORHIS & CO.
J.
Vincent
Wolf,
A
Jr.,
A.
G.
Co., Chicago;
Becker A Co., Incorporated, Chicago; Richard H. Wierenga, Burton J.
Charles Scheuer, McKeown A Co., Chicago; W. Raymond Dixon,
Goldman, Sachs A Co., Chicago
1
.
New York
;
Specialists in
OVER-THE-COUNTER
SECURITIES
Frank
J.
Alfred
Harmet, A. A. Harmet A Co., Chicago; Richard Harmet, A. A. Harmet A Co., Chicago;
Harmet, A. A. Harmet A Co., Chicago; Sidney Freeman, Irving Weis A Co., Chicago
A.
INVESTMENT CO.
MEMBERS MIDWEST STOCK EXCHANGE
208
SO. LASALLE ST., CHICAGO 4, ILL.
FRanklin 2-9700
Teletype 312 222-9603
DIRECT
NEW
YORK
LOS
•
ST. LOUIS
ii N »Wl
ANGELES
SAN
•
INDIANAPOLIS
•
Oiait illlllOV
•
WIRES
■
FRANCISCO
MADISON
•
Joseph Canchola, McDonnell A Co., Incorporated, Chicago; Michael Kelly, The First Boston Corporation,
Chicago; William C. O'Brien, Sincere and Company, Chicago; Louis A. Holmes,
Straus, Blosser A McDowell, Chicago
IUI It DI/CTTC
EWE Mm,
E5t 8 met
Comi-to-Coast Service in
Qver-th e-Counter Seen rides
Cartwright, Valleau & Co.
Members Midwest Stock
DOYLE, O'CONNOR & CO., INC
CHICAGO
3
NEW
135 S. LaSalle Street
20
DE 2-6161
CITY
•
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PHILADELPHIA
Insurance Stock
5
Specialists
Exchange Place
HA 5-5780
DIRECT
KANSAS
YORK
Exchange
PRIVATE
ANGELES
•
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LOUtS
Board of Trade
WIRES
MINNEAPOLIS
•
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•
Building, Chicago 4, Illinois
OMAHA
Telephone WAbash 2-2535
FRANCISCO
Donald
B.
Reilly, J. F. Reilly A Co.
Inc., New York
Teletype 312-431-1755
Volume
197
Number 6236
A
Supplement to The Commercial and Financial Chronicle
Thursday, February 7, 1963
Our
(11)
identity with the following stocks for
many
qualifies
years
us
as
specialists in:
Cowles Chemical Co.
Dictaphone Corporation
Dun &
Bradstreet, Inc.
Equity Oil Co.
Skil
Corp.
Tappan Co.
ERNST
Members'
New
and
York
other
120
Fred J. Casey,
Doyle,,O'Connor A Co,
Inc., Chicago
4
.
Stock
& CO
Exchange
American Stock Exchange
Security and Commodity Exchanges
leading
Broadway, New York 5, N. Y.
231 So. LaSalle St.,
Private
Wires to
Chicago 4, 111.
Angeles and Chicago
Los
James
Jacques, First Southwest Company, Dallas; William H. Tegtmeyer, Wm. H.
Tegtmeyer A Co., Chicago; John F. Scnmitz, Hayden, Stone A Co. Incorporated,
Chicago; Corb Lis ton, Prescott A Co., Cleveland
ESTABLISHED
1932
BOARD OF TRADE BUILDING
Clyde
,
H. Keith. Taylor, Rogers
Tracy, inc., Chicago
Telephone HArrison 7-4245
Ac
CHICAGO 4,
•
ILL
TWX 431-1059
•
joe fuller
bill fuller, jr
bill McGregor
roy carlson
dan trinkaus
Edwin
L. Beck, Commercial and Financial Chronicle, New York; Joe Masek, M. H.
Bishop A Co., Minneapolis; Alex Tritschler, Investors Syndicate, Minneapolis
James
L.
Beebe, William R.
Co., Los Angeles
At
Staats
Members of Midwest Stock
HICKEY & CO
135 SOUTH
Exchange
Chicago
LA SALLE STREET
CHICAGO
3
RAndolph 6-8800
JOHN J. MEYERS & CO
William
H.
Gregory III, Gregory
Sons, New York
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Brokers and Dealers
CHICAGO
INDUSTRIAL, PUBLIC UTILITY
AND RAILROAD SECURITIES
OVER-THE-COUNTER
SPECIALISTS
,
SINCE
30 Broad
Street, New York 4, New York
212 WH 3-2850
.
.
.
Teletype 212 571-0439
1926
Direct private wires to:
First Alabama Securities,
Montgomery, Alabama
Nolting, Nichol & O'Donnell, Pensacola, Florida
G. H. Crawford &
SWIFT, HENKE & CO
MEMBERS
MIDWEST
STOCK
William
EXCHANGE
Glen
A. Darfler, H. M. Byllesby and
Company, Incorporated, Chicago
R.
Co., Columbia, South Carolina
Hough, St. Petersburg, Florida
(12)
Volume
Thursday, February 7, 1963
Frank
Harry J. Gawne, Merrill, Turben & Co., Cleveland; George B. Wendt,
First National Bank of Chicago; Matthew J. Hickey III, Hickey &
Co.,
Number 6236
...
A Supplement to
John F. Kating and Howard L. Pampel,
Aubrey G. Lanston & Conine., Chicago
Loring,
all
of
Gilbert
M.
Harold
York
M. Lewis, Blyth & Co., Inc., Chicago; Donald F. Hart, New
Corporation, Chicago; Donald Owen, William Blair
Company, Chicago; J. Cushing Fitzgerald, William Blair
<ft. Company, Chicago; Joseph P. Murphy,
Shearson, Hammill & Co., Chicago
Hanseatic
&
Charles
National
'
>
W. E. Hutton & Co., Boston; Elmer Zebell,
& Co., Milwaukee; Walter E. Cooney, Kidder,
Co., Chicago; William T. hong, William
Blair A Company, Chicago
'
;
Lothrop,
W.
Baird
Peabody
Murray, May & Gannon, Incorporated, Boston; John J. .Hack,
F. S. Moseley <ft Co., Chicago; Thomas Armbruster, Saunders,
Stiver & Co., Cleveland; Martin L. Magee, H. M. Byllesby
and Company, Incorporated, Chicago
Jr.,
The Commercial and Financial Chronicle
Robert
Chicago; Michael J. Heaney, Michael J. Heaney & Co., NewYork
Dick
E.
197
&
Charles Fisher,
Quotation Bureau, Inc., Chicago; Elmer W. Hammell, First
Securities Company, Chicago; Sidney Jacobs,
Sidney Jacobs Co., New York
*
Hahn, Scherck, Richter Company, St. Lcuis;
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Singer,
Mackie,
Inc.
Members New York
Direct Wires to
Burton J. Vincent & Co.
NEW YORK
•
PHILADELPHIA
Security Dealers Association
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
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