Full text of Commercial and Financial Chronicle : January 10, 1963, Vol. 197, No. 6228

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

and FINANCIAL

Reg. U. S. Pat. Off.

THE

MOST INFORMATIVE PUBLICATION

New York 7, N.

Number 6228

197

Volume

LEADING AND

IN

THE

FINANCIAL.

FIELD

ESTABLISHED

...

1839

Y., Thursday, January 10, 1963

Price 50 Cents

Copy

a

EDITORIAL

Dispatches from Washington indicate that the President
has

to

come

full realization of the fact that he must

a

work

closely with Congress if he is to make headway
of self consistent program of legislation.
He, of course, has always known that Congressional co¬

By Robert M. MacRae, Robert M. MacRae, Inc., Seattle,
Washington

with any sort

operation
of

was

essential. He spent

Pennsylvania Avenue,

does

at the other end

years

bilities for gain than at any

He

is

consummation of

also

unofficially

modifications of plans for

be

will

protected

good. At the

so

working

be

for* business

on

problems

uncertainty

one

a

gets the impres¬

of

the

our

begin
is

present

an

discounted

by

business

and

effect

place.

The

or

carries

quite

risk

any

wasted

vestors

Robert M. MacRae

near

true

because

few

is

ground news
after

(Continued on page 21)

a

bottom

and, later^ to sell out near

move

con¬

to

a

interested

are

their

to

more

of
a

panic."

painfully

was

Fortunately,
followed

catastrophy

industries

most

earnings

by

learned

the

no

major

severe

fi¬

market

was

not unduly affected

companies

in

and profits

1962

suffered

*

held

although

from

up

many

well for

individual

continuing, profit

the

margin squeeze that had beep-developing for years.
The domestic steelindustr^ is an outstanding ex¬

stocks

This is

of future

term gains L pant, also -fade 4ust as

by this necessary stock market price correction.

of

market

Investors
investment

sound

promises

than

stability of this country

gain

a

that

declines of 1962 and it is now clear that the real

offers

top.

good long

decline.

market

sorrow

ThWle&sort'

"investor

nancial

probably

buy

well be the

in the investment business who, until 1962,
had not before experienced anything resembling

is spent by in¬

hoping

can

well corrected by the March

stock

Business volumes

energy

This

completely

was

1962

rapidly.

an

amount

and

in profits

many

time in the past

enormous

peak

unjustified price
popular stocks that existed in 1961

and that short

good

for

The

early 1962
June

requires

market

and

the

profit decline.

a

effects.

learned

well

of

possibilities

for

to

five years.

teachings of Woodrow Wilson and with

practice of Franklin Roosevelt.

the

on

less

sounder

favor except

course,

and

but

are kn$wn and
already
had

purchase

in

level of many

forecasts,

shares today

common

than

year

share

current

of

situation today.

Many

fairly

are

still

stocks normally begin to

reason,

ahead

The events of 1962 will have many

markets

prices

their

give such plans a favorable, or
unfavorable, reception at the other end

sistent with the

factors

An

Congress think

security

what the majority of investors

long term recovery at the time business

a

term

satisfactory

a

frpblem^that

reasonable chance of

Pennsylvania Avenue. All this is, of

the

when

\ accepted f have

necessary to

at least not

the

these

for the most part, formulated without ref¬

to what members of

be

decline much

country and widespread

our

surrounds

Lord, 1963.

time

same

facing

are

are doing is to determine
changes that must he made in the( plans; of the >

grams were,

may

stocks

profits and investment results.

getting desired legislation to the statute books, That is
to say, that the President is
primarily engaged in an
effort to find a way to salvage as much of the New
'Frontier program as may be. That program or those. pro¬

as

with

Nineteen sixty-three should be

dealing with the general situa¬

White House in order to have

erence

happen. For this

monetary inflation begins to affect the price level?

sion that what he and his aides
the least

Mr. MacRae is critical of

monetary tinkering and fiscal recklessness and asks whether
many

plans that he has in

said to

tion' he faces in this year of our
So far

regained their 1962 losses.

affected by

"think'' will ( happen than by what actually .does

purchasing power and points out that
leading stocks, unlike popular "glamour" ones, have largely

a

Although there

an

more

ero¬

memberships and chairmen which will be

favorable to the
mind.

In

years.

It is often believed that share prices

obvious connection between these two factors,
actual experience shows that share prices are

sion of the dollar's

refreshed conclusion
about what he can do and what he can hot do, given
any existing Congressional membership. At any rate, he
is now said to be working through his own agencies for
Committee

closely with business profits.

and offer greater possi¬

time in the past five

making this judgment, Mr. MacRae foresees continued

know, the workings of the Congressional mind. He

has, however, apparently come to

is good.

is
Good stocks today carry less risk

should know, probably

and

news
move

ample

of

condition.

this

We

must

this

expect

competition to continue for it is only the natural

when the back¬

result of

"poor" and only become buyers

our

capitalistic system in operation.

margins

profit

long advance or when current corporate

are

often

(Continued

High

on page

22)

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

U. S. Government,

are

afforded

a

complete picture of issues

now

tial undertakings in our "Securities in Registration"

State,

registered with the SEC and poten¬
Section, starting

on

30.

page

Municipal

:

Public Housing,
State and

and Public

Municipal

Securities

Housing

MULLANEY.WELLS & COMPANY

Lester, Ryons

Underwriters

Chemical f
NewYork
:

623

in¬

Associate Member American Stock

Offices in Corona del Mar, Encino, Glendale, Hollywood, Long Beach, Oceanside,
Pasadena, Pomona, Redlands, Riverside,San Diego, Santa Ana, Santa Monica,

Securities ■'

CHEMICAL BANK NEW YORK TRUST COMPANY

BONO DEPARTMENT
MEMBERS
MIDWEST STOCK

phones:

770-2541

•

770-2661

Exchange
Exchange

Members Pacific Coast

m

EXCHANGE

^#4

W

135 So. taSalle Street

Teletype: 571-0830

on Southern
California Securities

<''

.

Bond Dept.

Notes
Municipal Bond Division

THE

Whittier

FIRST NATIONAL CITY BANK

Inquiries Invited

TWX: 212-571-1414

Agency
Bonds and

17,

Members New York Stock Exchange

corporate & Municipal

P.O. Box 710, New York 8. N.Y.

Co.

&

Los Angeles

California

Distributors 1 Dealers
•

So. Hope Street,

I '

*

'(

:

v

New York

MANHATTAN

,'V.*va\!

!'•*,

.>

„

—

Pershing A Co.

Chicago 3, III. FRanklin 2-1166

BANK#

Net Active Markets Maintained
To

UNDERWRITER
DISTRIBUTOR

T. L. Watson & Co.

•

Block Inquiries

(->

Invited

\.

Members

New York Stock

FIRST

Commission

Exchange

American Stock Exchange

25 BROAD STREET

v

; NEW YORK 4, N. Y.

GOODBODY

•

PERTH

AMBOY

NEW

YORK

2 BROADWAY
NEW YORK,

8e

STOCK

='

maintaining

a

market in

this

stock either at net New York prices or

prices in Canadian funds.
distributed

was

on

shareholders

of

basis

Shell

five

of

one

Shell

Shell
of

The stock

November
Oil

Co.,

1

to

the

on

for

Canada

each

Oil.
,

Dominion Securities
Corporation

Co.

EXCHANGE

1 NORTH LA SALLE ST.
7

are

CALIFORNIA

'

212-571-1213

BfllZCT VIRES TO MONTREAL AND TORONTO

MEMBERS
BRIDGEPORT

Executed On All

Exchanges *).

CANADIAN DEPARTMENT

Teletype

DALLAS




Orders

Canadian

<Southu>odt
COMPANY

We

at

'

DIVERSIFIED

Class A Common Shares

Canadian Securities

ESTABLISHED 1832

DEALER

Shell Oil Co. of Canada, Limited

Dealers, Banks and Brokers

CHICAGO

40

MUNICIPAL BOND DEPARTMENT

Exchange Place, New York 5, N. T.

Teletype 571-0880
Area Code 212

WHitehall 4-8181
'

BANK OF AMERICA
-

N.T. & S.A.¬

.

SAN FRANCISCO

•

LOS ANGELES

The Commercial and Financial Chronicle

For

Call "HANSEATIC"
.V-.'VV.

service and

of

\ •'

sure

the widest

*

York Stock

Members of The New

Exchange

■

Hercules

you*re getting

possible

■

-

-

corporations

doubling

HANSEATIC

M

a n a

ni e ti t

g e

the highest

in

only

can

be

esteem. In

■

one '

of

the

chemical-

c a p a

b1

e v.

of

share earnings over-

per

cules has shown
the

five

next

Associate Member

,

New York 4

60 Broad St.,
■

»

Exchange

Stock

American

-

Telephone: 363-2000

Teletype: 212-571
Boston

1231, 32, 33, 34
*
Los Angeles

—

Chicago

•

Philadelphia

• v-

San Francisco

World Wide Wire

Service"'.'

once

IN JAPAN

Steiner, Rouse &
Members■ New

Monthly Stock
Digest, and our other reports
that give you a pretty clear
our

picture of the Japanese
economy as a whole.

than

average

an

not satisfied with what

they

were

they

saw.

had. in-*,
46% in the period*
sales

W)hile

creased about

Inc., New York City

Benefiting
liberal

from

tinue

rate

at. the .same,

credits,

earnings

Direct wires to

in¬

Telephone; BOwIingr "tTr&n 9-2895
This

not

Is

orders

an

for

after

any

or

solicitation for

particular securities

Kansas

company,

Industries,
per

new

City

end of the

the

in

probably

reached
share

company

SECURITIES

$4

amply

Supporting the $2, dividend that
affords

5%

near

a

return.

Be¬

DAI

yond that, possible reductions in
labor costs, a better rate structure

Securities €o.9 Ltd.

and. growth of economical piggy¬

backing should
the

NEW YORK OFFICE:

serve to maintain

parent's rail income at good

149 Broadway, New York 6, N.Y.
Telephone:. BEekm&n 3-3622-3

Stock

Exchange, also offer attrac¬

In

that

twice

about

rate

a

the

of

The .'

lease'

new

life ' the

on

rest, of the phemical industry, and "dying" railroad
industry received
which finds wide, application in
no - peacetime
last year in the form of consider¬
acquisition of such fields as synthetic tires and

with
the

1920

able tax concessions

may be fur¬
and Turpentine corrosion resistant materials.;
ther strengthened
this year as
?*<$$$.
'vV"V •V/'>,■ v
■,
rosin and turpentine
The really glamorous phase of continued efforts toward mergers,
of
a

Company's

Service "

Her¬

the largest pro¬

cules to become
ducer

of

world.

This

STREET

WALL

99

NEW YORK 5^ N. Y.
!*.r

<:

.

SUGAR

-

Rosin

Yaryan

LAMB0RN & CO., Inc.

with excess capacity

products

uses.

the company

war

branch offices

Southern

next few years. This strong po¬ tive longer term growth potential
market from 80% to
from new ventures to be under¬
50%. During World War I, Her-, sition has alsd: enabled; them to,
cules was a major supplier of move into other phases of poly¬ taken by- this unusually capable
<y
cordite smokeless powder, but by mer chemistry) a' field growing at Management.

found itself

our

JAPANESE

last

of newly organized holding

year

the

for

212 571 1425

"

more
new,

explosives

61 Broadway, New York 6, N.Y.

Exchange

~

recent

depreciation and

vestment

polypropylene,

and

Co!

Exchange

Kansas; City Southern Industries) Inc.

from

polyethylene

Security Analyst, A. M. Kidder <& Co.,

becoming a -major factor-in both levels. Selling at only some 10
these plastic building blocks. The times last year's - estimated earn¬
The company was an orphan recent growth rate on a company ings and providing a liberal cur¬
of a court order in 1912 requiring basis on these products > is over rent-income, these good quality
DuPont to create sufficient com¬ 25%
per year and should' con¬ shares, listed on the New York
petition to reduce its share of the

The Nomura Securities Co., Ltd.

Stock
Stock

Birmingham, Ala.
Mobile, Ala.

chemical producer.

Write for

York

American

Members

MALCOLM P. RATTE

years.

better

no

';:v:*

; £'*?'• ■->/.

New Orleans, La. -

management entered the company

;

Opportunities Unlimited

V

iyy. '•

•

HAnover 2-0700

present

when

. -

Established 1920

T v' V"

>19 Rector St., New York 6, N. Y.

150% gain. In

a

early T950's

1949 to 1953, earnings had
Its produce
pnly increased 6%
A decision
lines are widely diversified and
was made to increase capital ex¬
are used (in order of importance
penditures " substantially- and a
to sales volume)
in the space,
program of building on oil-based
paper, coating, plastic, fertilizer,
organics was initiated. This major
mining, rubber, food and petro¬
fchange in product lAix:" was ac¬
leum
industries, among others.
complished at a cost in excess of
The particularly strong growth
$40 million but has moved the
aspects of. the company are found
company well into the fast grow¬
in the products related to space
ing
field
of
primary hydro¬
work followed • by products used
carbons., While the plastics field
in the plastics field. Entrance in
is
highly < competitive Hercules
these fields since • 1954 have -east
strongly developed two products,
a - new
reflection on what was

the

CORPORATION

City Southern Industries,
Inc.—Malcolrri P. Ratte, Security
Analyst, A. M. Kidder & Co.,
New 'York, City. * (Page'2) ' "

-industry which has - increased

an

and "one of the few maj or indus- y ■
trial

Bought—Sold—Quoted
,}i':v \c.r

.

Kansas
viewed

;

•

the United States,

companies in

NEW YORK

is moving up.

omy

J-

profits about 10%'since 1952 Her¬
is

Powder

.fastest. growing .major

coverage,

"Call HANSEATIC."

^

Louisiana Securities

Kennedy,

&

New York City. (Page 2)

■:v?'.!•i'

"

>,

Hercules Powder Corp.

'' "V A > -j ;:.">••• *f^;f

A;'•'y

To make

Lubetkin,
Regan & Kennedy, 'New York City,

nation-

our

wide wire system*

.

,

Corp.—Michael

Lubetkin, .-Regan

the average rate when the econ¬

BURKE

L.

Representative,

Registered

broad range

Contacts through

'

Powder

:>

;•

,

.

.

MICHAEL

a

"V .Their Selections

Hercules

participate and give their reasons for favoring a particular security*

Alabama &

I

Participants and

-

field from all sections of the country

in the investment and advisory

Thursday, January 10, 1963

.

J L. Burke, Reg. Representative;

department offers

reaches

;

* v

.

Week's

This

Forum
'

1—r,!'.V\ ,l 'Writ'.,;1'

'

each week, a different group of experts

A continuous forum in which,

Our experienced trading

Trigger-quick

I Like Best...

The Security

Brokers, Dealers only

Banks,

.

Naval

the

in

Stores

the

company's operations lies in

of

estimated .volume,

v

^roni

came

freer

rate

closer

,

"

structures

labor

proved

defense work;. In 1962 about 25%

and

Liquid

—

Exports—-Imports——Futures

im¬

conditions

to; reality,

Raw ■■-£-• Refined

DIgby 4-2727

molye

,

Although still

with fair from solving all of the rails'
It perennial problems, this relative
quently grown at a rate of about
improvement
has
was that year that tha. Chemical
already
en¬
four times that of the Gross Na¬
hanced the: quality of earnings
Propulsion division .was formed
tional Product^ From this
pimple to develop
and
contributed
to
somewhat
prbpellants for rockets,
has

division

this

field.

only 2%

Hercules has

diversification

missiles

marketing products developed as
derivatives of chemicals already
produced. This building up policy
This

give

well

monthly

listed

prices

securities

those "hard

at

will

publication

the

you

all

on

.

bound

Over-the-Counter

as

Write

or

B.

call:

DANA

CO.

Park

.<

REctor 2-9570

chemical

the

business,

space

five

major

natural

in

factors
space

both.

vehicles

outgrowth of their

in

explosives

and

are
ex¬

■

utilized

in

in

the

polypropylene

position

development

field. Second,

them in

where,

polyethy¬

and

lene for the plastics
it has placed

chemistry

as

a

diversified

of

1961,

single division accounted for
than
to

15%

look

of sales.
.

at

list

realize

to

served

the

One
of

that

no

Quality, Si
Reliability,

which

Speed, /. *

economy

which

say,

APPEAL
PRINTING
130 Cedar

CO., INC.

60%

over

are

come

of

sition

are

to

date

lends

management's

belief

to

they will continue to receive
contracts

Earnings for 1962
reach $1.80

future

as

'

.

are

expected

share against

per

tentatively

are

estimated at $2.20 per share.'Sales
could
lion

reach

$500 mil¬

as

against only $380 million in
-

„

The

30,

40%

and

ferred

that

fields

of $2

ferred

as

a

whole. Needless to

Hercules in

a

as

consisted

shares,

shares

of

June

T8,074,806

87,488

and

of

$5

pre¬

148,349 shares

cumulative convertible
shares

(into

It is for the

pre-*

reasons

mentioned

above, particularly the intangible
po¬

a

much better than

is

listed

on

St., New York 6, N.Y.
74th

Year—1963




•

A

favorable

,

ap¬

Price

Range

on

Over

5,500 Stocks 1
;; The

Monday Issue of the Coni

mercial and Financial Chronicle

these two

qualities of liberal

rent income and attractive

the

N.

Y.

S.

E.

*"

of
cur¬

growth

potential is offered by the shares
of

Kansas

City

which

Southern

holding

a

Kansas

City

agement

of

Southern

into

this

blished

in

allow

corporation,

esta¬

last

way

company's outstanding
and

its

own

shares and
thus

the

a

d.

now

840,000,

virtual

Louisiana

The COMMERCIAL and FINANCIAL

the; most

&

-

CHRONICLE

25 Park Place, New

York 7, N. Y.

Now

Arkansas

relatively

a

National |

2-for-l

but
direct

Quotation
Bureau
Incorporated

Established 1913

excep¬

tionally well situated system
fording

and

sinking fund notices.'

of

2,040,000

Railway, together with wholly

o w n e

announce¬

calls,

ex¬

subsidiary, Kansas City South¬

ern

dividend

redemption

ments,

com¬

number

now

preferred,

effecting

record; of

year,

preferred stocks in

common,

Other features

include the most comprehensive

of the rail¬

mon

change for twice

Counter Market.

diver¬
This

of

the

Railway,

fields.

October

on

exchanges and in the Over-the-

exceptionally
to

other

parent

for

by the man¬

up

well-run railroad

sification

Indus¬

company

just set

was

contains the price range, on more

than 5,500 stocks traded

combination

quality of capable and jfarsighted Railway,
operates
where it is not only re¬
management that I call Hercules
small "(1,640
miles)
to recessions, but able to
my favorite security,, The stock

participate at

with

1.6 common); split of the railroad's stock.

Telephone: WOrth 4-3033
1889—Our

supplemented

actually

a

;

a

base

acquired nearly 87%

;

.

,

capitalization

1962

stronger

quality issues in

is not only gaining

group

new

high

as

1961.
>

appeal of better
this

year

expected.

progress

result .the traditional income

a

tries,

only

over

in

employee's

growing faster than the

this puts

sistant

sales

the

Earnings for 1963

industries

from industries

non-cyclical

are

half

developed

common

of sales now

the next

$1.02 in 1958 and 67 cents in 1952.

more

has

over

Space projects develop.

to

As

further

engaged in work relate preciation potentials*

substantial

their

with

.

Over

nology

higher reported results last

(as the risk of
this
division could longer-term price attrition is be¬
about
50%
of
total ing lessened), but may now be

years

how

Minuteman

Polaris,

as

ing to this division and the tech¬

/

experience

general

into

them

Hercules, among others.

contribute

are

craft.

space

taken

is estimated that

that

of

TING

programs
and Nike

them

Propellants for

has

1958.

as

phases of work on such

credence

was

SPECIALISTS IN

various

It

other

and

work

technology and plastics, and made

Place

New York 7, N. Y. V

them

in the two fastest growing phases

perience
:

ex¬

This

sales.

First of all, it has placed

a

25

an

day.

of

WILLIAM

in

company

tremely advantageous positiori to--

to find"

quotations.

the

placed

has

products

of

upgrading

compares

recently

as

con-,

sistantly grown by developing and

and

This

*

subse¬

af¬

route

Over-the-Counter Quotations
Services for 49 Years

along the Mississippi River to the
(This is under
as

a

no

circumstances

to

be construed

as an

offer

to

sell,

or

solicitation of an offer to
buy, any security referred to herein.)

yy

principal

Gulf

"

Continued

ports

of ; Port

46 Front Street,
CHICAGO

y

on page

29

New York 4, N. Y.
SAN FRANCISCO

i97

Volume

Number 6228

i

,

TheCorhmercial and Financial Chronicte

.

(95)

3

CONTENTS

Outlook for Interest Ratesf 5

-V;■

'■ ,v •.' ■;*

•

'■> V

•'■

•• •

■■

•'

••

>;

Thursday, January 10,; 1963

Revolves Around Tax Gut

-

'■•

;''

.' A

Ui'ji.

^

.v

.

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•".'

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*

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■

.

.

'"„■(,/•*','■1V •''
~ i «: 4 * "V'

,r.\. :

„

;

■**

.

1

>

ix'"

v

1 *

vt

'*»

-

-vV '!

.

J

'v'

.t':"

-:t

^

.

a-

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,:U-'V.

,«*■

v*.-

'-V: v-

'r'--'~W.i

.

OJ

.

Chicago

;vV--iy'; ^j

V,

'

ft.#:

B.S.

:

'

Articles and News

.

■

J

.y-iA

-

WHAT

'*' "r:p

'■?.•.k./??'''■:%.■*AV«?'v' ~*V';

•'}■/■

■

'

''

-

*>• >

■>

*.\

By Tilford4'"'. iC. Gaines,*
Vice-President, The First
National
Bank
rH.
-vs.. .•■■■'■;■,' ••'
-;^>^
K V' C •'•■..'■ \ •vL '*•../' .'•

A

v

'

Stocky

v •*-

in 1963: Should thtce Again 'Dominate

EVER

m-''

HAPPENED

TO ALL

'

A large tax.cut could have important and unpredictable

for the interest rates in 1963* *

a

that the
:

implications
Chicago'banker adds to this view

only certain forecast which

can

be bearish for bond
rate of economic

prices.

^

'

be made, in view of the im-

ponderables surrounding proposed tax cut* is that

a

tax cut would

Assuming ,196$ will enjoy a? gradual

expansion and barring

a

year;Vat, this

Last

time ; there

nearly unanimous agreement

Rates,Revolves Around Tax
Tilford C. Gaines

that

rat^s

interest

Our-DoUar?s Integrity and? the Insurance Industry

-vFelix E. Wormser

—

Preferred Income———

fropi the

private, economy and the effects,
of GM?errittieni ee6h0nuc pbiiciesi%

Tax*

.

drjecasteris

rate
to

Past

k '

small.

its

to

early
tremists
the

Tilford

C.

interest

Games

rates

current

savings. It

therefore,

^

~

most

on

amount

tempt

foolhardine&s

a

to

at-*

What

it

was

did not behave the

had, levelled off by 1956 or,

funds.

expected to behave. Instead

ernment deficits resulted in con¬

^Jwould: Have

gener¬

tinued

OIL & REFINERY OF

PUERTO RICO

13

;

UNITED NUCLEAR

ELECTRONICS INTL.

10-15-

CAPITAL

Edmund

THE JAPAN FUND

W.

43

r__.

Banking

Set for
43

—

pressure

upon

the

39

As

We

See

It—

Broadway, M, Y, 5

—(Editorial)

-

1

Bank and Insurance Stocks

,,

Pi^

steadily larger demands for

credit, the
first

economy,

after

levelled

quarter,

a

good

off

and

economic growth' in the past many
months has been

sluggish at best

Economic stagnation, only modest
credit
demands, andV the^ easy

ward rate

trend through

Current News in the Field-—
Investment

have

rates

trend.'

been

The

in :'a-

Guarantees"

Control

8

interest

Electronic

economic

sluggish?

Market.

17

and You

.

(The)....

demands for credit from business

i

Observations

Continental

23

...

....

—

Singer, Bean

4

—....

that

attempt

any

to predict

interest rate movements must rest

upon

-

nomic

forecasts* of

explicit

developments

Our Reporter on Governments

18"

GlMackie.Inc.

Public Utility Securities

18

HA 2-9000

Securities Now in Registration

30

Prospective Security

ness. in the private economy has
the been the dominant influerice upon

policies that will interest rates. Fedefat; Reserve1
emerge to deal with these devel¬ policy has been easy throughout,
opments. As one follows interest
permitting commercial banks ta
movements

from

week

to

week and month to month it may

sometimes appear that rates are
determined

market's

principally

phychological

by

Security I Like Best (Hie)

other

of

one

sort

fluences

or

another;

their

total

assets

at

items

Such in¬

upon interest- rates are,

fi:

■

j y-;,j

p 77^

St. Louis

to

tosAngeles"

Sao Francisco

Philadelphia
20

....

j
?

Washington,

■-

Tax-Exempt Bond Market

an

j&ad

Washington

the

three

years

...

.6

...

You__—

44

1960-1962.

additional

One

been

recent years
as

factor

increasingly

that

The COMMERCIAL and FINANCIAL CHRONICLE

has

Published twice Weekly -

impor^nt in

WILLIAM B.

should be mentioned

Continued

supply of and de¬

on

page

Beg. U. S. Patent Office
DANA

COMPANY, PUBLISHES

SJt Park Piaee. New Ycrk1 7, N. Y.

part of the backgroundv t^the-;

CLAViOE 1>.

interest rate outlook. This^ is the

i

Southern Gulf

^BEctor 3-9570 to 9576

<

SEIBEBT, President
WILLIAM DANA SEIBEBT,

only

between the

2

Cleveland

State, of .Trade and Industry ■1(The^--^-^-i.J-.-.-i.: 16

-

temporary. The growing freedom for international
movement of both short and longdirection of interest rate move¬
term capital and the consequences
ment over any period of several
months results from
the com¬ for our balance of payments and
for Government interest rate polbined influence of the net balance

however,

Chicago

i

'

almost unprecedented rate during

reaction

news

to

I.—™

—

40 Exchange Place, N.Y.

Teletype 212 571-0610
Direct Wires

37

........

o

the

to crises such as* the recent - Cuban

episode or to

ddd

Offerings—

Security Salesman's Corner

Government

rate

0

deficits, adding

eco¬

of

and

has incurred large

to? credit demands, but the weak¬

,

Cap. Ltd.j

Coastal States Gas Prod.

.

fact

Mortgage

Electronic Int'l

41

—

News} About Banks and Bankers

accompanied

Capital

Sanders Associates

26

—

NSTA Notes

policies that have properly
and consumers to grow less rapid¬
theseconditions
ly than the steadily increasing
have* resulted in* sliding rather
supply of funds from current
than rising interest rates.
~
savings and from amortization of
This experience points up the
existing; debt. The Government

money

40

Mutual Funds

growth record - during this period
has resulted in a tendency for, the

9

Indications of Current Business Activity
.

Data

14

...

—

From Washington Ahead of the News—

declining

,

41

Recommendations

Einzig: "The Case for and Against Exchange

credit

,«

.

19

Dealer-Broker

1959.

Eor the past three years

^WAngeles

44
.-t.

markets and extension of the up¬

;■

New York
■«

iiWefctment

Chicago

Direct Connecting \Vires S )
'•—» Chicago •-* Denver

/

26

014-4970

*

206 8. taSalle St.,

-

ated

!

42

Regular Features

But. continuing

fear of inflation and large Gov*

RctiyityJ'

COMMONWEALTH

.

J.F.Reilly&Co.,Inc:

195t

way

jof -a; strong expansion in business

i

.

...

'Loopholes?'" Asks

of Investment

March

employment potential to generate
loanable,

SBIC

-

Commentary

year's forecasts? Very simply, the
economy

—

went

last

DEHLI TAYLOR

15

Coming Events in the

with

Better

Indicators Issued

forecast of rateg for the ahdhad
a bit behind
the eccjhpn^Svrftdl
now lies ahead.
wrong

5 V

Defense

Institute

generally,

that

year

WHitehall 4-6551

„

of

of

Needs

Frpehlich (Letter to Editor)-—

excessive
credit
this, recprd it re¬ ed to V limit
courage
and * a" ; certain growth. Private credit demands

quires

Business

"What Tax

consume-

types of obligations are lower pressures^ and of increasingly re¬
today than they were a year ago. strictive monetary policies intend¬
In the face

J

Analysis

period of high em¬
of strong inflationary >

ployment,

/Telephone:

High Level, According to Halsey, Stuart & Co.

-

'demands,

was

Cobleigh

Municipal Financing, in. 1963 to< Exceed 1062 Record

risingiirend

a

U.

'

4

WALL STREET; NEW YORK

Leslie Peacock 10

;

of Economic

From

'rgesft that fended to -outrun the
available supply^ of 'funds from

-were

-Ira

99

Philip FitzGerald Favors Food Stocks Benefiting

the

over

.from both business and

ex¬

and

wrong;

Bible

From approxi¬

strong ^private? J credit

;

US'!

"

.

conserva¬

tives

movement

years.

;

Opportunities-:_'——__—__Hon. Wright Patman 12

•

This period was characterized by

1960.

the

Both

American

mately mid-1947 through 195^ in¬

and

1959

rate

terest rates were in a

high levels

of

of

past several

almost to

rise

-

outlook

relationship to the broad pat¬

terns

in¬

terest rates

Trends

spective-, it should - be' viewed in-

Others

expected'

Rate

current

fp^inferesis rates, in l proper per¬

gradual
rather

and

Interest

A To place § the

advance

-

be

the

~,

the

expected

«,

Reductioh M^y Come Too Late to Affect 1963

during the course of 1962. Some
f

SEE

3

Ohsolete- 'Securities»Deph

•

rates.

mand, for loanable funds

THOSE BIDS? t
v'

Cuts^u---——1._—

*"'

was

1

,:;r'

r

;■

Outlook for Interest'
il...

"

-

tax cut, Mr. Gaines sug¬

significantly better

gests there would foe little prospect for

Planning-_i_____Bobert M. MacRae

Investment
;*

Treasurer

GEOBGE

J.

Utilities

MOBBISSEY, Editor

"

'

Thursday, January 10, 1963
Every' Thursday (genera*

and

'

advertising

-

Issue)

and every;
Monday
(complete
statistical
issue — market
quotation
records,
corporation news, bank clearings, state and city news, etc.). Other
Office: 135 South La Salle St., Chicago 3, 111. (Phone STate 2-0613).

24

news

:

Copyright 1963 by William B. Dana Company
All

rights reserved. Reproduction in whole or in part
written permission is strictly prohibited.

' v■■■*■■■

without

Fot many yeafg toe
have-

specialized in

i

;

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-' *1

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1

The Commercial and Financial Chronicle

at his retrial for alleged,

ernors,

OBSERVATIONS...

tax evasion, during the past week

Our Dollar's Integrity and J
The Insurance Industry

activities.
Mr. Bidwell functions as a
on

TOO HIGH AGAIN?

substantial

market's

stock

The/

Break

May-June

This

be

well

may

eliciting some worry.

_

the

light of the ^widely broachedMattribution of the market's Marchto-October

"Slide"

stituting a

prize euphemism)

ratio

to

price earnings ratios (i. e.
the market price as a multiplier of

services

The results of

follows:

as

'.'Now I think, in ad¬

place

domestically. He includes

those

businesses

since 1938.

within the confines

;

reporter

some

at

to think that I

a

tor

coming Kennedy or Dillon news
ask

will

conference

to the Senate Finance Committee

In any event,

price-times-earnings

of 15 as the

multiplier ("many investment ad¬
visers believe that

at that

a

for

an

course

the

of

been.

ap¬

of this

market.

I

mankind has evolved
Mr. Wormser urges

have

never

figure is on a pretty sound

basis").

declares

But I do think that I know

The erstwhile market appraisers
are

with

faced

now

the

sequel

wherein the P/E ratio applicable
to the Dow Jones Industrial Aver¬

age,

after

"sound"

having

15-level

high of 21, has
rent 18.6.

fallen
from

its

risen to

now

the

to

20.38

of his business is

af-

from ! its'1962

discretion¬

a

the

preceding fear of its

shows

the

All

of

futility

ac¬

conceiving of the Stock

Exchange's

the foregoing

of basing

in

the

on

the

ultimate

THAT

-

floor

and

planners

Stock

the

Exchange's Board of Gov-

floor

-

trading

account, the latter

—

spread

across

two

familiar
the

We

o|M the foregoing data to
tnb—substantial

proportions

of the reported Exchange volurpe

which
tion

are

of

devoted to the promo¬

.that

allegedly

market

so-impor¬

liquidity

without

—

short-selling

as

customers'

or

un¬

with

.

has

not

J. William Kumm

Stock

Exchanges

move,

rebuild and expand.
threat

Corporate Trading Department

planning to

are

of

physi¬

us

a

subtle,

a

Felix Edgar Wormser

deterioration

purchasing

in the type

of

extra

in

costs

bound

total,

expressing
a

London Economist*

IRA++AU PT & C O

money

peoples

to achieve

who travels
notice

opposition,

abroad

is

kind

of

the

he is handed in exchange
On

around the world,

a

recent

trip

partly in Eu¬

and largely in the East and

East, I observed that the most

common

in

currency

denominations

was

in small

use

paper,

as

by

the

copper

zinc alloy, and

and rarely

follows:

silver.

some

nickel

Never any gold.

Most of the silver I

saw

was

not

"Some

111 BROADWAY, NEW YORK

genuinely worried about the cost

to you that for

news

WORTH 4-6000

and
«-

SAN

FRANCISCO

BEVERLY

HILLS

DALLAS

its

effect

their

on

pockets;

because they were disgrun¬
tled with the world in general and
some

the state of business

in the

was

'

.f'

.•

V

pleasure in announcing that

'•>'"if. '.-X' V

V

tax.

•

against

Almost

firms.

all

They

nothing

and

way

the

the

more

than

gains

signatures
of

to

seem

of pro¬

capital

from members

came

MARQUETTE de BARY

back-handed

a

testing

and

the

small

the

of

use

in

requirements
Our

own

heart."
★

it

minor

gold coins

or

an

of

Jan.

5,

1963;

pp.

61-62.

Feder V. P. of
B. J. Van Ingen & Co.
■.

,

Municipal Bonds

A.

of

Daniel

MIAMI




«

$TREET,. NEW YORK 5, N.Y.
CHICAGO

»

BOSTON

and

Filer,

•

Executive

General

Blair

Place,

Inc.

&

Co.,

New

Call Brokers.

and

the past

York

thirty

for

a

inhabitants.
gone so far

criminal offense,

bullion,

a

business

in

government

the decline in

or

more,

during

and the out¬

years

the purchasing power of the dol¬

lar.

Are we headed for the five-

dollar haircut, dollar
and

shorq shine,

twenty-five cent daily

paper?

They

news¬

not be too far

may

The

nearly world wide

to

own

use

of

the

governments

manipulate
such

full

economics

-modern

which

by

control

popular social objectives

governments

concealing
of

or

have

the

the

difficulty

money

invariably,

they

issue,

they

must

deal

with

pose

their money to the interna¬

tional
entire

other

market
world

nations

place

and

ex¬

where

the

appraise it.

can

One|realiy doesn't have to be
an

expert

distinguish

to

Continued

on

good

page

YZcittfiany.

BANKS; BROKERS ANO DEALERS

been

Vice-President

40

Henry

Exchange

City,

Put

&

FORTY EXCHANGE PLACE
NEW YORK

5, NEW YORK

in

exchange

actual

OFFERING A GENERAL

FOR

as

But

growth.

PLEASED TO ANNOUNCE THE FORMATION OF

;

or

achieve

to

money

employment

step that

tyPa/feb

of

irredeemable paper money is part

OVER-THE COUNTER BROKERAGE
SERVICE

has

Manager of
Inc.,

its

currency

exceptions,

IS

Feder, formerly President

elected
40 WALL

least,

WALTER R. WINFIELD

Henry Blair & Co.
A.

the

irrational

>

Issue

say

add up to

Executive Vice Presidents

Established 1917

of

metals, and

the

country has

as'to make

with

base

meeting

interest of the stock
exchange at

have been elected

of

I doubt you are particu¬

economy,

value

grouse; but they cannot but: irri¬
tate those who have the
long-term

DUNCAN C. GRAY

record, to

from money made of gold
silver, the nobler metals, to because,

away

paper,

particular; and some, oddly
enough, because they felt that this

the world has drifted

many years

mar¬

ket in

We take

kind

a

away.

MEMBERS NEW YORK STOCK EXCHANGE AND OTHER LEADING EXCHANGES

•

given

dollar irredeemable in

gener¬

signed because, as one
in coins, but adorned the ankles
nonsignatory put it, 'they'll sign or necks of the women of
India.
anything'; some because they were It Will be no

6

tragic,

phange

referendum.

characterized

are

or

It has

ifik mdment; "we may
governments appearbe cloing all ri^ht in our
a

ally quite soiled from handling,
The motivations of the signa¬ aluminum (very popular), brass,

tories

unfortunate,

so

implications.

paper

look

Far

urging

gold under

larly happy about the inroads of

to

money

rope,

petition, signed by 300
3,500 Exchange member¬

and

to sweep

money with an unsavory histori¬
cal

and

power

of

drive

gold * domestically,

but

decay

for his dollars.

a

ship

from

of the decline

measure

a

not

were

its

lation of
a

Could

away

today?

The

in

London has instigated the circu¬
out of

however.
trend

the carpet would be amusing if it

ITEM

Both the London and New York

in bur

the

Five-Dollar Haircut

The de¬

provide their

(formerly of Cruttenden, Podesta & Miller)

us

ments

social ends.

The

is

speak¬

of

considerable amount

a

coins,

that

not

cal

in

be

paper

untouched. I

ing

use

silver

many

has

am

Bank

in moral standards among govern¬

that

persisted

for

City

the nobler to the base metals and

decay in paper
money

National

First

characterizes us ". , . inconsistent
with our tradition of freedom."

it

gradual

Anyone

CHICAGO

the

-

to announce that

associated with

Almighty

left the dollar

debit balances.

now

He points out that gold is not

paper money managers profess
discipline — no doubt irksome to the
limiting excessive credit where the mischief lies.

entitled "No Longer the

cay

stabilization).

TRANS-ATLANTIC

is

gold

a

a

in Life last April and boldly

years.

show

well, former Chairman of

maintain that

keep prices stable, which

seek, but to introduce

editorial

An

(part of which is devoted directly

tors

pleased

to

to market

,

Testimony by J. Truman Bid-

on

own

INVESTMENT

MARKET

quarter of its

a

including thfc specialists' trading

return to the shareholder.

ON

be

total volume consists of members'

for their

based

should

it

realized that almost

judgment of present yield on past
off
performance, in lieu of realistic
appraisal

Image,

covering such speculation indica¬

are

guarantee against price inflation, the writer cites

of

tant

We

no

We do

high of

15^

paper money managers who

what has occurred just since 1939.
intended to

credit expan¬

our

To

to readers

And

1962

14.82 (just under that "sound"

is

experience,"

return to redeemable gold standard, and

we

found to have disappeared in lieu

a cur¬

(on January 3)"to a low of

on

basis;

ary

Similarly with Standard

decline

obtain "the finest currency that

Dollar" probably gave quite a jolt

&-Poor's 500-Stock Average: after
its

standard

that

To

pages

centuation.

The writer

centuries of hard and bitter

gold supply is large enough to meet

our

needs.

sion

bourse.
over

with' the $2-brokers
ter-the-event, be tailored to fit it, generally it is estimated to aver¬
as that the profit-squeeze has been
age about 50% of their business.
of

The Current Problem

Wormser.

the insurance industry among
vitally concerned with the integrity of our

most

dollar and, its future

room

prognostica-

a

am

Mrt

Mr. Bidwell estimated that 80-90%

apd whatever the

of the market's pricing, the

"economic explanations" will,

stock selling

years' experience with managed irredeemable

'system Ate Assessed by

fairly

a

Vice-President, St. Joseph

Economists' National Committee

has had* the benefit of considerable international business
exposure
to our dollar's performance and is well versed on what has taken

news

a

30

our

paper currency

conference cited praisal of the current market level fairly well what the market will
the pre-Break level of price-earn¬ in the
light of the rise of their do from hour to hour. What the
ings ratios as "unjustified"; with chosen price-earnings yard-stick. market will do hour by hour, and
Treasury Secretary Dillion offer¬
that is quite essential for a person
Refitting the Explanations
ing his widely-quoted suggestion
handling discretionary orders."

nedy at

to

Monetary Policy, New York City

on

$2-

a

his day-to-day short-term attitude

of

Company; Consultant

of 1961, it exceeds good Judge of. the market itself.
the annual mean figure of every Now, 1 would not want any people

Perhaps

President Ken¬

the

the exception

year

."Summit,"

At the Government's

U.S. Chamber of Commerce; Former
Lead

so

broker gives, Mr. Bidwell depicted

....

distance

others

part of their activities.

as

Describing

currenf l8.l0

hailing

200

being about

year's high of 20.38, but, with dition, that one must be

this

earnings).

it will be recalled,

only is this

By Felix Edgar Wormser,* Consulting Mining Engineer, New
York City; Former Assistant Secretary
of the Interior; Director

floor executor

a

exclusively functioning thus;

acting

"the

Co.,

stands at. 19.3.)

within

ratio

the high

the per share

Harriman' &

now

Not

(a term con¬

as

ings by Eugene Banks, of Brown
Brothers

particularly so in

is

calculated

of 15

the business cycle—
there
"normalized",earn¬

over

(t^iat is,

"$2-

of orders for other members) one

(If based on average

18.10.

rent

earnings

20% recovery from the low of the

broker"

26), it has risen to a cur¬

June

Thursday, January 10, 1963

.

of the Big Board's

ment segment

A. WILFRED MAY

BY

to highlight the noninvest¬

serves

.

.

Telephone
HANOVER

5-3BQO

28

Number 6228

Volume 197

The Commercial and Financial Chronicle

...

(97)

turbines) and

Preferred! Income;

leader in heating,

a

air-conditioning and refrigeration

competitive

While

equipment.

ment

selected

for

list

a

representative

of eight

above-average

issues,

er

yield.

current

this $4.50

v'

to

financing,

Standing in the twilight zone be¬
the

the

risk

common

volatility

and

of

the debt-

vstock and

priority of bonds, this hybrid fi¬
nancial
on

its

trial

by

had seemed almost

genus

to oblivion, in indus¬

way

capitalizations, until revived

the

of

spate

ceptance of preferred stock in one
other

for common stock in an¬

represents

ferred

is

sold

often

at

assures

the

places, preferred stocks
Cash

create

and

it

dis¬

are

now

merger,

a

immediate tax lia¬

an

bility (capital gain) for the reci¬
pient;

corporations

and

enjoy

a

definite tax advantage by holding

preferred

tween

at

were

Celanese

preferred has

rating,

faithful record of divi¬

dend

a

ment

dend

payment,

nual

the Waldorf-Astoria Hotel.

$22.65.

The

than

stocks rather

de¬

bentures.

Thus, in recent major mergers

About

Norfolk

The

Western

and

Gas

Boston

vides

was

Midland

derived from

Increasing

in

preferreds

This

fi¬

consolidation

is

the

pro¬

the

investors,

t

the panies

in

past year, dissatisfied with yields
on

good

have

commons,,

been

turning to quality preferreds for
higher income, coupled with pre¬
sturdier

sumed

values

So,

protection

of

in declining markets.

for

mulling

those

over

who

have

in

America,

communities

development

holding

eastern

Water

the possible useful¬

the

is

for

Company,

dividend

earned

of

income,

more

for

we've

down,

tary

quality

yield,

and
on

362

Latest

with

a

brief

ufacturer

each.

(pumps, engines,

business

foreign

and

Company

are

earn¬

ings have been cyclical, but there

*foook value

40

$44

Pre¬

warrant*-to

a

of 'common

0.525«shares

buy

share.

a

carries

also

ferred

at

7

$60

Oct.

to

1,

1963,

rising

and

prices thereafter.

North¬

in

of

of
Hat Corporation of America

Regardless

preferred

our

President

the

hat

and

years,

the

$1.25

issue

than

five

times

well.

the

of
to

go

business

is

Hat

bareheaded,

Price

has

Celanese

90

Corporation

compressors and

Fashion

of

dividend

six times over,

is

of

$50

par

here

ac¬

Park,

Inc.

The

pre¬

clothes).

Bloch

ferred

in 1961. The stock

value, and callable

90

4.50

American Water Works—

24

1.25

Worthington

85

4.50

Spiegel, Inc.

83

4.50

Mack

46

2.621/2

5.7%

U. S. Smelting

61

3.50

5.7%

Hat Corporation of America

40

2.50

61/4%

Corporation

Trucks

United States Smelting

United

5%
,

ing

5.3%

lead
and zinc. It also has substantial

5.5%

and

in

interests

This

natural

and

rate

markable
stock

is,,vot|ng

.

quite

cbme

involved

exchange

ability.

mimaicmii

offer

L

,

i

\

"

.

J'

1 V

'

*

v

'

V

background

er
''

an

preferred

for

a

-

*

*

de

Bary

is

a

of

liaison

Serving Institutional Investors and Brokers
Affiliate of

YAMAICHI SECURITIES CO^ITD.

Mr.

Ingen

of

Forum

entire

the

firm.

many

Inc.,

as

business

He




COrtlandt 7-5900

E.

Denonn,

the

has

V&n

with

closely

and

"Looking

Alfred Hayes, President of the
Federal

Reserve

Bank

"Some

:StqJ?bprn Prqlplems for

Central Bank Policy,"
Mid-Winter

The

dinner

The Bond

hydro¬

projects

o v

er".

(at

Co. has

lively and informative discussion of the
Exempt market in 1962, and some
thought-provoking predictions for 1963.
Tax

9 An expanded Review and Outlook of the

103),

and general

money

markets.

9 A list of 24 obligations of major toll road

and
bridge facilities in the U. S. with data on 8
"blue chip" issues and our appraisal of 16

other situations of

varying quality.

9 A discussion of the possibility of a tax cut
and what it might mean to the Tax Exempt
market. Also included is a chart showing

what

i de

a

theoretical

the board would
ous

For

a

of

tax cut

mean to

17^% across

investors in vari¬

brackets.

free copy

of

our

Annual Review and

Outlook mail this advertisement.

Address.

portfolios

FC-10

.Tel..

And, for the patient, waiting for i
some of the elegant non-callables
a

better yield basis

,

(now

(now

152),

(now 154)

S.

Steel

7%

Ingersoll-

Rand

7%

162),

U.

would all be splendid

values, 20 points lower!

(Please Print)

GOODBODY & CO.
ESTABLISHED

1801

Members of leading Stock and Commodity Exchanges
2

be

litics, Government and the Bank¬

Department of Goodbody

corporate

t

will be addressed by James

room,

9 A

ulative

the

to

F.

AND A GLANCE BACK

Name.

to

•$,

BONDS: AILONG LOOK AHEAD

issues at this time.

"zing"

New

of

York, will address the luncfye^p.

Murray, Jr., former member of
of the New Jersey Senate, on "Po¬

financing

bond

revenue

on

Abroad,"

spent held at 7 p.m. in the Grand Ball¬

career

traffic

95), and Cities Service $4.40 pre¬
ferred (at 106) might add a spec¬

8%

BROADWAY, NEW YORK 6

Ahead at Home and

summer

a

might be suggested. U. S. Rubber
111

J.

been

has

with

B.

and has

1934

major

electric

Taylor who will talk

on

joined

in

his

Lester

New

He

committee.

Co.

employee

"The

Simpson Thacher & Bartlett, who

currently chairman

Gray
&

on

Newmont Mining $4 preferred (at

to descend to

TOKYO, JAPAN

&

of

ipal Bond Club.

consideration

5y*% 'preferred

Smithers

officer of the Munic¬

an

group

Mr.

President

is

and

also been

a

as

1,

S.

F.

Municipal

York

its

Oct.

former

with

He

the

retirement

last

the

will
speak
on
"The
Uniform
for many years as¬ Commercial Code"; and Henry J.

was

sociated
Co.

his

to

partner

might

yield, such "converts" as SCM

Corp.

address

Partnership";
Prior

general

its non-call-

For those willing to accept a low¬

of New York, Inc.
>

and

foregoing may p r

Speakers
McFarland,

Future of the Business-Education

placement of securities.

.

The

of

Securities Company
1

rect

the
has

merger,

a

will

negotiated underwritings and di¬

control purposes.

in

E.

Rochester
Trust
Com¬
and trading,
principal re¬ pany, George Charnpion, Chase
Bank;
Dr.
Carter
sponsibilities will be in the fields Manhattan
of
financial
consulting
service, Davidson, Union University, who

Also; should U. S. Smelting beattractive

'

re¬

a

Further,

stock,

Thomas

Gray's

gas.

and when, due

be made because of

<

a

is non-call¬

is

record.

value for

some

as,

This

1906.

be

president of the

presiding.

Lincoln

sales

Mr.

able, and has paid its dividends at
since

Japanese/Securities<

oil

preferred stock

will

Bary will be in charge of

silver,

of

producer

the regular

t

is

Company

Mining

5.2%

leading

association,

with

Chemung

stitutional and individual investors and includes:

Smelting, Refin¬

States

Canal Trust Co.,

45

firm.

a.m.,

Brobst,

just completed its seventh Annual Review and
Outlook. This Review is designed for both in'

5%

Eastern Gas & Fuel

M.

earned

was

at $51.25.

Yield

$4.50

the

bond

beginning at 10

Clarence

Van

ex¬

(Knox, Dobbs,

Cavariagh) into Clothing, by

Dividend Rate

J.

general business session will

quite

doing

Corporation

panded from hats

(Stein

of

tendency

Annual

Issue

A

be held

an¬

an

of

President
municipal

identified

Au¬

highly respected man¬
of
heavy
machines

a

distributors,

quite important.

com¬

,

This is

branches,

900,000 shares of common, with a

Worthington Corporation

eight issues of assorted investment

comment

300

over

quisition

below,

service

and

throughout the Free World. Mili¬

non-

protected

preferreds
set

paid

for

over.
ness

has 56 domestic and Cana¬
sales

ferred, which comes ahead of 2,-

serving
states.

over

repu¬

quality products. Com¬

dian
and

company

company,

faithfully,

top

a

pany

gust 1962. American Water Works

has,

trucks

long enjoyed

to

Bernard

by

Jr.,
old

while

largest

of

tation for

water'

acquisition

was

another

dividends

been

18

in

Trucks, Inc.

is excellent coverage for the pre¬

holding

Ingen,
year

Duncan C. Gray

according

nouncement

Mr. de

heavy-duty

and has

$8.34 mil¬

was

City,

commer¬

nancing has served, partiallyi,' to, ;forv the largest group of
owned
water
restore
the
popularity of pre¬ municipal
Many

a

dependable

Mack is one of the three

producers

Ameri^mJVater. Works

^

$100

over

Marquette de Barry

York

syndication,

(redeemable at $105).

of

use

$102.50.

at

earned

Mack

earnings from

Enterprises,

net income

pany

the preferred stock

variety.

callable

and

common.

Company

cial operations and

out¬

of

55%

aboqju35% of net, and the

balance is

is

preferred

investment grade.

—in these instances the convert¬

ferreds.

Spiegel

midwinter dinner Jan. 21 at

all-time

an

ing and inland water transporta¬

by Cities Service, Newmont Min¬ lion, equal to earnings of $33.85
per share on the $4.50 preferred
ing and Transamerica, the ve¬

ible

high.

at

are

The preferred

transport company. In 1961, com¬

hicle used

Sales

share in 1961 and is of

enterprise.

percentage

personal loan business, by

a

mail.

shares,

utility

gas

company,

high

a

standing in the amount of 65,670

combination

a

with

(Boston Gas Company), coal min¬
tion

:The New Yorl^ State Bankers As¬
sociation will hold their 35th an¬

does

divi¬

Eastern Gas & Fuel
investment

through

catalogs,

$4.50

in 1952.

is

(predomi¬

nantly wearing apparel)

of business done on credit. It even

were

Gas

Meeting

broad assort¬

a

merchandise

of

-

share for 1961,

stock sold at 110V4

Eastern

Mid-Winter-

the

per

meet

to

NY State Bankers

high of

a

leading mail-order

a

house, distributing

payment, and is callable at

available

and

Spiegel, Inc.

Spiegel is

quality

a

75

./-A"

..

(around $310
all-time high.

an

Forum of New York.

price sta¬

decade, ranging be¬

a

low of

a

iooy4.

opera¬

into merger company net income comes from
bbnds, offered as ownership of 742,500 shares of

or

"wampum"' in

trading
may

bility for

tex¬

diversi¬

*

million)

is
to

dividend were $88.63, Vice-Presidents of B. J. Van Ingen Authority, Va.
Mr. Gray is a
& Co. Inc., 40 Wall Street, New former
governor of the Municipal

displayed notable

tailored

frequently
offers.

fiber

a

chemical,

plastic and

tion. Sales, for 1962,

dividend

stock

common

from

has

years,

ex¬

higher

a

cash

dependable

more

than

broadened

fied

capital gain);

a

in recent

tile company into a quite

(unless or until the pre¬

change
and

tax-free

a

has

Corporation

company,

the $102. Earnings

in

mergers

past three years. Because the ac¬

company

This

Wall Street.

be the wallflower of

tween

Celanese

in

stock, except
has gotten

preferred

utility

He

consultant

-Av-v.'•\v*

; v

share in 1961. The preferred
is callable at $105. This preferred
per

The

country.

ings, for 1962, there is plenty of
airport financing programs, and
coverage for the preferred divi¬ Marquette de Bary and Duncan C. he also acts as financial consult¬
dend. Applicable earnings to cov¬ Gray have been elected Executive ant to the Fairfax
County Water

of preferred stocks as a vehicle for invest¬

income, together with

the

financial

City and County of Denver
in connection with sewerage and

Elect Exec. V-Ps.
•„

A compact consideration

currently
the

conditions have reduced net earn¬

By Dr. Ira U. Cobleigh, Economist.

throughout

Van Ingen &Co.

5

BROADWAY. NEW
OFFICES

IN

42

YORK

CITIES

\

The Commercial and Financial Chronicle

6

.

.

.

(98)

v '

m

h

'1

•¥->

.

v

Ti X

V1,;. writers.^ We

1

not pessimistic

are

In

the

tabulations ~ we list the bond .
for which specific sale dates have been

following

$1,000,000

DONALD D. MACKEY

BY

Larger Issues Schedule

..

tTax-Exempt Bond>,Markefe;

Thursday, January 10, 1963

or more

January 10 (Thursday)
3,260,000
2,000,#00

Burlington,/

past

over-the

have

improved

week

although only slightly. The

of the 'market' for

side

offering

general obli-

high grade 20-year

measured by The

cation bonds as

relatively steady market
conditions of the past year have
encouraged dealers to carry along
more tax-exempt bohds than has
been .traditional. • This ; practice
seems likely to expand, as the
mar k et,, may ■ be
confined to

bond prices that the

and municipal

State

financial Chron-

Ccok County High S. D. #211,

111.

1965-1981

7:30 p.m.

The first large issues of 1963 Huntington U. F. S. D. No. i, N. Y. 3,540,000 1963-1SI90 11:00 a.m.
were eagerly sought by-under-;
Memphis, Tenn.
194,200,000
1—
writers. The initial reception af;
[Expected' to be underwritten >by a syndicate managed by Lehman Brothers,;
forded most of; these loan's by Bly th & Co., Inc., Kuhn, Loeb & Co. and, Equitable Securities Corp.]
investors is best described ; as Oklahoma Lade Redevelopment
8,500,000 1965-2002
2:00 p.m.
;mixed..«idding..continued as com- : / Auth.; Okla..
3J)00,000
1964-1994
petitively 'ds it had b^rith£; Temple. Ind. S. D., Tex.—
i

—

v

yield"Index averages; out at/ $ h o r t e r;Jh^be
about one-eii&t^
better, steadying influences of the Fed-'of. December,
than was the case a week ago. era! Reserve. We believe that the hard to come

icZea

W?xnning bids were
by even,by the ag-

January 14 (Monday)
1^800,000
Park, Mich.——.—.
1,170,000

Burlington Township, N.. J.

1964-1983

Hazel

1964-1992

8:00p.m.,
4:00 pjn,

13 daily average of Blue Lwst offer- gressive.
Madison Co. Comm. Unit S. D.,
/
^
preselected
bonds
average
at ings may soon approach the $750,On Tuesday, Jan. >8, the sale
No. 7, 111—
a—
1,216,000 1964-1983
2.943%
on
Jan.
9
as
against 000,000 area with but little ad- of two important generalobligaWayne Community S. Disi, Mich.
4,300,000 1966-1992
2.953% lastli'w^k. Tlii^
verse market implication per se. tion- issues and two smaller, loans
^ '
the market, improvement which. «
January 15 (Tuesday)
m-,
n
. 'y.
>
• werse. of note.
The Philadelphia,.
began in early December subseHistorically
Pennsylvania. S ch o o l District Aldine Indep. Sch. Dist., Texas—1,700,000 1964-1999
The

available

yields

on 'Ohr

8:00 p.m.
7:30 p.m.

.

the rather minor reaction of late November. •
.
quent to

Current Conditions Favorable to

Higher Prices

the state and niu-

v

the

School District, Calif—

-

•

Ewing Township Sch. Dist., N. J.

tive seems at a reasonable level,

2973%. The- runner-up.

Montana.State Bd. of Educ—

would seem-to be. lower than

the

all factors considered. During bid. a 2.98% net interest cast, Montgomery County Mi.
•
early 1959 the market reached, the came from the Chase Manhattan Phoenix, Ariz.-l
present level and for most of 1958 gank and associates. There ^vqre St;
Joseph, Mo
the market was higher than at four additional bids ranging in Santa Barbara, CalifJ™JL- •
present. Prior to June, 1957, the interest cost from 2.982% to3.01%" Santa Monica, Calif.---—;
.'level of prices had been con- made for. this issue,
Suffolk County, Water Auth., N. Y.
siderably higher than at present , other major members of the Sunnyvale, Calif,
:
for a period reaching back tP succegsf,ul account include Harris, West St. Paul Ind. SD #197, Minn.

volume'financed during the

last

early

nicipal bond market appears.quite
components

market's

thdt

the

seem

favorable,

.

factis

simple

The

set.

solidly

short

the

from

view, to further rise. The.visible

supply of new issues is presently

accumulating

at

which

rate

a

circum-

course

stances have varied and even
than $1,750,990,600. Issues thus far changed in detail but the implischeduled or tentatively sched- cations are broad enough to .at
uled for the first quarter of 1963 least,, in part, substantiate further
total less than $750,000,009,;
,
upside presumptions,
/

Trust. aK(j

quarter of 1962 which totaled less

Thus, from a supply viewpoint,
the

municipal

presently
There

very

is,

of

.

.

volume to

Should

uii:

,

develop

the

m

^culd

that

seem

.

markets

the

porarily
tion

basis

t

cf last year at around

market

level

to

and

this

lesser

about

Under

in

obtained
the

moderate r.ew issue
We

of

PP.

will

,.fg

n

'

to

the

.present

.

,

r

n

Maintained

by

week

much

and

y

.

ostensibly

the

continues

favorable.

List total of state

past
be

.Blue

for

Jan.

9

totaled

offerings

circumstances,

seems

the

foreseeable

likely

$457,-

to

an

mar-

prevail

for

with

pe-

future,

overly competitive

issue

new

market. Profit margins will

down

;

at

repeatedly pointed out

sent

red

b

1*0-15

one-half will

;

a n

basis

k

con-

for

-

interest

points

continue

figures

w

.

State-

1'li

—™

Delaware, State
Housing Auth.

to

the

1982

less

Philadelphia JHuntsville, Ala

is

account

1981-1982

3.05%

2.90%

1$81-1982

3.00%

2.85%

3%%

1974-1975

2.65% * 2.50%
2.85%
1

2.95%

3%%

1981-1982

3.30%

3.15%

3^4%/..

1981 v...-..,.;3,05%

2 90%

3M>%

1981

3^%^

1981

3y4%

1981

3%>

1980

(:

3J0%^

•.

3.25%

3.10%

3.12%

3.07%

>rv; ' f
,

.
<

;\

290%

^ 3.25% / 3.10%

j

•;

2,000,000
3,000,000
1,970,000

1,000,000
5,500,000
1,905,000

1964-1973
1964-2001,
1964-1978

11:00 a jn.
10!00 a.m.
11:00 a.m.
2^)0 p,m.
10:00 a.m.
Noon
3:00 p.m..
1:00 p.m.

•

.

1966-1986

_<

8:00 p.m.
2:00pjh.

.

-

,

1964-1992
1966-1993

Noon - ;
2:00 pam

1964-1983

——

1964-1983

4,125,000

—

V 1,085,000

—-

January 17,<Th
—

Wyoming, Mich.

-

..

.

•

,

1,200,000

(Seattle)

University of Wash.

these bonds at the original terms.,
January 21 (Monday)
Tbe
Cleveland City Sch. Dist., Ohio—
10,000,000
1/20% coupon and was sold pre- Gallatin County S. D. No. 7, Mont.
2,348,680

totaling

issues

,

'

1

1

1

1,

i

•

K

y

1

<

,

s

r,

-'

1,100,000
{
i
'

'

1964-2001

2:00 pm.

1964-1083
1963-1973

1:00 p.m.
8:00 p.m.
—

-

'

^

'

Las Vegas Valley Water

Dist., Nev.

6,000,003

;1967-1995

2:00 p.m»

$14,-.. Milwaukee, Wis.
■ ;_. Modesto. H gh School District, Cal.

12,350,000
1,000.000

1964-1978
1964-1988

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

1966-1995

———

37,000.000

-Pueblo Water Works Board,-Colo.

1,500,030

•

variety of - coupons, set ^arniuat Pulaski County Co. Spec. SDj Ark.

1.250,000

1963-1971

(1965 -1983)

p0se

'groi4ps

The Oregon.(State pf)-

bonds

^ds Ior these issues> ^Ith

St. Petersburg,

Sumter, S. C.—

Co.,

National

Bank

Oklahoma* City,

Co.,

Minnesota

Co.,

East Carroll

-

Bank

■

Trust

&

-

Gibbons

McEntee

Co.,

&

Co.,

&

Pollock; &
a*

t

n

Co.,
■>

Inc.,
a

•
t

.

*«•

Rcbert winthroP & Cm and Hand&
/ AU ?!
SeC^15s ?re^Ser!d
1^0 ^
m
^*.1?/0 in 1988 but coupons are

.

..

Continued

on page

42

1966-1937

8:00 p.m.

1965-1983

9:30 a.m.

2:00 p.m.

Hampton, ya,4,500,030
Los Angeles Dept. of Water &

1964-1983

Noon

12,600,030

1964-1993

11:00 a.m.

3,620,000

1967-1992"

11:00 a.m.

:—9,600,#00

1966-1995

-

January 424 (Thursday)

Inc., Central Wayne County Sanitary
Authority, Mich. ————

each ^oan- Initial mvestor demand has been slow,
^ne present balance in account ^U,970,000. J: A blockof
$I8a»999 bonds maturing 1988
carrie:1 a 1/10% coupon and were
sold Pre-sale.
vr.The • syndicate led by Conti-

1,500,000

Noon

1963-1993

Inc.,

...

1964-1990

1,200,000

Power, Calif

Bank» .St., Louis, Mo.,

na

1,009,000

-

the-First
-

4:00 p.m.

2,375,000

Co.,

Fidelity Union Trust Co., Newark,
B.

—

1966.-1990

Consolidated

Florence/Ala.

Western New York, F. S. Smitkers.
Connecticut

Parish

School District No. 1, La.

of

Co.

Trust

—

1^30,000

January 23 (Wednesday)

•<

Barr Brothers-&

Marine

The

Trust *

&

p.m.

2:00 p.m.

White Bear Lake Ind. S. D. No. 624,

Trust

The First

Wertheim<& Co.,

10:00 a.m.
\ 2:30

5,000,000

Fla._:

Bauk Centre S. D. No. 743, Minn.

tional City Bank are Continental
Illinois National Bank and

%

January 22 (Tuesday)

.

£ >

s

^

'

•f

and associates submitted the best
bids for weight Oklahoma. City r

,*

Calif.

Pomona,

^The First National City Bank

nental Illinois National Bank and

t

•

—

January 1£ (Friday)

*50,000 ^onds maturing from 1973
to 4983 inclusive and is reoffering

3 10%

3Vd%

January 9, 1963 Index=2.943%

,

Asked,

2M%

3.00%

New York, New York

10:00 a.m.

1964-1988
1986-1990
1965-1983
1964-1983

1,650,000 1963-1992
1^00,000 /1965-1987

Ind.

——-v

Irving, Texas

,Qubirk-& CT0 > Inc- Wl^: ?'■

3%

•-

'

-

$5,-

seems in order as a group within.
the group- took all of the $7,~

George

1881-1982

3.10%

'

in

balance

ent

Adams,

33/4%

1981-1982

V.v..•
•No apparent availability,

-

.Trust CoNewark;.■vNew*J®rseysf";'' Stamford, Conn
Reoffered to
yield from 1.75 Suffield, Conn.

repre-

3 25%

.

1964-2001

3,000,000
.5J)00,000
Johnstown City Sch. Dist., N. Y.__
1,572,000
Trust Co., Hayden, 'Stone & Co.; St.
Louis Sch. Dist., Mos-——10,740,000
,Roosevelt & Crosg> Inc>. First ef
9
Michigan Corp and Fidelity Union- iSan,Juan;vP..'R.-i.u_-_/L_-'I--^i--Fidelity

s,

under-

Bid

; 1981-1982

Maryland-^.'




..

.

-2.90%

♦Cincinnati, Ohio (U.T.)
Philadelphia, Pennsylvania--.;^^
♦Chicago, Jllinois..

:

,T

Maturity

(N.Y., N. Y.)_ 3&%

Los Angeles, California

/;• Baltimore,

;

C-L_j 3V2%

Connecticut, State
New Jersey Hwy.Auth.,Gtd.—_
New York, State—Pennsylvania, State—
New

.

Kate

:

1,100,000

15,740,000

1,190,000

Mich

Carmel Jr. H. S. Bldg. Corp.,

W

HornblOwer &' Greenville, S. C——

PrescpTidl

MARKET ON, REPRESENTATIVE SERIAL ISSUES

California,

R

tinue^ slim to the extent that in- & Co., Hayden," Stone*&;Co.VlhcL;;

sometime.- stitutional. ..and

$33/707.
We have

these

ket

an

offerings has been averaging less'

$500,000,000

Corv

net interest -costs :ranging, from
2.45% to 251%.
'
■
Associated with the First Na-

riodic set-backs brought about by

and municipal

than

w^ste? sti^es

a

+,

P

extremely competitive bond

to

The

.

'

Under

Dealers

during

thus

de-

^

The inventory situation has not

changed

s-

..

C™ZZ*rJ

Highcr Inventories Being

9:00 a.m.
2:00 p.m.
Noon
8:00 pjh.

January 16 <Wednesday)

Salomon

Atherton Comm. S. D.,

Oklahoma

,

economic

*

.

_

.■

0neCof-their:^"Sime^on-

issue volume.

new

.

P

P°nt'nu°usjy fe™r"

V^pme.,nt'

"seems directly related

level that
to

market's

th.

further

^nerate

indicate

extent

t

.

that there is a potential resistance
close

h]

1964-1983
1964-1983
1964-1986
1964-1989

Bank* ColdInc

sale.

to^ake

continue

.

only

volume.

point this out to

economic

J?*6

de-

level

market

same

the

annpavs

™

November

circumstances

prevail despite
.

mapaggrs

gree

than

w

&***' StoM busuxs* tod to
^P
^of
°?t

May

the present

a

nt

.

was

in

.

erabJy

;eg

-------- -

1,500,000
1,100,000
7,850,000
3^303,000

090,000. However, some expiana- Jefferson Par. Sewerage D
market
tion •••..,
in regard
to this balance
market level /
•■■■■
w■: Metropolitan Seattle, Wash-

bond

thf
lici
wiU
variatfons within

end

There;

eventuation

of

sort

the

point correc-

develop

might

this

to

interrupted

10-20

a

.

d

firm trend could be at least tern-

that

•'1 ®1

-

sume that the

jx

t

future

near

Savings

<2achs <& Co

m

f£-V<L- &r

much heavier calendar'

a

.

to: 1965 to 3.20%' In 1987, the pres-

the Treasury s and Federal Ke

extent close to

an

last year's heavy total.

at

.

likely expand the first quar-

may

ter

Govern

s
■
•
Without the present ,Adininistrations. strong convictions con-

that

potential

to

Strong Competition to Govern

favorably Situated.
course,
a
much

.^oliime

heavier

;stroilfir

is

market

bond

- - -

-

Of

1938.

7:00 p.m.

Antelope Valley Joint Union High

present beaded jointly by the First NaBloomington School City, Ind
market level although high from tio-nal
City
Bank and Halsey, Columbus
City Sch. IMst., Ohio.uthe viewpoint of- recent perspec-v stuart-& Conine, at a net interest
that

market,

bond

;

On its own,

-We would add, apropos arcum- awarded $15,000,000 Limited^Tax
stances favorable tothe municipal (i965-i987) bonds tp the acc^unt

Harris

County, Texas—

Jefferson Parish Road

*

District &

11:00

a.m,

*

"

Garbage District, La

Lafayette, Ind
Lafayette Parish, La——

—

4,250,000
1,400,000

1964-1983

1,500,000

1965-1988

1964-1977

2:00 p.m.
Noon

2:00 p.m.

January 28 (Monday)
Central Wash. State College, Wash.

Fla. Dev.. Comm.,

(Talla.), Fla.-_

,

'

3,325,000

1963-2001

—

1,500,000

1963-1989

2:00p.m.

January 29 (Tuesday)
Bi-State
h

Dev.

Agency

Authority

<Mo.-Ili;>

25,000,000

[Syndicate headed by John Nuveen & Co. and Stifel, Nicolaus & Co., Inc.]
Colorado River Municipal Water

District,
Milwaukee

Texas

County, Wis./—

Opelousas, La

•

Ottawa-Glandorf Local S. D., Ohio

/
;

2,750,000

1964-1969

9,175,000

T964-1983

2,700,000 -1964-1992

1,245,000

-

11:00 a.m.'
10:00 a.m.

Volume 197

Number 6228

The Commercial and Financial Chronicle

.

(99)

I;' i-.

■'

i
* \*
**
'
-» * 'MV>
t''
'
u > * " " ' *
1 *!
27us announcement is under no circumstances to be construed

>

'

VI

'

I

'

'

,

n

.

W

'

'

'

"

I-'

I

r

'

'

*

as an
offering of these bonds for sale or as a solicitation of an offer to buy any of these bonds, and is -published
behalf of only such of the underwriters, including the undersigned, as may legally offer these bonds in such state.
The offer of these bonds is made only by means of the Official Statement.

in any state on
NEW ISSUE

ii!l®Bli19''000'000

:'-m

State Public School

Building Authority
(Commonwealth of Pennsylvania)

:

School Lease Revenue Bonds,Series K
.y,y.-ty^. y

Dated November 1, 1962

1•

■■

ft

.

:

fti '''»v*/'Y

;

" r*>k / .*

•r'"' "V;:

ft

y

1.1.:

* -'V 4',. *, ft

.7

^

;

-v

j *

*

v, ;-r

V.

.

I:

■

*' V ' "*V

1>

'.V1

V"v""'l.

'

Due November 1, 1963-2002 inclusive,

.»•

shown below

as

The Bonds'are

subject to redemption prior to maturity at the option of the Authority as a whole or in part, in the inverse order of their maturities, on November 1, 1971,
or on
any date thereafter, or pursuant to the requirements of the Indenture, as supplemented, in part in the inverse order of their maturities on November 1, 1967, or
on any date thereafter on 30 days'
prior notice, in accordance with the following schedule of prices and dates: at 103 beginning on November 1, 1967 and there¬
after to and including October 31, 1970; at 102^ thereafter to and including October 31, 1973; at 102 thereafter to and
including October 31, 1976; at 101^
thereafter to and including October 31,1978; at 101 thereafter to and including October 31,1980; at 100^ thereafter to and
including October 31, 1982;
and at 100 thereafter; plus, in each case, accrued interest to the date fixed for
redemption.

Principal and semi-annual interest (May 1 and November 1) payable at Mellon National Bank and Trust Company, Pittsburgh, Pennsylvania, or, at the option of the holder at
Provident Tradesmcns Bank and Trust Company, Philadelphia, Pennsylvania, or at First National
City Bank, New York City.
Coupon Bonds in the denomination of $1,000, registrable as to principal only or registered Bonds without coupons in the
: ;
denomination of $1,000 and any integral multiple thereof, interchangeable,

■iVv

,

.

.

,

.

\

.

.

Interest exempt, in the opinion of counsel, from Federal Income Taxes under present statutes and decisions.

•

.

The State Public School
;

•

:

Building Authority Act of 191ft, as amended, provides that the Bonds, their transfer and the income therefrom (including
profits made on the sale, thereof), are exempt from taxation, other than inheritance and estate
"4
taxation, within the Commonwealth of Pennsylvania.

any

•

(

The Act

-

The Bonds

provides that the Bonds

are

authorized investments for fiduciaries within the Commonwealth of Pennsylvania.

direct and

general obligations of the Authority and all the Bonds issued and to be issued will be secured by the full faith and credit of the Authority, and
by the pledge, to the extent provided in the Indenture, as supplemented, of all revenues, rentals and receipts of the Authority, including all rentals payable by School
Districts of the Commonwealth of Pennsylvania pursuant to Agreements and Leases aiid contracts to lease and leases, as said terms are defined in the
Indenture, in
respect of Projects, as said terra is defined in the Indenture, and of all right, title and interest of the Authority in and to said Agreements and Leases and contracts to
lea^e and leases with respect to said Projects, including any amounts payable to the Authority by the Superintendent of Public Instruction of the Commonwealth of Penn¬
sylvania (or person holding similar office) by reason of the failure of any School District to provide for the payment of any rental or rentals to the Authority under
said Agreements and Leases and contracts to lease and leases.
;
-

are

Neither the credit

the

nor

taxing

of the Commonwealth of Pennsylvania

power

of its School Districts is pledged for the payment of the principal of, or interest
nor shall the Commonwealth or any of its School
*
• "
'&

or any

the Bdnds;,nor shall the Bonds be deeraCd to be obligations of the Commonwealth or of any of its School Districts;
Dislricts.be liable for the payment of principal or interest on the Bonds.
' "
/
i,' •
'

on

.

'NftWBoruls

id.y
ivp

'yy''
yPrincipal

v.-.ft'

Yield to

•••

Yield to

Interest
Due *•

Rate

$280,000

■

1964

1.65

325,000
335,000

4/^2

340,000

4J^
43^2
43^
4J^

375,000

315,000

355,000
365,000

■

380,000

-

^

,v

1965

1.80

1966

1.95

1967

-2.10

1968

2.25

1969

2.40

1970

2.50

Interest

Principal

»

,

Amount

2.90%

>

^

•

1971

2.60'

1972

v'2.70v-

390,000
400,000

AlA;

I

'v

•

-

;v

•'

For
.-

'"Vy

«'

l'V!

•ft'"' <•* ";1

•

u-

1990

3.30

1991

3.35%

100

3.30

1992

3.35

3.40

1993

100

3

1980

3.05

765,000

3.40

1994:

100

500,000

3.10

1981

100

785,000

3.40

19.95

100

510,000

3.10

1982

3.15

805,000

3.40

1996

525,000

3.20

1983

100

830,000

2

1997

545,000

3.20

100

255,000

2

1998

3.70

565,000

3 34

100

260,000

2

1999

3.70

480,000 s

•'

SH
3H

■

625,000

3.30

645,000

3.30

ft
"

3.30%

695,000

745,000

580,000

•

$670,000

J20,000

605,000

'

;

}.

Due

100

2.80
.

100 ;

2.95%

Maturity
(or Price)

Rate

100

3

t 2.75

2.85f

1976

1977

Interest

•

Amount

1978

3

465,000

1973

1975

3.70

410,000

Principal

1979

455,000

1974
.

r

2.90

440,000

'

r

Yield to

Maturity
(1or Price)

Due

Rate

•

$420,000

1.50%

4jV<L
4 Yt
43^
4 Vi

"

'

Maturity

1963

V.4^%-

190,000

•

■ v

.,

Amount

v?

.

„

offered when, as and if issued and received by us and subject to an unqualified approving legal opinion by Messrs. Burg-win, Ruffin, Perry <£ Paid,
Pittsburgh, Pennsylvania. It is expected that delivery of the Bonds in definitive form will be made on or about February 13, 1963.
•

are

s

1985

"ft

1086

:

.

4

"

^

100

<

3.70

100

260,000

2

2000

3.70

100

260,000

2

2001,

3.701

1988

100

130,000

2

2002

3.70

1989

\ 1 f

h

\

1987
,

.

^

i:
:'

*

'

?

J

,

ft".

"1,

\n

,

;

*

100

(accrued interest to be added)

'

-S-

1984

.

/,
*'•' *'•

.». *v-y:

•

\ "

••

•

information relating to the State Public School Building Authority and to these bonds, reference is made to the Official Statement of the State Public
School Building Authority which should be read prior to any purchase of these bonds. The Official Statement may be obtained in any
;
4.
*
state from only such of the underwriters, including the undersigned, as may legally offer these bonds in such state.
,

'

'•* *V.:v.S\TV"

\
•'
.

v

'

v

'•

..

•:.(

*

••

/

"

'

^

7-

Jf

i ft

'V

•

•

•

.

•»'"

.

■

". ' "f

\'

.....

,,

...

.

!•

.

■'*

•"

•'?

•'.

;

'

'

,

Drexel & Co.

-

■

.*

-f,

Harriman Ripley & Co.

'
'*

'

INCORPORATP:D

.v

-

.

-

'

The First Boston Corporation

- -

:

.

-

-

:

f

*

Blytii & Co., Inc.

Bmitii, Barney & Co.

r

s*

-:

Carl M. Loeb, Riioabes
■'

& Co.

;

iincorporated

^ *.

'

■

,j

'

«

,U

"*r

,,

Bacon, Whipple & Co.
'

fi

f I

?

*r

\

'

.

•'

'

-rf

t*

'if*

*;

■

^

#

.

»•«

Kidder, Peabody & Co.
*

t.i'i

■

Alex. Brown & Sons

;

u y

-

....

1

i

,

%

r

\

•

,.

v

.

First

.,r,

...

yp'yy: "t

vvV.y

■

F. S. Moseley & Co.
-

A

-

of

% ft\ ' '

.

Reynolds & Co., Inc.
1

y

r ♦

'

.v.-,.:-.-

>"

r

^

;

^ !

Michigan Corporation
V-

.

Cooley & Company

Stern, Lauer & Co.

'

Iff

Schmidt, Roberts & Parke
.

j

.

,

Green, Ellis & Anderson

\

\

,

.

,

-

J. B. Hanauer & Co. Bacon, Stevenson & Co.

.

Tucker, Anthony & R. L. Day
r

W. H. Newbold's Son & Co.

ft


i¥4


'

Kenower, MacArtiiur'& Co." Tripp & Co., Inc.

Estabrook & Co.

January 10, 1963.

''v^Z k

•

'

:r

yf i
j

r

.

EastmAn Dillon, Union Securities & Co.

■

lw

A

,

•

American Securities Corporation

**

'

INCORPORATED

*rfc ;.-v

1

'■

Lee Higginson Corporation
'><?

:

"

1

'

AuchinclOss, Parker & Redpath

INCORPORATED

us-.rfi.u ';,.s '

''s* \

INCORPORATED

-

King, Quirk & Co.

'

A. G. Becker & Co.

Roosevelt & Cross
"

*

'

* *

•

Dominick & I)ominxck { W. E. Hutton & Co,

Yarnall,Biddle & Co.: Hemphill, Noyes & Co.
"r

-

White, Weld & Co.

Stroud & Company

'

-

Lehman Brothers

it'

-y--

.

B. J. Van Ingen & Co. Inc.

Phelps, Fenn & Co.

..

.

'•

.

*v'

'

Stein Bros. & Boyce

\

■'

;».

,

; "H"I

Raffensperger, Hughes & Co.

:yy-

f''-

Newburger, Loeb & Co.
^

*

incorporated

]:

.:

7

/

8

(100)

DEALER-BROKER

■

.

The Commercial and Financial Chronicle

•INVESTMENT; LITERATURE
;

"

'

'IS

IT

'

1

'

J'

I

UNDERSTOOD

TO

'

THAT

THE

INTERESTED

SEND

A

,

,

/

'

'

FIRMS

PARTIES

'

5 '

"

*

t

'

a

'

,

MENTIONED

THE

'

,

WILL

FOLLOWING

'

*

1

BE

Packard

Gulf

Oil

Corp.

and

Co.

report on Railroad

a

Memorandum

—

—

way, New York

Parts

Manufacturers

Equipment

&

Memorandum—

—-

A. C. Allyn; & Co., 122 South La

Salle Street,

Chicago 3, 111.

Automotive Shares
Evans
Park

&

Co.,

Incorporated,

—

Maust

and

Bank Bond Comment—Bulletin—

Japanese

Economy

—

Securities

Market

New

Broadway,

Bond—-Seventh annual review and

Japanese Market

available

is

discussion of

Yamaichi

York,

review and

York 6,

outlook of the corpo¬

markets;

Ill

of

New

New

N. Y. Also available

tax

cut

to the

body

what

and

it

might

a

mean

tax-exempt market—Good&

Co.,

Dept.

FC-10,

Bond

Market—Review—Salomon
&

New York

Hutzler, 60 Wall St.,

5, N. Y.

Business &

for

1963

Spinning Co.,

Outlook

for

Selected

Investments

La Salle

1963

Bulletin

—

—

Co., 135 So.

Street, Chicago 3, 111.

1963—Commentary—
Winslow, Cohu & Stetson, Inc., 26
^Broadway,
Also

New

available

York

is

a

4,

N.
bulletin

Outlook

—

between

—Bulletin—Draper Dobie & Com¬

Averages

Limited, 25 Adelaide Street,
Toronto, Ont., Canada.

counter

Common; Stocks—List which

ap-

/pears attractive for 1963—Fahne-

folios

—>

for

1963

Diversified list

Port¬
Horn-

—

&

Weeks,
1
Chase
Manhattan Plaza, New York, N. Y.
available

comments

are

Caterpillar Tractor, J, P. Stevens
and Celanese.
Electric Utilities

Bulletin

—

—

Ed¬

listed

in

the

industrial

Dow-Jones

and the 35 over-theindustrial stocks used in

National

Averages,

Quotation

both

Bureau

to yield and'
performance over a 23period — National Quotation
as

market
year

Inc.,

46

Front- Street,

Overseas

Markets

International

Bond

Inc.,. International

and

—

Share,

Building,

San

Francisco 8, Calif.

Stocks

analyses

for

of

1963

—

American

Brief

Motors

Corp., General Electric
Company,
W.

R.

man

Grace

Aircraft

and Radio
•

&

Company, Grum¬

Engineering

Corp.,

Corporation of America,

United.

comments

on

chen & Co., Ford Building,
26

Mich

Stocks

for

Shields

&

Detroit

U.

S.

—

Sugar

Markets—

Lamborn &

Company,

N. Y.

Visual

Communications

Weis

*

*

Pipelines—Discussion

in

current

issue of "Investors Reader"—Mer¬
rill
Lynch,
Pierce,
Fenner
&
Smith
New

Memo-

—

Co.,

&

Walnut

2, Pa. Also

&

Company,

Street, Philadelphia

available

fund, Inc.,

Federal

Bearings,

are

surveys

Mogul

National

5,

issue

same

N.

later,

Inc.,

Y.

are

Also

in

the

comments

on

Drackett

National

Bower

A.

Tea,

E.

Staley Manufacturing and Yale &
Towne.
American

Can

&

Co.

Report

—

—

Co., 11 Marietta Street

American

Zeto

Company,

Metal

Climax

^

Pine

Bank

of

Utah Construction & Mining Com¬
pany, Chrysler International, and

Eastman Dillon, Union Securities Hendersons Portion Pak Inc.
Co., 1 Chase Manhattan Plaza,
Portfolio
Suggestions — Harris,
New York 5, N. Y. Also
available Upham &
Co., 120 Broadway, New
are
reports on Berman Leasing York
5, N. Y. Also available are
—

available is

an

Inc.

Hosts,

&

analysis of Inter-

American Motorists Insurance Co.

°f

Valleau

Tra<^e

Buil(tin§>

Chicago4,in

stocks

Memorandum

—

Neu

&

Telegraph

Oppenheimer,

120

Broadway,

arTJemo'rand'a o'n
Laughlin,

Libbey

liroooff
ri

York

is
&

5,

N

j

Aait

Also

of

Scott,

Survev—

—

of

.

Colby & Company, Inc., 85 State
Street, Boston 9, Mass. Also availcomments

Gamble

on

Skogmo, and Western Pacific.

California Whter
Analysis

BERYLLIUM CORP.

&

,

Telenhone—

Walston & Co., Inc., 265

—Report—Jamieson

& Company,
Torrey Building, Duluth 2, Minn.

Moore

Products

State

Co.,

Vaughn

vV.

.

'

M

t •'

pan

of

available

Pacific

'K;-V

**

N

•

VlJ'

-

Firm

*

;

'

r-:\

rl

Gas

is

an

Trans-

on

Building,

Trading Markets

tries,

1,

—

Department

^n
is

pany

Ruth Hcugh^on Axe

announced.

the

The

five Axe-Houghton funds.

of the
Mr.

Reed

Houghton

succeeds

Axe,

Mrs.

who

Bulletin

Purcell

He is

Airways

&

graduate-of Wesleyan

a

50

University and Yale Law School

Broadway, New York 4, N. Y. Also

and attended the Harvard Grad-

available is

uate School of Business Adminis-

jnc

—

a

bulletin

an(j memoranda

Co.,

Textron

on

Lockheed

tration. He has taught economics

Aircraft, OJin Mathieson Chemical

at Yale and Rutgers Universities.

and Royal
„

,

on

Dutch Petroleum.

-i

„

•

1956

From

to

1961,

he

Troster, Singer & Co.
Members New York
Security Dealers Association

74

Trinity Place, New York 6, N. Y.

HAnover 2-2400




'

Teletype 212 571-1780; 1781; 1782

—

&

Intelligence Unit. During

—.

Co., 115 Broad¬

New

available

York

are

6,

N.

memoranda

eral Plywood

Y.
on

Also

Gibson

Greeting

Pierce &

Cards,

Incorpo¬

Report—Rauscher,
Co., Inc., First City Na-

he has

been Vice-President of Hare's Ltd.

&

fnc* its successor, Channing Serv-

Co.,

120 Broadway, New York

ice Corporation.

5, N. Y.

Simplicity
_

Manufactur.Mg

Com-

Analysis_Loewi &Co.

T

n

ni

j. g. Strauss

Incorporated, 2,25 East Mason St.,
Milwaukee 2, Wis.
stan(iard

oil

"Rvcmpll

Company

RAClfAn

l r\

111 DOSLOIl

Call-

of

^

Opens
A

S.

Strauss

&

of San Francisco, has an-

>

nounced the opening of

a

branch

Steel Improvement & Forge Company — Analysis — Fulton, Reid &

office in Boston—its second within

Co"

eago

Inc-

i

East
°hio
nv«in

a

Building,

^levela d 14, Ohio,

a

ket Street, East Richmond 15, Va,

The firm opened

a

Chi-

office last April,

The Boston office,: located at 141

^

Thalhimer Brothers Ii^.—Memo'rand"m—Craigie & Co., 616 Mar-

year.

Milk

Street,

will

management

of

be

the

under

Edward

J.

Mc-

with
"

him

be Griffin S. FaUon, Jr

Mr.

Cabe

Jr

Associated

w

T™nsamerica Corporation
*ailed analysis

—

De- wi

-

Dean Witter & Fallon

was

formerly with Good-

Co., 45 Montgomery Str.eet, San body & Co.^:
Francisco 6, Calif. Also available
J. S. Stratiss & Co, specializes
is a memorandum on Lucky Stores in trading blocks of bank, utility

and industrial
Financial —Memorandum has

direct

common stocks.

wire

services

to

It

cor-

-^Spingarn, Heine & Co., 37 Wall respondents in New York, Dailas,
Los Angeles and Seattle.

For Banks, Brokers and Dealers

Foreign Securities
Bought

Quoted

Vanden Brocck, Liebcr & Co.
'

New York Stock
125

■

MEMBERS

Exchange

MAIDEN

—

•

"■

.

'"'"J-L:

American Stock Exchange

LANE,

NEW

YORK

38

Fuel Associates.

rated—Special

naval

SCM—Memorandum—Josephthal

Gen-J

and Eastern Gas &

World

Reynolds Tobacco Co. — Memo- War II, he served as a
randum Coggeshall & Hicks, 111 officer.
Broadway, New York 6, N. Y.
For the last five years,

■

way,

a

,

Stre6t> BndgeP°rt 3' C°nn'

Stores,

Memorandum

was

correspondent for The Economist,

•

Ramo Wooldridge*

E. I. Du Pont

Ruth

becomes

Memo¬

Montgomery Ward and Thompson

Reuben Rose

corn-

national' distributor

Chairman of the Board.
World

Flintkote, Hayes Indus¬

May

Dallas

IHBBHIliH

s. Chadwick Reed
it has

Parker, Ford &

Street, New York 5, N. Y.

South West

randum—Cohen, Sinionson & Co.,
19 Rector
Street, New York 6,
N. Y, Also available are memo¬
\

Co.—

j/31

P»

Analysis—

Insurance

—

American

mission Company.

'

—

Texas.

KEWANEE OIL A & B

Also

Life

Memorandum

United

randa

Co.

'

"*«'•£>

..................

New York 5' N- Y-

?nc*

Calif.

Central &

V

■*■

York

Mine Safety Appliances Company

4,

analysis

ll|p

'

^

Miles Laboratories—Memorandum
—Pershing & Co., 120 Broadway,

BRUSH BERYLLIUM

TIME INC.

SbHHHHHBI,

J?aJorPo°I
C°rpora~
^°n^Report—Htll, Thompson &

Montgomery Street; San Francisco

ALBERTO CULVER

*

BOSTON,Mass.-J.

V
Y.

N.

review

a

c®rporatlon

are

^

for various objectives.

Co

Co.

Corporation

^ fu

-y.^

"

y

£0^ 29 Broadway, New York 6,

ts

1 on

4°

vnrk

available

Bendix

Currently Active OTC:

N*

are a list of selected

fornia-Bulletin-Schwelckart &

T5OTr^„T

«

o

Net

New

Foresman

able

409 Benedict Avenue, Tarrytown,

80

&

,

For Banks, Brokers and
Financial Institutions

15 William Street, New York, and

Co.,

•'

rnon

t?

way,

#

Corp.—

Ford,

Jones

Owens

and Northern Pacific,-

wav

&

■

pany

American Telephone &

Newborg

v/x

RpPliritlPR

yp

* * "1Tl*7"°'awl?~ London, England; he is presently
''
^
Main
consultant to The Economist

Mi^ur J^nes

-

state

t

Bros.

n

Miami,

American Telephone & Telegraph
Co., McGraw Edison Company,

products

gtreet; Ne^ York 5,

Inc

Templeton, Inc., 650 South Spring

—

A

A*f

bulletin—Joseph Mayr
& Company, 50 Broadway, New
s Chadwick Reed has been elected
York 4, N. Y.
*
President of Axe Securities Corp.,

Ohio

America—Sur-

of American Sugar Refining, Euro-

Courts

T? ppfT PppG
AV^U. x i

Chemical—

66

*

of

Incorporated, 70 Pine St., —Analysis—Cartwright,

York

First

Co.

Newburger

—

1401

Newp ort

Parrish & Co., 40 Wall Street, New
Street, New York 4, N. Y. York 5, N. Y.

Aluminum
vey

are

1963—Memorandum—

Company, 44 Wall St.,

World

&

Report

York 38, N. Y. Also available
comments on United Utilities.

Company—Analysis

Co., Inc., 70 Wall Street, New

v

-

—

Technical

which

issues

seven

interesting—Watling, Ler-

appear

Hanna

^s0 available

Year—Brief

New

Street, Los Angeles 14, Calif. Also

Hanley, 100 North Frank¬ A m e r i c a n Distilling
Company,
Street, Hempstead, N. Y.
Welch Scientific Company, Puro-

lin

the

cussion
Amott, Baker & Co.,
Incorporated, 150 Broadway, New

Analysis—Sutro

Engineering & Foundry.
for

Memorandum

Company, 208 South

Blaw

on

Calif.
westinghouse Electric Corp.—Dis—

—

and

N.W., Atlanta 1, Ga.
Bulletin

—

wards &

Five

120

Texaco,

on,

Knox, Mesta Machine and

Beaver

on

Aerospace Stocks, Cincinnati Mill¬
ing
Machine,
Dow
Chemical,

report

a

on

New York 4, N. Y.

Stocks

blower

Also

the

the

used

Co., 65 Broadway, New Bureau,

York 6, N. Y.

Co.,

road.

stocks

pany

Makers—

&

memoranda

Pittsburgh & West Virginia Rail¬

Securities

son

Common

is

and

randum—Irving

—

Canadian Mining Stocks for 1963

&

available
Inc.

Y.

—

stock

Equipment

Reynolds

—

Inc., 99 Wall Street, New York 5,

Outlook for

Shearson, Hammill &
Over-the-Counter Index
Folder
Co., 14 Wall Street, New York 5,
showing an up-to-date compari¬
N. Y.

.;

Mill

Sincere

Montgomery Street, San Francisco

Building, Cleve-

La Salle Street, Chicago 4, 111.

Heyden

New York 5, N. Y.

2

Broadway, New York 4, N. Y.
Brothers

are

analyses of Dai Nippon Spinning
Ltd.

a

Co.

—

Broadway,

road and

possibility of

Review

—

Securities

Inc.,

Co., Ltd., and Toyo

bridge facilities, and

Wall

1

^

list of 24 obligations of major toll

discussion of the

61
Y.

analysis of

an

Steel

Report

Stocks

the tax-exempt market in 1962, a

Limited,

Ohio

Calvin —Bacon, Whipple & Co., 135 South
Street, La Salle Street, Chicago 3, 111;

Broadway, New York 5, N. Y. Also
—

Co., Ltd.,
York 6, N.

Also

money

—

149

Securities

Nomura

Mitsukoshi Ltd.

general

Ltd.,

Review

—

Wayne Hammer & Co., 105 West

rate and

Report

Co.,

Broadway, New York 6, N. Y.
Japanese

Bullock

Memo-

—

land 14, Ohio.

M. A.
—

New York 5, N. Y.

Adams Street, Chicago 90, 111.

a

and

300

Avenue, New York 22, N. Y.

outlook, including

Coal

Coke Corp.

Daiwa

Bulletin

—

Company

5, N. Y.

Steel Industry-— Review

Land

Edward N. Siegler &

—

Hallicrafters

Garvin, Bantel & Co., 120 Broad-

Automotive

Gulf American

Co;, East

Railroads

LITERATURE;

United States Leasing Corporation
—Study—Schwabacher & Co., 100

%

randum

available is

PLEASED

tional Bank Building, Houston 2,

&

Co., New York 5, N, Y. Also

Thursday, January 10, 1963

.

Texas.

sues

Merger developments.

' )y /

J ''

on

Hewlett

Railroad Stocks
7- Bulletin on isfor appreciation +~ H. Hentz

6

RECOMMENDATIONS

AND
'

reports

>.

.

TEL. HA 5-7300

•

Teletype 212

Private Wire System to

Canada

571-0525
'

Volume 197

Number 6228

.

.

.

The Commercial and Financial Chronicle

(101)

ground in the South, so he doesn't

FROM WASHINGTON
1

.VS -,l

.

,r.; ^ ^

»-

v

•'

' *.'• j,

','■*> ''l

t

^..'Vv

'\

<■

want to do anything to endanger

One

Ahead of the News

...

CARLISLE

thing

change
nationwide rail¬

strike.

That

might

extent that

the country to such an

BARGERON

outrage

the President and Congress

would

be forced to take action.

Organized labor by its actions is

"asking" for

remedial legis¬

some

lation to curb strikes which harm,

His
mine

attitude

will

today

whether

be

Kean, Taylor Co.

any

strengthening of the Taft-Hartley

to

major

a

public

degree,

and

national interests. This is not new.

Automobile

and

strikes

steel

in

Act and the chances are against it.
There

is

considerable

Congress for

Admits

in

feeling

/

''

■

-

national

has

strike

shipping
and all

have

Mr.

bonds,

drew J.

Beyfuss to partnership in

has

An¬

admitted

the firm.

improvements

the

to

is being made by an under¬

The

bonds

redeemable

not

are

prior to Jan. 1, 1968, on and after

Stuart & Co. Inc., New York. The

which date

bonds

at

priced at 100.75%

are

accrued

interest,

^was

a

to yield

4.21%.

from

the

toward the repayment

banks

from

may

ranging

be redeemed
company

at

104.75%

to

from

7, on

Operating

revenues

national

totaled

apply

come

offering

charges

of borrow¬

which

are

$871,561,000

and

during

the

period

earned 9.32 times.

ex¬

shut

recommendations
dent's committee

bedding

if

the

Presi¬

the

of

against feather-

put, into effect.

are

President Kennedy appointed as

Arthur

Labor

Secretary

of

Goldberg

who

had been

J.

standing attorney for labor unions
it

and

for

appeared

labor-management
improved.

Largely

Goldberg's

effort,

for

contract

new

a

into

relations

had

through

Mr.

entered

was

There

by the steelworkers.

nothing in the contract relat¬

ing

to

Steel

announced

When

an

it

saying

prices,

STATEMENT OF CONDITION

agreement

an

prices.

U.

S.

increase

in

needed

in

was

AS

OF

DECEMBER 31,1962
,»*ry

1

view of the increase in labor costs,

the

President

feet

on

with

both

the head of the steel

com¬

jumped

'I*!,

ASSETS

of

Department

the

and

pany,

brother,

of

U. S. Government

was a

increase by

price

is

Mr. Goldberg

now

associate of the Supreme
President

take such action against
unions

them

denounced

he

as

made

the

of

use

Act's

has,

He

companies.

provisions
80

for

strikes

cooling

to

days,

period.

off

State and Municipal Securities

744,105,249

Loans

the

International

of

true,

Bills

33,827,500

Payable

Reserves:

19,679,850

7,000,000

Unearned Income

49,943,088

Taxes and Accrued Expenses

64,979,312

Shareholders'

116,913,310

Equipment

Other Assets

Capital

$255,689,920

.....

400,304,000

78,711,905

Surplus

34,696,055

Undivided Profits

804,468,434

148,474,514

.7777777777 $10,280,323,775

Total

$10,280,323,775

Total

has

9,588,372

Equity:

(12,784,496 shares—$20 par)

Branches

so-called
he

3,962,300

Foreign Funds Borrowed

Items in Transit with Overseas

postpone
And

172,015,071

Acceptances

166,902,074

Banking Corporation........

Bank Premises and

Taft-Hartley

a

on

Dividend

steel

is

it

Liability

Federal Reserve Bank Stock

still to

any

Liability

4,960,933,305

.-

$9,141,539,698

Deposits

93,391,240

Customers' Acceptance

the labor

denounce

to

or

1,493,724,419

an

Court.

Kennedy has

$2,564,266,368

Obligations

Other Securities

the U. S. Steel and the other com¬

panies.

LIABILITIES

'

•

anti-trust

threatened

The immediate effect

withdrawal

•

Cash and Due from Banks

Justice, headed by the President's
suits.

BANK

time that

a

was

steel

NATIONALITY

FIRST

out¬

an

urged that labor unions as well as

management

Figures of Overseas Branches

self-restraint in

use

But

relations.

their

$733,236,154

not

has

he

The

tongue lashed any labor union nor
the

used

influence

great

Presidential office to get

What

will

President

do

in

alleviate the situation by strength¬

the

Taft-Hartley

which

certainly

ment.

An

needs

outraged

1947

Act.

was

Mr.
term

had

in

Congress

and

bill
the

since that

aqtive

unions in every

again

his

his

support

of

gratitude

to

the

unions for this support.

he

When

addressing the
National Association of Manufac¬
turers

a

ized he

was

year ago,
was

he said he real¬

not among his friends

few days later, speaking to
the American Federation of Labor
and,

a

he recognized that he was among

friends.,

..

..




R. Gwin

Chairman of the Board,
National Distillers and Chemical Corporation

President,

T

■

d

President,

James M.

Perkins, Daniels, McCormack & Collins

405 Lexington

Avenue

Mansfield Horner

■

T-

,T

President,
Cities Service Company
Leo D. Welch

President,

Chairman of the Board,

Sugar Refining Company

CharlesC. Parlin

Shearman &

Amory Houghton

,

J. Ed. Warrent

William F. Olivert

The American

United Aircraft Corporation

Hunt T. Dickinson!

Nicelyt

The Ford Foundation

Chairman,

Freeman J. Danielst

Allegheny Power System, Inc.

Vice-President and Treasurer,

Metropolitan life Insurance Company
H.

The Coe Foundation

Chairman of the Board,

399 Park Avenue

Harry C. Hagerty

Coet

Earle S. Thompson i

Alexander C. Nagle

\

Director,
William Rogers

Reginald B. Taylor*
Williamsville, New York

Chairman,

Standard Sanitary Corporation

President,

Henry C. Taylort

Taylor, Pinkham & Co., Inc.

General Foods Corporation

American Radiator &

Chubb & Son Inc.

American Can Company

President
Charles G. Mortimer

Joseph A. Grazier
President,

Chairman of the Board,,

George S. Moore*
^

W. R. Grace & Co.

Sheperdt

399 Park Avenue

Deering Milliken, Inc.

Standard Oil Company of California

-

Howard C.

William C. Stolk

President,

Follis

J. Peter Grace

Company

Chairman

Board,

Roger Milliken

Chairman of the Board,

Company

Chairman of the

Telephone Company

James S. Rockefeller*

Kimberly-Clark Corporation

Shearman & Sterling

Percy Chubb, 2nd

-f *

Malone

Fredrick M. Eatont

President,

campaign he has

New York

Samuel Sloan Duryeet

Dowlingt

Parker, Duryee, Benjamin, Zunino &

The Anaconda

the

again

Company

Charles M. Brinckerhoff

time has

Corning Glass Works
John R. Kimberly

The National Cash Register

John E. Bierwirth

opposed

He has expressed

waged.
and

serving

President,

City Investing Company

President,

J. C. Penney

years

Clifton W. Phalen

President,

Robert W.

Chairman Executive Committee,

President,

—

Amory Houghton, Jr.t

Stanley C. Allyn

William M. Batten

Taft-Hartley

Congress

Corporation.

BOARD

TRUST

George F. Baker Trust

improve¬

practically 16

Kennedy

ago.
first

the

the

passed

That

AND

Trustee,

Act,

because of labor union excesses—
in

public and trust deposits and for other purposes reauired or permitted bylaw.

Capital Funds of the Bank's Trust Affiliate, First National City Trust Company, total $24,761,414.

George F. Baker, Jr.*

ening the labor laws, putting more
into

of December 23. U. S. Government obligations and other assets carried at

as

Member Federal Deposit Insurance

the 88th Congress, if anything, to

teeth

are

secure

it to go
DIRECTORS

the

pledged to

the

of

work.

to

back

are

Sterling

Standard Oil Company (New
Robert

•

•

.

:

Richard S. Perkins*

*

Chairman of the Executive Committee#

Corning Glass Works

Chairman of the Executive Committee

f Member Trust Board

195 Branches# Offices and Affiliates Throughout the

World

•

104 in the New York Metropolitan Area

Our 150th

Anniversary Year

•

Jersey)

Winthrop*

Robert Winfhrop &

Co.

Director and Member Trust

Board

91 in 32 Countries Overseas

1962

net

$110,105,000.

was

threat¬

strike

the

in

nine months ended Sept. 30,

New York Telephone will

ings

they

option of the

100%, plus accrued interest.

100.08%.

proceeds

the

prices

awarded the is¬

at competitive sale Jan.

bid of

the

and

strikes for several weeks.

a

com¬

pany's plant.

1,

in two great

completely

been

purposes

additions

the Gulf of Mexico.

railroad unions have

ened

on

nicipal

and

refund¬

bonds due Jan.

corporate

extensions,

Florida

to

Maine

from

across

down by

The

There is the realization

a

The daily newspapers

cities

millions of

longshoremen's Kennedy's part that he has lost
crippled and halted

Today

people.

to

losses

burdensome

causing tive support.

and

economy

Telephone Co.

mortgage

banks

the need arises,

as

general

including

are re¬

from

writing group managed by Halsey,

sue

improvement,

some

ing

The group

have

years

for

York

the proceeds

Borrowings

obtained,

are

Public offering of $70,000,000 New

Beyfuss

Kean, Taylor & Co., 70 Pine St.,
contributed but a realization that it will be
New York City, dealers in mu¬
their full share to depressing the futile without the President's ac¬
recent

Bonds Offered

2000

deter¬

will

there

at the time
ceived.

might

that

this would be a
road

BY

pected to approximate $135,000,000

Telephone

the support of organized labor.

V.,-

■

N. Y.

9

in¬

Fixed
were

'■

V-'7'^'"'V■,•M;''rW-;'--':;:J:■••

=••

10

.-

.*' Jv,fj."

•',

•

?,v

'•

,J

dent's

proposal

inissed

corhpletely),v a - few addi¬

tional

remarks

Too Late to Affect T963
•*>' "■»''

I '•

'

-'Vi'C

r'

•

'"v/"'-

;

r

'J ,K *'„•>"

%

V'% •'« fW*

«.'/

/»

' A**"'' 'J

' ''4

l

•'* ,V '.

1 '

j V \

'

tain that < the

vl. 1

t'

"Vs

^

C

k

' '*

j

of

v

•

1

'"

'•

,

x 'r%

>

:

^

{

•"

>

$12>billion tax revenue loss iir fiscal 1963 if taxes were: cut J6
billion and made retroactive to Jan. 1, 1963 r expects progression

tax

conclusion that the structure

of the

retroactive to January.1,1963* the

flect, recognition of the need for

impact

substantial relief in upper income

on

the Federal budget of a

concentrated: largely

in the .1964

In fact,

if> a tax-re¬

should

be

/

o u

h

s

t p u

that

e r m

achieving

factors.

resource

which

on ft Ohm o

,

the

would

suggests

If

net a r y

of

(what is perhaps-more likely)
combination

President has announced his deci¬

the

of

new

relative

Dr. L

E.jfeacock

indicated that further increases in

but
degree of stimulus which is
therefore,

likel^ t°^ be > provided and, yithift
of

framework

the
respective
roles
assigned to monetary

program,

which

expansive

an

are

inevitable.

Consequently, the

certainty

is

amount

structural

officials will be observing ground-

First,

have

in some earlier. years,

pre vailed

international financial

our

position

which-

those

from

ent

somewhat differ-

are

fairly clear im-

carries

for

plications

the

i

of

types

expansive policies which can, and
those which cannot, be considered

prudent/Thus, the traditional

as

to
economic
sluggishness—the combination of

postwar

response

expanded Federal outlays arid 8ft
intensification of monetary easecannot be accepted under

circumstances.
"mix"

the

of

existingf

Recognition

that

policy instruments

1963 is certain to reflect

in

sideration of
nancial
clues

con-

international 11-

our

to the

^

and fiscal

the

of

years^ on

of

enhancing the economy's
longer-range
growth" potential,
emphasis,

short-term.

•

carries

way

in

fiscal
ment

which

are

.

with

stimulus,

implications

policy,

within

contrast

traditional emphasis on

providing
also

in

for

the

monetary, policy,

and

debt

manage-

likely to be integrated

the

framework

pansive program.

.

of

slim, and

it

action

until

late

session.

an

ex-

or

might

in

the

the

is

As

will be required to provide
most,
ence

all, of the
created

nancial

by

policies

expansive

influ-

Government
in




1963.

level

clearly

of

Federal

spending i3 in prospect for 1963..
'"'""-v.-

v

There is

:■

'

' V-v.\

,

the

"

.

be

increase

billion

$6.0

or

billion

being

gain

of

lays

nancial
cial

opinion in planning finan¬
and

policies,

;view

siderable
Federal

the prevailing

the need

suggests

caution

in

appear

in

fense purposes, and

Federal

for

de¬

the legislative

will

rise

billion.

by

than $3

more

This^is

lation to the

a

large

or

in

sum

or par

fiOur

may

qualified to

are

budget deficit already

absorbed

by

money

and

capital

,

value)

share

be obtained from any of the several underwriters only in states in which such
dealers in securities and in which the Prospectus may legally be distributed.

act as

"

V-

'

"

BIyth & Co., Inc.

Merrill Lynch, Pierce, Fenner

so-called

Incorporated.
'

'

'

Incorporated

.

v

Goldman, Sachs & Co.
Dean Witter & Co.

Corporation

Hornblower & Weeks

.

.

Spencer Trask & Co.

Reynolds & Co., Inc.

-

,

Francis I. duPoiit & Co.

Alex. Brown 8c Sons

Goodbody & Co.

E. F. Hutton & Company Inc.

•

Waiston & Co., Inc.

Tucker, Anthony & R. L. Day

Shields & Company

Sbearson, Hammill & Co.

™ay be noted that favorable con-

t

Hemphill, Noyes & Co.

A. Gt Becker & Co.
if-

Bache 8c Co.

Stone & Webster Securities

& Smith

Faine, Webber, Jackson & Curtis

?cted 'n time to have a> significant
»m^ on ne^ year's,, business; ;
conditions In this connection, it

\

...

w^e^\er tax changes could be en-

& Co,

\

Equitable Securities Corporation "

Eastman Dillon, Union Securities & Co.

tax-rate

Incorporated

R. S. Dickson &

Robert W. Baird & Co.

!?er' lnves^or' and business recanno' be expected until
r 6 Proposal becomes law.

;!v-

Incorporated

The Ohio

William Blair &
Courts & Co.

Incorporated

Bacon, Whipple & Co.

Schwabacher & Co.

William R. Staats & Co.

Ball, Burge & Kraus

Bateman, Eichler 8c Co.

(Incorporated)

....

;

.

/'n;•.

-Incorporated

>.

;■'■■■■■.

Manley, Bennett, McDonald & Co.
Newhard, Cook & Co.

:

and

Company

Moore, Leonard & Lynch
Singer, Deane & Scrihner

"

*

.

Butcher & Sherrerd

Ferris & Company

Elworthy & Co.

Hooker 8c Fay. Inc.

J. J. B. Hilliard & Son

Edward D. Jones & Co.

The Johnson, Lane, Space Corporation

t

A. E. Masten & Co.

,

Brush, Slocumb & Co. Inc.

J. Barth & Co.

Fridley 8c Frederking

Company

■

The Robinson-Humphrey Company, Inc.

Davis, Skaggs & Co.

Howard, Weil. Labouisse, Friedrichs

:

•

Sutro 8c Co.

Clark, Landstreet & Kirkpatrick, Inc.
First Southwest

■■

Irving Lundhorg & Co.

-

The Milwaukee Company

McCormick & Co.

Reinholdt & Gardner

Straus, Blosser & McDowell

•

Lester. Ryons & Co.

J. A. Hogle & Co.

Hill Richards & Co.

H. Hentz & Co.

Hayden, Miller & Co.

Halle & Stieglitz

First California Company

Crowell, Weedon & Co.

Bosworth, Sullivan & Company, Inc.

Boettcher and Company

Blunt Ellis 8c Simmons

Company

McDonald & Company

•

Piper, Jafiray & Hopwood

Company

J. R. Williston & Beane

see how-.the President's*? '
ProP°sal itself could dampen busi-

■

Johnston, Lemon & Co.

Company

'

,

Mitchum, Jones & Templeton

McCourtney-Breckenridge & Company

Incorporated

.

on

to have

real

a

5

Pacific Northwest

Company

Alfred D.
j

Tax-Cut-Timing

I'

7,

1

J,

Fahey, Clark & Co.

discussion

(and

Mason-Hagan, Inc.

chances for

relatively.prompt Con^onaction

also

■

on

of

economic

because

" the

the

Presi-

F. J: Winckler Co.

Wheat & Co.

In view of the timeliness
of taxreduction as

Ttopic

Stein Bros. & Boyce

Sharp & Company

January 10, 1963.

Hanrahan & Co. Inc.
-

«

,

•

-

-

-

Roney & Company

.

Russ & Company
Incorporated

business conditions in

V..

'■
gressional

Wm. C.

Rodman & Renshaw

,

Stix & Co.

:

-

Wagenseller & Durst. Inc.

Birr, Wilson & Co.. Inc.

Bingham* Walter, & Hurry, Inc.
Wm. P. Harper & Son & Co., Inc.

Mead,.Miller & Co.'

•

$4
re-

in prospect; it is a large sum to be

offering is made only by the Prospectus.

Price $100 per

underwriters

as

Under the

circumstances, it is unlikely that
deficit is the level of Government spending

prospect

(without nominal

■Copies of the Prospectus

con¬

expenditure increases

economic stimulus.

an

for

resorting to

$4.50 Cumulative Convertible Preferred Stotfc

A. C. Allyn

•

this

recorded

preceding year's total,

year's budget

Congressional

elimination

be

may

GENESCO Inc.

delayed

if

•

v

to believe, how¬

reason

that

ever,

:

;

«.

185,000 Shares

loopholes, it is extremely doubtful

1963.

between fiscal and monetary
policy, it is clear that the former
if not

out¬

continues to rise cur¬
rently, further increases in out¬

A

coupled with reform

may come too late

v.

Fiscal Policy

:

higher

a

that

probable

seems

Particularly

reductibn

bearing
t

that

rising expendi¬
suggest

to be

a?ss an<* investor confidence if, by
virtue, of its structure, timing, or
hiagnitude,.it is-deemed to be inconsistent with our international
financial security pr the requiremonts for long-range growth. At
^|s stage, it must be assumed that
eventuality, will not occur,
^ims* it may be concluded that the
"announcement" effects of . the
President's tax proposal will be
and it seems likely
* final action on the proposal

more

inevitable,

„

policies for 1963 and beyond will'
to a much greater

Such

economic

spending

The

On the other hand, it is not dif-

be concentrated,

the

tures

eco-

T,

..

in.0

ftcult to

earlier

concern

factor in

a

estimated at $7.8 billion.

a

Second,- the underlying emphasis in devising Federal financial

in

environment make

anoffering qf these shares for sale, or an offer to buy, or a solicitation of an offer to buyy any of such shares.

in-

,

Government

of

...

final

policy

■

than

grow¬

the

possibility

appear

in the year ahead.

extent

Thitis not

be that developments with respect
to Feder.al spending will exercise
?. more important short-term In£,laenc® on. business conditions.
The prospects for achieving speedy
Congressional^/action
on any taxcut proposal would

probable course of

both monetary

means

be assumed that the

noimc pohcy m 1963, it.could wel

position provides valuable

as

a

ing population and- the Cold War

characteristics, and fate

discussions

Federal

ahead,

year

rules which

can

magnitude,

tfh e

ministration officials that

tax cut has dominated most of the

debt management..

the

during

un-

to

expenditure

dtp

Although

formulating financial policy

In

j,if

billion,

this

and

as

fiscal year are estimated

the

above

.

of the President's tax-cut proposal.

policy, Federal spending, tax pol¬
icy, and

the

0f

a n

crease

confined

new

These factors,

plus recent observations by Ad¬

Budget expenditures for the

$93.7

considered

are

include

also have

Federal spending

the

at

confi¬

Ad¬

clearly remote. The real
Q^estion is not the direction of Federal
policies,

spending programs.

:■

growth

immediate

more

current

domes¬

on

investor

emphasis underlying the Admin-

neutrality
are

the

and

when the

Congress convenes, and

ministration spokesmen

next

submitted

The

two.

sion to propose a tax cut

matter, even

.

a

tary and fiscal
that

economic

shorter-term

look.

pn long-range effectiveness in
Promoting economic growth rather
or„ ^an on a short-term bolstering of

tax cut,

a

is

the, approach to tax reductions considerably smaller.. than the $6-

the

possibilities narrow down to
spending,

certain to

tax

corporate

than tax reduction

/istration's plans for tax revision is

restraint-—or,

financial

business

dence.

centered

,

increased

require mone¬

for

tic

centered—

be

in

If this is not the- case; and

promoting

Within the areas of fiscal policy,

tilization

u

should

—primarily

a

of

level

least

at

also

will be

attention

or,

for

prospects

stimulants

growth

t. The

t-t

or

dence in the dollar and

devising long-range

on

and

re¬

to

month

■

argues

emphasis

of

supports

reflects "inordinate 'emphasisi on

appar¬

authorities and monetary
0
^la
as
wf
!.as c,r.ea ® cr1"^
pressure
on
international confi¬

levels

also

proposed reductions will

rates.

after

passed

reduction

brackets

if

persuasively against any
year or so will be directed toward further easing in monetary policy
stimulating the economy to higher as an economic stimulant, and
next

the

to

the

be

the

This same

respect

for

severe problems for debt manage-,

over

gradual.

with

taxes

of

emphasis underlying the proposal

certain' that Federal balance of p a y m en t s position

policies

made

rates

be

program

-

gradually; and warns of non-

inflationary diHienttios facing debt-management.

financial

lower

pro¬

-

*

It is virtually

the

by year. Of primary importance is the
ently would have to reflect reven¬ stimulating consumption expendi¬ fact that rising outlays will reduce
ue losses ioY rpUghly a y ear arid' a
tures, both' the short-run effects the Administration's chances of
half. Thus, the effects of arT$8- •and the longer-run consequences securing desirable tax legislation
—the chances varying inversely
billioh tax cut retroactive to Jan; are likely to be unfavorable.
.with" the expenditure- increase
1, 1963, could be a revenue loss in
As noted earlier, the level of
Moreover, Federal officials must
the"1964 fiscal year of nearer $12
FederaL spending in 1963 may well .be cognizant of international
fif
billion. Such a loss would pose

than has been generally the case, and sus¬

to lower rates of taxes wilt be made

progression to lowei

midyear, the 1964 budget

pects government spending will be of greater importance than tax
cuts, as a factor in the short run outlook. The economist estimate a
,

be

to

assumption

ob¬

there is further rea¬

expecting' that

period of at least, two years.
Even with rate reductions made

duction

underlying Federal policy wilt concentrate more on.the,economy's
long range potential

.

rates will have to be stretched out

fiscal year.

He expects, for example,

fiscal action.

controlling monetary and

will

the timing of the

significant; tax reduction would be

especially if coupled to tax reform and

Dr. Peacock uncovers short and long run factors

ole-closing.

for

gression

over a

have

it may not eventuate in time to

holds

effect upon 1963

an

i''

.

.

•»

speedy tax action will take

Economist for American bankers doubts

Moreover, he

15l

p' ^

*V

the ecpnomy,
son

4 be 'in order.

rate-reduction, it is virtually

By Dr. Leslie Peacock,* Secretary, Economic Policy Committee,
American Bankers Association, New York City
''

cannot Ab^r- dismay

With respect to

'

>V ■ '■.;' ■' ■ • .,' '■■■": -;: V^; y;; ;rjv. • CM'.-,
Thursday, January 10, 1963

'

.

" *; "v ■£•♦ / >'••>'.. •'••

vAV,:;

May Come

Tax Reduction
i

f

The Commercial and Financial Chronicle

vv.;.1'■\W:,,(;-'..',.'iv;Vf.Af

,.;-;

iv■■>^l!;:' v^-':^^'^"''.'-/v--.

•;

(102)

Mason Brothers

Stern, Frank, Meyer & Fox
•

.Number 6228

Volume 197

.

.

.

The Commercial and Financial Chronicle

which might stem from heavier;
management authorities, who must. deficit ; spending by the Federal
secure
its placement.
Neverth®^ Government. It is true, of course,
that the heavy flow of genuine*,
v less, it is small in. relation to a
$554-billion
economy,
and its. savings into commercial, banks,,

nancial

markets, and it is large to the debt

/

stimulating Effects' are likely to.
f be

nominal at best."*

-

'

passing,

should be noted, in

It
that

for rising Federal

pressures

will make it possible for them to

participate

'

generously

offerings

Treasury

without

vulnerabilities;'. it

-

also

seems

unlikely that domestic

nomic

-

conditions /.will

show

warrant

the

Treasury Bonds

;

The

sere wSi

tive

the

inflationary effects ordinarily as¬
sociated with bank acquisitions of

f

putlookicobsequehtlyjf

from

the

public

the

private

upward

adjust¬

or

to

an

of

sale

of

Treas¬

underwriter

competitive

on

bidding

reoffdring to the public.

J.

Devine

Brothers:

/

&

Co.,

its

intention to

; technique. The
is

C.

whether

demands,

basis

ber

Publicly Offered,

monetary^ policy ^rela¬

credit

the first

11

The

Treasury announced last Septem¬

neutrality—one which allows

rising

for

is

bonds

ury

the

tightening of the credit

a

This

$250 Million

eco¬

hind i o$i resurgence which would

new Js for !al

in

(103)

Salomon

test

this

new

successful, bidder

required to make

a

bona

fide

reqffering of all ofi the bonds to

-&/Hutelej^/ Bankers$ the
investing public' in' order

to
expenditures could grow
quite public' debt. To the! extent thatTrust. Company,; The Chase; Man¬
sector ;pf theeconoipy," to be re-?
obtain; the broadest possible in¬
rapidly if domestic economic con- these
hattan / Bank,The. First National
savings' flows enabte,"banbs. •fleeted in
terest in and distribution of the
;upward adjustments in
ditioris showed; definite ' sighs of'
City Bank of New York, Chemi¬
to acquire new Government se-:
bonds. The Treasury also hopes to
market irates-"t)f interest; Should cal Bank
deterioration before final action *
New York Trust Com¬
curities,'the ^Fed is^ndtilikely ^o;
create a more competitive mar¬
on
the
tax
proposal could be interfere.
ts basic' position;ycan I;be:e£rfy actionoh % tax" cut-pro* pany and The Fifst'National Bank
ket for long-term Treasury secu¬
achieved.
The
development of be
duce a sharp increase in deficit of Chicago announce
that they
.

'

■

fact, could-

these circumstances, in

serious threat to the pros¬

pose a

in

expected to remain, however,
opposition to monetary expan¬

sion

as

a

means

pects for either tax reduction or & placement.
leveling of Federal expenditures.
Just

Debt Management

and

'

;\//

can

international

our

that

ones.

?Text

the

be ruled out
fi¬

of

Dr.

Business

Peacock's

statement
at
Conference for the

Outlook

first half of 1963 sponsored by the Cham¬
ber of Commerce of the United States,

Washington, D.

C.

offered

United

100%.

publicly

of

States

Treasury

-

of

managers

'issue

an
v

because

significant

rities.

joint

are

.

appreciable easing of

monetary policy
of

i

uv-

these

ments could be

on

Jan.; 8

$250,000,000

of

a

The

-

America

of

bonds

'

group

a

4%

1988-93

The bonds, which

1993

at

but

ment

"

may

on

after

or

of

at par and accrued

the

reduction

tax

a

fiscal 1964

the deficit in

The dif¬

not good.

are

ficulties

posed for debt manage¬
ment officials are obvious.
The

will be to

authorities

In

in

1963

noninflationary

secure a

of new and maturing
this means that

placement
debt.

Irving Tkust Company

debt

for

task

principal-

management

tailor its secu¬

the Treasury must

rities specifically to meet

the re¬

STATEMENT

quirements of individuals and in¬
for

lets

the

of

dangers

attend excessive

would

sales

expansion,
securities

monetary

short-term

of

increases

bank credit and the money

ASSETS

Cash and Due from Banks

Securities Issued

doubtedly will continue to use the

at

terest

petitive

those

financial centers.

consideration,

are

in

its

tapping

of

markets

Loans Secured

\

by
.

standing the fact that advance re¬
lier this year reduced
of

the problem

congestion in the nearer-term

I. J.

DAVID L.

1,268,182,697

'

14,244,305

J. R.

Conventional First Mortgages on
Real Estate
.

an

factor

independent

in

and capital markets, Gov¬
ernment deficits inevitably add to

money

the volume of credit demand and

produce upward pressures on in¬
terest rates. These pressures will
again be present in 1963, and the

Banking Houses and Equipment
Acceptances Outstanding

Taxes and Other

longer-term sector of the ma¬
range.

..........

As in the past

MINOT K.

$2,656,864,886

two years, mone¬

.

.

.

.

J'*.

.

.;.

Expenses

.

.

.

.

$2,354,058,849

,

the

New

19,101,754

.....

•

«

Portfolio

...........

Other Liabilities

2,208,162

>

Chairman> Canada Dry Corporation

/

.........

.

.

.

.

.

,

.

rate

of

monetary

expansion

promoting relative firmness

in the level of short-term

interest

rates. While the freedom of action
of Federal Reserve

.officials may

significantly by inter¬
in foreign
financial centers in 1963, the best

16,210,909

2,493,171,119

.

/,/;

55,204,050

Surplus

69,874,635
38,615,082

r

Total

Capital Accounts.

.

.

.

.

163,693,767

/

Total Liabilities and

to be that monetary

policy will remain substantially
unchanged from the present. Mon¬
etary authorities already have im¬
plied that they will not use credit
creation as a means of offsetting
upward

interest-rate




pressures

■>

Capital Accounts.

*

of the Board

Otis Elevator

Company

/Chairman of the Board, Genera l

Telephone d Electronics Corporation

RAYMOND

H.

-#

V«

»

;, *\

$2,656,864,886

REISS

.•

>

*

President, Ronthor Reiss Corporation

E.

E.

STEWART

Former Chairman

National

of the Board

/

Dairy Products Corporation

RICHARD II. WEST

developments

guess appears

'

.

be affected
est-rate

Chairman

T

.

*

Great Northern Paper Company

DONALD C. POWER

Capital Stock (5,520,405 shares— $ 10 par)
Undivided Profits

PAINE
•

LeROY A. PETERSEN

CAPITAL ACCOUNTS

.

S.

President

101,591,445

.

MITCHELL

ROY W. MOORE
M

■

tic

and

.

Total Liabilities

a credit
environment conducive to domes¬

the

MILLIKEN

York, N. Y.

PETER

objective of providing

growth with the necessity—
stemming from our international
payments position — for limiting

..

Company

'

•

;,.v

authorities in 1963 will be
faced with the task of reconciling

<

Deering Milliken, Inc.
DON G.

Acceptances: Less Amount in

tary

/ /;

Vice President and Treasurer

LIAIIILITIES

Dividend Payable January 2, 1963.

Monetary Policy

:

United States Rubber

17,036,166

the

McGOVERN

Director

Other Assets

Deposits.

Chief Executive Officer
Cyanamid Company

JOHN W.

Accrued Interest and

Total Assets

Cable-Corporation

Chairman and

95,524,464

....

.

G. MALCOLM

American

Customers' Liability for

importance of securing noninfla¬
tionary placement of the debt sug¬
gests that their impact may be
concentrated to a greater extent in
turity

W.

24,392,268

.

•

MacDONALD

General

14,424,305
.

<

Chairman and President

180,000

...

.

of the Board

West Virginia
Pulp and Paper Company

U. S. Government Insured
.

*

KIRKWOOD

LUKE

Chairman

.

.

Company, Inc.

HARVEY, JR.

President, F. W. Woolworth Co.

maturity ranges.
As

FOGARTY

of the Board

ROBERT C.

1,043,897,506

F.H.A. Mortgages

feyfsj;

Chairman, The Flintkote Company

„

153,867,979

..

.

Mortgages:

/

G.BOARDMAN, JR.

Continental Can

70,417,212

»

U. S. Government Securities

Other Loans

PETERSEN m

Executive Vice President

Chairman

for

funding operations conducted ear¬

ARTHUR

Insured

or

em¬

This is notwith¬

E.

President

82,630,703

or

MURPHY

of the Board

61,705,380

.

™

long-term funds.

WILLIAM

.

614,865,207

by U. S. Government
its Agencies

com¬

foreign

Aside from this

however,

■!>.

THOMAS C.

phasis is likely to be on the maxi¬
mum

GEORGE A.

470,$29,124

.

.

r

Loans Guaranteed

rates of in¬

which

levels

with

.

Underwritten

Other Securities

%Loans:
^

maintaining do¬

for

mestic money market

or

by U. S. Government Agencies

As a

volume of its short-term offerings

device

622,439,779

Chairman

U. S. Government Securities

in

practical matter, the Treasury un¬

a

31,

III1IECTOHS

$

.....

Securities:

supply

•—carefully must be limited.

as

CONDITION, DECEMBER

commercial banks—

to

promoting

thereby

funds.
which

savings

genuine

Because

OF

seeking out¬

investors

stitutional

YORK

NEW

effect,

Chairman

U, S. Government Securities

pledged to

other purposes amounted to

MEMBER

secure

deposits and for

$168,621,091,

FEDERAL

DEPOSIT -INSURANCE

FRANCIS

New

of the Executive Committee
L.

WHITMARSH

York, N. Y.

CORPORATION

dated Jan.

on

Feb.

be called for

'

chances of reducing

are

17, 1963, will mature

without allowing for the

even

effects

Treasury debt,

.

an

financing,

is $7.8 billion,

the fiscal year

for

/

budget deficit in prospect

The

as

of

.

Feb.

15,

interest.

15,

pay¬

19S8,

The Commercial and Financial Chronicle
12

comes

Needs

American Business
.w.

Better SBIC
,''.w

:

>..:>* 7iff))7 I'. -^7-

Vf:-/-

are

sending children

are

supporting aged

\'f-77

7

V •'/"

v°

'•

•

77777 "77?

•;

stored

not

its

to

the cost of

Representative Patman clearly specifies measures he favors to assist
small business growth. Moreover, he warns SBIC's not to expect any
increase in the size of the firms they can invest in until they show
a better record of financing smaller firms.
Turning to the economy's

corporate income tax cut on the
to a price level increase with¬
Instead, he advocates inter*
changing the normal corporate income tax rate with surtax rate and
even increasing the surtax exemption; raising personal income tax
exemption to $800; and lowering long-term interest rates. The Con*
gressman wants better antitrust laws and enforcement; notes net
income per sales dollar varies directly with firms size; castigates
Federal discrimination against small firms in contract awards; and
recommends making new technology available to small business

would

,

,

what business needs

It seems to me

is not

corporate tax cut but more

a

of sales,
Either of two steps by the Fed-

business—a larger volume

left

income

1948

firms, and

the

The Small Business Investment

net
con¬

Act

giving

a

other

The

with

super-giants,

than $1 billion of assets,

$750 on

incomes,

Business

after

more

had net

amounting

taxes,

Plight

as

of

firms,

firms,

well.

contrary,

of American industry

entire

in¬

ruptcy.

incomes

amounting

to

t**-.

incentives

million
had

the

6.6%

are

are

and

net

$50 million of assets

incomes

amounting

to

of sales.

Those with
and $10

ment "house

between

$5 million

million of assets had net

The

smallest

with

class—those

size

under

$1

million

of

to

that keeps its funds in

to

earnings all of the investment they

only 3.3%
In

short,

small

in

in

contrary,
the

All

and unincorporated

It's

profit

a matter

stimulate con¬

build

increase busi¬

turn

Hon. Wright Patman

of business

the

accordingly, lay a

rational basis for

increased

iqy^st-

capacity.

new

share

c-1>.

capacity and,
ment in

corporations

Not

to

a

in

growth

income

national

of flooding

them

giving a thev corporations more

of record.

30,000 Shares
+

,

Continental Casualty Company

$q

funds—and I think it would do the

interest rate opposite—corporate managers are
not in the habit of investing in
policy by the Federal Reserve,
new
plant and equipment when
particularly as to long-term inter¬
est rates, would accomplish the there are large amounts of idle
same things,
although through a capacity and no foreseeable mar¬
different
sequence
of
events. kets for the goods and services
Lower long-term interest
rates that the new capacity is to prowould stimulate investment, es- duce.
Second,

lower

a

Capital Stock

pecially in the housing and con-For this you cannot blame them,
struction
industry^ which now We would have a very poor bus-

unmber of

largest

provides the

jobs of any industry in the coun-

try.
Opposes Corporate Tax Cut
One of the basic causes of high

utilization

that

is

prices

are

the

proof of the pudding on that.
A corporate tax cut at this time
then,

feet

our

an

on

have

domestic

increase

without

in

the

Thus

a

same

economy

in

capac-

efas

Exemption to $800
President

that he

ductions

Kennedy

has

will recommend

early

in the

stated

tax

new

re¬

Con¬

gress, and we can be sure that

recommendation
one

kind

or

for

tax

cuts

mend two-step legislation of this

$800, to be effective January 1;

hurt employment, production and

the second step, to deal with the
Administration's recommendations

As you

know,

argument is

for further adjustments in both

further reduc-

Person®7 und corporate taxes, and
W1th
recommendations for
orms a;rl~ loophole closings,

an

being made that

a

tion in

corporate taxes would in-

crease

business

tions
But

with
the

more

funds

corporations

already

to

invest.

as

receiving

a

business equipment.

not

course,

for

82%

of

capacity
almost

are

a^

plant and

1961 was, of

particularly good
Only about

business.
the

Nation's

was

7%

was

of

productive

utilized,

to the Federal Reserve

force

net

for-paying dividends

and investment in new

year

the

whole

more

income, after taxes, than they
using both

be-

provide corpora-

argument overlooks

fact that
are

investment,

it would

cause

the

according
Board, and

Nation's

unemployed.




labor

Even

so,

Not

a

New Issue

Personal income fax exemption to

circumstances

purchasing power.

of these shares having been sold, this advertisement appears
only as a matter of record.

another will be forth-

c°ming. In this case, I would like
see the Administration recom-

kind: The first step, to raise the

tax

All

a

of

level

corporate

these

under

cut

Blyth 6. Co.. Inc.
January 7,1963.

personal

price

increase

an

incomes.

the

new

Increase Personal Income

too

high, on the average, relative to
personal incomes. If this were not
so,
we
could not have large
amounts of
unemployment and
idle productive capacity. That is

would,

invested in,

city,

and low capacity

unemployment

system indeed if corporate

ity willy-nilly, without respect to
whether there is adequate demand
for the products of the new capa-

/

_

^

iness

managers

25,000 Shares
<f

'

•<

*

'

*

*
.

777-a?

vide

tax exemption would

pro-

immediate stimulus to the
economy.
It might increase tax
revenues sufficiently, by the time
Congress completes a long wranSle over tax reforms, that we can
then afford another reduction for
corporations
and
high-income
families.
!
'
- *
an

*
.

%

:

«

7';;.*

»

,

*

*

,

of all families.
and

But

helpful

middle income

it

to

would

the

17 77.- ,;7': 7"'

•

•

•••

•

.7

7

'

A
»

'

*

:'

Blyth 6.CoJnc.
January 7,1963.

.7"*,

...

Company

..

be

families, who

•

*.'■

low

spend substantially all of their in-

.7-7

4

♦

increase after-tax incomes

particularly

••

Common Stock
4>

Raising the personal exemption
would

7

Pioneer Natural Gas

An increase in the personal inc°me

-

those

nat¬
firms

profit

or

privately-owned

Continued

New Issue

in

with^

growth

will

The very reason for the legisla¬

funds. Even if this succeeded

more
.^

the

of

hope

good

in¬

good

prospects.

equipment,

new

or

that

for

with

which do not offer good

productive capacity or

more

firms

down.,

merely by giving them a larger

the

increase
use

more

invest

profits,

ness

the

force

can

sales,

sumer

out

and that you

of these shares having been sold, this advertisement appears

only aS

firm

expects

seek

prospects

prospects

urally

small

little absurd to think you

a

SBIC's

small

a

will

'

families,

firms.

Congress

SBIC's

gov¬

so on.

hand,

merely because it is small. On the

billion of cash

investment

other

not expected to make loans or

acknowledge

must

guaranteed

or

the

tion to encourage

of sales.

I

On

subsidize

are

assets, had net incomes amounting

not able to finance from retained

in¬

never

neither is the legislation intended

vestment

incomes amounting to 5% of sales.

firms

was

tended to assist the kind of invest¬

investments

*

.

Corporations with between $25

„

Small firms generally

net

-

..

of

doing equally

are

the

On

sizes

all

$100

between

7.2%of sales.

that all

course,

and

with

million and $250 million of assets
had

SBIC's, making

government bonds

of sales.

Companies

whole is quite prosperous

business

it does special tax

as

where needed,- and offering them

per sales dollar.

come

was

to 14%

securities, -making loans

to consumers

income

lower

for

over

ernment

particu¬
larly for the

as

business

ment—amounting to $29% billion

cut,

since

which it

increased

does not mean,

—paid out $15 billion in dividends,

First, a per¬

living

The fact that the corporate sec¬
tor

late business.

and still had $3J/2

No Subsidy to Small Business.

securities.

help to stimu¬

sonal

of

be

Small

plant andl equip¬

new

finance small businesses.

Federal loans available to SBIC's

by

.....

vestment in

would

ment

bigger

dollar—or,

importance to

tion, the smaller the after-tax in¬

only

,

their

the

matter of utmost

the. in¬

now

giants

covered

a

not

is

business

This is, of course,

the SBIC's since its business is to

have size data) we

income per sales

with

7
77
7.
7 the highly prosperous firms, while
cash corporate income, after taxes,
of $48 billion last year was the the more typical status of smaller
greatest in history. Furthermore, firms is one ranging from less
out of this $48 billion, the corpo- prosperous to impending bankrations

Govern¬

eral

corporation,

it has

step

this basis alone.

big firms.
.

in¬
cor¬

find that last year the bigger the

adjusted upward—the exemption

health, Chairman Patman opposes a

after-tax

manufacturing

we

small

concessions to the

—the latest year in

grounds that it would be tantamount
out an increase in personal income.

units as well as

for which

the

versely, the smaller the corpora¬

lost

creased

the

at

of the

that

doing too well.

living. If the exemption

increased

were

Looking

II

War

the war,
in

plant

equipment.

comes

been re¬

pre-World

increased

been

new

Thursday, January 10, 1963

income porations (which are the only kind

personal

has not

and since

level;

Congress and Chairman,

tates

The

exemption

and

those

school

or

would like to make in

life.

of

all

of

families who

tax

Representative (D.—Tex.), United
Joint Economic Committee

Patman,*

Wright

on.

most

help

relatives.

Opportunities

necessities

the

on

would

It

to

v.

...

(104)

on

page

39

Volume

rtmo
yVF "rvrvnrhtilf*
JDIUJLU U1 JllLUllUIIllL/

or new pages were added to the latest data
for the full

monthly Indicators.

Proxmire

biennial

126-page»

Indicators" containing

tail.

seven

William
airman

ee

ml

o

-

,,

f

conomic

on

.

Joint

the

monthly

The

charts

or

years,

up

0f

number

are

Charts are

quick

a

picture

trends

series,

p0SSikie these

recent

1961.

economic

past

and

for

a

wherever

plotted

as

the

Agencies responsible for the pri- Supplement to Economic
mary collection and presentation tors is available at 65 cents

sonally adjusted monthly or quar-

terly values.

in producing both publications.
*

the

Congress,

b^feh

AT

The monthly Economic Indicators is prepared for the Joint Eco-

public through the Superintendent

be

to and including

nomic Committee by the Council

of Documents, Government Print-

phij.

The Supplement,

of Economic

The 1962

ing Office, Washington 25, D. C.

are

"Fi

Q

made available to the general

On Jan. 17, Amos Schuchman will
admitted

to

Annpl

4

N

s

possible

to

mittee by the Office of Statistical

The

1929.

copy

or

by subscription at $2.50

change.

This

the

Committee's

publication

incorporates

edition,.of

biennial

substantial changes and improve¬
ments

conforming to the 1962 re¬

visions

the

in

Indicators.

monthly Economic

The revisions

in¬

were

corporated in the November, 1962
and

subsequent issues.

The

monthly

up-to-date

quickly

the

of

Committee, to
Congress,
10,000

through the

Printing Office.
materials

series

monthly

Cash

The back¬

for

necessary

of

U.

the

presented,

are

possible

as

ASSETS

as

on

S.

Hand and Due from Banks

1

December 31,

December 31,

1961

$110,703,463.46

$ 93,051,216.44

122,534,966.12

108,733,360.82

106,849,671.80

41,069,592.80

26,657,408.74

24,340,562.32

..

■

Loans Guaranteed

language, in the 126-page Supple¬
The

ment.

Supplement

descriptions

of

the

includes

statistical

se¬

ries in the monthly Indicators

and

or

U. S. Government

Insured
or

lowed r in

preparing

each

Agencies

..

....

Other Loans & Discounts

Supplement is revised

Banking

series,

limitations.

and

uses

The

..

Furniture

issued in December,

&

Fixtures
i

Customers

i

•

•

,

'

52,743,167.11

67,313,597.77

73,285,736.79

336,948,844.02

286,752,558.44

..

3,034,169.18

10,134,165.41
-•"*

on

3,019,239.36

2,866,63(7.30

Acceptances..

..

19,435,925.11

20,701,545.67

5,087,377.64

1960.

Other Assets

3,809,511.24

2,570,579.53

2,251,401.08

$792,511,136.01

$686,782,204.78

$604,030,040.03

..$ 16,837,715.00

$ 14,488,765.00

$ 13,926,155.00

9,499,785.00

9,211,235.00

9,073,845.00

8,629,423.63

7,410,402.86

7,483,372.63

..

Improvements Made

TOTAL
Improvements made in both the
1962

Supplement and the monthly

Indicators

include

formation

additional

the internal

on

sources

of funds for corporations; on

investment;

ness

ment
and

for

rates

LIABILITIES

in¬

Capital

busi¬

unemploy¬

on

Surplus

experienced wage

salary workers, married men,

..

Undivided Profits

and labor force time lost through

both unemployment and involun¬

part-time

tary

and its

financing;
and

ports,
ments;

the

and

earnings.

a

pay¬

&

pro¬

Reserve for

liquid

the public; the other
of

Reserve

Taxes, Interest, etc.

Acceptances Outstanding
Other

income

to

these

changes there has been
revision.

21,832,731.80

17,653,730.36

60,964,933.33

52,943,134.66

48,537,102.99

7,461,594.87

7,560,039.32

8,843,599.76

19,659,682.71

20,891,546.61

5,094,508.95

126,208.85

120,165.89

363,287.52

704,298,716.25

605,267,318.30

541,191,540.81

..$792,511,136.01

$686,782,204.78

$604,030,040.03

..

Liabilities

Deposits
addition

25,998,009.70

accounts

basis.
In

400,000.00

Federal

the

receipts and expenditures
national

None

Capital Funds

Indicated

new

one

of selected

Total

and

yields

been added:

details

budget
on

of

completely

measures

Reserve for Possible Loan Losses

exports, im¬

stock

on

assets held by

reports

on

None

Capital Debentures

housing

on

balance

Two

tables have
vides

work;

..

TOTAL

specific
general

a

The number of pages

Economic Indicators has been

in

ex¬

panded from 36 to 40 pages; the

make-up has
provide

room

For

been rearranged to

for

a

substantial

ex¬

mit

has been set

processing

on

up so as

to

each

copy of our annua! report write to:

60

per¬

Hempstead Avenue, West Hempstead, L.!., New York

automatic mail¬

ing- equipment-T^this speeds up the

delivery

a

Public Relations Department, The Meadow Brook National Bank

pansion in coverage; and the back
page

month

to

,

those

receiving Indicators by mail. Also,
as

in the last revision of Economic

Indicators,
creased

there

has

emphasis

on

adjusted

series

wherever

possible.-

these

changes

in¬

been

seasonally

which

used

are

In addition to

affecting both

*■

the

monthly Indicators and the 1962
Supplement,

the

rewritten

reflect

to

latter

has
the

been
latest

changes in practices by the vari¬
ous

statistical

charts have

been

agencies.
added

a

and

new




SERVE

METROPOLITAN

Some
de-.

scriptive materials and tables have
been added wherever

KEYED TO

series

•

9,544,885.22,
»

7

f

Liability

'•

396,348,735.19

12,127,93^.30 i-<

Houses

other

every

the last revision having been

year,

*•*

by

discussions of the procedures fol¬

their

1960

..$141,407,134.96

Securities

Government

Municipal Bonds &. Other Securities..

nontechnical

in

December 31, 1962

Govern¬

interpretation

proper

far

toapproximately

who subscribe to this

users

ground

the

of

Economic

Joint

other Members of

and

publication
ment

brings

information

attention

the

to

members

Indicators

economic

partnership
^

v

recently released the 1962 Supple¬

new

i

JTSTlRGr

;i)ir9u
h>

in
iib

n-

the other hand, shows in its Supplement to Economic Indica- The monthly Economic Indicators
r°adway, New York City, memtables
annual
data
going back tors was'prepared for the C6m- is available at 25 cents a single hers of the New Xprk, Stock Ex-

Committee,

ment to Economic Indicators.

copy,

publications

about

Advisers.

a

Philips, Appel

■,

Although prepared pi imaiily foi
the Joint Economic Committee and1

monthly

cover

Indica-

of the data cooperate extensively

sea-

quarterly de-

in

13

shown' are 'generally Standards, Bureau Of the Budget, per year (foreign $3.50). The 1962
year

on

„

ai

Economic

previous

Indicators

showing the last few months

whenever

the

only

cover

the current year.

(D.,

Proxmire

.

iscj,

monthly

publication generally

inclusive.

Senator

the

to

in either

Data offer
1929-1331,

from

coverage

years,

substantial im»

provemants and revisions.

compteta

tends

"Economic

to

with

accordance

practice,

releases

supplement

of
In

(105)

giving

provided

Coverage Complete to 1929

Indicators Issued
Senator

The Commercial and Financial Chronicle

Number 6228

197

MEMBERfEDERAL

DEPOSIT

NEW YORK AND

LONG

ISLAND

Chronicle

The Commercial and Financial

,.

.

Thursday, January 10, 1963

the principle sterling; come. once more under a would have sought to safeguard
themselves against a dollar deval¬
such a guarantee is cloud, exchange guarantee for any
conceded there is bound to be additional holdings would be in¬ uation by means of Forward .Ex-;
change operations, and the re¬
strong pressure in favor of ex¬ sisted upon.
In any. case,, once

of

The Case,For and Against

■

V,L'Vi*'v

/''

-•

? '

'r,

G

,# ;>„;

.

■

«

viV-

.< *

1

Britain's experience in 1961.
; The question whether to guar¬
the
Basle
arrangements antee or hot has beeri 'circum¬
Britain received special assistance vented to a very large extent as
from Central Banks to the- total of a result of the; greatly increased
was

By Paul Einzig
Einzig sees no point in

DC.

Under

guaranteeing the dollar and sterling

against devaluation to increase the confidence of the holders of two
reserve currencies to retain them in their official reserve balances.
The

guarantees; and the successful practices by

on

pressure

forward dollars would have wiped

beneficial

the

out

effect

operation.

f.

the

of
•

»•

Preferable Choice
the choice lies

between giv¬
some £ 350 "million.
practice by Central Banks and
ing exchange guarantees or bor¬
:; Lenders of -the greater part of Treasuries to engage in Forward
rowing abroad in terms of foreign
this
amount
received
a
dpllar Exchange operations. The United
currency' the latter solution is
States
authorities,. which are le¬ more
guarantee under, the European
satisfactory. The granting of
Monetary Agreement, while the gally prevented; from giving ex¬
exchange guarantees is bound to
balance; was secured by swap ar¬ change guarantees, granted assist¬ be 'detrimental to the
prestige of
rangements. This caused resent- ance, to Britain and Canada with¬ the
country concerned and, as we
ment among monetary authorities out taking any risk, on the basis

Britain's uphappy experience with

briefly reviews

economist

dollar

Use of Forward Exchange

other categories of

'

'

additional'

sulting

guarantees : over
Today's
balances. This

similar

tending

1 1 Exchange Guarantees
''

granting

various countries

engaging in: forward exchange operations, tec

currency swap,
agreements! and borrowing' abroad in terms of foreign currencies.
Between offering exchange* guarantees and borrowing abroad in
terms of foreign currency, Div Einzig votes in favor of the latter.

If

abbye, it' is

saw;

practice which

a

of the reciprocal swap arrange¬
LONDON, England — There • has to the possibility of a devalua- which did not participate in the
is jia.ble to cause- resentment by
been much discussion during the tion of their own currency. After Basle arrangement. In particular ments made with the two coun¬ those
whose
balances
are
not
last year or two whether tne goiu all,
the government concerned Australia and..New Zealand; re¬ tries. To a much larger extent, given similar guarantees. The so¬
benefited by
value of exchange value of official was in a better position to know sented what they - considered to the United States
lution could be improved upon .by
holdings of the two reserve cur- than any other monetary author- be discrimination against their this, fofm of insurance -against borrowing for longer1 periods. It
losses
holdings
of
sterling
which
re¬
on-exchanges
as
a
result
of
rencies, dollar and sterling, should ity whether it was likely to
is true, the British example of
ceived ho such guarantees.
.
the reciprocal swap-arrangements
be
guaranteed
by
the United, devalue.
the1 large dollar loan of 1946 is riot
made
with
a
number
of
monetary
States Government and the BritMain Argument
Largely as a result of this un¬
encouraging, but • the position is
authorities, -The. total amount in¬
ish Government respectively. The
favorable
reaction
the
British
now totally different from what it
Central Banks or Treasuries holdTh® mam argument agarns Government' endeavored to ter¬ volved is not far short of $1,000 was 16
years ago and there is no'
million,
tag these currencies were reluc- gmnhng
was
reason
to believe that the
minate the dollar guarantee when
x

such guarantees
that
f the amount involved was too
even
maintain them during pearSe the resulting loss arising
riods
of
adverse
pressure
on "«,» unforeseen
devaluation
these currencies for fear that in would
dePr!ve the. government
case
of their devaluation heavy concerned of a great part of the

-

pro¬

tant to increase their reserves or

The

be

dollar

than

ster-

or

But

astrous.

U. S.

or

British Governments

were

tion.

anxious to retain official foreign holdings
balances it
ments to

of

for those govern* part of'that

was

assume

the risk attached

rificed.

its

currency

a

\

i

-

actually
where

con¬

.

done by the United States

short-term

loans

in

terms

Central Banks or Treasuries have been considered inconceiv¬
continue to enjoy dollar able that the United States should

pean1

guarantees, but the much larger
amount

•

held

the

by

*

'

,

it

abroad

at

solution

legdy :

It

deem

necessary

to

borrow

all, and least of all in
terms of foreign currencies.
The

gikran-

be

would* cease to

Fund

European

•

Thi|^concessioh^,7
aclarg<l ice|fted^i?Viliyfb£the increase of
*

loan

external

large

a

Treasury in Switzerland and Italy,

reached under

was

profit would-bevsac-^ confidence in kterling^
• -

government

would

official

guaranteeing ;

the

for

th^; ;io.(5al.' 'currencies
were
part of the; gtexlipg balances, of
Until recently it would
directly by Western Euro¬ raised.

held

a

By

is

of

Phila. Bond Club

which

long way toward
they felt that if the strengthening its technical posigoes

proved to

the most difficult.- Eventually

compromise

a

its gold and foreign exchange reserve

authorities

French

the

advantages derived from a devalthey were fully aware that, nation. Usually a country which Is
were
they all to convert their forced to devalue its currency
holdings of dollars or sterling into gams thereby a breathing space
gold, or transfer them, into cm-.^during which to put its house in
rencies
which for
the
moment order. The bookkeeping profit On
safer

lem

ceeds

by Britain or the .United States
the autumn of 1962. The response' cerned' to -borrow abroad in terms would be wiped out by' a' run on
of
was far from favorable.
As usual,
foreign currencies.
This was sterling or on the dollar.

Yet

ling, the result might well be dis-

Another way of solving the prob¬

Agree¬

re-negotiated in

ment came to be

financial losses would be incurred,

looked

Monetary

European

one,

is,

however,

Receives Slate
PHILADELPHIA, Pa. —Theodore
E.

Eckfeldt,

a

had borrowed in terms

P|,ohab|^-* however; • that should ofy^dollarsy)

possibly: the

lenders

of

nominated for President

has been

sensible of
because, if the United States C

seems, .Treasury^

Vice-President

a

Stroud & Company, Incorporated,

The
1

Bond

b.

u

;

f

o

Philadelphia.
Eckfeldt

Mr.

would succeed

Edgar J. LofThis

ISSUE

NEW

is

of

tus

offer oj these securities for sale. The offer is made only by the Prospectus.

not an

•

E.

W.

Hutton &

Co.,

whose term is

f

•

'

-7 *

•

.

.

January 10, 1963

expiring.

t

Other
cers

nominated

were:,

S12,500,000

B.

Phillips
of

Street

.

j

offi¬

The First Bos¬
ton

tv

0
.

r

fy* '\J

•

Sx

$ V;

• *

Convertible into Common Stock

at

t%\*

4; 'h

^>.

"^V

>

'

?

*

T-

L.

of Newburgpr &

Jr.

Co., Treasurer and Richard W.
Hole of R. W. Pressprich & Co.,

J^uary 1, 1983

/

Frank

Vice-President;

tioni

Newburger,

43A% Convertible Subordinated Debentures due

Theodore E. Eckfeldt

Corpora-

Secretary.

•

e

The nominating

327.50 per share at any time prior to maturity.

committee also

listed three members for the board

of

gbvernorSv Mr. Loftus, the re¬

tiring President, has been nomi¬
nated for

year

one

a

term, while

Leighton H. Mclllvain© :of

Price 100%
(Plus accrued interest from January 1, 1963)

C.

Gold¬

Sachs & Co. and Theodore
Sheaffer of Janney, Battles &

man,

.

E. W.

Clark, Inc. have been slated

for three year

terms.

The annual meeting and Selection
of The Bond Club will be held on

Copies of the Prospectus

be obtained in any State in which this
circulatedfrom only such of the underwriters, including
undersigned, as may lawfully offer these securities in such State.
may

*

Thursday evening, Jan. 24, 1963 at

announcement is

the

The

Barclay Hotel.

Albert

A.

R.

Wenzel, Philadel¬

phia Resident manager of Francis
I.

Kidder, Peabody & Co.

White, Weld & Co.

Incorporated

*

*

'

-

•

;

•

'1

>1

.1

Merrill Lynch,

•

-

'

u

Tr

Pierce, Fenner & Smith
Incorporated

V {

'

'

1

\

v

A. G. Becker & Co.
'

K

\

«

''

?

.

Hornblower & Weeks

.

Incorporated

Carl M. Loeb, Rhoades & Co.

\

v

;

„

-

Allyn & Co.

,

Paine, Webber, Jackson & Curtis

,

Bache & Co.

Hemphill, Noyes & Co.
McDonald &

Company

Francis I. duPont & Co.
*

'

•

;

-

..

'

E. F. Hutton & Company
-

*

Hayden, Stone & Co.

.

'

.

Inc.

-

,

Model, Roland & Co.

Co.,

is in charge of

sisted of W. W. Keen Butcher of
Butcher & Sherrerd; Morris Lloyd
of Drexel & Co.; George L. Morris,
Of Hornblower & Weeks;

Incorporated

A

:

Clark,

Boothby,

Inc. .and

Jr.

of

Willard

Barlett to Admit
CINCINNATI, Ohio —William A.
Cartwright will become

The Ohio Company




Shearson, Hammill & Co.

•-

\.

*: G. H. Walker & Co.

S.

Eastman Dillon,

Union Securities & Co.

W, E. Hutton & Co.
F. S. Moseley & Co.

Bertram

M. Wilde of Jenney, Battles & E.
W..

A. C.

&

The nominating .committee con¬

„*

-

'

'v

duPOnt

arrangements.

limited

a

partner in Benj. D. Bartlett & Co.,
313

Vine

New

Street,

York

Exchanges,

and
on

members

of the

Cincinnati

Stock

Jan. 17.

.,...,..

7v I

Volume, 197

Number 6228

.

.

Favors Good Stocks

k

Benefiting From Defense

:

Dean Witter's West Coast

partner points out that the market is in a

v

•/

defense

food,

forms,

business

paper,

redesigned

spending.

•

a QQ,-TI

greater

15

June 9* to 21-r—Graduate

»

School

Savings Banking, Brown U-ni-

of
"

**•>

land.

Is¬

'

to,^9---Manageinaeiit de¬

July

4

Rhode

Providencfe,

versity,

•

jVlPPtlll^Q

Program, Dartmouth
o
College,
Hanover, New Hamp¬
hospital supplies. The National Association -of Mu¬ shire. :V-; '' * : *
* * '- : ': velopment

-

com¬

tual Savings Banks has announced

management

panies "whose

'/

'

machinery, rails,'retailing, steels,
chemicals, drugs, electronics, of-

•

•

r&YllrQ

.

OrthCOHling

He also recommends several

for 1963. Mr. FitzGerald specifies industries, he favors, and. ;

suggests selecting those firms, bound to benefit from; increased/ :

a-

^tence In/various industries or qottQ;^
categories. Among the industries
^•}
are; banks/ finance/ aiitos; auto f
suppliers, building materials, £

fice equipment,

strong technical position in prescribing a positive investment pro¬
gram

(107)

The Commercial and Financial Chronicle

.

has
or : built in

products

value

to

2-3 —17th

Dec.

Midyear Meet¬

the

Commodore
/following; list /Of elates- and ing,
V
'
places for? * forthcoming meetings York.
today's
./•
/• /; /
1964
jaS;;£p|>ro^

meet

Hotel,

New

•

■

-

policy <ior business authorities surveyed rex* competition, natural resource com¬ rectors:
^
Feb. 17-18-19
16th Annual
inflation
cpmpa- pecft titsj ;recession r; ih ^i963^'/i^ panies for long-range
1963-i/i:/'
pSfefeniq ipA^bpef^tldri^ A^
pies of proven competitive com-/ similar August) survey showed..,d protection, and tax-free municipal
Feb. 5-6-7
Fifth Washington and
Control,
Bellevue-Stratford
"
V
:•
*
•
petence, with emphasis on firms majority of business analysts ex¬ bonds.
Conference,
Mayflower
Hotel, Hotel, Philadelphia, Pa.
which can be
pected a turndown by next Spring.
" "

A; Positive Investment

should'

1963'

—

center upon

—

ly

The market today is in a strong

to

expected

technical

benefit from
increased

the

defense

The

position,

Dean^ Witter

Spring

according
Co.

&

break

to

out

is
be¬

of

two

strong

Market

selectivity

competent companies.
Mr.

Fisher

'

Feb.

Statler

has

been

ap¬
of the 60 Broad

—

Stock

;'//

concluded

FitzGerald

py

Exchange.

Thomas

B.

Huhn,. resident

May 13

charge.

-

Meeting,

in

partner

14

-

15

-

Sheraton

43rd

Annual

Park

Hotel,

15 to

May

19

—

busi¬

erating

competi-

tion all

Philip J. FitzGerald
.•«,

.

;dver the wnrld and the

stepped-up tempo of the Cold War;
This is the conclusion of Philip

J.

FitzGerald, limited partner of

Dean Witter & Co/

in his annual /

Positive Investment Policy recom¬
mendations released recently.

Federation Bank

Competition and the Cold War
behind -the "two big selling

were-

in 1962,
v

and

Trust Company

BOARD

of

competition

01

STATEMENT

earnings

rosy

built."

competitively

31,

Dec.

1962

$ 51,907,567

U. S. Government Securities

in seek¬

31,

Treasurer, Tully & DiNapoli, Inc.

18,734,212

34,938,049

445,950

426,500

145,607,165

116,593,902

Interest Receivable...

958,545

632,919

Banking Houses and Equipment

2,293,280

1,736,938

State, Municipal and Public Securities

competent

of
competition,
ap¬
parently made their selections in:

Loans and Discounts......:...,.,;......

pressures

answer

n

isolated

Groups ;

from

industry ,and» global

Accrued

inter¬

competition,

particularly
service
industries
as utilities and insurance;

such

•

of Credit and

-

Other

New Yorlt, N. Y.

Max H. Foley
Architect, New York, N. Y.

William J. Hogan
Executive Vice President,
American Airlines, Inc.

Walter M. Jeffords, Jr.
,

The Brooklyn

'

Acceptances.

*

Meadow and Mann, Attorneys

565,276

Resources.

advanced

other

and

areas

of

secret

global competition is

research

Total- Resources.......................

150,624

/

'

,

Vice President,

LIABILITIES

;

/

.

industrialist

David A. Merson

so;

un-;

likely;

j

Michael J. Merkin

9,788

,

missiles

Aerospace,

Union Gas Company

Jack Meadow

Customers' Liability Account of Letters

.

Morton Downey

$ 54,976,345

,

29,590,907

Stock in Federal Reserve Bank of New York..

the

Campbell Brown

1961

37,055,765

to the

as

National Lead Co,

George A. Mooney

•

,

.

\

,
.

well

Industries

for

prepared

Certain

their

individual

expressed

companies

confidence

in.

competitive competence by * -1
1962 diyidend "pay- /

increasing

Reserve for

Taxes, Interest and

Accrued

Expenses.........

Other

Treasurer, Charles Francis Press

;

Harold A/O'Callaghan
President, Universal Builders
Supply Co., Inc.

.......

Acceptances Guaranteed for Customers and
Letters of Credit Outstanding.

Consultant

William B, Oakes

$217,877,

$234,588,230

Deposits

competition due to their own ex- /
"perienceJsince 1957^ such as oils;
which

?

Vincent P. DiNapoli

Dec.

Cash and Due from Banks

out

^

and

Manning, Hollinger & Shea, Attorneys

RESOURCES

which the speculative price

management

.

Chairman, Brennan & Sloan, Inc.

Peter

forecasts

Professional investors,

>

.

William R. Brennan
,

structure of the market had been

.

•'.

Schenley Industries, Inc.

profit squeeze caused reconsider¬

ing

•

Executive Vied President,

rising costs, the impending
of

/

t

William Earle Blakeley ^

everywhere. Once it became clear

upon

■»

CONDITION

investors

to

4hat"prices;could not be raised; to

,

•*:

';r-

Buchtcr, Rathhcim, Abrams

COMfARATIVI

brought home the reali¬

pressures

ation

;v•''*>'••••

...

Sidney Abrams

Spring of .1962, com¬
and .economic

political

,

offset

DIRECTORS

OF

he stated,

"By- the

bined

ties'

«

which hit the stock market

waves

^

Pindar L. Roraback
President,

Liabilities.

Federation Bank and Trust Company

■

such las

ments,

International

General

JN1

Owens-Ford and,

c

Motors,.

■

:

Standard Oil Co/

.

of New Jersey.
In

War.

the

Cuban

Undivided

vestors of three things, the Dean

Our

economic

exploration

of

wage

war

lies in

conventional

William J. Tracy

Profits

Harold A. Webster <;

Total Liabilities and Capita! Accounts......

Chairman, T. Frederick Jackson, Inc.

must

space

our

Chairman of the Board,
Federation Bank and Trust Company

capacity. c;

expand. O.ur best chance, to
limited

Thomas J. Shanahan

President, M. & J. Tracy, Inc.

capabilities must proceed to the
our

/
Mumma, Crane,
Costabell & Savarese, Attorneys

'

Total Capital Accounts.

Witter booklet stated. Our missile

of

|

$

Surplus

crisis has convinced American in¬

limit

Capital Accounts "A

Anthony P. Savarese, Jr.

...........

Capital Stock ($10.00 Par Value)

Cold

the

Total Liabilities.....

Reserve for Possible Future Loan Losses.-

kel| / Libbv-/

escape

ability to

Nnav

warfare with

the most sophisticated of modern
weapons.

Investors

offices

exnect

can

the Defense Department in 1963 to

launch

vast

a

planes,

supersonic
•

procurement

faster

conveniently located in:

MANHATTAN

•

QUEENS

*

BROOKLYN

•

BRONX

of
and

lighter tanks and troop carriers,;■
up-to-date signal and engineering

equipment.
The
math

Ctuban crisis and its after¬
significantly changed

November,

•

,

,

^

k

have

economic

main office.

thinking.
Dow-Jones

In

10 COLUM8US CIRCLE, NEW YORK 19, N. Y

,

mid-

reported

two-thirds of the economists and "




THE COLISEUM

MEMBER FEDERAL

RESERVE SYSTEM

»

45th Annual

Sheraton
Washington, D. C.
Meeting,

accel¬

work:

44th Annual

7-8—18th Annual Midyear

Dec.

at

forces

—

Meeting, Commodore Hotel, NeW
York.
—
1985

Washington, D. C.

~

24

York.

15th Annual Con-

Mass.

Bowes

has been named assistant to John

to

Meeting, Commodore Hotel, New

Conference,

Hotel, Boston, Mass.

Feb. 14-15

16

May

13—Insurance

al-

recommending* specific companies
of demonstrated cohibetitive eom-

and

diverge nt

ness

; •1

,.

Leonard

v'

Street, New York office of Bache fere nee on Operations, Audit and
ready has identified competitively & Co., members of the New York Control,
Statler Hotel, Boston,
accounts

a

policy

Washington, D. C.

•/'/',

_

Named Branch Manager
pointed manager

h

indicated
cause

_

booklet

squeezed

spending.
Sue

l

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

Park

Hotel,

16

The Commercial and Financial Chronicle

(108)

Production

Steel

Electric

a

Output

committee members. They will bolstered the steel market through
hear reports from subcommittees 1962. It also accounts for much
telegraphic advices from the that have been studying problems of the industry optimism today,
cities of the country, indi- which could be subject to collecThe Iron Age stated shipments
that
for
the week
ended tive bargaining by May 1. Al- of steel to the auto industry in

chief

Food Price Index

cate

Auto Production

it

weekly

one,"

no

consumer's

of

the

in

1955,

last

week

dollar

income

to

possible

be

will

Our preliminary

year.

all reached

new

score

heights, but the

economy's performance once more

.

.

A

three
quarters in its continuing efforts
first

the

during

progress

week End.

cMcalo0*:: $1ifo46m $16i'379,780 tVo
KaS"
Steel

the

aid

balance

country's

payments with the rest of the

-

of

payments

-

steel

lending and
world, but the c.eficit remained
uncomfortably large," the Bank investing at home more attractive.
position
This

said.

making

by

Reserve Bank

Favors Tax Cut

Y. Fed.

N.

1963 opens, it

As

practicable,
the Reserve
Bank
noted, to look to greater mone¬

regard to

tary ease as a means of stimulat¬

offers

ing

the

reduction

"A

taxes

income

direct

more

in

row

in

this year

Federal

Here's

policy.

monetary

policy

In

case,

any

be

must

levies

pared in

1963

to

waiting

thirds
half

international
the

flows

capital

balance-of-payments

and
prob¬

Steelworkers

elect

on

May

so

elect
elect,

90

days

to

Note:

Copies

of

the

or

America

of

.1955

fast

as

and

as

,.

.

,

trndnntinn

of

rnmmrt

American

the

Iron

and

production

Steel

for

higher strength, lignter weight

In-

Siiipnients of steel to the

postwar

trie

week

the

Clearings Increased 9.6%

Above

1C62,

Bank

show

starts.

1962 Week's Volume

clearings

an

increase

this

will

week

compared

impressively advanced 9.6%.

auto

negotiators
negotiators

would
would

have
nave

which to reach agree-

in

would
would

nut
put

the
tne

deaddead

5 shows a production deciine °* 18.1% compared to last
of

outnut

with

Relations

Committee

called

Jan.

for

negotiators

buildup

inventory

meeting of

-s

institute

for

14.

sides

the

"'2 million ions from production

*

Production for

DisKJ.™
i\ortn

production reached 115.2 million

19o3

1962

Coast

East

96

90
36

81

Youiigsiown

85
152

112

111

Cincinnati

131

122

Louis

107

91

January 10, 1963

•Index

Smith Mine & French Laboratories

12

Jan.

is

than the

the

week

capital,

auto

average

In

overall

the

ending

expected to be higher

1,870,000 tons that Steel

9/o

.

.

ot

thai

above

week.

n+-

reflects

demand

and

the

,

8 million

,

Share

million

98.3

to
.

....

million

.

tons

:

Drexel & Co.

in

six

Corporation

Glore, Forgan & Co.

over

HarrimanRipley&Co.
'•

t

Incorporated

Kidder, Peabody & Co.

Hornblower&Weeks
„

v

1

,

Lehman Brothers

Incorporated

to

be
an-

buying

operations

coming weeks, but

No.

first

a

rise

note of

prevails because of large
stocks

and

Steel's
1

strike

composite

halted

price ^

$26 a ton last week.
Auto

Paine, Webber, Jackson & Curtis

Incorporated

White, Weld & Co.
i,

Dean Witter & Co.

of

percent

the

total

steel

magazine

shipments
which

Drcduets

said

shows

surging

the

auto

such

as

,.

.

semi-fimshed

and

sal-

„

.

.

coils

P

anticipation of a rush of orders

*

,

.

,

*

.

.

.

However, the date of inventory
building is; jiot easy to^ foresee.
Users have ConfL.ence in mills
ability to deliver and are in no
rusb to start costly accumulation
s^ee^ stocks. Also, talk, whether
founded or unfounded, of a possible early settlement of the .steel
tebor contract is causing some
reluctance on the part ot consumers to show their plans.
Optimistic

Ward's

Month's Auto
.

■

.

About

This

Output

..

Automotive

„

.

Reports

January should reach a nearrecord level for the month, or up-

wards of 800,000 units.
The

statistical agency said
car-truck output at-

combined

1955,. The Iron Age reported.
The

J:

Wards

record-breaking

since

some mills aie in
I ,
....
of bunding up stocks

said today that car and truck
production in the U. S. during

Steel

Output Up

shipments

negotia-

4.

some jirodticts suvrt as gai_

vamzed

„r

keeps

Demand

The auto industry is taking

highest

.

heavy melting remained

greatest tonnage of steel and its

Lynch, Pierce, Fenner & Smith

rate

fact,

in

brokers

mill

*

T

In

the process

m

.

the

appeared
and

substantial

exports
at

for

tons

prices

caution

on

,

con.

.

production

steelmaking

dealer

Dillon, Union Securities & Co.

,

steel industry

years.

Dealers

ticipate
as

The First Boston

that

million

100

Scrap

Incorporated

The

.

.

top

improvement, possibly exceeding

firmer.

Goldman, Sachs & Co.

true

labor

steel

of

dvance

tions.

98

1963 will probably show a. slight

time

Smith, Barney & Co.

ir.„0

vs.

mu

1961.

in

among

executives

offer to sell nor a solicitationofanbfferto buy these securities.
The offering is made only by the Prospectus, copies* of which. imj he tibmined'ih anyState from'
such of the undersigned as mav lawfully offer these securities in such Statd.
an

..

tons

ina1

.

sensus

.

and pushed the 1962

margin

total

previous

production
7"
tons by a nar-

....

,

row

Blyth & Co., Inc.

a

Pnn=:iimr)tion

Decembers
„

,

topped

constitutes neither

ap

parently reached a workable level

„„„a

Par Value

Price $62
per

over

ship-

and

have

Inventories

ments.

rise

a

orders

in

December

market,

steel

show

will

Common Stock
Without

January

several per¬

exceed December by

Ingot production by the nation's
in

last

from the auto companies will

ary

Higher Ingot Production Slated

steelmakers

setting

-

the

in

sales

auto

the

on

record

if orders pLaced in Janu¬

as

January

200,000 Shares

of¬

centage points.

of

production based on
production lor 1957-1959.

weekiy

of

the

In

92.1

100.9

optimism

of Y three

looks

97

93

industry

sales

sales records

new

quarter of 1962.

83

89t~

than

The feeling tnere is one

months

97
161

Chicago

set

continued

basis

55

The

more

district

the

of

there

Detroit,

that

said

Age

1962.

of

Detroit

Cleveland

top
are

from

report

a

fices
in

76

87

101

Pittsburgh

7

.

with shipments of 84.7 mil-

one-half

Dec. 29

,

T

0

Ending-

Jan. 5

Buffalo

,

million tons. In 19oo, steel

of

Iron

Index of Ingot

Week

....

0

tne *

compaies

around (1 co

shipments snouid

follows:

been

four

The

both

z,Z9^,uuu

comnares

institute

ine

from

snipped

tons

million

59.9

production of 85.25 million tons.
*
In comparison, 1962's total steel

Index of Ingot Production by Dis- Jons
tricts for the Iast two weeks as 1 In

the Human
has

2 294 000

years weeK output ot
net tons (123.1%).

31, giving negotiators

any

A

ended

Data for the latest week c

seejin interested in set¬
their differences amicably

NOT A NF.Y7 ISStlH




indust

/*"

for the latest week

Data

leaders

before
Bank

two-

Incorporated

the

From

years.

iggg

nnn

Pec* 29. The week to week output

Total

■■

auto

industry have varied substantially

„

Western

Merrill

use

tution of materials.

18.1% from Last Year

Southern

Eastman

ear*

grades of steel, and some substi¬

According to data compiled by

should

Perspec¬

tling

income.

announcement

..

.

Tlle decime ls due to tne ln-

From

Previous Week and is Down

bo.

This

possibly

1955,

since

.

\

tr11Pks

9.$%

Gains

Output

Steel

contract

the

reopen

If either side

1.

That
fnat

ment
ment.

York, New York 45, N. .Y.J

other Governmental

as

amount

average

troduction ot compact cais>, use

stitute,

steelmakers

line at July

[Ed.

tax payments of in¬
bocial
Security,

between

again

and

..ar<.

significantly

in

than in 1962.

United

deal as vigor¬

ously as may be necessary with

present tax struc¬

by

the

why:

the

can

decisions.

corporations

rose

of

December

•

lem.

income

on

nrodljction

magazine.

more

either
pre¬

for
and

in

those

as

sup-

Proa.ucllon
ot cars a^a irucKS
continues near record levels.

wait and see

a

attitude and will do

of

large

March

before

Steel

adopt

protec

.

The

&ghows

mii]jcn compared with 6.9 million

30
days
ore
bargaining time
has helped tive on 1962 are available from than
they had last year.
the
Public
Information
Dept.,
dampen th6 rise in consumer in¬
comes
and
spending in recent Fed'eral Reserve Bank ;pf New
Stfiel says. Union ;an4 industry
years.

of steel used in a car has dropped

auto plants this month will be as

about

apparen11 y

dividuals

,try to

*he auto™akers

^

Federal

spend."

The nation's

ture

However, an analysis of the fig-

and negotiations go down to the

_

readiiy than they will bor¬

to

said

will

Users

per-car

a

misleading,

be

Buying

not look

but do

hedging

April,

or

with

strike,

much

could

buses

steelworkers reopen the contract

1963 steel-

a

vehicles,

other

average

in-

sniPments

ended Jan. 5, was 1,879,000 tons ,
.
'
,
,
.n.
...
/s-mrtowi
nrtni'nt 1
buying aropped to 10.1 million
resolving
the
conflict between
The present two year contract
^ ,^ ^ „ions m 1958. This equaled 16.9%
domestic and international con¬
runs through
June 30, 1964, but tons (*92.1%) in the week ending
,
'
^ d tot
f
siderations in the formulation of

normally spend their own incomes
more

and

restraint

desirable way

monetary

and

Consumers

most

to offer a

spending

influence

the

effective way to

appears

and

for

Higher activity at home clearly

considera¬

international

of

view

tions.

especially

economy,

workers'

on a con¬

of

totai

the

dude steel used for trucks,

a^d

1955

as much as 5001b.
(Total auto
production in 19o5 was about 7.9

nrotec-

toi

inventories

the event

in

of

year

July. Shipments of steel to the

,

for

invpntnrip*

bunding

tion

and wages.

prices

cince

record

of all shipments,

plieTS
°f l*??1 0U hand by the end
of

talking

are

the

have three to four months

.

A

users

hinldinp"

the

business

by

exercise

to

labor

observed,

effort

tinuing

.

does not seem

depend,

would

effect

in

for 22.1%

o.i

—

111226 t

Delay Hedge

,

Steel

million

to 21%

2.6

M2looo

534 803

Users

_

of

iu20,'ooo

cTtv

Federal

by

well

might

cuts,

%

1962

1963

Philadelphia

stimulated

economy,

(ooos omitted)—^

,—

Jan. s—

15.1

equivalent

about

is

that led to early settlement last cmstry took 18.7 million tons of

$32,907,317,082

at

This

years

expanding

rapidly

more

tax

in its balance

to reduce the deficit

three

the

the Bank.

The bnited States maae some

.

of

each

1955, 1956, and 1957, according to

capabilities

failed to live up to its

25

large a dollar gain as it

as

in

did

stand

totals

cents of
additional dollar that con¬
have taken

totaled

year.

Steel buying by the automakers
against
$30,029,714,713
for
the is geared to consumption, so do
every
York in Perspective on 1962, its
same week in 1962. Our comparanot look for any strike hedging
informal review of the year, pub¬ sumers have received in income
tive summary for some
of the in
Detroit before March, the
since
then.
Not
until
1962
did
the
lished
this
week.
"Production,
principal money centers follows: metalworking weekly said. If the
after-tax
income
of
consumers
employment and corporate profits
Reserve

Federal

igg2
tons.

obtain points out that the committee of total steel shipments for the
9.6% seems to be following the pattern yeak in comparison, the auto in-

of the corresponding

above those

These taxes, which took 13 cents

year which
observed the
Bank of New

good

a

was

is

clearings

Steel

sessions.

.

which

"1962

meetings will not

Saturday, Jan. 5, clearings for all though the first
cities of the United States for be
bargaining,

Business Failures

Commodity Price Index

satisfied

Preliminary figures

ago.

year

upon

Retail Trade

TRADE and INDUSTRY

Thursday, January 10, 1963

.

compiled by the Chronicle, based

Pdrloadings

The State of

.

.

to

tained this level only once previously; in post-steel strike 1960

production

Continued on page 27

analysis of

degree

Number 6228

Volume 197

.

.

The Commercial ayd Financial Chronicle

.

last

The Market... Ancl You

38

It recently

year.

topped the,

same

cient to retire 76%

Collins Radio

mark, more than 10 points off

its bottom, and is now about the

WALLACE STREETE

BY

(109)

W

i
,

Ai?i?

prior to maturity.
deemable

i

JJGDS. OllGrGCl

margin from its former high

17

of the

issue

They" are

initially at

re¬

price of

a

104.75%.
/..?/:;Y YYYY -V'/Y/'Y' Y;/."Y/

The

Board

house

ites

that

clients

its

told

cludes

Big

month ago a prominent

One

be

to

cited

was

General

a s

evident in the face of a mere seven

a

nearly the

Two of the

and Ford.

much more highs and, the third, Ford, is within

as

ings ratio of about 18.5.

Motors,

three have< pushed through to new

Growing re¬

losing steam.

sistance

h

Chrysler,

the market's momentum appeared

favor¬

institution-favored

s u c

shade.

but

same

as

significantly

are

is

This

Good
pects
motor

Technical Aspects
What

difference

a

makes! /

Daily

different

Old

pierced

with

these days.
of

much

Even

a

rapid

would

it

as

are

a

its

at

common

are

stock at

tories.
Collins Radio of Cedar Rapids,
Iowa, and Dallas, Texas, designs

convertible and manufactures specialized
$27.50 per radio communication equipment,

"Chronicle." share at any time prior to ma¬ air navigation and flight control
are entitled to a sink¬ equipment, and data communica¬

of the
as

1983,

and accrued interest.

Thie debentures

time coin¬ into

incurred for the purpose of
financing receivables and inven¬

those of the turity and

ing fund beginning in 1739 suffi¬ tion systems.

December

sales

forecasts

bolster

late

several

have

While

auto

output

rela¬

was

tively unchanged in December, for

intraday

level

of

low

1962

those

any

Radio

fraction of the year's high.

The good news continues to roll

and

the

re¬

back

535.76

sixth

straight month, the in¬

creasing

traced more than 236 .points from

June

with

at

1,

current

were

pub¬

subordinated

Jan.

financing

initially to reduce
bank borrowings which

stronger fol¬

in for the auto stock buffs. Record

Now that the market has topped
672

a

run-up

weeks ago.
the

cide

necessarily

due

the

used

last that 1963 could be another
nearly
the market 7-million-car yeai*.

week, failed to rouse
Seers

not

Collins

convertible

debentures

[The views expressed in this article

underwriting

offering

$12,500,000

100%

do

an

of

lowing as it has climbed to within

calm

more

witnessed

we

as

stocks, but profit potentials

likewise attracted

un¬

than ten points iri a single

more

day,

they

are

resistance levels

known.

on

is

4%%

the Dow stood close to 715.

They:; are presented
Jnonth American Motors, the fourth of
author' only.]
of seven the industry's five makers, has

a

spurts

neither

but

glowing pros¬

having direct effects

of

which

licly
from

its 24.6 ratio of a year ago when

also playing a significant role,

are

points are" still not exactly com¬
mon,

and

news

are

managers

group

month* ago,

a

■

point gain in the. Dow-Jones in¬
dustrials over a full two weeks.

proceeds

Over-all
the
Dow-Jones
in¬ Kidder, Peabody & Co. Inc. and will be
dustrial index has a price-earn¬ White, Weld & Co., New York,

erosion

stock¬

steel

of

piles in Detroit has boosted hopes

on

the

for

steelmakers.

A

CHEMICAL BANK NEW YORK TRUST COMPANY

sharp

26, less talk is heard of in¬ Shapback from
holiday slowdowns

evitable reactions to 620

or

even

y&netenbed {ptatenient

pushed the gray metal production

630.

Conditio**

total last week to the greatest in

In

short, the next target appears

assault

At the close

eight months. The increase for
the final the
single week resulted in the

to be the 700 level, then

the old record high of

on

biggest
single
seven-day
spurt
But the since the week
following July 4.
yacht-buying season is still far
Although the unofficial operat¬
away by both calendar and logic.
ing rate has crossed the 60% mark
One good rally doesn't wipe out
for
the
first
time
in

of business December 31,1962

LIABILITIES

ASSETS

"734.91 of Dec. 13, 1961.

.

several

past losses, nor does repetition of

intentions

; good

guarantee

months,

tax

a

fairly

Fortunately Wa 11 Street
seems rather skeptical of politi¬

.cut.

cians'

premises,

make up its own

nation's

of 43%.

U.
•;

daily

nearly

news

from

economic

fronts/ optimism grows that this
rally will need
of cool
ness

more

Now that they have

crossed the 150 mark

the Dow,

on

the prospects of

higher costs

from wage contract reopeners this
.year seem

sidetracked.

Collectively,

.

rails

the

'

h

a v e

spurted nearly 30% in value from
their

1962

If their

low.

continues at the

.

same

advance

pace,

they

.could crack their 1957 high of
other 30 points soon.

an¬

While the rails make up a small

.

part of the total stock market, in.vestor reaction to them seems
indicative of the overall tenor. The

for

urge

.

relative

stantial

income

risk

the

on

has

in

madQ

climbing

ago.

better

a

nearly

point, yet 47 is

from 78 %

and

downside

has

of barely

10

Other

former stars remain

>

turnover.

a

field,

and

Texaco

new

highs.

with

Royal Dutch retains

strong

following.

shown

sustained

has

too,

It,

strength

as

a

leums.
aco

Jersey Standard and Tex¬

around

and

60

near

45

Dutch

Royal
to

continue

attract

recommendations.

many

Congress, always

big uncer¬

a

this

But

year.

most

investors,

futures,
the

without regard

lawmakers

fret

to

over

is

also

a

•the average investor.

loom

that

inflation

large

in

the

.more

and

rated but it

is

a

real thing.

very

Some analysts say

apparent that the bandwagon A few
"little for
no

Today he

.

.good
of

seems

company.

his

see

1963 should be

the hew year as a time

consolidation:
new

But

Motors Popular

ing

no

new

Dividend Payable January

22,293,930

.

Other Liabilities

Deposits

/ 4,707,654

.

.

.

5,933,613

1,1963;

Acceptances Outstanding (Net)

170,447,849

.

.

.

y

.

17,245,838

.

•

•

•

.

4,562,502,942
$5,246,135,618

isdttwbcbu ^DCtntniffee

Qbi/iectote
N. Baxter Jackson
Chairman ofExecutive

Kenneth E. Black r 4

•*r

Henry L. Hillman

Henry Upham Harris

Partner, Harris, Upham & Co.
Chairman

Harold H. Helm

H. E. Humphreys, Jr.
Chairman,
United States Rubber Company

of the Board,

President,
Pittsburgh Coke & Chemical Company,
;
■
Pittsburgh, Pa.

H. I. Romnes
Western Electric

New York Life Insurance Company
t. Albert Woods

Robert

Chairman,

Howard W.

Real Estate

Hulbert S. Aldrich

Vice Chairman;

Chairman of Trust Committee

President,
Company,

John K. Roosevelt
Partner, Roosevelt & Son
Graham H. Anthony

President

Vice Chairman

Frederick E. Hasler

Chairman,
Haytian American
Sugar Company, S. A.

Senior Vice President,
Equitable Life Assurance Society of

James Bruce

Pacific Gas and Electric Company,
San Francisco, Caul
Percy L. Douglas
President*
\\ Otis Elevator Company
v

Director—Various Corporations

Chairman,

B. F. Few

Daniel Construction Company, Inc.,
.

Austen JR. Zender

Greenville, S. C.

William P. Worthington

President,

Chairman

National Distillers

Chairman of the Board,
Cummins Engine Company, Inc.,
Columbus, Ind.

of the Board,

Home Life Insurance

Gilbert H. Perkins

J. Irwin Miller

President,

Trustee and

Vice Chairman, The Duke Endowment

and Chemical Corporation

Corporation

Consultant

Adrian M. Massib

Grant Keehn

James B. Black Chairman ofthe Board,

Chairman

of Finance Committee VeederRoot, Incorporated, Hartford, Conn.

McCall, Jr.

Charles E. Daniel

President,

Ichabod T. Williams & Sons, Inc.

President, The Borden Company
The

Retired

Thomas R. Williams

Harold W; Comfort

Courtaulds North America, Inc.

o. Goelet

New York
Director, Nichols

Engineering & Research Corporation

Wilmington, Del.
William S. Renchard

Board,

Drysdale & Co.

Joseph A. Bower

President,
Company, Inc.

E. I. duPont dc Nemours &

Chairman of the

C. W.Nichols

Board of Trustees,
Profit Sharing Fund, and Director of
Sears, Roebuck and Co., Chicago, III.

Partner, Cravath, Swaine & Moore
Richard K. Paynter, Jr.

Senior Partner,

Dunham B. Sherer

Chairman of the

Lammot duP. Copeland
Maurice T. Moore

Honorary Chairman of the Board
Robert A. Drysdalb

Charles H. Kellstadt

Associated Dry Goods Corporation

■■

Frank K. Houston

President,

The Home Insurance Company 1

Committee

more

Chemical International Finance, Ltd,
:

Isaac B. Grainger
Consultant to the Bank

cents

a

111 Convenient Offices in the New York Area
MAIN OFFICEr 20 Pine Street, New York

15, N. Y.

LONDON BRANCH: 25-31 Moorgate, London, B.C.2

REPRESENTATIVE OFFICE: Edificio Torre Latinoamcricana, Mexico 1, D. F.

definitely tak¬

meaning.

Magnavox

has

Consider

reacted.

Charter Member New York

Its

share back in 1958 to $1.75

Member Federal Reserve System

•

Company

Vice Chairman,

Correspondent Banks TkroughoutTtmerica and Abroad
are

Especially if part profits have risen steadily from 40




28,255,727

highs,

lows. '■

values

on

to be in pretty how

bamiwagoji portfolio in¬

66,402,839
165,961,331

Yf

<t

Fear of inflation may be over¬

While insti¬

fellow."

.

14,742,710
A

Reserves for Taxes, Expenses, etc.

Copies of the 1962 Annual Report will be available after January 15, 1963 and may be
obtained by writing to the Public Relations Division, 20 Pine Street, New York 15.

IBM World Trade

professionals

.psychology influences the

.

47,006,939 $ 447,006,939

$5,246,135,618

Arthur K. Watson

a year of major swings because of
profess this fear as investors react vigor¬
.they don't buy at the highs, it is ously to day-to-day developments;

tutions

,

.

298,280,920

.

the United States

Inflation Impact

cash reserves.

days

.

.

Reserve for Contingencies /

2,562,959,142

.

......

-

reminded

steady advance and should continues to
continue as more institutions com¬ background.
mit some of their fairly heavy

recent

Receivable
Other Assets

and Investment Management

investors

in

.

42,119,085

.

.

Undivided Profits

587,514,703

■

.

Banking Premises and fequipjmeht.
Gustomers'l/aoility on Acceptances

Chairman

a

lished

.

Robert J. McKim

after the old year ebbed out has

strong plus factor in luring back

Investments*,

...

Surplus

0
.

a

leader of the international petro¬

how

highs estab¬

.

nearing

or

ment* outlays will remain large,
undoubtedly large enough to keep

new

.

.

$101,719,080

Standard

Jersey

breaking

share day is still rather rare, but
at least not just a memory. Buying

The number of

.

.

.

Oils remain far ahead of most of

the

The main factor is that govern¬

shown

Loans

better comeback than the steels.

5-million-

A

.

,

de¬

heartening fact is the rise budget technicalities.

daily

.

Other Bonds and

pressed although they are making

own

in

Securities

.

($12. par)

Securities carried at $260,439,967 in the foregoing statement are
deposited to secure public funds andfor other purposes required by law.

'

Market's Volume Rise

•

Oils Leading the Field

ously spread to many, if not most, especially the institutional variety,
areas.
appear to be hacking out their

One

State, Municipal and Public

Capital Stock

year

a

sub¬

obvi¬

636,986,862

far

a

tainty for the investor, gives few
restrained signs of treading a predicted path

stability,

$1,157,190,072

.

,

dash,

a

predictions to stem it. Wit¬

the rails.

even

than

Steel

from its low

cry

.

U.-S. Government Obligations.

Accrued Interest and Accounts

;

S.

showing

emanating

the

points from its

.

Rails' Problems Side-Tracked

good

been

Bethlehem

react.

has moved up four

mirjd about the

future" economy.
i-/J/-,;.:/rU^

With

have

stocks

to

low for the year of 27, but re¬
to mains far below its
previous high

prefers

and

steel

slow

Cash and Due from Banks./*.

Clearing House Association

-

Member Federal Deposit Insurance Corporation

The Commercial and Financial Chronicle
18

;X®X/Our Reporter

that.

XX

on

Corporate

bonds

y8ths

illW.EY

or

Vts. /

reports,

were

offer

with

the

new money

well pleased
public

,

for

raising

money

new

h; 'i

It is*

bidding.

competitive

used

headed

not

Cori-

old

again, but

aifound

revenues

it' will" replace" entirely/ the

V /

X

million

$30

or

ai need for rate

^uts? In June this?

is one of .the largest of the year some reductions were mader
Independent telephone operating on Long 'Distance, intrastate rates
more,

bonds- to; the

way ;of- selling

.

•//: *'
*'•
/•••: /•'/'//''r.-i/;•";
its earnings without encountering

X-:

to whether or

as

Rochester; Telephone Corporation V'*

Rochester Telephone, with annual

Cn/of

.

York/ State) but obtains nearly at $14; million or about/th^ same/
new
money ; raising"
haye resulted in a net interest cost successful
6nerfifth of its revenues from ad- as in 1961; $6 million will be spent
to the government of 4.016334%. venture has died down, there will'
joining.cpunties. Local service ac- fos' the extension of lines ' and
C. F. Childs & Co., Inc. was the be
much discussion
aboui the counts for 76% of revenues and cables which will
presumably aid
only single bidder for the new relative merits of both of these toll service 18%; directory adver- the program to reduce party line
of getting government tising, rents, etc., ~ contribute the business.
money issue of the government, systems
Construction experidiwith a bid of 100 with a 4Vs% securities into the hands ojf the
remaining 6 %./ At tho end of 1961 lures. are' budgeted'at nearly j$it
investor.
It
seems
as
coupon rate which would/ have ultimate
/the/ companyXhadXsombX3i5,dO0f;taini^
produced, a net interest cost to the thpugh there is a place in the telephones in service, about 93% for 1964. In July 1962^, $12 million
picture for both of them.
Treasury pf,4.124621%.
dial'; operated,
compared- with of debentures were sold/to repay
.

.

}

'

■

offered to

public at 100 to yield 4.00%.

This

ELY

•

$99.8511 per $100 in face value of
the bonds with a 4 % coupon rate.
The bonds were in turn

OWEN

Sc. public is still* a ..matter of/ con^ companies-Xthough pf course rela- but these cuts usually' stimulate
Chicago and the T)is-. siderabler questiopl * v; ; 4;.r
lively small by Bell System stand-; new business.
count jCorp;,: ofI New, York,/ sub-y } X Quite aTew, mpney and capiita| ,
a^^Xlt/serves:
company's construction ex^/
market
mitted a bid of $99.71014 also with
experts believe that when
est,er (the third (largest /in New benditurgs lor
a
4% coupon rate" which would the excitement bf; this first .y'pry/'

bid

a

BY

tinental, Illinois; National Bank
Trust

winners of
price of

Chicago, were the

this

group,

the First Boston Corp.,

by

York, Chemical Bank New York
Trust Co, and First National Bank
of

83-member

An

very

believed that this method will be

successful
syndicate.,,11 X $ ^ X X; XXfeX
gate price paid by the

first new
nioney'raising operation through
competitive bidding, sold $250,000,000 of long-term bonds at a
net interest cost of • 4.00821
A:
75-member syndicate, headed by
C., J. /Devine ; & 1. Co.,X Salomon
Brothers
&
Hutzler Xi Bankers
Trust Co., Chase Manhattan Bank,
First National City -Bank of New

SECURITIES

>

with the results of the first

offering

its

/

Treasury officials, • according-to

JOHN T. CHIPPENDALE,

in

PUBLIC UTILITY

traded/'in -i
X";'X' ::XX'

H'/ aV
••■J
Treasury Officials Gratified

Under

Treasury,

tax- exempt:

and

generally

are

Thursday, January 10, 1963

J//-

GC)¥ERiME||S
The

.

.

.

(110)

Both the winning group

flotation of the

I Morgan

and the

.Guaranty v. group : were

304,000

.xji Bonds Widely Distributed

earlier,

a year

< >

.

.

^

?

bank loans,, retire debentures due

in 1963. and provide construction
out to1 be a shooting for a public offering
of Eastman Kodak and other light funds./ Equity .financing on a 1/
funds
.were
among
the
important
very successful operation with a /■ price of 100 for a 4% bond. The
industries is rioted for its economic for-5 basis was effected in March
premium of 2/32 above the issue spread between the C, J. Devine buyers of this long-term govern¬
Stability — unemployment has 1961, - but no additional isstfe of
price being bid for the new 4s of group bid which was the winning ment bond with state and munici- never exceeded 3
% as: compared /'commoA^ stock/ appears/'likely befor' .the
1988/1993, shortly after they y^ere one
$250,000,000 mew pal funds among the very larger with'^the recent: rate of 5.8% for Tore' 1985. r No^ frnarrcing- is schedf
released by the underwriters,, X
money issue of the government takers, followed by / the ppvate
Ihe U. S.
government turned

indicated

is

It

that

//The city of Rochester, the home

pension

'

.

•

.

-

Average lamily. income

.

'

A'<

XX

;
-

'J ..'■■■

and .the second

■

Very Close Bidding
*

<-\>•;

•

'

X

*

* *"

1

* >''

highest bidder was

only 10-100ths of

-1

cent per $1,000

a

The second high bid, which, was "bond, a very narrow, one.
.

submitted by a 52-member group

The

Morgan Guaranty Trust

headed by

Co. of New York, Bank

winning syndicate showed

differential

a

of Amer¬

/

of

only

$1.49

per

$1,000 bond between the bid price

ica, Blyth & Co., Halsey, Stuart &

arid

Co., Inc. and Aubrey Lanston &

again is

the

reoffering price/ which
narrow margin • when

Savings banks•, and savings'

ones.

and loan

associations,

insurance

companies

table
that

Chari¬

were/ also
the buyers. It' is Indicated

organizations,

among
a

very

It appears to

1963

but ^$16

million

.

broad distribution was

made .of this bond among investors.

a

for

mortgage ;bonds may be sold" in
February, 1964... • / / : /; X % / .the company was formed, Monroe
Earnings per share remained irCounty/ the "hub" of the comr regular during 1952-57, ranging
.pany's, territory, has shown con- between $1.22 and $L62. The poor
sistent growth—from 352,000 in earnings record of earlier years
1920 to 586,000 in 1960^ Experts was"
partially explained by fre-

alorigj with
and

uled

of $7,300 is the highest in the state.;
•With each; ten-^-year census- since

be the opinion of

forecast

population of 705,000 in -quent

a

equity financing, common

for a 4% compared with the spreads which .most- money .market specialists,
(1970-^an increase of over 20% in stock having beeri sold in five of
coupon
rate
also,\ which was are to be found in competitive /that l:be decliiie in ' reserves of ten
years.
the 'riirie years during 1953-61V
equivalent to a net interest cost bidding for corporate - and tax member banks of the system ii not
The Company made excellent
Co., Inc., was $99.85100

to the Treasury
was

only

a>

of 4.008216%. This

slight; fraction lpwer
bid. In dollars,

exempt bonds. e

than the winning
the tender was

However,

indicative of any change in- Fed¬

;

,.

in 1961-2; the Jhuge, dial

progress

upwald" trend"/ has

an

been maintained since 1957^ earn-

poligy. TJie money conversion System being * com- ings increasing steadily Trom
government bonds are
$1,33
and capital markets are expected
as a rule, although
pleted in -the. metropolitan area, in that year to* "ah Estimated $2.10
times when they are to stay about as they have been Dial service has also been
profor calendar 1963.
Earnings for
narrower spreads than / for the foreseeable future.
.vided in some outlying areas and the 12 months ended Sept. 30 were
#tpll-freq service is now available $2.02! (including flow through of
Reserve'

eral

X However,

'

traded in 32nds

only $275 less for

there

are

^

the

traded

than the aggre¬

entire issue

at

,

Rochester

between

the

This advertisement is not
r

offer to sell

an

solicitation of

or a

offer to buy these securities,

an

Distance

The offering is made only by the Prospectus.

...

suburban

and

Dialing

yided for some 87%

NEW ISSUE

•

pro-

of the Com-

Direct dialing

pany's telephones.

i

•

Direct

also

was

of

some

exchanges.

tax

savings but the calendar year

is expected to> show a

farther gain/

because of inclusion of the 3% investment credit

as

Public

Commission/

Service

ordered by

the

has led to labor economies, com- / /President Kern, in u recent talk

•V.;*

v,

'

'

••

'

puters taking

$35,000,000

I'- '

.

'

*.

X

X

4**7

-

'•

.

;

*;

'X«-X-

,

'

over a substantial before the New York Society of
part of the customerrbilling opr ^Security Analysts, was optimistic
/erations and eliminating some 50 regarding the future trend of 6arn-

*

-'i 'V-.y

"■:C'*<

clerks

General American

Transportation

Corporation
7.v-'\

V.-r' "'!'''.!-!,l

>;//* ,X-\

'

-

*

.

,'

x

-

/*Vr«*' - ♦''»•

-j,

this work.

on

ings, estimating that share eafn-

/ The company will now devote ings, ihight increase about/ 7 % ih
Increased efforts to reducing party "1963 and 10% in 1964', which if
iines,, which they hope to reduce realized, would indicate earnings
■to around 15 or 20% of the busi- for the latter year around $2.50.

;

ness

4,30% Equipment Trust Certificates

the next four years, as

over

60%- currently,

with

compared

This will require

dueJanuary 15,1983

substantial in-

spallations of new cables to handle

(Series 60)

(the increased local business

ex-

to result (long distance
will not be greatly af-

pected

business

fected). Operations are now being
consolidated and economies
ob-

OFFERING PRICE 100% AND ACCRUED INTEREST

tained through use of the new office

building and

operations
A

Copies of the Prospectus
undersigned and others

may

center. '
weeks

benefits

Kuhn, Loeb & Co.
"

-

Blyth & Co., Inc.
f

X"'/X"

;

The First Boston Corporation
■

/ //' ;'/

A. G. Becker & Co. /

'

'/

Smith, Barney & Co.

:

3-year

:

Harriman Ripley & Co.

?■)■'■.:

Wertheim & Co.
'

'•

January 9, 1963




Xr •"••••'

1

/

ft

X*-

/

•

X

:

X.

•

,

30, 1962,

*

'

Incorporated

'V/v ■

1

* ~-XX

.*

I X ;•

^

-

\

V,X;=X'-- *'■ •' •';

period.
is

*. ♦

X'"'

:

:'fV -X'->

In July,

contract

was

-$1.50-$4.00
-

for

some

f

;;

-

been selling recently on the New
York Stock Exchange around 39
(aPProximate range in 1962 was
40-26 and in /1961 34-24). The
currer^t yield is about 3.1% and
the price-earnings ratio 18.6 based
on:fhe estimated earnings of $2.10.

TX-

TT'T.

i

i/

VA/$\\LgT* WintlGlCl
f\

\<

OTITIS

s^t

"

(jWIl (JO.

"

Telephone

was

as

of

earning 6.3%

June

on

in-

the end of the

As New York Telephone

apparently earning

a

somewhat

higher rate of return without the

Dean Witter & Co.

X X

•"

**,.*

/'

Rochester

Lynch, Pierce, Fenner & Smith

White, Weld & Co.
'r.*.

of

vested capital for

V/ C

''

three-year

as

same

According to Standard & Poor's

Incorporated

Merrill
''J,'-:'':.

the

1962 earnings, another increase in
the rate would appear to be in
prospect for 1963. The; stock has

'

Kidder, Peabody & Co.

Incorporated

Lehman Brothers

•

•

about

was

fringe

and

/1,100 employees.'

/'X'yXZ

Goldman, Sachs & Co.

a

■creases

Eastman Dillon, Union Securities & Co. XGlore, Forgan & Co.

Incorporated

are

contract

rates

sent only about 57% of estimated

signed providing weekly wage in-

Incorporated

^

■.

de-

were

those of the Bell System.

/

*

1962,
"xXXZX

plant

by

prived of essential service, and a
signed. /Wage

Incorporated

strike

T961 but few customers

lawfully offer these securities in stick State*

satisfactory

XX/"

plant

new

department employees occurred in

be obtained in any State only from such op the

as may

nine

the

An increase in 1965 is also antici4pated despite the projected 1-for10 stock/financing in that year. <
Dividends have -been paid in
'each year since 1926 and have
averaged about 65% of earnings in
recent years; I Since the/present
$1.20 dividend rate would repre-

■,

help of flow through of tax

sav-

ings from accelerated depreciation
there

would

appear

to

be

some

Teeway for Rochester to increase

Walter R. Winfield has announced
the formation of Walter Winfield
Company with offices at 40 E*change Place, New York City, offering a general over-the-counter
brokerage service for banks,
brokers and dealers.
Mr. Winfield has been in the investment
business since 1923. He is a memher of the Security Traders Association of New York.

Volume 197

Number 6228

.

The Commercial and Financial Chronicle

.

.

recent

that according to a tions. They/ live in an 18th Cen¬
nedy and his advisors, they are
discovery by several emi¬ tury dream world and have noth-/ hot aware of how closely these

R LEFKOE

economists

Harvard

nent

been

had

ing better to do than

who

/diligently in
there/was no real

Washington,
ing

inflation.

and

Thus,

ing that

Actually, the present Adminis- watch the national debt climb
and: several other high-ranking tration started
protecting us from from $290 billion, when General
government officials, the Admin- "nuclear disaster" before it even
Eisenhower left office, to an esti¬
istration's policy of "managing the took office. During the 1960 Pres^mated $315 billion £y the end of
news" has been necessitated by idential campaign, Mr. Kennedy
1963, we are assured that we have
the need to keep top-secret niili- bombarded us with warnings that
no cause for alarm.
tary information from reaching a "tfrissile; gap" .existed .between
time and time again that our gov-

charged that, due to General Ei-

ernment has no intention of cen-

senhower's failure to fully under-

Perhaps I will

soring the

it only desires to

stand military strategy, our nation

"avoid the disclosure of informa-

had not built enough missiles and

tion

had been exposed to grave- danger,

news;

affecting the national

rity."

As

Assistant

secu-

Secretary

Defense Arthur Sylvester

of

..

_

their lives to the

our

right of the government to lie to
itself when faced with nuclear

disaster is. basic."

I take

leaders in Washington for the news
actions in Laos

able to

■

that

warning them about Russia

istration for
a

people

nonexistent ^'missile

and

the rest of the

raising the specter of inflation due so many vital secrets about the
to deficit spending, and then tell¬ American
economy
that the y
that there is

would have been able to destroy

correla¬

no

for

ernment^ I am sure that there are

misleading them

into

at will.

us

tion between the two at all; and

gov¬

think¬

If the few remaining heretics
people who will qontinue to ing that the problem of unem¬ would really be^hopest with them¬
ployment
had
almost
been
solved.
question the government's "basic
selves, I am sure that even they
I am forced to remind these un¬ would be forced to admit
right to lie." Most of these peo¬
that, by
some

telling

an

NBC

And as things

turned out, the public made the

pro-

right choice.
Only a few months after he won
the election, President Kennedy

with j Communists;

erpment

^g "missile gap,"

coalition gov-

a

for

correspondent in

able to calm the nation's fears

was

Germany that his story of £meri- by telling it that the "gap" had
can vehicles
being fired upon en .been closed. According to authoriroute to West Berlin was true, tative government studies (which,
"but that it

policy to report it"; and for work-

incidentally, had been made durinS the Eisenhower Administra-

ing Overtime with the United

tion),

tions

was

contrary to U. S.

release

to

dictory

so

about

reports

Katanga. that

no

Na-

£

-/

has

'

•

Russia could
R

v

ever catch up to us.
during--the same cam-

was

Administration

"nuclear disaster." Afraid that

which

•

the

full

has

it

"nuclear

credit

other

that

Mr.

Kennedy

again

for

possible

saved

■i

t.

*

disaster.'1

'

ernment's "basic right" in his

•*.

_

ampacity

Erroneous Data Issued

For

example,

I

am

Americans

many

realize that the election: of

a

disaster,"

indisputable
other

Proof

Dem-

fact

j ust

came

patiently explained to
why inflation was bad for the
why

the

us

were

bad for

Administration

responsible
bad for

the

for

the

nation.

which

was

deficit
If

was

elected

to

public- 'invalid"; figures on unem- the office of President, he prorrtployment before the Congressional ised, the disgraceful era of deficit
election last November.

spending

days before the

climate, the Labor Department
Americans

have

4,500,000

would

be

ended

once

Implicit

in his promise, of
course, .was the fact that even a
President can't end an era overnight. Sometimes an undertaking

an-

more

serving his campaign pledge to
also stated that unemploy- cut out all nonessential spending
was "over
2,000,000 less than programs,
President
Kennedy

lease
ment

in

press

re-

January of 1961."

:

<

Belated Correction
,

v

v

-

'

'

wasn

t

until

after the

been tallied that

fe^mino| -errprs

we

of

,

pianation that it really couldn't be

.figures.-'budget,

had

been

Other Securities

Wirtz called *ih the' press arid an-^ his
"it

isn't

.

.

•

.

1,459,600,599

•

.

•

•

.

•

.

•

.•

••••••••

•

'/-•

...

.

•

721,728,360

.

.

.

59,588,809

.

Mortgages

311,601,623

Loans|..

^

Less: Reserve for Loans

•

.

«.

5,105,847,078
132,100,02}

•

Banking Premises and Investment in Realty Affiliates

92,493,836

•

Acceptance Liability

Other Assets

186,018,108
73,329,652

.......

$10,932,323,095
LIABILITIES

Deposits

.

.

•

Funds Borrowed

Other Liabilities

•

•

•

.

•

•

.••...

...

;

.

...

v

,

•

•

«

.

...

Resefye for Contingencies

♦'

.

•

•

proper; to

control, J however,

Kennedy

was

able

to

Capital Funds:

Capital Stock (Pat Value

prepared

ablej^f during, the' previousfAdminis'trd-;
c^ihpai|h^ijitie^Mrl ■ tionJiInvth&fprsf-fulb^

that

!

>.

a

Jiistras*^soon- as?he;w$r

nounced

vf

•

Acceptances Outstanding

attributed to any failure on the
which^bsd bee^ -/art of the new President since

madd-iir,compiling the

«

•

jcit. downyear
to in$3.9
billion during
office.; (The pub-

received an apology, for this
it sizable
deficit; along .with- an ex-

had

votes

learned

-

| 3,054,215,053

Obligations

Reserve for Taxes

his first

election,

an

/F-^vO.iv

State, Municipal and Public Securities

managed to keep the budget def-

Since Washington is a very busy
Uc

place just-, .before-

.

^ $ 174,5 9.4,42 5

.

.

President

Surplus

keep

Undivided Profits

the

$12.50 Per Share)

13,967,55.4 Shajres'.Outstanding of
14,639,07l.-Shares Authorized

«'v
■

compare January figures without deficit down to a
reasonable $6.3
making seasonal adjustments." For billion, and the estimate for the
the ^benefit of the voters whe had
fiscal' year ending June 30, 1963
supported1
President
Kennedy's; is only about $8 billion,
party because of its extraordinary «
ability to effectively combat, un- t
Inflation Solved? ;
-

500,000,000
.

.

.

.

.

.

74,276,769

.

748,871,194

$10,932,323,095

,

JOf the above

assets

„

Securities with

employment,
of

he explained that, : But despite the problems he
increasing 4.5 million, encountered in ending the era of

employment had only increased by
1.2

million.

only
2

%




'

\

Kennedy

us

to

as

quickly

was

believe,

as

able to tell

us

that

the real evil—the problem of in-

flation—hadi been,

solved.

^

a

:

He

are

pledged

'

v

-W

V

-

4'
.

120

to secure

•

-

v

1

'

)

NEW

,

.•

'

j

•

YORK

'V" ATv

1

*«•

'•

v

! y';' -v,.0
"V;
r : i<\ V ' " ',1 -.:fif-; C-

^

-

1

*.

v

*

IN

3'.. 7

<

)./

Deposit Insurance Corporation

"

\

OFFICES

public deposits and for other
provided by law.
against collateral.

.'V

Member Federal

he

President

$813,876,837

and certain other., deposits are preferred as
book value of $67,735,348 are loaned to customers

trust

' "ii
V"-:', " / .V'v'-V:'-h
C* * *0''*■ '•
V''-

^

.

out, had been reduced by
780,000 instead of py over

million.

deficit spending

Unemployment, i it?; had led

turned

and

...purposes,

,

instead

^

>'

Cash and Due from Banks

jobs than when of such a grand scale requires
eight years, Nevertheless, by obThe

•

s<<?-

this Administration took office in

January of 1961."

;

..

Condition, December 31 j 1962

'-v:

U. S. Government

Customers^

and for all.

elec-

torate decided which party could
best promote a healthy economic
nounced that "over

i0

■*'

the the nation,; and why the Repub-

Willard Wirtz proudly announced
that he had given the American

six

V.^Vrr/'v-.s

J-.

na-

deficits

budget

which had caused it

day when Secretary of Labor lican

Just

.<<.

ASSETS

nedy

this

of

•

The Budget Record

is vitally necesin order to protect us from tion,

"nuclear

i

ca-

Time and time again, Mr. Ken-

to

ocratic Congress
sary

''

■

•

>

that

failed

'•

.

Statement of

United States Senator.

r

sure

have

as a

$

f

'

Aj

*

fjhiftlv

f?.("

our

"notional security" was at stake,
from be decided to exercise the gov^

occasions; in

been

•'<:-*:v

,HEAp OFFIQEs 1 Ch^se Manhattan Plaza, New York >15, N. Y.

,

saved , the nation from

/'

nit

PaiSn

of

MAN H ATTAN

America

far ahead of Russia in its

Nevertheless, I don't think that
the American public has given the
many

:||l||EsHipiSE;r:

in

vaguest idea of what is going on
there.

that

appeared

'

:

stockpile of intercontinental misthe siles that it was doubtful whether

events

one

it

was so

contra-

many

Com¬

munist world would have learned,

for

gap";

ac-

their

they forced

as

West leaders, into

realize

this. They know that if they had
been told the ■ truth, the whole::

and frightened voter tried desper-

surrounded

se¬

heart, however; in know¬

ing that most Americans

do with

Thus, I am sure that most peo- ately to pick the man who best
pie are sincerely grateful to our would be able to close the terrifyblackout which

national

,

just

domestic

never be

tied to

ple, however,; are right-wing re¬ informed people that, not being his actions, President Kennedy
actionaries who still think that privy to the confidential informa¬ has
certainly taken good care of
cusation as violently as Mr. Kenlying is wrong under any condi¬ tion possessed by President Ken¬ their lives, liberty, and property.
nedy had made it, the bewildered

With Mr. Nixon denying the

put it: "I think that the inherent
save

.

Missile G p Quickly Closed

grimly

such

pespite the fact that they vir¬ ing them
owe

have

are

curity.

they truth, and nothing but the truth
should be grateful to the Admin¬ on each of these three occasions,
convince

"Basic Right to Lie"

tually

issues

protecting the "national security."

.

the United States and Russia, He

I

strictly

are

issues having nothing to

According to President Kennedy

We have been assured

issues

the

mentioned

we

as

the

accuse

government of censorship, assert¬

working

correlation between deficit spend¬

the enemy.

19

announced

COMMENTARY...
BY M

(111)

f

i

.

\

>,

'

,

n

METROPOLITAN

.*

*y

.

AREA

—

28

'

>.

;

j

'

"
'

'j,

OVERSEAS

20

The Commercial and Financial Chronicle

(112)

SECURITY SALESMAN'S
{

„

•

\

:-S

y

•/

:■».*>».«

••

V'

-'N\t •'

'■ «•>

1

-

■

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:

V

.*

•

-Y'-

.

,

.

Y vY-V

;
.V,*<•?

>

f

••

*

:

com¬

of

the leaders
industry. A turn upward in

in its

one

general market, accompanied

the

CORNER

is - still

pany
'

The

recommend.

to

course

still further substantial in¬
crease in the short position, might
by

BY JOHN DUTTON

a

this

cause

rabbit

scared

a

off like

to. take

stock

(fundamentals to

the contrary). He

has several good

clients in the stock. What should
If

is

there

business that re-, hot function; successfullyA/Even;

any

concentration

quires

.

the

the

is

it

who approaches

man

How do

them?

tell

he

figure

you

'A

something like this?

genius in

t

.

answered

.

.

Thursday, January 10, 1963

.

cheerfully and politely.;

Loewi

In the midst of all this the market

had

not.

glance

chance

a

morning
at

the

or

Names Officials /;

his

MILWAUKEE, Wis.—Directors of

com¬

Loewi & Co.

munications that have been placed

his

upon

desk.

around-;to
material

hopes

it* and

he

hasty

and

a

was

—r

"once over"

he

gets

gives

this

Finally,

,

what

fairly

a

'•.. •l%: ".,l: A"' ''.J

••

even

inter-office

.

*..".Ysy

...

has

read

to

newspaper,

&
Co: §itl

r./

,1;.

I

has opened and our salesman

annual

Incorporated, at their

meeting,

President

elected

also

and

new

a

the

created

he

complete

that at least allowed

his
ability to remember • factSj t Salesman B has a trading ac¬ him,to digest the most important
;
count. He is trying to follow the items. An hour later one of his
changes . usually keep figures in his head, do three
marked '■ an- -s?yeral LstdcksLLThe clients -calls him; and asks him
develop gradually. The/salesman things well at one time; and who
securities business. In other lines

of

endeavor,

with

;

standardized

a

also

product can

has

years

-

of

experience

.

customer is impatient with

in

resulta

question

about,something in the

because several bf his commit¬ news that might affect one of his
innovations, ; the evaluating investments makes his
ments
; have been laggards in a securities, and his mind is a com¬
market, outlook for his; particular, share of mistakes.. This is • in-f
sharply advancing
et, plete blank* Yet right /there be¬
offerings, and the plans his own evitable..
firin may have for the future '• But not all salesmen are blessed the values .are -apparent,; there are fore him was the information he
definite signs of accumulation, needed; contained in the research
without too1, much.difficulty/ This' with ' electronic
computers,; and;

stay ; abreast of

.

•

too hastily. This can
the account have
to service his memory
capacitators
in
their
been behind the market, the Carnf happen to anyone — the human
regular accounts, call upon new head§>^fot everyone is a genius.
/.William L. Liebmaii;
J. Victor Loewi
prospects, and improve his sales The point I believe that should be ings and income from dividends mind can absorb just so much.
are most satisfactory — but the
presentation.- Salesmen with
a
new position of Board Chairman,
emphasized is that security sales¬ customer is
Cooperation
unhappy. He wants
broad line of merchandise, or of¬
it was announced by the invest¬
men,
working
in
one
office,
No
one
can
more
action.
He has
appreciate these
suggested
fering technical commodities have whether it be
ment firm.
large or small,
several switches to the salesman. problems more than the security
a more complicated task.
should recognize that their asso¬
William L. Liebman, becomes
salesman who

the 'stocks

time

him

gives

Both

But there

Work that demand
centrated

securities

don't

Changes

weekly,

effort

to

-—

does

is

handling

anything else

he

have

happening

to

he is

now,

whether

not only

know

what

also

the

is

sup¬

or

to

he

should

salesman is called
assist his customers: in

stock.

a

34 year history.

dent,

created

been

competitor

s

to be

which

is

should

be

capital is

very

much at

A

salesman

who

handles

accounts

market, and the specific se¬

curities

he

is

attempting

evaluate from day to

see

the

monthly

to

soon

day, he can-

with

has been increasing
next

short

report

position

to be released. He is

himself

of

as

to

that

but

the

is

attention.

concerning

telephone

more

usually

proper

particular

the

calls
that

case

an offeAqg. No offering is rtiade
except by a Prospectus filed with the
Department of Law of the State of New York. Such filing does not constitute ap¬

proval of the
'

or

the

the sale thereof by the Department of Law
Attorney General of the State of New York.

few

a

laughs.

himself, it is to
he

is

,

>

your

Prior

years.

to

assistant

was

that,

to

the
a
a

firm

fresh

as

worked

trainee

a

from

through

up

in"

1946,

service,

army

-and

the

sales

ranks. During his nearly 17 years
helpful—sit at with the company, Mr. Liebman
desk —' don't roam has been closely identified with

'

r'This

five

the

line

predominantly

mental in character.

rule may be

own

around

the

office

if

have

you

expansion

a

little leisure time to spare and try
to • find someone with whom

its

of

sales

and

sonnel training programs.

per¬
/

.

As Chairman, Mr; Loewi will be
you
chat—try and keep y our voice able to giver greater attention to
than; *ls low—give your associates a break his expanding activity on numer¬
are

also

must

"be

can

because

they' arfe
team-. If-you have

part
some

of your/ ous company, boards, and :hr com¬
valuable munity and financial affairs.
Mr.

information,, pass it along to your
office mafiager~your sales-man¬
—

during sales meetings.

or

Loewi

said:

that

recent

telephone is ringing, it

someone

to

serves

as

: '

"

>

-

"The growth of Loewi & Co. in

/

means

someone—and

currently

director of 12 corporations, all
but two of them in Wisconsin. He
a

When that tape is moving, when
that news ticker is working, when

something

880,000 Shares

a

com¬

director for the past 10 years.
The new Loewi President joined

remem¬

engaged in

securities

President, Sales Manager and
VJce-President. He has been

connected with the

department of this business

ber that

ad¬

was

role he has held for the

Liebman

f

are

statewide
a

past

if

But

simple procedure that'

one

and

men

ager

issue or

'

NEW ISSUE

There

be requests for specific in¬

securities, Possibly there

debating

the

immediate

This advertisement is -not
;

before

Baiesmafl O' ist looking over his

formation

general business, in

the stock

and

of endeavor that is

to

the

think

must

an experienced
man, this salesman morning mail. There Are letters
he. has noticed that the short position from clients' tha^r^qh^e routine;

with the

ship,

there is

could do to help his fellow sales¬

client is

a

his

may

in

de¬

the

pany,

good-fellow¬

sales

for several months. He is waiting

activities

be

of

office

No

-

at stake,

in

up

must

without

goodwill of

formation

keep

academic consider¬

they

important,

J.

/ Mr. Liebman will continue to
function as the General Manager

he

reads

those who

is unable to assemble reliable in¬
and

are

but

scale

a

he

liberated upon and resolved. The

products. But being

new

liquidated, when? At what

he acts.

.have

he is doing. He must read fast and

When

Founding Presi¬

Victor Loewi
vanced to Chairman.

what

on

must evaluate and remember that

such

have

concentrate

accurately.

sub¬

there

have

to

through his connections. What to

stantiated reports of management

earnings

com¬

do now? If the present position is

also

the

one

is in a
information

obtain

to

up? These

par¬

the second President in the firm's

allowed

from

he advised that he

ations

On funda¬

with

live

to

office he knows that he must be

and

price? At the market? On

heed

has

client

the

attractive,

risk.

static,

important; decisions.. If

few

a

stocks

them daily. When he comes to his

been

mentals

in the future.

security

upon

are

respected analyst

a

common

weakness,

making

not

of

advice

ticular

You Must Be Informed

A

Here

and recommend the sale of

posed to try and determine what
will happen

seemingly

desks

the

of

position

Salesman A is trying to decide

product

a

—

their

nothing.

sit¬

are

data he read

thinks should be bought also look

pany

examples:

business, day. The man who sells
securities

at

doing

happening every minute of every

unlike

something

on

them, even when they

ting

daily,

they are

ability

important to their clients and

very

the

business.

happen

monthly

or

as

be concentrating to the

best of their

much con¬

so

menta 1

investment

ciates may

few lines of sales

are

in

has

years

allied

been

closely with the strengthening and

that

is often YOU.

expansion of/Wisconsin industry.
We have shared that

growth, both

through the underwriting of capi¬

First Union

A. G. Edwards Sons

Realty

tal financing
df

A\

(Par Value $1 Per Share)

ST.
&

LOUIS,

-ii>v

y

\v

Mo.—A.

elsewhere in the Middle West.
A

G.

/'My continuing role will /be inA

Edwards i
creasingly

Sons, 409 North Eighth Street, /areas,

members of

and in employment

diversified Services to busi¬

management in this state and

ness

To Admit to Firm I

Shares of Beneficial Interest

our

and

in- these two/ business
the transferof / the
.

the New York

Stock
company presidency to Mr. Lieb¬
Exchange and other leading ex¬ man is aimed to expedite '
my
changes, on Jan. 17 - will admit /efforts."
'
Floyd H. Beatty to partnership.
/ The < Milwaukee-based invest¬
.

.

ment firm
14

in

Reynolds & Co."
Copies oi the Prospectus

are

such other dealers

obtainable in
as

may

any

Ripley & Co.

Hayden, Miller & Co.

;

4

.</

:

New

York

New

York

Co.,

120

City,

Broadway,

member

Stock

of

r

.-.V

-•

III to

y Y.V\

'' •'

.'!

>

/•'

*•"**

.'-.V\l

f

the

<•:

// Dominick & Dominick

Incorporated

McDonald & Company

Pressprich & Co.

Spencer Trask & Cjo.

Ball, Burge & Kraus

Fulton, Reid & Co., Inc.

The Ohio Company
January 9, 1963.




Hallgarten & Co.

Incorporated

W. E. Hutton & Co.
R. W.

-Y.-A

/,;.

.

U,

F. S. Moseley & Co.

;

Tucker, Anthony & R. L. Day
Merrill, Turben & Co., Inc.

A-///■//•;- Prescott &
:A1

'v V'/

'/.

Company A/Y/
/-.../A//V:

Rodman &

/

New

man

;

drive

v

,

Mr.

shaw, 209 South La Salle Street,
Midwest

Jan.

17

the

Stock

will

New

York

Exchanges,

admit

Joslyn to partnership.

George

execu¬

A

/ /'"Y/:
Loewi

is

also

to

-

Develop¬

which has launched

raise

$30 million over

.

Mr.

111.—Rodman & Ren¬

members' of

Securities

University

the next 10 years.

CHICAGO,

Midwest

the

Chairman of the Greater

Marquette

a
.

,

member of

the IBA's central states

ment Program,

Will Admit

and

just two

.•'

-

a

Industrial

Currently,

.

/- / />

founded

was

with

in 1961 and has been

tive committee.

/

It

two
more

of the Investment Bankers of

America

General

Renshaw.

York

| Committee

•

1928

by

Stock Exchanges, also was Chair¬

on

on

Clark, Dodge & Co.

persons.

employees." [/;" /.:

partnership in the firm.

<

cities, and

staffed

://; Mr. Loewi, who is

the

Exchange,

165

by Loewi in

Jan. 17 will admit David A. Harri¬
son

Paine,. Webber, Jackson & Curtis

&

has branch offices

suburbs,

than

To Admit to Firm

Incorporated

Hornblower & Weeks

local

State from only such of the undersigned and

lawfully offer these securities in such State.

Reynolds

Harriman

"

•

now

Wisconsin

and

Liebman

>■

Y.¬

•

recently

was

elected Vice Chairman of District

Eight of the National Association

on

of

R.

associate member of the American

Securities

Dealers.

Stock Exchange.

He

*

•

is*

an

~

*

Volume 197

Number 6228

.

.

The Commercial and Financial Chronicle

.

of those who must exist out-

-

;As;We See It'

(113)

continued

monopolies' set

those who wrote the Constitu¬

mg/he
statute books or m
rendering as harmless as they
could

of those other

irlpac

giants who for

,

a

century

formulated

or more

and executed the

policies and

programs of the

co

'•r?

thTrTare

titude that is to the best in-*

to

open

thecountry

very seriousi

now'

?

-

in.

00^e.veers^fo owing him
succeeded

ds

hr

was

trve role

affairs

perhaps

or

in

fltfc/

constructively mind- Timlin

a

sin(ply

,i*,....,

re_

.

'

^QUip.
'
v

* 'v1

isslue

maturity

Snlrl

year

.prior

to

the

retirement

of

principal

certificates

of V $«*;>,UUU,UUU
$35,000,000
oi

one

by

$1,750,000

OOIO

-

>

eOOperate '-With / the Public | offering

^USe

~be unfortunate If'committee

'

in

amount

each

mencing ;iu
in 1964.
"icuung
d»ot.

year.

•

of

com-

:^or
r or the
wie sinking
suuqng

^"jan.'xt

™de~by an underwriting group
Jnana^Ted by Kuhn, Loeb & Co. J973

^ prices rani jing from 102%

-mani^txtatibiSinterest
'
succeed in Dermittine W're
atparand' accrue* w * role of Secondary; '
i
P
A?g Merest.
The principal business of G$ncalJo
legislationio Teach, the
.
'
' ';
'
eral .American Transportation i$
better said a

mrelegating,Con*

It is .true, of course; &s^Wils^ni

national

f

^ngress will

:

sinking fund will retire 95%

the

of

areas

must£e sa,d m all frankness ^ ^ put to" sleep. It would

o

..additions to .its fleet of freight

1

r

^ President, nreas where legis- General American Transportation fund the certificates will-be relatibri of the sort/demanded Corp. 4.30% equipment trust cer- deemable at:; par ;-and accrued
.'"^IbyMfciSlewiFront^ simply\tificates due Jan. 15. 1983; was:
^hteyth^nSl? «! [£

:

v -

mPriPnil

6V'lul11 ///'.cars.

^

ed

ntbpr

tViA

j

question. gress to a

leadership in the conduct:

from

8\

p

•!sf

%

terest of

rnmincr
.

^

rather -yirildf

y

tint ry.

^Whether it is the general at¬

certain

'A
*

A

The methodology is, how-, undesirable legislation reachever, foreign to the ideas of mg the statute books -or in
;

tion of the United States and

fipiq

up

21

,

.

u

,

nega-. stetute books/Some of these
the formulation^

of national policies.

}

demned because

the

P^ipaUy itank cars,

Measures arVto'be6an-

is; essential

,t

«

They are secured by 2,365 rail-

o^^ciaTedTaii

they would

supplying

of

its

raUr0acl

frelght ^ to railroads and shipf°r their use.

Pers

,

The cars are

railroad freight SUppiietj principally to shippers
hope that the increase outlays at a time
and that a
"strong" President
% n
:
'-n
ic nuU»
pvi
cars at a C0St °f m°re than $38r of chemical, petroleum and food
is ideally suited to this task. present Congress will arouse when economy is quiteevi- 880,000.
products The company owns and
itself and reassume the role
At the same time, we mult
^ en
y
e
nee
.
Net proceeds from the sale will operates manufacturing plants,
that its creators intended it to try. Others are unsound a a
never
be use(i t0 reimburse the com- bulk liquid storage terminals and
,,

May

1IfIIC.

we

—

,

for

suppose

moment

a

have?

that all wisdom resides in the

up

and his chosen advisers. The.

cover

President

is

elected

voters of the
and

by

the

individual

little if

Congress to view the prob¬

a

small

or

relatively small

ments of the

a

elected

Presi- cerning such matters?

the

(or is it tax

White

by

with

seg¬

Congress.

But

H

is

o u s e

directors

concerned

deferral of the effec^

a

tive

people.

of

date

order to soften

ought ; to be; responsible- for
national

we

do

legislators is coter-

with

is

or

legislation

i,''i

weaken the;

-

must

i

deficit

at

business

is

tim
-

of

aware

upon

members of

kit:;■

S.

time

impact;

will not be felt for

whole. If the in¬

to

Congress

come

reasons

has felt it needful to ask for

RICHARD C. DOANE
•

of

some

local

of

one

—

why it is

ficult to reduce

ltse^ms to

appreciable

there

us,

number

t.

i.

Cash

WALLIS b, DUNCKEL

some

time

KEMPTON iHJNN

the major

dif¬

outlays at

any

;v

r-

t

and

■

Other Securities and investments.

;// //

>

Minor'Roles Now"
The

for
.

a

either
any

fact

remains

number

house

individual

of

Dlrertor,,

Accrued

Corporation

WAYNE C. 1WARK8 ;
///^
>.
i
Vice Chairman and Director,
*
General Foods Corporation

©eoroe 6.

of

WILLIAM H. MOORE
.

i

.

or

\l .'5

.

;,.t/ /

78,058,042

«

.

i

;«/>

42,185,313

v*

17,282,119

interest, Accounts Receivable, etc.

Customers^ Liability on Acceptances

100,422,660

.

;

Li t ie s

Board,
Company.

4

~

Capital

-

Chairman of the Board

(Par value 110 per there)

Authorized
-

9,357,544 shares

•

•

-»

$ 89,754,440

»

'

.

13

<

i

,

" 1 *'

.

k

Outstanding 8,975,444 ahares

WILLIAM A, MORGAN
Senior Vice President

v'/
Chairman of the

HERMAN C. NOLEN

»

McKesson <t Robbins.

Surplus

/
Board.

........

Undivided Profits

_

.

...

.

.

.

150,300,000

.

.

72,389,174

$ '322,443,614

Incorporated
"

JOHN

'Cash Dividend Payable Januaiy 15,1963.

M. OLIN
„
,u
Chairman of the Executive Committee
-and Director,.

.

.

4,487,722

.

„

.

-

Deposits

Olin Mathieson Chemical Corporation

.

3,476,441,549

.

;
DANIEL E. POMEROY

Congress

-

Chairman of the

originally designedi;tot

,

f.

montqomery;
Kern County Land

taxation,

has population believe that they

years

7

>:■;

less successful elements in the

not

-/

$3,934,580,367

/soak the rich and- make the

that

/i1' !r*.V

Banking premises and Equipment

•

begin the arduous task of

were

257,228,835

......

-

LEWIS A. LAPHAM
Chairman of the
';vk>V? i :' Executive Committee

1')T '" V.*"■? V.-.' -//'V'/' 35

'

Municipal Securities.

•

New York

Olin Mathieson Chemical

Leaders?;

1,825,407,581

rr.^

State and

+■

'•

-

•

E. CHESTER QERSTEN

"

tive in this matter of

ofthe

-

j

*•,

584^28,437

President and Direotor,

American Brake Shoe Company

,.

JOHN W. HANE8

legis- a thorough overhauling of our
i l£turet«5wbosq
yiew /their existing t a x sti'ucture^par^;
cluties/aricL responsibilities.-; ticularly those parts of it that •
'£?'';vV.V.«'•

$1,029,967,380

.

IVeeldent

t

% 5

members of the national

S-:{'X

and Due from Banks

,r:V':';vf 'f-ii .rJ:-'y

-

And, and willing to take the initia¬

are an

-'

-

/ Chairman of the Boanl,
International Paper Company

«*+,

Loans,

usually quite unfortunate, but
Is there not somewhere in
certainly ought not blind the Congress a strong/man pr^
lawmaker to his obligation to
group of men who are able
so

-

..'■

so very

Where Are the

interest, it is

the country as a whole.

ASSETS

Ji PABCHAL DREIBELBIS ;
■
-V
Senior Vico President

the basis

on

Prwldont,

par¬

support from the people back point in time.

primarily

December 31,1962

Statement of Condition,

;...

Now York

SLOAN COLT

HOWARO 8. CULLMAN

,

home

Chairman«ttheWvi«c*yJ3on»mltt«»

of

legislators, is conter¬ ticularly the financial impact,
as a

ht

-

Congress for leg¬

islation the full

minous with the interest of the

country

-

Us B. Government Securities

provided by the Con¬
gress, the responsibility of our

dividual member of

I

humming.

weakness

the

YORK
ii

»'JD,N|fHrVwprefa(ii)il

"

pro¬ The President s acutely

or

NEW

Cbrpfigion yv.

A

^

.

should

a

company

'•?

''

Cullman Bros., Irw.

funds

national

in

and since when

depend

or

—

t","-."jAME:8'c.'>B'RAOV

irresponsible—an in¬

say

National Biocoit'Ootnpany

>

legislation; in
or

substantial

crease

dependent

—

virtually all policies
grams

so

tf.;

bMnk ers|t rus t

flrtwidwrfi,

4.EE S. BICKMORE *
-v,

to

to

1963 for to other firms,

in

$30,000,000

mately

re¬

But, after all, Congress is opposition said to be strong
national body and is, or in some sections of
Congress

upon

all pany»s treasury for the cost of the furnishes to industry a diversified
eqUipment securing the certifi- line of products and services, in

cates. General American contem- addition to manufacturing freight
have minds of their own con- plates the expenditure of approxi- ears for its own fleet and for sale

consumma-

change that is
whole—more so, that is,
than individual members of said to be acceptable to the
are

and

any

form, too.?) in order to obtain

support from
lems and needs of the
country
much of the
as a

Congress who

in

willing to modify his

tax reduction

of

undesirable

that

May we not hope that
indication members of Congress will

any

Apparently

dent is

more

members

confess

must

desirable

so

tion.

country at large

presumably tends

than

of

We

to this moment we can dis- events.

brains of the Chief Executive

New Jersey

/

were/largely escaping taxes

in either House I while they reaped the lion's
as Carter share of the* bounty provided :

WILLIAM

Reserve for Taxes, Accrued ExpenseSj etc.

W0:;ik^ i; i

T. TAYLOR
ChabmarL
ACF Industries, Incorporated

-Liability on Acceptances

•

*

.

.

27,201,536

.

:^
a
«
♦
103,014,400

'■& t > /■

■

*

played -such roles
Glass

in

wood

in tariff matters.

banking

or

it is that both these

TJnder- by the taxes that the wealthy
True were paying? We now know,

legislators

and the othefSfwho at various

time have led in the formula¬
tion of vital national

most of

the
was

,

suffered
since

but

the

unsuccessful

along with them

the

destructive

system
-

of

from

•

trying

to




is

highly

initiative

prevent these erstwhile-lead¬ business and hence
ers.

B.

$3'934'530'367

New York

A. TOMPKINS

always knew/ that

system did not work ; as ;
expected. The rich were ;

policies ."robbed

have had the support, usually
the
active
support, of the
White House. But this did not

us

a

drag

in
on

prevent employment and the income

991,546

Other Liabilities

N. THAYER
President,
Wnitney Communications Corporation

WALTER

>

X.i*
THOMAS J. WATSON,

JR..,U

•

*

i.

y

'■/'.•I;":

'

,

■■v,

-Ti..

;>:V

_

Chairman of the Board,

International Business Machines Corporation

:

'■

Aesete carried at

9171,191,161 on Deoember3f,1962were

■

•

,

'

"r-v/if-'-.

_

'i'" pledped to

secure

deposits and for other purposes.

FRAZAR B. WILDE
Chairman of the Board,

Connecticut

General Life Insurance Company

MEMBER

OF THE

FEDERAL DEPOSIT INSURANCE

CORPORATION

"• ':

;

22

The Commercial and Financial Chronicle

(114)

relatively few American company troubled

Stocks in 1963 Should Again

shares that may

protection
The

Dominate Investment Plans
Continued

dangerously tempting to competi¬
tion

and, unless protected by un¬

bring about

circumstances,

usual

the profit

margin squeeze that is
evident in our system today.

so

marked

a

both from within our own

crease

tion

To make mat¬

being offered is to create

now

deficits by reducing

larger

even

Our pres¬

the present solu¬

ters even worse,

competition continues to in¬

As

This

rates.

country and from highly efficient

income tax

industrial

assumption that greater

and

plants

abroad, capable

experienced management be¬

of

withdrawal

gold from this country.

fiscal recklessness.
True "Bear Market" Doubtful

js on the
business

volumes will follow; and eventu¬

collections will
any
investment
program.
The painlessly cor re ct this ! whple
available shares of well situated problem. The endless creation of

comes

a

most important factor in

limited

American companies is so

in relation to the ever increasing
number

it

true "bear market"

as

equities

American

it

almost

is

This form of inflation

stock

affects

particularly

There appears

early hope for

a

the

off

put

solution until

real

morrow."

or

to

appears/

"to¬

today

no

balanced budget

reduction in the National

any

prices is not being given proper

Debt in the foreseeable future and

weight in current investment dis¬

indicates

cussions.
i

•

of

The

increasing efficiency

ever

American industry to

more

dollars

Therefore,

lost their fear
flation
ever T

and

as

a

of

concern

or

view

to

seems

continuing

deficits

have

national

mality,'' f For

attitude ha§- proven

as

far

surely

future value
is

there is

•

shares

fact

The

that

little concern

so

mAvlrAf

market

said

before, "problems

known and

sysf alrphdy

out¬

of American

presently

are

tinkering with little

con¬

are

only adds to the danger, for,as
that

that* it could withstand this cur¬

Ira
•'V

our

fiscal situation

this

creasing purchasing power of the

larly attractive and; bond interest

American dollar, will be stopped.

rates have

of

As

today,

in

that -era

proposals

the

being brought forth by our gov¬

;

Stocks Recover

for

enthusiasm

the

existed only a year ago has

appeared.
during
cline

a

all

Exchange,

'

but

the

after

emotional

the

of

had

accepted' have

their, pf f eciiln., the

vxlnnn

TVT^t*r

VWAKInnn

place." 'New problems

can,

however, drastically effect invest¬

thinking; This

ment

to

highest

dis¬

there

tinue

decline.

to

3%

rate

full

selling

is

has

This

time

to

yield

An

Many leading stocks

Oil

Texaco in the

dustrials;

California

and

oils; GSheral Motors
Electric

General

and

of

Jersey,

Union

in

the

Pacific

in

in¬

and

Association,

markets

the

railroads and many of the leading

utilities
their

have

-

regained

largely

losses.-

1962

/hand, A/thq

On

the

previously

other

popular

"glamour stocks" continue to sell
at a fraction of -.their. 1962a highs
and

th.rou

fhave sho wn:' little, if

any,

price recovery. ' Thus, the'role of
the stock market in reflecting in¬

inflation,

there

recently with Cruttenden, Podesta

ent market levels.

Although bond

have

available 4JA%

past year, the

return
the

3%

to

are

in

generous

still

Names Rahn V.-P.

on

reason¬

of

terras

CHICAGO, 111.—Fred T. Rahn has

1946

of

today is to hold cash or stocks of

of

lies ahead.

that

activity

Quality

N

not exist forever did not

within

the

United

rather, from abroad.
tions have had much
ence
y

originate

States

Foreign
more

but,
na¬

experi¬

with currency manipulations

than ourselves and

as

early

as

1958

It

escent.

is

impossible

tually hot" too
when

ever

and

truly unexpected

ac¬

important to tell

investment

thinking

again strongly focus
flation

present

problem."

If

on

will

this "in¬

and

trophe,

reason

will govern

—

national

not

catas¬

emotion

—

prices in 1963.

Rahn

-best a.compromise.- We must not

Illinois Co. for

expect perfections—neither can we the
failure.

/Experience

Debentures. The

nor a

securities
any

of these

on

the University of Pennsylvania.

Dated

once

-

again,

ment

Due

January 1,1988

Co.

Mich.—Effective

Jan.

Traders

Chicago

and,

to

Wm.

partnership: in

the

Co., Buhl Building,

Roney &

Exchange

and

exchanges.

•

-

■

\

-

the

Bond
1

.

.

bond

trading

de¬

Barcus, Kindred &

Company; 231 South La Salle St.,
dealers
:

.

municipal

bonds.

exclusively
'

;v/

■.

to

Prior

in

municipal

4 :-f;//kS-'

joining the firm,

Mr.

,

THE FIRST BOSTON CORPORATION

Govs. Meetings
Association

DREXEL & CO.

of

Stock

six

R.W. PRESSPRICH & CO.

Sheraton

-

Exchange

Lincoln

Hotel,

Houston, Texas, Jan. 28-29,

Incorporated,

The
Board
at

spring

meeting

of Governors

John

Marshall

1963.

of

the

will be held

Hotel,

years

one

year.

experience

Rich¬

mond, Virginia, May 6-7, 1963.

He

in the
'

Mr. Donadio attended

ing of the Board of Governors at
the

employed by Horn-

municipal field.

Firms will hold the winter meet¬

WERTHEIM & CO.

was

blower & Weeks for

has




j

partment for

leading

other

Exchange Firms

January %, 1963,

of

Municipal

.

Donadio

W.H.MORTON & CO.

and

Club

of

Association
member

a

CHICAGO, 111.—-Louis A, Donadio
has been appointed Manager of

Clifford S. Hamilton has been

members of the New, York Stock

DEAN WITTER & CO.

past President of the

Security

Names Donadio 1

C.

STONE & WEBSTER SECURITIES CORPORATION

,

a

Hamilton

admitted

MORGAN STANLEY & CO.

depart¬

Barcus, Kindred

10

^

will

activity

sales

To Admit

DETROIT,

compliance with the securities laws of such State.

is

Club.

payable January 1 and July 1 in New York City

Copies of the Prospectus may be obtained in any State from only
such of the undersigned as may
legally offer these Debentures

firm's

specializing in institutional

He

planning.

Wm. C. Roney

the

type sales.

Bond

Price 100% and Accrued Interest

in

with

ment

invest¬

equity

Mr. Rahn's primary

be

prudent.

ments /shouldi dominate/; invest¬

January 1,196$
Interest

income invest¬

for v1963 ''indicates

outlook

that,

-

Fred T. Rahn

the Wharton School pf Finance at

The

43A% Debentures, Series Due January 1988

Uni¬

western

ing the past few years a prepon¬
ments and cash has been

The Columbia Gas

¥
A

and real, estate on the other. Dur¬

derance; of; fixed

$25,000,000

at-

versity and

hand and stocks

one

25

He

tended North-

balance- must /exist

a

past

years.

has

between bonds and fixed income

solicitation ofan offertobuy
offer is made only by the Prospectus,

offer to sell

was em¬

ployed by the

shown that

an

&

procedure is at

tolerate

This announcement is neither

to

Tay-;'

Tracy, M; r. C

True invesment

ment belief was that difficult and

•

;
r

Rogers

lor,

be expected

can

1

At the end of the Second World

when War in 1945^ the general invest¬

they do, the price levels of those

evidence of what

-

Ex¬

change,

most important and the record

in the future,

the

York

e w

Stock

management will be

Salle Street, mem¬

South La

bers ;' of

pate or benefit from the type of

Inc.,

& Tracy,

Taylor, Rogers

105

companies which will not partici¬
business

appointed d Vice-President

been

The risk

returns.

Rogers'

Taylor,

to

return

%

3

"tax free" bonds

to 1955 average

years.

"taxable" bonds

on

by

Co.

&

of
vestment value is being demon¬
P r io
ward effect. '
problem of "monetary inflati6n"
management over the past five
strated again and excluding; some
jbining
is not hew but, rather, it is qui¬
►: > The fear that this attitude could
difficult years can be the best
.

joined at Ira

Laurence F.
Wahl, who has been associated
with
him for
the past several

Haupt

the

during

declined

of the

a merger

two firms.

risk

little

stocks at pres¬

ably

through

& Miller

and taking into

seems

and more

Grimm,

&

Darlington

present factor of

in buying common

and

formerly with Hill,

He was

ness.

Mr. Kumm will be

ever

Kumm

J. Wm.

ghout;

country's broker-dealer busi¬

the

usually

are

! known

well

might

it

is.,

Kumm

Mr.

If

dividends.

the

curity Traders

popular opinions in the

On this theory,

4^2 %

;

Se-

National

wrong.

yields

of

and

York

deemed

moral to this

a

for

" T

"r

/

early

member

bonds/

5%

were

current

on

security

been

pattern of the market since

trading

•

t

department.

rated 'icompaniest

;

stocks

is

Co.,
City,

York

,V '

in

their corpo-,

It is also a fact that be that to act correctly in invest¬
ments one must do what is popu¬
major stock market de¬
stocks, good and bad, larly considered "wrong" at the

will; decline,
force

that

"

still selling -.sharply; - elation of New ';.:

are

common

stocks

New

'

i

become

so

available

were

Good

has

members of the New York Stock

spectacu¬

been

below cost.- Only a year ago

of /the

ernment.

have

Kumm

increased that manyV the a Security
bonds ^purchased during Traders Asso-

the

of

is.

there

however,

comfort

little

period

V*.- "

William

Ill; Broadway,

Stocks purchased during

wrong.

will be admitted and the ever de¬

Haupt Co.

'VA

associated with Ira Haupt &

—

seriousness of

A""*.

J.

would be playing for

being; said Standard

is

prices

urgent.

more

to/e correct
prolific

and 1961

June 1962,

cerned, no problem affecting the

been

for*, the American industrial

public in¬

terest in buying these shares was

I960

of

Kumm, Wahl With

dividend

available on

were

best securities and

the

so-

account the

inflationary threat

stock

as

had

years

tern was so strong and so

rency

Although .little
about this real

this

many

"glamour stocks"

like Standard Oil of New

in¬

budget

of the

for

result,

a

low,

prices were

yields of 6%

surpass

even

movements

purchasing past the good stocks will slowly
recover
while poor stocks con¬

the

Quiescent Inflation Threat

the

part of a new "nor¬

called

the

of

from

investors

many

,

.power of the dollar will
and continuously decline.

prices

unduly
affecting the general price level.

spendable

that

produce

at reasonable

goods

has kept the endless expansion

t

adopt its virtues for, at

for

eliminated.

\

at

need

in

advances could

price

stock

As

The present level of stock prices highly desirable at 25 to 50 times
units seems so painless
is not unduly high and most of current earnings and yielding 2%
the time that even conservative

least-

a

be

ahead

lay;

business.

Thursday, January 10, 1963

.

currency

seeking investment that the pos¬

sibility of

tax

larger

ally

newly created dollars citizens

of

will

times

American

actual
spectacular.

some

.

only in this case we small. On the other hand, holders
"keeps" for of investable funds were willing
once
inflation gets out of hand and anxious to invest in bonds at
ent serious foreign exchange
there is no record of any return yields of 3% in order to obtain
problems and continuing loss of
to
previous
purchasing
power a "safe return." History has shown
gold is the normal result we must
levels.
It may still be that the that both these conclusions were
expect from our many years of

began

1

from page

the

offer

.

Brooklyn

College and the New York Insti¬
tute
of

of Finance.

the

He is

Municipal

a

Bond

member

Club

of

Chicago and the Exemptors.
This

staff

addition

the broadening of

represents

services offered

by the firm and also signals the
firm's

accelerated

activity in the

secondary municipal bond market.

Number 6223

Volume 197

.

.

The Commercial and Financial Chronicle

.

The

NEWS ABOUT

National

Branches

New

New

•

Officers,

etc.

Charles

of

and

Chairman

of

L.

Van

Home,

former

President of First National Bank
of

the

Hastings,

Neb.,

Vice

a

dent.

merhorn,

of the bank.

Presi-

Mr

who retired.

THE

CHASE

MANHATTAN

BANK,

^;:V;;;;.-;^::'^A,::;.;:-i\.vNEW YORK

1

;;.]'.$

First

Thayer Sanderson, formerly

Joseph L. Pecorella

Eugene R. Black, whose resigna¬
tion

ted

President of the Interna¬

as

tional

Bank;

*
1

and

'?r.s"'

Development became effective

Man-

hattan *

Bank,

York,

Total

C

Cash

;

was

.v

U:

TRUST

S.

Govt.

New York.

Total

Loans

discts.

&

profits

2,457,571,920

47,006,939

92,461,162

John

made

./ *

L.

Westney

the

I bank's

Street

for consultation on a wide

banking

in

the

*

also

Total

ment

a

International

Cash
;

and

•

s;

Govt,

n..

823,055,986

584,028,437
1,825,407,581

446,739,029
1,778,788,235

72,389,174

70,884,362

profits

$

Ok NEW YORK/
'

**rfy*'-

•

Sept. 30,' *62

v-Dec'. 31. '€2
::$ *

,

• />

Total
Cash

$?••!;

U.

due

Loans

discts

4,960,933,305

4,703,701,983

profits

** 148,474,514

140,022,961

&

Undivid

-

YORK

retary

296,121,259

appointment

Daniel

of

C.

12,827,181

'*

*,

to increase its

$8,917,170
shares

of New York has been

Mr.

se-

25,406,367

22,292,261
41,815.528

profits

1,623,956

1,501,873

Jersey

Bank

;

Schmitz

H.

:!'•

each,

$9,348,420

to

:!:

BROWN

TRUST

1,783,434

Loans

and

Undivided

f

discounts—

consisting

of

*

BROTHERS

.

' Dec. 31,
$

•

-

,

Cash
U.

Sept. 30, '62

due

.

from bariks-wi 1,758,636,403
S. Govt., se¬
&

:fA •/::/,*

i

The

from

U.

;1,508,705,953

86,767,553

-

Co.

Trust

of

New

York

:

248,658,499

curity
&

Captl.

holdgs.

52,896,831

59,964,303

discts.

93,360,180
19,045^283

79,221,018

&

N. Y. elected J. C. McCurdy

elected

Vice-President.'

ington, who retired.
THE

;

NEW

.

Dec.31,'62

.

Vf;

Total

1

S.

;

,*i

banks—

5

&

Undivid.

v; •

.•••■! ■'

v

596,217,401
749,330,764
discts. 2,712,856;425 2,398,518,617

165,740,512

:
#

,

#

;

160,635,815

«N

U.

S.

Govt,

curity
•-

Loans

&

! 52,772,191

'

se-

49,996,697

discts.

127,059,925

49,780,744
109,418,870
4,825,657

5,424,059

#

The

First Trust

given approval to increase its

Capital Stock from $508,650

sisting of 50,865 shares of the

have

been

elected

President
pany,

Schneider

value

Senior

.Vice-

consisting of 62,865 shares of the

Trust Com¬

same

of

par

$10

,

each,

National

Trust

Vice-President
Officer.

Assistant
Chase

He

and

69,907,255

discts.

98,722,889

profits

2,787,757

&

Manhattan v Bank,

First

The

holdgs. "
discts.

&

:

9,000,126

337,065:,

1

■

'

Major

moves

Bank

of

456,568

*

*

Richard

Shanaman

L.

joined

The Bank of California, San Fran-

Cisco,

200.469,320

567.800,431
h

announced

were

Vice-President

Lundborg
Head

at the senior level of.

America, San Francisco,

the

at

Office

was

aa

*

BANK

Senior

of

:

Total
Cash

the

U.

Y.

Executive

S.

J.

newly created general adminislra-

He will be attached to

Continued oh page 2i

as

Assistant

.

89,008,876
75,674,690
3,132,895

and

THE

&

Undivid.

Vice-President,

Dee

Senior

a

LIABILITIES

Vice-

Demand Deposits.;
NATIONAL

FIRST

AND

Total
Cash
U.

$260,163,930
235,696,352

31,028,859

28,990,843

discts.

61,714,850
78,170,142

51 210,192
135, 042,213

profits

5,115,142

5, 189,816

__

8.

„—•

!.;!//>

The

TRUST

CO.,

Milwaukee,

Western

Wise.,

PALISADES

YORK

Dec. 31, '62

Mar. 31, '62

U.

$259,148,140

$203,393,500
180,203,600

Loans

S.

51,907,587

33,925,000

37,055,765

37,109,900

|

elected

,

discts.

145,807,165

profits

1,430,314

'

110,546,500
1,744,800

7,000,000.00

Undivided Profits

R.

banks—

Govt,

curity
&

M.
F. RAYMOND PETERSON

TRUST

chairman

of the Board

'

,

COMPANY,

NEW

JERSEY

Dec. 31, '62

June 30, '62

$34,668,027
32,010,037

$31,701,672

NATIONAL BANK
OF

29,082,559

4,915,580

;

.

PASSAIC

COUNTY

3,222,191

se¬

holdgs.

11,035,328

discts.

7,253,038

9,691,552
7,971,169

profits

321,600

376,670

Crocker-Anglo

National

,'

Ihrdughout Passaic County to
PftTiR^dN. BLOOMlNGDAiE, CUFTON,
VIEW, POMPTQN LAKES, PREAKNESS,
ftf TOTOWA,

The

5,115,142.59

—

TOTAL LIABILITIES...$277,313,909.60

se¬

holdgs.

5,500,000.00

Surplus..

due

and

Undivid.

25,700.00

■■■r'i■

Deposits

629,684.28

-

Capital Stock
(220,000 shares — $25. par).v.;-

Bank,

:

resources-

1,974,749.67

2,895,232.27

Common

Director.

a

Cash

!

*

Milwaukee

Gehl,

Acceptances.

se¬

holdgs.

&

Undivid.

2,216,290.82

Interest, Taxes, etc...... '■

Other Liabilities

banks—

Govt,

123,707,744.57
'■

Reserve for Loans and Discounts..... \

due

and

from

Reserve for

June 30,'62

$277,313,909
251,957,109

resources-

Total
r

OF

BANK

.7,............. .$128,249,365.40

Time Deposits.iV.
Reserve for Unearned Income

PASSAIC, NEW JERSEY

$628,650

due

banks

Govt,

East

Bank*

President.

>"■

234,588,230

—

curity
Loans

N.

resources-

Deposits
from

was

National

Bank, San Francisco, Calif., made

C

B.

San Francisco
selected for a

24,726,496

.

-Ex¬

Louis

Thomas

.

5,841/291

Vice-

Calif.,

President.

Calif.,
ecutive

has

578,000,870:
7.562,794

*

12,551,310
/

224,389,393

profits

10,057,274

14,243,700

profits

Undivid.

discts.

6,871,627

7,901,677

Govt.: se-

curity

se¬

holdgs.

&

Chicago, Ind., elected Stephen T.

from

formerly

Vice-President,




banks.—

Govt,

se-

holdgs.

ENGLEWOOD,
;

*

Bank,

Brooklyn, N. Y.* made Herdic W.

King

to

value..

-v,

NEW

Lafayette

par

newly

FEDERATION

The

con¬

the

of Empire

New York.

Loans

legany County, Wellsville, N. Y„

Richard

of

Govt,

Loans

Company of Al¬

and

office

S.

curity

curity

*

#

.

stead

created

-

Deposits

v.:"--"--

holdgs.

Berry O. Baldwin, Alfred S. Olmto

due

and

S.

curity
Loans

$281,768,627
257,961,944

32,717,280 !

banks—

from

U.
,

Sept. 30, '62
$245,162,082
208,610,285

58,216,792

Undivid., profits

was

B.

30,548,685

U.

due

.

Dec. 31,'62

banks

;•!■

v/v

profits

■;

A: 77,107,053

June 30, '62

$312,417,701

and,; due

from

M:-

1^095,033,800 1,022,415,079

se-

32,479,011

/

232,786,841

/

OF

holdgs..!

ourity
Loans

Sept. 30,'62

YORK

$272,030,034

resources-

Cash

BANK

Dec. 31. '62

.

Deposits

.

j

due •";!

Govt,

Total

4,381,189,847 3,935,477,904

—_

and

.

COMPANY

5,313,607,035 4,943,872,269

resources.

.

/from

U.

■'

■

Deposit^
Cash

TRUST

OF.NEIV. YORK

*

\

'

-

and

Cash

and John

NATIONAL

GRACE

*

GUARANTY

elected

286,318,459

Simon
*

*

.

-

Chair¬

Succeeding John W. Rem¬

man.

:

MORGAN

resources!:

Undivid.

tant Vice-President of Chase Man¬

*

19,005,283

*

Robert F. Fechtel, formerly Assis¬
hattan Bank* $

$34,051,942

958,374,389

112,519,491

OF
WESTCHESTER,
PLAINS* NEW YORK

Deposits

se¬

& surplus

Sept. 30. '62

1.043.906,948

1,267,436.

Dec. 31, '62

Total

:66,855,703

78,557,774

Dec. 31, '62

$35,845,974

h——
and due;

from banks.,__

The Lincoln Rochester Trust Co.,

Bank

.

259,625,780
banks—

Govt,

Loans

; v_:

h;

S.

Cash

BANK

WHITE

due

89,780,687

.

National

Sterling

and

BANK,
KENTUCKY

' WAtmVK

and WEST

.

g

1,052.925,322

Director.

a

NATIONAL

$289,753,190

,

975,087,515 ■997,991,819
discts. 2,769,708,362 2,389,104,198

Undivid.; profits
•;

,

holdgs.

curity
Loans

Ca-nt

Deposits

NATIONAL

.■

.

AND

June 30, '62

$301,456,130

Deposits

5,674,454,983 5,041,845,941

——

&

Total resources!

$

6,532,402,555 5,857,165,781

.Total resources.

Deposits '

'62

HARRIMAN

,

SECOND

OF

'62/Sept. 30, '62

fV.VvV' J}

1,160,976,922

*

*

Delaware,

Tatnall,-

Dec. 31,'62

'

vb.

'

31,739,412

profits—^,..,..-,.*

COMPANY, NEW YORK.

;

YORK

Dec. 31,
'

BANK

NATIONAL

ISLAND, MINEOLA, N. Y.

Deposits —w—92,891,731
and due from banks—,
10,879,143
U. S. Govt, security holdings25,886,267

The Delaware Trust Co., Wilming¬

HANOVER

LONG

Cash

ton,

NEW

FRANKLIN

THE

.

1,869,684 shares of the same par

COMPANY,

2,484.541

$10 4,929,237

resources-!——!-!,-.-—

value.

MANUFACTURERS

140,003,214

2.960,974

1

t|«

been assigned to the International

❖

41,786.862

149,488,008

TRUST

Department.
*

33,187,186

discts.

^Deposits

U<' S.

6,800.545

se¬

resources.

Cash;

•

:

Martin

and

'

O'Connor, has

Total

189,039,478

V 8,306,444

Dec.31, '62

value of $5.00

par

214.133,199

profits

COMPANY,
BROOKLYN, NEW. YORK

Total

Capital Stock from

the

discts.

103,746,72k

Vice-Presidents.

COUNTY

KINGS

consisting of

of

&

It 82,955,300

Vice-Pfevident rSad Sec-

Schoettly,

99,091,852
298,167,626
12,186,911

#

,

Loans

62,424,863

se¬

holdgs.

Trust

&

The County Trust Company, White

The Bank

>

78,157,877

14,533,468 ^; 15,835,764

Govt,

and^ Robe^L E. !Holloway,

.

O'Connor as Assistant Treasure^ at

announced.

$87,728,742

78,354,458

3.9,361,070

^137,389,474 George

100,028,601
315,873,382

Plains, N. Y. was given approval
.The

$87,853,658

S.

curity

73,526,738

.

Co., Passaic, N. J., elected Perley
L. Folsom and Ewald S. Schoeller

due

1,493,724,419 1,476,928,310

June 30,'62

discts,

New

345,086,953

banks—'

from

Undivid.

profits

THE

*t

Senior Vice-Presidents and Floyd

■

curity holdgs

.

holdgs.

&

The

COMPANY,

due

Govt,

16,498,584

YORK

Gurney

<

«

.

S.

28,382,261

;////
! Dec. 31, '61

Deposits ?&&&:?.■'. 361,411,294
Cash
and
du<? /

resources—

>'

Dec.31,'62

banks—

curity

210,450,365

holdgs.

&

HONOLULU,

Dec. 31, '62

resources.

Total

Jersey

500,690,074

,

curity

announced.

TRUST

—.

and

Undivid.

_J,_i-

'

Cash and

of

$598,667,187

from
banks-.^
10,280,323,775 9,297,726,771
,1141,539,698 8,103,830,498; U. S. Govt, se¬
curity holdgs.v\
* "
"
from banks!-2>564,266,366 1,944,859,861 Loans & discts.
Undivid.
profits
,V. -S. Govt, se!
/; :
'v
Av:

peposits

Bank

Sept, 301, '62

1

Govt,

S.

Undivid.

The

676,,162,145

?;TotaF resources
••

of

HAWAII,

-

$382,877,242

Sept. 30,'62

due

banks.—

■

$775,897,093
i

and

Si:

Dec. 31, '62
resources-

Deposits

,

NEW

OF

CITY. BANK

U.

—

and

from

3,528,688

Directors

was

resources-

from

*

BANK

'/

❖

OF

$403,405,291

^

National

Cash

^if-Sv 'r

;vU

Cash

from

Total

Total

TRUST

221,861,777
196,405,779

ASHLAND,

NEW

/

*

*

Deposits

Loans

of

SCHRODER

COUNTY

U.

Undivid.

Vice-President.

Senior

a

■

NATIONAL

the Board

Loans

Smith

.

BANK

Hawaii

236,360,787

resources——/.

Sept. 30,'62

1,029,967,380

with the

when he became president

of the World Bank.

FIRST

profits

of the Novato, Calif., office.

ager

69,031,356

*Total

Loans

Chase National-Bank, predecessor The Franklin National Bank, Am¬
to Chase Manhattan, from 1933 to
ityville, New York made James G.

TifE

40,488,392

Deposits

holdgs.
& discts.

Undivid.

;

41,246,701
3,585,143

City, N. J„

•

se¬

curity
Loans

Black had served

1949,

discts.

due

banks

from

U.

Invest¬

Corporation.

Mr.

30,376,187

*

3,934,580,367 3.517,819,966
3,476,441,549 3,050,153,621

resourc.es-

Deposits

Director of the
Bank's foreign financing subsidi¬

Directors, and as

YORK

executive

the

on

serve

Chase

23,795,242

27,985,249

■'./

a:

Oakland, Calif., elected George L.

*

Dec.31,'62

se-

The election of Gilbert H. Perkins

COMPANY,

TRUST

NEW

-

74,276,769

FAIRFIELD

Trust Officer.

to

31,'62

committee of the Bank's Board of

ary,

21,267,062

holdgs.

&

i-.v./!

COMPANY, STAMFORD, CONN.

The Broad Street Trust Coi, Phila¬

*

BANKERS

-.v.;

'

'

banks—
Govt,

First

He

sphere.

June 30, '62
$155,041,882
98,329,465

.

variety

particularly

matters,

international

THE

/

:!•.

1,459,600,599 1,382,861,453
5,105,847,078 5,050,556,334

discts.

&

3,054,215,055 1,976,797,984

se-

holdgs.

Undivid., profits

delphia, Pa., promoted J. Phillip
Dunn to Vice-President and Senior

Brindley, Jr., to Vice-

President.

■

will

S.

Hempstead, N. Y., promoted

William A.

and will be available

area

of

West

building in the Wall

office

head

Loans

of

Tocalino Vice-President and Man¬

banks—_
Govt,

S.

curity

*

Vice-

a

The Meadow Brook National Bank,
Eugene R. Black

due

v-kv'-po';1-

YORK

91,791,468

curity
Loans

President.

at

office

from

■

U.
:

maintain £

an

U.

'

due

and

The Bank for Savings, New York,

/

new

and

from

Bank

,

'

The Central Valley National Bank,

$

-

BANKING

Dec. 31, '62
$143,786,408

Deposits

560,873,626 ;

,562,959,142
.

SCHRODER

resources-

Undivid.

post, Mr. Black ;":
will

HENRY

Cash

636,986,862

holdgs.

Undivid.

897,655,565

1,157,190,072

over

his

In

Cash

official of

an

City

Sept. 30,'62

$

V,:.-

resources—10,932,323,095 9,399,056,947
Deposits
9,631,947,815 8,114,014,602

and

.

CORPORATION, NEW

se¬

,

the week end.

1

,

-v/'V

Total

*

:l".

nounced

Vice-President.

as

'Trust Officer.

due v

banks—

curity

ran-

-

-——

and

.

from

sultant,

on

it

YORK

5,246,135,618 4,740,968,176
4,562,502,942 3,990,429,863

resources.

Deposits

as

Director and

a

Boston

'/•\:■

NEW

Dec.31,'62

a

Ro¬

COMPANY, NEW YORK '-v.
^ ./•';/ .Dec.31,'62 Sept. 30, '62

-Vs

;

Lincoln

,

*

-

J.

Chase

New

•

the

joined:

BANK

CHEMICAL

j

January 1, has

:l=

■

.'-'>■■■ •••t"'

>

the

chester Trust Company, Rochester,
also elec¬ N.
Y., has also joined the staff of
1
,
the National Shawmut Bank of

was

Vice-President.

a

Reconstruction

for

Officer of

as

National

.

F.

Trust

;

has served

years

Chairman,:

'

Shanaman for the past four

r:

the

former

the

23

the Business Development Section

V>

He succeeds Horace Scher-

Board.

Revised Capitalizations

•

Bank

Lawrence H.

Martin, President, Chief Executive
Officer

•

Shawmut

Boston, Mass. made

BANKS ANI) BANKERS
Consolidations

(115)

.

•

-

"

'

*s

HWIW E'P EE A L • R E F 0 S11 INSURANCE CORPORATION

24

(116)

The First National Bank of Nevada,

Banks-Bankers

News About

Sutherland

C.

named

Executive

service.
i.

relationships,

business

yice

being

position

pointment..
that

closely
Board

f

the

in

southern California..

•

>.

Lundborg,

.

curity

*

;

his

95,875,011

discts.

245,887,577

profits

8,390,425

7,693,531

♦

*

Dec.

California, elected John A.

535,591,438

437,855,866

634,936,167

dicsts.

632,009,024
902,995,807

846,206.906

profits

30,586,069

28,100,997

Govt,

S.

&

Loans

Undivid.

*

Vice-Presidents.

*■{':* ;7/77/S

NATIONAL

BANK

MEADOW

THE

OF

OF

LONG ISLAND, N. Y.
Dec. 31,

'62

-

; resources

Deposits
Cash

256,280,668

241,745,877

234,025,696

S.

25^J56,33^o

48,291,177
90.652,473

48,408,988

discts.

profits

1,000,688

1,076,575

Govt,

curity
Loans.

26,636,469(0 y

&

Undivid.

j.."

and

due

.!

.v:

82,802,762

curity
Loans

&

Undivid.

through
sale

Chase

1

Wertheim

of

Manhattan

&

Plaza,

outflow

differences.

122,534,966

113,386,849

discts.

419,091,902

404,914,966

8.629,424

7,290,663

the

effort has

"

In

erate

,

The

.

for

demand

increased

an

credit.

currency

credit

for

tendency

avail¬

demands to fall short of the

able supply of

result

in

although

clusion.

a

David K. Troth has become

:

short rates while simulta¬

asso¬

neously^ maintaining
of ..bank
Colgate availability

for
thus

total

for

•

:

-

has been a good
construction

residential

one

and
a

easy

an

Uses of Credit

.

The year 19624

Federal Reserve's success in hold¬
up

N on -Government

Principal

a year ago;
all other rates
The
Treasury
and

almost

lower.

are

uses of credit
ilustrate this con¬

principal

would help to

they were

higher than

the

for

leVels that would

capital outflow. As

A review of the outlook

interest.

market

our

would con¬

lower rates; of

tinue to be toward

every

been made to prevent
rates

net pressure from

that the

the. private economy

by interest rate

particular,

from falling to

Middendorf Firm

mortgages. On

new

than

of more

1.4 million

housing starts
& Co., 51 Broad Street, New York sometimes appears to have been plus transfers of ^existing, proper¬
done With mirrors. But it has been ty, gross new .mortgage borrowing
City, members of the New York
successful. One consequence has in 1962 probably Will exceed $31

622,674,616

profits

v

the ^Simultaneous

of

induced

City, members of the short-term

Troth Joins

•

holdgs.

t

is

Treasury to defend against capital

department

encourage

707,476,765

119,630,979

it

because

result, short-term rates today are

se¬

holdgs.

differentials'

ing

141,407,134

.banks

prompt effect upon interest
rates as the market adjusted to
the anticipated increase in credit
demands.
I will return , to this
point later.- ~
*
^
A7 rate vof • economic^ growth
through 1963 similar to the-pat¬
tern for this year would not gen¬

^hort^term
interest

of

however, have, a

tax bill could,

rather

our

payments. In particu¬
:

the

of such

Jack Wfertheim has been appoint¬

New York Stock Exchange.

Sept. 30, '62
»V
• ^
V:'v"

'62

b^

704,298,716

Deposits
Cash

banks!

.

792,511,136

resources

and due

from

U.

264,198,563

in

y

and

affect

ed manager of the unlisted trad¬

YORK, N. Y.

■

of

mo^

GARDENS,

Dec. 31,

"TOtflrl

$

balance

lar,

a

country;

deficit

the.

late in the year

materially

not

loanable funds that
cedures have beeri developed by has characterized; the past three
the
Federal
Reserve1 and J the years Would still prevail, with the

NATIONAL BANK

BROOK

Sept. 30, '62

Total

tof

*

SPRINGFIELD
NEW

adding

cut

tax

a

economic forecast. Passage

Various arrangements and pro¬

se¬

holdgs.

curity

to pull funds out of this

if

even

enacted, its economic

be

rather

should

tended

:

ment (

Co.,

2,178,777,741 1,999,443,327

banks

from

U.

movement.

Unlisted Stock

New York

Cash and due

♦

capital

Heads Wertheim-s

ing

Sept. 30, '62
$ r

$

—

and

possible to guard against the risk
of currency revaluation by hedg¬

Trading Dept.

2,395,409,833 2,238,806,074

resources

America, San Fran¬

*

Bever¬

DETROIT,

OF

31, '62

Total

Vice-

Guilbert and Julius F. Saccone as

;/;:///:

y

large tax cut next year.

case,

,,

to

until

in
which the investment is made. 7

MICHIGAN

Deposits

*

vU:/.-

impact probably would not be felt

available

those

freedom for international credit

forward

*

NATIONAL BANK

than

ing the short-teipn foreign invest¬

tor.

Senior

/ •

a

any

were

'

ly
Hills, Beverly Hills,
Calif,,
effected Armand Hammer, a direc¬

new

'

SECURITY

r

*

The City National Bank of

President.

cisco,

Davis,

R.

431,991,767

84,675,187
237,935,015

—

In

abroad, the development of great¬

rate

*

Olsen

?

'

' *•

hood of

3

funds fend do respond to

/

Hills, Beverly Hills, Calif., elected

«N

Julian

retiring.

se¬

City National Bank of Beverly

The Bank of

who is

84,564,138

Undivid.

THE

L.

succeeding

24,

150,002,"771

&

Loans

mid-February.

William

A.

Schneider, President, effective Jan.

CONN,

holdgs.

Govt,

S.

\

banks

from

U.

Committee and

will take up

*

Honolulu,

Hawaii, % elected > Edward

Sept. 30, '62

481,921,307

Cash and due

Council of the Board

the Advisory

Hawaii,

member of the

a

Managing

of

Bank

lower

are

er

*

560,219,898-3 485,218,393

resources.

::4*

's

The

BANK AND TRUST

Dec. 31,'62

'

;

Vice-PresidentA^'AAAAA

to

7/7* 7«7'7t? A'

A .)

t

•

Deposits

and

/

*'

•

William V. Ward has been pro¬
moted

Total7/7;v:;/; $

bank's activities

the

of

direction

in

as

COMPANY, HARTFORD,
v

M.

Harry

administration

7

THE CONNECTICUT

of the
Jesse W. Tapp and Execu¬

Bardt

.'7

served

has

and

^

a

work

Chairman

with

7;:

an¬

as

will

Vice-President

tive

Beise

Cashier

Continued from page

son,

A:"AV;.v.

and

President

-

1953

.•

Lundborg,

.

Executive,

Senior

7

k

Clark

President ' S.
nounced

./

.

•••"/•• V&:-/;

Senior
Vice-President since 1957. "*

vacated/by
Lundborg to accept his new ap^-

the

'•

has been named a "Vice-Presi- icy. Since rates of interest in our
dent. 777,717// A'-'7^/7777 77/77 ;/7y domestic credit markets
usually

•//'7777./71/'7 7;7'.:7-. 7':

-

•:

■

in
He joined the bank in 1921, was
and appointed Vice-President in 1946,

Officer

'' 1

*

11 Revolves Around Tax Cut

San Francisco, Calif., The Bank of Hawaii, Honolulu, an¬
retired Dec. 31 after 41 years of nounced that H. Howard Stephen¬

was

charge of the bank's statewide
national

Senior Vice-

Mayman,

r*'

v

Senior Vice-Presidents.

to

nia, N. A.,

quarters of the bank.
At the same time, Senior ViceD.

'

Jordan J. Crouch and J. J. Sbragia

President of The Bank of Califor¬

at the Los Angeles Head¬

President

J.

Alfred

23

Continued from page
five post

Outlook for Interest Rates A

O. Kwapil,

Reno, Nev., named R.

ciated

with

Stock

Exchange,

Middendorf,

as

bank

'

analyst.";#;:"^

non-farm

private

reserves

stock been that rates of interest .at all

billiott) This would be a hew rec¬

it

s^m likely "that

h^'

maturities, not just at the >short

ord.

end, probably are somewhat high¬
er today than
they would have

housing starts and new mortgage

does

creation

1963 will "be * much: if

in

bettef thari' the 1962 record.
of
payments
reasons
had not Meanwhile,' the steady year-toanchored
the
short-term
rate year growth in amortization -J. of
outstanding mortgages might ac¬
structure.
any

public policy for balance

been if

tually reduce the net increase in
.

New York
V' 7 '
-J " * ~
y.j\/.*•'/„

Telephone Company

fU" *' -.; '
•'•> 1,:'

//- •

" 1

•'

■'V'S^^.k'

t,f\,
!/

.

v ;
-v '*■;•,"v*

'

*

<•• '•* '■"

'f.'A

Refunding Mortgage
'V.v"f_- 7-:77./.'

Dated

i?'".-.:?',- '/7-7 V-/ \: • iy /•%-/Xi

".J'-i,/?■%$

January 1, 1963

*

?

■>< /--y^•

now turn
■

what

?*■■%»',%* *.

-

••

*

for 1963?

a

Due January 1, 2000

■

sales of

is for

a

nomic

expansion

The

BEAR, STEARNS & CO.

A. G. BECKER 4. CO

MERLE-SMITH

fall

short

aggregate

EQUITABLE SECURITIES CORPORATION

tional

HEMPHILL, NOYES
SALOMON

A CO/

total

L. F. ROTHSCHILD

^

would,

SHEARSON, HAMMILL A CO

measures

HALLGARTEN A CO.

WERTHEIM
BAXTER A

v

COMPANY

R. S. DICKSON

A

A

slowly

WEEDENACO.

E.F.HUTTON A COMPANY INC.

•'

IRA HAUPT A CO.

HIRSCH

BLAIRACO.

NEW

YORK

■

GREGORYASONS
a".

INCORPORATED

INCORPORATED

A CO.

HANSEATIC

'

production and

COMPANY

INCORPORATED

.

CORPORATION

CO., INC.

RITER A

CO.

J. C. BRADFORD

BALL, BURGE A KRAUS

J
A

SPENCER TRASK A CO.
CO.

i

COFFIN A BURR

DEMPSEY-TEGELER

DAVIS A CO.

FAHNESTOCK A CO.

GRANBERY, MARACHE A CO.

A CO., INC.

H. HENTZ

A

CO.

STERN

SCHWABACHER A CO.

BROTHERS A

CO.

enal
to

ir¬

for

be

net

the

1963

greater

than

•year.77;;..7'-77'7'7k ^7777^;: 7i7v

from business

industrial

phenom¬

growth, in

substantially

The prospect for

as

goods

credit usually

follows

a

credit demands

corporations in 1963

similar

pattern..

It. is

would be flat or might even wor¬

►plant and equipment during 1962

In

sen.

likely

words, * the

other"

there

will

nor

rate of

a

corporate

prospect
be

for

•

neither

most

is

1963

will total $37
billion, up more
that :than $2.5 billion from 1961/ But'

recession

a

as

growth adequate to

provide job opportunities for
growing labor force

our

new

plant. capacity.

-

other
net

in

1963,

strong

•

has

indicated

he

will

in

are

sup¬

but

port of the tax reduction the Pres¬
ident

new

nal

pro¬

bill) and
of

sources

funds,

corporate stock and bond

actually will

less than

be

1961/ Similarly,

ventories and

pressure

develop in

internal

issues

_

Should the economy follow this

pattern

sharply higher de¬

the investment tax credit

to induce

or

result of

a

preciation accruals (due partly to

businessmen to increase their out¬

probably would

INCORPORATED

consumer

anticipated that spending on new

lays for
SHELBY CULLOM

other

of

and

autos

new

is used be little short of

na¬

and

particularly

profits

INCORPORATED

WM. E. POLLOCK A

Such

regularly, But other measures

CO.

of

employment and retail sales .;this
advance

improvement over the

performance

for which

us

income,

personal

the unemployment rate,
SHIELDS A COMPANY

of

gross

as

consumer-

much

pected,

however,

most

what

of

for

might; be ex¬
in view of
the steady growth in repayments.
growth It would be necessary that sales

economic

of

product,

would

BROTHERS A HUTZLER

1962

projected

good

another

credit. But
again it is hecessary to ask

how

would consider Satisfactory.

INCORPORATED

DICK A

type

•

suggest

goods

be

will

year

past several months.

statistical evidence.

now

durable

1963

once

This forecast is consistent with the

HALSEY, STUART A. CO. Inc.
BACH E & CO.

the

for

of eco¬

we

spectacular

autos in October and

that

have

that

new

consumer

continuation throughout

of the gradual rate

1963

had

;

to November plus strength in other

and

however,

currently the "standard forecast"

offer to sell or a solicitation qf an offer to huy these securities. The offering is made
only by the Prospectus which may be obtained in any State in which this announcement is circulatedfrom
only such qf the undersigned and other dealers as may lawfully offer these securities in such State.

;

•

outstanding

credit

.

in 1955 and 1959. The

of im¬

months. Talk

diminished,

have

an

$19 billion.*

Consumer

minor recession during the next

minent recession now appears

This snnouncement is not

cmore

Only a »few weeks ago will grow byr abotit $4 ^billion this
were predicting
year, an amount exceeded only

six to nine

Price 100.75% and accrued interest

than

prospects

from

bf

economists

most

;>//'7-7--£.7£Kr Ay'-;..-

i^V-wC/V^/1-7*

outlook. TBTrst,

the

to

the economic

are

debt

year's- record total -

•

,s
Series
dnoN
B4

of"'*

7

*

v-(v-T\>

mortgage

residential"

Against this background,^ let; U5 this

" V?'*"^y]

'vx»us

Economic Outlook

7

•

corporate in¬
receivable

accounts

both sharply

higher this year,

abundant

supply -of inter¬

an

funds

has

made

it

possible

'

SWISS AMERICAN
"January 8, 1963.




CORPORATION

WALSTON

A

CO.,

INC.

.

pose

early

There

are

involved

in the
so

that

new

many

it

Congress.

uncertainties

would

less to attempt to assess

be

point¬

the likeli-

for corporations

rowing

from

fraction

of

funds.

to hold their bor¬

banks
their

to

total

a

minor

uses

of

Corporations plan a further

Volume 197

Number 6228

small increase in plant and equip¬
ment

spending

inventories

will

probably

suming the gradual rate

nomic'growth

of

and the

balance,

economic

we

is

safe.

if
to

proves

and there

is

no

/

our•

tax

cut,

'' interest

upon

"(117)

:

To Head Div. of

stock for each

share4

rate James G. Baldwin, Administrative

at

Tenn.,

Genesco

dated

subsidiaries

the sale to¬

gether with proceeds of

500,000

Headquartered

Charity Drive

25

Net proceeds from

of/cumula¬

tive preference stock.

be

expect the Government's

may

influence

for

dollar

therefore,

forecast

accurate

as¬

eco¬

forecast

now

On

rise

somewhat. But it is unlikely,

The Commercial and Financial Chronicle

.

.

librium

1963 j and

during

.

Nashville,
its

and

used

consoli¬

are

mortgage

to

acquire

Square Building,

engaged

an

loan,

the
a

$11,-

will

be

Public

55

22-story, three

year old office building in down¬
and Secretary of principally in the manufacture of town
year/ that the* increase in
Cleveland, including a re¬
apparel
and
footwear
for
men,
the
need
for
as it has been this year. On the
funds
will
even
the Marine Midland Trust Com¬
lated six-story garage building
women and children, and the sale
match the increased availability one hand, an easy monetary pol¬ pany/of^ New York, has. been,
and one-story restaurant building.

next

of

.movements to be about the

funds

Net

from

internal

icy

sources.

issues of corporate stocks

continue

will

to

same

assure

a

Vice-President

/"■'/■

■

'■/:///

named

ready

availability of/credit to
and bonds and net new. borrowing satisfy
all' borrowing
require-^
from banks probably; will not: ex? ments. On the other hapd, a large
ceed this year's total. ;1
<
/ Treasury deficit will exert somenew

on/ the

pressure

5 sion

markets,

credit

outride- the'. Federal - government and combined; 'Treasury^Federal
are the State; and local govern¬ : Reserve/policy ;%ill be aimed at/
ments.. Their gross borrowing Jnr holding short-term: interest rates;
^ew//money /7 this! year i probably, /up/ Thq. net. effect should beto;

N

somewhat

be

last yeaiv rmd a -f urther^Small fih^
is expected in

Crease

some" bf "thd

than offset

greater

{i963.;After

lower/fates of interest from; the

nounced

private sector.

Alexander

/for maturities
Barring a tax cut, the net result
and/retirements/ however, the net Of* all the forces at work should
increase/in7 outstanding bonds this
be. flat or gradually declining in¬
last year, and
about

the

same

Summing

same "as

terest -./rategi:-'v',Minor/;.imdvements

1963 is likely to be
1962.

as

about

obligations

credit, excluding Federal govern¬ trend
ment,
case

it

for

Piper,

in

to

make

a

emerges,

downward.

credit

1962

than

have

we

the

unless

fluctuate

economy

should

be

trend,

if

a

should be slightly

Rates

of

interest

on

obligations ..might

more

widely

.

develops considerably more

es,

rising

of

.

funds

saving should be

on

ex¬

municipals is still

tive

than

more

alternative

on

R.

Chair¬
the

of

within the commercial

banking field to aid the Founda¬
set

an

overall

the Foundation has
campaign goal of

for / the

,

the

ments,

it

is

■

ft,'t"tyy

of

beneficial

A large tax cut

Influence

.
...

rn./

ri

Union Realty
real

estate

need in research

group

Upon

{Cleveland, Ohio),
trust, is

by

chase

underwriting

an

managed

by

completion

of

the

Building*

Harriman

tion

consist

outstanding

First

of

of

of

Union

capitaliza¬

$24,782,077

Recognized

the

as

Ificial/interest. .5//l/>:/;: •///'-'///--:/

ing might about equal the $7 - bil- any - assurance is /that a/tax out
r lion or
.that; the, Treasury .will; would be .bearish lor bond pricea

^-would tend

The

year.

A

i

lANARti

O.O'BRIEN

/

'

,

WILLIAM J. AHERN

-

GEORGE L. TITUS

.

MARY A. MANNIX

ALFRED L. BREWSTER

.

'

;

Vice President and Secretary

HAROLD VV. SCHAEFER
\

'

Assistant Vice Presidents

.
.

;/ / WILLIAM McSHANE

,

.

•

,

WILLIAM H. HENDERSON

MILDRED L. RUBENSTEIN

v

JOHN B. McDONALD

EDWARD R. HAHNEFELD

/

-

„

Assistant Vice President and Auditor
GEORGE E. DOWNEY
•"

•

:/'Assistant Secretaries•

WALTER McFADDEN

WILLIAM J. PLANT

1

sufficiently Public

<t"%

Vice Presidents

Genesco Inc.

r

JOHN FRASER"

.

i RICHARD T. ARKWRJGHT

WILLARD MEINHOLTZ

/»;•'-

ROBERT F.STEJNERi
WALTER J. HIEL

•' :

LAWRENCE H. SIEBERT

..

JOSEPH C. KELLY

;

DONALD S. LAW

offering of 185,000 shares

iower^interest rates; 4arge- tax, cut, perhaps Including, of7 Genesco Inc. $4.50 cumulative
some reform of the tax structure,
as they.have this year/
convertible
preferred stock, /at
^
If the economy continues to ad¬ might prove to be an energizing $100 per share, was announced by
influence that could trigger a rate
Blyth & Co., Inc./ New York and
vance
only gradually ^and' if Pa
: of economic growth / that / would
■associates/////^
large tax cut is not enacted, there

;

Oh*/■*>■'

iV"'

"

JOHN J. LYNCH, President

Preferred Offered /
teere/otherwise/

toward'

pleasure!

our

vrv'k..1

GEORGE GRAY, Executive Vice President

to create higher inr

Government's cash needs :iw this jterest/ rates - than
have been.
case would' partly offset the pres¬ would

graciously

nation's

.

this

-i,tiitf

-

spective;

,

borrowed

.-f,

Comptroller^

^

JOHNM.YOUNG,

;

,

:

,

is

reason to expect: Federal
Beserve policy to change; signif¬

^nd

,

the

reverse

of the

rate trend

interest

downward

past few years.

Net proceeds from the
be used in part to

all such

past two years, and

/ a

lagging; inflation-free

would not

At

the

justify

same

a

economy

tighter policy.

,time,. it should

,

be

expected that the Federal Reserve

System will continue to be

It would be wise to follow the outstanding 5% notes due April 1,
1969 in the principal amount of

discussion of tax legislation very

carefully during the next several $1,895,000.

...

dicators. But it would not be wise

to permit speculation on the like¬
only about $2 billion, the best lihood of a tax cut to have an im¬

showing since 1957, and there is
good possibility that the deficit

decisions.

be further reduced next year.

for

But

the

stances,

progress

that

has made

it,

Each bank has what

in

its

the

peculiar

proper

is

circum¬

balance

The

preferred
at

the

stock

option

is

con¬

of

the

holders, into common stock of the
company

at the initial conversion

be¬

price of $40 per share. The pre¬
both in the statistical balance and tween risk, yield and liquidity in
ferred stock will also be redeem¬
in foreign confidence in the dollar its investment portofolio. The out¬ able at
optional redemption prices
has been at least partly a result look for interest rates must al¬
ranging from $104.50 per share to

/of Treasury and Federal Reserve
our

interest

internationally

rates /at'

competitive, levels.
-

short-term

efforts to maintain

It

would

be

ways,

of

course,

striking

this

present>

the best

seem,

in $100 per share, and for the sinking
At fund at $100- per share, plus ac¬
i
forecast: would crued dividends in each case..

be

proper

a

we

can

are

necessary

be confident that

ternational accounts

are




before
our

to he that interest rates are

significantly better rates.

>

>

?

in¬

in equi¬

/

In

addition,

company is
shares
of the

the

*An

address

tive preference stock in exchange

for their shares
by

Mr.

bank's conference of bank

•

//

/ 4 "/ /*/'..

'h"v

,

'

Statement of Condition
At the close of Business on December 31; 1962

.

ASSETS
Cash and Due from Banks.;

.,

.

.

/

,

.

«.$ 10,879,142.72

;

United States Government Securities....
State and

Other Securities

,

#..'».

Stocks
Bonds and

n....

715,881.20

•

12,044,512.17
31,739,412.37

Mortgages

\

Other Assets.»««X;
:

'

19,949,485.59
1,144,470.95

■

Loans and Discounts ,^

f

25,886,266.73

Municipal Securities

689,702.131,880,363.22

•.

.

/.

vv.X.
"

'

'

*

»

$104,929.237.08

f

LIABILITIES
*»*

2,662,000.00
6,000,000.00

.......•.•.»•«...•

1,267,436.17

Capital
Surplus

$

i
"w»•

iv....

Undivided Profits
General Reserve

•«•

•'«»•.

...•.-Xiv/ 1,707,410.93
305,783.17

Unearned Discount

Reserves for Taxes and

94,875.89
92,891,730.92

Expenses

Deposits

$104,929,237.08

factor

exceedingly dangerous to abandon* not going to change significantly. Offering 111,379
we At least/ until something occurs cumulative
convertible preferred
may
be. making some headway to change the picture, there! would stock to holders of record Jam 31,
toward
the
longer-run
adjust-* appear to be little prospect of 1963, of its outstanding cumula¬
that,

•/'■■■/

balance.

these efforts just at the time

ments

"i,

'

applied to the retirement of shortterm bank notes as they mature.

portant influence on our investing vertible,

may

5

Bank Building.

con¬

position of the dollar. OUr balance
of payments deficit this year will

a

r

cipal amount of $5,000,000, and the

The balance of the proceeds will
months, somewhat in the way we
about; the / international follow the important economic in¬ be added to working capital and

cerned.

be-

ignorance.

'

sale will

retire the com¬
speculation at this
icantly." Monetary policy has been
pany's outstanding 4.5% unsecured
juncture is necessarily rooted in notes due Oct. 2, 1963 in the prin¬
easy for- the
:But

'

Gaines at his
correspondents.

on

the basis of

one

share of the convertible preferred

Brooklyn's Old Reliable

.

KINGS COUNTY TRUST COMPANY
Established 1889

342 FULTON STREET at
In the Heart of the Civic

Member Federal

mortgage

debt and 1,940,000 shares of bene-

per

banking needs expertly,
is

'

pur¬

Square

Realty will

represent ^od/at-,any- time^Your business

today*

the

Public

55

Experience, Facilities and Staff
to serve your

i

per¬

ac¬

Back to the bank.

for

unpredictable " implica?/ greatest crippler, arthritis today
Government's fiscal and monetary
tions for the interest rate outlook claims 12,000,900 victims, of whom
policies, upon ,the interest rate in- 1963. Even if a
are
physically; handi¬
person were 3,000,000
outlook is,particularly ^difficult at
'
i
competent/ to predict whether or capped.
this- time. First, let us look at the
Mr. Baldwin is Treasurer Ad
not the Congress Will approve a
situation on .the assumption that
tax cut of any kind in the face director of the Midtown / Inter¬
taxes are not reduced next year.
! of a large deficit already in pros-" national Center, Inc., and of the
The cash budget might then run
pect, there would remain the task Sportsmanship Brotherhood, Inc.
!.a "small surplus /. during ■ the; first
of
suggesting the size; timing, He is a member of the Bankers
half' of the! calendar year • and/a
characteristics and so forth of the Club of tAmerica and the Hemp¬
deficit of perhaps $8 billion in the■
stead Country Club.
bill.
~
"
■
-•
last half, of .the; year. For 1963 aa
All that can be predicted with
a whole, net Government borrow¬

was

1961 from the

First

investment

being made

promising:/youngx scientific in¬
vestigators, tq meet the greatest

could have im-

^oAaht^jand, from present

Predicting the influence of the

sure

interest] of

treatment and to find

Cut Bearish for Bonds

Tax

aqd]Federaj

Government

have

building

Oct. 31,

on

Union Commerce Bank and leased

offering of 880,000 shares

Hayden, Miller & Co., Cleveland.

cure

Realty/also owns
Building in

The

,

''' fr"**'

<>«

quired

,

The

a

TJnion

tax-

slightly lower rates of interest.
i-.:-?

First

Shares Offered

attrac¬

that

unlikely

-

the Union Commerce

metropolitan Ripley & Co., Inc^ New York, and

area.

; The

Illuminating

cies;

"•

Cleveland.

arthritis, and education for phy¬
and
the
public,
The
balance of forces iq the non- exempt yield movements should sicians
Federal* government sector prob¬
depart too far from those project- Foundation^/ research program is
ably will be in the direction of led for taxable investments,/ '.•! // aimed /at attracting and training
pected to increase. In short,

t

First Union Rlty.

Public

Mr, Baldwin is heading a drive

tion. This year

*

Profes¬

sional Committee.

for funds

5*

X

V.

^

invest¬

rates of interest could advance

now appears

availability

the

from current

and

1

offering price is $13
Funds raised in the drive will
Ishare/^//:/'////;//; ^ ////-;//;/;//'
support
the Foundation's pro¬
grams of direct services for arth¬
ritis sufferers, research to improve

likely. from present levels. However,
Meanwhile,- with personal incomes since the taxable equivalent yield
strength than

Business

Downtown

*

by

Foundation's

if. $1,000,000

and,

commercial hank buying diminish¬

man

James G. Baldwin

of taxable

case

the

and

substantially larger de¬ tax-exempt

for

mand
had

difficult

is
a

levels

present

.expected- in thev

the demands for

up

a n-

as

include

Electric

.

k

i ttw

..

tenants

r

Dior, ^Eaird y/Schoberj "Ingenue; /trial / companies
/and .:■* other / large
Cpver GM, Iir^omen^/shoesr Ad
/ibrgahizations
Forinfit /arid- /Bqgers/?J/ingerie in
/fionwide basis and some of Cleve¬
women's apparel,/
/••;/; ■ /,
land's leading advertising agen¬

k

Foundation,

pull toward

Major

Cleveland

Fortune, Johnston Co., head offices of large indus¬
Murphy -in men'sshoes; - I. trial companies, district offices of
Miller,
Mademoiselle,
Christian several transportation *ahd rndus-l,

Rheumatism

allowance is made

yeafc should' be" about the

o r

both

retail / outlets.

:

clude: Jarman,

of the

w./ Y

through

'

and

&

Divi-

Arthritis and

<

will

e

products

Genesco's product brand names in¬

/^Commercial
Banks

these

wholesale

the

Downtown

,

The other major users of credit

of

Chair-

of

man

,

-

^

BOROUGH HALL
Centery Brooklyn

Deposit Insurance Corporation

26

The Commercial and Financial Chronicle

(118)

timing in the marketplace.

MUTUAL FUNDS

late

little

a

for

trade.

the

.

Thursday, January 10, 1963

.

.

It is

BANK AND INSURANCE

Christmas

'

by JOSEPH C. POTTER

STOCKS

The Funds Report
Throgmorton's Sideline
leveled at the

A chronic criticism

fund

and

business,

Ltd. at the close of the fiscal year

action. Throgmorton writes:

wholly recent years,

not

"In

the bulls pushed

as

groundless, is that it employs too the market into higher and high-

especially

folks,

many

is

the work

to whom

sales,

in

er ground, a number of the more
energetic denizens of the market-

sideline,

a

Nov.

on

$11.98

GREAT AMERICAN INSURANCE COMPANY—-

30, were $70,661,373, or
share.

per

with

compare

Great American Insurance

These figures
$76,472,082
and

$14.40 on Nov. 30, 1961.
*;

*

The company was founded in 1872 and began operations in
that year. Until the 1950's, business was conducted on a fleet basis

*

through

intrinsic
value was
becoming Inc. at Nov. 30, close of the fiscal
investment cloudier and cloudier. Many stocks year, amounted to $34,349,535 or
This compares
be called selling at 25 to 40 times earnings $16.17 per share.

profit and few laughs for the Financial

District,

an

who

counselor,

may

administration

Wharton

the

not
took

on

book

Wrote

he

denizens

the

the

of

Entitled "Bulls, Bears and

has

author

chosen

to

the

it is understood,

decided to with-

buffaloes

delightful

justify

Imperial

Ltd.,

give

the

reader

the author's

of

the

er

buffaloes

have

not

sur-

net assets

to

$15.51

adds:

$14.56

Throgmorton must have had fun

buffaloes

community permitted
themselves in the spring of 1962.
yet

may

sizable

some

losses

the

last year
More

suffered

probably

the marketplace.

in

delightful

than

horns>

a

nmbs

The

to

be

is

quite

They also have two

that

and

four

apparent

dif-

somewhat;

shaggier

and

wool over their eyes.

IPprKatW fbpv havA Karl

sOIpe hair-

845,036

share

three

Mutual

Fund,

of

assets

Inc.

the

DOM I NICK FUND,

A diversified closed-end
Investment

Company

Dividends Number 157 & f58

their

QUARTERLY DIVIDEND
per

also

share

SPECIAL DISTRIBUTION
REALIZED

CAPITAL

like

they

Further

to' share,

mostly with

own

kind.

They will travel

with

bulls

and

occasionally

buffaloes do not distinguish them¬

GAINS

per

share

are

payable February

18, 1963. Each stockholder

receive the

both the Capital Gain Distribution and

at

Capital Gain Distribution,

value

best

on

price

January 31,

those
•?

or

in

will purchase a
"rounding out'' fractional share for the
of each stockholder

electing

pay¬

JOSEPH S, STOUT

have

dif¬

no

from

technical theory
the idea that the

public is generally wrong,;

a

view

which he notes "is almost heresy
in a democratic
society.".
This

.

Vice President and Secretary

buffalo, decided

that

operations would

his

run;

market

statistics, so he/would
buy when they showed selling and
<.

versa.

'

~

\

r

: '■* **•*<

,

.

Nov.

on

amounted

$9.57

with

$147,899,842

share

at

the

ths

answer.

$12.09

'

K* '

£'■ -v

Income

$

■

'1

Fund,

the. unqualified

pleasant

and

even

profitable

Inc.

cal year on

$6,54

per

share.

.

This

compares

with

prospectus or mail this ad to-

CALVIN
•'

Clark, Dodge Acquires
nounced

the

acquisition

an¬

the

of

become investment "advisor to the

Clark, Dodge

Co,

has opened an office at 4 Nassau

ONE

for
•

•

•

*

of

Established 1894

-

v"

investment
its

a

growth

reasonable

Prospectus

seeking
possibilities

company

shareholders

long-term

and

JVAU^STREFX NEW. YORK_5

of

capital

current

income.

upon

;E|

request

CF

NAM E

Lord, Abbett & Co.

ADDRESS.




New York

—

Atlanta

Chicago

£ •p. ¥ear "

30,

Both
over

underwriting

since

year

1955

on

a

past decade.

Total investment income per
over the ten year

share in 1961, rose to approximately $4.75 in 1962

Written

V->

1957

-

Admitted

Capital- :i-.
Funds

v.

r

*

.»

■r

,

Underwriting Results

,

Assets'

:•

OOO's Omitted

v

^

Loss

Expense

:

Ratio

f

.

,

Profit

r;

Ratio

Margin

$146.5

$137.8

$318.1

67.8%

40.4%:

—•8.2%

1958-

144.8

185.2

-371.0

65.2

40.0

—6.1

1959_

i47.3

200.7

387.9

61.2

39.1

—0.3

I960-*—.

143.1

208.5

392.0

61.2

39.5

—0.7

1961

161.7

249.6

448.6

64.3

39 A

3.7-:-'

9 Mos.'62

133.4

NA

62.3

37.6

0.1

;

NA

PER SHARE

J

M

:

y

Los Angeles

—

San Francisco

-

V

Net

Adjusted;
Underwriting
Earnings v

Year

.

^

Invest.

Incomer

INFORMATION
1

■V/:; Total

;

19t>7

;

-

Liquidating
'

;i Paid

Price

Value :

Range

—$4,10

$3.51

—$0.17

$1.50

$61.49

3.11

3.74

0.61

1.50

76.94

0.18

4.05

3.85

1.53

81.58

0.58

4.25

3.79

1.70

85.58

50-41

4.42

2.25

2.00

100;99

67-48

3.45

3.40

1.50

85,11

64-45

—

—

—

1961

—

9 Mos.'62

—

The

v

.;
-D»vs.-«

Net
Income

'

1960—

An

•

Sept.

compound rate of 6Vz%'

a

Preminms %
:

1959

Fund

-

Through

profitable basis.

SELECTED STATISTICAL DATA

1958--—

year.

A Common Stock Investment Fund

BULLOCK, LTD.

per

previous

A mutual fund

free

$4.42

$39,050,428 of assets and
$6.83 per share at the end of the

Affiliated
investing in "growth" '
only through registered in¬
dealer for

on a

volume.,/

at

risen

$35,526,025, equal to

.

stocks. Sold

13%.

It appears likely^thai 1962n was the

profitable

Nov. 30 total net assets

amounted to

reading.
However, it is to be Street in Princeton, which will. be
hoped that-the author df this new- under, the management of Harland
vly-published- book "shows better. W; HoiSington.
\

vestment dealers. Ask your

rose

achieved in 1962.

reports that at the end of the fis¬

affirmative. Fund; folks will; find' Nassau Fund.
it

to

a

•

as

in many of the intervening years. Net investment income .amounted

$123,488,174,
This compares
and

growth

period despite unsatisfactory cash flow due to underwriting losses

net

gained that this de-

is in

share has

previous year-end.

V-4

;

total

of

.Great American has recorded consistent gains in net invest-

to

share.

a

30

business of .Harold-1^. Hoisington,
parjment enjoyed "B, B. & B." Inc. of .Princeton, N, J., and it has
was

first

re¬

Clark, Dodge & Co., Inc., has

,\Cr 'A

If, from the foregoing, the im¬
pression

Fund

expense

and should reach the $5 level in the current year.

contrary to

the odd-lot

vice

company's

ment income over the

i"'/

!-'v;

the

at

ratios recorded significant reductions

expense

Fund

'!»

was

the previous year.

of

that at the close of the fis¬

year

mutations.

are

about the

evolved

ment of both distributions in stock.
;>

customers

heard

cash. The transfer agent

account

cal

*

Growth

Institutional

net

or

1963,

will

Of all Throgrriorton's buffaloes,
we
liked best the one who had

Dividend, in stock, valued

the lower of the market

asset

folks

ficulty: ih recognizing the author's
buffaloes. After all, some of their

elect

may

to
or

the Ordinary

Institutional

or

Fund

16, 1963 to stockholders of record Janu¬
ary

*

assets

selves from the bulls."

750

Both distributions

growth

the loss and

fiscal

Foundation

The improvement in the quality of

made

was

premiums written had advanced 10%

year.

with.bears. It is possible, even the, ports

FROM:

written

largely completed, and premiums

per

*

business

despite significant nonrecurring costs. The company began to em¬
once again in 1961, with the upgrading in business

"Like the bulls, and perhaps
reports that at Nov, 30,-end of the
by association with this predomi¬ fiscal
year, net assets were $58,nant
species, they tend to be
305,661, or $11 a share, against
mainly optimistic. They exhibit a
$54,981,720 of assets and $12.21 at
herding instinct, traveling most¬ the end of the
preceding fiscal
ly with companions whose views

INC.

gradually

are

national basis.

a

sizable increase in
Institutional

schedules, and

phasize growth

raising experiences.

THE

rating

Operations

premiums remained at the $145 million level from 1957 through
1960.y During that time operating expenses were also reduced

re¬

$18.16

and

*

forms and

spent

competent staff,

a

dustry results, the company's loss ratio has been below the indus¬

months

share at Oct. 31, end of the

j,

life af¬

a

Management has

year.

putting together

in various states.

try average since that time.

year.
*

policy

1959

a relatively poor
underwriting record
1950's, however considerable improvement has
been recorded in recent years.
While losses were severe in the
1956-1958 period, even in comparison with the
unsatisfactory in¬

earlier.

Guardian

necessary
company

In

Company—was formed and

Great American has had

per

a

15,000 agents.

since the middle

ports; that at Dec. 31, net assets
totaled $16,846,681, or $20.02 per
share. This compares with $14^,buffaloes tend

torso

main

are

pnce^

f

bulls

the

similar

ferences

nonsen-

sical is his commentary on

to

remarkable.

offset

to

royalties

he

"Actually the similarity of the

himse f

get

*

share. This compares
$57,469,666 of assets and

investment

the

the

being expanded to

$58,225,956, equal

were

creating

licensing the

and

Lines.

#

*

v

most

third

through

began operations in the following

Com¬

Oil

multiple line insurance operation

a

considerable time, and effort in

while

Textile

Trans-Canada Pipe

with

and

Dominion

nationwide basis

a

on

<:

■

.

filiate—Great American Life Insurance

Can-*

of

Canada

Canadian

eliminating

panies,

who, in his view, con-

deed, the author wonders wheth-

non-

in

folks

few

of

Bank

Royal

passed the bears in numbers. He

that too

sense

Tobacco

Fund
reports
important Canada General
influence
in
the
marketplace, that at Nov. 30, end of the first
behind the bulls and bears.
In- quarter of its fiscal year, total

Anyhow, " B. B. & B." largely
of

to

view

the

stitute

selling his career.

kind

close-up

a

hip

the

hasten

we

identity because he is
going to make investment coun-

is

to

°Pen«"

Van Til-

lingham. The moonlighting author
hold

future

many^ years to project was left

the

by

go

of Throgmorton C.

the

;

Great American conducts

its price. The question as to how ada, Bell Telephone of Canada,

Buf-

faloes" (Vantage Press, $2.50)

name

into

years

the affiliates into the parent. Today, only one
casualty subsidiary, American National Fire insurance

and

£ Company, exists.

the fad, and it was fashionDuring the last half of the
able to project the rate of growth latest fiscal year the company
of a 'growth' company for many increased holdings of Aluminium

Canyon.

program of

and the merger of

fire

was

a

number of operating subsidiaries and holding companies.

a
a

simplification of the corporate structure was
begun which resulted in the dissolution of the holding companies

■

also

School,

sideline:

a

about

,

Columbia' and

at

In 1953

would have book values of less with $41,730,995 and $18.46 a year
than 10% of market price. Growth ■earlier^" •

learned since he studied business

Company is the twenty-second largest

fire and casualty insurance underwriter as measured by its pre¬
mium volume of $161.7 million in 1961.

marked by scant place realized that the. question of Total net assets of Canadian Fund, i

In" 1962, a year

This Week — Insurance Stocks I

Total net assets of Bullock Fund,

2.12

0.01

company

■

has traditionally placed

relatively

phasis on Common stocks in its investment program

over

:

$40-25
46-31
^

48-35

large

em¬

the years.

Through appreciation in tjbe jnarket
in its

valti es of the; -securities held
portfolio, book^valuevhas risen sharply over the past decade.

While the

sharp stock market decline experienced earlier in 1962,
a significant decline in the" company's^ book' value
per.

resulted in

Volume

197

6228

Number

-.'J--'

itc.:

'

/■«

-/y

..

V.The Commercial and Financial Chronicle

V

.

'f'si •'

\

•

*! f.'c'i-V. *'■

,'vviy 'V-:

* hold

share, the subsequent sharp market rise in "blue chip" J equities
has restored

\

large portion of the earlier decline.

a

c

recognition of the company's improved underwriting, per¬
formance and continuing expansion of investment earnings, the
Directors of Great American recently voted to raise the cash
dividend annual rate from $2 to $2.20., The company

a

The
■

I

■

.

" "•

-./- 'V -.

'

-

-

;;

:/;■•

■

.

,

.' :7

as

of

in

113

from

the

preceding

week and < 198 last year.
climbed

Tolls

;

•

in

and: trade groups.

alties

that pried, the stock provides a current yield
! of 3.7% and is selling at 13.4 times estimated' 1962 earnings of $4.50.

all

low

industry

jnanufpicturing to 47 from 29, an<$
construction^tov 30 vfrom;28., As

well, wholesalers failing

to

rose

48 frOrn 12 :ahd service ^concerhs
to 19. from 11. While more

maiux4r

The State of TRADE and INDUSTRY

East

on

688,690

122,533

and

cars

week regained the optiinum

that

resulted

level

ren's

quarter output of passenger cars
the

and

highest

^making, ill
Plant

level

peace-time era.

any

ended

week

29

Dec.

programs

below the volume in

the

the

sweaters

industry

auto

both

year-earlier

were

prior week and slightly short

occurring in the

corres¬

ponding week of 1962.

major

home

while

car

again

after

entire -1962.

About-13,600 cars were made on
the
sineie < aay
dav *
Tne smgie
.

,...

output- of

*

again

are

0*16

.being scheduled.

the

South

-j-7;

appreciable increases
silver and corn,

steel scrap,

/day of" operations was lost. sale for cement and wheat.

Secondly,

Longshoreman index

continued

The

below

well

its

17,674 trucks,

finally

irr

put

One

weekly

Dun

by

& speculate as to how much
higher
esti-* sales would have beeir in the ab«*

Regional

^comparable

Central

strike.

of ^

sence

strike

The

average

1%

was

of 1963

by Dec.: 31

to

-f-2 to,

North

East

Middle

4-6;

•

Central

Atlantic

Cont. Casualty

4-5

4-9; Pacific 4-6 to 4-10:

Secondary Offer.

Nationwide Department Store
?

Sales in 4-Weeks Ending
Dec, 29 Register Gaiir

Department, store
country-wide basis

Blyth & Co., Inc., New York,

-

sales

as

;

reported

on

has

it

the ,mon carriers of general freight
and throughout the; country. :
*1,253,035 trucks, the most cars for
■
any yeai1 except 1955 and an 11Lumber Data Unavailable
year peak for trucks.
Editor's, Note: Weekly and
During calendar year 1962,
6,935,380 cars

Co^ Chicago.

;

Continental

for the week ended Dec. 29, com-

and

4 ///

Freight As

and vnew

ment

Fraction Above

Year Ends a

Food

write

practically every form of
They operate in all
Changes: states of
the
United
States;

pared with the like period m 1961.
insurance.
The large percentage
shown
for
this week

due

are

District of
Columbia,
Islands;
Panama
Canal
Tuesday, giving 'Zone and Puerto Rico.

fact that
on

Canada,

Christh^h^^;Virgin

Englewood, New Jersey
Statement of

Condition

Dun

data

order

are

Last Year's Total

.

on

the fifth

suc¬

cessive week,! dipping 0.5%

Electric Output Up 5.3%

Loading of revenue freight on "

Price

year-ago; levels for

from
the similar

the $5.93 registered on

'

$ 4,915,580.71

U. S. Government Bonds.♦....

Jan. 8, the same level ,as
in the prior week. It ran below

unavailable this week*,

DECEMBER 31, 1962
Assets

Cash and Due from Banks«.»....

the/ Wholesale

even,

Index, compiled by
&. Bradstreet, Inc., stood at.

yearly lumber production, ship¬ $5.90

"

Holidays Cut Rail

■Holding

28,717,753 Over Year Ago
date last year. As well, the index
cars in
1962, the Association of
The amount of electric energy was off sharply from the com¬
American
Railroads announced, distributed by the electric light parable period of 1961 when it
This was an increase of 127,975 and power industry for the weeks came to $6.15.
:
cars or
four-tenths of 1% com- ending Dec. 29, 1962 and Jan. 5,

Mnnicipah Bonds.........

11,035,328.68
3,719,595.24
279,560.00

.'»%

Other Bonds and Securities.......«>..

Y/A. Guaranteed and
^
^
u
F. II. A. Insured Mortgage Loans. .1.,,.,......
Conventional Mortgage Loans.•.<-

//'/■

^

Loans and,, Discounts*,

2^28,296.66
4,359,742.52

7353,038.74
535,950.02
240,934.81

^

Banking Premises, Furniture and Fixtures
Other Assets

i

class I railroads totaled

'Loadings'

Many foods were priced lower

1963, were estimated to have been

pared with 1961 but a decrease of
1 723 662 cars or 5.7% below 1960.

16,435,000,000

kwh

in

16,874,-

and

000,000 kwh respectively accord-

in the week

0f December 29,. which included the
Christmas holiday, were 357,217
.

r c,„ j.-

ported- loaded with, one, or
revenue

(which
an

:

highway trailers, or high-

way- containers
the" week. ended

week's

22,

Dec.

above

the

cars

ory

the

51

ureg

■ Qf

increase of

rail-

-

road systems

originating this type




:

ported

Dun

This

upturn
the

in

241

&

231

Bradstreet,
lifted

in

year

.

$100,000

for

beef,

corn,

more

continued

Dun

"price per pound of 31 rav? food¬
stuffs
It

meat

and

not

is

Its

in

general

general

cost-of-living

a

chief function

the

...........

*......... »•

38,810.61
83,175.73

32,010,037.41

■■

Other Liabilities

243,92535

$34,668,02738
OFFICERS

DOUGLAS w. morgan; President■--yr
Vice Pres. &

trend

of

is

to

food

Clearances

Help

"

but

/

Post

Vice President

-

After

to

surge
sumer

week
but
ume

a

show

the

prices

at

Christmas

ended

special
well

sales peak,

tapered

con¬

off in the

clearances
ahead

of

Jan.

held

•

-

• •

•

•

Vice Pre$;&
MOLLOY

ROBERT

C.

OSTLER

N.

Assistant Treasurer

•>

EDWIN F. RIZER

-

i- .wv

v

■

Assistant Trust Officer
LILLIAN

M.

HEALEY

,

Assistant Secretary

Englewood Branch

South

■/

Englewood Cliffs Branch
WILLIAM

MacRAE

A.

COFFIN

Manager?

.<

DIRECTORS

/

f

C. W.

FLOYD

COFFIN, Chairman

WILLIAM S,

W

DAVIS

JAMES M. NERI

EDWARD F. O'NEILL
WALTER. PHILLIPS

VICTOR W.'FARRIS
KIDDER

JAMES D.

Two

HAROLD H. SHERWOOD
JOHN D. VAN EPPS, JR.

McAULIFFE

MOORE
CLIFFS

BRANCH

SOUTH ENGLEWOOD BRANCH
393

Palisade Ave.

Englewood
Drive-In
MAIN

;

DOUGLAS W. MORGAN

BROTHERTON

FRED J.

21

Wednesday,

GEORGE
<

BENTLEY

ENGLEWOOD

-

holiday shopping

new

buying

Assistant Treasurer

/

Manager & Assistant Treasurer

index.

Buying

final

a

^

,

"

Assistant Vice President'

750
r

-

& Asst.

Secy.

Assistant Treasurer

BURT R. GODDIN

JAMES D. MOORE
Vice President
"

AMOS M.

-

•

'

v

,

use.

level.

wholesale

Treas.

LLOYD JONES

WILLIAM F.

ALSAKER

RICHARD B.

RALPH F. FINELLO

VINCENT J.

the

to

Deposits

KENNETH A.

& Bradstreet, Inc.
Food
Price
Index
represents the sum total of the

Inc;

involving liabilities of

or

up

Wholesale;

re-

the pre-war level of 312 in the
similar week of 1939.

$ 2,292,077.78

Capital Funds..

cocoa,

casualties

occurring

Total

970,26539
1,000,212.00
321,600.39

Dividend Payable January 2, 1963..........».....
Reserve for Taxes, Interest, etc......
'

/;■

the

they remained below the 1961 toll
of 265 and fell substantially below

Failures

in

bellies, lard,; cheese, sugar, - eggs,

the low

week,

comparable week of last

.

class LU; S.

to

Christmas

jn

oil,

chalked

The

,,

Jan. 3 from

ended

143

above

or

There were ,61

Yule Low

-

each

noted

were

hogs and
; lambs.
On the other hand, gains

.

reb0unded

weejc

38.2%

19.8% above the
corresponding period of 1961, and
151,611 cars or 27.8% above the
corresponding
period
in
1960.
cars

.

w^s i-,/Commercial and industrial fail-

loadings
weeks of 1962

totaled 697,581 for an

115,334

cottonseed

•.

;

*.

.

...

1960 week.

first

.

balanced

-

$

Capital Stock ....
Surplus.;,...*...
Undivided Profits

many

week ending Jan. potatoes and steers/;

1962"

that

Cumulative piggyback
for

Declines

■

oats, barley,- hams; butter; -milk;

Business Failures Rebound From

20.8%
the corresponding week of
3,649

of the year ago

6

1952

were
included iri
over-all total). This

and

1961

counter

other.

$34,668,027.38
Liabilities

quotations for flour; wheat, tye','

~ sre svks

(piggyback)' in /

increase of 2,269 cars or

above

turns

were

%»w.«

and

priced higher^ with the net

result that the upturns and down¬

j"? to fte Edison Hectric Insti-

tute Output for. each rf those two
cars:
This was'. 154,821 cars V. ™seks was. less than the Dec. 2230 2%
below the previous' weelc ended week and that for the week
bnd. 65,848/cars or 15.6% below ending Jan. 5 was 439,000,000 kwh
(the corresponding week a year =

markets

wholesale

were

Windows
OFFICE

PARK

PLACE

Grand Ave.

Englewood

Cliffs

/'
DRIVE-IN OFFICE
90

ENGLE STREET

2,

vol¬

comparable

;

affiliates

its

.

.Steady This Week

Industry made

;%/ i-.V:• t;

Price Index

Food

a

secondary offering of 30,000 capi^
taken from tal shares of Continental Casualty

was

Wholesale

re¬

completed

a

overall gain of 33%

an

that

ports

the Federal Reserve Board's index

survey

nearly 2,570,000, representing pbrt Economics. The. report restantially lower than the year-ago
highest output for any model year .fiec>ts tonnage handled at more level of 275.40 on the similar
day.
to that date in history.
than 400 truck terminals of com-

less

and Mountain

of 34 metropolitan from 270.39 in the
preceding week
areas conducted by the ATA Deand was close to the 269.51 regis¬
partment of Research and Trans- tered a month earlier. It was sub¬

.

ant

only

can

PALISADES TRUST COMPANY

-ij

Ward's said that output
model passenger cars

stores

impressive week.

from

Ward's-estir strike had the effect of depres- comparable year-ago level—in the
mat£<d,I10,O37lyears - and sing tonnage carried to Eastern similar period of 1962 the highs mainly to the
19,452trucks 'compared
with, -ahd Gulf ports. The snow and ice for that year were being chalked this year fell
109,896 and 19,682 units made the that covered the Eastern portion up.
*i:.v
prior week: A longer work week of the Country also added to the
The Daily Wholesale Commod¬
in corresponding 1962 resulted in over-all declihe in traffic,
ity Price Index slipped to 269.66
a
higher yield of . 121,92a: cars •
itadings are based on the (1930-32=100) on Monday, Jan. 7,
Output last week,

and

sales in New York City depart-

year ago.

West

4-8;

passenger

mid-December,

since

a.m. Saturday*
8, 1962, and despite it, retail

Dec.

by the following per- has
spread^ to Cleveland and the

to

^
rwith: Christmas .falling on
dips, more numerous though less
cars ,>^u6s(jay , this year, the majority
sizable,, outweighed the price ad¬
rose
above .32,50.0
units. Also, ^ terminals closed for business
vances!
The- strongest
declines
^overtime. y Operations;: restrained ^woi
<jaysr. whereas' last year only occurred in quotations at whole¬
?daily

Six commenced 2

.

re-

centages: West North' Central —2 four-week
to +2; New England 0 to 4*4;
than a

price level inched down* to 269.66

■^oiDf'gor^T;£r^etoesday,;< however,

varied

1961 levels

to

Monday,, reported Dun &
Bradstreet, Infc: Week - to - week

Upon resuming normaLproduc-

Inc.

4-3

the general wholesale commodity

fac*ors ;contributed to

'

week- reported

collected

4-4

both the year_ta-year -and week/
this past
to-week decline in freight hauled.

.

papers strike by the prmters' Big
;

the

in

e same period IK

a"

f°^® sa™e le"s°n
^ove"
York C,ty news-

ahead

The total dollar volume of
tail ,trade

f?ded ®ec" 29> werf

,

„

,

Re-

dcpartaent store

f

for

easing seasonally in

Slips Slightly This Week

for

f_

.

System

also

call

rocketed

the holiday week.
.

Aceording to the Federal

child-

furnishing f Items,

sales

Wholesale Commodity Price Index

Despite

previqus Week of this year.

the

East South Central

were

in

Monday.

and

year,

jn the four-week period ended

and. outerwear.

boosted

Bradstreet,

of the 25

corres¬

and

clothing moved well,

mates

abbre¬ ponding week of 1961, the Ameri¬
viatedin
Monday
operations, can Trucking Associations anpreceding the holiday and climax- nounce(j<
Truck
tonnage
was
jng; a second-best - year •for-.the 33,1% behind the volume for the
•

their

and

Twenty Canadian failures

12.1%

was

;

in

none

Dec. 29, 1962, sales gained 5%
over the corresponding period in

fell, below

1962.

reported, off from 36 (revised) in

Intercity truck tonnage in the

for truck

over

timates

with

even

levels.

Truck Tonnage Sharply

;

high

sportswear

Promotions

pre-Christmas shop-

one

ping day compared with

wholesaling and construction tolls

Shorter Holiday Week Cuts

record fourth-

in

the week

ranged.from 4 to 8% higher than ment
a year ago, according
,to spot es^

traffic in this year's week corn- held

P^ed with 58 one year ago and
trucks were made.
54 in the corresponding week in
:
WafcTs said that, production last 1960*
:
when

Saturday

Women's

facturers- and retailers succumbed
than, n year ago; service mortality

two

exceedingly the corresponding week last

ancL remained

m1

.

the first

weekend^ many, areas, How.
?vuer>
^fr0 temperatures dimmished shopping enthusiasm in the

Retailing casu¬
men's
119 from 63>

to

jumped

the

from

levels

Christmas

of! $63 V21$45.: At

from page 16

In

post-Christmas days, purchases at
clearances
were

all heavy
upswing, rising to the

the week's

210

currently selling at $60 Va per share, near the, top of its 1962. range

Continued:

levels.

year-ago

under $100,000 accounted, for

stock of Great American Insurance Company is

common

31

Casualties, with losses

year ago.

.

has custom¬

,.

numbering

week earlier: and 33

a

^

arily paid out in dividends approximately 45% of net investment

| income.-'•

steady,

against: 30

f

$j ^Iir
*

(119)- 27

Member Federal

Deposit Insurance Corporation

'

,

28

The Commercial and Financial Chronicle

(120)

Many

and

Our Dollar's Integrity

||

The Insurance Industry

,

out

hotel

where

and

others,

4

their

local

at an

advantageous or black mar-

clouded wfth economic jargon
from those trying to convince me
of modern economics is that the irredeemable variety is
highly technical terms that the better.

guage

full of
make

though the lan-

Even

rate.

ket

mystery of money to the

a

these

masses,

accept from
local banks,

to

compelled

are

their governments, or
at official rates.

who shall be name-

A Senator,

less, asked me recently tohelp bim
understand the present monetary

him with
He was

situation by providing

experts.

assistance from

at the international stand-

uneasy

ing of the dollar, and wished to
do all he could to improve matReserve ratios, open

ters.

other

and

rates

of this age are
°"e m a

dollar is admit-

Although the

market mending

days it

popular to

was

Perhaps they

overriding consideration is

technical

coin

for

term

step

since

cannot

minimized

be

and

additional supply of money

bank

I

Indeed,a de¬
budget'

deposits.

termination to balance the
has

expressed

been

Democratic

good

had this to say:

believing,;

would make

their promise and free

on

from either inflation

us

and

tion,

defla-

or

I

"stability,"

produce

hope these organizations are a bit

wiser, for

the

1933

since

record

"Devaluation, and inflationary shows just the reverse. Whenexcesses from which it invariably
ever the term stability is used I
springs, are of course, tantamount

rather

with

but

ministrations

both

under

Republican Ad""

and

the money managers

Barron's recently

editorial in

an

irredeem-

an

able;currency: system,

that

notice

to

results under

serve

concerned witli the

heartened

was

so popu-

if they decided to wait to Ob-

clipping

cheating involved in the process.

by converting {them into

deficits
an

to be deeply

such

finance

to

tend

we

persuaded by

lar then and now, to change their
attitudes.

that the Federal budget

that

were

the Keynesian economics,

clip coins when kingdoms got into
controls be imposed to correct in-, difficulties. ; Nowadays monetary
equities?
units are devalued—the modern

to

legalized theft."

wonder if the plan is to keep
prices at the then current level,

results.

meager

speedy return to gold,

a

principal argument of those

not clear to every-

Administra-

Democratic

legislative spot. It is not

endorse

or

espouse

our

abruptiy for present irredeemable paper cur¬
prospect of an in- rency system is: Haven't you any

rather

declined

terms

appear

Money Manager's Argument
The

vjvidiy recall being in London
the Fall of 1960 when the dol- who

^

banks, growth

economic

In olden

Economists in
Some
bankers
are
becoming or to push them back because of
to be divided critical of/devaluation but there the rise that has taken place, or
period of time in which is lots of room for improvement to increase prices a little to acby comparison. The dollar comes
a national budget should be bal¬
in text books and college facul- comodate raw material industries
under suspicion from time to time,
anced. One year, two years, five, ties in
treating the moral aspects, suffering from low prices. The
a most unfortunate situation for
ten? Our deficit this fiscal year
Certainly a sorry—and even dis- distressing
record under irrea great nation.
I have already is
anticipated to be the second honorable—page in our nation's deemable currencies is a good
noted the Life editorial commentgreatest in history. The, road to financial history was the repu- answer to those who maintain a
fng on the subject.
The Wall
high public office is evidently to diation of the gold clause in our return to a gold standard is no
street Journal and Barron's have
promise vast, public expenditures government's bonds in the early guarantee
against inflation.
I
also been noticeably uneasy about
of interest to the masses without
days of the New Deal when we don't contend it is either, but to
our dollar.
Fortune and Neras¬
reference
to
cost
or
payment devalued the dollar. It is a lesson return to gold would introduce
week have been apprehensive also
through taxes.
we ought not to forget.
a discipline, no doubt irksome to
and have carried articles recom-

purchases, international nmnetary
funds, Gross Nationab product,
intermediate credit

the

today's index. Would government

know the tedly the.world's premier curhigh, places
they rency, ' this prominence - is only over the

persons

exchange value of the money

Thursday, January 10, 1S63

The Moral Issue Does Not Vanish

producers
use of

-

unhappy at

.

should be —generally without a peep from
some
balanced and the importance of economists and others who ought

from bad. You find that,
travelling in various countries

money

be

An

asking this question for
years and I wish I had the time
to report the astonishing evasion
and store employees, or switch acts performed, or the
offer to exchange reasons given me in reply. I still
currency for dollars have to
obtain • an answer un-

Continued from page

material

raw

would

.-.

in

confidence

government

our

wBould

bring about a devalu- managers to manage the money
all economic jargon, but it can be
Frankly, I am
f
dollar. The monetary of the nation?
mighty confusing.
unit o£ the mosl p0Werful nation skeptical, based on the sad result
I am nemmded of the professor
wor,d
belng kicked of 30 years of management of our
and distinguished author, the late
what a shocking predica- irredeemable currency, system; I
Stephen Leacock who, while he
would like to see a system prevail.

The moral issue will not vanish,

the planners, and limit the pos¬

of the actions
Congress takes
not

sihle expansion of credit, where
the mischief lies,

it

permeates
the

which

many

only in monetary affairs but in
other directions,
lavish

No Longer

principally in the

of subsidies which take

use

some

<

■

the
of the government,

taxing power

or

It would certainly make the lot
of the future policy holder more

all the people, through

from

"Barbarous Relic"

a

"Outworn Dogma"

of their hard earned, means

pleasant than it is today. As the

ship

First National City Bank : stated
some months ago, there is little
evidence of a desire for restoring

_

*

of

head

was

partment

University,

McGill

at

de¬

economics

the

yet

made the following humorous

wise

comment

discussing the

in

ment,

he has

1

a

stated he does not intend

to^vafeth \het

out that it would now take
Congress to do so. Can

9/hich eco- P««nt
thought and practice has an

.

tthe
that would

you

involved itself":

of

Most

.

it

understand

siders don't.

all,

let's

if we can t

see

that

out¬

Let us dress up eco¬

nomics in esoteric language, give
it a jargon of its own, and break
away

during

'increments'

and

'margins^

Let's call

breakfast

consumer's

our

and

appetite for..

our

fool

ginaL

demand.

them.

And if I buy one cigar

won't

That

mar-

will

but

buy two, call that my sub-

marginal

point

saturation

for

nicotine.";,,,

than

Federal Reserve

a

deemable

know

Industry's

of

Stake

In this

business with

no

*

a

volume

the

of the .dollar's

purchasing power

the years, than that of insurThe record ever since 1939

dismal one as

a

an

ex-

Walter Spahr

cenerit study by Dr.

of the Economists' National Committee

Monetary

on

been

from
to

companies

Government

of

percentage

in

1961.

decline

the

is

of

it is to

as

tation

Apparently they are not
the

with

fact,

or

do

When

show their lack

the

dollar

of

confidence in

converting

by

ex-

work

until the

on

we are

other nations
bolster the dollar. We have added
arranging

in gold. Foreign nations, I observe,

of the total assets of life insurance

doesn't

so

system breaks down. Now

irredeemable

currency

control

one

another and

add

from the citizens by making

paper

another

is

on

intervention in the market place,

effectively taken

has been

going

ample of the result of government

know, that the power of the

has companies

Policy

a

tail end possibly. The experimen-

abroad, difficult

our

even

in

mentation and manipulation, the

the

to

concerned

striking. Approximately 45%

still

are

we

extending the

not

In

Apparently

ownership

away

billions

right,

restriction

enforce.

in

en-

com-

who also advocated

peak of 21 billions in 1946
6

a

isn't

long period of monetary experi-

purse

a

direction

that

gold coin; but

gold

has

bonds

only

property

important

an

of free

not

who

the right to own a

going down rather steadily

about

more

invested

in

mpye

na-

not mean

the sixties tdoes ^ot dismiss gold
"as a barbarous relic" or "outplacently accepted the destruction worn dogmk" as Keynes thought,

life

of

that 4pes

outspqken sgunf, The bank y^as careful to
note that whether we like it or
the economy, and not, the world in the decade of

proponents

terprise,

I note that

assets

the

of

gold standard in the

but

of businessmen

vigorous

the

on

puzzled at the at-

ment control of

domestically

connection

greater stake in the integrity of insurance

ance.

npte re¬

Reliance

old

tion,

in their condemnation of govern-

encouraging so far.

the dollar, and the maintenance, Federal

has been

gold

in

provide.

proven

over

titude

ing power of the dollar, has not

111 sura nee

I

I find myself

discipline

more

today, a discipline

have

we

that

would

paradise.

and

'series'.

a

in

value

from plain terms like labor

profit and money and poverty. Let's talk of 'categories' and

any

of

gress

management and

which introduces

farmers,

Businessmen's Inconsistency

take place
ballot box to curb spending be¬
consideration by Conchange in the dollar s yond our means, spending which
leads to a decline in the purchas¬
gold?
A speculator's

speculation
.

-rtM.

T

upon

the

that does not put too much bur¬
den on Federal

it

owners, miners, and others, many
of whom don't even need it.

everlasting

the

credit of President Kennedy; that

•'hopeless muddle in
nomic

to

ls

It

bestow

to

the

to

their

to

have

the

of

resources

Interna-

tional Monetary Fund to the tune

was invested in gov¬ paper dollars into gold for their
of $2 billion out of an emergency
conclusively shown. The stagger- ernment bonds in 1946 whereas own
protection. Why shouldn't six billion fund to be drawn upon
yours
also,
has
been
largely ing loss in purchasing power of today it is only about 5%. This
we citizens have a similar right to
should the dollar become weak
acquired in the market place, the life insurance policy holders from does not denote confidence among
protect ourselves? There can be again internationally. But, as the
best spot of all, for the business- 1939 through 1959 Dr. Spahr estiinsurance company executives in no
protest over fiscal irrespon- First National
City Bank has
/man learns early in his career mates as $145 billion.
The de- : the government's ability to main¬
sibility now other than through stated, a drawing on the Interna-;
; that the worst thing he can
do structive and subtle power of « a tain the purchasing power of the
the ballot box and, based upon my tional Monetary Fund would not
is to be unrealistic, or gullible, if depreciating
dollar is nowhere dollar or its integrity.
own
experience in Washington, only seriously impair confidence
he wishes to survive in .a. highly more clearly revealed., Nothing
You
.

and I dare say

My economics,

.

recall

may

that

(competitive system. I promise you like this occurred under a gold thors of the Federalist
:that I will not use any economic standard.
studied thousands of
•

the

au¬

papers

years of re¬
conceptions! that cannot be easily
Gratifying as it must be to life corded history,' and some of therti
grasped. I shall not follow Lea^ insurance companies to experience
Concluded that human nature had
bock's facetious advice,
V v >
the growth of recent years until not
changed much in the interval,
today some $630 billions is in that people, by and large, were
Which

Is

Let
vT

a

the

,

the

the

at

_

simple

a

on

which

monetary

to

stand.

strong belief that

.cans

that

onset

.

have

form

Better Money?

state

we

should

have

we

I

.

plathave

centimes

ot

narfl

cur-

and

tter
bitter

Sure!y hat 18 an m"

contestatdy sound

platform

Sta"d-

wfih
day?
or

a"

u
„

Ask

your

i

u

your

own

upon

anyone

d° r
°lmTy t°"
banker friends,
a

o

k

"•Vsweth?do bet'er:
<a»have
1
not
now

gold,

or

(b) the

lr-

redeemable Federal Reserve note
in

fashion

today.




I

have

been

is

nearly

not

purchasing power of the dolIar is
consideration. I

^

taken

aro

of

seriousness

conscious

loss

such

know

the

o{
of

ambitious,

vindictive

cious,

that the

and

and

government

the Federalists proposed
somehow

to form

to find

a

subdue these qualities for

way to

the

other had

or

rapa¬

common

good.

They

with

were

is¬

where

I

observed

insatiable

the

demand for spending at first
I think that is

slim reed to lean

a

Upon.■'

All

•

i

•

-

i

not

citi-

On the other

zens.

know of

a

that

use

are

currencies

organizations which recommended

sions of

a

the

bUc

work

sound dollar. When I wrote

a

to °ne advertiser and asked him
what he meant by a sound dollar
he

lied

its

onfi

that WQuId main_

purchasing

was

to

be achieved

clear. Presumably
index
a

number

Would the present

WOuld

we

a

would

guide, and then

or

power

use

one

was

How
un_

commodity
be use(J

/g

might ask:

jndex be used_
a

lower

one?

one

in

seldom

economic

our

sees men¬

discussions

forefathers who gave

wonderful Constitution

us

our

as

valid today as they were then?

When

we

reflect upon the horrible

record of the Germans in

time^
or

are

our

life¬

the sad history of France,

ox*

the actions of the Russians and

other

nations

reason

enough to support the wise

today, ' there

observation of the
thors.

■

.

;

Federalist

is
au¬

Qur

a

to

enterprisers might well take

heart.

ever,

It

is

astonishing, how-

to note the

many

influential

gold standard in 1933, in early

New Deal

Chamber

days, such
of

as

Commerce,

the U. S.
the

Na-

tional Foreign Trade Council, Association of Life Insurance Presi-

dents, and the N. A. M. and

many

others, that have either changed
their

the
some

expected and de-

humiliating position

balance^of payment distoron our gold supply

tions and drain
tne

unsatisfactory

remedies

gold stock is

which

nature

irredeem-

provide. Treasury

now

under $16 bil-

lion, down from $22.8 billion of
Feb.

19,

1958,

pronounced
stock

began,

afterv which
in

decline

our

the
gold

earmarked

whereas

gold in the United States owned
by foreigners is

up

to $12.7 billion

fr0m the $6.2 billion

period.

It

may

in the same

be

dearer that there is

no

becoming
good sub-

stitute for the gold standard,

policy and become vigorous

proponents

of

irredeemable

rency, or decided to remain

while

of

.expedient

dollar!

abie currencies

today. Could it be that the conclu¬

for

issues

the

tary system. This is a lesson that

to

which

sues,

vised. What

for

this

presumably

down

0£

free

If

other may be

reveal

tioned

your

States.

redeemable currency in its mone-

industry

of

1

the economic

on

prestige

political

been socialized which employed a

advertisements

moral

and

hand, I don't

single nation that has

much

concerned

dollar but would also re-

and breaks

governments

redeemable in gold by their

paper

in the

fleet unfavorably
-United

.

communist,

socialist,

totalitarian

hand,

chaS'ng
P°WCT
°n P°licy ho,ders'
From u
tQ u
£ h

economist, tain
Federal Re- this

type which

y ars ago, in

record

impressive if the decline in the

so

company

which type of paper

the

Ameri- that

the finest

re7centtiesaofhard a'nrb

,over

force,

.

observing

cur-

/

quiet

A

developments,

Diverse Gold Proposals
rather

opinion

sharp

exists,

difference

between

of

groups.

Volume

6228

Number

197

.

.

The Commercial and Financial Chronicle

.

(121)

deeply concerned with the kind
of motley we ought to have in Our

bility* his trusteeship to pay out
as good a dollar as he took in?*
\

country. One grouprecommends
eliminating gold altogether
backing of
fiat

have

would

of na¬
tried

tion after nation which has

Another

it.

follow

would

group

the common European

use

us

the ruination

money,

a

In other

our currency.

they

words,

as

practice of

statutory, gold reserve behind

no

their

notes—in

paper

they

to

propose

our

case

the

remove

25% gold certificate requirements

Our

government

to make

changes in the law slowly

and only

ation.

after thorough consider¬

Legislation

faulty

be corrected.

can

is

going

takes

It

required

demoralization
How

of

prohibition.

the integrity of the dollar by mak¬

ing it redeemable in gold

Already thirty

passed

since

but with the dollar de¬

standard

valued to provide a price for gold
between

$70 and $100

another
the

to

return

statutory

find

gold at the present

rate

Analyzing

$35

of

these

myself

proposals

the

in

the

gold

that

I

simple

is there not

or

enough gold

ounce.

per

asking

question: Is there
job

ounce.

per

recommends

group

the

world

to

do

is supposed to

twelve

long it will take to restore

knows.

vocates the restoration of the gold

This

on.

to correct the mischief and

years

deposits. Still another

ad¬

Constant

modification

time.

be

to

proven

against Federal Reserve notes and
group

designed

was

standard, thirty
mentation,
nearly
it

as

of experi¬

issue
of

case

is

who

prohibi¬

Keynes

was

commented

in

person

that

the

not

million understood

a

subject sufficiently to

ciate

not

mystery to most

a

I believe it

himself

the

the

in

Money is

persons.

one

the

gold

clear cut to the citizenry

as

was

tion.

the

years

but

one

subtle

appre¬

which

in

manner

monetary policy could be used to
achieve

social

of

Scholars

whose

ment I respect say

point

that

out

"yes" and they

diminished

of

caused

gold

part by

in

lack

a

dollar,

the

of

excess

accumulation

possibly

and

fidence in the

an

our

large

balance of payments

our

difficulties

enough

with

even

greatly

of

con¬

still have

we

metal

reserve

Cites Dr. Bell

furnish

to

It

judg¬

monetary

capable of

ex¬

New

Orleans

from

centrally located Kansas City with
branch

lines

extending

west

to

industrially growing Dallas, Tex.
The system also serves as a direct

connection

for

trans-continental

carriers.
for

Freight traffic accounted
90% of total

some

1961

with

business

in

revenues

unprofitable passenger

amounting

less

to

than

5% in recent years.

Having
great

badly

depression
has

company

itself

of

in

the

gradually

from

is

comforting to

to

me

note

that in the concluding recommen¬

dations

of Dr. James

Bell in the study A

Washington

Proper Mone¬

the

1930's,
divested

financial

problems

dividends

then

its

on

initiated

the

Bell,

Bradford,

haus,

Palyi,

Spahr, and

Kemmerer,

Patterson,

Nie-

Phelps,

Wiegand, Bell states:

out¬

increasing in recent
ing

all

years

records*'1 also

country

buy

can

gold

any

today

the London market if it is
to

break¬

that

on

willing

offer something of equal value

in return. So I

not

am

impressed

with the gold shortage argument.
,

■■

Gold Stock Would Increase

It
we

is

quite

conceivable

to return to

were

that- if

fully

a

con¬

vertible gold standard the amount
of gold earmarked in this

by
in

foreign
large

our

it

central

gold

The

has

gold

proportions

banks

is,

would

from which

reserve

originated.

marked

country

be transferred to

measure

own

reason

risen

of

Our

force for

to

course,

ear¬

for

be caught

through

any

from

To

me

defects which

tricably

bound

growth
the

of

the
is

struggle.

for

The easiest

businessmen

times

jugt

course

praised

additional

achieve

toe—a

companies

share.

number

that

some

grow.

may

Perhaps they share the position
of Mr.

years

when

ago,

President of Best &
his words
were

are as

then.

true

he

was

He said:

war

ended, whether from

at 50

dividends

common

cents per share.

despite

increase

gradual

a

dividends

to

$4

share

a

1943

Since then,

by

in

1956

to

been

continuing
purchasing
and has

not

debasement
power

of

of

the

shouted the

the

dollar

dangers

of an irredeemable
currency to
his policy holders or his depositors
has betrayed his highest




ment

Management,

return

of

responsi¬

$2

on

Television

invest¬

an

is

From

the

indi¬

the

5%%

1984, at

at

gas

of

earnings that averaged nearly

$10

a

and

share

over

the past 15 years

concentrated

on

an

aggres¬

and

acquisition.

Since

the

late

30's, Kansas City Southern's

rev¬

enue

trend

that

of

has

other

been

superior

railroads

in

to
the

of

$3

over

million)

This, coupled with
net,

as

well

dividend
to

as

a

to

as

to

sound

pre-tax

fiscal

and

policies, has contributed

may

Lawrence

Though

be* fo'st

Seaway,

Southern

Railway's

expected

to

show

above-average

to

some

the

Kansas

results
strong

growth

provide

the

parent

Kansas

St.

City

interest.

headquartered at

1,473,000

governmental
the

commercial

customers in the states

Pennsylvania, West Vir¬

ginia, Kentucky, New York, Mary¬

Virginia. In addition, the
in

engages

wholesale

operations, selling natural gas to
non-affiliated

utilities for

public

ther

subsidiaries

produce

gasoline

other

growth.

and

hydrocarbon

of it.

Growth

when

products

and

System, Inc.

Pioneer Nat. Gas

Debs. Offered
Morgan

Stanley & Co.,

Secondary Offer.
The

and

First Boston Corp., New York, are

offering

publicly

Columbia Gas

$25,000,000

System, Inc., 4%%

debentures due Jan. 1, 1988, at- par
and

accrued

interest,

issue

are

The

Morgan

was

Stanley

group at a

that

ports

First

to

the

Boston

competitive sale Jan. 3,

has

it

completed

Gas

Co.,

Amarillo,

Pioneer is

and

a

residential,

industrial

cities

Texas.

natural gas

and

users

towns

in

utility

commercial
in

some

Texas,

three in Louisiana.

E L C 0 ME
Serving

as

pleasure when it

gold

that

the

quicker

we

the

quicker

we

President of the Security

Traders Association of Chicago is

That is why

an

invitation

comes

to you

then,
great

your

in

progress

-industry

MID-WINTER

will

to attend our

DINNER

January 21, 1963

City.

Gold Ballroom-Drake Hotel
FRANK X. CUMMINGS

Propp Co. Officers
Charles

K.

Perlin

have

Presidents

of

been

and

Jules

elected

R.

Bear, Stearns & Co,
Chicago, Illinois

Vice-

Propp & Company,
Make your
Harriman

Exchange.

hotel reservations through Thomas C. Dfiscoll,

Ripley & Co. Incorporated, 135 So. La Salle St., Chicago 3, III.

Coast Exchange
Member

bring out

a

special picture section

on

Feb. 7, 1963.

FRANCISCO, Calif.—Inter-

national

Building, have been ad¬

mitted to

membership in the Pa¬

cific Coast Stock Exchange. Philip
A. Ray is Chairman of the Board
of the

The CHRONICLE will

firm, and R. Stockton Rush,

Jr., is President.

For
25 Park

advertising reservations, write
Place, New York 7, N. Y.

Ads will be inserted
■o

or

phone Edwin L. Beck,

REctor 2-95.70

—

a|

to extending

the progress our great

made

a

secondary offering of 25,000 com¬
mon
shares- of Pioneer Natural

serving

awarded
—

Blyth & Co., Inc., New York, re¬

yield

to

4.375% to maturity.

to

gold,

one

subsidiary produces and sells oil.

was no

the

sell

and

extracted

Columbia Gas

in¬

economy

sells

approximately

residential,

and other

of Ohio,

to

resale to their customers. Certain

and

reflecting

due

City Southern Industries with fur¬

whole.

well above-

a

strong finances.

traffic

as

carrythrough

average

well

as

also

accrued

retail

as

should

plus

The company,

tures,

unspecified,

N,

120 East 41st St., New York,

finances

yet

of

amount

series

be added to the company's general

company

plow-back

principal

funds.

land and

the

in

redeem

outstanding

Any balance of the proceeds will

improvement.

through

the

redemption premium of

a

$1,115,300

yield

ven¬

will

of

debentures,

the split shares), it built up strong

Other

all

$23,480,000

cated with favorable potential for

on

prices

proceeds of the sale,

corporation

February

per

Based

4% -5%

made

national Bond & Share, Inc., Inter¬

and

venture

(or

disbursement by

Shares

redemption

em¬

lethargy,

rapid

dend

growth, and

SAN

the

oriented

neighbor¬

to

fear (what are they afraid of?) or

seeing

million

$4

address by Mr. Wormser before
Insurance Society of New York, New

Stock

President who has remained silent

-

un¬

relatively minor portion

a

of

The

from 104.375% to the prin¬

range

of

Company, for Inc., 400 Park Avenue, New York
today as they City, members of the New York

"Every Life Insurance Company
President, every Savings Bank
President, every Commercial Bank
since the

of

""An

the

York

Philip Le Boutillier about Huber

fifteen

growth

outlay of this initial

life

with

agree

of

Management

permit

devoted

have

worry

resume

Mussolini

edge that the officers of
insurance

the

Television-Electronics Fund. Cap¬

hood

Optional

par.

on

resources

on

flourished.

conclude

return

which

good for a while! At any rate,
I am comforted with the knowl¬

in

and principal

of

prior to maturity.

to

demands

be

to

in

more

particular

Italian

was

derwriter

to

stock

common

manager

in

70%

the

word, government

tervention

will

stop

a

should

and

proposals

any

nation

and the Germans Hitler. The
going

excessive

One final

the

follow

prominent

as

businessmen

to

long

put

phasis nowadays is

I

how

Corp.,

beginning
retire

redeem¬

Encouraging

and credit

resources

integrity.

matter

The

a

interest

Television Shares

issue

a

pay¬

sinking fund redemption price is

when

year,

reached

was

40%

a

$875,000

sufficient to

have

annual

wholesome use."

standard

no

know exist.

to

economy,

r

That is why it is worth

we

else

the money

freedom, private property, private
enterprise, and a government with

fighting for

we

and

imposed by

anything

more

human

but

come;

weaknesses

laws and policies

prospective

with

up

cen¬

purchase

of

will

with

cipal amount.

step late last

agreement

diversi¬

the

fund

able currency should do more than

these

the gold standard is inex¬

a

in

that account refrain

on

correcting

discipline

devaluation of the dollar.
;

quarter of

a

lcng time to

a

lack

determination not to

a

been

ings it could conceivably survive

record
a

system has

over

sound

a

development.

tury and in spite of its shortcom¬

of confidence In the future of the

dollar and

present

the

and

converti¬

bility, has not resulted in
and stable economic

should not

■

forces

currency

an

first

a

in

lapse,

a

that of Class I railroads (revenues

of

management took
fication

share,

company

the last 20 cent semi-annual divi¬

after

by

market

holding

16-year

resumed,

free

choice

formed

of total available funds.

enormously. I note, too, that South

free

capital position at 1961 year-end,
equivalent to some $12 per newly

and

African gold production has been

structure

working

share),

southwestern region

credit

our

strong

standing preferred shares in 1946

erty and equipment improvement

by

area.

1968
a

is estimated to be in the

improvements,

United

prepared

service

by

and, with the help of large-scale

sive program of large scale prop¬

States,

its

property

tary and Banking System for the

distinguished monetary economists

ments

in

Backed

coupon/ C »■./

debentures

tries

ital

full

The

sinking

outstanding

suffered

its bid of 99.21% which named

the 4%%

cal, petroleum and rubber indus¬

,

'Money management, unrestrained

panding

•

and

on

the rapid expansion of the chemi¬

(equal to the present $2 rate

integrity?

with

money

Arthur

objectives.

do in the world today as a back¬

ing

Continued from page 2

have

years

left

we

no

THE SECURITY I LIKE BEST...

29

area

code 212

right in this gala picture supplement

70

plus

30

The Commercial

(122)

and Financial Chronicle .:.

Thursday, January 10, 1963

.

* indicates
v

Now

Securities

•

Registration statements filed with
"Chron¬
icle" are now carried separately at the end
of this section ''Securities Now In Registra¬
—

the SEC since the last issue of the

parenthesis alongside
I the company's name, and in the index, re¬
flect the expectations of the underwriter but
are not, in general, firm offering dates.
Also - shown under the caption "Effective
Registrations" are those issues which became
effective this week and were offered pub¬
tion." Dates shown in

Aquariums Inc. (1/28-31)
5, 1962 filed 51,200 common. Price—By amendment
(max. $6). Business—Manufacture of home aquariums,
and supplies.
Proceeds—For moving expenses, equip¬
ment, -debt repayment/ and working capital. Address—-•
Route 46, Pine Brook, N. J.
Underwriter—Goikin, Di¬
vine
Fishman, Inc., N. Y.

ABC Business Forms, Inc.
July 27, 1962 ("Reg. A") 51,500 common. Price—$3.50.
Business—Manufacture, design and development of busi¬
ness forms.
Proceeds—For debt repayment and work¬

ing capital. Office-—3500 N. W. 71st St., Miami. Under¬
writer—Givens, Marx & Co., Inc., Miami. Note—The SEC
has issued

order temporarily suspending

an

this issue.

A. L. S. Steel Corp.

filed 100,000 common. Price—$4.50. Busi¬
ness—Sale of processed flat rolled strip steel.
Proceeds
—For debt repayment, equipment, and working capital.
Office—126—02 Northern Blvd., Corona. N
Y. Under¬
writer— Bernard L. Madoff, N. Y. Note—This registra¬

March 29, 1962

tion

was

withdrawn.

H Abbott Realty Fund, Inc.
June 29,

';V\,

:

1962 filed 380,000 class A common.

Price—$10.

Business—Real estate ownership and

management. Pro¬
ceeds—For debt repayment and general corporate pur¬
poses.
Office—292 Madison Ave., N. Y. Underwriters—
Morris Cohon & Co. and Street & Co., Inc., N. Y.

Accounting Corp; of America
Dec. 5, 1962
("Reg. A") 300,000 common.
Price—$1.
Business—Operation of an electronic data processing
service. Proceeds—For expansion, equipment and work¬
ing capital. Office
(371 Brfghtdn-A^e.^ febstoht ' Under¬

writer—JValJter, Wachtel & Co.; Ipp.j Boston^-

' >JV

A

Aerosystems Technology Corp; (1/28-31)
Price—$3. Business
—Company has been engaged in experimentation son
aerodynamic concepts and holds ten U. S. Patents relat¬
ing to advanced vertical lift vehicles and systems for
achieving controlled vertical flight. Proceeds—For addi¬
tional equipment, research and development; plant fa¬
cilities and other corporate purposes. Office—Route 15,
Aug. 29, 1962 filed 165,000 common.

Sparta, N. J. Underwriter—Chase Securities Corp., N. Y.
Aiken

Savings Trust

Price—$10.
estate

plans to ■qualify as

Business—Company
investment trust.

Proceeds-^-For

a
investment.

Address—Florence, S. C. Underwriter—None.
• Air Master

Corp.

May 26, 1961 filed 180,000 common, of which 90,000 will
be sold for company and 90,000 for stockholders. Price—
By amendment. Business — Manufacture of aluminum
storm windows and
»

York.

■-

All-State Properties;

Inc.'
April 24, 1962 filed $5,000,000 of conv. subord. debentures due 1977. Price—rAt par..Business—Company and
subsidiaries conduct a general real estate business with
emphasis on land development and home construction
in Fla., Md., N. Y., and Ky. Proceeds—For repayment
of debt. Office—230 Park Ave., N. Y. Underwriters—
To be named. ■
.
.' v
-

doors, and other aluminum products.
Proceeds—For working capital, and other corporate purA"—*
A
poses. Office—20th Street and Allegheny Avenue, Phila¬
delphia, Pa. Underwriter — Clayton Securities Corp.,
Boston. Note—This registration was withdrawn.
on+u

o*

"~>

x

Telephone Co.
26, 1962 filed $600,000 of 6% debentures due 1978,
240,000 common, and 180,000 10-year warrants to pur¬
chase a like number of common shares, to be offered in
600 units, each consisting of one $1,000 debenture, 400
Alaska Power &

Dec.

for
on

Amerel Mining Co.

Ltd*

date for both offerings

$13. Business — Manufacture, purchase and sale, of ice
and, other dairy products. Proceeds—For debt re-r

cream

shares. Price—500.
Business—The company is engaged in exploration, de¬
velopment and mining. Proceeds—For diamond drilling,
construction, exploration
and general corporate ex¬
penses.
Office — 80 Richmond St., W., Toronto. - Under¬
writer—E. A. Manning, Ltd.,
American

Dec.

Bolt &

Screw

Mfg. Corp.

American Finance

Co., Inc.

I.

(1/21)

April 21, 1961 filed $500,000 of 6% convertible subordinated debentures due 1972, 75,000 common, and 25,000
warrants, to be offered in units of one $200 debenture,
30 shares, and 10 warrants. Price—$500 per unit. Busi¬
ness—Company and its subsidiaries are primarily en¬
gaged in the automobilesale /finance business. One^ ad¬
ditional subsidiary is a; Maryland savings and loan association and two

are

....

New York.

automobile insurance brokers. Pro¬

BOUGHT

°

Dealers Association

fiers.

Proceeds—For equipment,

k

Automatic Controls, Inc.

1961 filed 50,000 common.

debentures

Broadway, New York 6, N. Y.

Dlgby 4-2370

American

Options Corp.
11, 1962 ("Reg. A") 60,000 common. Price—$5.
Business—Company plans to sell "puts and calls" and
may act as a broker-dealer. Proceeds—For general cor¬
porate purposes. Office—120 Broadway, N. Y. Under¬
writer—Provost Securities, Inc., N. Y.

April

American Pacific

Fund, Inc.

Business—An

common.

Automatic

management

company

American Plan Corp^

curities
and

will

be

offered

in

units

of

one

$20

debenture

share.

Price—By amendment. Business—Production and servicing of physical damage insurance on
automobiles, trucks arid mobile homes. Proceeds—To fi¬
nance the purchase of American Fidelity Fire Insurance
one

Co. Address—American Plan
York.

Underwriter

—

Bldg., Westbury, L. I., New
& Co., New York.

Bear, Stearns

Note—This registration will be withdrawn.

Busi¬

&

Co., Inc., Dallas. Note—This registration

was

Americana East, Inc*
Nov. 13, 1962 filed 400,000 common.

of

due

1972

A") $294,000 7% conv. subord. de¬

and

29,400 common to be offered in

$1,000 debenture and 100 shares.
Price—:
unit. Business—Manufacture of amplifiers and'

one

per

equipment for musical instruments. Proceeds
inventory, equipment, debt repayment and new
products. Office—1570 W. Blancke, Linden, N. J. Un¬
derwriter—John R. Boland & Co., Inc., New York. Of¬
fering—-Indefinite,1
*
* /'
<
—For

Direct Wires
R. J. HENDERSON & CO.,

1962 filed 35,000

-

to

v.,■

•

INC., Los Angeles

-

Philadelphia

Bank "Adanim" Mortgages

Basic

Inc.

Properties,

June 29, 1962 filed 400,000 class A common. Price—By
amendment (max. $12). Business—Real estate investment. Proceeds—For debt repayment, acquisition of a
building and other corporate purposes. Office—521 Fifth
Ave., N. Y. Underwriter—Hornblower & Weeks, N. Y.
Offering—Indefinite.
•

-

.

,

^

Belock Instrument Corp.

Nov. 23, 1962 filed $752,400 of 6% conv. subord. , deben¬
tures due 1975 (Series B) and 150,480 common shares

being offered for subscription by stockholders in units
(7,524) consisting of $100 of debentures and 20 shares
on the basis of one unit for each 130 common held of
record Jan. 8. Rights will expire Jan. 22. Price—$200 per
unit Business— Design, development, and manufacture
of mechanical, electromechanical and electronic precision
equipment for U. S. armed forces. Proceeds—For pre¬
payment of loans.
Office—-112-03 14th Ave., College
Point, N. Y. Underwriter—None.
Bene

Cosmetics, Inc.

A") 100,000 common. Price — $3.
sale and distribution of Italian
For advertising, inventory and
working capital. Office—114 W. 13th St., N. Y. Under¬

March 2, 1962 ("Reg.

Business—Importation,
cosmetics.

Proceeds

—

writer—Granite Securities. Inc;t N. Y,J

Big Top Stores, Inc.
1962 filed 86,000 common. Price—$3.50. Busi¬
ness—Operation of five retail toy, stationery and variety
stores, and the servicing of franchised dealers. Proceeds
—For expansion, additional inventory, and working cap¬
ital. Office—832 Scarsdale Ave., S'carsdale, N. Y; Under¬
writer—P. J. Gruber & Co., Inc., N. Y.
Offering—Ex¬
pected in April.
Nov. 26,

Brinkmann
March

26,

Instruments, Inc.

shares

are

1962 filed
to

be

100,000 common, of which
by the company and

offered

77,420
22,580

stockholders. Price — By amendment (max.
$7.75).- Business — Importing and distribution of scien¬
tific instruments.
Proceeds—For research and develop¬

Underwriter—D.

,

& Loan Ltd.

filed $556,000 of 6% cumulative preference
dividend participating dollar-linked shares.
Price—By
amendment.
Business — A mortgage lending company.
Proceeds—For general corporate purposes.
Address—
108 Achad Haam St., Tel-Aviv, Israel. Underwriter—
Adanim American Israel Investment Co.,. Inc.
Dec. 29, 1961

Mass.

-

-

?

by company and 100,000 by stockholders.
amenqhnent (max. $8), Business—-Cqmpany
operates, owns, services and leases coin-operated auto¬
matic vending machines.
Proceeds—For debt repay¬
ment, inventories, equipment an<3 working capital. Of-'
f|ce—217 N; Willow Ave., Tampa, Underwriter—A. C.
Allyn & Co., Chicago.

shares

Underwriter—None.

hvs

Price—By

Price—By amend¬
(max, $30). Business—Design, manufacture and
installation of large microwave antennas and antenna
components.
Proceeds—For reduction of bank loans,
and working capital. Office—349 Lincoln St.; Hingham,
common.

ment

WOODCOCK, MOYER, FRICKE & FRENCH, INC.,




Sept. 28,

Inc.

^

225,000cbmmohji of which 125,000 are

to be offered

March

30, 1962 filed $3,100,000 convertible debentures
due 1982, and 155,000 common (of which 120,000 will be
sold by company and 35,000 by a stockholder).-The se-

Merchandising,t,Inc.

May 24, 1962. filed

Price—Net asset value.

special¬
izing in life, health, casualty and accident insurance.
Proceeds—For investment. Office—1523 Kalakaua Ave.,
Honolulu. Underwriter—American Pacific Management
Corp. <same addressL
open-end

^control ,and/^automatically /operate indus-

machinery and proc£§sesvs .Fjroceeds^^For general
corporate purposes,. Office—:360i Merrick Bid., Seaford,
N. Y. Underwriter—S. Schramm & Co., Inc., N. Y,. *
•

•

July 9, 1962 filed 94,500

Antenna Systems,

TWX: 212-571-0320

Price—$4. Business

trial

.

39

inventories and work¬

ing capital/ Office-rr668 Jenks Ave., St. Paul; Minn.
Underwriter—Pewters, Donnelly & Jansen, Inc., St.

and devices to

$1,685,000 of 6Y2% convertible sub¬
due Sept.
1, 1977; also 275,000
common. Price,For debentures, at par; for stock, by
amendment. Business—Transportation, distribution and
sale oL natural gas. Proceeds—For debt repayment and
expansion. Office—— 546 S. 24th Ave., Omaha. Under¬
writer—Walston & Co., New York. Offering—Indefinite.

units

ESTABLISHED 1942

("Reg. A") 200,000 common. Price—$1.50,.
Business—Manufacture and sale of Misti-Cone humidir

—Design,

Co.

accessory

;

,

ordinated

$1,020

Members of New York Security

'

"

„

.

March 26, 1962 filed

bentures

he.

,<

manufacture and installation of electrical,
pneumatic, hydraulic and mechanical*,systems," controls

Gas

Price—$2.50. Busi¬
construction and management of
real estate properties. Proceeds—For construction, debt
repayment and working capital.
Office—173 First St.,
Macon, Ga. Underwriter—Nusouth Growth Stock Sales
Corp., 4101 Steam Mill Rd., Columbus, Ga.
,

sd. SIEGEIj ¥

.

Atmosphere Control, Inc.

Dec. 28,

American

ness—Development,

-

" /

Note—i his letter wiu be wimarawn.

Wa^

—Myron A. Lomasney & Co., New York.

Pierce

SOLD•QUOTED
Banks, Brokers, Institutions

.

,

May 28, 1962

Paul, Minn.

Am peg Co., Inc.
Oct. 29, 1962 ("Reg.
for

/■

Ascot

ceeds—-For the retirement of debentures, and additional
capital funds. Office—1472 Broadway, N. Y. Underwriter

withdrawn.

allKEW

common, of which 100,000
and 35,205 by stockholders.

Publishing Co., Inc.
Jan. 29, 1962 ("Reg. A") 103,000 common.
Price—$2.
Business—Publishing of a bowling magazine. Proceeds
—For general corporate purposes.
Office—14 W. 55th
St; N. Y. Underwriter—Dana Securities. Co.. Inc., 80
\
ix y UNotc Thi* letter will be withdrawn

Proceeds—For
Office—800 Hartford Bldg., Dallas. Under¬
writers—Kidder, Peabody & Co., N
Y. and Rauscher

specializing in

1962 filed -135,205

21,

to be offered by company

capital. Office—1120 Connecticut Ave., N. W.j
Washington, D. C. Underwriter—-Shields & Co., Inc.,

investment.

over-the-counter securities

/

working

$100 debenture and 10 shares.

porate purposes. Office—Lawson Blvd., Oceanside, L.
N. Y. Underwriter—S. D. Fuller & Co., N. Y.

/

,

Price-r-By amendment (max. $ 10). Business—Originate
ing, marketing and servicing of first mortgages..and
loans on real estate. Proceeds—For loan repayment, and

(1/28-31)

Price—$100 per unit. Business—Manufacture of standard
and special industrial aircraft and missile fasteners. Pro¬
ceeds—For debt repayment, equipment and other cor¬

•

/

are

1961 filed $900,000 of 6% convertible suoordidebentures and 90,000 common, to be
offered

nated

Ave., Los Angeles.

Underwriter—None.

Dec.

Toronto.

15,

in units consisting of one

payment. Office— 1900 "W. Slauson
Associated Mortgage Co., Inc.

ness—A real estate investment company.

in

is Nov. 21 arid the rights expira-*
preferred $52; fur common

tion. date Feb. 15. Price—For

-

American Southwest Realty Trust
Feb. 12, 1962 filed 1,000,000 common. Price—$11.

^

cumulative pre*

stock and 205,105-common shares being offered
subscription by stockholders of the respective classes
the basis of one new share for each 10 held. ■; Record

ferred

•

^DINCA^

Farms Co.

Arden

May 23, 1962 filed 49,993 shares of $3

.

Aug. 22, 1082 filed 100,000 shares of beneficial interest.
real

Proceeds—Expansion

service, loan repayment, and working capital. Office—
Fifth: Ave., Skagway, Alaska. Underwriter -r- Jay W.
of

Kaufmann & Co., New

revised

Dec.

July 31, 1961 filed 400,000 common

licly.

♦

service to 4 Alaskan communities.

items

additions

previous, issue

#

unit. Busi¬
telephone

common, and 300 warrants. Price—$1,000 per
ness—A public utility supplying electricity and

NOTE

since

ment,

by

equipment, debt repayment

purposes.

and

other corporate

Office—115 Cutter Mill Rd., Great Neck,
B. Marron & Co., N. Y.

N. Y.

Volume

•

Number

197

C. B. National

6228

.

.

.

The Commercial and Financial Chronicle

Fund, Inc.

Chemical Coating Corp.

Feb. 6, 1961 filed 50,900 shares of common

Price—$5.50

June 29, 1962 filed

stock, series 2,
Business^-A closed-end diver¬

Share.

per

—

Associates

norate

Inc. N. B,

Management, Inc., Fort Worth.

The registration statement has been

—

Carriers, Inc.

1962 filed 1,015,564 capital shares to be offered
subscription by stockholders on the basis of four new

shares for each share held

on

head

tow

Office

—;

Feb. 14, 1962. Pricer-25
over-1

Child

ness—Company plans to publish classics. Proceeds—For

May

B.

Cantor

in .February.

*

Co.,

'

..

N.

Y.

Guidance

are

23,

1962

Offering—Ex¬

-

ment. Business—General real estate. Proceeds—Debt

New York. Offering—Indefinite.

Bronx.

re¬

payment and working capital. Office—324 E. Bixby RdL,
Long Beach, Calif. Underwriter^—To be named.
•

Cameo

•

•

to be offered by the

company

which 120,000

and 80,000 by stockhold¬

Price—$5. Business—Manufactuer of women's and
children's tailored panties. Proceeds—For debt repay¬

ers.

sold to

Colonial

Cameron Iron

f

■

processing industries,
Coihpa'n^ also makes' iorged metal products used in the
aviation, missile and atomic industries. Proceeds—For

Texas.

ment

Address—P. O. Box 1212, Houston,

Underwriters—White,

Weld

Lehman Brothers, New York. Note
may be withdrawn and»then refilCd.

Canaveral Hills

quency

Coastal

Price—$5.

common.

—Company was formed to own and operate a country
golf course, swimming pool and cabana club,
near
Cape Canaveral, Fla., and develop real estate,
erect homes, apartment houses,, motels, etc. Proceeds—^
For debt repayment and expansion.

Office—309 Ainsley

•

t

Academy, Inc.

'

Proceeds—For

general

corporate

Milwaukee.

debt

Underwriter—Golkin,, Divine

Inc., Chicago.

?

■

purposes.

components.

■'

,

&

Castle Hospitality Services, Inc.

debentures due 1969.

Business—Company plans

>'

—

Company plans

around
sewage,

water

Business

as a public utility and
disposal services in and
Proceeds — To construct a
—

repay¬

"

R.R. N. 3, Box 28,

4

v

J<

*

1

s

Business—Sale of

Inc.,

same

Office—110

Underwriter—CN

due

offered in units
common.

sale

of

growth
tion

1973

Price—$12

and

and

air

sale

and

30,000

consisting of

chemicals

of

per

one

common

shares

to

be

$10 debenture and two

unit. Business—Production and
to control odors, bacterial

pollutants;

and development, produc¬
vaporizing unit for dis¬

electronic

pensing such chemicals. Proceeds—For debt repayment,
equipment, sales promotion and working capital. Office
—221

N.

La

Salle

St., Chicago. Underwriter—Price In¬

vesting Co., New Yorki'VV:




-

.

Common

Inci)" $131,250

*v.

-

Common

Co.)

&

shares

100,000

Common

(J.

Wheat &

C.

,

—Debentures
$2,250,000

Capital Stock

Bullard

Smyth)

&

250,000

shares

Common
Allied

and

Co.

Securities

Corp.) 145,500 shares

Nippon Electric Co., Ltd..—.——American Shs.
(First

Boston

and

Corp.

Witter

&

Securities

Daiwa

Ltcu

Co.,

400.000 A. D. S.

and

Co.

(Blair

*

Photo

H.

&

230,000

Co.)

&

Securities

shares

■

...

—Common
Co., Inc.) $300,000

Co.———Bonds

RBfcU 12 noon EST) $25,000,0(H)

"

*

*

'

(Tuesday)

Dallas Power & Light

V

w

—Common
$350,000

Corp)

Mountain, Inc..—

January 29

75,000 shares

Co.)

Common

(Don D. Anderson

f

Bishop

Offset, Inc.-

(K-Pac

Zero

Common

M.

Inc.

February 5 (Tuesday)
Telephone Co. of Pennsylvania.—Debentures

Bell

(Bids

Proceeds—For

$50,000,000

be received)

to

February 6 (Wednesday)
Laclede Gas

...Debentures

Co
(Bids

to

be

$10,000,000

received)

Preferred

Laclede Gas Co

Brothers; Merrill Lynch, Pierce, Fenner &
Inc.; and Reinholdt & Gardner) 200,000 shares

Smith

■>•-<

a

cfa&i

<•

working

capital.

(Dempsey-Tegier
•

f
'*

porate purposes. Office—1012

Texas

•

<

z

-.

Power

Arkansas
common.

Price

—

14th

10

&

(Bids

$10,000,000

(Wednesday)
&
to

;

Bonds

Light Co
be

received)! $15,000,000

(Wednesday)

.

Bonds
$12,000,000

(Tuesday)

Northwestern

Bell

(Bids

32

EST)

(Bids to be received)

March 5

March 11

Co

Telephone

to,be received),$40,000,000

March 12

(Tuesday)

Gas-&

i

(Bids

March 25

—_—-JBonds

~

r

S

Electric Co

il

a.m.

EST) $15,000,000

—..Bonds
'

(

.T ' '

(Monday)

Norfolk & Western
;

■

$9,375,000

.(Bids to be received)

/

Debentures

(Monday)

Central Illinois Light Co.^.

Oklahoma

'

,

Bonds

Co

11 a.m.

February 27

St., N. W.. Washine-

on page

$50,000,000

Brooklyn Union Gas Co

":

'VV.w';Continued

i

Bonds

Co...
EST)

a.m.

Light

Power

$25.

Computer Control Co., Inc. <
Jan. 24r 1962 filed 157,500 common, of which 62,500 are
to be offered by the company and 95,000 by stockhold¬
ers. Price—Bv amendment.
Business—Design and manu¬
facture of digital equipment.
Proceeds—For debt re¬
payment. Office—983 'Concord St., Framingham, Mass.
Underwriter—Kidder, Peabody & Co., N. Y. Offering—
Indefinitely postponed.

ff ?
Class A

(Tuesday)

(Bids

Underwriter—Doft & Co., N. Y. Offering-

ton, Di; C.
Indefinite.

(Thursday)

February 15

(Bids

Office—3570

$1,300,000

Natural Gas & Oil Producing Co
(Peter Morgan & Co.) $900,000

February 19

Inc.

class A

Units

Inc.)

Co.,

&

Potomac Electric Power

Business—Development and sale of advanced program¬
ming systems, for solution of business problems by the
use of digital computers. Proceeds — For general
cor¬
:

(Monday)

February 11

Roddy Recreation Products Inc

February 20

Dec. 29, 1961 filed 20,000

North

designed

an

(Filor,

Underwriter—Edward D. Jones

Computer Concepts

Chemair

debentures

Proceeds—For

Blvd., St. Louis.
& Co., St. Louis.

Agency,

Electronics Corp.
Dec.'28, 1962 filed $150,000 of 6% subordinated income

Co.,

&

Inc.—

health, accident, life and hospital in¬

Lindell

specializing in life insurance

investment.

Gilhart

D.

(Tillie) Foods, Inc

Luck's

164,000 common, of which 115,000
by the company and 49,000 by stock¬
Price—By amendment (max. $15). Business—

surance.

111.

j

-V

Logos Options, Ltd

26, 1962 ("Reg. A") 46,000 common to be offered
for subscription by stockholders on the basis of one share

Central Mutual Fund, Inc.
Aug. 20,> 1962 filed 100,000 capital shares.-: Price—Net
asset value (max. $14) plus a 2% sales commission.

•

;;

$1,000,000

(Van Alstyne, Noel & Co.)

j-

Commercial Life Insurance Co. of Missouri

Wash. Offering—Indefinite.

Jacksonville,
address.

Co.)

(Goodbody & Co.) 150,000 shares

Lewis

1962 filed

—None,"

Wallace, Idaho. Underwriters—Pen-,
Standard Securities, Inc., Spokane,

Proceeds—For

&

Donmoor-Isaacson, Inc.——

Co.

for each 3.36 common shares held. Price—At-the-markeL

St.,

Common

$500,000

America—Common

Dixie Lime & Stone Co.

Address

Address—Box 469,
naluna
Co. and

stocks.

51,200 shares

Inc.)

Corp. of America-————.

(Courts

Nov.

East

Co.,

(Lehman

Mines, Inc.

fund

.....Common

Enterprises, Inc.—

(Blair

(A.

Imperial Mining Co.
Sept, 20, 1962 filed 200,000 common. Price—$1. Busi¬
ness—General mining.
Proceeds—For exploration and
operating expenses. Office—Creede, Colo, Underwriter

April 10, 1962 ("Reg. A") 2,000,000 common. Price—15a

mutual

Data

Walnut

Business—For exploration, development and production
of mineral deposits.
Proceeds — For mining expenses.

Business—A

—-Units

$900,000

Leasing Corp.'of America—Debs.

.

Colorado

Ind. Underwriter—None.

Center Star Gold

Co.)

(Blair & Co.) 99,000 shares

qualify

sewage

Cedar Lake,, Ind.
disposal system. Address

Cedar Lake.
•

to

and

&

Burnside &

E.

Consolidated

expansion, equipment and debt repayment. Office—615
Parker St., Manchester, Conn. Underwriter—Putnam &
Co., Hartford, Conn.

Service Corp.

March 20,1962 filed 9,964 common. Price—$100.

—Common
$495,000

Pioneer Telephone Co...

Manufacture of shoeboard and boxboard.

pano

$8,400,000

EST)

noon

Consolidated Leasing Corp. of

be offered

holders.

-Bonds
Equip. Trust Ctfs.

——

Hills

(Willis

Co.;

&

$10,000,000

(Golkin, Divine & Fishman, Inc.)

Canaveral

communications

28,

Inc.)

EST)

a.m.

Puller

D.

-

corporate purposes. Office—1068 S. Ocean Blvd., PomBeach, Fla. Underwriter—None.

to

-Bends

Weld
$50,000,000

White,

Corp.;

Co.,

Securities Corp.)

Inc.

White

March

12

•

are

furnish

(S.

Aquariums,

Proceeds—For working

offer management and consultant services to motels and
furnish them with equipment.
Proceeds—For. general

Cedar Lake Public

—

11.30

ness-UDesign^ development, and manufacture of special¬

Board

&

(Wednesday)

Sperti Products,

Colonial

to

Stuart

(Chase

equipment, and aircraft and
flight control devices. Proceeds—For repayment of bank
loans. Office—5225 "C" Ave., N. E., Cedar
Rapids, Iowa.
Underwriters—Kidder, Peabody & Co., Inc., and White,
Weld & Co., Inc. New York.. Offering—Imminent. *V-i

Fishman,

Common
shares

96,000

(Tuesday)

21, 1962 filed $12,500,000 conv. subordinated de¬
bentures, due Jan; 1; -1963. PriceVByAmendment, Bus!-;
radio

Units

American Bolt & Screw Mfg. Corp

Collins Radio Co.

ized

Offering—Indefinite.

Dec. 14, 1962 filed $500,000 of 8%
Price—At paF; ($1,000).

debt

.

$1,250,000

& Co.)

Stores, Inc

(Bids

Sept.

repayment, expansion and
Office—135 W. Wells St.,

purposes.

Proceeds—For

•. *

,

January 28 (Monday)
Aerosystems Technology Corp

(Dean

~

June 29, 1962 filed 100,000 common.
Price—By amend¬
ment (max. $3.25);; Business — Operation of technical

schools.

'

Lomasney

Southern Pacific Co

Mississippi Chemical Corp., parent, will receive

stock.

$6,360,000

Guerin & Turner, Inc.)

(Lids

Underwriter—Mississippi Chemical
Corp., Yazoo City, Miss., will act as underwriter for the

Miami, Fla. Underwriter—Willis E. Burnside &
Co., Inc., New York, v ;r'
.

Equip. Trust Ctfs.
EST)

noon

Webster Securities

(Stone. &

Proceeds—For

the proceeds from the sale of the class C stock.
—Yazoo City, Miss.

Bldg..

Career

and

A.

Food

Chemical

izer materials

capital.

12

11 a.m. EST) $50,000,000
Tennessee Gas Transmission Co

24,
39,239 outstanding
C, and 20,000 class D shares. Price—$35. Business
—Manufacture of anhydrous ammonia and other fertil¬

club and

Shares

(Bids

class

Business

..Capital

21

January 22

Corp.
1962 filed 40,000 class A,

Sept.

Enterprises, Inc. (1/28-31)

May 10, 1962 filed 100,000

stores.

-

$65,000

Public Service Co. of Oklahoma

Office
Underwriter—None. V •

Ave., Clark, N. J.

& Co., Inc., and
This registration

—

K

•

(Thursday)

Halsey,

grocery

corporate

Co.)

Chesapeake & Potomac Telephone Co. of Md._Debs,

other

other

and

&

shares

(Keon & Co.)

January 23

transistors.

Hammill

Shearson,

and

175,000

j,

(Bids

(Eppler,

1962

power

$6,300,000

Corp

(Myron

units of $170.05 of debentures and 185 shares. Price—
$220 per unit Business—Production of very high fre¬

ment used in to

selling stockholders.

22,

Corp.

■

Circle

Corp.
filed $153,045 of 5% subord. debentures
due 1967 and .166,500 common shares to be offered in
Aug.

CST)

noon

(Monday)
American Finance Co., Inc

Clark Semiconductor

.

Artists

.

January

Fund, Inc.

drive-in

12

.••••

I

corporate purposes.
Office—904
El Paso.
Underwriter—Eppler, Guerin
& Turner, Inc., Dallas.

Sept. 14, 1962 filed 280,000 common. Price—By amend¬
ment (max. $21.50).
Business—Manufacture of equip¬

Higginson
■

.

January 17

Builders, Inc.

retail

<

Equip. Trust Ctfs.

Circle K Food

of

$35,000,000

Seaboard Air Line RR

capital.
Office—1125 Close Ave.,
Underwriter—J. R. Williston & Beane,

<

expansion and
Magoffin Ave.,

Corp. of America.

Works, Inc.

Y

Church

tion

ment, inventory and working capital. Office—Fajardo,
Puerto Rico. Underwriterr-To be named. Note—This reg¬
istration will be withdrawn. Assets of the
company have

v

/

Stores, Inc. (1/21-25)
Nov. 28, 1962 filed 96,000 common, of which
64,000 are
to be offered by company and
32,000 by stockholders.
Price—By amendment (max. $6.25). Business—Opera¬

are

(Lee

Master

working

N.

See C. B. National

Lingerie, Inc.

Feb. 12, 1962 filed 200,000 common, of

been

>

,

of

to be offered

Cambridge Fund of California, Inc.
Sept. 28, 1961 filed 280,000 common. Price—By amend¬

-

$296,800.'.

Bonds

CST)

a.m.

Preferred
Co.)

&

Fidelity Bankers Life Insurance Co.._-. ..Common

Inc.
100,000 common,

ceeds—For

Co..

——

Toys,

filed

10

(Bids

of which 70,000
by company and 30,000 by stockholders.
Price—By amendment (max. $12.50). Business—Design,
manufacture and sale of plastic educational
toys. Pro¬

general corporate purposes. Office—339 W. 51 st St.. N Y.
Underwriter—S.

pected

RR.

—

Publishing Corp.

(Tuesday)

Telephone

(Bids

equipment and working capital. Office—2025 McKinley
St., Hollywood, Fla. Underwriter
Clayton Securities
Corp., Boston, Mass. Offering—Indefinite.

June 13, 1962 filed 100,000 common. Price—$3.50. Busi¬

Cap. Slis.
$375,000

)

January 16 (Wednesday)
Chicago, Burlington & Quincy

,

common,

$25,000,000
Inc.

Co.,

(McCourtney-Breckenridge
Power Co
i

Illinois

which
225.000 are to be offered
by the company and 75,000 by
stockholders. Pi,icerr-r$5. Business—Design^ ?and : manu¬
facture of women's, misses' and
junior sportswear, co¬
ordinates, and dresses. Proceeds—For debt repayment,

,

Caldwell

Boston

Nov.

systems, etc. Proceeds—For working capital.
Kirk Blvd., Greenville, S. C. Underwriter—

None.

Underwriters—(Competitive). Probable bid¬

First

• Chestnut Hill Industries, Inc.
29, 1961 filed 300,000 class A

/

osnts. Business-—Manufacture aftd sale of overhead trol¬

ley conveyers, vertical tray lift systems, floor and4

Harrisonville

Corp.-Merrill Lynch, Pierce, Fenner
& Smith Inc. (jointly);
Halsey, Stuart & Co. Inc.; Mor¬
gan Stanley & Co.; White, Weld & Co. Bids—Jan. 22 (11
a.m. EST) in Room
2313, 195 Broadway, New York.

-

June 22,

Baltimore.

1 .Debentures

EST)

a.m.

(General Securities

January 15

ders:

f

/

-

11

Servotronics, Inc.

$50,000,000 of debentures due Jan. 1,
refund advances from parent, A. T.
& T., and for construction. Office—320 St. Paul
Place,

motion; equipment; research and development, and
working capital. Office —2401 Pacific St., Brooklyn,
N; Y. Underwriter—Broadwall Securities, Inc., Ni. Y«

>/'

(City of)
(Bids

Dec. 28, 1962 filed
2002. Proceeds—To

13, 1962 ("Reg. A") 90,000 common. Price—$1.50.
Business—Design and manufacture of flexible re-usable
vinyl packages. Proceeds—For debt repayment; sale pro¬

for

Montreal

(1/22)

Products) Inc.

Dec.

Cable

January 14 .(Monday)

cor-

purposes.

Chesapeake & Potomac Telephone Co. of Md.

withdrawn.
C-Thru

Proceeds—For general

Office—Santurce, P. R. Underwriter—
Arnold Malkan Investment Growth of Puerto
Rico, Inc.,
Santurce, P. R.

Note—This company formerly was named Church Build¬
ers,

and manufacture paints.

ness

31

NEW ISSUE CALENDAR

70,000 common. Price—$5. Business
a painting contracting busl-)

^—Company; plans to operate

.

sified management investment company. Proceeds—For
investment. Office—501 Bailey Ave., Fort Worth, Texas.
Distributor

(123)

Ry.———Equip. Trust Ctfs.

(Bids to be received) $5,475,000,:

32

Products, Inc.

Price—By amend¬

(max. $10). Business—Manufacture of home fur¬
nishing trimmings and accessories. Proceeds—For ma¬
chinery and working capital. Office—27 W. 23d St., N. Y,
Underwriter—H. Hentz & Go., N. Y. Offering—Feb.
ment

Consolidated Leasing Corp. of America

I

(1/28-31)

April 27, 1962 filed $1,000,000 of 6V2% subord. deben¬
tures due 1977
(with warrants), and 99,000 common.
Price—For debentures, at par; for stock, by amendment
(max. $9). Business—Renting of cars, trucks and equip¬
ment.
Proceeds—For debt repayment, an acquisition

corporate purposes. Office

—

1012 Baltimore

Underwriter—Blair & Co., N. Y.

Ave., Kansas City, Mo.

Consolidated Vending Corp.

April 2, 1962 filed 70,000 common. Price—$5.75. Business
—Operation of vending machines. Proceeds—For debt
repayment, working capital and other corporate purposes.
Office—129 S. State St., Dover, Del. Underwriter—Dana
Securities Co., Inc., N. Y. Note—This registration will

Inc.

Investments,

Mutual

Consultant's

21, 1962 filed 500,000 common. Price—$10. (For an
initial period the fund will also offer its shares in ex¬
Dec.

securities on the basis of one
value of securities). Business

acceptable

for

change

share for each $10 market
—A

mutual fund. Proceeds—For investment. Office

new

Broad

S.

—211

Underwriter—Gerst-

Philadelphia.

St.,

ley, Sunstein & Co., Philadelphia.
Contact Lens

Inc.

Guild,

Sept. 19, 1962 ("Reg. A") 75,000 class "A" common.
Price—$4. Business—Manufacture and sale of a patented
contact
lens.
Proceeds—For
moving
expenses,
re¬

advertising

inventory,

search,

working

and

capital.

Office—360 Main St. E.,
John J. DeGolger
•

Continental

Dec.

Rochester, N. Y. UnderwriterCo., Inc., Rochester, N. Y.

Device Corp.

1962 filed 275,000 common. Price—By amend¬

26,

(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
other corporate purposes. Office—12515 Chadron Ave.,
Hawthorne, Calif. Underwriter—Carl M. Loeb, Rhoades
& Co., Inc. New York. Offering—Expected in February
ment

or

Maich.

ControIDyne, Jnc.

h

Oct.

24, 1961 filed 150,000, common. Price—$1.15. Busi¬
ness—Development and production of electronic testing
and training devices* Proceeds — For expansion and
working capital. Office—9340 James Ave., S., Minne¬
apolis.
Underwriter—To be named.
Note—This firm
formerly was named Control Dynamics, Inc. Offering

—Indefinitely postponed.
Corporate Funding Corp.
April 26, 1962 ("Reg. A") 75,000 class A
Business

company.
Office—39

—

A

financial

Price

common.

investment

and

holding

Proceeds-^-For expansion and working capital.
Broadwav.

& Co., Inc.,

Underwriter—R.

Y.

N.

F.

Dowd

1962

26,

ordinated
—The

filed

$1,250,000

debentures

manufacture

records.

Proceeds

due

and

For

6%

of

convertible

sub¬

1977. Price—At par. Business
distribution
of
phonograph

—

the

Cotter & Co.

1962 filed $3,000,000 of 6%

subordinated notes,

series I.
saler

Price—At par. Business—A cooperative whole¬
of hardware
and
related
items.
Proceeds—For

working capital. Office—2740 N. Clybourn Ave., Chicago.
Underwriter—None.
Creative

cern.

Ventures

Corp.

corporate guidance

Company

derwriter.

may

also act

Proceeds—For

and

interim

as a

financing

con¬

broker-dealer and

investment.

Office—733

un¬

Third

Ave., N. Y. Underwrlteir—Hampstead^ Investing Corp.,
New York.
Credit

Delta Bowling

shares

Price—$3.

Department, Inc.

and

20

Business—A
debt

Underwriter.

common

shares.

Price—$550

per

unit

consumer sales finance
company.
Proceeds
repayment.
Office—1775 .Broadway, N. Y.
Rernard M
Kahri & Co;,

Inc.,' N.. Y,

C. Transit

April 30, 1962 filed $6,250,000 of 6V2%

conv.

subord. de¬

bentures

due 1977 and five-year warrants to
purchase
aggregate of 187,500 class A shares, to be offered for
subscription by holders of class A and class B stock in

an

units

consisting of $100 of debentures

rants. -Price—$100

per

public transit system
sidiary to construct

and

three

war¬

unit.

Business—Operation of a
D. C.; a new sub¬
housing projects in Washington,

in Washington,

D. C.

Proceeds—For construction and general
corporate
purposes.
Office—3600 M St., N. W.,

Washington, D. C.

Underwriter—None.
Data

Corp. of America

(1/28-31)

Oct. 29, 1962 filed 105,000 common.
Price—$1.25. Busi¬
ness—Development of specialized data processing appli¬




Underwriter—None.
Eastern Camera &

Photo Corp.

50,000 common shares (of which 25,by the company and 25,000 by stock¬
The securities are to be offered in units of one

tures due 1972 and

000

will

be sold

holders).

$100 debenture and 10 shares. Price—By amendment.
Business—Operation of retail camera stores and depart¬
ment store concessions.
Company also processes black
and white film and repairs photographic equipment.
Proceeds—For debt repayment

fice—68 W. Columbia

and working capital. Of¬
St., Hempstead, N. Y. Underwrit¬
I., and Street &

to be withdrawn.

De Troy

Securities, Inc., N. Y.

Dec.

20, 1962 filed 140,000 common. Price—$4. Business
printing. Proceeds—For debt repayment,
and other corporate purposes. Office —750 Hyler St.,
Teterboro, N. J. Underwriter—Van Alstyne Noel Corp.,
New York. Offering—Expected in late February.
Deuterium Corp.

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,
2 units for each 5%
preferred A sfbek held and 40
units for each $1,200 face amount of non-interest bear¬

ing subordinated debentures held. At the same time, the

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—360 Lexington Ave., N. Y. Underwriter—None.
company

Mills

Corp.
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
Jan. 23, 1962

nylon hosiery. Proceeds—For debt repayment
and working capital. Office—417 Fifth Ave., N. Y.
Un¬
derwriter—Drexel & Co., Philadelphia.
Offering—In¬
definitely postponed.
Collateral Corp. ^
J
13, 1962 filed 77,050 common. Price—By amend¬
ment (max. $11.75). Business—A real estate investment
company. Proceeds—For investment. Office.—8397 N. E.
Second Ave., Miami, Fla. Underwriter—Karen Securities
Corp., N. Y.
Diversified

June

Diversified Real Estate Trust

-

v

Electro-Nucleonics, Inc.
Sept. 24, 1962 ("Reg. A") 29,525 common. Price—$5.
Business—Research and development toward improve¬

centrifuge technology for separation of iso¬

ment of gas

tope and gaseous materials. Proceeds—For equipment,
expansion, research and working capital. Office—368
Passaic Ave., Caldwell, N. J. Underwriter—M. L. Lee &

Co., Inc., N. Y. Offering—Imminent.
•

Electro-Temp Systems, Inc.

Oct.

160,000 common. Price — $1.
commercial and industrial refrigera¬

("Reg. A")

18, 1962

Business—Sale

of

machinery and equipment. Proceeds—For debt re¬
payment, equipment, inventory and working capital. Of¬
fice—150-49 Hillside Ave., Jamaica, N. Y. Underwriter

tion

—S. C. Burns &

Co., Inc., N. Y. Offering—Indefinite.

Equity Funding Corp. of America
March 29, 1962 filed 240,000 common. Price—By amend¬
ment
(max. $6.50). Business—A holding company for
firms selling life insurance and mutual funds. Proceeds
—For new sales offices, advances to subsidiaries and
working capital. Office—5150 Wilshire Blvd., Los An¬

Underwriter—Wisconsin-Continental,

geles.

Inc.,

Mil¬

waukee.
•

Everbest Engineering Corp.

April

100,OUO class A shares. Price—$2 40.
and sale of long-lived electrc

2, 1962 filed

Business—Manufacture

lamps. Proceeds—New product development, inventories
and working capital. Office—41 E.* Twelfth St.* N
v
Underwriter—Planned Investing Corp., N. Y. Note—This

registration was withdrawn*?Ml

tpj ■

•

*t*»

Fastpak, Inc.
r,r•
Nov. 30, 1961 filed 125,000 common. Price—$5. Business
—The distribution of nuts, bolts anjd other
fastening
devices manufactured
by others. ^Proceeds—For debt
repayment and general corporate 'purposes. Office—8
Benson Place, Freeport, N
Y Underwriter — Arn^M
Malkan & Co., Inc., N. Y. Note—This registration will
.

be withdrawn.

...

...-v.;

.

....

Fedco

March
est.

Co., Inc., New York. Note—This registration is expected
•

Bergen, Inc.

Diamond

subord. deben¬

March 28 1962 filed $500,000 of 6% conv.

Underwriter—Provost

8, 1962 filed 1,000,000 shares of beneficial inter¬
Price—$10.
Business—A real estate
investment

Proceeds—For investment. Office—500 Fifth Ave.,
Underwriter—Bacon, Johnson Realty Management
Co., Inc. (same address). Offering—Expected in March.

Diversified Realty Investors
June 28, 1962 filed 1,900,000 certificates of interest. Price

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).
Business—Design and
manufacture of tools, dies, molds, beryllium castings and
the distribution of plastic, metal and glass products for
home use. Proceeds—For a recession offer to stockhold¬
ers

and reduction

payable. Office—3600 W.
Underwriter—None.

of accounts

—$1

Pratt Ave., Chicago.

South, Salt Lake City. Underwriter—Realty Securities.
In"
Salt Lake City.

21, 1962 refiled 175,000 common. Price—By amend¬
ment. Business—Writing of ordinary life, group life and

per interest.
Business—A real estate investment
trust.
Proceeds—For investment.
Office—19 E. First

Dixie Lime & Stone Co. (1/28-31)
Sept. 27, 1962 filed 100,000 common. Price—By amend¬
ment (max. $6.75).
Business—Mining and processing
of crushed granite, lime rock, arid agricultural limestone.
Proceeds—For

loan

Office—11 N. Main

Atlanta, Ga.

Doman

April 19,

repayment, and working capital.
St., Ocala, Fla. Underwriter—Courts

Helicopters, Inc.
1962 filed 418,680

common

to

be

offered

fox

adequacy of this statement.

credit

property insurance, and re¬
stockholders. Address—
Broad at Willow Lawn, Richmond, Va. Underwriters—
Lee Higginson Corp.,
and Shearson, Hammill & Co.,

casualty

life,

and

insurance. Proceeds—For selling

New York.

Fidelity Mining Investments Ltd.

Proceeds—For

working

capital.

Office—

Broadway, N. Y. Underwriter—Goodbody

&

Col,

Duro-Test Corp.
Dec 6, 1962 filed 150,000 common. Price—By amendment
(max. $9). Business — Manufacture of various types of

lights for industrial and commercial use. Proceeds—For
the selling stockholder. Office — 2321 Hudson Blvd.,
North Bergen, N. J. Underwriter—Auchincloss, Parker
& Redpath, New York. Offering—-Indefinite.
Dynamic L. P. Industries, Inc.
June 21, 1962 filed 75,000 common. 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.
New York.

Burnside

Richmond

St., Toronto. Underwriter—G. V. Kir by

First American

Israel Mutual

Fund

Aug. 15, 1962 filed 2,750,000 shares of beneficial in¬
terest. Price—By amendment (max. $10). Business—
A mutual fund which plans to invest

primarily in equity

securities of Israeli companies. Proceeds—For in¬
vestment. Office—141 Milk St., Boston. Underwriter—
type

pected in February.

holders. /Price—By amendment (max. $12), BusinessDesign _and manufacture of boys-knit shirts/sweaters;
pajamas.

—62

& Associates, Ltd., Toronto.

Paine, Webber, Jackson & Curtis, Boston. Offering—Ex¬

(1/28-31)

Feb. 26, 1962 filed 150,000 common, of which 50,000 are
to be offered by the company and 100,000 by stock¬

1115

(1/JL6)

1961 filed 800,000 common. Price—By amend¬
mining prop¬
erties. Proceeds—For general corporate purposes. Office

Address—Municipal Airport, Danbury, Conn

Donmoor-lsaacson, Inc.

and

Fidelity Bankers Life Insurance Ci>.

ment. Business—Exploration and testing of

subscription by stockholders on the basis of two new
shares for each three held. Price—By amendment (max,
$1.25). Business—Research, development and construc¬
tion Of experimental helicopters. Proceeds—To obtain
certification of models, train service personnel, repay
debt, etc.

•

Dec.

Nov. 30,

f

New York.

Systems, Inc.

equipment and debt re¬
Office—2222 S. Centinela Ave., Los Angeles.

ers—Edwards & Hanley, Hempstead, L.

accuracy and

Offering—Expected in February.
D.

Business—Leasing and operat¬

'

ing of bowling centers. Proceeds—For expansion, equip¬
ment and working capital. Office—230 Park Ave., N. Y.

Underwriter—None. Note—The SEC has questioned the

26, 1962 tiled $1,200,320 of 7% conv. subord. de¬
bentures due
1974
and 54,560 common
shares to be
offeied in 2,728 units, each consisting of $440 of deben¬

—For

be

to

Jan.

tures

Corp.
filed 100,000- common^ of which 50,000
offered by company and 50,000 by

1962

are

stockholders.

& Co.,

May 28, 1962 filed 150,000 common and warrants to pur¬
chase 30,000 additional shares, to be offered in units of
one share and one/warrant. Price—$2.25
per unit. Busi¬
ness—A

Schmidt, Sharp, McCabe & Co., Inc., Denver.

N. Y.

repayment of debt, and
working capital. Office—315 W. 47th St., N. Y. Under¬
writer—Van Alstyne, Noel & Co., N. Y. Note—This firm
was known formerly as the Cosnat Record
Distributing
Corp * Offering—-Indefinitely postponed.

Nov. 21,

April 26, 1962 filed 200,000 common, price—$5. Business
—Company plans to design, develop and prodiice elec¬
tronic and electro-mechanical devices, including printers
for electronic computers. Proceeds—For product devel¬
opment, new plant and equipment and working capital
Office—342
Western
Ave.,
Boston.
Underwriter—

Sept. 28,

Dynapower Systems Corp.

payment.

trust.

N. Y. Offering—Indefinitely postponed.

Cosnat Corp.

May

Proceeds—For working capital,

Inc.

Data Systems Devices of Boston,

women's

•

.

$4.

New York.

training

—Commercial

withdrawn.

Thursday, January 10, 1963

.

.

Sept. 28, 1962 filed 750,000 common. Price—$1. Busi¬
ness—Manufacture of electro-mechanical vehicles and
electronic devices for medical and marine purposes.

and

Proceeds—For

sales

Sept. 27, 1962 filed 125,000 common.

and other

the

.

furnishing of data processing services.,
of personnel, advertising and
promotion, and working capital. Office—44 Beaver
St., New York. Underwriter-i-A. D. Gilhart & Co., Inc.,
cations

31

Continued from page
Conso

Chronicle

The Commercial and

(124)

&

Co., Inc.,

First New

York

Capital Fund,

Inc.

27, 1961 filed 2,770,000 capital shares,
price—$1.
Business—A small business investment company.
Pro¬

-Oct.

investment.

ceeds—r-For

Manhasset, N. Y.
Florida
March
ment

16,

?

Office—1295; Northern

Blvdi

Underwriter—None.

Bancgrowth, Inc.
Price—By amend¬
investment company

1962 filed 200,000 common.

(max.

$15).

Business—An

specializing in bank stocks. Proceeds—For investment.
Office—3356 Atlantic Blvd., Porripano Beach. Fla.
Un¬

derwriter—Dempsey-Tegeler & Co.,- Inc., St. Louis. Note
This offering was postponed.
Florida
June

28,

Jai

1962

Alai,
filed

Inc.
400,000

common.

Price—$5.

Busi¬

Operation of Jai Alai games and pari-mutuel
betting. Proceeds—For rent, purchase of leased quarters,
building improvements, working capital.
Office—Fern
ness

—

Park, Fla.

Underwriter—To be named.

Floseal Corp. " 7

77*7;

1962 filed 169,420 common to be
subscription by stockholders.
Price—By
May

10,

offered for

amendment

Volume

Number

197

6228

.

.

.

The Commercial and Financial Chronicle

(125)
(max. $2). Business—Company owns and licenses carton
pouring spout patents and die patents. Proceeds—For
debt repayment and other corporate purposes. Office—
100 W. 10th St., Wilmington, Del. Underwriter—None.

Price—By amendment

and

Forst

Underwriter—Godfrey, Hamiltqp, Taylor & Co., N. Y.

Hallandale

new

various
industries.
Proceeds—For
debt
repayment,
equipment and working capital. Office—1252 W. Peachtree St., N. W., Atlanta, Ga. Underwriter — Robert M.
Harris & Co., Inc., Philadelphia. Note—The SEC has is¬
sued an order temporarily suspending this issue.

class A and

unit.

bank

istration will be withdrawn.

Corp.

23, 1962 filed 150,000 common, of which 60,000
be offered by the company and 90,000
by the
company's parent, Glen Modes, Inc. Price—By amend¬
ment (max. $7).
Business—Design, production and sale
to

pedic

Ave.,, N„ Y. Underwriter—Sprayregen, Haft & Co., N. Y.
Offering—Indefinitely postponed.
Global Construction

29, 1962 filed 100,000 common. Price—$10. Busi¬
ness—Manufacture, sale and lease of steel supports and
oeatns used in construction. Proceeds—For debt' repay¬
ment, expansion, research, and inventory. Office—545

Teaneck,. N.

J.

Underwriters—Winslow,

Cohu & Stetson and Laird, Bissell &
Meeds, N. Y.

Geld Leaf Pharmacal Co., Inc.
March 13, 1962 filed 80,000 common.

Price—$4. Busi¬
ness—Manufacture, development and sale of pharmaceu¬
tical and veterinarian products. Proceeds—For advertis¬

research,

debt repayment and working capital.
Office—36 Lawton St., New
Rochelle, N. Y. Underwriter
—Droulia & Co., N. Y.
•

Gotham Educational Equipment Co.
Dec. 4, 1962 filed 75,000 common.

Inc.

Price—By amendment
(max. $6). Business—Design, manufacture, and market¬

chalk

items

in

used

boards, exhibit

corporate

educational
cases,

Office

purposes.

institutions

such

etc. Proceeds—For general
91 Weyman Ave., New

Rochelle, N. Y. Underwriter—Federman, Stonehill & Co.,
New York.

Offerings—Expected in mid-March.

Gourmet Food

for

—

writer—To be named.

children

and

Great Continental

Real

Estate

ment. Office—530 St. Paul Place,
—To be named. Note—This firm

Investment Trust

Baltimore. Underwriter
formerly was known as

Continental Real Estate Investment .Trust.

Hek

are

;

•

-

Underwriters—Emanuel, Deetjen & Co., and Zuckerman,
Co., N. Y.

Smith &

Greatamerica Corp.

Dec.

31, 1962 filed 2,500,000 common, of which 1,650,000
be offered by the company and 850,000
by a
stockholder. Price—By amendment (max. $19). Business
—A holding company for four life insurance
companies
to

bank. Proceeds—For debt repayment. Office—311

So. Akard

St., Dallas. Underwriters—Goldman, Sachs &
Lehman Brothers, New York. Offering—-Ex¬

Co., and
pected in early February.
June

28

1962

offered

for

filed 219,150

Bellflower,

(max.

Calif.

class A

Underwriter—Morris

Cohon

&

Co.,

W a

Greenman Bros., Inc.
April 25, 1962 filed 150,000 common, of which 50,000 are
to be offered by company and 100,000
by stockholders.




account

of

the

poses.

and

New York..

$4.

Business—Manufacture, sale

and development of solderless terminals and other wire
terminating products. Pro¬
ceeds—For debt repayment,

.

'/m;

29, 1961 ("Reg. A") 76,500 common. Price—$3.75.
Business—Purchase of cultured pearls in
Japan and
their distribution in the U. S.
Proceeds—For general
corporate purposes. Office—42 W. 48th St., N. Y. Under¬
writer—Sunshine Securities, Inc., Rego
(S. V.)

Price

debentures

due

For

and

200,000
(max. $6 per

common

con¬

new facilities and working capital. Office
Central Park W., N. Y. Underwriter—R. F. Dowd

& Co., Inc., N. Y.
•

shares.

Jamoco Air Conditioning Corp.

Feb. 28,

By amendment
common share).
Business—Construction of homes and apartments on land
which company has acquired in Southern
Calif. Proceeds
—

For

expansion,

—315

& Sons
1977

—

Jaap Penraat Associates, Inc.

March 30, 1962 filed $1,300,000.of
convertible; subordi¬
nated

$10. Business

Jan. 30, 1962 filed 100,000 common.
Price—$3. Business
—Industrial designing, the design of
teaching machines
and the production of
teaching programs. Proceeds—

Park, N. Y.

Hunsaker

—

Connecticut
Ave:, 4N. W., Washington, D. C. Underwriter—None.

„

Nov.

•

1

•

■—A real estate investment trust. Proceeds
struction and investment. Office — 3315

ing—Temporarily postponed.
,v

-

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

Co., Philadelphia. Offer¬
J ;2

Price—$2.

terrazzo, and

Offering—Indefinite.

equipment, advertising and
working capital. Address—P. O. Box 430,
Phoenixville,
Pa. Underwriter—Harrison &
t":

Proceeds—For

Interstate^ Equity
March 30, 1962 filed 1,605,100 shares of beneficial
interest.
Price—(max. $10). Business—A real estate investment
company. Proceeds—For investment. Office—450 Seventh
Ave., N. Y. Underwriter—Van Alstyne, Noel &
Co., N. Y.

—None.

u

military.

Proceeds—For debt
repayment, equipment, working capital and other corporate purposes. Office—826 E. 62nd
St., Brooklyn, N. Y.
Underwriter—Jay Gould & Co., Inc., Ill W. 57th St.,

repayment, and property improvement. Office—
Blvd., Fort Lauderdale, Fla. Underwriter

••

the

and

the installation of marble and
tile.

1776 E. Sunrise

—

of

Price—$4 per unit. Business—Design,
manufacture of mechanical, electro¬
electronic equipment for government

International Terrazzo Co., Inc.
8, 1962 ("Reg. A") 75,000 common.
Business—Manufacture and installation of

capital,

Hollingsworth Solderless Terminal Co.
27, 1962 ("Reg. A") 75,000 common. Price

and

and

Nov.

Price—$1,000 per unit. Business—Company
plans to purchase the Hillsboro Club, a social and rec¬

debt

areas

equipment,
Office—Engineer's
Hill, Plain view, L. I., N. Y.
Underwriter—Leib, Skloot &
Co., Inc., Clifton, N. J. Offering—Indefinite.

income deben¬

Proceeds—For working

warrant.

agencies

Associates, Inc.

organization.

affiliated

debt repayment and
working capital.

capital shares to be offered in
consisting of 10 shares or one $500 debenture and

reational

one

mechanical

writer—None.

units

and

Proceeds—For general corporate pur¬
Office—171 E. 77th St., New York. Underwriter—

development

a

cum.

develop¬

hearing and equipment

International Systems Research
Corp.
Maich 30, 1962 filed 110,000 class A common
and 9-month
warrants to purchase 110,000 class A
shares at $4 per
shaie, to be offered in units, each consisting of one share

share-for-share basis. Price—$3. Business—A
management investment company.
Proceeds—For in¬
vestment. Office—760 S. Hill
St., Los Angeles. Under¬
Hillsboro

Under¬

None.

16, 1961 filed 2,265,138 common to be offered for
subscription by stockholders of Union Bank of Califor¬

Nov. 27, 1962 filed $1,000,000 of
4%
tures due 1982 and 15,000

J.

communication.

com¬

Hill Street Co.

on

Ave., Newark, N.

applicable to certain specialized

Oct.
nia

purposes.

Pleasant

ment of devices for the hard of

1962 ("Reg. A") 40,000 common. Price — $3.
Business—Design, installation and maintenance of heat¬

plumbing and air conditioning systems. Proceeds—
inventory, equipment and other corporate purposes.
954 Jamaica Ave., Brooklyn, N. Y
Under¬
writer—Martin-Warren Co., Ltd., New York Offering—*

ing,
For

—For

debt repayment and other
corporate purposes.
Office—15855 Edna PI.,
Irwindale, Calif. Underwriter—
To be named. Offering—Indefinite/

Office

—

Indefinite.

Insurance Co.

Oct.

$14).

New York.

February,

Inc.
the

Mt.

Dec. 10, 1962 filed 100,000
common."; Price—$3. Business
—Company plans to engage in the research and

shares for the underwriter.
Price—$2.
Business—Manufacture of dental equipment. Proceeds—
For debt repayment,
advetrising, research and develop¬
ment
and working capital.
Office—2176 Palpu, San
Francisco. Underwriter—L. H.
Wright Co., Inc., N. Y.

ICOA Life

Markets, Inc.

common.
Price—By
Business—Operation of
16
supermarkets in the Los Angeles area. Proceeds—For
selling stockholders.
Office—17602
Bellflower
Blvd.,

amendment

Office—312

writer—Gold-Slovin Co.. Inc.. N. Y.
Intelectron Corp.

Securities,

Honora, Ltd.

April 13, 1962 filed 381,600 common. Price—By amend¬
(max. $5). Business—Company plans to write cer¬
tain types of fire and casualty insurance. Proceeds—For
general corporate purposes. Office—116 John St., N. Y.
ment

Greater McCoy's

—

pany and 6,000

Great Eastern Insurance Co.

a

Instrument Components, Inc.
11, 1962 ("Reg. A") 135,000 common. Price
$1.
•—
Manufacture and distribution of electro¬
mechanical rotating devices.
Proceeds—For debt repay¬
ment, sales promotion and other corporate
June

Business

repayment and
MacCorkle Ave., S. W.,

be

to

~

in

—

com¬

Aug. 7, 1962 ("Reg. A") 75,000 common, of which 69,000

shares

use

field, principally in pleasure boating. Pro¬
ceeds—For
debt
repayment, advertising, inventories,
new
products and working capital.
Office—3181 N.
Elston Ave., Chicago. Underwriter
R. A. Holman &
Co., Inc., N. Y.

inventory, expansion, debt

Manufacturing Co.,

Price—By
Company develops,

the marine

7, 1962 filed 125,000 common. Price—By amend¬
(max. $5). Business—Operation of discount stores.

working capital. Office—6400
Albans, W. Va.
Underwriter—Willard
Inc., New York. Offering—Expected in late

common.

—

manufactures and sells electronic
equipment for

Price—$12. Business—Real estate. Proceeds
general corporate purposes and debt repayment.
Office—40 Beaver St.,
Albany, N. Y. Underwriter—None.
Heck's Discount
Centers, Inc.

Proceeds—For

1962 filed 32,000 class A
(max. $10). Business

amendment

—For

,i

and

Instr-O-Matics, Inc.

held.

mon

1962 filed

Sept. 28,

Alstyne, Noel & Co., N. Y. Offering—

Feb.

Aug. 3, 1961 filed 300,000 shares of beneficial interest.
Price—$10. Business—Real estate. Proceeds—For invest¬

are

Price—By
illustrated encyclo¬
operates an advertising

five shares.

Products, Inc.

May 25, 1962 filed 28,113 common. Price—$3.50. Busi¬
ness
Growing, purchasing, distributing and selling
whole potatoes and processing and selling of prepared
potato products. Proceeds—For the selling stockholders.
Officer-915 Southeast 10th Ave., Portland, Ore. Under¬

e

common.

Heartland Development Corp.
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

as

—

Oct. 23,

100,000 common. Price—$5. Business
—Research, engineering, manufacturing and
marketing
in the field of electronic
information handling and auto¬
mation systems.
Proceeds—For new products, inven¬
tory, new plant and working capital. Office—1401 S. Post
Oak Rd., Houston.
Underwriter—None.

working capital. Ad¬

Publishes

—

St.

Devices, Inc.

June

of

and

March

June

ing

works

Indefinite.

ment

ing,

Business

derwriter—Van

—For

accessories, And sportswear. Proceeds
corporate purposes. Office — 417 Fifth

Chicago. Underwriter—A. C. Allyn &
Co., Chicago.
Note—Th'.s registration will be
withdrawn.
Infotronics Corp.

agency for sale of TV and radio spot time. Proceeds—
For working capital. Office—170 Varick
St., N. Y. Un¬

of women's fashion

Lane,

construction

Corp.

St.,

10

March

Cedar

be named.

Harwyn Publishing Corp.
29, 1962 filed 300,000 class A

to

general

for

amendment.

manufacture flat glass mirrors and sliding
wardrobe mirror doors and related products. Proceeds

are

loans,

Capital

1961 filed 500,000 common.
Price—$15. Bustness—A small business
investment company. Proceeds—
For general corporate
purposes. Office—208 S. La Salle

dress—Waterloo, 111. Underwriter—McCourtney-Breckenridge & Co., St. Louis.

com¬

equipment, inventory and working capital. Office
—1299 N. First Street, San Jose, Calif. Underwriter—
Birr, Wilson & Co., Inc., San Francisco. Note—This reg¬

Industry
Dec. 26,

Telephone Co. (1/15)
17, 1962 ("Reg. A") 5,600 shares of 6% cumulative
preferred (par $50). Price—$53. Proceeds — To repay

Business—Company

—For

New York.

Harrisonville

common
one

—

plant and other corporate purposes. Address—Hal¬

Jan.

Pacific, Inc.
July 12, 1962 filed 250,000 class A and 250,000

Glensder

Dillon, Union Securities & Co.; Harriman
Ripley & Co.,
Inc.-Glore, Forgan & Co. (jointly). Bids
Jan. 15,
(10 a.m. CST) in Room 2075, 231 So. La
Salle St., Chi¬
cago. Information Meeting — Jan.
10, 1963 (2:15 p.m.
CST) at Morgan Guaranty Trust
Co., 60 Liberty St.,

Dec.

Glasco

plans

(Competitive). Probable bidders: First Boston
Corp.;
Halsey, Stuart & Co., Inc.; White, Weld &
Co.-Merrill
Lynch, Pierce, Fenner & Smith, Inc.
(jointly); Eastman

Sand Co.

landale, Fla. Underwriter—To

,

(1/15)

$35,000,000 first mortgage bonds clue
1993. Proceeds—For loan
repayment, and construction.
Office—500 South 27th St.,
Decatur, 111. Underwriters—

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

General

Design Corp.
April 25, 1962 ("Reg. A") 65,000 common.
Price—$3.
Business—Design and development of new products for

Rock &

(

Illinois Power Co.
Dec. 20, 1962 filed

March 30,1962 filed $250,000 of 8% subordinated deben¬
tures due 1977, 200,000 common and
6-year warrants to

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,
valves and fittings. Proceeds—For inventory. Office—
4124 N. Broadway, St. Louis. Underwriter—Midland Se¬
curities Co., Inc., Kansas City, Mo.
Offering—February.

one

—

Underwriter—J. R. Williston &
Beane, New York.

"

Offering—Temporarily postponed.

per

—
debt repay¬
ment and general
corporate purposes. Office
184-10
Jamaica Ave.,
Hollis, Long Island, N. Y. UnderwriterWhite, Weld & Co.; Inc., N. Y. Offering —
Indefinitely
postponed. r
1
^

Hicksville,

.

investment. Office—1180 Raymond Blvd., Newark, N. J,

Price—$5.05

capital.

Gulf Atlantic Utilities, Inc.
July 30, 1962 filed 90,000 common. Price—By amendment
(max. $10). Business — A management and operating
company for subsidiaries which own water treatment
and sewerage disposal plants, and water distribution
and
sewage collections systems. Proceeds—For debt
repay¬
ment, expansion and working capital. Office—2738 Malinda Blvd., Jacksonville, Fla.
Underwriter—Pierce, Carrison, Wulbern, Inc., Jacksonville. Offering—Indefinite.

Garden State Small Business Investment Co- L
Oct. 27, 1961 filed 330,000 common. Price—$3. Business
—A small business investment company. Proceeds—For

share.

--By amendment (max. $20).
Business—Manufacture of
toys and related products. Proceeds
For

Offering—Indefinite.

fice—2885 Jerome Ave., Bronx, N. Y. Underwriter—Mc¬
Donnell & Co., New York. Offering—Indefinite.

shares to be offered in units of

$7). Business—Wholesale
toys, hobby lines and sporting
debt repayment,
inventory
Office—35 Engel St.,

Proceeds—For

working

N. Y.

(Alex) & Sons, Inc.
March 23, 1962 filed 125,000 common. Price—By amend¬
ment (max. $15).
Business—Wholesale distribution ol
toys and games. Proceeds—For selling stockholders. Of¬

mon

(max.

and retail distribution of

equipment.

33

25, 1962 filed 1,130,000 common to be offered for
subscription by stockholders on a share-for-share basis.
Price—$4. Business—Sale of ordinary life, individual
health and

disability, and group credit life and disability
insurance. Proceeds—For
expansion, and investment. Of¬
fice—250 Liberty St., S. E.
Salem, Ore. Underwriter—
Oregon Underwriters, Inc., Salem.

-

-

;y.»

Ideal Toy Corp.
May 1, 1962 filed 490,000 common, of which
250,000 will
be offered by
company and 240,000 by stockholders. Price

•

Kavanau Corp.
March

29, 1962 filed 50,000 shares 6% cum. preferred
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).
and

Business—Real

estate

investment.

Proceeds—For

debt

repayment and working capital.

Office—30 E. 42nd St.,
Underwriter—Hayden, Stone & Co., N. Y. Note—
This registration will be withdrawn.
N. Y.

'
"

'

**

Continued

on

page

3£

.

34

The Commercial and Financial Chronicle ; i

(126)

Continued

from

page

—5 Wi Main St.,

33

&

Co.

Products

Kenner

Luck's,

Marcn 30, 1962 filed 542,U00 common, of which 205,000
to be offered by company and 317,000 by stockhold¬

Price—By amendment (max. $24). Business—Manu¬

facture, design, and distribution of plastic toys. Proceeds
—For general corporate purposes. Office—912 Sycamore
Offering—Indefinite.

Kingsberry

Homes Corp.

Securities
;*

"

f,

1962 filed. 140,000-shares of capital stock of
which 100,000 will be offered by company, and 40,000
by stockholders.'Price—By amendment (max. $17.50).
Business—Manufacture of prefabricated homes. Proceeds
—For a new plant. Office—1725 S. Gault Ave., Ft. Payne,
Ala. Underwriters—The Robinson - Humphrey Co., Inc.,

April 9,

.

;

Indefinitely postponed.
King-Stevenson Gas & Oil Co.
1962 filed $1,526,200 of 6y2% conv. subord. de¬
bentures, due 1977, to be offered by subscription by
common stockholders at the rate of $100
of^ debentures
Nov. 26,

Price—At par.

Business—Company is engaged in operating gas and oil
properties, supervising drilling on its leases and man¬
aging exploration programs for investors. Proceeds—For
general corporate purposes. Office—2200 First National
Bank Bldg, Denver, Colo. Underwriter—None.
Kraft (John). Sesame Corp.
May 24, 1962 filed $225,000 of 6% conv. subord. deben¬
tures, due 1972, and 150,000 common to be offered in
units consisting of a $300 debenture and 200 shares.
Price—$900 per unit. Business—Processing and distri¬
bution of

seed.

sesame

Proceeds—For accounts receiv¬

able, inventories, plant expansion and working capital.
Office—2301 N, Main St., Paris, Texas. UnderwritersJohn A. Dawson & Co., and Leason & Co., Inc., Chicago.

f

Kreedman

Realty & Construction Corp.
April 19, 1962 filed $5,000,000 of conv. subord. deben¬
tures due 1982 and 200,000 common shares to be offered
in units consisting of $25 of debentures and one common
share.
Price—By amendment (max. $27). Business—
Construction and operation of office buildings. Proceeds
—For
debt
repayment.
Office—9350 Wilshire Blvd.,
Beverly Hills, Calif. Underwriter—Lee Higginson Corp.,
New York, Offering—Indefinitely postponed.

Kwik-Kold, Inc.
March 29, 1962 ("Reg.

Vegas Properties Trust

Las

Vegas.
Underwriter—Securities
(same address).
"

Paradise

Co.

.

of

Rd.,
Nevada

'

(Tillie) Foods, Inc. (1/28-31)
April 9, 1962 filed $2,250,000 of 5J/2% convertible sub¬
ordinated debentures due 1982. Price—At par. Business
>—Processing, canning, bottling and selling of fruits and
vegetables. Proceeds—For debt repayment and working
capital. Office—Fresno Ave. & Charter Way, Stockton,
Calif. Underwriter—Van Alstyne, Noel & Co., N. Y.
Lewiston Gorham

Raceways, Inc.
Oct. 26, 1962 filed 450,000 common. Price—$1. Business
i;—Company conducts commercial parimutuel harness
land,

St.,

and

Proceeds—For debt repayment, purchase
improvements. Office—33 Court

raceway

Auburn,

Maine.

Underwriter—None.

Note—This

company formerly was named Central Maine Raceways,
Inc.

Litho-Web, Inc.
Oct.

26,

1962

("Reg. A")

150,000

Price—$2.

common.

Business—Manufacture of various types of business and
data

processing forms. Proceeds—For debt repayment
working capital. Address—P. O. Box 168, Leaks-

and

ville, N. C. Underwriter—Smith, Clanton & Co., Inc.,
Greensboro, N. C.
c'•

t:v/\

V

V

.

17

1

,•

«■

J',

'"

Litton

Industries, Inc.
Dec. 18, 1962 filed 215,444 common. Price—By amend¬
ment (max. $70.) Business—Manufacture of electronic
systems,
business
machines,
nuclear
powered
sub¬
marines, and ships. Proceeds—For selling stockholders.
Office—336 N. Foothill Rd., Beverly
Hills, Calif. Undewriters—Lehman Brothers; Clark, Dodge & Co., and
Goldman, Sachs & Co., New York. Offering—Imminent.
Livestock Financial Corp.
Feb. 23, 1962 filed 130,000 common.
Price—$10. Business
—An insurance holding company whose subsidiaries in¬
sure

the lives of all types of animals. Proceeds—To form

end investment company. Proceeds—For
investment. Of¬
fice—26 Broadway, N. Y. Underwriter—Filor. Bullard &

preferred and

was named il

mon

shares.

60,000

common

to

be

consisting of 20 preferred and 50 com¬
Price—$250 per unit. Business—A business

finance company. Proceeds—For
working capital. Office




Business—A multiple line insurance carrier. Proceeds—

capital and surplus. Office—6901 Wooster
Pike, Cincinnati. Underwriters—W. D. Gradison & Co.,

Cincinnati, and Greene & Ladd, Dayton.
.Midwest Technical Development Corp.
26, 1962 filed 561,500 common to be offered for
subscription by stockholders on the basis of one share
Feb.

for each two shares held.

$7). Business

Price-rBy amendment (max/

—None.

Oct.

Business

$6.

plans to sell life, accident and
insurance and annuities in New York
Proceeds—For organizational expenses, and in¬
vestment, Office—1 Liberty St., New York, Underwriter
—

Company

Modern

Assembly Service, Inc.
April 27, 1962 filed 100,000 common. Price—$2.25. Bustness—Assembling of packages for shipment to post of¬
fices. Proceeds—For general corporate pm poses. Office
—145 Ave. of the Americas, N.^Y, Underwriter—To be
named. Offering—Indefinitely postponed.

Atlanta.

Underwriter—

Manchester Insurance Management & Investment

Corp.

Price-—$3.50. Busi¬
ness—Writing of casualty. insurance', adjustment of
claims, financing of insurance premiums, and the mak-?
ing of investments. Proceeds-i-For expansion, loan re¬

Montreal

Marshall

packaging

products.

lishing

repayment and workSt., Brooklyn, N. Y.

•

1

Press, Inc.

and

Master Artists Corp.

(1/16)

Corp/ (jointly)}

-

Municipal Investment Trust Fund, Series B
'
April 28, 1961 filed $15,000,000 (15,000 units) of interests.
Price —To be supplied by amendment. Business — The
fund will invest in tax-exempt bonds of states,
counties,
municipalities and territories of the U. S. Proceeds—For
Investment.

etc.

ness.

McGrath (John W.) Corp.
June 28, 1962 filed 253,875 common.
ment

(max.

related

$15).

operations.

Price—By amend¬

stevedoring and
selling stockholders.

Office—39 Broadway, N. Y.
Underwriter—Bear, Stearns
& Co., New York". Offering—Indefinite.
•
Mechmetal-Tronics Inc.
May 28, 1962 filed 150,000 shares of 8% convertible cu¬
mulative preferred stock. Price—$3.
Business—Design

and manufacture of miniature metal bellows
and other
miniature products. Proceeds—For debt
repayment, re¬
search and development and
working capital. Office—
12 Rochelle
A.ve., Rochelle Park. N. J Underwriter—

Charles Plohn & Co., New York. Note—This
registration
was

withdrawn.
Industries

Fund, Inc.

Oct. 23, 1961 filed 25,000 common.
Price—$10. Business
closed - end investment company which
plans to
become open - end.
Proceeds — For investment in the
medical industry and capital growth situations. Office

Lafayette St., Denver. Underwriter
sociates, Inc., Denver.
Medical Video Corp. ■»
Nov. 13, 1961 filed 250,000
—

Manufacture
—

For

of

medical

general

—Studio

Merco Enterprises,

Price

electronic

corporate

City, Calif. Underwriter
Corp., Los Angeles.
Nov. 5, 1962 filed
to be offered
by

—

,,

common.

and

plans to engage in the music publishing busi¬
Proceeds—/For debt repayment, public relations,

acquisition

of musical

properties, and working capital.
Ave., N. Y. Underwriter—Associated
Securities Co., 545 Fifth Ave., N. Y.

Office—545- Fifth

National

Central

Life

Insurance

Co.

7 filed 125,000 common. Price — By • amendment
(max. $15). Business—Writing of health and accident in¬
surance. Proceeds—For general corporate
purposes. Ad¬
dress—2632 McGee St., Kansas

To be named. "

—

Medical As¬

rt.

$1. Busi¬
equipment.

—

purposes.;

Office

Financial

Equity

Inc.
104,000 common, of which 33,000 are
company and 71,000 by stockholders.

>

City, Mo. Underwriter—

;

National Equipment & Plastics Corp.
Sept. 28,1961 filed 105,000 common. Price—$5, Business
—Operation of a cleaning and pressing plant and affili¬
ated

stores.

pansion

Proceeds—For

and

working

debt

capital.

Underwriter—Cortlandt

repayment, store ex¬

Address

—

Investing Corp.,

Portage.

N.

Pa.

Y. Note—

This registration will be withdrawn. /
National Fence

Manufacturing Co., Inc.

Nov. 29, 1962 filed 100,000 common.

Price—$8.75. Busi¬
galvanized chain link fence,
welded concrete reinforcing fabric, gates and related
products. Proceeds—For construction of a plant in Ire¬
land, and working capital. Office—4301 46th St., Bladensburg, Md. Underwriter—Netherlands Securities Co.,
ness

Medical

Ill Broadway,

Dec.

Business—Contract
Proceeds—For

Haupt & Co.,

Music Royalty Corp.
July 27, 1962 filed 150,000 common. Price—$1. Business
—Company acts as representative of artists, musicians,

$1.

repayment, inventory,
working capital and other corporate purposes. Office—
9641 Heather
Rd., Beverly Hills, Calif. Underwriter—
Keon & Co., Los Angeles.

Sponsor—Ira

New York. Offering—Indefinite.

Nov. 26,

■ 1962
("Reg. A") 65,000 capital shares. Price—
Business—Production and distribution of recorded
radio shows. Proceeds—For debt

Bids-^Jam 14 (lj- h,m.ESTJvih Mon¬

treal.

Inc., N. Y. Note—This

sales

(1/14)

Brothers-L. G. Beaubien & Co. Ltd.-Credit
Interprovincial Ltd.; Smith, Barney & Co.-Pominion Securities

and

catalogue, developing a national sales
working capital. Office—812 Greenwich St.,
N. Y. Underwriter—To be named.
Offering—Indefinitely
postponed.

staff

a

(City of)

Canada. Underwriters—(Competitive.) Probable bidders:
Halsey, Stuart & Co. Inc.-Shlelds & Co.-Salomon Bros.
& Hutzler-Morgan, Ostiguy & Hudson
Ltd.; Lehman

Proceeds—

May 29, 1962 filed 60,000 common. Priced—$3.75. Bus!ness—Graphic design and printing. Proceeds—For pub¬

Un¬

/ ^

21, 1962 filed $9,000,000 of sinking fund debentures
improvements due Jan. -15, 1963 and $16,000,000
of sinking fund debentures for public works due Jan.
1,
1988. Price—By amendment.
Address—Montreal, P. Q.,

Manhattan Drug Co., Inc.

proprietary drug
For equipment, new
products, debt
Ing capital. Office—156 Tillary
Underwriter—Dana Securities Co.,
registration will be withdrawn.

—

Dec.

March 29, 1962 filed 72,000 common, of which
58,000 are
to be offered by company and
14,000 by stockholders.

Business—Manufacture,

common.
Price—$3.
cosmetics.
Proceeds
For

for local

Co., N, Y.

various

97,000

of

registratiori'was with'di'a&fc'"•

payment and other corporate purposes.
Office—9929
Manchester Rd., St. Louis.
Underwriter—Troster, Singer

of

A")

• Montebello
Liquors, Inc.
April 5, 1962 filed 160,000 common. Price—By amend¬
ment (max. $5). Business—Blending, bottling and mar¬
keting of alcoholic beverages. Proceeds—For equipment,
inventories, advertising and woHtitrg" oapitair "OfficeBank St. & Central Ave., Baltimore. UnderwritersrStreet & Co., and Morris Cbfrttn & Co., N. Y; Note—This

Nov. 28, 1962 filed 272,941 common.

Price—$3.50.

("Reg.

Manufacture

Monarch plastics Corp.
May 28, 1962 ("Reg. A") 140,000 common., Price—$2.
Business—Manufacture and sale of plastic letters, em¬
bossed sign faces, quantity signs and boat windshields.
Proceeds—For purchase of land and building, moving
expenses, equipment and working capital. Off ice—56.06
Stuebner Airline Rd.,
Houston.
Underwriter—W. R.
Sauve Co., N. Y.

.

Bldg.,

—

equipment. Office—837 W. North Ave., Pittsburgh.
derwriter—A. J. Davis Co., Pittsburgh.

Management Investment Corp.
Aug. 29, 1962 filed 2,000 common (with attached war¬
rants)
Price—$500. Business—Company plans to fur¬
nish equity capital to firms in the
atomic, space and
missile fields, and provide advisory and management
counseling services on a fee basis,
Proceeds—For re¬
payment of loans, and general corporate purposes. Office
Federal

Laboratories, Inc.

29,-1962

Business

Mail

Fulton

—

—

group

Proceeds

offered in units

..

State.

health,

ness

cumu¬

subordi¬

By amend¬

A closed-end management investment
company. Proceeds — For general corporate purposes.
Office
2615 First National Bank
Bldg., Minneapolis.
Underwriter—None.

—677

—

convertible

—

For additional

/ Madison Life Insurance Co.

Logos Options, Ltd. (1/28-31)
April 11, 1962 filed 250,000 capital shares. Price
By
amendment (max. $10). Business—A diversified closed-

Loyalty Financing Corp.
Dec. 19, 1962 ("Reg. A") 24,000
shares of 6%%

of convertible

1, 1977. Price

Dec. 26, 1962 filed 25,495 common to be offered for
sub¬
scription by stockholders on the basis of one share for
each three held of record Dec.
31, 1962. Price—$19.50.

,

Dec/27/1963 filed 219,000 tapital shares.; Price

—A

Smyth, N. Y. Note—This company formerly
Logos Financial, Ltd.
'
■
^
^

$1,000,000

due Nov.

Business—Distribution of food and related prod¬
ucts
to
supermarkets ' and
other
retailstores
in
the New York Metropolitan area. Proceeds—For

poned.

subsidiaries. Office—26 Piatt St., N. Y. Underwriter
—Shearson, Hammill & Co., N. Y. Offering—Indefinite.
new

lative

nated debentures

Co., Inc.
Feb. 23, 1962 filed 130,260 of class A common, of which
65,130 are to be offered by the company and 65,130
by stockholders. Price—$5. Business—Sale and distribu¬
tion of costume j ewelryv; ladies' handbags/ and accesso¬
ries. Proceeds
For working capital. Office —7- C1650
Broadway, Kansas City, Mo. Underwriter—George K.
Baum & Col, Kansas City. Offering—Indefinitely post¬

saie

Lewis

of

Stewart

ment.

Mac-Allan

&

29, 1962 filed 500,000 shares of beneficial interest.
Price—$10. Business—A real estate investment trust.

racing meets.

March

Corp., Greensboro, N. C.

prises, Inc. Offering—Postponed.

Oct.

Office—4933

Office—750

purposes.

..

^0Q,0QQn^pmmon, of which

investment.

corporate

Lunar Films,
Aug. 31, 1961 filed 125,000 commbri. Price—$5.75/ Busi- ^
general
ness—The production of television films. Proceeds—For ■. corporate purposes. Office—345 Underhill Blvd., Syosset,
N/ Y.
Underwriters-Brand, Grumet & Siegel, Iiic., N, Y.
filming and production and working capital. Office— )
Offering—Indefinite, - \
I
543 Madison Ave., N, Y. Underwriter—To be named.
Note—This firm formerly was named Lunar Enter¬
Midwestern Indemnity Co.

—130

withdrawn.

Proceeds—For

general

Met Food Corp.
30, 1962 filed

g

None.

65,000 will be sold for company and 35,000 for. stock¬
holders. .Price—$3. Business — ]y[anufactuxe of certain
patented cooling packages. Proceeds—For debt repay¬
ment and working capital. Office—Jennings Bldg., P. O.
Box 638, Moberly, Mo. Underwriter—John W. Flynn
& Co., Santa Barbara, Calif. Note—This letter will be
Las

For

Ave., Garden City, L. I., N. Y. Underwriter—J. R. Williston & Beane, N. Y. Offering—Indefinite,

•

.

Atlanta, and J. C. Bradford & Co., Nashville. Offering—

for each 30 shares held of record Nov. 15.

(1/28-31)

marketing of processed foods. Proceeds — For general
corporate purposes. Address — Seagrove, N. C. Under¬
writers—J. Cr Wheat & Co., Richmond, Va,, and Allied

St., Cincinnati, Ohio. Underwriter—Kuhn, Loeb & Co.,
New York.

Inc.

5, 1962 filed 145,500 common, of which 72,750 are
offered by company and 72,500 by stockholders.
Price—By amendment (max. $9). Business—Canning and
be

to

Thursday, January 10, 1963

Price—By amendment (max. $5.50). Business—Sale of
phonograph records to, and the providing of merchan¬
dising services to retail record department. Proceeds—

1

Dec.

are

ers.

Freehold, N. J. Underwriter—Friedman

Co., Inc., New York.

.

—

Manufacture

Inc., N. Y.

of

Offering—Expected in February.

National Memorial

Estates

/Oct. 11, 1962 filed 4,750,000 common. Price—$1. Busi¬
ness—Company plans to engage in cemetery develop¬
ment and to establish and operate a life and disability
insurance concern. Proceeds—For general corporate pur¬
poses.
Office—13 S. Broadway, Red Lodge, Mont.
Un¬
derwriter—Security Brokerage Co., Billings, Mont. National

Mortgage Corp. *
Al
28, 1962 refiled $8,000,000 face amount certificates
(series 20) and 300,000 common shares. Price—For cer¬

Dec.

tificates,

$762;

for stock,

$1.15.

Business—A mortgage

Volume

loan

Number 6228

197

.

.

.

The Commercial and Financial Chronicle

Pacific

Proceeds—For general corporate pur¬
Office—113 S. Hydraulic, Wichita, Kan. Under¬
writer—National Mortgage Agency, Inc., (same address).
National Security Lifd Insurance Co.

March

23,

to

be

gaged in manufacturing, engineering and research under
Defense Department contracts; also manufactures ball

operates a scheduled airline in California, provid¬
ing daily service between San Diego, Los Angeles, and
San Francisco. Proceeds—For prepayment of loans. Of¬
fice—3100 Goddard Way, San Diego, Calif. Underwriter

1962 filed
offered

Underwriter—To
National

be

named.

/

*

—E. F, Hutton & Co., Inc., Los

Paper Industries; Inc.
* ;
March 30, 1962 filed 150,008 class A common. Price—By

Security LiteInsurance £b.y Inc.

28, 1962 filed 590,075 common - to
offered for
subscription by common stockholders of record Oct. 15,
on a share-for-share basis. Price—By amendment
(max.
$2). Business—Writing of participating and non-partici¬
pating ordinary life insurance. Proceeds — To expand
operations. Office—6225 University Ave., Madison, Wis.
Underwriter—None,
National

'

»

v

^

amendment

—

PanAm Realty & Development Corp.
March 12, 1962 filed 400,000 class? A stock. Price—$10.
Business—A real estate holding and development com¬
t

Uni-Pac, Inc.
•,
,
■
July 31, 1962 filed 85,000 common. Pric^By, amend¬
ment |max.^$4)^ Business-rfCompariy plans to sell or
lease coin operated vending'.machines.
Proceeds—For
debt repayment, equipment and working capital. Office
'—15 Peachtree St., Atlanta. Underwriter—None. Note—
'This registration, will he;withdrawn*
; ;
7

Aug. 10,1961 filed 130,000 class A

Campbell Island Mines Ltd. ;

Petrolane Gas

18, 1962 filed 100,000 common. Price—By amend¬
(max. $30.) Business—Sale and distribution of
liquified petroleum gas, Proceeds—To reimburse treas¬
ury for the acquisition of other companies, debt repaybent, and working capital. Office—1696 E. Hill St., Sig¬
nal Hill, Calif. Underwriter—Dean Witter & Co., Los
ment

Angeles.
•

Corp., and Daiwa Securities Co., Ltd., New York.
Essential

Oil &

Chemical

.'

to

•March 20s, 1962 filed, 200,008 class A shares. Price—By
amendment (max. $15). Business—Manufacture, process¬
ing and distribution of natural and synthetic essential
essences, etc., to food and drug industries.
For debt repayment, working capital and
corporate purposes. Office—601 W. 26th SW N. Y.
.'Underwriter—S. D. Fuller & Co., N. Y. Offering—Ex¬
pected in April.
—

Playboy Clubs International, Inc.
May 28, 1962 filed 270,000 common. Price—By amend¬
ment. (max. $7). Business—Company is engaged in the
ownership and franchising of Playboy Clubs. Proceeds—
For debt repayment and general corporate purposes. Of¬
fice—232 E. Ohio St., Chicago.
Underwriter—Golkin,
Divine & Fishman, Inc., Chicago. Offering—Indefinite.)

Nordon

Corp., Ltd.
29/ ;1962 filed > 375,000 Capital shares, of which
,100,000: are to be offered by company-and 275,000 by
stockholders,. Price—By » amendment (max. - $6). Busi¬
ness—Acquisition- and; development of oil and natural
.gas properties.-; Proceeds—For drilling expenses and
working capital. Office — 5455 Wilshire Blvd., Los An.geles* r Underwriter—Gregory-Massari, , Inc.,
Beverly

.March

:

Potomac Real Estate Investment Trust

July 6, 1962 filed 1,000,000 shares of beneficial interest.
Price—By amendment (max. $5). Business—A real estate
investment trust.

Proceeds—For investment. Office—880

^

("Reg. A")' 80,000 commoil. Price---$3.75.
•Business—Acquisition of second-trust notes secured by
•real estate property.
Proceeds—For general corporate
.purposes. Office—922 You St., N. W., Washington, D. C.
►.Underwriter—Clarence E. Shaw & Co., Washington, D.C.

•

withdrawn.

-

;to be exempted from Federal Income taxes.
For

investment.

Office—Chicago,

•Nuveen & Co., 135 So. La Salle
Orr

(J. Herbert)

Proceeds—

Proceeds

For

additional inventory,

equipment, research, and working capital. Address—P. O.
'Box 27, Opelika, Ala. Underwriter—First Alabama Se¬
curities, Inc., Montgomery. Offering—Expected in March.
—

'

•

—Mining.
tal.

Price—$1. Business
Proceeds—For equipment and working capi¬

Address—Creede, Colo. Underwriter—None.




•

Putnam Management Co., Inc.
Aug. 22, 1962 filed 150,000 common (non-voting). Price
—By amendment (max. $14). Business—An investment
adviser and distributor of mutual funds. Proceeds—For

selling

stockholders.

Office—60

Congress

St.,

Boston.

Underwriter—Tp be named.
Quick-N-Clean Corp. of Minnesota, Inc.
1, 1962 ("Reg. A") 205,000 common. Price—$1.15.
Business—Company plans to open a ehain of coin oper¬
ated dry cleaning stores. Proceeds—Advertising, expan¬
sion and working capital. Office—712 Fir St., Brainerd,
.Minn. Underwriter—Northwest Securities, Inc., Detroit
Lakes, Minn.
-

/

c

capital

investment, and working capital. Office—

411 W. 7th St., Los Angeles. Underwriter — Costello,
Russottn & .Co., Beverly Hills, Calif. Offering—Feb.

Regulators, Inc.
29, 1962 filed 75,000

Jan.

^

of which 50,000 are
by the company and 25,000 by Electronic
Specialty Co., parent. Price^-$5/ Business^-Design rind
manufacture of regulating and control devices used in
common,

to be offered

electric

electronic

and

fields.

Proceeds—For

debt

working capital. Office—455 W. Main
St., Wyckoff. N. J. Underwriter—Myron A. Lomasney &
Co., N. Y. Note—This registration will be withdrawn
repayment

and

and then refiled.

Remitco, Inc;
Nov. 19, 1962

filed 952,000 common. Price—$10. Business
is engaged in selling "puts" and "calls."
Proceeds—For working capital. Office—130 N. Virginia
St./Reno, Nev. Underwriter—None.
Resort

Corp. of Missouri

Nov. 27, 1962 filed 125,000 class

A common and threeto be

year warrants to purchase 1,250 class A. shares
offered in units'^ risisting of four shares and one
rant: Pricey-- $32

war¬

per-unit. Business—Company will
private a^xury hptelVand^resqri vfecnitie^

aiuf sell 80actestit landfor h6md Wes@P

Olive St., St. Louis. Under¬
Co., St/ Louis, Offering—Expected
March. ■

Office—3615

construction.

writer—R.L, Warren
ira

February

or

•

Richard Gray & Co., Inc.
June 21, 1962 ("Reg. A") 60,008
Business

—

securities

A

common.
Price—$&
broker-dealer.
Proceeds — For

working capital and other corporate purposes.

Office—

W, 51st St. N. Y. Underwriter—Richard Gray Co^
New York. Offering—Indefinite.

237

/ Richmond

Corp./

Dec.

21, 1961 filed 142,858 common. Price—$7. Business
—A real estate investment company. Proceeds—For debt
repayment and general corporate purposes. Office—220
K St., N. W., Washington, D. C. Underwriter—Hirschel
& Co., Silver Spring, Md. Offering—Indefinite. Note—
The SEC has challenged the accuracy and adequacy
.of this registration statement.

shares. Price—$658 per unit. Business—Manufacture

and

sale of fishing

equipment, ammunition reloading devices
cord, tapes, etc. Proceeds—For debt repayment and
working capital. Office—152$ W. 166th; St., Garden^
Calif. Underwriter
Dempsey - Tegeler & Co., Inc., St.
/://// '/■ ':'//
•//•.. '■ ' /,./

r/

;

>

1962 filed 100,000 common. Price—$5. Busi¬
ness—Design, manufacture, and distribution of girls'
blouses, sportswear, and coordinates.
Proceeds—For
debt repayment. Office—112 W. 34th St., N. Y. Underwriter—Winslow. Cohu & Stetson Inc.y N; Y/ Offering—
Sept. 26,

Indefinite.

Royaltone Photo Corp..
29, 1961 filed 300,000 common, of which 100,000
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
Nov.

withdrawn.

Ruby Silver Minos, Inc. '
2, 1962 ("Reg. A") 2,400,000 common. Price—12%
cents. Business—Exploration and development of mineral
deposits. Proceeds-—For debt repayment and general
corporate purposes. Address—Box 1088, Wallace, Idaho.
Underwriter—Pennaluna & Co., Spokane, Wash.
Jan.

Oct.

.

Outlet Mining Co., Inc.
28, 1962 filed 900,000 common.

Feb.

Publishers Co., Inc.

drawn,

Enterprises, Inc.

therefor; sell at retail nationally krbown audio
equipment; and manufacture men's and boy's dress

trousers.

18, 1962. Price—$1,000.

1962 filed 25,000 outstanding common shares
to be sold by stockholders. Price—By amendment (max.
$18). Business—Book publishing. Office—1106 Connecti¬
cut Ave;, Washington, D. C. Underwriter—Roth & Co.,
Inc., Philadelphia. Note—Thisr registration will be with¬

distribute cartridge type tape player recorders and pro¬
visual

sub¬

the basis of one new share

Aug. 29,

May 1, 1962 filed 200,000 common. Price—$5.25. Busi¬
ness—The company and its subsidiaries manufacture and
grams

on

ming pool, and other improvements/Address—Landover,
Prince Georges County, Md. Underwriter—None,

St., Chicago.

$2.

—

Rona Lee Corp.

Proceeds—For debt repayment, construction of a swim¬

111. / Sponsor—John

Price

common.

Business—Sale of travel and entertainment. Proceeds—

■:*?-..J/--•

for each share held of record Feb.

Nuveen

75,008

and

scription by stockholders

Oct.

-o

Industries, Inc.
("Reg. A")

Prescott-Lancaster

Prince Georges Country Club, Inc.
Oct. 15, 1962 filed 500 common to be offered for

;

Tax-Exempt Bond Fund, Series 4
17, 1961 filed $15,000,000 of units representing
^fractional interests in the Fund. Price—By amendment.
Business—The Fund will invest in interest-bearing obli¬
gations of states*counties, and municipalities of the U.S.,
and political subdivisions thereof which are believed

23, 1962

Underwriter—To be named.

•
■

Recreation

Dec.

Corp.
March 30, 1962 filed 150,000 common. Price—$5. Business
—Real estate. Proceeds—For purchase of mortgages, and
working capital. Office—18 Lancaster Rd., Union, N. J,

Nuclear Science & Engineering Corp. ■„
'March" 29," 1962' filed 100,000 common. Price—By amendr
ment (max. $15). Business—Research and development
on contracts using radioactive
tracers; precision radio¬
activity measurement; production of radioactive isotopes
and the furnishing of consulting and radiation measure¬
ment services. Proceeds—For equipment,, debt repay¬
ment, expansion and working capital. Address—P. O.
Box 10901, Pittsburgh. Underwriter—Johnston. Lemon &
Co., Washington, D. C., Note—This registration will be

•

Roddy Recreation Products Inc. (2/11)
31, 1962 filed $1,000,008 of 6%% convertible sub¬
ordinated debentures due 1978 and 50,000 common shares
to be offered in units of one $500 debenture and 25

*

Petroleum, Inc.
Sept. 28,1962 filed 100,000 common. Price—$5. Proceeds
—Tv drill for and operate oil wells. Office-|418 Mar¬
ket St., Shreveport, La. Underwriter—None.

fJune 25,' 1962

drawn and then refiled.

Powell

Bonifant St., Silver Spring, Md. Underwriter—None.

Investors, Inc.

—

•

,

Northwest Securities

,

.

erect; and

(1/28-31) '

1962 filed 75,000 common, of which 44,416 are
be offered by company and
30,584 by stockholders.

neapolis.

other

Hills* Calif.

Telephone Co.

28,

Price—By amendment (max. $20). Proceeds—For .debt
repayment, expansion and working capital. Office—40
S. Elm St., Waconia, Minn. Underwriters—Dean Witter
& Co., San Francisco, and M. H. Bishop &
Co., Min¬

,oils, flavor,
Proceeds

Pioneer

Dec.

Co., Inc.

and;

—Company

Service, Inc.

Dec.

(1/28-31)

Address—Tokyo, Jajp^^^Underwriters-rFirst Bos¬

Norda

Business—The manufacture of building materials.
taxes and loans and
working capital. Office—Woodbridge-Carteret Road,

Port Reading, N. J; Underwriters-Mortimer B. Btirnside
& Co., Inc., N, Y. Offering—Temporarily postponed*

Dec. 7, 1962 filed 400,000 American Depositary Shares,
representing 10,000,000 common. Price—By amendment
(max. $£2.£0).
Manufacture of telecommunica¬
tions ' and Electronic, equipment; Proceeds—For: expan¬
ton

Business—Design

Properties Corp. of America
April 27, 1962 filed 300,000 class A shares. Price—By
amendment (max; $16). Business—Company Owns cer¬
tain real estate; general insurance agency and a mort¬
gage servicing company. Proceeds—For debt repayment.
Office
745 Fifth Ave., N. Y.
Underwriter — Stanley
Heller & Co., N* Y, Note—Thia registration Will be with*

the

shares. Price

Proceeds—For payment of income
for

mining. Proceeds—General corporate purposes.
'Office—90 Industry St., Toronto, Canada. Underwriter—
A. C, MacPherson & Co.* Toronto,,

•

common

—$5.

ment and

sion.

N. Y. Note—

Pellegrino Aggregate Technico, Inc.

,

Oct. 13, 1961 filed 475,000 common, of-which 400,000 are
to be offered by the company and 75,000 by a stock¬
holder.
Price—50c. <: Business-^-Exploration,
develop¬

Nippon Electric Co. Ltd.

acquisition, research and other corporate pur¬
Office — 2301 Pennsylvania Ave,, Philadelphia.

Underwriter—Arnold Malkan & Cd/, Inc.,
This registration will be withdrawn.

s

New

Price—$5. Business

an

poses;

/---For drilling:, expenses^ working capital and other cor*
porate. purposes, 4 Off ice—Tekoil Bldg., Oklahoma City.
„

$10).

tems, and integrally lighted switches. Proceeds — For
product improvement and development, working capital,
other corporate purposes.
Office—1631 10th St.,

For

be named.

—For

-

(max.

amendment

and

To

—Manufacture^ of drugs and pharmaceuticals. Proceeds

Price—$5,
and oil. Proceeds

,

/-i-By

Nov.

Parkway Laboratories, Inc.
DecU6, 1961 filed 160,000 common.

common;

.

Relay, Inc.

Oct. 1, 1962 filed 100,000 common, of which 75,000 will
be sold by company and 25,000 by a stockholder. Price

Proceeds—For general corporate purposes. Office
*-*70 N. Main St.,, Freeport, L. I., N. Y. Underwriter—
pany.

(2/15)

Co., N. Y.

Radar

Real

v

,

Proceeds
For debt repayment, equipment, and other
corporate purposes.- -Office—39 Broadway, N. Y*' Under¬
writer—To be named;,
,"

National

Underwriter—Peter Morgan &

Corp.

Feb. 28, 1962 filed; 108,008 Common. Price—$5; Business
—Company plans to mine for beryl ore in Argentina*

production arid'distri*'
capital.: Office-—^270
Ave* of the Americas, N* Y. "Underwriter—None. ;

Business—Production of natural gas

1

•

Santa Monica, Calif.
Underwriter—White, Weld & Co.
Inc.;.New York* Offering—Indefinite.
,</
z

.

,

Business—Production of

Sept. 7, 1962 filed 180,000 class A

named.

Under writer—Fraricis I. du Pont & Co.y N. Y. Offering
—Indefinitely postponed.
*
,
v

;

faiotiort pictures.' Proceeds—For
bution
expenses
and
working

Natural Gas & Oil Producing Co.

pens, points, mechanical pencils and desk sets.
Proceeds—For equipment and working capital. Office—•'
Little Falls, Passaic County, N. J./Underwriter—To be

manufacture of electronic monitoring and warning sys¬

Pan American Beryllium

Telepix, Inc.
Price-—At par.

(max. $13).

v

point

Business—Manufacture of en¬
velopes, packaging materials of various kinds, wrapping
paper, stationery, and school supplies.
Proceeds—For
selling stockholders. Office—198 W. Alameda, Denver.

,

July*30,. 1962 filed $150,000 oi 6%% conv/ subord. deben¬
tures due 1972.

Angeles.

Pak-Well

.

Nov.

•

holders. Price—By amendment (max. $6). Business—En¬

pany

100,000 common, of which 80,000
by" company and 20,000 by stock¬
holders. Price—$17.50.
Business—A life, accident and
health insurance company. Proceeds—For investment.
Office: — 130 Alvarado, N. E. Albuquerque, N. M*
are

Airlines.

Dec.

J;:

35

26, 1962 filed 293,000 common, of which 80,000 are
to be offered by company, and 213,000 by stockhold¬
ers.
Price—By amendment (max. $20). Business—Com¬

company.

poses.

1

Southwest

(127)

R. E. D. M.

Corp.

June 29, 1962 filed 125,000 common, of which 50,000 will
be offered for the company and 75,000 for certain stock¬

Russell

Mills, Inc.

J

Sept. 28, 1962 filed 312,500 common. Price—By amend¬
(max. $12).
Business—Manufacture of athletic
clothing, knitted underwear, children's sleepwear and
cotton cloth. Proceeds—For bond retirement and plant

ment

expansion.

Address—Alexander City, Ala. Underwriter
& Weeks, N. Y.
Note — This company"

—Hornblower

Continued

on

page

36

*•

*

36
•y; «r}

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The Commercial and Financial Chronicle

(128)
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Continued from page

formerly

35

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Note—This registration

Calif.

Hills,

Beverly

Financial

Corp.
1962 filed 500,000 conimon,

•

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

94,822 and any unsub¬

Remaining

held.

scribed shares will be offered publicly. Price—To

public,

$6; to stockholders, $5. Business—Company plans to en¬

the consumer finance, mortgage, general fi¬
and related businesses. Proceeds — For general

in

gage
nance

Tabach

corporate purposes. Office—830 N.
U nderwr iter—N one.

Central Ave., Phoe¬

leasehold improvements and
expansion. Office—217 E. Eight St., Los Angeles, Calif.
Underwriter
Costello, Russotto & Co., 9301 Wilshire
Blvd., Beverly Hills, Calif. Offering—Imminent.
.

Sentinel Life Insurance Co.

$5.
in¬
surance. Proceeds-~For organizational expenses and other
corporate purposes. Office—225 Bush St., San Francisco,

Sept. 10, 1962 filed 250,000 capital shares. Price —
Business—Company plans to sell life and disability

Calif. Underwriter—None.

(1/14-18)
March 30, 1962 filed 125,000 capital shares. Price
$3.
Business—Design, development and manufacture of pre¬
cision control components and associated products. Pro¬
ceeds
For debt repayment, equipment and working
capital. Office — 190 Gruner Rd., Cheektowaga, N. Y.
Underwriter—General Securities Co., Inc., N. Y.
Servotronics, Inc.

Shaker

Properties
Oct. 19, 1962 filed 215,000 shares of beneficial interest.
Price—$15. Business — A real estate investment trust.
Proceeds—For investment and working capital. Office
—1956 Union Commerce Bldg., Cleveland, Ohio. Under¬
writer—McDonald

&

u*

Signalite

Cleveland.

Co.,

Offering—Indef¬

»

Inc.

1962 filed 126,000 common. Price—$4.50. Busi¬
ness—Manufacture, sale and development of glow lamps
for use as indicators and circuit components. Proceeds—
29,

repayment, equipment and working capital.
Office—1933 Heck Ave., Neptune, N. J. Underwriter—
Milton D. Blauner & Co., N. Y. Offering—Postponed.
debt

For

Transportation Co., Inc.
100,000 common. Price—$3.
Business—Construction and operation of towing boats.
Proceeds—For debt repayment, conversion of a boat, and
working capital. Office—3300 N. W. North River Drive,
Miami, Fla. Underwriter—Irwin Karp & Co., Inc., 68
Southeastern Towing &

Nov.

29, 1961

tion

("Reg. A")

precision machinery. Proceeds—Fo f the purchase of cer¬
tain patents, repayment of debt, and working capital.
Office—730 Grand St., Hoboken, N. J. Underwriter—
Blair & Co., New York.
New York,

Inc.

1962 filed $450,000 of 15-year 8% debentures
15,000 common shares to be offered in 300 units,
each consisting of $1,500 of debentures and 50 shares.
Price—$2,000 per unit. Business—Operation of discount
department stores. Proceeds—For debt repayment and
working capital. Office—North Colony Rd., Wallingford,
28,

and

Underwriter—None.

Conn.

Sterling Copper Corp.
Aug. 2, 1962 filed 850,000 common. Price—$1. Business
—Company plans to operate a non-ferrous rod and tube
mill.

Proceeds—For plant and equipment, working

capi¬
Office—300 Horn Rd.,
Underwriter—None.

tal and other corporate purposes.

Pinconning, Mich.

v

Stratford Financial Corp.
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¬
nance company.
Proceeds—For debt repayment. Office

United Variable Annuities Fund, Inc.
AJril 11, 1961 filed 2,500,000 shares of stock. Price—0
per share. Business—A new mutual fund. Proceeds—For
investment. Office—20 W. 9th Street, Kansas City, Mo.
Underwriter—Waddell & Reed, Inc., Kansas City, Mo.

Universal Capital Corp.
Aug. 28, 1962 filed 1,500,000 common. Price—$1. Busi¬
ness—Company plans to establish or acquire control of
other

loans

Price—By amend¬

Proceeds—For repayment of bank

capital.
Office—19201 Cranwood
Parkway, Warrensville Heights, Ohio. Underwriters—
Westheimer & Co., Cincinnati, and Hartzmark & CoInc., Cleveland.
•

and

working

Tennessee

Gas Transmission Co.

(1/22)

filed $50,000,000 of first mortgage pipe line
Price—By amendment. Proceeds
debt repayment, and construction.
Office—Ten¬
Bldg., Houston. Underwriters—Stone & Webster

bonds due Dec. 1, 1982.
nessee

Securities

Corp.; White, Weld & Co.; Halsey, Stuart &

Co., Inc.
Texas

Plastics

Inc.

July 27, 1962 filed 313,108 common, Price—$3.50. Busi¬
ness—Operation of a plant producing plastic film and
packaging products.
Proceeds—For
working capital.
Address—Elsa, Texas. Underwriter—Crow, Brourman &
Chatkin, Inc., N. Y.
Top Dollar Stores, Inc.
May 1, 1962 filed 200,000 common, of Whifch 100,000 are
to be offered by company and 100,000 by stockholders.
Price—$5. Business—Operation of a chain of self-serv¬
ice retail stores selling clothing, housewares, etc. Pro¬
ceeds—For expansion, equipment and working capital.
Office—2220 Florida

Ave., Jasper, Ala. UnderwriterPhilips, Appel & Walden, 115 Broadway, N. Y. Offering
—Temporarily postponed.
Tourist

Aug.

Industry Development Corp^ Ltd.

1962 filed $5,000,000 of 7% senior debenture
Price—At par. Business—Company was
organized by the State of Israel to furnish financing to
3,

stock due 1962.

enterprises.

$5.05

Proceeds—For

general

corporae

unit.

per

foams.

Business—Manufacture of urethane
equipment, working capital,

Proceeds—For

leasehold expenses and other corporate purposes. Office

Republic National
—

Bank

Bldg., Dallas.

First Nebraska Securities

Under¬

Corp., Lincoln, Neb.

Offering—Temporarily postponed.
Valu-Rack, Inc.
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 of health and beauty aids, housewares,
kitchenwares, wearing apparel and other goods.
Pro¬
ceeds—For debt repayment. Office—2925 S. San Pedro
St., Los Angeles. Underwriter—To be named.
Venride

Inc.

Nov.

5, 1962 filed 150,000 common. Price—$3. Business
-—Operation of coin-operated children's rides. Proceeds
—For

debt

repayment, equipment and working capital.
Church St., N. Y. Underwriter—Leonard B«

Office—241
Stern &

Oct. 11, 1962
—For

Urethane of Texas, Inc.
Feb. 14, 1962 filed 250,000 class A and 250,000 common to
be offered in units of one share of each class. Price—

writer

Inp

$ll)v Business—Manufacture of automobile

antennas and radios.

companies, principally those in life insurance field.
Office—318

Proceeds—For general corporate purposes.
N. St. Paul St., Dallas. Underwriter—None.

—2300

Qvc^pme

ment (maXi

tourist

of

selling

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.

purposes.

Sperti Products, Inc. (1/28-31)
Nov. 29, 1961 filed 230,000 common of which 200,000 are
to be offered by the company ana 30.000 by stockholders.
Price—By amendment. Business—Manufacture of drug
and food products, electrical and electronic devices and

of fluid con¬

June 1, 1962 ("Reg. A") 50,000 common. Price—$2. Busi¬
ness—Production and sale of educational audio-visual

Sovereign Life Insurance of California
Nov. 28,
1962 filed 800 capital shares.
Price—$2,500.
Business—Company plans to engage in writing life and
disability insurance in California. Proceeds—For capital
and surplus.
Office—510 S. Spring St., Los Angeles.
Underwriter—McDonnell & Co., Inc., New York. Offer¬
ing—Indefinite.

Stars

Price—By amend¬

withdrawn.

was

Toarhinc

William St., N. Y.

Dec.

1962 filed 90,000 common.

and aircraft.
stockholders
Address—Bridge¬
port, Conm ,Underwriters—Stroud & Co.. Tnc and Penington, Colket & Co., Philadelphia. Note—This registra¬

—

Jan.

Fluid Control, Corp.

• Tactair

March 29,

—

Ltd., 32 Merchant St., Honolulu."

—

Tenna Corp.
Sept. 28, 1962 filed 122,000 common.

nix.

inite.

Industries, Inc.

Proceeds—For

of which 405,000
are to be offered for subscription by holders of the A,
B and C stock of Selective Life Insurance Co., an affili¬

Life

,

ment (max. $7.50). Business—Manufacture
trol equipment used in missiles, helicopters

(same address).

Selective

Maiden Lane,"New York.
Co., Inc., New York. Offer¬

ceeds—For debt repayment,

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.
Office—912 Thayer Ave., Silver Spring, .Mel,
Under¬
writer — North
American Seaboard Securities Corp.,

28,

Office—9

March 29, 1962 ("Reg. A") 125,000 common. Price—$2.
Business—Manufacture and sale of women's wear. Pro¬

will be

Seaboard Land Co.

Feb.

purposes. ;

ing—Expected in February,

withdrawn.

Selective

new
warehouse, and working capital. Office — 3140
Lalena St., Honolulu. Underwriter—Loyalty Enterprises,

Underwriter—S. C. Burns &

Underwriter—Cantor, Fitzgerald & Co., Inc..

Francisco.

For a

irozen

porate

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

foods and other commodities. Proceeds

•

Nov.

Superior Commercial Corp.
15, 1962 filed 200,000 class A common, of which
100,000 are to be offered by the company and 100,000 by
stockholders.
Price—$1.50.
Business-^-Company buys
and holds second mortgages. Proceeds—For general cor¬

"

<

•

Capital Corp.

Thursday, January 10, 1963

.

.

i

called Russell Manufacturing Co. Offering

was

Francisco

Saci

^

,

—Indefinite.

.

l'\

Co., N. Y.

Wade, Wenger ServiceMaster Co.
Nov.

conv. subord.
de¬
of principal amount.
Business—Sale of franchises for on-location cleaning of

23,

bentures

1962

filed $250,000

due

1973.

of

7%

Price—95 %

carpets, furniture, floors, etc., and the manufacture and
sale of cleaning equipment and materials. Proceeds—For
debt repayment and other corporate purposes. Office—
2117 N. Wayne, Chicago. Underwriter—None,
^
Waterman Steamship Corp.
Aug. 29, 1961 filed 1,743,000 common.

Price—By amend¬
carrying of liner-type cargoes.
Proceeds—For the purchase of vessels, and working cap¬
ital.
Office—71 Saint Joseph St., Mobile, Ala.
Under¬
writer—Shields & Co., Inc., N. Y. (mgr.).
Offering—
Temporarily postponed.
a.

ment.

Business—The

<

Wellington Electronics, Inc."1*
Oct. 29, 1962 filed 50,000 common, of which
be offered by company and 12,500 by a

37,500

are to
stockholder.
Business—Manufacture of'Ctched aluminum

Price—$10.

foil; the

company also produces and leases automatic
winding machines used in the manufacture of capacitators.

Proceeds—For loan repayment, equipment, plant
expansion and working capital. Office—65 Honeck St.,
Englewood, N. J. Underwriter—Hemphill, Noyes & Co.,

New York.

Offering—Indefinitely postponed.

Address—Jerusalem, Israel.
Underwriter—
American-Israel Basic Economy Corp., N. Y.

Western Empire Real Estate Investments
Sept. 26, 1962 filed 600,000 shares of beneficial interest.

Transarizona Resources, Inc.
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.

Price—$4.

Proceeds—For equipment, exploration and working cap¬
ital. Office—20 I E. 4th St., Casa Grande, Ariz. Under¬
writer—None.

Feb.

•

TurbodyneCorp.

March 2,1962 filed 127,500 common. Price—$5i Business

—Research, development and production and overhaul¬
ing of gas turbine engines. Proceeds—For debt repay¬
ment, research and development, a new plant and work¬
ing capital. Office — 1346 Connecticut Avenue, N. W.,
Washington, D. C. Underwriter — To be named. Note—
This registration was withdrawn.

Tyson's Foods, Inc.
26, 1962 filed 100,000 common. Price—By amend¬
ment (maxv $12). Business—Company operates an inte¬
grated poultry business. Proceeds —^ For construction,
equipment and working capital. Office—317 East Emma
Ave., Springdale, Ark. Underwriter—Rauscher, Pierce &
; Co., Inc., Dallas.
Dec.

Ultrasonic

control.

Company also acts as sales agents and distrib¬
utors of allied equipment in the fields of contamination
control and ultrasonics.

equipment,

Proceeds—For debt repayment,
advertising and other corporate purposes.
Ave., Rahway, N. J. Underwriter

Office—1695 Elizabeth
—None.

as a

real

Proceeds—For investment.

Of¬

fice—1755 Gilpin St., Denver, Colo.

Underwriter—None.

Western Pioneer Co.

19, 1962 filed 371,750 capital shares of which 175,000
by the company and 196,750 by stock¬
Price—By amendment (max. $42). Business—
The making of loans secured by first liens on real estate.
to be offered

are

holders.

Proceeds—For

debt repayment. Office — 3243 Wilshire
Blvd., Los Angeles. Underwriter — Kidder. Peabody &

Co., New York.

Note—This registration will be with¬

drawn.
Western Travel,

Inc.
29, 1962 ("Reg. A") 175,000 common. Price—$1.
Business—Operation of motels, hotels, restaurants and
Oct.

related businesses.

Proceeds—For completion of a motel
working capital.
Office—290 N. University Ave.,
Provo, Utah.
Underwriter—Western Securities,
Inc.,
Provo, Utah.
and

Wheeler & Ryan, Inc.

July 30, 1962 filed 80,000 common. Price—$12.50. Busi¬
ness—Acquisition of leases and production of oil and gas.
Proceeds

Laboratories, Inc.

Nov. 29, 1962 filed 67,200 common. Price—$3.50. Busi¬
ness—Design, engineering and manufacture of special¬
ized products primarily in the field of contamination

Business—Company plans to quality

estate investment trust.

—

For repayment of debt and

other corporate

Office—Thompson Bldg., Tulsa.
Edwards, Inc., Oklahoma City.

purposes.

—R. J.

Underwriter

White Photo Offset, Inc.
(1/28-31)
July 13, 1962 filed 100,000 common. Price—$3.50. Busi¬
ness—Photo-offset printing. Proceeds — For debt repay¬
ment, equipment and working capital. Office—142 W.
26th St., N. Y. Underwriter — K-Pac Securities
Corp.,
New York.

Widman

(L.

F.),

Inc.

B.

Exchange, Inc.
Nov. 29, 1962
("Reg. A") 100,000 common. Price—$3.
Business—Operation of retail stores selling and trading

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

20, 1962 filed 500,000 common. Price—$20. Busi¬
ness—A new mutual fund which plans to offer investors

films and other photographic equipment. Com¬
sells radios, tape recorders, dictating and
photocopying machines, and provides a film developing
and printing
service.
Proceeds—For new stores and

drug stores. Proceeds—Expansion, equipment and work-o
ing capital. Office—738 Bellefonte Ave., Lock Haven, Pa.
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.

—95

MadisonAve.,

N.

Y.

Underwriter—Mortimer

Burnside & Co.. Inc., N. Y.
•

Stratton

'

*

cameras,

Fund, Inc.

March

the
ties

opportunity of exchanging their individual securi¬
for shares of the Fund without incurring Federal
liability. Office—15 William St., New York.

income tax

Dealer-Manager—J.
—This company

Construction

R.

Williston

formerly

was

&

Beane,

N.

Y.

Note

named Stratton Realty &

Fund, Inc.. Offering—Indefinite.




United Camera

pany

also

concessions. Office—25 W. 43rd St., N. Y.
derwriter—Ingram, Lambert & Stephen, Inc., N. Y.

camera

U.

S.

Cold

Un¬

Storage of Hawaii, Inc. i"
20,000 common. Price — $10.
a cold storage warehouse for

Nov. 20, 1962 ("Reg. A")
Business — Operation of

,

,

Wiener Shoes

Inc.

r.

April 2, 1962 filed 80,000 common. Price
ment (max. $11). Business—Operation of
stores.

—

a

By amend¬

chain of shoe

Proceeds—For debt repayment, expansion and
working capital. Office — 808 Dakin St., New Orleans.
Howard, Weil, Labouisse, Friedrichs 8c

Underwriter

—

Volume

Number

197

6228

.

.

.

The Commercial and Financial Chronicle

Co., New Orleans. Note—This registration will be with¬
drawn.

if Time Finance Cb., Inc.
Dec. 21, 1962 ("Reg. A") $296,100 of 6V&% junior sub¬

Winslow Electronics, Inc.
1961 filed 125,000 common. Price—$4. Business
—Design and manufacture of precision electrical and

ordinated

electronic

$100. Business—A

•

Dec. 28,

measuring devices

ceeds—For

debt

repayment

and test equipment. Pro¬
and other corporate pur¬

Office—1005 First Ave., Asbury Park, N. J. Under¬

poses.

Jan.

1962 filed

offered

be

for sub¬

1955, was handled by Kuhn, Loeb &
Barney & Co., New York,

scription by class A and class B stockholders on1 the
basis of $100 debenture for each 24 shares held. Price—
Proceeds

consumer

loan

and

Aug.

For

debt repayment and working capital.
Greenmount Ave., Baltimore. Underwriter

—

Office—3016

of 6.5%

$4,500,000

convertible sub¬

(with attached warrants)

for

subscription by stockholders of class
the basis of $500 debentures for each 100

A stock

on

class

A

shares

Real

estate.

held.

Price—$500

Proceeds—For

debt

unit. Business—

per

repayment

and

Dec.

Effective Registrations

Zero Mountain Inc.

The following registration statements

were

1962 ("Reg. A") 100,000 common. Price—$3.
Business—Operation of underground cold storage facil¬
ities. Proceeds—Expansion, debt repayment and working
capital.
Address—Box 594, Favetteville, Ark.
Under¬
Don D. Anderson &

Co., Inc., Oklahoma City.

de*

Oct.

Corp.
$1,400,000 of 6% convertible subordinate debentures due
1975, series A, offered at par and accrued interest by
Carl M. Loeb, Rhoades & Co., and
Bear, Stearns & Co.,
Corp.
one

$100 6%

common

April

expire Jan. 22. No underwriting is involved.
Columbia Gas

System, Inc.
$25,000,000 of 4%% debentures due Jan. 1, 1988 offered
at par and accrued interest by Morgan
Stanley & Co.
and The First Boston Corp., New York.

if Dallas Power & Light Co. (1/29)
Jan. 2, 1963 filed $25,000,000 of first mortgage bonds due
1993. Proceeds—To redeem $20,000,000 of 5J/4%
bonds
due 1989, repay advances from Texas Utilities Co., pa¬
rent, finance construction, etc. Office—1506 Commerce
St., Dallas^ Underwriters—(Competitive) Probable bid¬
ders: Halsey, Stuart & Co. Inc.; Salomon Brothers &
Hutzler-Equitable Securities Corp. (jointly); Eastman
Dillon, Union Securities & Co.; Kidder, Peabody & Co.,
Inc.-Merrill Lynch, Pierce, Fenner & Smith Inc. (joint¬
ly); First Boston Corp.; Lehman Brothers. Bids—Jan. 29,
(12 noon EST).

if First Arizona Security Corp.
Dec.

21,

1962 ("Reg. A") 250,000 capital shares to be
offered for subscription by stockholders of the First Se¬
curity Bank, parent, on the basis of five new shares
for each share held. Price—$1. Business—Company plans
to purchase real estate

and construct

a

c'*%

common
offered at $62 per share by Smith,
Barney & Co., Inc., New York and Drexel & Co., Phila¬
delphia.

(1/23)
$10,000,000 of first mortgage bonds
due 1993. Proceeds
To refund outstanding 5% bonds,
series H, due Feb. 1, 1990. Office—600 S. Main, Tulsa,
Okla. Underwriters
(Competitive). Probable bidders:
Glore, Forgan & Co.; White, Weld & Co.-Shields & Co.
(jointly); Blyth & Co., Inc.; Equitable Securities Corp.Eastman Dillon, Union Securities & Co.
(jointly); Hal¬
sey, Stuart & Co., Inc. Bids—Expected Jan. 23 (11:30 a.m.
EST).
*
'
*
'
~
it
—

—

Dec. 31,
one

1962 ("Reg. A") 3,000 units each consisting of
6V2% 10-year debenture, 25 common shares and pur¬

chase warrants for 100

common

subscription by stockholders
of record Feb.
150

1, 1963

shares

common

on

shares to be offered for

of

Ten-Tex

the basis of

held.

Corp., parent,

one

Price—$100,

unit for each

Business—Sale

and lease of machinery for
production of tufted textile
products. Proceeds — For debt repayment and working
capital. Office—3814 Tennessee Ave., Chattanooga, Tenn.

Underwriter—Irving J. Rice & Co., Inc., St. Paul.
Dec.

31,

Business

1962

("Reg. A")

Production of

a

common.

Price

—

$3.

special type terrazzo tiles.

Proceeds—For equipment, sales
promotion and working

capital. Address—Rayamon, Puerto Rico. Underwriter—




plans

Blvd.,

Chicago.

bidders:

Underwriters—(Competitive.)
Brothers & Hutzler; Halsey,
Bids—Jan. 16 (12 noon CST) at above
Salomon

28, 1962 it was reported that this company will
$48-$50 million of first mortgage bonds in May
1963. Proceeds—To refund outstanding 31/s% and 2%%
bonds maturing July 1, 1963. Office—210 S. Canal St.,
Chicago. Underwriters
(Competitive). Probable bid¬
ders: Kuhn, Loeb & Co.;
Halsey, Stuart & Co. Inc.; Kid¬
der, Peabody & Co,
issue

UNDERWRITERS!

Community Public Service Co.
Oct; 29, 1962 it was reported that this company plans
to issue about $5,000,000 of first mortgage bonrlt* in
June 1963. Office—408 W. 7th St., Fort Worth, Tex. Un¬
derwriters
(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; Salomon Brothers & Hutzler; Stone &
Webster Securities Corp.
—

you

us

telephone

at 25 Park

us

at

REctor

2-9570

or

Place, New York 7, N. Y.

Connecticut Light & Power Co.
1962 it was reported that the company is con¬
sidering the issuance of about $22,500,000 of bonds in

Dec, 10,

Prospective Offerings

1963

Jan.

2, 1963 it

dle South

was

St., Berlin, Conn. Underwriters—-To be named. The
last public offering of bonds on Jan. 20, 1960 was
handled by Morgan Stanley & Co.-Putnam & Co.-Chas.

(2/20)
reported that this subsidiary of Mid¬

W. Scranton & Co.-Estabrook &
Cot.

Utilities/Inc.,; plans to sell $15,000,000 of first

mortgage bonds in February. Proceeds—To refund out¬
standing 5%% first mortgage bonds due Dec. 1, 1989.
Address—9th and Louisiana Sts., Little Rock, Ark. un¬
derwriters >— (Competitive); Probable bidders: Halsey,

Securities

Corp.

(jointly);

Sept.

stantial

Office—1835

3, 1962, Arthur B. Homer, Chairman,, announced
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
added that this would not be required in the immediate

Briggs, Executive Vice-Presi¬

use

from
riatural gas suppliers and the
of bank credit." Earlier, the company re¬

ported that it expected to sell about $40,000,000 of secu¬
rities, probably bonds, in the fourth, quarter.
Office—
212 West Michigan
Ave., Jackson, Mich. Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; White, Weld & Co.-Shields & Co. (jointly); Harri¬
man
Ripley & Co. Inc.-First Boston Corp, (jointly);
Morgan Stanley & Co.

(2/5)

Steel Co.

Robert P.

refunds

increased

Dec. 3, 1962 it was reported that this A. T. & T., subsidi¬
ary plans to sell $50,000,000 of debentures in February.

Bethlehem

1962,

"larger than anticipated internal generation of cash, sub¬

Lynch,
Pierce, Fenner & Smith Inc.; Eastman Dillon, Union
Securities & Co-Equitable Securities Corp.
(jointly).
Bids-—-Expected Feb. 20.

Arch
St., Philadelphia.
Underwriters—
(Competitive).
Probable bidders: First Boston Corp.;
Halsey, Stuart & Co. Inc.; Morgan Stanley & Co.; White,
Weld & Co.-Eastman Dillon, Union Securities & Co.
(jointly). Bids—Expected Feb. 5, 1963 at 195 Broad¬
way, New York.

4,

dent, announced that the company had postponed until
mid-1963 its plan to sell additional securities because of

Merrill

Bell Telephone Co. of Pennsylvania

(jointly).

Consumers Power Cb.

Stuart & Co.. Inc.; White, Weld & Co;; Blyth & Co. Inc.Dean Witter & Co. (jointly); Lehman Brothers-Stone &
Webster

1964. Proceeds—For construction. Address—Sel-

or

den

Arkansas Power & Light Co.

that the company

49,500

company

Chicago Union Station Co.

similar to those you'll find hereunder.

Dec.

if Tilecase Corp.

Co.

this

Nov.

.

if Ten-Tex, Inc.

that

$10,000,000 of first mortgage bonds in
Proceeds—For construction. Office—607 E. Adams

Stuart & Co. Inc.

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

due

1962 filed

Service

reported

—

ATTENTION

fraternal

31,

Public

was

address.

partnership interests and $506,325 of 5%
subordinated promissory notes due 1973 offered by the
company in units, at $8,750, of one interest and $7,850
of notes. No underwriting was involved.
■>

if Phi Epsilon Pi Fraternity, Inc.
Dec. 27, 1962 ("Reg. A") $300,000 of 6% registered de¬

Public Service Co. of Oklahoma

about

issue

Probable

limited

write

Dec.

Illinois

1962 it

to

Jackson

Town and Country Associates

—Route

July 1, 1973. Price—At par. Business—A
organization for college students. Proceeds—
For general corporate purposes. Office—1515 Locust
St.,
Philadelphia. Underwriter—None.

(jointly). Bids—Ex¬

26, 1962 the company announced that it plans to
$6,300,000 of equipment trust certificates in Janu¬
ary. This will be the first of three or four installments
totalling approximately $21,000,000. Office — 547 W.

200,000

Would

bentures

March.

Dec.

Smith Kline & French Laboratories

ordinated debentures due March 1, 1975. Price—At par.
Business—Operation of retail meat supermarkets. Pro¬
ceeds—For debt repayment and working
capital. Address

East Brunswick, N. J. Under¬
writer—Alessandrini & Co., Inc., N. Y.

in

bonds due

sell

building for the

18, Tices Lane,

1993

Chicago, Burlington & Quincy RR (1/16)

and accrued interest

by Halsey, Stuart & Co. Inc., New York.

bank. Proceeds—For general corporate purposes. Office
—222 E. Main St., Mesa, Ariz. Underwriter—None.

if Freoplex, Inc.
Jan. 2, 1963 ("Reg. A") $200,000 of 7% convertible sub¬

utility plans to sell

due

St., Springfield; 111. Underwriters—(Competitive). Prob¬
able bidders: Eastman
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¬
ers-Bear, Stearns & Co. (jointly).,,

$70,000,000 of 41/4% refunding mortgage bonds, series N,

64 V2

bonds

like amount of 314%

—

July 10,
1963.

Transportation Corp.
$35,000,000 of 4.30% equipment trust certificates due
Jan. 15, 1983 offered at par and accrued interest
by
Kuhn, Loeb & Co. Inc., New York.

due Jan. 1, 2000 offered at 100.75%

a

1963. Office—300

1,

Central

General American

Telephone Co.

mortgage

refund

& Co.-Salomon Brothers & Hutzler

880,000 shares of beneficial interest offered at $13 per
share by Harriman Ripley & Co.,
Inc., New York and
Hayden, Miller & Co., Cleveland.

New York

(3/11)

pected March 11.

First Union Realty

if Commercial Investment Properties, Inc.
Dec. 21, 1962 ("Reg. A") 150,000 common. Price — $2.
Business—Real estate development and investment. Pro¬
ceeds—For working capital. Office—530 St. Paul Place,
Baltimore, Underwriter—None.

of first

derwriters

offered

for

This Week

Co.

Liberty St., Peoria, 111. Un¬
(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; First Boston
Corp.; Kidder, Peabody
& Co.; Eastman
Dillon, Union Securities & Co.; Merrill
Lynch, Pierce, Fenner & Smith Inc.-Stone & Webster
Securities Corp. (jointly); Blyth & Co.-Lehman Brothers

convertible

shares,

Power

was

Illinois Light Co.

Proceeds—To

20

Electric

1962 it

Central

to stockholders at $200 per unit on the basis of one unit
each 130 shares held of record Jan. 8.
Rights will

Issues Filed With SEC

29,

$9,375,000

and

(2/27)

Jan. 2, 1963 it was reported that this

York.

debenture

Co.

Foothill Blvd., San Bernardino. Underwriter — Merrill
Lynch, Pierce, Fenner & Smith Inc., New York.

Be ock Instrument

subordinate

Gas

was

reported that this company plans
to raise new money in the third or fourth
quarter of
1963. A spokesman for the
company stated that the util¬
ity is thinking of selling 380,000 common shares, al¬
though a final decision has not been made. Office—2885

Monday issue of the "Chronicle"

7,524 units, each consisting of

it

1962

California

by the SEC. Offering
details, where available, will be carried in the

New

Under¬

Union Securities & Co.-F. S. Moseley & Co.
(jointly); Harriman Ripley & Co., ? Inc.-First Boston
Corp. (jointly). Bids—Expected Feb. 27.

clared effective this week

Be'ock Instrument

N. J.

Dillon,

(1/28-31)

March 30,

26,

North Bergen,

reported that the company plans
to offer $12,000,000 of 25-year first mortgage bonds in
February. Office — 195 Montague St., Brooklyn, N. Y.
Underwriters—(Competitive.) Probable bidders: Halsey,
Stuart & Co. Inc.; White, Weld & Co.; Merrill Lynch,
Pierce, Fenner & Smith Inc.; Blyth & Co., Inc.-Eastman

realty

Products, Inc.
1962 filed 140,000 common. Price—$3. Business
•—Manufacture, development and assembling of precise
electronic replacement components for radio, TV and
industrial
use.
Proceeds—For
debt
repayment,
in¬
ventory, research, and other corporate purposes. Office
—Packinghouse Rd., Sarasota, Fla. Underwriter—Hensberry & Co., St. Petersburg, Fla.

Ave.,

be named.

Brooklyn Union
Dec.

phis. Underwriter—None.

Workman Electronic

Bergenline

writer—To

Proceeds—For construction of first unit at
Fresno, Calif.,
and working capital. Office—36 N. Cleveland
St., Mem¬

Oct. 25,

1963

Price—$3. Business—Company plans to
supply animals for biological research pur¬

Proceeds—For general corporate purposes. Office

—7520

Note—This registration will be withdrawn.

—

1962 it was reported that this company plans
registration statement covering 125,000 com«

a

poses.

("Reg. A") 150,000 common. Price — $2.
Company plans to own and operate motels.

—

y;

shares.

mon

acquisitions. Office—10 East 40th St., N. Y. Underwriter
—S. E. Securities, Inc., 10 East 40th Street, New York.

writer

15,

file

to

31, 1962

Business

Co., and Smith,

Biologies International Inc.

finance company.

if Wesco Inns, Inc.

ordinated debentures due 1977
to

be offered

Office—25 Broadway, New York. Underwriters
The last public sale of securities in May,

breed and

Corp.

26,

convertible debentures to

future.

37

—To be named.

•—None.

writer—To be named.

Wolf

(129)

Delaware Power &

Light Co.

"

March 9, 1962 it was reported that the company has postp >ned until early Spring of 1963 its plan to issue addi¬
tional

common

stock.

The

offering would be made to

stockholders first

on

the basis of

each 10 shares held. Based

on

the number of shares out¬

common

one

share for

standing on Dec. 31, 1961, the sale would involve about
/418,536 shares. Proceeds—For construction. Office—600
Market St., Wilmington, Del. Underwriters—(Competi¬
tive). Probable bidders: Carl M. Loeb, Rhoades & Co.;
W.

C.

Langley

&

Co.-Union

Securities

Co.

Continued

(jointly);

on

page

38

38

The Commercial and Financial Chronicle

(130)

*

Continued from page 37

,

,

(jointly); Eastman Dillon, Union Securities & Coi-MerLynch, Pierce, Fenner & Smith Inc. (jointly).

(,

Brothers;

Laclede Gas Co.

•'/' Eastern Freight WaysrInc.
Oct. 9, 1962 the ICC authorized the company to issue
100,000 common. Price—By amendment (min. $5). Busi¬
ness—A motor vehicle common carrier operating in nine
eastern states from Vermont to

Food Fair Properties, Inc.

May

stockholders

1962

11,

issue 756.000 shares of

Which

will be offered

a

new

to

& Smith Incv; New
/St.-Louis.

the

company

Laclede Gas Co.

repay bank loans."
Louis. Underwriters—(Competitive).

to

purchase

up

outstanding 6% preferred stock

to $6,000,000 convertible debentures of

Major Realty Corp., an affiliate. Office—223 East Alleg¬
hany Ave., Philadelphia. Underwriter—To be named.
The last rights offering in December 1957 was under¬
written

Eastman

by

Dillon, Union

Securities

&

about

1962, President Kennedy signed a bill au¬
thorizing the Government to sell its holdings of 540,894

2,050,000 class B shares, representing 98%
the company. The stock; now

of the voting control of

in 1942
the

as a

offering

which need not be registered with the SEC* Proceeds
from the sale will be used to reimburse American citi¬
zens

II.
of

for losses

of

life and

Business—Company is

property during World War

leading domestic producer
dyestuffs, chemicals and photographic materials. Of¬

fice—111

a

W. 50th St., New York. Underwriters—(Com¬

petitive). Probable bidders: Bache & Co.; Blyth & Co.Fhst Boston Corp. (jointly); Lehman Brothers-Kuhn,
Loeb & Co.-Glore, Forgan & Co.

$10,000,000
must

dends

General Aniline & Film Corp.

held by the Attorney General, was seized
German asset. No date has been set for

(jointly).

^—4

.

of

debentures to redeem

interest

on

debentures is

an

expense item, so the com¬

ment of real properties. Office — 32802 Pacific Coast
,Hwy^ So., Laguna, Calif. Underwriter—To be named.
The last financing for the company was handled by
Paine, Webber, Jackson & Curtis, Boston.

Michigan

Wisconsin

—500

Highway Trailer Industries, Inc.
Sept. 10, 1962 it was reported that this

expected that the bonds would mature in 15 years arid
bear interest of 6.5%. No decision has yet been made as
to whether the issue will be sold publicly or privately.
Business—Production of electric machinery. Proceeds—

company

be named. The last financing by the
underwritten ? by Allen & Co., and
Alstyne, Noel & Co.. New York City.
,
*

Interstate

expansion. Office—Tokyo, Japan.
Kidder, Peabody & Co., New York.
For

Dubuque, Iowa. Underwriters—(Competitive). Probable
Merrill Lynch, Pierce, Fenner & Smith Inc.Kidder, Peabody & Co. (jointly); Halsey, Stuart & Co.
Inc.; Salomon Brothers & Hutzler; White, Weld & Ca

V bidders;

Norfolk & Western Ry.

'

$3,000,000

of

mortgage

on

$40,000,000

Illinois

May 3, 1956

Neb.

a

as

that this utility plans to
sell approximately $15,000,000 of 30-year first mortgage
bonds, in the first quarter of 1963. Office—120 So. Lime¬
stone St., Lexington, Ky.
Underwriters—(Competitive).
Probable bidders: Blyth & Co., Inc.:
Halsey, Stuart &
Co. Inc.; Kidder, Peabody &

Co.-White,

Weld

&

Co.

;

public offering of stock/ Business—Operation of
nationwide network of franchised personnel .consult¬

Proceed^For

ex¬

writer—To be named.
Southern

Counties

•

-

Gas Co.

of

Calif.

)

-

Jan. 2, 1963 it was reported that this subsidiary of

v

Paci¬

fic

Dec. 26, 1962 it was reported that this- company plans to
sell $8,400,000 of equipment trust certificates in January.
Office—165 Broadway, New York. Underwriters—(Com¬

petitive.): Probable bidders: Salomon Brothers & Hutz¬
ler; Halsey, Stuart & Co., Inc. Bids—Jan. 23 (12 nodn
EST) at above address.
v
,

Southern

Railway Co.
Nov. 28, 1962 it was reported that stockholders are to
vote Jan. 15 on authorizing the company to issue $50,000,000 of general mortgage bonds. Proceeds—To acquire
stock of Central of Georgia Ry.; retire first mortgage
,

be

named.

;

•

The

16, 1960 was handled
Blyth & Co./Inc.* N. Y.
/

Oklahoma Gas & Electric Co.

last
on

sale
a

of

was

re¬

imburse the treasury, for capital expenditures and pro¬
for additional" capital expenditures. Offices—14th

vide

and'Canal;St;, Richlnond,; Va., and. 70 Pine St., New
—
(Competitive), Probable bidders:
First Boston Coro.; Eastman Dillbn, Union* Securities

negotiated

>; /'

:

& .Co.-Salomon Brothers /Sc/Hutzleiv;
Stuart &

/

(3/12)

^jointly);»Halsey,

Co.

Inc.;, Kidder, Peabody & Co.-White/ Weld
3t Co^ (jointly),
•
»
.

.

.

,

Southern Union Gas Co.

de¬

reported that this company plans to
sell $15,000,000 of first mortgage bonds due 1993. Office
—321 No. Harvey St., Oklahoma City. Underwriters—
(Competitive). Probable bikers: Merrill Lynch, Paerce,
Fenner & Smith Inc.-Whitb, Weld & Co. (jointly)j) Hal¬
sey, Stuart & Co. Inc.; Lehman Brothers-Blyth & Co.
Inc. (jointly); First Boston Corp.; Harriman Ripley &
Co., Inc.-Eastman Dillon, Union Securities & Co. (joint8, 1963 it

33A% bonds of Atlanta & Charlotte Air Line RR.;

York. Underwriters

Bell Telephone Co. (3/5)
it was reported that this A. T. & T., subsidiary plans to sell $40,000,000 of debentures to mature not
later than 40 years after date of issuance. Office—100
So. 19th St., Omaha/Neb. Underwriters—(Competitive).
Probable bidders: Halsey, Stuart &, Co. Inc.; Morgan
Stanley & Co.; First Boston Corp.-Eastman Dillon,
Union Securities & Co. Bids—Expected March 5, 1963
at 195 Broadway, New York.
•*
Jan.

Kentucky Utilities Co.
Aug. 1, 1862 it was reported

'

anhounee^: that the bompahy^plans^

ants with offices at ;35 major cities.

Co.

Northern

incorporated in

Corp.; Dillon, Read & Co. Inc.; Smith, Barney &

was

its first

(3/25)

Dec. 3, 1962

supply




Gas

Underwriter—To

bentures on Nov.

Co.. Inc., N. Y.

total

pansion. Office—1530 Chestnut St., Philadelphia. Under¬

28, 1962 it was reported that the company's 1962
expansion program will require about; $40,000,000 of
external financing to be obtained entirely from long
or short term borrowing. Office—2223 Dodge St., Omaha,

basis by

Boston

Spelling, Inc. :;A

rNov/20, 1962 it

Feb.

Japan Development Bank
July 3, 1962 it was reported that the Japanese Finance
Ministry has authorized the bank to issue an additional
$22,500,000 of bonds in the U. S.
It is expected that a
major portion of this financing will be completed by
a
Japanese Government financial institution to
long-term funds to Japanese industry for the
promotion of economic reconstruction and industrial de¬
velopment. Office—Tokyo, Japan. Underwriters — First

a

/

,

' SneUing &

i

Northern Natural Gas Co.

were:

was

installment Of

Halsey, .Stuart & Co. Inc.; Salomon Brothers &

Hutzler.

the company stated that it plans to spend
on construction in 1963, an undetermined

Co., Inc.

1951

bidders:

Underwriter—

by sale of. bonds. Office
615 Eastern Ave., Bellwood, 111.- Underwriters—(Competitive). Probable bidders: First Boston Corp.; Halsey,
Stuart & Co. Inc.; Blyth & Co., Inc.-Equitable Securities
Corp. (jointly); Glore, Forgan & Co.
v "l '

that this utility plans
bonds and $2,000,000 of

March 31, 1963. Business—The bank

' February; This will be the second

,

plaris to
in^ late

,VI
isyue;,of $12^20,OOO^Office—3600 W^Broad St^ .RichFinance'MiJhOnd,/;Va/ Underwriters — (Competitive.) fProbable

amount of which will be raised

was made by Blyth & Co.
Halsey, Stuart & Co. Inc.; Kidder,
Peabody & Co.; White, Weld & Co.
The last several
issues of preferred were sold privately. The last sale
of common on May 9, 1956 was made
through Blyth &

Other bidders

Seaboard A|r Line RR
Dec. 26, 1962 it was reported that this company
* se\i $6,360,000 of equipment/ trust! cCUificates
•

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¬
derwriters—(Competitive.) Probable bidders: Salomon
Brothers & Hutzler; Halsey, Stuart & Co, Inc. Bids —
Expected March 25.
Northern

preferred and common stocks. Proceeds—For debt repavment; and construction. Office
161-20 89th Ave.,
Jamaica, N. Y. Underwriters—To be named. The last
sale of bonds

Walton & Fitzgibbon, One Chase Manhattan Plaza, N. Y.

Dec. 20, 1962

Jamaica Water Supply Co.
March 20, 1962 it was reported
sell

r

total issue of $12,720,000

Richmond, Va. Underwriters
—(Competitive.) Probable1 bidders; Halsey, Stuart &
Co. Inc.; Salomon Brothers & Hutzler/ Bids—Jan/ 17
(12 noon /EST), at h office of Willkie, Farr, - Gallagher,

Dec.

White, Weld & Co.; First Boston Corp.

to

•

certificates inv January.

a

Lighting Corp., plans to sell $27,000,000 of first mort- gage bonds in the fourth quarter. Address—P. O. Box
Business; — Nippon^Telegraph,
AwhoU3^owncd by
-2736/ Terinihal Annex, ;LOs Angeles 54/ Califf Uhde^Japanese Government, furnishes domestic telephone and/*writers—(Competi tive) Probable bidders: White, Weld
telegraph services, without competition, in Japan. Pro¬
& Co.; Blyth 3c Co/ Iner.;'Merrill Lynch,' Pierce^ Feriner
ceeds—For
expansion. Office—Tokyo, Japan. : Under¬
& Smith Inc.; Halsey, Stuart & C6; Inc.^ First. Bostdn
writers—Dillon, Read & Co.; First Boston Corp., and
Corp.
Smith, Barney & Co., New York.
• Southern Pacific Co* (1 /23)

>

quarter of 1963.
Address—Orpheum-Electric Bldg., Sioux City, Iowa. Un¬
derwriters—(Competitive). Probable bidders: Kidder,
/Peabody & Co.-Blyth & Co. Inc. (jointly); Eastman Dil¬
lon, Union Securities & Co.; Equitable Securities Corp.;

..

*

1

trust

Office—3600 W. Broad St.,*

Nippon Telegraph & Telephone Public Corp.
1962, it was reported that the. company plans to
sell $20,000,000 of bonds in the United States in. the fis¬
cal year April 1, 1963 to March 31, 1964. The financing
program is subject to approval by the Japanese Diet.

Oct. 10, 1962 it was reported that the
company plans tc
; sell $8,000,000 of first mortgage bonds and $4,000,000 of ;
; common stock in late May; 1963. Office—1000 Main
St.,

Iowa Public Service Co.
Nov. 5, 1962 it was reported that this
company plans to
sell $16,000,000 of bonds in the third

»

of equipment

This is the first installment of

Dec. 19,

.

Van

Power Co.

)ltHl

■>

.

26, 1962 it was reported that this road plans to sell

$6,360,000

Oct. 24, 1962 it was reported tjhaUhe Japanese
Ministry had authorized the company to sell $10,000,000
of convertible bonds in the U. S. by March 31* 1963/It is

com¬

-

Corp.; Blyth & Co., Inc.

Mitsubishi Electric Mfg. Co/

a

writers—To
was

Boston

plans

rights offering to stock¬
holders. Authorized stock now consists of 2,000,000 $1.25
par common shares of which
714,086 shares are out¬
standing. Business—Manufacture of truck trailers, cargo
containers, telephone and power line construction equip¬
ment, etc. Proceeds—To help form a new finance com¬
pany subsidiary. Office—250 Park AveM N/ Yv Under¬
pany

St., Detroit. Underwriters—(Competitive). Probable bidders; Halsey, Stuart & Co. Inc;; First
Griswold

(1/17)

Seaboard Air Line RR
Dec.

Pipe Line Co*

Liberty Ave., Beaumont, Tex. Underwriters
—(Competitive). Probable bidders: Salomon Brothers &
Hutzler-Eastman Dillon, Union Securities & Co. (joint¬
ly); Stone & Webster Securities Corp.; Halsey, Stuart &
Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.White, Weld & Co. (jointly); Lehman Brothers. Offer¬
ing—Temporarily postponed.

Inc.-White,Weld & Co.-Salomon, Brothers .&
Bids-^Feb.. 19 (10 a.m. EST) at above

address.

Michigan Consolidated Gas Co.
24, 1962 it was reported that this company plans
to sell about $22,000,000 of first mortgage/bonds in the
/third quarter of;1963/ Proceeds-^ors Construction^ Uffice
—415 Clifford St;, Detroit!^Underwriters-L( Competitive )M
Probable bidders: Halsey? Stuart- & Co. Inc.; Blyth &
Co., Inc.; White, Weld & Co.-Lehman Brothers (jointly).

Office—285

$2,500,000 by

Smith

&

-Hutzler (jointly).

On Oct.

Oct. 24, 1962 it was reported that this company plans
to sell about $22,000,000 of first mortgage bonds in the
third quarter of 1963. Proceeds—For construction. Office

some

^ Potomac Electric Power Co; (2/19)
Jan. 8, 1963, it was reported that this utility plans to
sell $50,000,000 of first mortgage bonds. Office—929 E
St., N. W., Washington, D. C. Underwriters—(Competi¬
tive). Probable bidders; Dillon, Read & Co., Inc.*Lehman
Brothers-Eastman Dillon, Union Securities & Co.-Stone
& Webster Securities Corp. - Johnston, Lemon & Co.
(jointly)Halsey, Stuart & Co. Inc.; First Boston Corp.;
Kidderl/peabody &Sc&MerU11^3L^ch/ |^erce; Fehner

be paid from

Oct. 5, 1962 it was reported that this company plans to
sell ,$16,000,000 of first mortgage bonds due 1992, Pro¬
ceeds—To retire a like amount of 5V4% bonds due 1989.

raise

bidders:

,

pany would have to earn only 6% to provide the same
return. Business—Acquisition, development and manage¬

Gulf States Utilities Co.

to

plans
1963.

Office—920 S. W.

,

cumulative class A stock. Mr. Blakeley said class A

On Oct. 22,

and

York.

,

Portland, Ore. Underwriters—(Competitive).
Lehman Brothers-Bear, Stearns &
Co.-Salomon
Brothers
&
Hutzler
(jointly); Halsey,
Stuart & Co. Inc.; Blyth & Co.-White, MTeld & Co. (joint¬
ly) ; Eastman Dillon, Union Securities. & Cp.-Kiddef,
Peabody & Co. (jointly).
/
*

its 60-cent
divi¬
after-tax earnings, .meaning
the company has to earn 12% of gross revenue, whereas

Co.,

New York. Offering—Indefinitely postponed.

class A

^

o

°

:

on a l-for-10 basis. Price—By amendment.
Business—Development and operation of shopping cen¬
and

,

Pennsylvania Power & Light Co.
;
"
•' *
Probable bidders:
Feb. 20, 1962. Jack K. Busby, President and C. E. Oakes,
Halsey, Stuart & Co.' Inc. ; Lehman Brothers; Merrill / .Chairman, stated that the ' company /will require aborit
Lynch,; Pierce, Fenner ;& Smith Inc.-Reinh6ldt
Gard- ' $93,000,000 - in "debt financing in/ the^period 1962^ to4970.
ner
Proceeds—For construction and the retirement of $17,(jointly); Stone & Webster Securities Corp.; First
Boston Corp.; Eastman Dillon, Union Securities 8c Co.
000,000 of maturing bonds.
Office—9th and Hamilton
Bids—Expected Feb. 6, 1983. information Meeting—Jan.
Sts., Allentown, Pa. Underwriters—To be named. The
31, 1963 (11 a.m.) at 16 Wall St., New York.
last sale of bonds on Nov. 29, 1961 was won at com¬
petitive bidding by White, Weld & Co., and Kidder,
Laguna Niguel Corp.
Peabody & Co.
Other bidders were Halsey, Stuart &
Dec. 11, 1962, Gerald W. Blakeley/President, stated that
Co. Inc.; First Boston Corp.-Drexel & Co. (jointly).
the company is "seriously considering" the issuance of

Jtion rights

ters. Proceeds—To retire

(il' am.

1962 it was reported that the company
$30,000,000 of first mortgage bonds in June

Probable

(2/6/63) '

announced plans to sell $10,ProceedsOffice—1017J Olive ,Street, St.

Light Co.

&

Sixth Ave.,

York, and Reinholdt; ^/GardneTf

To

28,

to issue

Power

Proceeds—To repay outstanding loans.

000,000 of 20-year sinking fund debentures.

'

convertible oreferred stock

stockholders through subscript

Nov.

(par $25). Proceeds—To repay

Nov. 1, 1962 the company

'

authorized

announced plans to sell 200,000

Office—1017 Olive Street, St. Louis. Under¬
writers—Lehman Brothers; Merrill Lynch, Pierce, Fen¬

Virginia. Proceeds—For

working capital, debt repayment and advances to sub¬
sidiaries. Office — Moonachie Ave., Carlstadt, N. J.
Underwriter-—Allen & Co.. New York.
L / ■. / Q,
;

Pacific

bank loans.

ner

Corp. Bids—March 12

ly); Equitable Securities

(2/6/63)

Nov. 1, 1963 the company
shares of preferred stock

Thursday, January 10, 1963

.

EST) at First National City Bank, 55 Wall St., New

rill

First Boston Corp.; White, Weld &
Co.-Shields & Co. (jointly); Kidder, Peabody & Co.Merrill Lynch, Pierce, Fenner & Smith Inc. (jointly).

Lehman

.

.

Aug.

1962 it was reported that this utility. plans a
of $10,000,000 of convertible preferred
stock in .the first quarter of 1963. Office—1507 Pacific
Ave., Dallas. Underwriters — To be named. The last

rights

15,

offering

^ffering of jpreferred stocky in Ap^ii

handled by Snow, Sweeny & Co., Inc., N. Y., and A. C.
Allyn & Co./ Chicago.
-

Southwestern
Nov. 5,

1962 it

Electric Power

Co.

reported that this company plans to
sell $16,000,000 of first mortgage bonds in the fall of
1963. Office—428 Travis St., Shreveport, La. Underwrit¬
ers—(Competitive).
Probable bidders: Merrill Lynch,
Pierce, Fenner & Smith Inc.-Eastman Dillon, Union Se¬
curities & Co. (jointly); Kuhn, Loeb & Co.-Blyth & Co.
Inc-Salomon

was

Brothers

Stuart & Co. Inc.

&
.

"

Hutzler-(jointly);
v

Southwestern Public Service Co.

/

28, 1962 it was reported that the company plans to
by sale of first mortgage bonds in Feb.
NTarch, 1963. Proceeds—For construction. Office—

Nov.

raise $14,000,000
or

Halsey,

:■■/-

Volume 197

Number 6228

.

.

The Commercial

.

and Financial Chronicle

(131)
\}

•

.

-'-"V-V

■»

Y

-'\

.*

.

1

.

;>

"

y.*» vV-:

720 Mercantile Dallas Bldg., Dallas.
lon, Head & Co;, Inc., New York.
"

,

111

•

<

'

Underwriter—Dil¬

«'

1

;

u

Fidelity Union Life Bldg., Dallas. Underwriters—(Com¬
petitive). Probable bidders: Kuhn, Loeb & Co.-Blyth &

'

,

Oct. 3, 1962, A.*

J. Wagner, Chairman, stated that the
Authority plans to issue $5O,QOO,O0Q of jshort- or longterm securities in the spring of 1963.
Proceeds—Foi
construction.. Office—Knoxyille^ Tenn. Underwriters—
To be named.
On Jan. 24, 1962 the Authority sold at
competitive bidding $45,000,000 of 4Yk% bonds due Feb.
1, 1987. The issue was won by a group jointly managed
by Chase Manhattan Bank; Morgan Guaranty Trust Co.
of New

Jan. 2,

Power & Light Co.

1963 it

Western Light & Telephone Co., Inc.
Aug. 1, 1962 it was reported that the company plans to
sell approximately $5,000,000 of common stock

Nov. 21, 1962 it was reported that1 this subsidiary of
^Cincinnati Cas & Electric Co.jf plans to sell $5,000,000 of

through

mortgage bonds in 1963. Office—139 East Fourth
Cincinnati. Underwriters-^<Competitiye). Probable
bidders: Halsey, Stuart & Co. Inc.; Blyth & ;jCo, Inc.-

■i

repdrted that this subsidiary of Texas

was

I think, be made in the

can,

future.

I

from page 12

and privately-operated

companies

judgment
offer

profit

looked

was

to help

way

and

prospects

In other words,

which do not.

legislation

investment

to which small firms

as

good

a

small business help

Unequal

long been
to

caps

ation

people have known the

ness

long

one

the

ing of the truth that "Justice de¬
layed is justice denied."

capital

Celler-Kefauver

business

SBIC's

The

cre¬

should

go

a

serious student

no

system

ever

the only major handi¬

small

business.

business

small

and

uhgquai^access to'

that

was

to

Indeed,

faced

is

few

national

all
to

handicaps.

perfect

and

laws

the

to

trade

completed,and,
to allow the

we are

who can build

a

mousetirap

to. build that mousetrap, and if we
to have success and failure in

business. determined by efficiency,
rather than

by -!a firm's financial
its ability to control

resources and

markets.

Government Favors Purchases

addition,

inequalities which

our

These

times.

are

new

the in¬

are

equalities in practices of the Fed¬
government with
tremendous

respect to
of busi¬

volume

transactions which the Fed¬

eral government now makes < with

private
.Let

concerns.

<

the steps

v ;

t

mention

me

only

few of

a

which clearly must be

taken if we

are

to

give small busi¬

something like a fair chance
in the American business system.
ness

We must improve the trade laws

against coercive practices and un¬
warranted discriminations in busi¬

dealings.

ness

small firms

coercion

Today,

are

from

big

financiers.

still

fail

reason

the

each

than

few

suppliers

And
year

they
of

squeeze

very-

completely free of
big

and

thousands

for

no

other

caught

are

in

discrimina¬

some

tory pricing practice..
We must have better procedures
for

.enforcing the/ trade and anti¬

trust daws.

to. bait
tice

or

It should be

suspend

promptly,

just

possible!
after

a

local

not

or

illegal trade practice after

years

so

of

litigation.

of litigation—in the FTC

in the courts—does not

the

small

firms

though managing:

as

dairy

that

or

bring back
have




Yet

dis¬

are

route

from

been

under

in New York

we

can't

climate

to

small

magic which local firms

can¬

possibly master.

Finally,

long

be

must

technology,

new

particularly in the manufacturing
an

communications

fields,

more

In the Afield of

widely available.

agriculture it has been the policy
the

of

Federal

government

for

than 100 years to conduct the

more

research

and

development work;
and to make the new discoveries
the

techniques

new

ive

in the

they

This has

has

and

the

left

business of farming open to new¬
comers.

the

the

amount

Federal

and

of

government

development exceeds

the total cost Of the farm program

—including

price

supports,

sur¬

plus storage and all the rest.
these funds

only

a

are

Yet

distributed among

handful of big corporations.

Furthermore, the

money

is handed

out, for the most part, under terms
which

permit

making
public

the

patentable
expense,

corporation
inventions

to

acquire

control the patents.

SBIC's,

it

interest

to

small

our

at

and

It is not dif¬

proposal which

a

by

Congress

free—enterprise system.
have

There

SBIC's, of
haps 30
than

a

only

a

of

erally

firms.

of

point to

This

there

occasional

Members, of

a

loan

kind

must

in

of

thing,

experimental
still

is, it

bad

practices

because
the

as

new

a

in

SBIC's

proposal

mission

increasing
feel

I

and

is

that

they

in

In addi¬

success.

to

are

of

be

public cooperation they

have

shown

they

have

and

the

taken

to

steps

many

advance

the

cause.

often

personal expense, in providing in¬

and

small business

to

necessary

Inc.,

thank them

&

French

share by

per

a group

New

York,

Drexel

and

&

Co., Philadelphia.
The

shares

offered

being

are

The First Pennsylvania,

by

under

as

trustee

testamentary trust. After

a

completion

of the

sale the trust

will hold 415,600 common shares.

Smith Kline & French Labora¬

primarily in the
and

manufacture

sale of pharmaceutical specialties

promoted "ethically" through

ac¬

tivities directed primarily toward

physicians

pharmacists.

and

principal

products

izers

central

and

Its

tranquil¬

are

nervous

system

stimulants. A whollyowned sub¬

sidiary of the company recently
the
"proprietary'' drug

opportunity to

especially for the

co¬

in

field
ties

which

promotion activi¬

directed toward the gen¬

are

eral

public.

!;

Consolidated sales for the nine

assess

financing problems.

I want to take this

month

1962,

period

ended

amounted

to

compared

to

Sept.

:

30,

$135,329,000

$118,953,000 in

the

operation and assistance they gave

similar period of 1961* The com¬

the

pany

has

shares

outstanding and no long¬

: -v

House Small

mittee in

Liberalizing Amendments

Kline

entered

considerable

at

offering
common

managed by Smith, Barney & Co.,

development,

formation

tations.
<•,:*

this

part, I have complete

this

few

public at $62

being

SBIC's have cooperated with the

few bad repu¬

or a

Smith

tories is engaged

Congress,

legislation

be damaged by

can

in

small-business

Naturally

shares of

secondary

outstanding

Laboratories is being made to the

receiving less than $25,000

spirit

serve

against

guard

proposals

200,000

re¬

warmly congratulated for both the

Congress

investment.

or

SBIC's

would

extremely
helpful
to
the
corporations, particularly

their

firm in which the SBIC has

some

Senator

indeed. But it would

small

faith

com¬

should

tax

As for my

practices, dictating which

accountant

loss which

involved

those

insurance broken which lawyer or
which

gen¬

was

registered

of

Banking & Trust Co.

was an

SBIC is itself engaging

an

ex¬

A

loss

tion,

plaint, to
that

per¬

of income.

place.
an

and

smaller

judgement in organizing
these particular firms in the first

There is also

with

.sold

are

in

error

normal

with

Stock Offered

pro¬

rate

This proposal

from

be

sug¬

vigorously pursuing the kind

or

a

discussed these days the revenue
very

opportunities which the legis¬

envisioned,

tax

associated

revenue

sult

more

that either these firms

lation

income

but

ago,

was

others. As compared to the amount

are per¬

can

years

This

French Labs.

of

Fulbright, Senator Sparkman, and

two investments in

or

business

gests

that

year now

favorably

Members

interchange the

emption.

a

exceptional

There

few

Smith Kline &

given

haps also increase the surtax

;

licensed for

40

or

one

small

not

been

course.

are

like

was

many

enacted.

to

taxes
would

the corporate surtax rate,

business

of life under

way

I

consideration

regarded

corporate

and of vital concern to all of us—

vital to

Francisco.

corporate

new

posal

has been good, both

Business Com¬

making its recent survey

of the SBIC's.

er

14,641,504

-common

short-term debt.

Since passage of the Small Bus-*
iness

has

Act

of

enacted

1958

several

Additional

amendments.

introduced

during

legisla¬ that they
the

last

for

evidence to all

are

of their deep

are aware

responsibilities

and

taking

are

steps to meet them.

re-

SBIC's

will, if approved further liberal¬
ize

conditions

which

under

operate,

can

As

their

program

activities—both

ual SBIC's and

the SBIC's are operating well and
can

National

show, that substantial progress

tion

firms,

liberalizing

fective

able-consideration in Congress.
the

other

posal being
increase
which

one

pro¬

discussed—Which

the

size

SBIC

an

hand,
of
can

the

invest

level

These and other matters bearing
On
the
competitive climate for

justify in Congress—at least

Philadelphia.

other

facilities

England,

Small

and

in

to

drug

own

company

manufacturing

and

of

the

addition

In

facilities, subsidi¬

domestic

individ¬

members of the

as

actively seeking ef¬
of

ways

creating

opportunities

for

I

they

hope

all

in

to

ficult to forsee the day, under this

as

that

better

small business,

will

continue

pushing in this direction, and with

is to

firm

by

seminars

Association

that they are

legisla¬

will, I know, receive favor¬

On

of

in

warehousing

and

Mexico,

Canada,

South Africa, Australia

several

f

other

0 r

ei g n

countries.

Business Investment Companies—

is being made in the:financing of
small

demonstrated

ether

the

long as

have

facturing and research operations
and executive offices are located

aries of

introduction in the next Congress

SBIC's

The company's principal manu¬

Congress :SBIC's Code of Ethics and Trade

liberalizing Practice Rules

funds Congress and scheduled

grants to private industry for re¬
search

the

created and in fields of

were

tion

Today,
which

of

immediate field for which

wider

widely

our.highly product¬

agriculture

to me,

seems

coercive

steps

taken to make the

record

San

in

see

to

produce

for

a

Chicago has

or

of

consideration

never

board

a

not

a

vigor. By doing

SBIC's will

so

only help to create

itable

prof¬

more

opportunities

them¬

for

Chicago Analysts
Announce Meetings
CHICAGO, 111.

—

The Investment

Analysts Society of Chicago has
announced the following meetings

scheduled through May.
(Unless
policy,-when only a handful of sets, $2^ million of net
worth, opportunities for all kinds of otherwise noted, all meetings will
giant corporations will control all and $250 thousand of annual earn¬
be held on Thursday at the Illi¬
small businesses, they will help
of the technology then in use.
nois Room of LaSaile Hotel.)
ings—would be very difficult to
of above

$5 million of

as¬

selves, but, by helping to create

independence and

preserve

til the SBIC's have made

small business are, I know of spe¬
cial concern to SBIC's.
And I

record of

know

ber

they

would

my

a-

;

wish

me

realistic way.

tone has been grave,

the

contrary,

great

to

progress

On

in

business

supplied

it

has

been made in the recent past, and

firms

with

new

have

capital

by

V-

.

.

„

/

SBIC's

more

whether

..

_

V

will

•

than scratched the

the-

sur¬

present opportunities.
other

hand,

.'. ;V-.V ;i

be

.

'

doing

our

whole

'

"

a

Free

World.

while

land Hotel
Feb.

a

talk

the .National

by

Rep.

Association

Investment

Patman
of

Small

before
Busi¬

Companies, Washington,
D. C., Dec. 3, 1962.

Apr.

—

Ballroom).

14—Montgomery Ward.

Corporation.

Feb. 28—Xerox
Mar.

♦From

Asso¬

7—Aerospace Industry—Mr.
"Tf-; Hartman L. Butler (Mid¬

high

Nation, and

Research

ciates.

(y

SBIC's

ness

On

the

to

10—-Corn Products.

Jan. 24—Science

developed and tested.
V

•

indeed

question

Jan.

Feb.

num¬

that

Members of Congress will inevit¬

ably

dif¬

ideas and innovations

public service to

face of their

past,

where

a

and help

economic laboratory

SBIC's totals less than 5,000, some

made

distant

maintain the

are

of

have

the

fusion of political power,

financing smaller firms.

small-business legislation has been
in

un¬

better

a

When it is noted that the

If been

however,

Stop¬ Tt does not imply pessimism.

decade

ping

an

chain

ing it to the local customers.

illegal- prac¬ treat-them in

an

not

hard

is

nation-wide

a

attributed to

correct

must

we

It

available to all farmers.

From Larger Firms

In

land.

farm, pasteurizing it, and deliver¬

and

some

and

up

collecting;; the - milk ; of the local

Woodrdw Wilson's New Freedoms.

perfected if

buy

under

begun

These laws, must be

by,

appearing

is

pro¬

imagine that efficiency is ad¬

vanced

some

community,

antitrust

chains

wtthv a independent dairy firms

great challenge now, both

complete

enforcement

the

across

thebusiness

ness

Antimerger Act,

independent dairy concerns

merge

room

the

the

have watched, for example, a

we

to the Federal government and to<

eral

law,

poor

whole complex of

to

antitrust

nearly perfect

most

and

Over the past few years

business

thought

are

newest

.

through

Yet

the

man

the

Even

,

cedures.

to

toward correcting this

way

condition.

and

mean-r

long-term

small

of

cap

Countless numbers of small busi¬

equity capital ha?
of the major handi¬

access

to

if

see

better

a

The

is proving to be largely a failure

loans and

changes

near

therefore, to

you,

business.

the

as

upon

itself.

of

Opportunities Sf
destroyed by the illegal practice.

obtain private

to

was

urge

turn your attention to these matto

Continued

rights offering to stockholders, in the second quarter
1963.
Office—2015 Forest Ave., Great
Bend, Kan.
Underwriter—To be named. The last
rights offering in
January, 1957, was underwritten' by Dean Witter & Co*
a

First Boston Corp. (jointly);.Merrill Lynch, Pierce, Fen¬
ner
&
Smith Inc.-Kidder, Peabody &
Co. (jointly);

,

American Business Needs

Better SBIC

Stuart & Co. Inc.

sey,

Utilities Co., plans to sell $10,000,000 of first mortgage
bonds due 1993.. Proceeds—For construction. Address—

'*>»*. :V;

'IX

Underwriters—(Competitive): Probable bidders: East¬
man
Dillon, Union Securities & Co.; Equitable Securities
Corp.; Kidder, Peabody & Co.; First Boston Corp.; Hal¬

iJflion Light, Meat & Power Co.

;

v.

of 1963.

dress.

(2/19)

'r.y

f

was reported that this
company plans to
$12,000,000 of 25-year bonds, in the second quarter
Office—1100 H. St., N. W.,
Washington, D. C<

sell

first
Texas

1 •.

-a -

;■

Washington Gas Light Co.

Corp.; Eastman Dillon, Union Securities & Co.Salomon Brothers & Hutzler (jointly); Lehman Broth¬
ers; Halsey, Stuart & Co. Inc. Bids—Feb. 19 (11:30 a.m.
EST) at Ebasco Services, Inc., 2 Rector St., New York.
Information Meeting—Feb. 14 (11 a.m. EST) at same ad¬

York; Chemical Bank New York Trust Co.; C.
National Bank of Chicago,

;

Aug. 1, 1962 it

Boston

J. Deyine & Co.; and the First

V,

Equitable Securities Corp.; White, Weld & Co.; Kidder,
Peabody & Co.
it
I
..;,y
*

Co., Inc.-Kidder, Peabody & Co.-Merrill Lynch, Pierce,
Fenner & Smith Inc.< jointly);
White, Weld & Co.; First

Tennessee Valley Authority

p9

,

21—Ampex

Corporation.

4—Cummings Engine,

Apr. 25—Parke-Davis &
l\Tnv

9QJ

Tnvcic

y

'

Company..

Tnctriimpnt?

40

'

(132)

The Commercial and Financial Chronicle

Indications of Current

.

.

Thursday, January 10, 1963

.

The following statistical tabulations cover production and other figures for the
or month available.
Dates shown in first column are either for the

latest week

Business Activity

week
Latest

AMERICAN
Steel
Index

of

for

.

IRON

ingots

STEEL

&

and castings

production

based

1957-1959—

AMERICAN

42

and

—

condensate

output

Stocks at refineries,

Finished

gasoline
(bbls.)

Kerosene

Distillate

fuel

oil

5

100.9

92.1

99.7

123.1

—...

Intercity

COKE

——.Dec. 28

7,361,760

7,340.110

7,313,460

Dec. 28

8,741,000
31,701,000

8,436,000

30,606,000

,8,479,000
30,733,000

3,729,000
14,960,000

3,713,000

3,375,000

30,732,000
3,266,000

13,940,000

13,793,000

14,722,000

(bbls.)

Dec. 28
Dec. 28
Dec. 28

7,359,060

6,104,000

6,138,000

5,553,000

bulk terminals, in transit, in pipe lines
(bbls.) at
Dec. 28

'6,508,000

187,876,000

182,684,000

182,483,000

32,164,000
149,376,000

32,090,000
153,100,000

178,883,000
35,550,000
169,257,000

50,660,000
85,458,000

50,893,000

51.772,000

32,531,000
151,880,000
45,745,000

85,284,000

85,503,000

79,835-, 000

512,038

562,254

423,065
412,841

—

at

Dec. 28

(bbls.)

at

Dec. 28

(bbls.)

at——

Dec. 28

freight loaded (number of cars)
Dec. 29
Revenue freight received from connections (no. of cars)—Dee. 29

COTTON

State

and

by ownership

Municipal

.

Federal—
COAL

—.—;

OUTPUT

Bituminous

(U.

coal

S.

BUREAU

OF

■

'

.'

;

405,436

476,443

Jan.

3

$156,800,000
61,400,000

$306,800,000

3

Jan.

3

95,400,000

..Jan.

3

95,400,000

216,500,000
213,400,000

.Jan.

3

Dec. 29

—Dec. 29

INDEX—FEDERAL

EDISON

ELECTRIC

Electric

FAILURES
BRAD

Dec. 29

4.71,119

INDUSTRIAL)

steel

Electrolytic

.

(St. Louis)

at

(delivered)

at

Aluminum
tin

S.

90

16,874,000

16,435,000

17,005,000

16,021,000

143

294

231

241

6.196c

Dec. 28

$63.43

$63.43

Dec. 28

$26.50

$25.83

4

30.600c

30.600c

30.600c

30.600c

4

28.425c

28.475c

28.475c

27.925c

4

10.000c

10.000c

10.000c

10.250c

9.800c

10.050c

9.800c

9.800c
12.00CC

12.000c

11.500c

11.500c

12.000c

(primary pig, 99.5% ) at

Jan.

4

22.500c

22.500c

22.500c

24.0C0C

Jan.

4

111.125c

111.000c

110.625c

120.750c

York)

at

PRICES

DAILY

Number of

LIFE

—

——

Group
Group—

8

90.29

89.95

89.85

86.48

Jan.

8

88.81

88.67

88.27

86.11

Jan.

8

92.79

92.79

99.20

89.92

Jan.

8

90.63

90.63

90.34

88.13

—Jan.

8

Jan.
Jan.

Jan.
Jan.

1;
_

Bonds—

—

Group

Industrials

METAL

_.

Domestic

PAPERBOARD

(tons)-

—

ROUND-LOT

81.05

ttThree months,

83.28

Zinc—

89.92

87.18

8

90.34

90.20

90.34

87.72

Jan.

8

4.22

4.22

4.26

4.42

Jan. ■ 8
—.....Janr, 8

4.37

4.37

4.39

4.55

4.49

4.51

4.56

4.74

Jan.

8

4.92

4.93

4.93

5.10

Jan.

8

4.73

4.73

4.79

4.92

Jan.

———

8

(tons)

—.^Jah. -8

.

4.39

4.38

4.42

East

——

.

-

Short

4.39

4.40

4.39

4.58

369,0

369.7

369.3

377.6

FOR

in

ACCOUNT

stocks

;

—

Other

Gold

344,456

291,340

Antimony—

324,169

241,356

HNew

QS

87

52

Dec. 29

413,806

361,907

452,005

444,764

123.95

123.46

118.83

———

515,430

3,493,300
653,900

3,379,250

3,454,650

Detvl4 :

768,100

1,940,180

2,677,820

2,599,530

514,510
2,633,230

Dec. 14

2,455,610

3,331,720

3,367,630

3,147,740

622,040

835,910

43,250

68,600

100,520

61,300

.Dec. 14

400,750

541,380

673,850

467,890

Dec. 14

444,000

609,980

774,370

529,190

874,485

1,175,540

1,300,570

1,103,419

-

—

.

,

————

the

on

sales——

—

——

——

round-lot

transactions

.—.—Dee. 14
.—Dec. 14

——

———

———————

for

-

of

account

purchases
sales——

Other

sales

——Dec. 14

—

Dec, 14

—

Dec. 14

sales——Dec. 14';

EXCHANGE
sales

Number

of

—

SECURITIES

dealers

by

EXCHANGE

(customers'

value

dealers

by

Customers'

short

sales

Customers'

other

sales

(customers'

—

Other

_

—

537,820

STOCK

AND

round-lot

SALES

ROUND-LOT

OF

MEMBERS

sales—

PRICES

130,300

178,700

866,230

1,194,894

996,530

1,373,594

223,600
1.070.219
1,293,819

126,610

All

1,986,345

2,112,955

All

i'. :

ON

THE

N.

Y.

5,290,880

688,980
3,207,160

901,200

1.092.220

4,414,094

3,896,140

5,315,294

5,515,730

II
SERIES

—

U.

S.

DEPT.

Meats

14

1,242,682
$59,847,835

1,582.008

$75,329,790

aenveied

(per lb.)

average

-

—

—

__

FARMERS

farm

S.

DEPT.

products—

_

£234,125

£229,934

£233.767

£230.421

9.951c

10.250c

9.800c

9.751c

10.050c

£55.434

£54.313

£60,470

£54.281

£61.546

11.500c

11.500c

11.975c

12.000c

12.000c

12.475c

£67.030

£68.440

£71.332

'•*

tt

£67.714

£69.048

£72.434

119.875c

119.171c

103.325c

103.224d

102.239d

87.05Sd

$2.80333

$2.80190

$2.80964

110.688c

110.868c

121.013c

$35,000

$35,000

$35,000

$186,600

$190,400

$190,000

36.250c

36.250c

36.250c

32.500c

32.500c

32.500c

33.000c

33.000c

33.000c

$82,000

$82,000

882.000

$1.75000

$1.75000

$1.60000

$1.80000

$1.80000

$1.70000

$1.50000

$1.50000

$1.50000

22.500c

24.000c

24.000c

—

22.500c

22.500c

23.250c

79.000c

79.000c

81.250c

$2.25

$2/25

$2.25

245

245

239

227

226

224

233

197

223

268

275

230

147

152

149

230

226

218

228

243

207

244

238

243

144

139

520

519

540

262

261

251

INDEX

—

and

foodsII_IIII_

AGRICUL¬

OF

Feed,

grain and hay

Food

grains

15:

—

—

vegetables,

Nov.

of

•

Cotton

1,614,777
$72,450,606

2,182,048

fresh

_

_

w——

—

_

_i.———

_

—

..

_

_

crops

Tobacco

$116,310,161

1,769,299
16,237

2,090,219
22,640

1,873,813

14

41,217

9,737

14

1,753.062

1,832,596

2,216,745

14

$79,230,271

2,067,579
$95,667,969

$83,555,086

$110,190,295

Dec. 14

777,980

845,920

684,880

722,710

£

_

—

Livestock

Dairy

2,226,482

Dec. 14

777,980

8*45~920

6~8~4~880

722~710

231,190

352,090

418,450

712,390

'

_

products

Meat

and

__j.

eggs

_

_

ONDARY

TIN

BUREAU

(in

long
in

1<*

"dpp

14

14

23,265,700

1,718,130
23,091,070

24,522,410

24,809,200

-Jan.

1

.Jan.

100.6

1

99.0

.Jan.

1

100.8

-Jan.

1

97.2

.Jan.

1

100.7

100.6

867.140

Supply

22,043,450

Stocks

22,910,590

"
.

:

.X:.:

.

'

<
..

10C.4

at

(a)

Primary

(a)

Secondary

(a)

100.7

100.7

Not available.

period

0

in

session

.

150

140

252

249

223

30,620

31,020

32,200

5,075

5,525

8,565

35,695

36,545

40,765

29,435

30,620

33,760

5,925

3*'S05.

.

—;

j.

•

-

■

180

235

110

6,080

5,690

6,1195

4,150

3,310

4;335

1,920

1,780

2,510

figure. ^Domestic five tons or more but less than carload lots boxed. §§Defreight from East St. Louis exceeds 0.5c.
*'5Port Colburn, U. S. duty
mean and bid and ask quotations per long ton at morning
London Metal Exchange.

where
of

293

6.260
transactions

Revised

included,

277

314

,

——

manufacturing

97.4

a

of

265

314

October

—

end

268

SEC¬

—

i

Consumed

98.3

pound,

of

_

134

STATES

.

scrap

100.7

tPrime Western zinc

MINES—Month

Intercompany

99.1

Plan,

UNITED

Total processed

98.2

a

__

—l

100.*7

(a)

THE

beginning of period

(a)

v.

_

tons):

X Receipts '

1,256,710

OF

IN

'

151

__

TIN—CONSUMPTION OF PRIMARY AND

Stocks

_Dec

—

-

animals

Poultry

;

basis




pound)

1910-1914=100—As

5,08 1,4uo

rjec

on^deTiveJeT'ba^l^cen^p0^
?r°P^htP?rnm
®in(;e St.
introduction
of Monthly Investment
at centers ?£
where fieight
from East
Louis exceeds one-half cent
on

BY

U.

—

—

farm

livered

sold

—

_

export

5,789,885

.

products
Processed foods.

than

pig

5,435,819

OF

commodities

other

—

_

pound)

(per

4,343,o99

gec

I—Dec.

commodities

-

delivered ton lots)

5,095,889
702,420

—Dec. 14

STOCK

Farm

Ail

—

—

...

Commercial

3,891,725

LABOR— (1957-59—100):
Commodity Group—
I

'—

small lots).

RECEIVED

-.

NEW

_

_

Crops

TRANSACTIONS
(SHARES):

sales

PRICES,

_

_

(per pound)__

TURE

STOCK

sales

WHOLESALE

—

...

Wool

Short sales

!

ton)

price)

(per

...

Bismuth

Dec. 14

ACCOUNT

—_

_

ounce)__

primary

'

~

sales

sales

ROUND-LOT

Other

14

—Dec!
shares—Total

EXCHANGE

■

£234,151
£233.151

10.000c

pound)

(per pound)

grade

Oil-bearing

Dec. 14
.

Short sales

Total

28.072c

£55.365

Potatoes

total sales

Round-lot purchases by dealers—Number of shares

r,

30.600c

28.488c

ton)

ounce)

grade ingot weighted

NUMBER

sales)—

Dollar value

of

long

99%

,

—Dec!

purchases

long

(per

99%

Fruit

COMMISSION

—Dec

Round-lot sales by dealers—

;

30.600c

28.466c

__

(check).

(per pound,

97%

*»Nickel

purchases)—T

shares

Number of orders—customers'

Total

30.600c

Aluminunv—

members—

■—■«.—

Short

refined

pound,

Cobalt,

STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODDLOT
DEALERS
AND
SPECIALISTS ON N. Y. STOCK

;

145,100,000

$723,100,000

floor-

.

sales

York, boxed

(Per

purchases
..Dec. 14
sales———————————-————Dee. 14•

Other

FOR

160,700,000

_

_

(per flask of 76 pounds)

Platinum,

115.57

397,680

sales

ton)

(per

(per

(per

Exchange

Cadmium

Short

TOTAL

151,700,000

$754,600,000

—11.L—

Laredo, bulk (per pound)

MEM¬

2,619,560

...

ton)

long

Laredo, boxed (per pound)—
4

—Dec. 14

Other transactions initiated

Number

65,700,000

15^,700,000

Sterling Exchange—

(per ounce U. S.

350,697

sales——Dec. 14

sales——;

long

(per

London

286,610

...

——

ton)

(per

delivered

New York

46

purchases—

Short

o'X'XX,

11,600,000

75,300,000

$776,500,000

_

Tin, New York Straits

in which registered—

sales-;

Odd-lot

62,300,000

_

_

pound)

(per

Silver,

265,486

Jan.

_

_

(per pound)

(per

prompt

Sterling

313,358

Dec. 14

i

long

(per

Silver,

Dec. 29

sales

sales

•

pound)_

London

Louis

and

Dec. 29

OF

(per

ttLondon, three months (per long ton)
Silver

Other transactions initiated off the floor— :

Dollar

$286,700,000

50,500,000
11,000,000

QUOTATIONS)—

J.

London

Western,

.——Dee; 29

—

.

—

at end of period

TRANSACTIONS

St.

ttLondon,

4.62

■

Odd-lot

$300,400,000

63,400,000

•U

Quicksilver

purchases————————-.Dec; 14

Total

_

(per pound)...

prompt

84.94

BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS

.

$316,600,000

LIFE

OF

Common, East St. Louis (per'pound)
ttLondon,

83.15

4.07

.

Transactions of specialists

4,

59,749,081

October:

:—

Common, 'New York

j

90.34

4.70

—

Total

60,906,163

yrrpciruo *

x££HU!'»r!!

85.72

3.74

—

—

months,

83.15

4.54

OIL, PAINT AND DRUG REPORTER PRICE INDEX—
1949
AVERAGE=I00--——

Total

of

M.

refinery

ttLondon, prompt

ASSOCIATION:

(tons)—.

Unfilled orders

Total

60,984,310

TO

13,400,000
66,700,000
143,600,000
169,800,000

&

Export refinery

90.48

3.73

—

(E.

83.28

4.51

———————

Group

PRICES

85.72

3.69

—

Percentage of activity—

■

$1,028,525

December:

8

Group—a—Jan.„ 8

Production

Total

61,124,805

$1,123,021

Copper—

8

4.50

—

-

received

Total

31

PAYMENTS

INSTITUTE

—

_

8

—...

—

Utilities

Total

66,715,117

$1,084,567

c

85.59

8

.«

_

Total

64,712,955
of
—

BENEFIT

_

87.99

8

MOODY'S COMMODITY INDEX——:...—.

:,

.

customers—Month

values

88.67

.Jan.

.T

Other

consumers—

omitter)

(000's

payments

88.95

——Jan.
.

—

,

■:

ultimate

to

endowments

§§Prime

—

Total

*■141

FED¬

Disability payments

12.500c

—Jan.

Baa

vt

12,638,313

*'118

benefits

ttThree

corporate

Aa

Orders

75,000

FEDERAL

ultimate customers at Oct.

INSURANCE

Death

AVERAGES:

Group

NATIONAL

4,322,300

RE¬

;——.

Policy dividends

11.500c

Government

Public

4,023,698

unadjusted
seasonally adjusted—

ultimate

$66.44

12.000c

.——

Railroad

from

$37.83

4

Utilities

••

4,397,300

3,852,335
61,530
4,131,283

INSTITUTE—

sales

October

of

October

MOODY'S BOND YIELD DAILY AVERAGES:

Aaa

ELECTRIC

$63.43

4

(New

I Industrials

A

3,913,865

3,823,002
63,637
4,018,044'

NEW YORK—1957-59

OF

daily)
daily)

$25.50

Jan.
Jan.

Baa

■

(average

Surrender

Jan.

—

Average

(average

Sales

6.196c

6.196c

Jan.

—

S.

Sales

Matured
3

4

Aa

U.

DISTRICT

100—Month of November.

=

INSURANCE—Month

Jan.

Av:—~—J

Public

253,000

168

6.196c

corporate

Railroad

405,000

*'271

Jan.

Government Bonus

Aaa

402,000

120

Dec. 28

at

Louis)

BOND

Average

272,000

SECOND

BANK

Revenue

6,730,000

at

(East St.

Straits

3,886,639

copper—

Lead

MOODY'S

8,895,000

SALES

RESERVE

Total

refinery at
refinery at

(New York)

Zinc

,:'9,185,000

& M. J. QUOTATIONS):

Lead

tZinc

6,732,182

100—

=

RESERVE

Annuity

Domestic

Export

6,352,344

12,936,728

SALES—FEDERAL

STORE

Kilowatt-hour

PRICES:

lb.)
Pig iron (per gross ton)
Scrap steel (per gross ton)
(E.

7,189,268

COMMERCE):

OF

Average

EDISON

&

(per

PRICES

5

Jan.

COMPOSITE

Finished

METAL

DUN

—

STREET, INC

IRON AGE

6,085,000

(net tons)

SYSTEM—1957-59 Average

ERAL

126,000,000
5,900,000

3,100,000

(DEPT.

STORE

DEPARTMENT

$288,000,000
156,100,000
131,900,000

90,300,000

tons)

POLICYHOLDERS
Jan.

AND

Ago

RESERVE

kwh.)

(COMMERCIAL

Year

Month

of December:

Month

INSTITUTE:

(in 000

output

Previous

Month

Nov.:

running bales

13,

Month

SYSTEM—1957-50 AVERAGE=I00

U.

357,217

of

tons)

(net

GINNING

SERVE

MINES):

lignite (tons)—
Pennsylvania anthracite (tons)
——
SALES

Latest

Adjusted for seasonal variation———■>—
Without seasonal adjustment

• ■

—Jan.

and

DEPARTMENT STORE

of that date:

355

coke

DEPARTMENT

SERIES:

Public—.———.—:——

Beehive

(net tons)
Oven coke stocks at end" of month

ENGINEERING PLANNING—ENGINEERING

Total advance planning
Private—

are as

INC.—
by

transport

MINES)—Month

OF

(net

coke

Oven
•

ASSOCIATION OF AMERICAN RAILROADS:
Revenue

(BUREAU

December

Dec. 28

NEWS-RECORD—NEW

general
freight
(in tons).

Production

8,429,000

Dec. 28

—

I

CIVIL

of quotations,

cases

AMERICAN TRUCKING ASSOCIATION,
Month of October:
carriers

(bbls.)—

(bbls.)

Oils

Ago
2,294,000

in

or*

(bbls. of

at

oil

fuel

Residual

Unfinished

—Jan.

output—daily average

each)...
Crude runs to stills—daily average
Gasoline output (bbls.)
Kerosene output (bbls.)
Distillate fuel oil output (bbls.)
fuel, oil

Year

Ago
1,858,000

Week

production

—

gallons

Residual

Month

1,715,000

that date9

INSTITUTE:

PETROLEUM

oil

Crude

i

...—Jan.

...

weekly

average

on

Previous

1,879,000

Week

tons)—-—:

on

5

INSTITUTE:

(net

month ended

or

ttAverage of daily

Number 6228

Volume 197

.

.

The Commercial and Financial Chronicle

.

joined the staff of Powell, Kistler
& Co., 110 Old

the

New

Mr.

McKee

supplemental to similar notices appearing elsewhere in this Issue

NEW FIRMS

Center,

of Patrick P.

ness

BEVERLY HILLS,
Savings

to the investment busi¬

successor

Calif.—Allied
Wilshire

9460

Boulevard, Alfred N. Kriipnick is

VAN

sole proprietor.

Investment

has

COLORADO
Buo

SPRINGS,

Colo.—

Corporation, 415 North Tejon

is

Street,

continuing

business

ment

the invest¬

B.

of

Leonard

J.

and Company.

HOUSTON,

Texas

Associates

—

Southwest Building.
Paul

are

F.

Officers

President,

Newton,

and Charles F.

been

Linton,- Secretary.

INDIANAPOLIS,

Ind.

G.

—

M.

Officers

Street.

Groshans,

Secretary;

President and

Bruce

and

Executive

M.

are

H.

Mason,

Vice-President

and

WASHINGTON,
Pension

&

LANSING, Mich.—Keith L. Fitz¬
Associates,

&

Building.

Keith

proprietor.
opened

L.

and

Fitzgerald

in

also

has

the

is

Peoples

Building, Grand Rapids under the
direction of Foster Wilt.
LEMON

GROVE, Calif.

C.—National

Group

Consultants,

Carstens, Secretary

&

Company,

Court.

Officers

6

West

E.

Bernstein, who has

a

wide

HOUSTON, Texas—Local brokers recently held

& Weeks.

I.

now

duPont

connected with Francis
&

informal meet¬

among

Co., 305 South 16th

the

men

engaged and interested in trading
securities; also

to promote and
encourage

Street.

good fellowship and

a

tion in connection therewith.

spirit of

Marcus

Vice-President;
and
Sullivan, Jr., Secretary

Treasurer.

and

Mr.

with
Fenner

Thomson

&

O'Brien

Merrill

now

Jordon

&

Smith

and

are

Second Vice-President: John M.

Brearley V.-P.

Treasurer: W. Roy Tucker,
Rowles, Winston & Company.

Gundy

Robert Brearley has been elected

Tenn.—A.

Inc.,

Greer, McClung & Knicker¬

Secretary: Thomas C. Keis, Rauscher, Pierce & Company, Inc.

a

Co., 2018 First Avenue, North.

Gearner, First Southwest Company.

First Vice-President: John M.
Bayne, Rotan Mosle & Company.

bocker, Incorporated.

&

Mark L. Jeter, Jr., formerly with

Co.,

President: George W.

Edgar A.

BIRMINGHAM, Ala.—Kohlmeyer

&

OFFICERS

Company Inc., 3691 Main

Of Wood,

NEW BRANCHES

Governors: Jack McAlister, Rotan, Mosle &
Company; Gordon
Crockett, Dempsey-Tegeler & Company; Lou Pollok, Eddleman,
Pollok

vice-president of Wood, Gundy
Co., Inc., 40 Wall Street, New
York City.

& Fosdick, Inc.; Charles B.
White, Charles B. White &
Company; Richard Neff, Underwood, Neuhaus & Company, Inc.,

&

and John

Weatherston, A. G. Edwards & Sons.

M.

MacLeilan
man¬

Wyo.

Sullivan

Company

rated, 1710 Central Avenue. Har¬

Officers

are

Mar¬

Marcus, President, and Lillian

lan

&

Steiner

is

—

Bosworth,

DON'T MISS IT!

Incorpo¬

manager.

Marcus, Secretary.

CHICAGO,, 111.
LOS

ANGELES,

Calif.

Land

—

Apa, Incorpo¬

—

Raymond Plank is resident

Building.

ager.

Partners

Albert

are

Hampton, Helen R. Cliff, and Con¬
rad J. Fulton.

NEW

ORLEANS, La.

Street Drive. Officers

Gruenberg,

Howard

—

Donald

Howard

are

President;

Gruenberg,

E.

K.

Vice-President, and
Meyer, Secretary and

A.

COLUMBIA, Mo.
laus

Gruenberg & Co., Inc., 4140 State

&

2001

ORLEANS, La.—Lentz, Mc-

Namara & Co., Inc., National Bank

of

Commerce

Building.

Officers

Henry R. Lentz, Jr., President;
Joseph M. Connolly, Vice-Presi¬

—

Company,

man¬

Stifel, NicoIncorporated,

"Annual Review & Outlook"

Country Club Drive. J. Scott

Issue of

Hemry is in charge.

ENDICOTT, N. Y.—Lee Higginson
Corporation, 55 Washington Ave¬
Lawrence

nue.

•been named

Treasurer.
NEW

The 1963

rated, 208 South La Salle Street.

West Financial, 11988 San Vicente

Magennis

THE CHRONICLE

has

manager.

HUNTSVILLE,
&

C.

Ala.—Kohlmeyer

Co., 106 West Clinton Avenue.

A.

Wilmot Dalferes,

Jr., is

Will Be Published

man¬

January 24th

ager.

are

dent;

and

Robert

J.

McNamara,

LA

Co., 7765 Girard Avenue.

Secretary and Treasurer.

William P. Higgins is manager of

NEW YORK CITY —Daniel Pol¬

Sigler

the

lock,

Inc., 29 Broadway.

Victor

Pollock, Chairman;
Burton, President; and

C.

Sidonia

Pollock,

Secretary

and

NEW

YORK

Clark

&

CITY

—

David

D.

Co., Inc., 40 Wall Street.
are

David

D.

Clark,
Samuel

President and Treasurer,

F.

Pryor,

Assistant

Secretary;
Mr.

and Jean Urban, Secretary.
Clark

was

Scranton

formerly with Chas. W.
&

Co.

and

Hornblower

& Weeks.
RED

as

office,

with

Erwin

L.

associate manager.

NORFOLK, Va. —Mutual Securi¬
ties Corporation,

Building.

Southern Office

James

Wheaton

is

in

BLUFF,

Calif.—William

Dalby, Doane Way. Mr. Dalby

T.

ST.

PETERSBURG, Fla.

Ilay-

Merkel is manager.

ness

RENO, Nev.

FRANCISCO, Calif.

—

S. E.

Street,
continuing the investment busi-

Schaefer,

Lowe

&

Mc-

factors underlying the general

are

the

3—What is

of busi¬

likely to happen to prices and values of securities in 1963?

impact will the Administration's and Congress' foreign poli¬
and domestic program have on business conditions in 1963?

You will find the

others; in the "Annual; Review&

Corporation, 75

Federal Street.

The

has

become

affiliated with

F.

Chronicle

answers

to these

questions and
Outlook''

many

Issue

of

featuring the opinions

and forecasts
of the country's foremost Management Executives.

S.

CHAPEL HILL, N. C.—Arthur C.
Blue has become associated with
Clemens & Co., Inc., 157 East
Franklin

Camant, Inc.

Building. He was formerly with Powell, Kistler & Co.

SYRACUSE, N. Y.—Investors Ad-

FAYETTEVILLE, N. C.—Martin

★ Do not miss the

opportunity to advertise your Firm, Corporation or
Bank in this composite cross-section of America's most competent busi¬
ness and financial
opinion which will appear in the January 24th issue.
Regular advertising rates will prevail
for space in this issue

THE COMMERCIAL AND FINANCIAL CHRONICLE
25 Park

Place, New York 7, N. Y.
REctor 2-9570

I.

visory Service has been formed- as Bellar and John J. McKee have




course

major problems that the various industries face

Dougal has been added to the staff

Mutual Investment

Jonah & Co., Inc., 1 Bush

the basic

of the First Boston

BOSTON,
Mass. — Forrester
A.
Plans,
475
South
Arlington. Clark, Jr. has joined the staff of
Gordon G. Melcher Is sole pro- H. C. Wainwright &
Co., 60 State
prietor. He was formerly with Street, members of the New York
George R. Wright & Co.
and Boston Stock Exchanges.
—

are

in 1963?

in 1963?

cies

PERSONNEL

Moseley & Co., 50 Congress Street.

of

1—What

BOSTON, Mass—Richard T. Mac-

BOSTON, Mass.—Dean E. Fenton

ness

★ Get your business perspective on the new
year's possibilities from the
banking and corporation leaders who manage the country's industries.

4—What

was

is

★

2—What
—

den, Stone & Co. Incorporated, 601
First Avenue, North.
J. Curtis

formerly with Mitchum, Jones &
Templeton, Inc.

SAN

The 1963 "ANNUAL REVIEW & OUTLOOK" Issue will
present the
opinions and forecasts of the nation's banking and corporate leaders
on the
probable course of the nation's economy in the year ahead.

charge.

Treasurer.

Officers

new

Officers

Daniel

are

-

JOLLA, Calif.—Francis I. du

Pont &

are

follows:

was

McKinnon.

CHATTANOOGA,

as

President of The James H.

Lynch,

CHEYENNE,

—

coopera¬

Newly elected Officers and Governors of the Association

dan, Sr., formerly sole proprietor,
is

ager.

Y.

for the

The association's objective is to
promote, encourage, and to
fuither the high standards of
ethics and just principles of business

OMAHA, Neb.—Alfred H. Schuele
Jr. is

an

ing at the Houston Club, to organize and elect
officers
Houston Security Traders
Association, Incorporated." ' u

previously with Hornblower

Meyer, Vice-President, and J. H.
Ballard, Secretary and Treasurer.

Jr.,

William H.

stead
tin

HOUSTON SECURITY TRADERS
ASSOCIATION

office, 5 Glen Street.

Mr.

dano,

Planning Corporation, 3000 Hemp¬

Turnpike.

Cove

Street. Other officers

Building. Coy R. Lander is

N.

End

Robert

are

Kidder

LEVITTOWN,

of

registered

a

O'Brien, President; John C". Gior¬

La Corta Street. Gordon F. Keyes

proprietor.

as

RIVERSIDE, Calif.—Jas. H. Jor¬
WEST END, N. J.—O'Brien, Sulli¬

Keyes Mutual Fund Agency, 1550
is sole

joined the firm

Hanly

Treasurer.

Courts & Co., is manager.

Gordon

—

NSTA

Y.—Abraham

experience in the investment field,

D.

dent and R. M.

has
&

N.

representative in the firm's Glen

to

successor

Stoddard

firm

The
branch

a

as

are August S. Carstens,
President;
George J. Volkommer, Vice-Presi¬

Pierce,
gerald

formed

formerly

Treasurer.

Bernstein

was

Investment Center, Inc., 320 North

Wesley

Assurance

—

Co., 14401 Sylvan St.,

Paul Miller Investment Broker.

van

Meridian

Calif.

NUYS,

COVE,

Corpora¬

.....

.

GLEN

Exchange.
formerly with

Securities

tion.

Edwards

Inc., Investment Building. Officers

Petroleum Brokers, Inc., Bank of

the

Sheridan, 700

East Water Street.

Stock

was

Southeastern

These Items are

Street, members of

York

42

The Commercial and Financial Chronicle

(134)

Municipal Sales in 1963 to

>;

Exceed 1962 Record High
Halsey, Stuart & Co. analysis

estimates f962's record high in

mu¬

above

level.

1961

Looking ahead, the well

known

Two

Chicago

tax-exempt dealers

facing

^

,

municipal, financing; doubts much of a change in corporate bond :
volume; and expects a level bond price structure at least for the

ested1

Tax-ejtempt
in

bond

reached

ume

offering

record

vol¬

and 26-week bill

proportions ditions

1962, though total bond offer¬ each.

ing

volume

declined,

Halsey,

of

$100

Long-term

will

consist

of

teach

bond" volume

about

$100

of

off

was

corpo¬

estimated

an

bonds

for

both

classes

"virtually

was

of

constant"

throughout the year, with pension
funds the big buyers of corporate
bonds

and

chief

commercial banks

factor

market.

in

the

Prices

markably

of optimism

now

developing which

foretell

level"

despite

.

seems

.

modest improvement in

a

Cor¬

by

whole

a

"notable

a

there

was

lack

of

shortage

no

marked

vigor,"

changed.

ap¬

likely to grow and dealers

pears

in

is not likely to be much
Tax-exempt volume

tax-exempt

greater

issues

competition

may

from

see

com¬

The

proposed

in

cut

Federal

i

lessen the value of
for

most

tax-exemption

investors,

Short-term

in¬

:

the

survey

interest

rates

will

corporate bond financing to¬ continue to be influenced' by our
taled $7.3 billion in the first 10 balancefof payments problems—
months

of

billion
1961.

in

1962,

the first

Volume for

estimated

at

against

as

$9

10

$7.8

months

the full

billion,

of

is

year

4%%

or

below the 1961 total.

Tax-exempt
volume, however, increased

bond

$8.5 billion in 1962.

Outstanding among
corporate

"problems
the

by

which

bond

the

issues

year's
the

were

since

has

He

1936.

fact

that

other

developing strong

are

and

furnishing increased

Banking.

is

He

a

Wall

Street,. New York City, in¬
,

vestment advisers and members of
York

New

Stock

American

and

Exchanges.
Successful

of

basic course in¬

a

tended to meet the needs of inex¬

perienced

persons

investors.

become

principles
the

who expect to
'It will

fund

indicate

and

grams,

mutual

and

pro¬

important

of investment information.

sources

a

with the investment field.

second

half, with

help

securities

and

It will

already

who

persons

course

familiar

generally

persons

compe¬

advanced

more

own

interested

are

in

knowing how prudent individuals
are

meeting current developments

in

the

business

include

Co., Wertheim & Co.,

National

Bank

in

Dallas,

agers —Federal

Reserve

Treasury officials—worked closely
together
in
determining
their
credit policies and

during

grams

Reserve

financing

the year.

policy

since

pro¬

Federal

mid -1960,

of monetary ease, has been
designed to maintain ready avail¬
ability of credit as a business
one

stimulant.
ward

influences

applied
rates

At the

to

time up¬

same

have

had

short-term

on

to

be

interest

help in easing U. S. in¬

ternational

problems.

balance

of

Assisting

payments

the

Federal

Pennsylvania

Thompson

&

Crowe,

Scaled

3.15%,
loan

to

yield from

investor
was

1.75%

demand

excellent,

for

to

this

with

the

Another

sales

of

Christi,

pus

Tuesday's

consisted

of

improvement

bonds.

awarded

were

notable

$2,000,000 Cor¬

Texas

(1964-1983)

to

The

the

bonds

First

Na¬

tional City Bank at a net interest

up

of 3.0499%.

bid,

The

runner-

3.06% net interest cost,

a

from the Continental Illinois

came

National Bank

Drexel & Co., Harriman

availability this
lower

in

crease

-

demand;

bank

terest

Q

expected

(2)

the

in¬

change in Reg¬

permitting

rates

-

deposits following

the December 1961

ulation

year were:

than

on

higher

savings and

in¬
time

are

required to

maintain against time deposits.

Treasury
in

1962

in

the

new

was

money

financing

concentrated

short-term

sector,




chiefly

research

department

the

of

West Coast Division of Shearson

on

lyst f or Hill Richards Company. A

$19,000,000

graduate of the University of Cal¬

9

State

issue

an

School

of

of

Pennsylvania

<

Building

Authority

4%, 3.70, 2.90, 3, 3.10,3.20, 3V4,
3.40 and 2%

school lease

Trust Co.

and

Other members

syndicate

ac¬

of the

3.30,'

from

1963

1.50% for those due Nov. 1,
3.40% for the 1996 ma¬

to

to

are

bonds

due

being offered

yield 3.70%./

„

at

1997-

prices

;

The

group
was
awarded
the
issue at competitive sale on a bid
of

98.004

for

coupons,

mainly 3.225%.

a
:

A

the

net
/

combination

interest

sion

of First

ifornia

California Company
career

as

an

Bankers

Chicago, Reynolds & Co., W.
Morton1 &

Co.,

Lemon& Co.;

Inc.i

H.

Economics, he served

as an

economist for the U. S. Bu¬

reau

of

cost

of

of

Labor

Statistics

before

joining Firestone Tire & Rubber
Co.

He

ganizing
small
pany

was

instrumental in

a mutual

business
among

or¬

f und and

investment

a

com¬

other achievements.

6

bearing
to

sue

weekly analyses and monthly

summaries of securities activities.

in

1.50%

1996,

in

first day

amounted

2%

a

about

to

coupon

priced

are

3.70%.

yield

Refunding (1964-1993) bonds
purchased

tion by

through

negotia¬

Pierce, Carrison, Wulbcrn

Smith,

Inc.,

Barney

White, Weld &
terest

cost

&

Co.

of

to

are

net in¬

a

3.5265%.

Utilities

and

Co.

at

issued

be

outstanding

These

to

refund

Tax

Reve¬

bond's of the city of Jackson¬

nue

ville, Florida, dated Jan. 1,
The

bonds

from

and

payable

are

secured

by

lien: oh

a

pledge of the Utilities

ice

Taxes

and

levied

the

from

rived

and

seum

net

the

from

and

1958.
solely

and

Scaled

3.50%,

Serv¬

collected

de¬

revenues

Municipal

Coli¬

Municipal Auditorium.

3.20%,

to

yield from

1.70%

derhlftdi was

bank:

to

to

concessions

and

present

un¬

Bond Market

/r

v

In the bond

market

>-

flurry that

accompanied

the

tation

$250,000,000 Treas¬

the

of

im¬

ury

bond

the

dollar

sold during the order period and

road,

the account market closed.

and

toll

Tuesday,

on

bridge,

public

utility

issues

revenue

for

substantial
Index

bond

revenue

one-half

yield

Index

week

ago

Some

of

went

showed

follows:

as

Bay Bridge

3.52%

a

gains

are

Chesapeake

Tunnel

and

up

today.

of the dramatic

illustrated

was

point. The

a

from

to 3.49%

par¬

gains.

that the 23-bond average
close to

flo¬

quoted long-term toll

other

Our

successful

flotation

ticipated

Louisiana Sale

at

are

to

scale

Treasury's Success Helps Toll

mediate and alt of the b onds were

Harrow Spread Featured,

yield from 2,00%

reoffering

full

available.

Johnston,

Christensen, Inc.
Scaled

5%s, up

1% to 108% bid; Chicago-O'Hare

Airport 4%s up: one-hall. to ; 114
bid;

Florida

Turnpike

one-half to 108%

Highway 3%s

4%s

up

bid; Illinois Toll
to 98V4 bid;

up one

Illinois Toll Highway 4%s up one
Other

major

successful

members

the

of

include Lehman

group

Equitable Securities Corp.,

Bros.,

to

112%

bid; Indiana Toll Road

3V2S

up

bid;

Kansas

three-quarters

Merrill

Lynch, Pierce, Fenner

&

Smith*

Drexel

& Bridge; :4s

Webster

Co.,

&

Stone

prich

Co. and R;

Scaled

to

to 64

one

to

present

balance

bid;

up

up

102 bid;
1% to: 103

Turnpike 3%s

Greater

Expressway

4s

.

New

1%

up

to 102% bid and!

Kentucky Turn¬
1% to 110 bid. The

recently floated Port of New York
Authority

$7,360,000.

to

one

up

has been pike4iS0s up

demahd

the

with

up

Orleans

yield from 1.70%

3.20%, initial
good

W. Press-

\v,

v

3%s

five-eighths to 85% bid; Mackinac

Securities

& Co.

90%

to

Turnpike

Corp.* Paine,. Maine Turnpike "4s
Webber, Jackson & Curtis,, *fohn
bid; West Virginia

3%s

due

1993

have

been active at the issue price net

Early

Demand

for

Pennsylvania

Authority Issue

Ripley

Boston

First

Co.,

&

Corp.

(98%)

We

~

and

Inc.,

Kidder,

revenue

bond

for

It

has

$19,000,000 Pennsylvania State

that

the

3.225%

net

interest

Public School Building Authority,
School Lease

bonds.

The

revenue

(1963-2002)

bid,

runner-up

a

issues.

Competitively

cost,

a

been announced today
Washington; Toll Bridge

Authority plans to sell $37,250,000
Puget

Sound

Canal

revenue

Ferry

and

bonds

3.24% net interest cost, came from

Stuart

&

Co.,

Inc.

and

Other

tively
the,

associates.

major

successful

members

group

further

Washington Revenue Issue to Go

Peabody & Co. submitted the best

bid,

contemplate

gains for most of the long-term

The group led by Drexel & Co.,
Harriman

Halsey,
The research department will is¬

have

orders

Ihdu^rial Natibhal

ana¬

(Berkeley) with postgrad¬

uate work in

yield from

3.40%

$5,000,000. The 1997 to 2002 bonds

success¬

include

Trust Co., First National Bank of

revenue

bonds series K, at prices to
yield

legal

commercial banks

Ripley &

that offered publicly

turity. The 2%

which

the

formerly headed

the group

2002

minimums

Mr. Taliaferro

and started his

deposits; and (3) the reduction in
reserve

-

ton Corporation and
Kidder, Peabody & Co. are joint managers of

Jan.

loan

He

Co., Incorporated, The First Bos¬ Hammill and the Southern Divi¬

Commonwealth

the

of the

security analysis

for the firm.

Publicly Offered

,

to

to

count.

Nuveen &

credit

(1)

7th Street, members

will be responsible for all phases

Reserve in its efforts to increase

bank

Research Department of
Olmstead, Allen & Company, 210

Pacific Coast Stock Exchange.

Authority Bonds

1963

bonds

Di¬

rector,

research and

Reynolds & Co.

was

financial

and

Taliaferro has been appointed

of

Weld

nue

Luce,

world.

West

White,

Van

and

Inc.

Olmstead, Allen

price structure much like that of
and 1962."

Co.,

J*

An issue of $29,500,000 Jackson¬

Taliaferro With

man¬

Inc.,

B.

ville, Florida Utilities Tax Reve¬

the Treasury seizing every oppor¬
The group led by Blyth & Co.
big American Telephone and
Applicants
for
either
course and including most of the local
Telegraph Company issues total¬ tunity to finance its deficit in
ing $550 million, followed by nine thelong-tOrm area/Thlsthreat ©i may register by mail or in person Louisiana dealers was. the high
bidder for $15,000,000 State
of
financings aggregating $465 mil¬ competition from Treasury fi¬ at Hunter.
may
put
pressure
on
Louisiana
lion by members of the Telephone nancing
Highway
(1964-1988)
long-term prices. "Nevertheless*
bonds, naming a net interest cost
operating family.
Largest of the
the pool of funds available for inof 3.0835%. Second best bid of¬
tax-exempt offerings during the
fering a 3.0838% net interest cost
past 12 months was that of the Vesting keeps growling and, in
the early months of the year at
came
from
the
account headed
Massachusetts Turnpike Author¬
ity, a single offering of $180 mil¬ least, should continue to balance
jointly by First National Bank of
the bond supply, a factor tending
lion.
Chicago and Continental Illinois
to mantain a generally level bond LOS ANGELES, Calif. —George National Bank & Trust
Co.

policy

Co.,

Orleans, Barcus, Kindred & Co.,

two

The nation's
money

Co.,

Scaled

Bank of Rhode Island and Wells

"What Investors Should Do To¬

day," is

Fenn &

Eddleman, Pollok & Fosdick, Inc.

outline

types and appeals of various

securities

the

National Bank of Commerce, New

describe ful,

investing,

of

&

cost bid

"Fundamentals

Investing," is

for

may be enlarged even further by
tax: cuts? is expected
o oe tir

in the

of

syndicate

and

\;/:*'.

of

University, present balance only $210,000.

partner of Nye and Whitehead, 44

countries

currencies

tition for the dollar."

largely

Finance, Syracuse

aggravated

are

Treasury financing to offset the
$8.4 billion in 1961 to "already substantial deficit which

from about

York

Institute

income taxes, likely to be pressed

seeking investment, Halsey, S'tuart
said,

New

taught at the New York Institute

the

mercial banks.

First

in

counselling

of

funds pointed out, nor would a tax cut
have much effect on bond prices.

of

Whitehead

H.

engaged

/

members

investment

and has lectured for the American

sharp

was

has

than 1961,

greatly increased offering volume by the administration in the com¬
at times.
And though the U. S. ing year, would not appreciably
economy as

Louis

in

to

"re¬

fluctuations in other markets and

the

porate bond volume, lower in 1962

the

tax-exempt

remained

to

appears

.

business in coming months."

million.

Demand

be

been

"feel¬

a

Co.,
Dil¬

&

(Shreveport)

body & Co:, Dean Witter & Co.,

H.

will

courses,

Halsey, Stuart said that

by ing

1961

million, while

rate volume

$425

that

in

Blyth

&

Wide Ingen &

*

Co:*

Brothers, Eastman
Union
Securities
&

Caddo Phelps,

Bankers Trust Co., Kidder* Pea**

,

$4 billion, in January, April and

r- 7 July.

exceeded

winning

a

Whitehead,
who

Tax-exempt

lon,

in¬

net

Parish

District

major

Shields

Louis

to

annual year-end bond market sur¬

1962

Louisiana
1

o

Other

15

of

Stuart & Co. Inc. reported in its three offerings aggregating about

vey.

2.9948%

a

issue. ;///•■'

sessions.

new'

held

were

ho

c

the

courses

total

million

Treasury

financings

money

offering ad¬

$206

or

bid,

&

Lehman

submitted

Co., Alex. Brown & Sons, Carl
serial
(1964-1983)
bonds.
The M. Loeb, Rhoades & Co., Lee
second bid, a 3.02% net interest Higginson Corp., F. S. Moseley &

and

men

women,

first part of 1963.
13-

Barney

Chicago

starting - on cbst, was made by the Equitable Co.,
Yarnall, > Biddle7 &
Co.,
Feb. 19. Open
Securities Corp. group and there Hemphill, Noyes & Co.; Bominick
toall
inter¬
& Bomimek, W. E, HuttOn& ;Co.
were six other bids made for this

'•

-

of

cost, iOvr $4,500,000

Parish,

in 5

offered

on

evenings

greater competition from commercial banks for larger volume of new.
,

the high

-College, Park Avenue,

Hunter

Co.

terest

of

Tuesdiay'

Moreover, it sees

Trust

*

Division

investment firm doubts promised tax cut will appreciably .lessen the:

bond prices.

Education

Adult

value of, tax-exemption for most Investors nor have much of an effect
upon

be

will

courses

the

Thursday, January 10, 1963

TAX-EXEMPT BOND MARKET

To Be Offered at!

Hunter College

#

Continued from page 6

.

nicipals sold failed to keep the total corporate and municipal bond
total

Investing Course

:

include

of

the

Smith,

on

few

revenue
near

Feb.

7.

large
issues

future.

This

is

better

' *"

one

of

yielding

scheduled

'

Hool

competi¬

-

for

the

Number 6228

197

Volume

.

.The Commercial and Financial Chronicle

dened

taxes

What Tax

"Loopholes?"

for

extended to

true

*

from, its

of,

Inflation

-

A true loophole, he adds, arises
government's profiteering from "its own dereliction in
failing to maintain the worth of its money."

by holding on to his investments.

Washing-

from

emanations

The

proposed "Income Tax Heform'* tend to create in a taxpayer
ton

a

on

of fear, if not of serious

sense

alarm.. *,

:

.

.

.

■

.

■

>

While the Administration talks,

lower existing

about the need .to

its tax specialists issue
Involve great tax

tax rates,

which

feelers

Harms

Feb. 11. Additional information

from Erwin W.

tional

Management for

C

'

inflation has already operated ad-

ent

u r r

Developments

in

Municipal Finance

—

Impact of

Federal

on

Municipal

Programs

Finance; Municipal Bonds

Thus

In¬

as

Leo Quist With
Francis I. duPont
MINNEAPOLIS,

limitations

{.ower
out

foregoing

taxing

the

upon

by statute, are based upon, and

and

simple

and

sense,

liberately to utilize that

;

Mr.

Outlook

for

the

Securities

has

Markets.

of

the Congress, arrived at after long
Yet they are

deliberation.
assailed

loopholes'

.as

ought to be

s

x

.

v

'" ?,

•

.■■

.

institute

x' \

n

'

not

'14.'

,

legislative

charging that such com-

such intent is

M

,

sJon

='■ ■"

Political Scene.

^stitute

Banking

week

o£

of Invest.

scheduled

is

March 10.15

on

economics

rate

Wharton

the

are

offered

con-

currently by the Institute—first,

'u'lM

Investment

Policies—I, II, and III.

Problems

belt, delivered even before the School of Finance and Commerce,
Elements of Credit Analysis; Outstarting bell has been sounded,
the annual Institute offers a
Administration

the

openly

pate

banking leaders and

speakers

as

during

discussion

and

the

benefit

week.

Regis¬

not

only through
class discussion sessions, but also
through meeting others from all
sections

of
the
country
and
exchanging views with them.

Institute,

registrants

modated

if it

£or o££lcersJ Partners,'

Wishes; but let it not proceed undor the false innuendo that those

a"^o£her experienced personnel

seek to change existing laws,

who

o£ IBA member organizations,

Through expanded facilities and

comply with the true intent

format invious or feloniously clever in their augurated in 1962, a substantially
methods.
larger enrollment is permitted
of existing laws are somehow de-

Now even more

~

so-called Reforms

a

revised

than in earlier years when It was

being pro-

^pos^^to cra&m^more

freshman registrant
member. This year it is
reasonable to expect members will
ke able to enroll at least two and
pr°bably several more registrants
*n
first-year class.

posed: such as modifying the ,treat- *han
ment of "capital gains"= by impos- | per
ing

the

them

upon

full

regular

Income tax rates.

Indeed, the latest emanation from Washington is
that

tax

a

at

capital gains rates

will be sought upon every

dent's assets based

death

compared

as

\

-

V,-

When

:'' '-*i'.\

at

are

accom¬

Sheraton

the

Motor

not

estate

is

because
already

but

because

depreciating

c

Any

tax

constitute
be

related

a

of

taxed

to

law,

depreciated

currency.

or

and

r

so
a

has

IBA

the

and

York,

Institute

able for those who are being prepared for positions of greater

ties

business

is

for

However,

years.

for

designed
five

or

application

more

be made for those who have had

by

a

A

personnel

find

the

Institute

an

excellent "postgraduate" program
impaired as to command only to prepare them for further adfraction of its erstwhile pur- vancement.

chasing
honest

power

or

may

capnot

standard

of

become

serve

as

an

measurement




Each

parts

Spring registrants from all

of

the

Se-

man.

Research in the Capital Markets.
Modern

Techniques in

Securi-

ties Analysis,

Training, Public Relations and

promotion,

School of Communications build¬

ing.

Registrants

threer-year
of

Making and Maintaining Over-

their

Effective Indi¬

—

New Forces and Trends in the

1

of

—

Banks;
ance

Investment

Prac-

Companies;

Insur-

Companies; Investment Com¬

panies; Pension Funds.
Money Market

—

of 343 and the

which
by

in

turn

Walston

ab¬

was

Co.

&

31, 1962.

Butler Joins
Robt. Winthrop
William J7 Butler, Jr., on Jan. 1,
1963
became
associated
with
Robert

Winthrop & Company, .20

Exchange Place, New York City.
Mr.

Butler,

ment

who

is broadly

in: financial

perienced
with

F.

S.

business

for

ex¬

manage¬

Moseley

&

mailed

Robert

the

New

& Company.

Winthrop

founded in 1871,

is

Company,

&
a

member of
Exchange.

Stock

York

has

the

Company, Inc., it is active as an
investment adviser to a number

approximately

of

large private and institutional

portfolios.

as

all-time high

an

first-year class

DIVIDEHD

NOTICE

en¬

record with 186

a

REGULAR

against 113 in 1961.

forms

are

QUARTERLY

only to the main offices of

office

should

personnel

DIVIDEND

apply

The Board of Directors has

through the main office of their

Applications

and

declared this day

the

COMMON STOCK DIVIDEND NO. 114

registration fee of $240 for each

This is

a

regular quarterly

dividend of

diviDendNotice

U.

S.

and

Canada

I
GREEN

Municipal and Corporate.
Technical

The

The Corporate Bond Market.

a

IcoSSSu

COMPANY

has

Directors

fixed

and

de¬

Class "A"
Coupons (Payment No. 67), and

Underwriting
Proxy

Municipal

Syndicating;

and

Procedures;

Practices;.

Bonds—

Secondary

Functions

of

the Municipal Bond Broker.

the

on

The Specialist Function.

and

dividend

February 18th,
the

on

of

a

.

at the close of busi¬

1963. No payment was
"B" Debentures be¬

York,

substantial

New

ml

29

*

PER SHARE

Payable

on

^
February 15,1963

to holders of record at close

of business, January

18,1963

KARL SHAVER
SECRETARY

January 3,1963

Class

decrease

net

in

income.
New

.

the

on

out of the net earnings for
payable
at 20 Exchange
York 5, New York, 10th Floor
after
February
6th, 1963.
The
on
the
stock
will
be
paid
to

W.

Regulation.

payable

1962,

stockholders of record
ness

be

to

New

declared

Regulatory Problems—

$5

stock

year

Place,

cause

Current

of

dividend

capital

Marketing

Self

of

Board

WESTERN

&

clared $50 the amount payable on
Debenture

Market

BAY

RAILROAD

Approach to the Stock

Co.

for

development

Robert Winthrop

IBA member organizations. Branch

Reserve; Interest Rates.

Market.

of

as

Since

application

company.

The Federal

ab¬

was

program. Last year overall regis¬

Official

Commercial and Savings
Trust

training for

popularity.

registrants

Institutional

Co.

by Cruttenden, Podesta &

Institute

the

year

in

first session in 1953

Second Year Program

tices

22 years. Last

&

Through its affiliate, de Vegh &

rollment also set

Long-run Economic Changes.

Dec.

the past

Wood

banking business.

trations reached

Implications

for

sorbed

a

1,250 persons have enrolled for the

Securities Markets.
Investment

the

receive

program

specialized

Each

grown

Prospecting

completing

Certificate of Merit in recognition

the-Counter Markets.

vidual Procedures.

been

Hall, home of the Wharton School,
and most recently with McDonnell
and, for the first time, in the
& Co., Inc., will be responsible
"auditorium of the new Annenberg

the investment

may

four years of experience or who
are over 30 years of age. Seasoned

measured

_

of

president

Underwriting and Syndicating—

Institute

The

those who have been in the securi-

to

gains,

unit of value which is constant.
dollar which

of

New

just tax, should

capital

on

fair

Co.,

Morgan

decedent's responsibility,

a

heavily

our

&

Chairman

under the Federal Estate Tax

and

Partner,

Parker,

attend classes in Dietrich

v.

Securities Salesmanship

curities Regulation and the Sales¬

all

in

this article Planning Committee. It is invalu-

is to alert the reader to the potentialities for injustice in this pro-

posal;

ability

efficiency

foster

Stanley

Appreciation
The real purpose of

■

leadership

develop

rence

Capital Gains Are Not

<v.

to

and' to

■

c'"-k'

•'J>

'1

is

their phases
of Investment banking
operations, according to H. Law-

to

cost to him.
I

one

The aim of the overall program

dece¬

the appre-

on

fciated value thereof at the date of
his

program

"sophisticated"
are

Inn and;

three-year executive development look.

formerly

was

Miller,

'

Let

He

Harold E. Wood & Co., investment

sorbed

During their attendance at the

Finance—Functions;

specialized bond field, servicing
banks, insurance companies and

ment and academic circles partici¬

Money Market—Introduction.

Municipal

in

specialists from business, govern¬

trants

First Year Program

Regulatory

The Economic Outlook.

leaders

P

Significant topics include:

Current Economic Problems and

>

Sponsored by the Association in

with

investment bank¬

ing related subjects. Three sepa¬

j-bj-R. "gratis
a &fC°"*ew„
compliance
President of Investment Bankers
Association 01 America.

and

com¬

par¬

ticularly

Leo L. Quist

October,

Developments.

■;

>

for

B «»ad.

Association of America'

£

week of classes in

curricula

Federal
and

<

a

the

university of Pennsylvania Cam-

Philadelphia

h.»:,

i

assemble for

munity,

dealers in St. Paul, where he had

The International Economic arid

.

the

blow below the cooperation

a

•

-

intent
WASHINGTON, D. C.—-The 1963

evasion of

pliance constitutes an

i

Current Labor Problems.

To B& "Held March 10-15
f?r

being,ment

are

n

.

.

financial

institutional investors.

try—A Wharton Research Study.

Investment Banking

oi

prominent

a

the highly

Communications and the Telstar

—

Quist

long been

member of the

Industry.

,

*

which,

They

closed.

of the law. To attack
with
the
expressed
intent by

Chemical

Project.

*

•T±hS ST»"•

A

* KULHLILH

'

very cur-

The Investment Banking Indus¬

fairness,

represent the true

L.

simple

grounded in, reason, justice, com¬
mon

Leo

.

pres-

affirmatively Speiied

are

—

_

Now, whether rency depreciation, for which it is, 284 Delta Road
changes do or do after all, primarily responsible, to Highland Park, Illinois,

to note is that the

ent

Minn.

a

What is important

viewpoint.

of America,
St., N.W., Washing¬

supposed versely to the taxpayer outside the vestments; Financing Toll and Quist has joined Francis I. duPont
a taxpayer's prop- area of capital
gains, since* in Transportation
Facilities; Price & Co. as manager of the Municipal
erty may be, in fact, no true ap- multiplying the number of income Structure of. the Municipal Bond Bond department, it is announced
by Harry G.
preciation at all, or may even be dollars he must report, it places Market.
an actual loss.
;
'
him progressively in a higher and
Edelstein,
Sales Management.
Manager of the
It is axiomatic that any nation higher bracket, thereby constantly
Management Planning in Wall
firm's Minne¬
which permits its monetary unit increasing his tax and lowering Street
Today.
of value to become impaired and the true value of what remains to
apolis office
Case Study in Administration.
at
6th Street
depreciated-is guilty of an im- him.
and Marquette
moral act, since all of the activiThus far
Joint Sessions For All
capita| gaing taxeg
Avenue.
ties of its citizens are thereby sub^ avoidable by the
Three Classes

spell "tax reform" is a matter

not
of

Boehmler, Educa¬
Investment

ect o r,

r

the

Advertising Effectively for the

etc.

these proposed

D i

425 Thirteenth

obligations; eliminating, or at least plorable situation at all times, proposal that such a tax be levied
The Over-the-Counter Market—
radically reducing, present deduc- even when it is an unavoidable upon his death a Tax Reform? Or
Readjustment and Revaluation.
tions for depletion of "natural re-; ohe, for which government may be is it a
blueprint for virtual conMutual
Sources; terminating the dividend excused. But what can be said of fiscati0n of private wealth?
Funds
Today — All
credits; depriving the taxpayer of a government that would seek deimiMTTMrk ™
vv>r*vrrT mrr
Aspects.
paid by him,

on

ton 4, D. C.

Portfolio

-

increases, in such areas as taxing jecled to dislocation, hardship, and expedient of the taxpayer's hold
Income from State and Municipal irreparable loss. It creates a detog on to bis investments. Is the

deductions for taxes and interest

IBA

Monday,

by

Individual.

It should not be forgotten that
i

the

reach

office

Bankers Association

Planning for the

Individual,

profit

Taxpayer

Elsewhere

Kv,

Editor, Commercial and Financial of true value.
Chronicle:
•
appreciation of

■

should

Washington

43

the 1963 program can be obtained

and II.

Financial

per¬

dereliction in failing

own

Taxation;

Securities Business.

price inflation and which the taxpayer had hoped to avoid legally
the

indeed

and

Budget;

Fi¬

Application of Economic Analy¬

to maintain the worth of its money*

primarily responsible, to tax capital gain originating largely from

from

depreciated unit of

loophole^ since it would

The

—

applicant

and

Debt Management.

may

advantage

government which would utilize currency depreciation, for which if
is

nance

mit the government to take unfair

He asks what can be said of a

decedent's assets.

a

in the

Government

Federal

in fact be actually sis—I
capital loss? This would be a

a

Mr. Froehlich sees, for example, a blueprint
virtual confiscation of private wealth if the capital gains tax is

death,

gain only because meas-

a

value, and

capital gains.

upon; his

pretended capital gain,

on a

sured

surrounding tax reform, and certain proposals to raise the

on

citizen,

which is

loophole," con¬

Contributor assails incorrect usage of the term "tax

tax

Third Year Program

gouge from the already overbur¬

LETTER TO THE EDITOR:

fusion

(135)

W.

York,

Cox,

Secretary

January

7th,

1963.

THE COLUMBIA

GAS SYSTEM,

INC.

44

(136)

XhetCommerciai and Financial Chrmticlet,

'

a

.

f.

^

■»

Thursday, January *10, 1963f

■

H

¥.
r

.

WASHINGTON AND YOU
CAPITAt*

accelerated

in

activity

to send

series of im¬

a

portant messages andidocuments
Capitol Hill.
As the President starts the sec¬

ond half of his
will

he

term, it is appar¬
his

have

all

In all likelihood he will be a

on.

1

Today

powerful candidate..

Texas Group Investment Bankers
Association r Convention
at
the

ilr

-

mrII

CHRONICLE'S Special Pictorial;

r

Section April 25.

April 17-21, 1963 (Syracuse, N. Y.)

bound to have one or more as

II

American

May 6-7, 1963
Firms

nothing immediately ahead fo in¬

Board

face a crisis there that

we

last October.
now

Federal

a

mark.

New spending

will

ability

amount

billiont to $6

While

in all prob¬

The, facts are clear

from. $4

to

billion.

in

and

American

lems, like other major powers, we
also start out with some

not

powerful

of the

prevent

is

tinuous aerial

history to compare

it.

from

purpose

standpoint,

and

aggression

by

We

deter

to

conquer

any

the Pentagon indi¬

Reports at

cate that our defense

the 1964 fiscal year

higher than

tfye 1962 fiscal

divisions,

be pretty

re¬

believe

that

the

the

and

There

differences

the

Soviets

the

and

to be, kept
eight

The Navy will
same as

it has

been for the past year or so.

There

are

eral of the

tries,

potentials of

numerous

Communist

intervention

in

newly organized

which

weak

are

sev¬

coun¬

lack

and

ready

was

action in the

hard-hitting

for

Cuban crisis, and it

facing
tives

Marine
in

must

Corps

is

a

overall

our

military

States

Representa¬
or

not

there

the House Rules Committee.
Two

The cancellation of the Skybolt

project

whether

military would be another bitter fight over

strength.';

a

was

Air

Nevertheless,

late

ago,

after

a

fight

led

by

years

blow to the United knock-down

Force.

in

Speaker Sam

the

time

Washington

bers.

it

bitter

the

Rayburn,

the

mism

ahead

year

emphasis

more

promises
the

on

far

military

angles of

space activity. Most of
It has been Under the civilian Na¬

tional

Aeronautics

Administration,:
should

and

it

as

apparently
pos-i

sibilities will be given greater

ploration the coming

ex¬

year.

Pay Raises for Military Personnel

will

pointed out here

re¬

economic

pected
mists

mem¬

by
to

in

year,

opti¬

about

government
rise

to

but not at

a

the
The

1963.

Product

continue

is

The

own

Investment

a

Federal

Committee, while the

Rules

the

as

op¬

"stacking"

Committee.

Committee

labor

controls

the flow of bills to the floor for

consideration.

President Kennedy

■

and

a

Jan.

18, 1963

cut;

sound.
he

and

econ¬

employment,

ciation

28th

Midwinter

Annual

Another highly interesting

with the hope that the

new

mittee

the

will

be

given

com¬

Association

Meeting at

Dec. 1-6, 1963

(Hollywood Beach,

Fla.)

Investment
of

Association

„

of

-

/

Bankers

Association

Annual

Convention

America

at the Hollywood Beach Hotel.

r

CHRONICLE'S Special Pictorial

Attention Broken and,Dealer*

TRADING MARKETS

Section Feb. 7.

Jan. 24, 1963

(Kansas City, Me.)/

Botany Industries

Kansas City Security Traders; A$t

Indian

sociation Mid-Winter Party on the

Maxson

Roof Garden

of

the

Hotel Con¬

tinental.

;

Mills

Electronics

Official Films

;

ivp" L#
V-""(Houston, Tex.}

H

Head

Waste

King

Jam 28-29, 1963

Association

{of "Stock

Winter

Firms

Exchange

Meeting

of

aton-Lincoln

Hotel.

the

j

year

What is done here will be watched

session,

Bankers

Governors

the Del Monte Lodge;

Dinner at the Southern Hotel.

Traders

of

Out New Y6rk\ telephone number it

j CAnal 6-4592

Board of Governors at the Sher¬

drop in housing starts.

15

this

Asso¬

,

wants the committee increased to

again

Traders

11-13, 1963 (Pebble Beach,
^

Board

Baltimore Security Traders Asso¬

the Drake Hotel.

lies ahead for the Nation's

members

Security

Supplement Oct. 17.

Sept.

(Baltimore, Md.)

during

continuous ' prolonged

-decline

(Colorado

Calif.)

Security

strikes; in^some; ;-afeaS;: a

further

1963

CHRONICLE

INVESTMENT FIELD

IN

Jan. 21, 1963 (Chicago; 111.)

Things that could hurt the
are

11.

22-26,

ciation Annual Convention at the

econo¬

other officials of the Administra*

omy

Association

CHRONICLE'S Special Pictorial

National

rate that Chicago annual winter dinner at

basically
tax

(Chicago, 111.)

Bankers

Section July

views.]

EVENTS

continues to emphasize that

is

\

Sept.

Nevertheless, the Sec.- of Com¬
economy

con¬

Park

Congress Hotel.

may or

coincide with the "Chronicle's"

ex¬

they believe it should increase.

merce

Mutual

Sheraton

19-21, 1963

Investment

restrained

outlook

National

Gross

the

is

the

of

annual

from the nation's Capital and
may not

pre¬

up

Washington

43rd

Municipal Conference at the Pick-

spending

be

there
in

Association

at

'

"packing"

or

[This column is intended to reflect

COMING

proponents of the 15 tion believe that the economy will
called it ^'enlargement? have more zip to Jt.

ponents described it

Space

be, but the military

the

of

15

was

Palmer

Broadmoor Hotel.

experts

increase

the

at

the "behind the scene'' interpretation

from $8 billion to $10 billion.
Federal

at

Springs, Colo.)

The

members

June

of all governments in 1963 will go
up

Association

Meeting

(Chicago, 111.)

convention

Savings Banks

states.

fiscal

Bankers

Hotel.

and

increasing all

are

in most

State

course,

London,

"

With

particular.

Of

dict that total increased

voted to increase the House Rules

in

are

Outlook

because of the land-based ballistic

The

taxes

through changes

Peking,

Moscow,

from Kankakee to Kansas.

a

Restrained Optimism on Business

our

man

and

vr5*

House by a thin five-vote margin,
to

year

a

the employer.

Federal

other

increased

iocal taxes

the Air Force is going to expand

missiles, and the mighty Minute- Committee from 12

on

regulations.

and

$150

employee

the

on

S'ome

being

cently,

the House of
was

$174

tax raises

new

from

similar amount

As

As the 88th Congress convened,
the
most
immediate
problem

The

Sulphur

May 13-15,1963 (Washington,D.C.)

by about $5 billion.

Committee

will be kept in readiness for any
future "Cubas" that may arise.

to

The

strong leadership.

The Marine Corps, bur most dis¬
Fight—Over House Rules
ciplined branch of the Armed Serv¬

ices,

maximum

the

Chi¬

are some

The Communist activities in the

year,

including

much the

will

year,

ending June African countries will be watched;

30. Our Army is going

divisions overseas.

this

spending for Peking regime will be patched up
before many months have elapsed.
will be even

and the current year

16

appropriations is not in sight. The

more

Communists.

between

(White

Governors

National
=

ported coolness between the Com¬

who

territory.

new

stock."

happened to his

surveys.

Congress

nese

John

House.

but he will be when I tell him what

now

S'tates

United

Communists. munists in Moscow

the

out

not

are

to

the

of
the

Financial Analysts Federation an¬
nual

"He's not sick

country, this does

military watch with keen interest the

a

is

that

seek

1963

May 12-15, 1963

ya.

J

to

Department of State, which

from

at

the Greenbrier. k

&(£q>

setback.

a

of

ference

Our

Exchange

Hotel.

Investment

continuing its policy of con¬

will

This power is intended for only
one

got

the

from

all the world's

Governors

8-11,

Board

MR. CACKLES

Latin

Cuba has refused

plus marks;

Our military power
tremendous. There is nothing in

of

Springs, W. Va.)

bit

a

country has its prob¬ permit observation of the military

our

resources

with

were

other

some

areas

Although

Stock

Meeting

.

Soviets

that the

Cuba

Re¬

(Richmond, Va.)

of

Spring

Marshall

May

that humiliated by what happened, and
billion that the Communist movement in

$100

Association

faced

we

budget

the

approach

what

approach

have billions of dollars to spend.

Congress

Association

is

dicate

there

Cuba,

in

troops

The Chief Executive will send to

will

Bar

gional Meeting.

Although Russia still has some

The Administration is going to would

at

nn 1

Statler Hilton Hotel.

State De¬
partment will have to face up to
some foreign crisis in
1963.; We

10,000

Hotel.

April 3-4-5, 1963 (Dallas, Tex.)

practical purposes he will be

running for re-election from now\

and

Finance

of

(New York City)
New York Security Dealers Asso*;
ciation 37th Annual Dinner at the'

■_

For the situation in Cuba?

Presidential election in 1964.,

Association

School

Waldorf-Astoria

Unquestionably the

are

Bankers

and Commerce.

the the world grows smaller. ; What is

on

eye

Cuba

Pennsyl-*

March 29, 1963

is the current 1963 fiscal year nonNa¬ military; space program of some

our

and President Kennedy;

prepares

ent

nn.-fe

the new Congress $3.8 billion.

tion's Capital as

organizes

to

P";

:

University' of

sponsored by the Invest-

-r*

the {Wbarton

C.—There

D

WASHINGTON,

CARDS^^

behind-the-scenes interpretations
FROM THE NATION'S

the

ment

GET-WELL

Km"

at

Vania

Capital. March 10-15, 1963

with, keen" interest from' Havana,

Investment Securities

(Philadelphia, Pa.)
Institute

of

Investment

ILERNER & CO., Inc.
10 Post Office

Banking

Square) Boston 9, Mass.

Telephone
HUbbard

green

Teletype

2-1990

€17

451-3438

One reason the budget will be light to all major Administration
somewhat larger for the 1964 fis¬ measures like tax reforms, medi¬
cal

year

is

the

the

pay

of

all

cluding

the

proposal
the

retired

Congress will devote
of

attention

proposal.

to

Some

to

raise

services,

the

in¬

personnel.
a

care, and

tax reduction.

over

the- proposed tax cut

great deal

pay

byt the

Administration
for
the
months
increase ahead. Because there has been
so

military

higher- much discussion about it
already,
ups maintain that private
industry most people seemingly have failed
is attracting too
many qualified to realize
that

military people because
pay.

^

A space

lion

for

better

our

on

next

This

fiscal

in

sum

year

is

Congressional
compares




with

for

Social Security tax bill in this

up

about $2 billion

1963.

Social

Corporation

Carl Marks

New Year's Day

country—employee and employer

budget of about $5 bil¬ together—went

the

being, forecast
circles.

of

-

.

Major Pool
Equipment

There will be increased debate

Security

taxes

are

al¬

ready pinching hard and the end

\

.

FOREIGN

SECURITIES

&

Co. Inc.

Annual Report

"

•

'

•

Bought—Sold—Quoted

SPECIALISTS

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TEL: HANOVER 2-0050

•

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I

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