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The COMMERCIAL and FINANCIAL Reg. U. S. Pat. Off. THE Volume AND LEADING INFORMATIVE MOST New York 7, Number 6230 197 EDITORIAL last session of there is buried been in be, though, that some measures bills Which term v will these is a be overlooked not are the they A year Frontier desire such it avoid and a going on optimism for proven 1962. refrain counted. a when If such it their is turn to be the proves ANNUAL Public case, (Continued Issue the Cold ber* 1962; to to enjoy few a incorrect by forthcoming *—6% last above so; freely months A the marized in table on page 24. My have been below expectations in relation to "ability automobiles and general; conclusions in this (1) and .' Consuiher expenditures which has moved up sharply. activity ment in consumer by gradually throughout 1963 with Weiss est • 22) up' from about $25 ^ billion of 1962. (2) The Cuban crisis appears to have restored business ajid consumer confidence' ih^ the govern¬ NEXT WEEK—The in consumer billion in only installment October, 1962, The latter monthly increase in three The time peak, and The recent improve¬ spending attitudes is evidenced billion in November, 1962. D. Julian year '/pi'ofifs'Tma:^'*^! approximate $27 billion, an* all / increase an totalling $382 quarterly comparisons be¬ coming more favorable as the progresses. Corporate 1 ISSUE economic corporate profits will rise the ... Total was and debt $581 the larg¬ years. private investment sector will show gross modest improvement in '63. Inventories currently reflect cautious buying policies and thus a very should move up moder- (Continued on page 24) CHRONICLE'S Annual Review and Outlook will be State, Municipal issued. Homing Lester, Ryons & Co. 623 So. Hope Street, Los Angeles California •' 17, Members New York Stock Exchange-, } Associate Member American Stock Exchange Agency Bonds and Notes Members Pacific Coast Exchange ' Corporate & Municipal Munioipdl Bond Division Offices in CoronA del Mar, Encino, Glen- Securities dale, Hollywood, Long Beaclt, Oceanside, Pasadena, Pomona, Redlands, Riverside, San Diego,' Santa - Ana, Santa Monica, 1UU, ' 't . MEMBERS' 770-2661 ' uli. Inquiries Invited on Southern MANHATTAN Calif ornia Securities 135 So. La Salle Street TWX: 212-571-1414 Tort Correspondent New •— Pershing A Ce. Chicago 3, III. FRanklin 2-1166 Net Active Markets Maintained • * T. L. WATSON & CO. DISTRIBUTOR ESTABLISHED 1832 To Dealers, American Stock Exchange *K* Block Inquiries Incited company •*vXX BRIDGEPORT X''■ Vv--: ."r: >. • 1 We : Canadian PERTH AMBOT maintaining a DIVERSIFIED market In this prices in Canadian funds. was distributed CALIFORNIA shareholders of Shell of one five Shell Oil. The stock November on basis Exchanges Shell of Oil 1 to 1 Co^ on the for each Tourism- Canada Disneyland u-,; • V': ..v^y;;:;v.; Teletype 213-571-12U GoodbodY *■ •: are stock either at net New York prices or at Orders Executed On A11 MEMBERS & Co. NEW YORK;STOCK EXCHANGE 2 BROADWAY 1 NORTH LA SALLE ST. NEW YORK CHICAGO Ki^iiMggE* Domituox Securities ^DHHECT VIRES TO MONTREAL AND TORONTO NEW YORK 4, N. Y. - Shell Oil Co. of Canada, Limited CANADIAN DEPARTMENT goathuxAt 25 BROAD STREET BANK Clase A Common Shares Commission New York Stock Exchange ■ ; Banks and Brokers | Canadian Securities V Members THE Whittier EXCHAWSEjg^ - household 'durables to' buy"- as measured by disposable personal income area: a • York 8, N. Y. • other October than in either of 24. Besides 1963 economic forecasts by leading bankers and in¬ separate Section showing monthly high and low prices of issues traded on NYSE MIDWEST STOCK m rate of 11962 ^higher than any The latest quarterly survey rpse.m Underwriters, BOND DEPARTMENT IDA.1L.1L. A.S a second; quarter . CHEMICAL BANK NEW YORK TRUST COMPANY frast and deposits by the Census Bureau indicates that plans to buy Distributors ' Dealers JVewYork UlfDERWRlTBJR Currency year. since World War II. pre¬ ago. MULUNEl WELLS Si COMPANY Chemical I by $1.8 billion in Novem¬ rose and PtMk ■, - international us. ing up for the past 18 months and reached in Municipal 770-2541 turning point a long-range new; in 1962 Securities P.O. Box 710, New but record annual rate of $447.4 billion a Housing, State and • War, Personal income reverse up * far so on page have been built problems will continue to be with probably to appear tional Product for 1963 and the M up REVIEW a excesses The Cuban crisis could be will be published Jan. dustrialists, U. S. Government, stand to more and the present recovery has not been the two preceding years. should not^wi^ce and on "birds-eye" view of Gross Na: vote, members who made come up, emphasis XT. S. Government bond holdings have been build¬ "the 'recession, dicted continued No important (5) in The year—and plus inventory inspired. for im- record concerning legislation to may come less somewhat seems firming somewhat, precluding a world recession. (4) than of New larger part good. lt would be much better PHONES: great mild they disapproved but which they believed they afford politically to vote against. Now that measures be industries demand this year pronounced more balanced portfolio. a to be occurring this expected of this committee meant to result in possible for them to and be 'trends.; not relent so might Administration (3) The economies of the Free World correlated to are assesses ■i^rov^meht in l963, rather to the floor of the House. It has long been vate most economists and market students ago appears ready to face certain issues when legislation reaching the floor stemmed from to of which could Author progresses. expressed well hope will hope that members of that body in voting on which The government spending. belief that the hesitation of the HouSO common action year equity portion of sv.--;, themselves come Future market gains by members of the House of Repre¬ ,again they will be question of the size declare the as . can stock trend. economic activity is expected to become sentatives. One Copy antibusiness and there appears to be an important earnings outlook) bond yields are seen rising slightly in 1963's second half) and slowly advancing total possible aspect of all this which must not be overlooked—and which one may a Improving an ment. favorable likely to be and what their fate may be once they reach the floor is another and quite different question. In any event there 50 Cents philosophical change towards stimulation of pri¬ which might otherwise have technicalities. 1839 Price Analyst states current market strength is not an inter¬ mediate rally in a bear market; predicts last half of 1963 will be higher than the first half; and expects bullish long- great. Certainly the record of the this year ESTABLISHED ... Company, Inc., Los Angeles, Calif. »*, particularly great significance in the size of the reach the floor FIELD By Julian D. Weiss,* President, First Investment Congress hardly supports the notion that committee. It may FINANCIAL N. Y., Thursday, January 17, 1963 membership at the same size as last year, but it would be incorrect to assume that the consequences of that very THE Economic and Stock Trend Outlook ing to bring forth mice when referring to the action of the House in deciding to keep the Rules Committee action will be IN Investing Plans for As We See it hardly be fitting to talk about mountains labor¬ It would PUBLICATION ;;J^;<GRPORATI02,f^' : 40 Exckange Place, Raw York 5, H. Y. Teletype 571-0880 . WHitehaU 4-8161 ' Area Code 212 ■. , ,... MUNICIPAL BOND DEPARTMENT BANK OF AMERICA N.T.&S.A. SAN FRANCISCO • LOS ANGELES 2 The Commercial and Financial Chronicle (194) The Security I World Wide Markets Like Best... week, different group of experts a orders your in the investment and on : advisory field from all sections of the country Greyhound Corp. OVER-THE-COUNTER executions their of hound Manager, Investors* Service Dept. to coast help contacts the best markets ■ and Interna- teletypes European :/ tional trip thought of NEW YORK . - Stock Exchange • ' Chicago York 4 • 34 ^■ Los Angeles Wide Wire Service World to 97,000 over First the is Virginia Securities the HENRY WEISSENBACH striving more intensive ; . . _ ...v Furniture —?—■( 2 Plants); Greensburgi Pa. (Re¬ Kraus, Columbus,: Ohio; search The company Members, New York Stock Exchange equipment. to modernize and re- |^eilliameta| |nc, * Mi * - ' • Laboratories); Orwell, Ohio (Kendex insert grinding); Mineral (Tungsten Nevada County, Fallon, concentrator); . . count earnings; VIRGINIA y,':-,:, so vast operation an Heavy enditures exp of _"cause better efficiency Co! Exchange Exchange HAnover 2-0700 " 212 571-1425 New Orleans, La. - Birmingham, Ala. Mobile, Ala. , Direct wires to branch offices our the investment Total lation. bus operation the common . divisions^ Other legis- exceeded $270 mil- lion in 1961. ' credit tax revenues' from divisions of Crevhound Greyhound also appear to be headed upward, ServicelYour Accounts The f°r, si10t v Wjth they-ability ? ' . to convert ores jn great volume, and man- Quickly By Using Our bank & quotation record ; Telephone: BEekman 3-3622-3 h LAMB0RN & 99 obviously at inprpacPrj y, Panapitv WALL CO., Inc. ^STREET NEW YORK 5, N; Yi ron- capacity con ^^lderably in« all product categories. New and.larger volume uses for And-not only has- there; been in the passenger luggage section tuhgsten and other'hard, carbides, grqwth;>but; also, diversification, especially during mid-week when have ; been developed by Kenna- particularly in such growing prounused capacity is large. This field m®taL a pioneer in the industry, duct lines as tantalum powder and: is considered highly profitable as for sPecfiic applications in almost anodes - and;; Kennertium heavy the additional post to process the every branch.'of industry. These metal products, which I have not packages is small and available new uses> in terms of-weight of-mentioned in the foregoing. unused space is put to good use. hard carbides required, should in • Through subsidiaries and affiliVolume in package express was" the near future overshadow, the ates, the company also enjoys a over $24 million last year. The volume now consumed in metal- considerable participation in forPost' House division operates 129 ' working tools and dies—the origi- ;eign markets, a field in which the restaurants in terminals in 125 naL still growing and most im-: company; has been increasingly cities. Expansion into automatic portant markets for these carbides ^active throughout; the recent vending of food, beverages, and iu the past.- ' j . . period. A majority-owned subnewsstand items adds a ' great The business was started a sidiary, located in Milan, Italy, potential to this division whose scant twenty-five years ago by ^manufactures Kennametal Tungsales in 1961 were almost $24 mil- Philip M. McKenna, founder and sten carbide productsfor ^ Italy lion. Household moving and stor- -President of Kennametal sine;,other Common Market counage provided an additional $8 based on certain concepts, devel- tfies,- and the. company .reports .it million in revenues. 2 .opments and patents which first has had a very substantial accept! Thp npwpcf rrovkniiTi^ possible the sucessful, high- ance and growth since it was eswas ! cost levels, the pro- ; • NEW YORK OFFICE: 149 Broadway, New York 6,N.Y. an pfacfure tools and other products „ industrv Co., Ltd.$. the industry^ into finished carbides and to a * c&mae imus%ry,. to company uPigPe jn stock is the oply iqeans carbide hard operation ' package : express integrated investor to gdt;^ ;of the; comp*e'titiVe direct1 major member at Securities . Cally ;:ec b* J1?*i^^^r^fes. Kennametal lnd-Of Latrobe, Pa., i| recognised as a dommahtproducer °* these new materials,, .and its ||||DM l JFt4§lf! ment of high quality productive facinties. ' r, - _ip. additidn to becoming a verti- cor.imPact> ; deformation, cier and JAPANESE SECURITIES ment of efficiency and the attain-, Perior/ resistance, .to- wear, through tax sayings realized under Private wire to Shields <£ Co., New York City (Tungsten powder processing); as the machining and forming ot; petals but also a ferial is required which has su- final importantly, in planned for new equipment should also aid future earnings both be- TWX 846-0020 LD 39 Victor 6-1333 yecognized as .basic, indispensab e Wejj as additions and betterments industrial materialsr not only. fpj> to existing capacity for improve-! gallon of can , STRADER and COMPANY, Inc. j Stock ore Today, hard carbide alloys are per All Issues LYNCHBURG, Stock American 19 Rector St., New York 6, N. Y. Nevada minor improvement in the mileage Industries Craddock-Terry Shoe R. F. & P. York New /in This program were completion of new facilities at: proving its operating efficiency. A American Furniture Bassett Members Members Chestnut Ridge (near Latrobe, Pa.) & Resident Partner', Ball, Burge use condition all its buses thereby im- " ,, Steiner, Rouse & Partner, Included : average during the miles indicating year, of ■r Resident Ball, Burge & Kraus, Colum¬ continuing trend.' The upward an Continuous Markets y " us , — Greyhound bus increased its travel Call Weis- Inc. —Henry senbach, ' . Bought—Sold—Quoted t 1961 Greyhound mile increased in 1961, San Francisco • in pleasant, City. (Page 2 Kennametal developed Stone- York term debt, 294,137 $2.25 ($50 par) spenf in fiscal i957 adds up to a convertible preferred ^snares^ and. figure' very close to the $8,758^730 103 million passengers. Signifi- 13,623,424 common shares, balance in the property, plant and oantly, both revenues per bus Shares ate listed on the. New York equipment account, net-of depremile and revenues per passenger Stock Exchange ciation, at the end of fiscal 1962. Telephone: 363-2000 Philadelphia parefully Federman Co., New lion miles and carried more than , Teletype: 212-571 —1231, 32, 33, Boston and driving, turnpike efficiency - buses traveled more than 489 mil- Associate Member 60 Broad St., New . board have made bus travel rapid and Established 1920 1 so completely equipped restrooms on CORPORATION, 'American of .trayel.. Not tioning, Hanseatic in _ today, dual level cruisers, air condi- for Improving offing. are & bus^; Ohio, (Page:; 2) :v growth in the other divisions lend interesting investment potenfepr®ykound. common stock. ■ From 4he technical point of view, reveal the improved potential capmarket action of the snares abilities and the broadqi; bajse for nave been favorable. One needs fufure growth recently achieved only to observe the new. ai,*y by Kennametal. During these five highs seen so frequentlyover The years (1958-1.962), $6,766,734 was Past *ew - ^Capitalization expen(je(j for plant and equipment, consists of $36.5 ^million m long an(^ this oil* top of the $1,827,937 long bus the least desirable as i Dept., hill point where a experience an an easily forgotten and probably method at and utilization within the bus op¬ eration, .plus usually was not 4. the - Until several years ago, a locate you everywhere. be earnings gains significant Greyhcund Corp. system, wire coast New York City rx M--:: £ could ■ Federman, Stonehill & Co., Over- ive earnings at current levels, Grey¬ MITCHELL JAY BAYER New the-Cbunter transactions,: Our Louisiana Securities Bayer, Mgr., Investors' Serv- speedy, accu¬ York Hanseatic for rate of facilities wide Mitchell Jay — • are using and more traders world the Alabama Si Their Selections • participate and give their reasons for favoring a particular security. More Thursday, January 17, 1963 This Week's c.\- for . Forum Participants and , A continuous forum in which, each . . sugar created to utilize vacant space Raw —■* 'Refined —— Liquid Export*~*-Import8—-Future* DIgby 4-2727 . . (Only $45 per year) $4) (Single Copy This give on well bound the monthly prices you listed all as will publication those securities "hard Over-the-Counter as find" to quotations. - Write or call: •' * B. DANA CO. ^ Boothe March 25 Park Place New York 7, N. • Leasing, of 1962. nationally Y.V:^ trial in acquired Boothe leasing marhinprv in carbides • ofc steel with Under alert ahd insnirinfif tablished six years: ago. Kenna-; metal also has affiliates in England, unaer alert and inspmng America / leadership> the comPanY has en- • Canada, and. bourn America.f,;,..,,;. operates of machining $pee^ indus- 2J°yed outstanding growth and pro^. ^ Research and .development ex- fits in its brief history. Starting penditures, not separately reportJSifnn £ ™!L w 15 froni scratch in 1938» built.up ed:Ayi'^the vcompany, - increased Boothe could show dramatic and sales to almost ten million dollars steadily during the 1958-1962 pernrofitable growth that Crov in lts flscal year ended June 30^ lod> PerhaPs reaching the equivalhound s large caprtaT and credit 1945' During the next dozen years'' ent of 3% or more °f 1962 sales" are available for its operation; -saIea «uct»ated but trended up-. This_ program has been-matched Still REctor 2-9570 Greyhound division t relatively witlrbnlv small COMMON MARKET , , • is WILLIAM . EUROPEAN m Dutch and cern Company chemicals due to manufacturing for sale sudden as paint going "con¬ death of principal stockholder. Established 40 years, well known, yielding tent technical high profits. Compe¬ and sales staff. Box R-11T, Commercial & Financial Chron¬ icle, 25 Park Place, New York 7, N. Y. now ' - , _ - • \ Greyhound's ward to hit . earnings,- at per share in 1961, the $2.00 level for the $1.61 1957. forecast at are a that respectable a just year in new high in, fiscal year, sales reached and balanced by further strengthening of the technical sales staff $24,374,335 and net and field service organization. The income (after taxes) amounted tq 'company's sales organization has ended; for the nine months ended $2,440,309—a neat ten per cent of always enjoyed an outstanding reSept. 30, 1962 earnings were at sales. During the next five,.years, putation in the industry, and its $1.58 per share increasing from sales averaged $22,493,700, and net :direct marketing methods, which $1.21 for the year earlier period, income $1,439,888, or 6.4% of sales involve close1! cooperation with This affords ample coverage the $1.10 dividend for 3.2%. Cash dividends supplemented from PRINTING 130 Cedar CO., INC. St., New York 6, N. Y. time dividend a to was by stock time; a declared for have 5% 74th Year—1963 which been ance, of stock was last May. when sales hit • v : , circumstances solicitation of an offer tq to in detailed appli- high ; Taken alone these figures fail to V as a new - ■ no users special products, have undoubtedly income {contributed significantly to the a $29,041,951, and ,net $2,144,977, the best since fiscal 1957. After several years of stabilized (This is under sweetened.'customer were considerably by the 1962 perform- 'cations and in the development of dividends Telephone: WOrth 4-3033 1889—Our —figures return of be construed buy, any as an offer security referred ^ to to . sell, .} or herein.) 1 -< company's 1 efforts bv man- agement combined with the change in the basic economic factors fol- lowing the discontinuance of the ^ . ■ Continued iV. Q. OVER-THE-COUNTER on page 11 S INDUSTRIAL STOCK INDEX 23-Year Performance of 35 Industrial Stocks FOLDER success, These vifforous • ON REQUEST National Quotation Bureau Incorporated 46 Froni Street, New CHICAGO York 4, N. Y. SAN FRANCISCO Volume 197 Number 6230 . . The Commercial and Financial Chronicle . (195) CONTENTS Monetary and Fiscal Policy Thursday, January 17, 1963" , Will i'X''-.' Shape 1963 Outlook By Beryl W. Sprinkel,* Trust and Savings Bank, Chicago, 111. ■ PAGE s _ Investing Plans for •cit..Oiitlook Cigar leveling off dur¬ ing the late summer Substantial excess sists in Let • capacity per¬ ment ploy is the effectiveness demonstrates densome.Pro- whether the probable ive fu¬ trend the economy about than usual be¬ and Tax results or t>r b w concluded yet to be made^ Unless the private sect impetus through next ,se, ,or la ® * PIfVn, nearly 80% of the total economy and trends therein will largely determine the health of the nation. example, large $6 billion or a 6.5% increase in the Federal bud- would get than provide mere a spending. 2% stimulus less rise Therefore, must be based as a on some projection ■. •. million interest that Bank ;f , . UNITED NUCLEAR ' ■■ ELECTRONICS INTL for Check-Up of Member THE JAPAN FUND It—,.— See and Insurance 1 (Editorial) Stocks —— — 27 Coming Events in the Investnient Field— - J. F. Reilly & Co.y Inc: 40 39 Broadway, N. Y. 5 20 — ; Current News in the Field——. .■ Investment Chicago 7 — Direct Dealer-Broker Dl 44919 • 208 S« LaSalle Sf.» Recommendations New York 8 Connecting Wires: — Chicago — Denver Los Angeles to •HfJ; Einzig: "British Equities' Prospects After the Bank Cut"—_ Rate . On easy. tQ be From 11 : Washington Ahead of the Indications I conclude that monetary ,g relevant? News—15 ion policy monetary ab[es subject Board dQes serves beeause row contro, the of commercial or not of Notes— "Observations the Our Control ——————— Electronic Continental Governments on : as Utility Securities. Offerings— Security required. sMackie, Inc. 28 ——. HA 2-9000 35 Security I Like Best Salesman's Security merctial J>ank decisions with re- on (The). 2 — Direct Wires to of Trade and Industry State 25 Corner... (The)... —... 6 St. Louis billion. "to i- . and You. Washington - Washington 40 or^l SlmS buy more ratesPare If the other, including changes policy Therefore > Los Angeles San Francisco Philadelphia 4 Tax-Exempt 3ou4 Market^-^—r-w—r--!^ Cleveland Chicago Federal Reserve cannot control $580 these 40 Exchange Place, N. Y. Teletype 212 571-0610 Com- maintained are based largely Mortgage Singer. Bean -22 to Prospective Capital 21 - Securities Now in Registration..————— they prefer to bor- amount y!9r 27 —; Reporter Public and how many reserve funds to the Data 23 re_ free the de- banks - News About Banks and Bankers——- 18 The free level 17 - Delhi be by Board is influenced by reserves sires not (The)- _ should control to Regerve Marrud Inc. 38 Funds—— Mutual measured by the trend in variFe(Jeral Business Activity Current of \ Marketand You . NSTA In my accomplished the odds favor another cession. : x 21", Commentary have monetary, policy p?ce. of ; 1 ; putlook^f As We , , level rates (2) Monetary policy becomes ex- dictated by the market at the prepansive and causes a sizable invailing Interest crease in the money supply. Under influenced by demand forces, on these conditions GNP'could easily the one hand and supply; forces on neither .f. Regular Features Fed, the profit considerations. Clearly the first half of the year and $575 _ Encouraging .re¬ minus A permanent (1) and sizable tax cut is average •. • Securities Market Offers CAPITAL and the volume of exces3 reserves Business prospects for 1963 are the >v; • —• v . spect to the amount of borrowing demands oemanos. good provided: re- than the usual attention should be devoted to . NYSE's New Program rt occur - PUERTO RICO 10 assumption they prefer to maintain in addition monetary areas to stimulate nrivate private in •' OIL & REFINERY OF Harold H. Helm 13 evidence I believe private whether in to what will be done in fiscal and • Be¬ excess has been expansive or existstomove the economy upward For COMMONWEALTH Kennedy Seeks $13.5 Billion Tax Cut to to as policy was restrictive ceives a much needed demand during the first 8 months of 1962 stimulus in the next few months beginning in September it is very unlikely that enough became exnansive What , , year: DEHLl TAYLOR nearly constant at ** $450 4-6551 a Cut___—_————————— 12 ■ ? f 'ikxT:.*---• ■ trended moderately downward snrinkei' fduring- 1962, many observers have % « nnr eeouhmfc tjoITcv* &ecion economic poncy aeci forward Without "Boost OTC restrict¬ banks from unusual unusual extent sions the because WHitehall monetary reserves, member STREET, NEW YORK 9 ________ in 1963 depend an an WALL Telephone: John M. Kelly 10 1963 , eco¬ nomic I to |to of have remained ficult this year cause 5 - -'I 7, We- Cato Find Solutions to. Out Plaguing Problems President they disagree borrowings dif¬ more Cobleigh ' I of expansive an free in serves is Industry^^u.-.iri.r— ^ ■' policy is being followed. cause ture U. ——Sen.. Thomas B. Curtis — Economists See Modest Rise in policy as a demand stimulant, 4>.ut experience during the past year - bur- jecting —Ira Authorities not only disagree as to most • Serving* Nation's Interest in the Petroleum ^ consider monetary policy. us prices for silly obsolete*, j v '- - 3; and early fall. industries and unem Shaped Profits—— Profligacy , Policy Been? . —*-]Bery1 W. Sprinkel 99 V 5 ward trend after ?*: Tax Cut and Reform Is No Excuse for Fiscal . Monetary Has 1 ■ expected to stabilize and rise by the latter part of 1963. Expensive Julian D. Weiss ... monetary growth despite the economy's slack because of our-balance ^^ oif payments imbalance; denied high interest rate imposed pn a : sluggish economy will bring about economic health, or that money growth will lower-interest rates) and favors 1960's objective of molding an international monetary system inducing balahCe-hf-pay^ ments equilibrium without forclng internal inflation and deflation. .Should the economy continue sluggishly in the next several:months^ > and monetary policy remain expansive^ Mr. Sprinkel foresees mod»P erate downward pressure on interest rates. An improved economy, how* everi Is held to bode well for corporate profits and equities, and in' How JUMBO Improving Economic and Monetary and Fiscal Policy Will Shape 1963 . The economy has resumed its up¬ an Stock Trend Outlook-- total spendingandy thus, predicts monetary expansion and < early enough sizable tax cute j'wduld brighten the business prospects • for the remainder of 1963,'? The author says monetary policy was restrictive during the first, eight months, of 1962, and in September^ ' became expansive. States 'the Federal Reserve severely limited ' are COMPANY ND Articles and News Vice-President and Economist, Harris in terest rates JCHlMir B.S. A Chicago banker claims monetary policy can initiate significant in¬ creases 3 analysis of economic policy de- the rate of COMMERCIAL and The Eeg. U. S. Piatent Office WILLIAM B. 25 DANA COMPANY, PUBLISHER Pji'rk Place,"New York 7, N. Y. ' CLAUDE D. \ i ^ Southern Gulf REctor 8-9570 to 9576 SEIBERT, President WILLIAM DANA savings as well as the amount of new funds created by the Federal SEIBERT, Treasurer Utilities GEORGE J. MORRISSEY, Editor Thursday, January 17, 1963 ^eserve' The Federal Reserve does have control over one important vari- cisions. FINANCIAL CHRONICLE Published Twice Weekly Continued on page Thursday Every hews and advertising -issue) (general and every records, Monday (complete statistical issue — market quotation corporation news, bank clearings, state and city news, etc.). Other Office: 135 South La Salle St., Chicago 3, 111. (Phone STate 2-0613). i • 26 J Copyright 1963 by .William' B. Dana Company All rights reserved. without , For many years we have 1 PREFERRED STOCKS specialized in f ° r - written Reproduction in whole or in part permission is strictly prohibited. -Second class postage paid air New York, N. Y, SUBSCRIPTION RATES . MONDAY AND THURSDAY EDITIONS (104 issues per year) In United States, U. S. Union Possessions and members of Pan American Canada $83.00 per year;- $60.00 per year; in Dominion of other" countries $87.00 per year. ; " -- Spencer Trask & Co. <• 1 ' Founded 1868 Members New York Stock Exchange 25 BROAD ST., NEW YORK 4, N. Y. .TELETYPE 212-571-0785 and Quotation Record Postage extra). • Note—Oft - Nashville Boston Newark Chicago Schenectady Glens Falls Worcester for — Monthly, $45.00 the made in New York funds. W? V. FRANKEL t CO. INCORPORATED, 39 BROADWAY, per r, ^ year (Foreign ".v ;-; fluctuations In the rate of exchange, foreign subscriptions and advertisements must be account" of remittances Albany of Pan American $21.50 per year; OTHER PUBLICATIONS , Bank TELEPHONE HAnover 24300 THURSDAY EDITION ONLY <52 issues per year) In United States, U. S. Possessions and members Union $20.00 per year; in Dominion of Canada other countries $23.50 per year. t " ' NEW YORK 0 " WHitehall 3-6633 Teletype 212-571-0500 212-571-0501 . I 4 me commercial ana Financial c/ironicie (196) including OBSERVATIONS... the , Thursday, January 17, 1963 Steel Production, of measurement The State of Realistic Criticism Mr. Hoffman's World Bank realism, former with as President Carloadings Retail Trade Food Price Index TRADE and INDUSTRY Auto Production Business Failure* - Eugene Black, spills over into Its pre-investment activities his broad policy making. Among the items wherein he foresakes the Special Fund conducts on a far larger scale than those which are "do-gooders" for critical treat¬ ment are failure to realize that engaged in by other units in the GRAND SCALE PRE-INVESTMENT OPERATIONS Hoffman's Paul international volume new interesting, is aid on Assistance Technical UN's pro¬ development cannot proceed with¬ the World Bank and the out concentrating grams, timely, and altogether invaluable to anyone interested in our for¬ eign aid efforts, ("World Without laterally via AID. human International Finance Corporation, in Want," by Paul G. Hoffman; N. Y. Harper & Row; 144 and Evanston; In its of years 1959-1962, the Special Fund life, the volume comprises a sense on with skill; and temporary stop¬ as a handling; year-to-year considering foreign aid tactical a in the Cold War, weapon of approved 246 projects requested friends by 71 countries and territories. It increase an knowledge bi¬ regarding aid States gap four first the In United the by tem $3.50.) pp.; and allies, buying sys¬ a winning and influencing peoples— Commodity Price Index Economic activity continued does on a high plateau toward the close of 1962, his stewardship authority since epochal the of Mr. Hoffman describes in detail Marshall Plan initiated in 1947. enhanced course by of widely our international spawning is timeliness volume's The develop¬ from the ment activities ranging $20 billion Alliance for Progress project for Latin America to the State expanding the in efforts The latter now educational field. includes the elaborate Educational Cultural Exchange Program Assistant D, Bureau tural under Secretary of State Lucius Battle; of administrator Educational Affairs; activities by Cul¬ and (Agency Industrial Development) as for until recently administered by Fowler Hamilton the USIA (United States under Ed¬ against each via ("If process. we'll don't you blackmail a come across, view. Business tinued to tone, sentiment display although nomic the indicators changed after major exploratory functions. author Our in cludes his And so find Mr. Hoffman's we administrator in¬ current the to the veriest of volume Agency) revalidation penditure of vast foreign Monday's in State ex¬ satisfying alike Discussion of runs on often on ideological grounds. Mr. Hoffman quite uniquely treats the subject from practical business-like ap¬ galore — proaches, but as all too manifested to both in the administration United Nations of his own Special Fund reveals cealed formerly resources con¬ precipitous mountain TAX COLLECTING NOTES dense forests, desert sand, The public correctly realizes by ranges, and even inaccessible mudflats. The aerial • that under the Internal Revenue's supple¬ cameras, mented by magnetometers, scintil¬ rules, new the of penses taxpayer's clubs, ex¬ homes, resort ielectro¬ hunting lodges, boats, and the magnetic units, can even identify like, are no longer allowable un¬ types of soil and 12 to 15 different less these facilities are used more and counters, minerals underneath it. than 50% for business purposes. Mr. Hoffman relates how French Bank;, notes that during richest all deposits. Mr. Hoffman also describes how UN Special Fund is making to investigate in hitherto mineral resources virtually inaccessible and unproductive parts of Mexico, Bolivia, Surinam, Somalia, Uganda, Borneo. It is also Chile, a.business discussion. Business ployees, sources. agents or making 16 other meetings are of em¬ The matter where held. no expenses restraints. erally reduced discount These actions , reflected c on gen¬ ti n u e d same social purposes of employees other than top paid people, of¬ and and forests, is It water re¬ same exploring that even token, Mr. Seidman explains out whether they are suitable for > ' t annual ( S ' i^-' < things may not be deductible, the specific cost of human habitation. By the although the cost of main¬ parts of Peru and Ecuador to find taining any of these voluntary contributions by UN members, operates principally entertaining particular custom¬ -V 'V by the On manufacturers. other short-term rates relative to long- Peaceful Uses of the Atom Our author further cites his use On term durable goods and private housing starts hand, continued November's at "Of levels. for orders new course," high investment. in Bank the of loom four Recent developments in the indicate to trend. While record high indications toward a retail any sales December in in surge The early atomic in some Bank of England's release with it by the commercial banks, together with the > ending store of department informal lending, New York and Cleveland. restraints apparently bank on was pansion while avoiding spending has not shown much buoyancy. A Com¬ Department-SEC merce Supporting Expense Records survey an rate to 4% by arrangements between the em¬ a was projections. made possible continuing favorable balance of payments the second half of 1962 may have position. In Italy, a series of measures in Plans for the first quarter of 1963, late 1962 was aimed at increasing 2% decline the liquidity of the banking sys¬ in plant and equipment outlays tem and aiding the development from the fourth-quarter projected of a short-term money market. a The energy, the newly promulgated rules, the from 42/2%, however, subsequently suggested that capital spending in earlier down¬ a short-term on rates. A reduction of the discount of late October and early November exceeded influence ward Business rate. Possibly this survey was with radio¬ Likewise has there emerged and justification for governmental active isotopes enormously in¬ confusion over the employer-or- taken too early to reflect fully the and private investment moneys creasing the speed and accuracy employee responsibility for sup¬ improved business sentiment that of that may be available. ground-water investigations; porting expense records. Under developed toward the end of Oc¬ of and in Japan, rises of the remaining special deposits pointed held department However, rates Common Market levels. imposed fe&rlier. been a lower-than-usual Christ¬ volume. interest in de¬ was easing of credit restraints that had clear set November, in first hOfficial^fr^serves ^rmitted k£y demand sectors have been mixed fail bring cut rate similarly — to to In Canada look." longer term discount A Netherlands—the years to signed out¬ closer large in the business and the cut continues tax pects a rates, and thus provide in¬ creased resources for added, "discussion about the pros¬ however, called for therewith is deductible. ers activities, plant and equipment and in the with those of other Common Mar¬ rate of inventory accumulation ket countries, as well as to lower for recreation individual reactions to the run of that is in investigation of the need countries at¬ directors, store sales topped the year-ago tempt to overcome the recent likewise deductible level despite newspaper strikes in sluggishness of bank credit ex¬ AID activities, via pre-investment number of foreign indus¬ a high strengthening of the international positions of these countries. levels. mas "open-sky" surveys to study soil ficers, or big stockholders. values, Special Fund financed by the last stockholders, Togo, applies to North and circumstances considered, the surroundings are conducive to eight airborne geophysical studies is The 1963, department thus planes founded in May 1959 of which he Managing Director; and in his and November's from Re¬ In Belgium, a reduction in the Among the "leading indicators," science practitioner seeking information the latest surveys for the first discount rate in early December and technology the fantastically at bringing that re-sharpening "and re-inspiration. quarter of 1963 indicate some de¬ was : aimed advanced aerial photograph which cline in expenditures for new country's rate closer into line the AID what its Fund's exploratory uses of of the Union Message. sales in output, but rates and relaxed other monetary automobile and steel car article four months of 1962 and in early in trial rise some second a tyro and the veteran However, J. S. Seidman the tax discovered a likeli¬ authority points out, taxpayers ward R. Murrow, and the ' re¬ hood of oil in the Sahara after are failing to appreciate the many juvenated Peace Corps under camel-outfitted explorers had re¬ exceptions to this rule. Sargent Shriver, the President's jected the area as hopeless; all Actually, business meals at any brother-in-law—all as permanent- before the area's drilling proved of these places are deductible if, ized by President Kennedy's it to have some of the world's Information suggest a view, the N.-Y. Federal Reserve store volume slackened off some¬ inventory - December as Monetary Relaxation In adjust¬ seasonal 1963 Free Europe Moves Toward eco¬ little were pre¬ increase an con¬ improved an quar¬ necessarily in capital spending in January issue of its Monthly Re¬ whole. new 'go Cuba'.") the scientific means used in these related lation also and AID the of Scientific and Technological Uses not does Reserve Bank of New York in the ment. Industrial production and conclusions, both philo¬ thus ear-marked $210 million, with the donors finding them¬ selves in the guise of Cold War employment remained steady in sophical and materialistic of the against which the benefiting coun¬ November. Available data for protagonists and of being played one-time automobile manufacturer tries have put up $290 million. turned leading AID develop in the current it Federal clude achievement of the commented ter, final off - Electric Output river speeds. WILFRED MAY BY A. . tober were and investment developed more included measures a new system of issuing Treasury bills, wherein 12-month bills will take the place of the old bills of 2-to-12 plans that month maturities, to be issued in accordance recently, in¬ with the Treasury's needs and primarily at employee control cluding some of those stimulated cash whose responsibility it is to have by the new investment credits and monthly auctions. In addition to higher dep^reciatipn, £ates. The laying the groundwork for future supporting records. market operations by the If the employee is reimbursed impact of these factors might not open be reflected in actual disburse¬ Bank of Italy, the move is in¬ for his expenses, the employer ployer and . 1938 1963 must have the records. We take pleasure in announcing the until later in 1963. em¬ even as ad¬ if a Thus, drop in capital outlays tended to redirect some funds into the capital market, since Treas- ditional compensation to the em¬ ployee, and the 25th Anniversary ments If the ployer claims the payment expense the employee takes in his own return, We take then it is up to the employee to have the required pleasure in announcing that records. KENNETH M. CONNOLLY of the founding of our firm. Albert With has become Paine, Webber CHICAGO, HETTLEMAN & CO. bert NEW YORK 5. N. Y. Telephone: WHitehall 3-5770 ILL.—Robert become Exchange and M. associated bert So. LaSalle was Street, formerly president of Divine Inc. Mr. senior & was in Chicago. - Voting Stockholder of Members New York Stock vice- our firm. and other Exchange principal exchanges ; , ... Fishman, with Hornblower & Weeks - a Golkin, Divine & Fishman, Inc. Al¬ Prior thereto for many years he Member of the New York Stock Al¬ with Paine, Webber, Jackson & Curtis, 209 ONE WALL STREET has a ^ 67 Broad St., New York 4, N. Y. WHitehall 4-9330 134 S. La Salle * St., Chicago 3, 111. Financial 6-6363 - (197) bills will ury able, longer be avail- week last no in the past, in unlimited totals as quantities at Our preliminary year. stand against ' . Pitfalls in Forecasting Recession tive Lies Ahead for summary principal centers follows: money in indicating activity fhlTrttxr i o 11 o w general decline a need not necessarily nrolnntfprl 6 a hiicih<a«« prolonged nusmess * Bank serve January of 1863 ' Chicago issue in of % . Philadelphia — 0.7 848,328 + 3.9 in 541,760 +12.1 1,185,000 Boston— 881,583 607,325 City the Output Gains 1.8% growing underlying evidence strength in of months, the belief that the next general movement in activity will be downward still 5? pessimistic inis based and view adjustment, /ose lately six if at . t activity at a at 1957 and 1980—a general business followed. others—in dvanced But three on 1947, 1951 and 1956—a considerable period of further the The Institute Index of Ingot Production by Districts the for last two the postwar said ^Index of North stability. nomic of upswipg the current which .in early 1961 is yet to be established. Much will ueyenu UDon trends in deipend upon uenas m will __ and consumer s — trends chart of with the a road ahead. The situation in early 1963 is no exception. • Bank show clearings increase an this week compared with 89 93 year chief Total 102.6 industry—• __ 100.9 is "Index of production based bn aiverage weekly production 1957-1959.1 for cate that of the for • country, Steelmakers Plan 28% Hike in the week cities of which it weekly above the United is possible clearings those will the of to be more still capital spending for 28% 1982's ever industry prove even equipment though the will probably not im- its rate of operations sub- stantially, Steel magazine pre- It's bracket with up just as significant status a 10c a ?niinn ^ ^ meeting; The big has ever been swing, toward how- the lower priced cigars, and, today, the bigtfpst gest <?piipr<3 on in n arP se lers are Per capita cigars. the rise. In ninknl nickel 1950, consumption (over the year, 21) annual among'adult 116- last over 136. was figure Continued on do not was inhale, the cigar quar37 DUTCH of smoking on nersonal h ea 1th sm0King on ' ENGLISH—you Because name it of one, the of young hood is Berlin Paris. Rome Madrid Montreal Beirut 'y, San Juan Toronto Brussels Wiesbaden Geneva Amsterdam Panama City Cannes Frankfurt * . Hong Kong ' tion 1,500,000 in to our ^ 4-4732. From the fieW foregoing we con- cigar industry has interests perhaps you, you'd like to investigate some of the companies we mention below, there for baby possibility of increase an is is r-v 1 >,* For next year, - ■ - - about $4-00 a share. , The Mason candy division (candy bars) is 6Xpec\ecL to Produce sales °* arou"d $7 mdhon next yeaI' and I>rovlde> perhaps one-seventh of corporate net Bayuk earnings. t making friends in the market. Consolidated Cigar This is the leader. Consolidated caters to the higher priced mar- ket, with cigars in making range sales. Its the 10c to 25c Dutch Masters brands El of DWG Cigar Corporation TWs Earnings have steady uptrend, reflecting efficient production in Puerto , enjoyed has regjo^al strong growth West and Middle West include Producto, Mu- riel and Harvester. been in 90% over up leading hranri*? sof San T' R G are Felice Ri llp_ ' j the 1950 the in Its lead_ Dun Fl F; Santa Ver- decade E1 and , 0 ^substantial a hi uncurve 45% 1 (uo Rican for 1962. Stock sells at 50 (around 17 times 1962 $1.20 a share net) pays per dividend, plus extras. glares h In has 5 This the in is the industry, research second 'a'hd maki'lg Royalties 011 brln2 a Generals Pllte wrappers, patented processes significant brands " „Tf.; revenue, cover who cigars arid, for (as small that the *, industry suggest rather than cigars to its total using market low priced with compete years. ired. "and ' , t the , ig ell sells , . (ar°undTl Production Efficiency of production side, economies have At 20, the alone. Dividends have been regu- Robert The above will provide back- , • 4. 1 * ^ Bums> whlte Owl, W.lham Penn ground material for a more deand Van Dyck- Earnings, .which tailed analysis of cigar shares. were $2'06 per share in 1961> The principal factors to observe should show a moderate increase are a steady, if not spectacular, ^01 *962, and amply cover the r|ge jn demand, excellent cost dividend. There are 1,390,000 con^roiSj a modest upcurve in net ™rrently selling o°u/ 31/2 at Xf? (less is the Cigars, Inc. third earnings, and merge a the strong tendency many smaller tional units. Dividends from cigar in stocks may do much to promote company the industry' and has been cited contented puffing, 40 Common Stocks Yielding 4.5% We have selected 40 or more common stocks on the basis of yield, growth and position in the industry: 1. YIELD: A return of of dividend a 4.5% or better, vyith safety prime consideration. 2. GROWTH: Growth prospects of these com¬ panies derive from participation in the expan¬ sion of the a plants Puerto Rico. have economy: is of good quality with a Each com¬ sound position in been number of have been been new low built -in For a copy, address Dept. FC Technological^imr- provements would homogenized or include the reconstructed fil- CARL M. LOEB,RI IOADES & CO. Members JVew York Stock and re- l° merge xne inany wndiitJij gional companies into major na- than 15 times earnings). itis industry. metropolitan stock larly paid since 1934. tially reducing costs, have not ad¬ near ratio yields 4% on the cash dividend a num¬ introduced, which, while substan¬ the ,. . of any of-the lssues 'z> cited. 3. POSITION IN THE INDUSTRY: On the On 0 at price/earnings lowest we've n stock costlier ones. an around broad a include and range share net of stock- in pioneered homogenizcd 495.000 $1.70 for the past three the" homogenized of (only basiS) the $.80 cash dividend largest has stock outstanding) has shown average per General Cigar and obvious pref¬ an broadening cost G SiVJITH INC the the candy divi- The men priced lower) centers, and 5, N. Y. in $2.00 dividend, adult¬ 1965, young low consolidated 70 PINE STREET, NEW YORK all Clfrs' aj ?r0?nd 4£ seem? t? be in this popula¬ Manufacturing plants PIERCE/FEPJIMER net an time high of $3.45, indicating the versely affected product demand. MERRILL LYNCH, level share in i increasing' the of sector, ber foreign securities trading desk, just dial—WHitehall Per Y Ve§a should help propel net earnings to new high ground of to be doing seems job, segment, percentage is selling foreign securities. direct call time. sion and recently acquired Garcia growing annual indicated in¬ an of would feel particularly well-qualified to provide help and information when it comes to buying a first rapidly a excellent we For the wrapper,- which pany or 1962 at the $50 million for cigars and cigarillos. All of which London - man- costs, since the introduction of the cigar making machine. This bumper reaching men now with crease income to $1,- estimated in the 1940's, the age group crops erence With direct cable connections from an ing Bayuk Young Cigar Smokers prefer cigars to cigarettes. In this - of the use personal an - to the for 1962 should also reach manufactured to habitual cigar industry Trading in Foreign Securities? is per probably 2 million in 1970. GERMAN fin be nr or consumption males smokers steel output in the first cigars; as associa-' filler, in improving tobacco plants and development of a process for or an demand a Further, since, traditionally, cigar slabbing mill equipment and cleaning and coating equipment, 10.2% 1961 stantial reduction in manufactur- sym- Buying activity will center on. industry has not .been sensitive steel melting facilities and related concern about possible effects corresponding much as we cigar is unthink- capita dieted this week. equipment placed second, followed closely by blooming and obtain a less; and or opulent living it Director's to boost their ended for lower or cigars. bol; and, steel survey- Material handling States year a tion dinner. 1963 Capital Outlays indi- Saturday, Jan. 12, clearings for all revealed ably plebian in the Jet Set, at ago. cities one or multi-pack purchase, the most popular container being a five cigar pack. Further costlier Preliminary figures equipment—they were mentioned compiled by the Chronicle, based by nearly half the 28 steel comupon telegraphic advices from the Pany Presidents taking part in the a than for the estimated $1.1 billion will further survey 107 95 Increased-10.2% Above 1962 Week's Volume more 131 90 less three to five, and only than five cigars a day. 115 _ impressively in common , Clearings two, 19% buying cigars at 10c _ the day, 24% smoked "gar a $5,000 They plan to spend about $1.4 Bank of 132 _ Steelmakers plan analysis of statistical marked 112 _ survey duPont, based half averaged —— can data seldom provides observers of general, business 161 _ shares common $2,350,000 in 1962; with net sales probably the most sub- ciU(je that the cigar Of those cigar smokers quer.ed, the sheet create thought—the quality of the cigar clearly. Historical 97 spending velopments, neither of which be foreseen . risen 552,000 long term attractiveness, and, if research characteristic of re¬ plants, and considerable. flattened out somewhat, but 1962 price of the cigar purchased switching to the homogenized sales are eXpected at a new high seemed to be directly related wrapper. Per share net was $2.08 level of around $20 million The to income, with those in the in 1961, and should reach $2.75 86 105 155 - Louis Westerjr for-durables aiid international de- well _ Cincinnati IV!uui business eral a 681,600 are in issue of merit. the 90 89 - Chicago eco¬ began _ _ Southern nature 101 93 111 Detroit St. 87 __ Cleveland The 1963 — can representative sampling, indithat moderation is a gen- preference Jan. 5 90 105 Pittsburgh Youngstown brief recovery which terminated in mid-1960. The Ingot 1963 Coast__ East Bullalo the was as Ending Jan. 12 District— rounds of expansion connected by over-all than save recently, the cated 6% ex¬ Bank America: higher released last fall by on has sheet binder for natural leaf; and, the The three of the four postwar business exception weeks follows: ex¬ upswings consisted of two separate periods of the compares Week Reserve in 32% marketing smoker. Production for Summarizing butts about MniWatinn Moderation A ne* *ons (123.1%). pansion ensued. perience, sized is as- cigar consumption in 1950, and the figure is arrived at partly by the simple fact that more people are 1S% * dan' ^ shows a production decBne 16.6% compared to last year's week* output of 2,294,000 remained This 5' The Week t0 Week t thousand per ufactured down , , lng Jan' $3.50 most 7 over puffed smoking lower priced cigars. time. On three of these—in 1948, recession In¬ week from 1947 during may to 1962, (*100.9%) in the week endTv t all, high level for several months a the for Data for the latest week ended industrial employment Steel and production 1982. occasions, 1960, seasonal seasonal little, second half of through and after after Pi-nnlovmont employment, On is in the fact that production on in the persists American Iron stitute, smoldered ter, which billion In were sorted According to data compiled by the 1920s, dynamic was substitution cigars 16.6% from Last Year recent the pattern. From Previous Week and is Down Despite " four companies in field on Depression decade, but, since 1950, has showed a steady growth Business Conditions. industry cigar the *!» Steel Comment, also, analysts, an for The 1,177,000 '' k * " of as outstanding, preceded by $9,658,533 in long term debt. Net income industry, trends in cigar purchase manufacturing efficiencies contributing to rising earning power« New York— $19,531,994 $17,232,302 +13.3 1,481,611 1,373,055 + 7.9 Chicago i>\ VY weeks, There the vigor of the cigar on and preference, and i963S oinittei96sP • Kansas plateau, reported the Federal Re' WjanE?si- V:rV? v V'--; V'J,.•1> Comment Precedents of the postwar pe¬ riod '' V >'v«' number a cent By Dr. Ira U. Cobleigh, Economist the of some by Cigar Shaped Profits at $34,209,136,976 $30,946,935,702 for the same week in 1962. Our compara- fixed rate. a 5 Exhange, American Slock Exchange principal Commodity Exchanges 42 Wall Street New York 5v N. Y, 6 The Commercial and Financial Chronicle (198) that aware total the impact close be One ineffectual. to $ j ^qqq oqq or more for im- substantiation ; De- maintained in been have , technical market's The factors early to back dates cember. 1 1, v 1,550,000 1,500,000 1964-1986 Noon 1964-1996 11:00 am, 1964-1983; 2:00 pm. 1966-2002 11:00 a.m. 1,495,000 Irvingy Texas ,— — , ~ , > 1964-2001 8:00 p.m. 1964-2001 2:00 p.m. 1964-1083 1963-1973 1:00 1964-1987 1964-1993 2:00 p.m. 1965-;1982 1967-1995 - 4a?Wash' afelbut ' diminished,-as against the Decern- More importantly, so light a de- that. the., corporate .rate • will be; v January 21 ber position, by a moderate iri- mand on the; investment banking substantially reduced - is wishful Cleveland City Sch. Dist., Ohio— The municipal "?bond - Gallatin County S, D? No. V, Mont. crease in street tax-exempt bond structure-encourages extravagant thinking.. favorable, proportions and ^ January 17 (Thursday) . Jefferson Par. Sewerage 0. #8, La. • .Metropolitan Seattle, Wash 15,000,000 active winter, pe- potential record volume. rlod, this low, volume schedule jn v The;compelling, interest un^the vWy^hiing, Mich. —r--2,325,000 no way even satisfies the social tax-exempt bond market is from January 18 (Friday) proclivities of those syndicate (battle)...1,200,000 men who thrive on. price meetings-, thus continuing the positive trend For the usually which A . Galion City S. D., Ohio--———— bond Through March the present caleh- ket for tax-exempts; its been market has done better this week * dar totals less than. $525,000,000. doing better, even vin the face. of municipal and list the bond issues ot sale dates have been set. we which specific . of - this viewpoint is the level of the marstate Thursday, January 17, 1963 . |Of jn the following'tabulations this proposal is almost certain to t). MACKEY portant Thfc . LarSer Issues ^Scheduled :ForsSaleJ; Tax-Exempt Bond Market BY DONALD . 10:00 a.m. 2:00 p.m. 10:30 a.m. 10:30 am; 10:00 a.m* (Monday) 10,000,000 . 2,348,680 inventory and the slightly higher bidding for new issues, at a tempo market seems frying to ,teU us piainview; Waterworks & Sewer price level. Since inventories con-< that discourages ,and aborts .the this.-It appears obvious-that, there; „ System Revenues————— tinue to be relatively modest, and development of real investor in- is. a more general accolade" from. Pomona,' Calif. divergent sectors,- groups and in, * * '.*■ since the level of tax-exempt bond terest. - p.m. 8:00 p.m. . 1,500,000 1,100,000 — - ■ 8:00 p.m. _■ ■ . terests for a tax slash.-That this January 22 (Tuesday) prices fully justifies some further At the present relatively high —2,080,000 rise against the current level of level of the market the desirable general attitude should pbtain in • Fla. State Bd.- of Educ., Fla._ 6,000,000 long-term government bond prices piacement of issues is rendered the face of rising* Federal, state Xas Vegas-Valley Water Dist., Nev. and local .government as .well as against corporate bond budgets Milwaukee, Wis. —1—.... -12,350,000aimost impossible through the 1,000,000 prices# the market's upward trend leap-frog method of pricing- hew attests to the prevailing frustra- Modesto High School District, Cal. tion concerning the country's Oregon (State of) 37,000.000 may. well proceed further. issues ahead of largely unsold • 1964-1978 1964-1988' 1968-1995' 1964-1989 1963-1971 re- aware The Chronicle's bond Financial and Commercial grade high 20-year yield Index moved, from a basis 2.943% of as a back week to 2.920% on Jan. 19. This means, in of terms side fered dollars, that the of- of the moved market that a It must be assumed that Pueblo Water Works Board, Colo. 1,500,000 the vested interests generally are Pulaski County Co. Spec. SD, Ark. 1,250,000 economy. cent nevy issue balances. We are Slight Price Rise light volume and an industry Even recent so, favorable municipal mar- motivated S. further progressively the by market Stronger U. been has prevailing for Treasury long-term issues. The relative gories, scarcity, in all cate- of long-term bond has lent considerably issues to the bond market's attainment of its present hiVh Wei However, particular cooperation in the sector from governmental , . . ernmen.tal ically points Cur government, ward a gov- our the time migh 1964-1983 Noon econ- 12,000,000 1984-1993 11:00 a.m. 2,090,000 1963-1991 11:00 a.m. New York___. ; : , ??a ln" January 24 (Thursday)- Central Wayne county Sanitary In the mean^t ^ ^uthbrijy^Mich. Reserve's - " < < v aimcuit. more - . 3,-62^00 1967^1)992 1936-1995 Lafayette, Ind————_ job getting 0,600,090 4^250,000 1,400,000 Lafayette Parish, La Federal appear to be 1,500,000 1964-1983 1964-1977 1965-1988 Harris : - Week County Texas-- j^seriS pafeh; , Memphis Sales Topped Busy 2:00 p.m. _ . be arLaf?aeA^the race.traeki, _ 4,500,000 headed to- seems ■ ,n()' 1^3-1993 long shot - policy'/with the' the relatively up and economies, ■ s ,n.. Hampton, Va—--——— ljOS Angeles Dept. of Water & Power, Calif. -—__—— Queensbury Union Free S. D. #2, must be inevitably shackled. pmy This 34.5% increase dramat- year. reduction . vfm ll fn'mportant to{ e ' during 1962, a year of rccord n.ew i^ue -volume and a Par d«rlnf which the market for tax-exempts fluctuated less than f mfemory New York's targesh ^coMmercial' banks 1* crea®e<^ their holdings of tax-exempt bonds to $3,463,462,000 as against $2,574,080,000 the previous , debt toward .- . _ 8:00 p.m. School District No. 1, La.-—— 1,200,000 Florence, Ala. —— '• 2,375,000 . factors, : % x East Carroll Parish Consolidated business above and beyond accrue new about three-eighths of a point issues have at least gone out of the traditional, rates of return. Without a national tax, convenof. the week. This account at a fairly satisfactory tion, and- policies at' least- tending improvement, although justified rate. \ < * v ket ; 1966-1987 (Wednesday) siderations. the ,course alone by p.m. Noon ———- up in 4:00 1964-1990 situa- p.m. 1968-1990 just willing to fry anything. To, Sauk Centre S. D, No. 743, Minn. 1,330,000 assume that the projected deficits Sumter, S. C— 1,000,000 tion can scarcely lead to anything may be even close to overcome White Bear Lake Ind..S. D. No, 624, but underwriting excesses, but we by 'a scattershot approach is. as •? Minnesota —L.——— 1,500,000 are perennially hopeful that seli^ J' mr j interest alone may Compel dealers pathetic an attitude as the hope that direct fail solicitation might' ■ >. ' January 23 to more realistic bidding con- over-competitive 2:30 p.m. 2:00 , ' lt.-OOa.m. 11:00 aun. Road district & Garbage District, La.-——— — the Federal Reserve, involving the limited market situation that has This past week, there has been ' Ysletta S. D, Texas2,000,000 a variety of recently developed. By inference, a total of $120,576,000 tax-exJanuary 28 fMonday) issues, has been an important fac- the smaller dealers are to be empt bonds offered'for competi- central Wash. State College# Wash. 3,325,000 tor in the general bond market harder pressed in the maelstrom J- In addition, the City pja< j)ev.' Comm., (Talla.), Fla.__ 1,500,000 inspiration. of competition as margins are re- of Memphis, Tenn. sold' through vfalled Lake Cons.'S. D. 2,100,000 #2, Mich. negotiation late Thursday, a com\ Enthusiastic Bidding duced along with yields. Wildw00d, N. J 1,089,000 bination of $193,300 000 TVA Understandable But Unrealistic "Much Ado About Nothing"? wm Ga s_ jj No g6 m.. ' 1,490,000 , 2;00p.m. Noon , 2:00 p.m. 7:30 p.m. 1983-1982 periodic support for Lease Insofar cerned tion as the tax-exempts scanty situa- supply shows but little indication of alleviation. Through January scheduled sealed bid issues negotiated as total ■ well as more has been written and $330,000,000. (1965-1985) oral few tax bill cut than any weeks even with the & Rate Maturity Bid news Connecticut, State 3%% 1981-1982 3.05% New Jersey Hwy. Auth.* Gtd. New York, State 3% 1981-1982 3.00% 3V4% 1981-1982 3.00% Pennsylvania, 3%% 1974-1975 2.65% 2.85% 2.90% 1981-1982 3.00% 3.10% 3.25% 3.10% Baltimore, Maryland...L— 3y4% 1981 3.05% 2.90% 3%% 1981 3.10%' 2.90% 3y2% 1981 3.25% 3.10% Illinois. York, New York.. ... ... ... 3V4% 1981 3.25% 1980 3.09% trust dividuals sales 3.02% and the amounted totaled and in- net groups to $70,000 000 in account ance January 16, 1963 Index=2.9207% amounts ♦No apparent companies $110,000,000. Additional group member orders 3.10% 3% panies, wm- of availability; the to Electric bonds presently ESTABLISHED 1894 E from STATE AND MUNICIPAL BONDS 1965" to tribution ties District, Texas N6w York City^ CORPORATE BONDS miums baN and bonds the of Electric some at initial The small Dis- maturi-1 small Cook & Will Cos. Tp. H. S. D. # 7^,"^T", , Western Ky. State Coll., Board of Hegents Wickliffe City. Sch. Dist., Ohio.,. 1984-1983 Noon 2,750,000 103,200,000 1964-1969 1964-1993 2:00 p.m. 11:00 a.m. #129, 111.' Thursday, Jan. ; note came to 10, two 6,000,000 11:00 a(m. 10:00 a.m. 1964-1987 , Noon * li:00 a.m. 10:00 a.m. 5,500,000 1965-2002 Noon _ ' „ 5 Q. P ' . 3,257,000 1,800,000 1964-2002 1964-1983 ,2:00 pan. Noon 1964-2002 7:30p.m. 2,875,000 i-—— Calleguas Mun. Water Dist., Calif. 4,500,000 New 1,800,000 Canaan, Conn " . >———: -— — February 4 (Monday) 6,000,000 1:30 1964-1987 p.m. South San Francisco, Sewage Trtmt week market. 1964-1983 1984^1992 1964-1986 1985-1992 1966-1^91 February 1 (Friday) ^ Disposal Plant, Calif.— ' have issues The of Hunt- Orange County, Water Imp. 1,893,000 — —, February 5 (Tuesday) ," ' No. RE-2, Colo. 6.000,000? 1964-1933? Moulton ^ »-r-- 2:00 p.m. 2,500,000 1934-1988 10:00 a.m. 15,545,000 Ark.—-—I ——: JAckson 1-0316 9,175,000 2,700,000 1,245,000 5,000,000 '6,000,000 1,700,000 Kane Co, old Type s. D. eagerly -sought.;by."under*-. Boulde? JCo-f S: D. writers '-with' yields; and pi'ofits'Fort Smith Spec. S. D., reaching to new low levels. On Lafayette, La. ATLANTA 3, GEORGIA • 3,000,000 January 31 (Thursday) been BLDG... 6, Cincinnati City Sch. Dist., Ohio of' issues number; ^ January 39 (Wednesday) I pre- offering. offered "this p.m. TVA Other Awards publicly —— fowling Green State Univ. Ohio,. available mature traded since LOCAL STOCKS RHODES-HAVERTY ..-l. to press Revenue 1972. bonds have the go 8:00 : 25,000,000 only. $23,000,000. All Chester, 111 cohimitted were and as we 8:00 p.m. 1966-1983 (Syndicate headed .by John Nuveen A Co.* and Stifel, Nicolaus '& Co., Inc.] Winston-Salem, N. C banks"insurant among ,8:00p.th. 2:00 p.m. 8:00 p.m. Authority Cobb Co.- S. D., ua;-___ ____ Colorado1 River Municipal Water hifly,rated 2.95% 1981-1982 yield from 1.65% to 3.10%. 2.85% 1981-1982 ♦Cincinnati, Ohio (U.T.)— Philadelphia, Pennsylvania , Agency . (N.'Y.,N. Y.)-'3%% Los Angeles, California— 33/4% ... - was 2.9554%. The $104,630,000 TVA bonds were 2.50% New Housing Auth. Electric' 1964-1988 1964-1993 . Milwaukee County, Wis._• Opelousas, La—3.05% priced to yield from 1.75% to ,Ottawa-G landorf Local S. D., Ohio ' 2.90% 3.00 % and the $88,670,000 Electric St, Petersburg, ;Fla.— — 2.85% Distribution bonds were priced to • Springfield, 111 • 3.20% ^Delaware, State—. the For - January 29 (Tuesday) Distribution bonds it Asked 1982 State.. 2.8459%. was " 3V2% New - Revenue (1964-1981) bonds to the Bi-State Dev. other nationwide syndicate headed* (Mo.-Ill.) Co., Kuhn, Loeb & Co. and black-out in the New York area., Equitab le Securities Corp. The net: We have nothing erudite or novel interest cost for the TVA bonds — ♦Chicago, bonds Distribution System and read .about the proposed Fed- MARKET ON REPRESENTATIVE SERIAL ISSUES California, State Rental Electric the financial subject during the past jointly by Lehman Brothers* Bluth*"* offerings presently approximately Probably are con- 1963-2001 1983-1969 1964-1937 10:00 a.m. Niguel Dist. No. 1, Calif.— 1,750,000 Orange Co., Co. San. D. # 12, Calif. * 1,810,000 Richfield Ind. S. D. No. 230, Minn. 2,750,000 — : • ington, - *• • New "York ; Union: Free Continued on page .39 ? 8:00 p.m. Number 6230 197 Volume . . The Commercial and Financial Chronicle . 1 Old Wilshire Blvd. Melvin L. are PHILADELPHIA, Pa.—C. Stanley Jack Rzepski ' Inc., and Treasurer; and M. offices with These items supplemental to similar notices appearing elsewhere in this issue are southeast and NEW FIRMS the BILLINGS, MONT. —The Parker House, , Association principal. a was at curities been 2086 heny Avenue, to member of a East a Officers are Wilson. sified CITY—Leumi YOBK the Securities Corporation, 60 Wall St. Israel Roberts is Frumkin D. securities associated principal a Before Services. for he business eight was with years Metropolitan Life Insurance Co. tate DAYTON, Ohio—The firm name House Investments, Inc., 600 Grafton Aver, has been changed to The Investment House, Inc. York New the will Stock sponsor Exchange, experimental an Metropolitan offices firms. dealer The YORK CITY Thomas, %Vice- Treasurer; Murel Morningstar, and fund Hickenbotham, "Workshop" Vice-President Secretary, Gerald arid Assistant tary.v//%/HM'T. Stirling, — to successor Linder & Prigal, Inc. Stirling, New issues January 16,1963 . NEW BRANCHES HONG KONG, B. C: C.—Carl M. Rhoades Loeb, & Co., $15,740,000 Des 77 , Voeux Road Central, . , . « * A * ' 4 x t u ' J - r h ':"s' * * >'* '"%•} 1 <• ' -I-.. S'": i - • ' ' , George, K. Lee is representative. MALDENf Mass .—Clay ton Securi¬ Montgomery County, Maryland ties Corporation, 27-29 Dartmouth Street. John McDonough is resi¬ Manager. dent 5%, 2%%, 3%, 3.10%, 3.20% and 1 /10% Bonds MIAMI, Fla.—Godfrey, Hamilton, Taylor & Co., Incorporated; 561 Northeast Sheldon Street. 79th I \' , - Cf \ ^ Interest Leider is resident manager. * * rlr f " } t*i ) , f k ^ \X * Exempt From Present Federal Income Taxes MILWAUKEE, Wis.—Reynolds & Co», 710 North Water Street, under AMOUNTS, MATURITIES, RATES AND YIELDS management of Robert F. Knopf. SPRING Battles is E. W. & Street. Arch Pa.^jranney, CITY, Dated OR PRICES 7/-.; f Clark, Inc.,- 410 RayioD. Due - . 0 . , 1964 >: Yield Rate - or Price i-.- ' at i 1965 & members Stock executive, the it for firms 1970 financial consultant as in Counter securities* Mr. i Goldberg.. 5 5 5 '• formerly President of «King, 5 -r 2.75 Cole Markets, Inc. and for several Chairman of the Board 1978 2.50 YORK Sacks has Pont & CITY @ 100 C<5. as office firm's at it is Avenue, of manager 2.85 342 NEWARK, N. J. has been Newark the of office of merce stock brokerage. 3 3.10 3.10 3.05% @100 ; 3.15% Mr. Ruby the York to 1946 Stock of Sacks-Barlow v ST. 1956 he — mutual Distributors funds, has Johnson of as . appointment of John T. - wholesale the south representative central states, * 1 ' '• was sentative for new a as and if issued and received by Case, Attorneys, Baltimore, Maryland. S?nith, Somerville repre¬ major fund in the ' C. J. Devine & Co. " ' ' . g Shearson, Hammill & Co. g g First National Bank L. F. Rothschild & Co. in Dallas Trust Company of Georgia of Western New York Corporation Wood, Siruthers & Co. Gregory & Sons Federation Bank and Trust Company Wells & Chrislensen - - r John Small & Co., Inc. >, ; * Fitzpatrick, Sullivan & Co. of Seattle ' 1 I. R. Willisfon & Beane .. The National Bank of Commerce Company of Maryland Baltimore affiliation, Mr. wholesale ' Ladenburg, Thalmann & Co. ' Union Trust _'. a offered when, Bankers Trust Company ' The Marine Trust Company '* American Securities ^ Prior to his i are and subject to prior sale and approval of legality by Messrs. for compris- He will make his headquarters in Johnson us, ' r Robert Garrett & Sons Fla., Mississippi, and eastern Missouri. Louis. " Mercantile Trust Company ing Alabama, Arkansas, Louisiana, St. prescribed by law. an¬ nounced the Clearwater, 1 - Group,' Inc., sponsor of the Group Securities rates The above Bonds The Chase Manhattan Sank ' ' was Foundries, Inc. LOUIS, Mo. purposes certain other intangible property Ex¬ Vice-President and Sales Manager ' on (Accrued Interest to be added) Newark, from 1956 to-'the present From within @ 100 1/10 .4.25% 1987-88 Com¬ change firm of Halle and Stieglitz, date. tangible personal and certain intangible subject to taxation at full rates for local representative a was New Co., 11 both principal and inbe as to unlimited ad valorem tax which may Maryland, and 3.20 in the opinion of general obligations of Montgomery @ 100 Street. with Hirsch .& 3 1985-86 co-manager 2.95 1984 Myron Ruby — appointed 2.90 3 1983 by. A. Rhett duPont, senior partner. 3 1982 -Madison announced in an all real, on property 1981 the from levied 2.80% 1980 . principal only. as to be issued for School, General Improve¬ County, Maryland, payable terest 1979 Sanford — joined: Francis I." du- $5,000, registrable counsel will constitute of Golden Creme Farms. NEW the Suburban Trust Company, Silver and Rockville Fire Area purposes, ment 2.60 23/4 23/4 23/4 1977 years was or at These Bonds, to 2.70 1974 1975-76 . City, of 2.40 • 1973 listed and Oyer-the- principal office of The Chase Manhattan Bank in New 2.30 ■.; 1972 underwriting, as handle general brokerage as was 5 "• 2.20 :: 1971 planning private financ¬ business • • public or well , 5 " .4- Springs, Maryland. Coupon bonds in denomination 1.80 - post, Mr. Goldberg new serve ^ 5 V'- 2.10 1969 by announced 5 ' •*. 2.00 1968 Coast account an UJ , In his ing Pacific as was firm. will • the of Exchange, 5 1967 Co., 315 South Beverly Drive, 5 1966 Calif.^-Leo A. Goldberg has joined Kleiner, Bell " York • BEVERLY HILLS, . the 1.60% 5% . Principal and seipi-annual interest (August 1 and February 1) payable and $620,090 February 1, 1988 . PERSONNEL ;:t," Duer$^30,000 each February 1,1964-87 Hpttens.tein representative in charge. Due February 1, 1964-88, fnd. February t, 1963 [ R. D. White & Company Kcnower, MacArthur & Co. Incorporated Woodcock, Moyer, Fricke & French H. A. Riecke & Co. Incorporated \ fl , Incorporated . ' " P. Secre- ••■■: Bilotti, Inc., 50 Linder, Prigal & Broadway; H. and York mutual area Lynn dent; President "Shirt-Sleeve Workshop" for sales "G. of the firm. NEW t'T1/ Oppenheimer & Co.; members of Officers are; A. T. House, Presi¬ Securities, Inc./ is conducting securities. business from a of mo¬ of LOS ANGELES, Calif.—Real Ea- "representatives of the New • partner ; Workshop Form Real Estate Sees. entering Smilovici, Oppenheimer & Co., will be derator. Oppenheimer " ; Silvio er. a.m. at the Hotel New York¬ formerly with was at branch NEW J. Valdez, will be held Jan. 19 from 9:30 to 1p.m. Now Investment House President; E. M. Rzepski,Secre¬ Earlier .he/was./ P tary and Treasurer; and B. A. also office Vice-President Robert, Harnack, Gardner & Co. the* Clearwater and Rotary Club. maintains a b e g i s t er e df representative. for. il03 ' Dickerson %Rzepski,{Assistant Treasurer. Harris, Upham & Cprv in "ViTinstonr V. £*•;>•,* — v: '' ; Street, Bozeman, Mont. under the Salem, North Carolina, knd prior management of Lawrence F. to that was with Investors, Diver¬ firm The Mr. se¬ Stanley "C. Rzepski, President; B. S. Rzepski, Vice-President; Stan¬ pealers ley S. Rzepski, Jr., Assistant Vice- Securities, E. Secretary. V ./ Alleg¬ in engage business. formed of Committee Fund Florida the Henry Road. James 1144 R. Parker is Mutual has Officers Pierson, President; /•'' 8 The Commercial and Financial Chronicle (200) * the and Averages DEALER-BROKER Seagrave Penington, Colket & Co., 70 Pine Hemphill, Noyes & Co., 8 Hanover Street, New York 5, N. Y. Street, New York 4, N, Y. Also available is a review of the market. Bureau Averages, both as to * yield and market performance over a 23- period — National Quotation Bureau, Inc., 46 Front Street, New York 4, N. Y. year AND RECOMMENDATIONS IT TO INTERESTED SEND FIRMS THE THAT UNDERSTOOD IS PARTIES WILL MENTIONED THE PLEASED BE LITERATURE'. ; FOLLOWING Rico San Juan, Puerto *■ Report and Forecast Bulletin—H. Hentz & Co., 72 — Wall Also avail¬ analysis of the Grey¬ St., New York 5, N. Y. is able an hound Corporation. ' ' Arizona—Bulletin—W. E, & Co., 14 Wall St., New J. York 5, Also available are comments N. Y. on Hutton Arizona Public Service Co.# A. & Co,, ysis 300 Development General Corp. San Memorandum — Evans & Co. Incorporated, Park Avenue, New York 22, __ New York. — Vance, Sanders & Company Inc.— Analysis—Hill Richards & Co. In¬ New York. General Mills Company—Anal¬ Sprague Electric 25 Broad Street, New York 4, N; - Y. corporated, 621 South Spring St., Los Angeles 14, Calif. — Companies—Report—David Selected Stocks—Annual issue of Pershing & Co., 120 Broadway, L. Babson .and Company, Inc., 89 booklet on the outlook for various New York 5, N. Y. Broad Street, New York 10, N. Y. industries with portfolio recom¬ Greyhound Corp. — Memorandum Also available is a report on the mendations—Bache & Co., 36 Wall —Chas. W. Scranton & Co., 209 "Personal Care" Products Indus¬ Street, New York 5, N. Y, Also Church Street, New Haven 7, try. available is an analysis of Mon¬ Conn. Also available is a memo¬ Good Quality Stocks* for Income- tana Dakota Utilities. Glass Howard B. Wolf, Inc.—Analysis— Eppler, Guerin & Turner, Inc., Fi¬ delity Union Tower, Dallas 1, Tex, Xerox Corporation — Analysis — , Bulletin—Purcell & Co., 50 Broad¬ N. Y. way; New York 4, randum on General Motors. Toy Industry Memorandum — — Singer, Deane & Scribner, Union • Harbison Walker Refractories Co. — Tuscon Gas; Japanese Markets, Bay less Lay—Memorandum—Hirsch Develop¬ Co., 42 Broadway, New York 4, Puerto Rico, Juan, Puerto Rico. Review Annual Frito Special Analysis—-Peter P. McDermott & — Government — Bank for ment Corporation—Analysis— Falstaff Brewing—Memorandum— in used Quotation National the INVESTMENT LITERATURE; Thursday, January 17, 1963 . over-the- 35 stocks industrial couhter . . Analysis — Sartorius & Co., 39 Paipe, Webber, Jackson & Curtis, 25 Broad Street, New York 4, N, Y. Yale Van Express System—Analysis- Alstyne# Noel & Co., 40 Wall 1963 Economic Outlook Trust Building, Pittsburgh 19, Pa. Street, New York 5, N. Y. Broadway, New York 6, N.. Y. and —Report — The Fuji Bank Ltd., Treasure Chest in the Growing International Nickel — Analysis — Valley National Bank of Arizona. New York Agency, 1 Chase Man¬ West—28 brochure giving facts Dean Witter & Co., 45 Montgomery Automotive Parts and Equipment hattan Plaza, New York 15, N. Y. about industrial opportunities in Street, San Francisco 6, Calif. Manufacturers — Analysis — A. C. Japanese Market — Review — the area served—Utah Power & Allyn & Co., 122 South La Salle Nomura Securities Co., Ltd., 61 International Telephone & Tele¬ Light Co., Box 899 Dept. K, Salt St., Chicago 3, 111. Also available Broadway, New York 6, N. Y. Lake graph Corp.—Analysis—J. Barth City 10, Utah, is a report on Hewitt Robins Com¬ Also available is an analysis of & Co., 404 Montgomery Street, The New York Security Dealers Mitsukoshi Ltd. Vienna Stock Exchange—Bulletin pany. San Francisco 4, Calif, Association at its annual meeting Japanese Market — Review — on Vienna Market—Curtis J. HoxBanks Stocks — Memorandum — Jan. 15 elected Samuel Weinberg Yamaichi Securities Co. of New ter, Inc., 527 Madison Avenue, Jefferson Stores, Inc.—Analysis— McDonnell & Co. Incorporated, Bregman, Cummings & Co., 4 Al¬ York, Inc., Ill Broadway, New New York 22, N. Y. 120 Broadway, New York 5, N. Y. York 6, N. Y. Also available are bany Street, New York 6, N. Y. Year-End Review of recommended Bond—Seventh annual review and Also available is a bulletin on analyses of Dai Nippon Spinning outlook, including a discussion of Co., Ltd., and Toyo Spinning Co., issues, with comments on 29 com¬ Collins & Aikman. panies—F. S. Moseley & Co., 50 the tax-exempt market in 1962, a Electric Light & Power Co., N. Y. Security Dealers Elect Ltd. review and outlook of the corpo¬ rate and general money markets; list of 24 obligations of major toll bridge facilities, and and road discussion tax cut of the and possibility of a a Market Outlook Discussion — — Street, N. W., Washington 5, D. C. Also available Avon comments are on Products, Beckman Instru¬ what it might mean ments# International Business Ma¬ market—-Good- chines and Xerox Corp. body & Co., Dept. FC-10, 2 New York City Banks—Compara¬ Broadway, New York 4, N; Y. tive analysis of 9 largest New Canadian Bjisiness Review—Bro¬ York to the tax-exempt Banks—Bankers Trust Com¬ chure—Royal Securities Corpora¬ tion, Limited, West, 244 Montreal Also available solidated St. 1, Que., St., Canada. analyses of Con¬ are Paper James Corp. Ltd. 16 Wall Street, New York pany, 5, N. Y. Also available is sis of Outlook in 1963 Mining-Petroleum-In¬ dustrial Market: data 50 active on traders—Canadian Forecaster, 238 Adelaide St., West, Toronto, Ont., Canada. Convertible Securities on more — List of stocks selected the basis of yield, growth and position in the industry—Carl M. Loeb, Rhodes & Co., 42 Wall St., New York •' Business the Conditions Economic Letter — First Advance Mortgage—-Memorandum —•First 50 Y. Alberto Culver—Bulletin—Wm. H. Tegtmeyer & Salle Street, American available Frigikar — reviews Farrington Manufacturing Corp., Chicago Mu¬ sical Instrument |Co., Georgia Pa¬ cific Corp., Ilaveg Industries and Standard & Poors Corp. Outlook for mountain 1963 in — Also Report Com¬ available Schlumberger, Ltd., and reports are Scott, Fores- & Co., and Wesco memorandum a Financial, Airwork on Inter- the Refining Sugar comparative statistics on Leading New York City Banks. son between stocks used Security Folder — up-to-date compari¬ the listed industrial in the State, Street, lin Oil Boston are data Refining & Mass. 9, Champ- on Dow-Jones Industries, Ltd., 82 N. Y. . . Clark Equipment Company—Re¬ Broadway, New York 6, N. Y. Collins & Aikman available — on Analysis — Ford Olin Mathieson Also Orvis Crown Brothers Street, — Memorandum— & Co., 30 Broad sistoflex and L. F. Poppel. Ball & Bearing memoranda on Re- Co. and Vir¬ Panacolor—Memorandum—Joseph Columbia; Broadcasting System— — are & Coggeshall NeW York & Sons, 120 Broadway, 5, N. Y. — Memorandum Golkin, Divine & Fishman, Inc., 67 Broad Street, members Com¬ & Kenenth come a New York New available York are N, 6, Y. • memoranda Also Fu¬ on - turing Co., Oji Paper Co., Nippon and Yo¬ kohama Rubber Co. McLeod, Young, Weir & Company Limited, 50 King Street West, To¬ If you are a have M. announced that has he* Connolly member of the New York industrials, water companies, natural listed securities firm. We have been files areas and for 25 years libraries in unlisted and have the Eastern Gas & Fuel—Comments— Salary, drawing account, depending & Co., Inc., 115 Broadway, New York 6, N. Y. Eli Lilly — Wilson & Street, San Memorandum Co., Inc., 155 Francisco 4, — Birr, Sansome Calif. companies, upon you. or specializing in one United securities. Reuben Rose gas telephone companies and power and light compa¬ nies, we have a place for you in our well known un¬ high-grade, ronto, Ont., Canada. securities salesman and would like to by offering them high-grade build up your accounts these of the largest States Leads • , . » covering furnished. straight commission, Must be experienced. Write— P.O. Box 226, Church Street Station > New York 8, N. Y. Department 38C City, of the New York Stock Securities Salesman — 149 Broad¬ Dominion Stores—Memorandum— Golkin, Divine Exchange, Electric General pany—Analysis^Schwabacher Seiko Kabushiki Kaisha, Teletype 212 571-1780; 1781; 1782 Connolly With 4, N. Y. Also New York tron, King Seeley Thermos, Hoo¬ jitsu Ltd., Fuji Electric Manufac¬ Trinity Place, New York 6, N. Y, Phillip Hettleman is proprietor of the firm. available way, IIAnover 2-2400 1938. New York Hanseatic — Cork & Seal, United Biscuit, Tex¬ Daiwa Securities Co., LONDON TO WN MFG. bond and securities, Spring Street,-Los Angeles 14, Cal. ETHYL CORPORATION B 74 Wall Street, National Periodical Publications— York 4, N. Y. Comments are comments Daimaru,Inc.. Members New York Security Dealers Association 1 - MOSLER SAFE Truster, Singer & Co. Co., City, stock Commonwealth Oil Refining Co.— Co., 100 Montgomery Street, San Exchange, and a voting holder of the firm. 4 ; Analysis—Mitchum, J ones & Tern- Francisco 4, Calif.. pleton, Incorporated, 650 South UNITED NUCLEAR CORP. trading markets & York brokers and dealers in Corporation, 60 Broad Street, New 6, N. Y; STANDARD FRUIT Hettleman Corporation- ysis—Courts & Co., 11 Marietta particularly special situations, Herzfeld & Stern, 30 Street, N. W., Atlanta 1, Ga. have announced the 25th anniver¬ Bro,ad Street, New York 4, N. Y. sary of the founding of the firm in Hicks, .111 Broadwayv New ^ York Portland 1 25th Anniversary ^Richmond St., West, Analysis Memorandum. Currently Active OTC: Hettleman Co. Stratton Briggs & of President — National Biscuit Company ^-Anal¬ Walker . is Weinberg Inc.—Progress Wall Street, New York 5, Co. consecu¬ Weinberg, Grossman & Co., Inc. New ginia Electric & Power. For Banks, Brokers and Financial Institutions Mr. S. Melnor fourth his tive term. N. Y. Kansas Toronto 1, Ont., Canada. and Southern Industries. City President for Inc., 70 Wall Street, New York 5, Analysis—Hector i M. Chisholm & ver Firm Samuel Weinberg 85 5, N. Y. Also available an New York 5, N. Y. Mining Corporation of Canada York showing Co.# 120 Broadway; Dis¬ — der & Over-the-Counter Index L» ^ Discussion Report—Francis I. du Pont & Co., Corp. Pipelines—Report A. M. Kid¬ are on port—Bruns, Nordeman & Co., 115 Region—First City, Dept. FC. Refining & — Bank of Utah, N. A., Salt Lake Watling, Lerchen & Co., City, Utah. Building, Detroit 26, Mich. Co., Inc., 1 Wall Street, New Gas — Rothschild Chicago 3, 111. Sugar 5, N. Y. La Magnavox South 105 cussion—Colby & Company, Inc., are Corp., Street, New York 4, N. Y. Reynolds & Co., Major Pool Equipment Corp. — Broadway, New York 5, N.' Y. Report — Hill, Thompson & Co. pany 120 Co., York 1 Broadway, New York 4, Also 67 Broad Michigan Corporation, Mack Trucks — Bulletin — Harris, Buhl Building; Detroit 26, Mich. Upham & Co., 120 Broadway, New of Wall St., American Comments — v , •. Stirling# Linder, Prigal & Bilotti, Also available Inc., yielding 4.5% for — Congress Street, Boston 2, Mass. Lockheed Aircraft Corp.—Analy¬ \/vv " v' Ik.''-' '• sis—Brand, Grumet & Seigbl, Inc., 4 * S|J J/vf man Outlook for 1963 — Wall Street, New York 5, N. Y. or in Banks National City Bank, 55 New York 15, N. Y. Report— N. Lubetkin, Regan & Kennedy, 44 of 40 Common Stocks largest States. and Dominion Textile Company. Canadian 15 United analy¬ an /•• ' Ferris & Company, 611 Fifteenth stock¬ The Commercial and Financial Chronicle Number 6230 197 Volume (201) business investment in Tax Gut and Reform Is No V>.'; r/*''» <• ift '• ! * ft"'- : • | ^ '/v. '■"ft' V. ' £i: *1 Excuse for Fiscal Profligacy --ft ftftfty) • :>VjAwA-. monetary prudence. have recently and political 11 be¬ high lieve held for the three for needlessly long are reduction overdue. lower and we the-board. none for who for citizens ernment I have high burdens across-- disagree with those foolish that programs programs.. In , we short, fiscal thority has risen from $80 billion the and state has recently tax legislation on can of as • the Y. N. 1963, Chamber New York of 1 free of strengthen, not spending now spent or ments me incentive figure. Tax by Fischer J. Johhson, and v/i: Frank 'ftftfti: m', associated with Blair Co., In¬ markets & Counter corporated in Philadelphia. in Florida Over-the- securities. is neither an offer to sell nor a solicitation of an offer to buy of these securities. The offering is made only by the Prospectus. any NEW ISSUES January 16,1963 The City of Montreal ; S;' (Canada) $9,000,000 ftftft 1: re¬ 5% Sinking Fund. Dated ftftftftftftftftftftft:: Debentures for Local Improvements January 15, 1963 1 / ; Due January 15, 1983 ft' } Price 101.265% * plus accrued interest ' leader who since taking office has our sent to the Congress 262 different must spending proposals which if they of had been enacted by the Congress spending activities, reduction tax be ' c ..'ftftyfti *),"•' . t Aff '■ • ft J"*''-' ftft. ftftft'il- ■ A. fte-- / • " ' _•;'/• •'•/« ■■■ftT" n/. ./ .. / .. { .v. ftftftftftft ft ft ftft'ftftftft ft ftft&. ft- -ft''-* "■ iff. v>. ft'Zft.ft .ft'fftftft'ftfts/. ftftyft .* \ 000,000,61$ ' llill 5% that objective Dated , * :ft . . -ft .■ . (1) Sinking Fund Debentures for Public Works January 15, 1963 sought under conditions regaining control our ft: '•■'^.ft •' be generally can Due January 1, 1988 Price 101.432% over our plus accrued interest must be (2) would in my judgment have done directed toward the attainment of much to destroy private enterprise long-term economic progress, and and individual (3) must have the easing .liberty/ . 5 , Regardless of the fact that / Federah Government is the our property than biggest tenant, the biggest insurer, of land, ft f ft%'ftft ' ■ / ' ✓ we office ft « "V i l r * W v Suggests First, . i. ^ •/»"•'- r realize must government than „ solely for the makes sue of a our cure mum citizens have who solve are now of voting age or by the votes of those young people whose age for does not make up tax reduction that selves. felt Americans we strongly against taxation without give to have the that by taxing the deficit from our¬ idea citizens. Any planned so a benefit mini¬ at We must not loss. tax reduction that seeks to our the would added merely size have to by the of ■*>. '':■ be obtained in underwriters, including the undersigned, as may any State only from such of the several lawfully offer these securities in such State. White, Weld & Co. Eastman Dillon, Union Securities & Co. Blyth & Co., Inc. ftftftftftftftft^- ft ■ i 'ftftftft^ftftftftft-Mftft^ ftftftft:ft0: Nesbitt, Thomson and Company, Inc. Belanger Inc." . be in¬ financed government borrowing Secondly, that the Bache & Co. A. G. Becker & Co. Hallgarten & Co. Ladenburg, Thalmann & Co. W. C. Langley & Co. Childs Securities Corporation ftftftft'fftftftft The Ohio ft■::■■■'ft: ftft :yft-::'£" ft ftft■ Company ■: : E. F. Hutton & Company Inc. ^-'ftftftjft'-^ ft-- ftftft'ft ft-- ftftftftft, .■ Walston & Co., Inc. // i fft hftftftftf. Auchincloss, Parker & Redpath we must economic William Blair & Company First of Michigan Corporation deficit Robert Garrett & Sons Av .'/ '-ftftft ftftft ?; J. A. Hogle recognize progress from of tax reduction at this time finds it representation; key in the vigorous expansion in • may growth and full employ¬ problems and bahk created funds. the always of on our incentive revenue creasing qualify latter group that we will be to ment them voting status, indeed, it is the now sake and designed as to achieve maxi¬ mum American .1' ... ... government tax reduction must be problems is to be tax cut. This proposal wonder whether this is¬ those the of cost generally less for should be decided by the votes me willing are we duction found in as more to afford, we cannot have tax re¬ making virtually all v.,... Cut that spending for we are Against this backdrop of debt, told that the . Copies of the Prospectus >-t deficits, and declining gold supply, now structure Guidelines for Tax we long as ' A Tax Cut Ballot we are short, In tax our " ft.l '( Lower Voting Age for • earnings. free :r w<: in ' 1 " Ct' Payments of interest on the Debentures to non-residents of Canada will, with certain ex¬ ceptions, be subject to a 15% Canadian withholding tax, as set forth in the Prospectus. and efficiency. How do we do this? government ; «. . from its inhibitants against growth find the part on high to v, make bigger. even r holding many r our J world, growing impatience a taxable must we the biggest lender and the biggest borrower in all the from burdens make tax saving more important the owner, tax provisions that under present law spender, the biggest employer, the biggest of these critical rates and substantive biggest Principal of and interest on the Debentures of each issue are payable in The City of New York, N. Y., in United States Dollars. its focal point as 1 1931 and prior to joining specializes in Florida municipal Elkins, Morris, Stokes & Co. was bonds and, in addition, makes pro¬ businessmen among J. The firm founded April 1.3,1962, announcement entrepreneurial Thus, I think it , in¬ •; „ political agreed a ; -. ... investment securities business confi¬ This enable to and the growth. that such state¬ made are, wr:; Strahsmeier. of govern¬ . maximum efficiency..,It seems paradoxical to ;E. associated; ; Mr. clude; Williaim Soren D. Nielsen David . • to Hough, that announce not result in sustainable economic need national addi¬ the next two over with of on New Mr. Davis has been active in the curbs weaken, dence in the integrity three years at a level that does undertake more justified the Exchange and other / should en¬ grounds be part¬ in tion members Stock & Other Building, York was Beil Hough Inc. ners, objectives We enterprise. enacted if it is designed for a mere short-term stimulant that would can 1 with PHILADELPHIA, Pa.—Elkins, Morris, Stokes & Co., Land Title not Prior thereto he '.Vv'. . foreign investment by Ameri-" since risks. Tax reduction should not be than :r & Incorpo¬ the capital accumulation needed to told, "If government spend Blair Co. Joins Elkins, Morris and social reforms and Commerce. City. been manager rated. accomplish¬ non-revenue for :talk.' by Congressman Curtis a the 7, ■■ a com- people, : Mr. Nielsen those is to retain the confidence of the it must not Federal pledge by the Congress to ductive for them. As recently as a few weeks ago we were First Building. * package of the last Congress. Newlin F. Davis is seeking through with them.' r ~ capital forma¬ not exceed the 1933 with do can Co., government our Administration's leading exchanges, the I support a they- can do for the state rather than being preoccupied less it is designed toi increase the & responsibility and monetary a hold or what what Jan. of bad and good tax changes that duction should not be enacted un¬ with before mitment from the Administration not encouraged themselves concern Hough in¬ con¬ Tax reduction should not be principle that individuals should R. undue was partner in William a going are acted at this time without if not reassured by a reiteration of as tion but only within the bounds of 1960 to $100 billion we were jhom u.:' repeat the self-defeating mixture prudence. long ago 1, Soren D. Nielsen admitted structuring" and reform, to stimu-v . have found that new spending au¬ too tive Jan. re¬ and earned on re¬ we must , late incentive and for fiscal year 1963. r-">?r$:ti'H' Vifi- V$ 1 In Nam inaugural speech at tax growth ""ft ft £ ft; tftftftlftft f-{ftftft: ' ft, PETERSBUEGH, Fla.—Effec¬ area administration Therefore, major program of tax; rate "rare experience to insignificance. Un¬ der the "present Administration we, in fiscal year produce ST; must take present our Admits Nielsen r , gov¬ be can though even outlays unwanted and to tax less to pay more for Hop.; T. B. Curtis ; I untested tinued As/bad as • these fi^c^ facts "arc, I feel that future events* will pale' our past tax believe the future—as prodigals.; do in the may government such have i we reform,-, revision, and policies. ment can . $■ seek to We should avoid reform have content to be we we revenues. tax deficit spending as usual and still we are as taxes on to come / comprised ment ; tax those who say we debt retire¬ •: anything wholeheartedly disagree with no ■ ^ conducive reliance Parenthetically on this second point I would observe this fact: A - uncontrolled and account efficiency is savings and on - local the question of on spending and decades program , investment. with those who say tax past had we at under present cir¬ J In short, I agree wholeheartedly nation. In and ■ . / deficits. our time the ■ tax burdens of tax cut at this time of a which danger form tax reform our • A third factor that into view that this J lowed to ballot lews v Wm. Hough & Co. £$: ft //: ,S; hence, my suggestion that Aimer-' people do not have confidence in icaris under age' 21 should be al- * used New York forums to espouse economic damned. as a re¬ duction will be, to no avail if our strong basic disagreements who have had cumstances must emphasize easing and profligate spending. Stating we cannot enjoy high deficit spending as usual and less taxes to pay more for the whole battery of Federal programs, he advocates restructuring and reforming our faxes to stimulate Incehtivr and capital formation kept within the bounds of fiscal responsibility others investment has" lagged^ and consequence we ■■ with any continuation of more public debt with a the icaily productive tax cuts and reforms, but vehemently disagrees I have ital each, instance that fell short of expectation. This supports Congressman Curtis agrees with the general proposition of econom- and re¬ : covery in By Hon, Thomas B. Curtis,* Representative (R.-r-Mo.), United ; States Congress Senior Republican, Joint Economic Committee, ■ ment; We should base our tax equipment arid in the growth form on the hard realities of sound of small business. Itt our last two economics and competitive ad¬ ■recessionary periods business cap¬ vancement and let the politics be and y^*^vV'V.;A':V>,v'-/'% >' plant new 9 Granbcry, Marache & Co. v •; & Co. • . The Milwaukee ' - " ft Incorporated The Illinois Company '< Company Incorporated ' j Halle & Stieglitz / - - " ' A. M. Kidder & Co., Inc. . / Rand & Co. " ' Schwabachcr & Co. 1 10 The Commercial and Financial Chronicle 4 (202) updn it by Roosevelt, and—follow- Serving Nation's Interest V In the Petroleum Industry fiy Hon, John M. Kelly,*- Jssistant Secretary bf the Interior for Mineral Resources, Department of the Interior, Washington, D.C. of — We scured in the rush of events. Thursday, January 17, 1963 . - can public in-advancing research oil and development work in oil shale Hifi may he that in numerous importance firms can be among- those who signifieant part in quickening a restated by Presir; the tempo V dent J Truman, I had become ob- • activity. ^ ing the war . California—a mdve that may piny most advantageous to the Ameri- which had been placed / President . . .Qne ; West Coast of the measure that, whereas .the Federal - of/ Federal activity Tn this field /establishment and particularly the is afforded by the fact that last; »found will participate in this, " . Pnl. 0nr aihp« , ?°d °.wtA",es Department of,the Interior,, were year the tdtal amount of royalties, ™1Cy / capable of continuing the day-byrentals, and lease sale bonuses • major importance is Interior s day peacetime relationships of tlje from Federal oil and gas leases Participation in the development government ?with - y 9pr »/was -equal/ to' nearly •one-half of:. foreign policy as -it^ relates to -there/ was a/ need, in ^faxit an the annual- budget of the Depart- Petroleum. " Since entering the urgent requirement, for strength- m6nt of the Interior. The man- Department of/ the .'Interior, I . ; , . , . its bonds with the petro¬ Government is doing to- bolster What the ♦ industry is spelled out under ihese topics: (1) development • • • >// and implementation of import controls? (2) plans to increase Federal ; //:// oD and gas leases which may shortly involve the first, lease sale off leum (3)' research and development including / of California;; coast the ^ plans lor industry participation in proposed reactivation of oil and shale plant and mine at Rifle* Colo.; (4) participation in and devolopment of foreign policy regarding; oil; and (5) successful tunc* j il, Foreign Petroleum Supply Zoning-tifNational Petroleum■■■ Council,/Foreign /JWrojeum Supply/ / - • ; . / /tskert, an active role iri /And, have participated ^Ae -United States • delegate enirig the' fabric of future /policy/ agement feof- these vast Federal .oil' fraT9 formation^ within- the Kxecritive ,foldingsVraises major corisidera*/^4 Brarich, f and-', for-^bolstering vriUr4;stions%of v*.policy: -government - Industry -relatioil-^ administered in They a way be can which com- a® to - . oil the committees of the ships/1 believe that we are-pr0-"^.piimentsthe' operation ♦ of your/-Organization for - Europeari Cowe ar©-pro^ pliments/ the operation your u/i..n*i +VlOpn Committee, and Emergency Advisory Committee for Natural Gas. [ ceeding to / meet thCse^ t^quir^ ipdu^try /oran^a'way w^ch imMr. Kelly charts the boundaries of mutual interest? and affirms ments of the times. pair those operations. Currently the North Atlantic Treaty Organiprimary goal of serving the nation's interest through guidance and For example, in recent weeks the total value of oil and gas ^onal noHcv it is almost irri' / regulation, in the use of oil. we in the Department of the production-on all lands under the ^ ^ petroleum V 4 -V ^ J!■ V ^ +/-Tntprinf'were Successful inobtairi-^ junsdiction of. the Department of A realistic appraisal of today's Roosevelt addressed a letter to the-Interior-is more than 10% of falJ.lnS-mto .domestic and inter-, .world leads us to the conclusron Harold Ickes, then Secretary of .total industry output per national categories. In a broad tha1/-the actions^^ and policies of the Interior, and, it began• ms<:^which sense, .virtually everyaction our government have an impact follows: ' " ' ' • National Petroleum Council. This /*/ . : . , which af£ects the domestic .indoson business "Recent significant develop- clarification will pcrmit the NPC In future years this percentag try is reflected at some point in nnnfimio.1 KnrVi ments: indicate' the ; rieed hi/co-/ Q i policies and ^ the industries outside the United ordinating' e xist ing'1 Federal^ government end the-iindustry., deyielopfid--,further. Here .agai states. The OECD forum enables planning in'1 aSliority over bil-and gas "and' «s .^tensiv^sand. auttoritatiy?-F^CTabpolicy wall play an-over- the United States^ove^eiit 'to theJJinitodv States which insuring that the supply of petro- Soviet od" study ss: one. exec ent-vvhelmingly jmportant.role in the. discuss fuU the national and fiar 1.u !U.- It . - Vf In ? w>aq4 • . • -i; i;. ■ • „.U.' _ I -• U .. - 1J. J x . ' mi. is uuoinvoo .... least at great nation program. market the like it are n°w be in . . . ^ £ ill ,Anln t-% are more local industries rela- in continue to make This leum of glands,/from: the the most constructive thinking to examination of import tiriu i\Mr +v»o+ that public land policy will assure I -a-* IS j. A positive eon-' a w.,s that that the we able to are United affect reprrif - States oil industry is prepared to fulfill its duti^^herTeXd' upon world Thus, crisis policy to petroleum of or war. in time \ decisions . relating necessity must Ipe arr*ve(* With a full Awareness ^ all domestic^and foreign conadejations, both economic and our petroleum -. . .; . ex- were he sources standpoint of taxation, from the standpoint of an petro- from be may A assure wi Department of the Interior in this ,h!lt our. /®/ / i / /as -1" the underlying realities of .try; Federal policy toward .re-" ^ Department of th? Interior defuse policy in the unlimited tod ,g world troieum economy, search, and in particular Interiors ^forrns an . extremely useful national emergency declared on There had been attitude policy toward fesearch on-liquid :/vlce ln thls f/d. It has facil!May 27 1941, is the development essed that controls iih- fUel^^.similarly. Vu important''draw, together information a„d utilization w.th^ Maximum nec-sf£)r .d that their effect was impUcations for the economy as a-.rela^g e^e. s?cctr"m -°.£ efficiency, of our pe roleum-re- t piac/addltionai costs on con- whole and for the dii industry in /orl?, cvfn s, re^ted/? m} «"d and facil.hes present Govern-. ment has intimate ties with : Onp contributions major sentation in NATO policies- ^are imnnrtc -j. ... petroleum. 4 .Through of Aching £ made the basis of element of every and Federa state hbld the prin-. prolonged- cipal a oecnva are numerous Man- agement and' the Geological Survey .the'agencies within the ; the itself Land of to provide a basic tribution to the- -economy:-a .^uJtion to reprissentative? of ^.knowledge-which-1 am'Sure is re^fense .program, wtach ..must, be number of departments and:agen- , assurihg td the petroleum indus-i government than is the another almost i of bureau t^«nnrfmof tbp Tnterior in this A. petroleum industry. In one way or • fn ' . The Admtofato^pei^ completed wiato , ' ♦ - Policy : ■_ in-. international int.rnatin_a1' policies ,i(,lV<! they relate to imports. One of-the most Advanced knowledge and as and complex. One of the essential viA,nV/IA /-V closely involved tions with fhoxr srp arose conscious is leum industry John M. Kelly industry. Faw American .• te:the we is w discussion of government .. rtffcnnro oil-producing states. The va i u to major A * • recentl'y degree the principal determinant^ aridComplex. One of the .essential i>-f i-U -,u ...... . of the nature of .commerce and requirements of the national[ de-T-. - Also, oo Interior dustry. this. Oil Import 4" . ,,,mu other studies of on imP°r ance defense functions problems «fnr»xxr of its work, and it :.isroperations of the petroleum embarked . divided among numer°us , xxrill rn eorvino phases of operation in .tne petro- government come national the Government to petroleum • n-p now eral Government and the pricipa „ has example be officers and agencies pf the F we not, or and relating place. Whether will ♦/-. no- ...ill and-its -products competitive of T accommodated to the needs of the impact of the forces ^ .1^ .. leum- as the as iicuunv _ our and sumers and future, for making petroleum administration -of -arid petroleum products avjiilable/ the ' standpoirit of adequately, and Continuously, in en?t^ t f fh thus vitiate bn0mv . the W xhf . provides invaluable advice in tlie particular. Because ' * / • x,. ^ x policy formulation , ;,to process ^^ ofeilritenbr'ySt^e; T thevInterior, principally'the Geo- Agencies ccmcerned>lwith. petiC)^ ^ .x f f n ' w f | community dependence, pn jpetro/ahe prqper fpi^ /leum 'as a major contributor to places,: and at reasonable prices to | economic welfare, or from many meet military and civilian needs." ^ another standnoint In all the vast J/^ ;/ • / wS/a ^Although more I establishment of the Federal Gov- ! ernment, the ! written / / This was not always true. When /the Department of the Interior was no thought that it ever would have wa«! •^[ll?es» ' ^a^® f i^a<^,e.*; subs^ntiar Qasias another furiction!j;hat 6con°mic contributions / fo the hag taken; on increasing impor- jri i»nn technology on which the industry tancb iri recent weeks It-is the trols Were simply unnecessary^-As a« Vw' ^ -f' Tn+Lrini. T«stsAs tnes cream Has been focal point for developing mobili- thpv bavp a striking a striking ;s?*tmCicd from the potential for,: zatioa policy for the oil iand gas ^demonstrate that thi^^ advances : in petroleum^ industryiand As "srich,: is I ] of preparedness was to thpfp is jrirrpasiriff -M. pvidpnCp that Industry juxl. M su I as sucfi.-isljwop> /s was able m wasr able to aJSS /high, state the demonstra+p'that this -ur on ni)nj1inf tnere is increasing evidence max sible for ^ preparing:, plans for demon-, no small degree a product of lm- thege scientlfic efforts on the part handling domestic petroleum and strated the compelling/need for port controls/;that,,; the" control of Interior -bureaus must be exgaS needs and for meeting supply strengthening the bonds between program was a bulwark pf stapanded as a matter of urgent and and demand requirements in an the petroleum industry and the bility in an unstable/petroleum 'strerigthened Federal policy.' We emergency. '' /■ Federal Government and " once world, and that the ultimate costs, the Department of the Interior.. :even(s | was formed in 1849 there therp +v,U again j is ? years n« _ Wp,rf most inti- agency than- 20. ?,rinri widespread view that import con- a 0f history o ^ have ... , •vviffi^nsTer» »re cheap and/nr., in-" ^Ssetesiarch^grims^Tbayc'' interior stands ready to meet its surance for national security /invpcfiffa^inns witn tne medicinal rock oil tnat ' Two linportant jamAT.+Qi gathered in small quantities was from a responsibilities in this field. fe.w seeps in scattered parts One after century Col.. ago—three Drake's - an adequate ♦ mu- The of the nation. i: - - American nation -• f has : ,• nv " " "Nn,'!U 1 "vn' happy " years supply; consumer r ^ have disclosed tivities. oil-related no The Secretary Interior had varied t over j of the for /the Hospital Census and within responsibilities Penitentiary " Pension hold down costs Gas' leadership the provide, Federal a climate Goyernijierif 0f which We returned, to a «tate of mentation of oil import policy is business-as-usual when the emer- only one of the many activities io£/ .. subsided. The/taking the Department of 0, . Reactivating Oil Shale riarxt Interiorv Let the-state »of coordination that concern the day-to-day ac- about Sency had no m the - me interpose here a in experience emergency .fuW assuring that We dealing wfth problems will be called any future emer¬ moving now^to eri/ hance this emergency capability of ; gency. the Offirp—hut vide conducive to that /basic/research / upon : again in Bureau, the Patent Office the tend to and Insane ' and continue /to. the public lands, the District Columbia t... production.; This will require sufficient supplies of petroleum more money arid, in some cases, were on hand to meet requirebetter, forms of organization, but. ments wheri they developed and as a matter of pplicy we must where they developed/This depth ac¬ of iKh- 'n^n^ fh. of | of the Interior Department would •• nontribute which ultimately will contribute ment of the Interior/has three efficiency of the search/for times beeri -called upori to prooil situations endeavor—a listing of the bureaus will Committees ; ^ permits successful ultimatev whirh on ourSi i are am sure that all are. aware bit that the Department of Justice has our plans to reactivate the agreed with Interior that the conoil shale/plant and mine at Rifle,' flict of interest statutes would not f Petroleum was unknown quantity '/ ; Colo. As you know, it has been on apply to the Foreign Petroleum ; to the government " 1/ / a standby basis since 1956. This Supply Committee, its committees i, Today there have been some were ^nv°lve<i in this problem The Federal Government is the year * the Congress took action and subcommittees. This has /changes made. The Department of cause *or deep thought. We found largest single, land owner in the which enables us to open the door cleared the way for our Depart! the Interior now is the prethat over the past few years there nation, having more than 770,- for resumption of activity at Rifle/ ment's utilization of this imporeminent natural resources cont»een a certain degeneration of .000,000 acres of public land under We are inviting companies, insti- tant industry plannng group. / iservation agency of the Federal the close ties that linked govern--its "jurisdiction. As of March 31 of tutioris, organizations, and indi-v In another step, appointments ; Government. As such we are ®aei}t and the industry in past this year more than-100,000,000 viduals to submit proposals for its are being made to a/ new and /intensely interested in'your in- peri°ds of stress. The industry, I .acres Of Federally controlled land use. Already, we have had a needed-> group: An Emergency dustry, and you are vitally con* am sure> is wel1 aware of the were under ,oil and gas lease and number of serious expressions of Advisory Committee for Natural rcerned with our activities ; -V steps that have been ' taken j by an additional 2,000,000'acres were interest. To encourage the use of Gas. This 29-man committee will / World War II rarisAJidatin ?he Department of the Interior to leased in the outer continental the Rifle facility, for research,' be asked to recommend courses of m *h improve this situation. We found shelf off: Louisiana and Texas, deyelopment, test eyaluation, and .action which would best assurean I '1-or f nl j^^+rs a®0' ^ May further that the clean-cut mandate Now we are preparing for our -demonstration work in oil shale, adequate supply of natural gas in ; 1941,,yTesident. Exanklin D, /Office of Oil and of Mines, no no Geological - s^oc^ Bureau Survey • - . °* fundamental policy as it relates tivities of your industry. \ to petroleum during the past few ' months has given many of us who / a /.1 uu ^ . , . on • ■ to4he Department of the Interior first lease -sale off the coast of we seek proposals which will be the event of an attack upon tne Volume Number 6230 197 . . The Commercial and Financial Chronicle . (203) V United States of ' V;i' ,->v t. A-' l/'V / >1 i\r 4 ».;.*• - V.. the involvement or bur nation in limited a war British Equities' Prospects gj After the Bank Rate Cut or period of high international ten¬ sion. Emergency operating plans, organizational arrangements, and staffing of. the emergency organi¬ By Paul Eiuzig zation all will fall within the pur¬ Xl:yr vened will be group Failure con¬ of British measures" shortly. attributed is the European As we—the — many interrelationships have together come outlined, recognize the basis for interests. The "reflatiohary surrounding admission to should, Dr. Einzig points out, have had is ests situation which E. role is to interest through regulation nation's he attributes to more structural than heritage this re¬ at the quately developed oil and that beginning of the New Year This gas ployment. to encourage Other a refla¬ on of number of a durable consumer nationally owned resources—these goods, release of "special deposits'1 are our goals. The industry has by the Treasury, the granting of worked together with 6% in attain¬ us ing these goals in the past. increases wage categories The tial and with long-term most significant of the gbveYhment operations affecting the industry those are of the the Interior. We of liaison tween and the Department coordination government industry, and I be¬ that in the days and years ahead will we responsibili¬ our .crease of sector, address by Mr. Kelly at the 42nd Annual Meeting of the American Petro¬ leum Institute, Chicago, 111. ' i'r- CITY, V' 'f r\sK ."A . .-Ml ^ Mo.-Paulen Burke, has been elected - E. Vice- & President of G. H. Walker & Co., Inc. n The ouncemcnt made was New York George bert Jr., ,. an- of in by Her¬ Walker, Chairman the Mr. Board. Burke is associated with Howard H. Fitch in the management of Paulen E. Burke G; & Prior Co. the Kansas City office of to the H; of. Vice-President was of Barret, Fitch, Co. in Kansas City. He previously President of the firm of Burke and MacDonald and Vice-President of Waddell and Stock former chairman, South¬ this by showed than the rela¬ sign of any no is there response any the on is speculators that recover in¬ because measure, far are profits, which declines sharp in 1962, sufficiently in 1963 higher equity prices. Reductions it expendi¬ expanding their plant. large, .degree a Indus¬ causes. increasingly reluctant to are sales; for million, calendar, estimate I and should set come . the 1962 will approximate $33.5 year pn October-December the sales, for quarter, at about the this influence would be overcome so high to result in as high de¬ a inflation in the rest of the gree of country. To of the avoid this the gov¬ $2,620,000, this for Chairman of the Edu¬ The Kansas City office of G. Co. is located Avenue. at ' H. 912 rec¬ $2.15 or 12-month This would represent crease period. in¬ 41% a in sales volume and 87% an the extent to which this drive will be successful it would obviate the Market as a bear should point a tries re¬ be need for further general reflation~rv from the point long view, British indus¬ suffer may Western But Stock are more affected by short-run considerations by: long-run considerations, froih that point of View of the prove Brussels year would talks prospects firms im¬ British of during the in¬ next of as it may sound, the of British response conditions of and busi¬ equity prices to the government's refla¬ anticipation of Brussels talks a also but ticipation of their as a failure of the to an number of industries are there can little be an¬ As far success. con¬ doubt Applications in still broader in¬ dustry areas are developing rapid¬ ly still and others in are a sector, least in earnings. The modest present a proportionate increase appraisal of these prospects by the market I Like Best yery make the stock appear attractive. The stock is traded in the Over-the-Counter Market. Continued from page Government's in tungsten sulted stockpiling of which 1957, in the free flow sten to' industry and the price levels, of which creased use a re¬ tung- return in additional the have has of reasonable to ore among are 2, led in¬ to made such ' Braun, Bosworth & Co., alloys and applications eco¬ increasingly evident the; company reported operations and other The result of such well be a social services. benefit This is measures Not a not an Kennametal new phase in its growth. Broadway. entering was were first for in 19 the Mr. Kramer has investment years, business of which 13 a Record lating regis¬ Mr. Kramer will assume some of the duties of Clifton A. Hipkins who will continue his association New Issue January 16, 1963 may deliberate unbalancing 175,000 Shares pf business revival by means a Budgetary .deficit. a Possibly) before11 the Budget, eveh 'Keyriesiari device —interest rates on icates and other saving may another aily be. applied may Saving Certif¬ Common Stock popular forms of in order be reduced, to encourage V ■ It seems spending. doubtful, ; ($1 Par Value) discourage saving and thereby to if. ' 4 • ,. V;J ' These shares however, # s. <'*•' • -VVt^f ' inv •• ' are not « ir-i -0-.'"Iv*iv'.f• -V-.: ■ "r'* being $old •* or H/. f'/fy V'. f.vr'- proposed for sale in-New York. whether these and any other; con¬ bring; about the desired degree of business revival so long as uncer¬ Price $14,625 Per Share tainty about the prospects of join¬ ing the Common Market will con¬ tinue. One of the results of Market i^ joining the the the development pessimism about probable consequences of come This . more effect of the failure a to terms with the E. E. C.. pessimism rational Copies of the Prospectus may be obtained from the undersigned only in those states ana by those persons to whom the undersigned may legally distribute the Prospectus. ■ Common has foundation. than of probable joining "■y' very little it seems For that the the net Common Lee Higginson Corporation were and New York offices. offer of these securities for sale. The offer is made only by the Prospectus. of the Budget in accordance with as office, its spent with Harriman Ripley & 1962 Co., Incorporated in their Chicago tered in the period ended March the Keynesiah principle. of, stimu ap¬ on during that sales 120 been by increased Continental 31, 1962, and sales and earnings with the firm as Senior competition. It is true, from their continued at a high level during President and director; pensions Incor¬ porated have announced the manager of its New York new became 12-month " pointment of John H. Kramer nomically feasible. quarterly tt*' •#. of hard tungsten car¬ and as A ApDOllltS Krailier tungsten bides It Braun, Bosworth fected in¬ and retirement of readi¬ doubling of; Kennaduring the '60s with aimed mainly at en¬ private the by the laboratory. couraging investment expenditure creases ad¬ at The Security tion ary efforts is due hot only to an Cost industry have resulted. metal's sales factors two. or ness and failure a ' rather than 'worsen profit- Paradoxical lack than for industry. technological and In view of these, orie can disadvantages Europe. adopted by ly project of true, been savings measures. bull point rather than view of British equities. It is taking the joining of hard carbides have only recently vances local unemployment cure applications of Kennametal new a conclusion Common a on this basis of prospects garded drive to that they will be unfavorably af¬ Expected widely expected to contain tax reductions, to America, now cation Committee of the IBA. in¬ net all-time an the 1,216,902 shares outstand¬ unemployment ing, is due to structural tries place in October, 1962. Using management' estimates of ord the< recent that the recent worsening the seems cerned Budget statement in April arid is & more revival, judging a of satisfied from widespread Walker the. t private be indeed and western Group, of the Investment Bankers Association of Baltimore measures Exchange to the Bank rate popularize a to with the aid of local remedies. To exaggerated official propaganda to Reed, Inc. He is themselves on outstanding last. .October 'he- was ceivable reflationary devices will this.- office North & in yet as lack the by Walker opening to Effect Exchange prices to anticipation of The /•-' to access markets. Bullish On from counteract Nor Tax (<•'"!' industries Surprised There's No earning to warrant G. H. Walker Inc. the those who stand nor ernment is about to embark dustrial would Burke y.-P. of easier Continental tively moderate business recession. fit *An their Yet there is vestors r.i an wages, to the thei non-stop, in- ought enough of reduction. Equities failed to bene¬ ties in this vital field. KANSAS with together , revival. the and assure you continue to meet of the point serve as British by increase of through their increasing exclusion them .these 3 Between associations the petroleum1 ^industry > various to employees of industry is working with us today. public sector, and While; other departments of the certain pensions. Federal Government has substan¬ from unem¬ recent tiohary measures included further drastic cuts in the Purchase Tax benefit development proper than offset the bene¬ more derived business revival in order to reduce production capacity for children and their children; through would fit part of their systematic was of energy of public mo¬ authorities economic growth; the maintenance promotion to shares of not¬ gathering was British the policy the deterioration a periods. became and supplies for national security and our be and reduced the Bank rate to 4%. of ade¬ assurance of the British balance of payments their courage in both hands took The encouragement Of its efficient production; the Market of balance December, inflation wage mentum, petroleum. case, C. To ,• of would quarterly at any rate during the initial expand in the north of England increase in income over calendar period. On balance increased Con¬ or in Scotland. The amount of re¬ year 1961. withstanding the indications that tinental competition with Britain flation that would be sufficient to These facts are evident. Many in available our natural of spite two basis took , to ^,'tvV: other reasons. In — figures payments and of use unfavorable the national guidance the in sources—in the serve E. mitting the unemploy¬ on next after the two-for-one split which benefit to: adhesion increase in British LONDON, England in government must serve we Britain's ture V";' the the lose by it, are very keen on com¬ ment petroleum industry whose inter¬ —our firms ;which stand by Keynesian budget unbalancing items. He comments is not not worsening of an agreement As previously stated, sales for the with the "Six" should be regarded fiscal year ended- June < 30, 1962 as a favorable point. No doubt amounted to a record $29,641,951, it would be so regarded if and a 31% increase over the preceding when it should be decided def¬ year, and net income was $2,144,initely to abandon the attempt to the the servant of Interior. Under the it of responsive to short than to long run factors. The economist believes the April budget statement will contain tax cut and other industry, and the industry is not system of view, the uncertainty/ amidst which neither more fully the handmaiden of the petroleum American ; prospects tion of the prospects of an agree¬ ment maintains an atmosphere of bullish a the meantime, however, the fluctua¬ the long run—of ECM membership should be disadvantageous to British industry. In offering this conclusion, Dr. Einzig assumes stocks are I mutual our Department uncertainties to K.'s U. the in , to effect upon equities since the short run consequences—unlike the that both we - respond in¬ petroleum dustry to Common Market. The recent deterioration of British admission chances of the Department Interior—and—the equities point 977, 58% higher than fiscal 1961, join the Common Market. In the equivalent to $1.76 per share on view of the committee. An initial meeting of this 11 -f v • *v Shearson, Hammill & Co. 11 V..':V Vice- 1 12 The Commercial and Financial Chronicle (204) foreknowledge of Economists See Modest Rise This raises whether ;we In 1963 Without ! Modesi business Tax Cm a ; then dipping to 118 by end of first half and thence climbing to 122; nity ' ■ look consensus, each participant offers Synopsized herewith specializes in. forecastles well as the background of the .contributors. Despite year regarded . $ Product important -as 7% billion, billion from the at put f billion, is that ^ . than ,y"^ V\]J ^tofcant jon V" ■f.-'.r", "The Cyclical ffor, any . recent that expect; probably I costs, so that in is actually the figure does no more than sug- that gest will we continue at about the same level as this year. only residential the jn I would area say the chance of an increase in the number of year. > The con- forecast i sman. private," nonfarm next year is housing starts .. . very about . 1.4 V? million. ; ^Indicators" T v'H': feoods is clear, that? we * have been. is; aq increase only from $209 bil- • expansion that began in February, ]. 1961. The revival at that timb came / Tn after very ..brief a contraction. ^ -a yery minor change. othe?, words, what I -am cx- pecting is essentially total 1 there is ^®2' 1963 year as com- tance Mr. Ellis on ^ai^ w the precedmg peak levels ~ of the use against as That . the reluc¬ builders and brokers FHA VA and to systems, in the present situation, is: likely to ,w Consumer expenditures for y i^Xo t^to eS ? VA financ- ing. is generally used. pressure, "Soft Goods Industries" fjcit, continuing resort to deficit where FHA and area avail-* The great- for funds' is: in- the -'est1 pressure flat trend a of funds lack no able for mortgage?. pared with 1962. increase by about 3% in f of margin plus $47 billion durable jn this hotising picture that I for; the] events; up io now,, it..;, goods# oi; about $213 billion, which should like to mention. It is that As tbe,ec^-- ; ? Qthe:r major probleims areas: ing year, according, to a panel of country's balance-of-payments defifteen nationally-known econo- half goods, up the within increase nondurable which . mild that, it is so year, statistical error. And of the 2.5% billion of nondurable goods $166 next certainly . >the]'; breakdown, of total goods figure thus would v for con- figure of about $28 and services is: f?om May, I960, ^ p findings..Peak> to February, 1961, was only expected?] to marizing the Forum's is ventional business a production*in thebpeuing mpnth^iPresident and Chief Economist oi of 1963, the nation's Gross Na~ The ConferenceBoard, in .sumtional to $10 I other U. S.■ ecopomy.. . noted Martin R. Gainsbrugh, Vice- small dip in industrial a as. only Savings Thursday, January 17, 1963 . that I. expected ;a tax, 2.5% v over,. J962, -and .services stimulating meas¬ $153.;i billion, which is up about to help make 1963 another, 4%; and.^ represents ar. considerof new all-time, highs for the .ably smaller advance in services and ures ; L have built 1962.- . I must, say • the individual and general are question a of crease i development in spheres-1' $319 . forecast for the sector he a for '*cu.t i-!?unemployment remaining at.5.5% to- 6%; .and one percentage point increase in the CPU In addition to contributing to the general out' . y ■' % in judging the outlook. Industrial Conference Board's annual panel discussion on the economic outlook. The panelists at the private, non-profit research organization's forum agree that a tax cut would strengthen the expansion. Without it they forecast a $575-585 billion GNP for 1963 compared to $561 billion estimated fori 1962) Federal Reserve physical production index starting out at 120 ' '•" structure possessing- some' immii-T* r>Now; formerly expansion this year is expected by 15 leading econ- : participating hi the National omists . such devel- any '"V: . non- bring about ; continuation of the a; «e nf tmvernr. J y v a?ouJ decline - in the- yield on those ^ .the current expansiOrihas.not ?VGL1962.' a.^ota mortgages.- ^ Ih the conventional government * -v vigorous as the average of billion. The rise will be trial Conference Board's annual support for agricultural surpluses/?> mortgage larea where there is { ® >0 u r. ecbnohuc history'~We^ Economic Forum. n? oa?:"' really? no surplus of funds, we Among the bright spots: fewer standing, gain^. In fact, gains m are likely to see an increase However, many of the problems excesses have been built into the speak. If you compare the cur- spending imthese areas will close- |n interest rates. ad versely affecting n a t ion a 1 current recovery than in any postexpansion with others thaf ly parallel the expected rise in There fias .-been no rise and growth—especially the persist- war recovery, and this could lead followed mild recessions,; the pres-. personal income in 1963 over, 1962. -possibly some -decline in prices of ently high rate of unemployment it) oiie of the more prolonged perIn short, consumer spending for one seems to be about average. existing houses. One of the rea—have yet to be resolved, accord- iods of economic upswing. Indicators don't speak for them- nondurable goods is not a "leadmists who participated the re- m ""■JJ fmanmncj unite oil Vw . financing by all units of govern- *"i rwiP cently concluded National. Indus- ment, and . . . . further ^ . economists These foresaw billion by the end of This compares' with a of approximately - 1933. billion. Every participant in the Forum, which established nearly two was decades. ago pendent business activity will be higher a year*from" now. There are* hdwmarked differences ever, degree of expansion-. ^ as v ,. quarter, according consensus, Solomon Fabricant,.Director of is President^—.Economic to the Forum expected by the end of 1963. ; . Research be. The future depends is • expected Malcolm. releasing the transcript of the John S. Sinclair NICB meeting President noted '3-. that1 -"In many ' , 1962 Awas? perhaps as ways, trying more for year even business economists than; for the American pectations for. smooth second of quickly challenged disturbing series of unanticipated events abroad as well as recovery i by \ a at Jiome. The uncertainties these introduce undoubtedly contributed toward the. hesitant of ccurse the curve and of - erratic economic activity throughout the year." ; ■$, ' Expansion to Stem From."., j. Consumers, Government McNair, . in ; their though such a minority of the incorporated a Economics, U. S. De- Par^men^ of Commerce, Howard S. Piquet, Senior Specialist in International Economics, ^fgislative Reference Service, The library of Congress. Boy L. Reierson, Senior Vice President, Rankers Trust Com- would further consumer demand, improve dedining company profits, and conl tribute significantly to a faster rat$ of economic growth The major problems' ™ain munh thA Thl oe ' areas , re- ^ - j. do repeated in r t; Mr. HUchingsbii i. • > The ' outlook for- Mr. McNair on consumer spending is inevitably intertwined The "Consumption" projected 3% ,gain in GNP would I setting- the disposable in¬ am come lion. I should estimate ure there is a put in income taies. Consumer spend-. ihg for,nondurable goods and services together $319 billion. equiv- &n rise in personal jncome taxes,' unless after follows: as generate about alent 3% figure for 1963-at $394 bil¬ The breakdown> of this fig-' year will is it rather be higher than and „■that' at; present, may- again be followed by some subsi- de nee. the I call fact your that agreement attention the steel to wage . negotiated; in. the was early part of this year, and that Maiyjt is reopenable by either party. / Should, our cus- come next . tomers come to . believe that the fuon4trfuct wil! be^ reopened ' and J!1 there might be an .interrup- for total nondurable goods and services also would be This is likely ^Uding up inventories. . %. v0™! ?e ^ a steel output for 1963 will ^oin Sls year s J?J? ^ A 1^~^>ase<^ an JJ16 exPCcon^ ? feri5^a! aro"n<i' fi16 a Jf'. that mdustnal _ *. . production this will . . rincreasesof ;3.2%^;over ^1962. to increase about 3% m 1 ^ ; „on • . . , "The Business the re- the witnessed-some events, such The 12%' of or for reasons 1962, in fig- a ure. as high recent strength in the automobile on $47 billion as are . the market, the indication of strength¬ Outlook" we year, as. billion, $47 total. ened The year since iigure; same namely, . Mr. Shields at ] last met has consumer automobiles, intentions higher ;, to used buy - car quite sensational* prices,? and the fact that auto; price mobile debt / increased by? only as_the, steel nomic the stock $1.75 billion during the last passage All this |eads me year, to believe-that legislation, the enact- the automobile businessmight Ten?°f a qul.te.con.t.roversial tax "ng up sales of 6.8 to 6.9 million , . measure; and finally -thq con- units for 1963. And I think these . ' cause ];a eco- post- which auto sales have fallen short. the years? of softness in the were general not was cause the in soft of autos; declined those Al 111C1 « UU11S UI11C1 UUldUlCO. specific billion, which represents an in- !,nJ?US ?962 Wl11 beAclose to 4%, and this ' */' • ' in 1962 volume, Again, this is close, to slightly or on the a. j ^ the c?ea^ ^aI" presslon ^ear®; 1930's. Mr. Paradiso ; . The major on "Capital Goods" cause of the lag capital outlays has been the I assumed that the nonautomotive portion, would " be S in over¬ - durables total, consumer . a, percentage. which- ia lower ^ be- softness of C economy years the higher. assumption that the economy in 1963 is about 3% higher in dollar terms or 2% higher in physical volume terms. hanging large capacities that a'st \n most per- ^wuc'w,ai ^1' industries because of 'arf add"°ns made to our stoctk o£ capl,al a<to'pment in the PP^twar period. This enlarged Produc lye capability however, has not been matched by a corrATpo"?ln« Increaae m . demand Also the deterioration of corpo- • group without ®a^s rather, auto sales because economy. In the The economy. a ill ,, unless general conditions'- ponement of buying. The years in . '-^2^?: ?e debaple orown possibility that the production in the early part' of next a level . "Services and Consumer Durables" of there is 1963 ForZ li? J He volume peculiarity with a or g0' fr°"tatl0n with the Communists is a prospect for a 2.5% or 3% ^ ?aba. But the interesting fact rise in other consumer durables. stubborn domestic dilemma "Tt If daspite a11 these events Thus the total consumer expendihas stielrier With eaeh business has moved along quite tures would be the $319 billion cytltoalTeak of the past decade, ago by this cytl cal peak of tL nasi dfeadf^ cIoseKto,/he forecast made a year plus the $47 billion-that is $366 NICB this i,- ?1963. confidence. This would be espe- is plol-mem .f ^i?Sle,dn„Un„T.: clothing and shoes the of my. industry I would say country cut bolster 1% /-For;„ 1963, .the underlying facbe- greatly^different] in Consumer durables, which is in BradfOrd B. Smith,; Econbihist, tors, in1 the auto market are con-- frarMliat in . 1962. v '• some respects the most United States Steel Corporation, optimistic }ducive- to another 7-million new ;*' fr ^ tfte ,pr? part of my forecast,; 1 *arn putting Donald B, Woodward, Managing car sales par¬ for f 1963, al¬ the; group stressed that „ an Rany^ projects cut see. as . Partner, A. W< Jones & Company.- tax Because from" "this .^year's average, and a rise .of about ;2% in the physical hot. Mr^ S/nitli on "Steel" * — Business „ ticipants that - ^ _ a by the escape , - < ,r IJhe 1963 expansion is expected Following are highlights of rstem mostly from increased marks by participants: outlays by consumer and g.overn-'i;rl Only iri- an property—is something . tail; clothing .business, -but I If there should be. a tax cut, and - Lincoln to ment. had dally true if ,the expenditures of .theAgeneral business out-1!0" of supply or, possibly, if one '^®rltus' • vra<^uata: School of government were res^amed. We look. 'Consumer willingness and, 5?re- ,la^ s0' 11?<:rea^,e' Business .Administration; Harvard^^ 'would^^ have better l)u.s"ihess.7But ability to spend is influenced-by Then the record of the past would University. ? •£•;> also,- depending upon the particu--' the amount of employment and '"dlcat® that they would protect Louis J. Pafadiso, Assistant Di- lar combination of governmental incomes generated by total busi- fbomsolvcs, as one would expect, rector Chief Statistician, Office policies, perhaps some inflation, ness activity in a" competitive, economy, by ex¬ year ready no mu|t S'e] considered. * -T»ene. Professor; - of -Retailing of businessman. Each-found his P. has] been year's in the field, of government policy, I'm setting aside the international- volume of purchases of clothing political situation, which is always ; and shoes,: compared with a rise a factor that we have to wprry of 5% from 196Lto 1962. The year 1962 was a good one for the reabout. • Nathan M. Koffsky, Adminis- rates.as well i • this i^5 per person., in the priced of part-^indeed!, probably in jand Financial Relations, American it this tax. cut were aimed abcor^ Airlines,] Inc., tC j], • porate taxes and upper-income tax# force. In consumed . to (qf,; We; expect a rise * of almost - lower-income-tax hold fairly steady at a rate bf'^ator,'Economic Research Service,* rates; I think .we would have a between 5,5% and 6% of the labor, U- S. Department of Agriculture, great improvement in. business Unemployment , may large part-—on what happens very index- will A modest climb to 122 . food intp account is what government anticipated decline hr the production from average,; a; ri^q, . V 'Ira*Ellis,"Economist, E.; I, policy ^ . have we in foreclosures is that there t to the ~ du rPont de Nemours & Company#-, in some - crea§e _ 1% of prices. We .must go beyond the indicatorS if we are really to express an , Economist. * as will . j interpret them, .1 think it is income., inflationary route during the last reasonable to see in the indicators fi.eXI)o 51 ? increase of a little to three years. I think we g drift in business, that suggests .a. ,less than' 3 % in consumer spend- are at a point where people are Vontinuatiop of the expansion, at ing for food, next year reflects g0ing to realize that property our - forecast least for a while, of a rise in food depreciation—at least in. residen- Research, National Bureau of Economic Research. * be slow and gradua^from the Edwin, B. George, Consulting current 120 to ,119 in the first Economist. quarter and to 118 in the second ; George P. Hitchings, ViceThe industrial §pend steadily if they have the opinion about [ thje future. .One- |iopulatiqn0^and; ia ;;jrise/.yqf about physical volume of Colean, xConsulting important . consideration to- t^lte- %% ip>: analysis of e^oBomic js- University. believe^'the rate total'\ :(]Mile$ L. Sues, Consumiers lng pret. them. As bread them, and Jules Backman, Reseach Professor of Economics, New York to provide an inde- indicator. selves, Qne must mead and inter- Board,MacKay-ShieldsEconomics, Inc*» was Chairman of the meeting, an(* ^r* Gainsbrugh summarized tnernbers views at ..the conclusion of the session. .Other participants tn the Forum were: a current GNP $561 Murray Shields, Chairman of the - GNP of between $575 billion and $585 why Sons ing to the Forum members. . Mr. Colean I (foresee) on "Construction" a very mild increase in total construction expenditures rate profits relative to corporate gross product and sales may have Continued on page 14 Volume 197Number 6230 . . The Commercial and Financial Chronicle . (205) should tend to We Can Find Solutions §S§§11 of ' . ' 4 - Trust Company, New York City ,- • technically Further improved - in steps <^ taken to rectify errors made to solve our basic problems, is. made will temper, if not reduce, government spending faced and we in overcame as low 1962, Mr. Helm is confident imbalanced international and not an ^ result doubt no some be improvement in the rate further to. solve pro¬ increased the i if Index had de- clined 28% which had be¬ 31^ 1961^ Confidence waiver&df and there set in talk of in Febru¬ gun ary;1961, ij e c o y's but steady vance business. the -the domestic budget values in- By middle the three times by stage extraordinary most dramatie incidents, each the which seemed - than the preceding lowering one. incident April, early the entire tor a new contract and the Presi¬ Russia and the dis¬ all of of- both 'and opinion public Cuba was position. Russia promptly agreed to withdraw both announced missiles that, it would raise the price of its quickly as products to offset partially the in¬ creased costs it had already as- and As bombers from Cuba as possible. as soon these steps were as- "the additlonarcosts sured business sentiment changed ahruptly, Talk of a coming busir Several contract. new com¬ It Federal Government ; ternational in 'in"7art"*rpqrinded* a fact resc.nded « . three prices. The proposed increases were in were few days a • f., Business confidence v political crises. critical remained , facing was challenge a new from government. Fears were that pressed mental well aryy ex¬ v price fixing vitiate the ot sUpply and which economic and could " The ; *«. ' and eon- taxes and high such for at 119.5 to sales, did especially late much (No- production ixi>th^; bolster -the to to work crises ' ' ' episode served to dramatize are impact present Act Revenue of pro¬ are stultify the incentive or; constructive, ihr for The dependence upon tax .recelpts JalJ" °k ment ;from .revenues-.resulting United States nation only is the in the Free World that depends so heavily yet, as on respect to the income, and taxes on nation, a we place great the virtues of individual on initiative. faced will * be difficult vel* uklisiuos, nitrate the latter ~ long time. a " a general ability to in and the ances re- recognition of the importance: of facilities both compete affirmative and at from 1 ' end. home * Washington actions :• • of towards the that abroad.,- c A A ' ^ v mu: ' - : . „ ] second ana Third Episodes ;• The second confidence the the felt form of stock had shock came a in to severe market, advanced business late « - * gress additional in tion from outside in a of many propor- earnings. Beginning with resulting from the nervous- contro- versy over steel prices and aggravated by a reappraisal of the cor- against new reason constructive sources. This isWe point of view, but hope the The to adjustments tion allowances nize be the successful, in u ' deprecia- apparently recog- inadequacies of the old a period bring of time ^would both; our domestic international and our into balance. We are tend. to budget payments convinced schedules in the light of the infla- that carefully planned and tion which ageously taken steps in these mat- has taken place. They 1 v% U3$552^34.20 . V.' s I on corresponding to said payment,, (m the case of Mortgage Bank of Chile Guaranteed Sinking Fund 6l/2 (/c Bonds dated June 30r 192Sr Mortgage Bank of Chile Guaranteed Five Year. 6% Agricultural Notes of coupons the- 1926, dated December 31,1926 and the City of Santiago, Twenty-One Year 7 % Ext. S.F. Bonds dated Chile January 2, 1928,«the said payment will be made by presentation of the bonds, for* endorsement of the interest payment) together with an appropriate letter of transmittal, at the office of the corresponds of the under¬ signed in New York City, Schroder Trust Ccmpany, Trust Department, 61 Broadway, New York 15, N. Y. Letters of transmittal may be obtained ; at the office of said correspondent. „ - much needed tax reduction will be the changes will need careful ad-- accompanied by steps which over ministration ' 'y- aforesaid payment of $3.30 per and ,after February i1963*. against presentation and surrender for cancellation pf the two for voting that y cour- f: Holders of bonds assented ta Law Nov 5580 will be. $1,000 bond spending "programs earnestly *jl. entitled to receive, the rec¬ indication that we wilf ndt try to ' ahd; perhaps forcing, sornevfeducf hide behind a protective wall, but tion in programs already in operwill meet head on the competi- ation. \ ' - May, tion with the outlook for corporate ness Changes in the tariff law give decline which out > • • | WI? " V ' until December 31, 1935. - and ]z *. Pursuant to the extension granted by the Supreme Government under the terms of Fi* nance decree No. IT,29S> cf December 14,196Q, the period for acceptance oi the exchanges rauthorized, by Law No.<8962 will remain epen significant and encouraging finally ' assented to Law No. 8962. - there is 40.507.8.3 January 6, 1938).......... .bonds and 97.09% of the Swiss franc bonds had been proce¬ s copper Up to the close of the year correspondrn^ to this decla¬ ration 98.46 % of the dollar bonds, 99.58 % ste1 ling - for 5ilj826;37 petroleum for the mdust'ries /(Article 7th of k 'Y* " tax reduction no None • ^ that US$ income of the 4th category '* 8 Would1 and Law No. 615S of 11 should keep taxes at the present unsatisfactory level and work to conclusion , Share jn tax on importation of fucedt.fl"tV thus^ enlarging. the d°™est}<; ?udgat deficit, or whether dure would mean on ' • of copper comoanics with being decisions, the. need for both .tax 'eductionand tax re orms. wi hav.e ta "J?ke an unhap^ ?°,ce as to whether faxes should be re- years following revenues: Share in the taxes Congress very $3.30 per $1,000 bond in Law No. 5580 with Participation in the profits of the Corporacion de; Ventas de Salitre y Yodo of Ch'le^.. .... domestic deficit, should give Con- of to have been instrumental in the plan; of service the new plan under Law No. 8962 will be entitled to receive for the year' 1962 interest at the rate of calculated on the basis provided mentioned bringing about emphatic-- reassur^ annoujij^s tftat liotders .of^Dqnds of the external debt who assented to changes in business activity. The ognition that certain taxes are too the profits economy pear ade- Republic and the municipalities, covered by plan under •of old Law No. 5580 and do not accept moderniaztion corporate American of • o.f%Law No. 8962 also ^Inf t tenilo lationship ,of profits to savipgs, profits—in our economic system, growth^ investment, employment, alongc with. a number of specific quate importance Chile of Sinking- Fund established in accordance with applied to the redemption of the following bonds,, purchased .below par: £722,994, US$4,604,000, Swiss Francs 2,8.36,000- all of which have been withdrawn from circulation. The average price of these purchases was 41.33 %. • ' •" After making these amortizations the balance of princi¬ pal amount of bonds of the External Debt was as follows : £12,324,977, US$75,835,000, Swiss Francs 63,579,900. The Caja Autonoma de Amortizacidn de la. Deuda |f' Publica^ in accordance with the pr^ig^piis1'oiu Artitl2 hauled. Both of these admissions constitute a big step forward. The knowledge that any tax reduction voted by Congress .will result, in a reduction of revenue,.and thus increase at. least temporarily the the vividly .-;w The abovd, high and, should be reduced and particularly the steel incident, ap- the entire tax structure over< .U Law No. 8962 has been and personal, for so large a pro- th'&t The • the aforesaid Law No. 8962. for oil income, both corporate taxes It is Several Constructive Steps --:'v :y.;•" v 'Vr:- Debt of the ; (1) that ag¬ the the the of as vestment. economy. ; • July 20, 1948, announces that the fixed' annual paid for the year 1962 to the holders of bonds of the direct and indirect'' External if^a}anp?d 114(Janu,-budget. ."The history of the last 3d Automobile !'vv" 'f >.'i" 8962 of are production (2) under clear things and effect demand in deter¬ , year ^iowjy rose year, mining the price level of goods and services. incidents relatively.' steady vember). this action might beginning of govern¬ the mark on too firra. Industrial production, which seyerely fer the incident. Business started the felt it U - Lawrence interest of 3 % has been ghiuotthe Zpresent, the stalls- rpd"ee tat.a Federal expenditures to tlZX 'i measures ot bu^ness Mve^^tihsufficient ^urphis haa been ^ shaken was again was Strangely enough, through these advance any attention look instead being focused on in- brought to bear strong forces in to prevent and procure- directed toward the business out- ing inflationary implications, and effort conceded that there would speed-up in military a ment raised strong objection, apparently fear¬ an was be mediately the executive branch of the recession began to die down. ness steel panies followed suit. Almost im? that two gregate stress that would be incurred under the with now "Co-., 1717 East Ninth St., The Caja Autonoma de Amortization de la Dancla Publica, in accordance with the readjustment plan for ;the service of the external debt approved by Law No. large deficit as a wrong: visions strongly in favor of the President's in March. Shortly thereafter and recognition has been record taxes offen¬ taking mili¬ force removal agalnst mobilized agreed was and is Cook. , William Law No. 5580 and which assented to the* new ^e'World'^ecogfeizing tfil taken long and costly a steel, corporation sumed" , faced; with one of the largest feeriouaMS^fflill started early in the were hope of avoiding upon this fundamentally weap01Js ^r0"1Jpu^)a, ^e the steel was in JU,,.Negotiations new that many .years the third by was to measures mantling State* strike. A the announcement tary The contract October Solomon . Service of Bonds of tho External Debt ments. episode of the year, the United States The first of these June is \ \ I' \ jn its balance of international pay- sive missile bases in Cuba and that Harold H. Helm Three Extraordinary Incidents pricing for set was of unem- Republic '; time when the country a a'budgdt/ aS well v dent that Russia had set up more critical at comes The tion of business spending. deficit, WUVv:A'V»;:-•**''!'J •••'J "rf retail spending and then a reduc¬ f err up ted of such theex- on L'QOK national payments. But an eeon- .members. of • the Midwest. Stock ■omy* that' can encounter * ahct sur- .Exehangeti If et was formerly with tyiyet such incidents Us 1962 pro- Gallagher-Koach; & Ca.,1 Jnc. -;. recessidn^lft jpeacetiVrie. deficits in its1 domestic felt that was in a changes would result in curtailed ad¬ was It shrinkage o m slow, from the level of Dec. PAnlr owrpnpp ™ ?££ :•> The Tax Questk>n unfortunate recovery "*L.i TirtfU T >' O :: The movement for the Stock , are we & yxms ■,-$* payments. Industrial surely find solutions to Pf; the yet ^unsolved problems of iCL&VEBAND,, ,Opio r,' .< -...... ii.: ^ of1 taxes, both (corporate and perchallenging and unusual year porate profit situation, the market sonal, is belated recognition of the .was J962. Starting in an optimise gave way precipitately, resulting damage which can be done to a tic?environment with general ex- in one-of the sharpest declines in ;free. economy* by~-a5 poorly.conpectation of the continuation of history. By June the Dow Jones Reived'program of-taxa.tion/ It is business can unemployment prob¬ lem. : we can sucr ••.viT' • We do not fail to recognize the is ployment* and' imbalance of> interV item in itself, will omy.;^, .A the results -duced capital Investment which must cessfully dispatch the three plagues of unemployment, fiscal deffcif and salutary Importance and -potential dangers new of possible. Considering what as - in fully too high for too long, Mr. Helm hopes that steps taken toward to keep the debt -1 - investment, while rection by Chemical Bank N. Y. Trust. Chairman. Though encouraged .by J-the general recognition—long over-due—that taxes have b?en harm¬ grams so as direction The small tax incentive for capital tax reduction facilities. this ; , |Profound but to the point review of the past year's Hire* shocks < H important dollar | administered to Jho economy,and the- several /c<mstrHctiYe;$tejte^pgg^£eHainl^^ v; ters. could' bring corpora¬ would be constructive. By Harold H, Helm,; Chairman, Chemical Bank'Neto York -■■'-a improve the quality earnings of by. .reason. of the stimulus th^y ,..these continuing problems if they tions and provide additional cash could provide to a fundamentally pre faced with realistic appraisal flow to help finance new and sound but presently hesitant econ-v and resolute action, To Our Plaguing Problems • reported 13 CAJA AUTONOMA DE AMORTIZACION DE LA DEUDA PUBLICA ALFONSO RODRIGUEZ Y. ; .. r. Santiago ALFONSO QUINTAN A BURGOS General Manager v• ; . December 30, 1962. v ! ! -.*:•. r> • • ' . .. President 14 The Commercial and Financial Chronicle (206) • ts i j IV IT (^1 li negotiate with the Common Mar- T) • bee iYLOCLOSL XvlSO iPQYl OTT11SLS ^ A/^ O I J* V/v foreign trade IT1 W 1 LmOII ff v Continued from page J y been rp^inf« in investmvesi laree large to to themselves tnemseives h** +v,L m businessmen's reluctance to com" mit mit VvllK contrast with • xi consideration added an cient 39% been not tinp for increases w ^ 1960 and 1959 were ' • it Would be reasonable to project business fixed investment during the first half of next year the . . same the as at about present rate, After the middle of next year, . however, analysis of present factors suggests that a pickup vestment Even in in- in the offing, this prospect is not an be may so, encouraging since one the a number r of moderate very propor- I do not expect that the recent hoiimm < in iqri .... markets, will programs.: vestment "Agriculture" Koffskv Mr* Koltsky 011 Agriculture the be it in was substantial dominant There is 1961. market the in- an or so, and about half from half the from vestment same. I must in- in factors for ; the as as quarter, $562 billion, as measured by the corfi^afed with $561 billion. What like- seem to Euro— ' > are if some-' over the "\,i r« .V"1' the to contrast pattern of ^ ■ theVt? mTSSS of 1963 course . • u We have been spending • 11 indicated ' l in GNP in the first half of 1963 economy should show evidence an(j then sharper growth in the of major vigor, and the threats secbnd' half, the prospect of comof recessions really diminish^ the traction cl^at.ly evident iri the production . of ranffe a thing like 550 to 700. ' . means Ders, tnis means a range ot some With •'competitive this hers pean producers in lines of produc- that significant, is perhaps even more . concessions more money abroad than we have been earning abroad, but it is not market come. Operationally, it seems to the group as a whole, the expected me that investment on significant decline is not sharp. The second weakness ; would .seem prudent, half should see a decided change and^any yielding to the powerful say that 1963 looks about in direction upward, but of more tendency to become more optim- limited amplitude than in national lstjc after considerable ^advances output The group average is only will, I think, prove quite impru- 122 as against 120 currently. dent. All agree that in the fourth quar. . . nation's factories, mines and pub- "Prices and Wages" . . ter of 1963 the output Of the Mr. Backman on get the idea that the United. States ... lie utilities will be rising. .... Price cutting as a competitive . . . • device has been growing in lmHere briefly is the composition Prance, particularly in indus- of our aggregate model for the cause as well as a tries characterized by excess fourth quarter of 1963. First, cits in the balance of payments. ls probable that the giant sector account of per-r 3 will witness a continuation sonal consumption.' expenditures: Mr. Reierson on Financ of ... price-cutting tendencies as our experts thought that consumer The progressive tightening of companies seek to increase vol- outlays in the aggregate next year credit and the advance of interest ume }n their drive to overcome might rise by about 3%. Thererates characteristic of other ex- Past increases in cost. fore, I entered about $370-$375 tate a balance of payments defi- in gross income, roughly cit. Speculation in gold crease pro- sales and profits will continue to for GNP is ... . substantial stimulus to in- a age^ of expectations virtually the |same the hold those export range below that highland above increases. Only two prediet will have to offer that low. To pick arbitrary num- declines, both modest. . it . government. But, again, production expenses have increased, so Prospective that the net remains about the government incentives vide saw rope so as to then they approved proposals to- all in the balance of payments is paling $1.7 billion. short-term capital; The really State and local borrowing to- serious question in 1963, as in taled $8.5 billion in 1961, or 10% 1962 and the past few years is: above the previous high of 1959. "What is going to happen to inThat total may be higher this year ternational confidence in the doland may be exceeded again lar?" This is a psychological next year. question. If people throughout the $600 million tions. we ne8°«ate with Eu- ly for some time to moye in a of the 13 returns In 1962, realized.net (farm) in- is going to devalue the dollar in GNP come is staying about the same as terms of gold, they can precipl- half would be in the second only come, might be expected to consensus on the course of the due to foriegn aid, to high mill- move to ^the upper part of that index of industrial production in tary expenditures, nor to the fact range and, conceivably, above it. early 1963. Eight 0f the 13 partiwe are not holding our o^n la But I do not ,see how the pru- ipants indicated a decline in the world ^markets. It is due to all dent investor cam at . present rest rate of industrial production, arid the borrowing proposals, these these factors, considered together, assured that such evidence, and tw0 others had it unchanged in totaled only $130 million. But The most unpredictable item of thus such , a move; is going to the opening months of 1963. For Con- in life a to Dow Jones Industrials tribution of plant and equipment expenditures^^ time some States is on On the basis of recent surveys, barriers, about suosianuai concessions to isuro ... the (way to the present level, I think that plant and equip- which I think will be maintained. ment expenditures next year are I could say something about the likely to register a 5% increase continuity of that in terms of the over this year's total, perhaps attitude of the voters in recent more This implies that the 1963 elections toward new proposals, total: would be $2 billion above ^ ^ I will merely say in brief the $37 2 billion expected this that while they rejected 43% of year the first quarter of 1963, the aver¬ hand, if the United tasuffi-^jpil^each. I believe in 1961 ^0ri the most the increase reached $3.9 billion has been demand My conclusion as to where the have to adjust tosmaller markets. Stock prices ^enfchullays^flowever. dominant factor Thursday, January 17, 1963 On the other in ade, 12 1 3 L .. u* s- export industries will high in 1961 and the low in 1962. fourth fTI 4- . ket for the effective reduction of market is likely to go is that for . T . be a result of defican . , . . _ up a little, pri- pensions since the end of World The fact that wage inflation is billion for total consumer outlays, marily on account of increased War II have this time been ab- tapering off has not been widely For. durables, $47-$48 billion; for the government payments to farmers, sent. The continuation of an easy recognized. Next year may wit- nondurables, $170-$171 billion; determinations. Never- the same—gross theless^ there would'be; some positive results forthcoming from investment tax credit arid1 liber- tout production alized "P expenses are also credit policy by? the Federal He-' ness ;the achievement 'of - twb-services^$154?-$156,billion. That is again, although this time by a serve and a sharp rise in the flow widely desired^ goals, namely, a rise of about $10 billion or so the government. 1 V * Shialleramount. Again net income of savings to institutional inves- little further pressure from in- in 1963, or only half that of thi^ In summary, only ^ moderate will hold steady. tors have permitted larger credit creases in unit labor costs, and a year. Gross private domestic ingains can be expected in plant In the last fiscal year the needs to be met without any sus- smaller loss of jobs due ta wage vbstment in the aggregate I set at and equipment outlays next year, value of agricultural exports tained upward pressure on inter- inflation. around $80-$8l billion, as comThe projected increase, in fact, reached a little over $5 billion, est rates. Clearly, the current I do not believe a balanced pared with $77-$78 billion that we would be far short of the amount This level should be fairly well business expansion has been re- budget is in the,cards in the im- may have currently. . . . I entered needed to be consistent with a maintained in thee current fiscal strained neither by a shortage of mediate future. Nevertheless, I only $47 billion for total private full employment GNP, estimated year. But the Common Market credit nor by an increase in the believe we need tax cuts and a new construction, assuming that at some $616 billion in 1963. Such is a new force this year. We do cost of credit to individual or cut in spending. We need bigger the bulk of the rise in 1963 would a GNP total would require a rise export over $1 billion worth of bu^ness borrowers. incentives, n^t bigger deficits, come in public, not private buildof 25% in plant and equipment agricultural commodities to the Looking to 1963, the prospect is Ordinarily, large budgetary defi- ing. ... I'm willing to enter about expenditures instead of the ex- Common Market countries, and that -credit will remain ample to cits create inflationary pressures $31 billion for that purpose, .Louis pected 5%. I might add that sub- practically all are dollar exports, finance the modestly higher level when they are financed by bank Paradiso's figure of $2.5 billibn instantial tax reductions on personal About one-third of those exports of economic activity that is gener- credit and when they take place ventory accumulation in the and corporate incomes, if enacted are in danger from the proposed ally anticipated. Assuredly, the in an economy operating at close fourth quarter completes the ennext year, should go a long way policies of the Common Market, development of. a vigorous boom to capacity. A significant part of tries for this key sector. For lack in bringing about a full employ- These are especially the grains and a resurgence of inflationary the prospective deficit probably of a formal estimate, I've entered ment economy by stimulating in- and poultry. While this would expectations sparked by a sub- W*1 be financed by the banks, an excess of exports of around creases in consumer demands and probably have a relatively small stantial tax reduction or a wor- However, the economy is operat- $2.5 billion, about the rate prein laying the basis for a much effect on our total export picture sening of the international posi- inS at levels considerably short of vailing in the third quarter of greater expansion in capital in- next year it could possibly be a tion of the dollar could result in capacity. . . . 1962. Federal: expenditures, in¬ vestment. serious obstacle to maintaining a firming of interest rates, even The combination of these forces eluding defense, would approxi- depreciation I would expect provided by that in the first half of 1963 the inventory increase may above rate)—a rate that of the this year. . $2 around average (annual . billion Mr Georee I have placed _ lion, It year. against $67.4 bil- m of increase an expected 3.5% an Mr. Piquet on United States industry is with 7.2% increase conditions. GNP a 11 period 'f ot, was f or pen 1 1QR-? 1963, i ures state a ed iu ^ and rise local about PUr~ Y of 1961 by those amount. receip s , o . . range es- tablished in 1962. make it unlikely budgetary deficit, by the banks, into even the mate $70 billion, that will be translated significant lating changes effect budgetary the in attending deficits, ex- $4.5 con- ket prices would look likely only merchandise exports if one and mer- could argue ture. production The An 118% increase over £ in dec- are identifiable! developwould before long make undervalued at present rapidly changing Prices. I do not see either present recent trade and and pic- prospective the tendency oper- pre- ^esult y'ofThebasic net . of this evalua. forcesaffectoa . x T" ^1*" ftm 8 — of 1963, our if any, growth in national output collective view is for little growth of Western Eu- seem cheap. Indeed, two participants expect a I expect earnings on the Dow slight decline. By the third quarEconomic Com- Jones Industrial Average in 1963 ter, the rate of economic growth rope, resulting from the formation munity, undoubtedly will result to be little changed,: from *n .^ncreased tr^de between the Dividends are likely to rise a United States and the tries six coun- comprising the Community, but not will be important structural significantly^ Competing investments changes in that trade. If the United States for to does not tax 1962. little should stay about same in price and yield except tax-exempts, which will have adjust to the exemption. . lesser value ' of is more marked and we are as one in believing that the economy will be in an expanding phase a year from i,. ^ :• same positives in our ap" tna^ l^aisal ot 19b.2- 1 tnink many ot .T,3 w'? ! T excesses into this recovery, with nearly two years of it under our b S' tha" an? Postwar r®cov" ery« • • • Despite our now. But marked differences w'll be a good "Summary" opening half cheapness nor events in the next that will make present prices , ^f^°se °n emphasis UP<"? thf ^isturbi.n8 a®eu"da ot un: le^O, ZCf r^fved economic problems 1963 prices. will inherit, our consensus is that Mr. Gainsbrugh For the T uldmportant fwif6VTyear year ve *n. a^ Pr°bability, however, there the about that stocks reasonably imports, but whether ments industry has the resiliency them a to outstrip national economic growth and rise to $60 billion, such will be to raise the level of The State and local if financed expenditures, too, would continue ations closer to capacity at Utot of the Eur0Pean , v^rs will within the move narrow 10 excee ax , nf... emialTLlhe GNP reached in nine comparatively time ahead some will continue to chandise veantd' wmfiV^ industrial etitn'to terest rates for momentary WOrld that in same The important !!» «sXQehnnHnUneLfl^n'd(j6.1iil0 to ad;iust to or 10.4%, the m com- manufac- gideration is not whpthpr thprp i« comparable u. S. 62 was $5.9 billion, rise foreign Perhaps the most will reasonable expectation is that in-• level of prices. If there is a stimul- * The Balance of Payments" petitive reduction in the some cost of credit. activaccom- mar- GNP. The rise in m ; is an as Sf!nf "p ' dividual'^enterprSlfsteLTies'in Mr" significant rise in stock Woodward on "Securities" [o puJi Sp pricel6'5 rath6r tha" total Federal its capacity to adjust to changing A against $62.9 billion this as panied by tures- but not always in the on spendmg^ for goo,fc 1963 at and services prevail, half of second "Government Government ity could conceivably be For the year as a . easing in economic exports to the Common Market if the current policies somewhat whole the total accumulation may be of the order of $2V2 billion. •J farm as there are to the ex- year, again bettfr than. I962—but s"1.1 riot Jood enough to achieve this na- t!0ns true economic Potential. , " ' ; • Mlll'TlG With MoSfilftV ™1U1 iV1Ubeley LA CROSSE, Wis. — Glenn S. Murrie has become?; associated with F. S. Moseley & Co., 125 No. Fourth St., Mr. Murrie, who has been in the investment business tent of next year's expansion, de- for pending only in part with Cruttenden, Podesta & Mill- er a upon tax cut is assumed or whethnot. For er many years, was formerly and Carter H. Harrison & Co.. (207) noyed by the tactics of FROM WASHINGTON measure. members *T - small a over ' - tax a would limit individual BY CARLISLE BARGERON the cago) Municipal Conference in June George B. Wendt (Vice-President, - - i • If the majority clotUr* rule is >chairman of the IBA Mu- * ad°pted; The has House restrict the Rules already voted to of the House powers Committee, be t its curb +n fight in the Senate to a practice unlimited of debate. And the President is being urged to step into it. The Senate has been pretty much of a rubber stamp for Mr. Kennedy it as majority to wild run in the Se"ate ZU1u be 3 body. It would become The fight just another cog in the wheel of executive Lower House. in- thereby dmt-'butwitwnTfew day/there V •n will a control. "icipal Securities Committee, and Mr RusseU M Senate the is Jr. and' (Vice- Company IBA Chairman • or On S )majority vote by cutting it off with a three- Municipal fifths vote. off with a It now can be cut two-thirds vote and this was done the Senate last once session when obviously was is an- become 1 a Dorothy Rafkind will limited partner in Raf- kind & New York Co., 5 Hanover Square, City, members of the New York Stock Exchange. as Chairman of the Programs Sub- will be held in Chicago ence June 19-21. + Registration „ forms and a11 IBA members in Kirtley First on of Mr. be admitted to limited partnership Arthur in Charles Plohn & Co., 4 Albany (Vice-President, Boston Corporation, The Street, New York City, members Chi- of the New York Stock Exchange. get most anything he asks for. The filibuster but word the saved vised is not the over country that legislation has it has ill-ad- much legislation./'And be C recalled popular a years it cannot important been* pre¬ any ever vented by.*a filibuster; The argu¬ ment put liberals to forward by the so-called is that it more civil rights legis¬ now secure needed is lation, but it would apply to any legislation. It is serious question. It raises a constitutional a legislative UnitedStates the under are executive the the judicial branch of branch and the problem/ The branch, independent Government / fundamental and law, its with each specific duties and responsibilities.. The President may propose legis¬ lation but the Congress makes the laws. Indeed, important legislation in the has past originated on Capitol Hill rather than in the White rHduse. But in these. Jeter days of the Republic feeling has a grownlup that all important legis¬ lation is to come Executive and his relatively small of braintrusters; group have must list a before be House • that they "must" bills of Congress should Chief the from and they that put / through both Senate and possible, -no* minority the quickly Jas as may matter what < the feel about thesp, bills* All pf this is marching to- ward does One the , .. towards halting such move advance on. a man in the White man a a / House. He government. have to be horse—just, ./ . one-man not in one-man adoption amendment of power yras constitutional- a limiting President a to two consecutive terms of four each. put through years after It was Supervised trading hours: man—President Roose¬ one another way the New York Stock velt—had been elected four terms Chief Executive. Had his health as been better there is telling no how long he would have served. This step was taken deliberately and neither President Eisenhower President Kennedy has urged nor its although repeal has stated once think didn't possible for it a Eisenhower twice or was been done two The call comes pressure ends is as change a in so-called which have to be served. the closing of from many groups has three times. or for Senate rules relating to debate It his influ¬ use to select a successor ence cial that he wise. President who has served two terms to , the Federal legislation, priation they Senate. for the put an unlimited to you—if the so- in the debate This would make it easy' majority to ride roughshod in the Senate and the the appro¬ have power of the Committee-makes checking of House it Rules possible ' hik ,o Not many Exchange, activity. ' A'"' ^7^'h^y ^ !* -; ,*-\v-A\;y ;w ! for owners of American business or convert their securities readily into cash. You start things in motion, of course, when you place your order with your local Member Firm of the Exchange. minutes ago the floor of the New York Stock deep in silence above, was crackling With More than 2,200 that has made it men gave one the room the electric vitality interesting places of America's most to see. What's happened to them? The closing bell has rung. buying ancLselling of stock in the auction market stopped. The marketpad opened at 10:00 in the morning, At 3:30, No member can transact business in listed stocks outside the auction market without Exchange rules for Member Firms now or at any hours other than 10:00-3:30 permission of the Exchange. spe¬ Government— end fair and orderly market. -my ' > Every Member Firm is expected to meet the requirements of Exchange rules for maintaining adequate capital. Firms carrying customers* accounts must answer at least three financial questionnaires each year—one based on a surprise audit by independent auditors. The Exchange's examiners also visit Member Firms to spot check books and records. All Registered Representatives in a Member Firm have; had to meet Exchange requirements for knowledge of the securities business. Today every new applicant must pass a written examination/ The They, be¬ through and 'what can called money a One of the vital jobs of the Exchange is to provide a marketplace through which millions of people can become ; V'- ' Exchange rules for trading lieve they can get what they want from to maintain Exchange endeavors | There are many rules and procedures governing the buying selling of securities on the floor of the Exchange. Each stock is assigned to a specific trading post and transactions can take place only at that spot. Other rules apply to the / member who executes your order. He tries to get the best | price available in the auction market. Normally the price of the transaction that follows is reported on the ticker promptly J ■ and sped throughout the country. : and a Chas. Plohn To Admit but, by changing the rules of that • about As of Feb. 1 Elston J. Tribble will body, the President willbe able, to details i«rius anu aetans on the proSram wlU be mailed to They also announced appointment the E. w Conference the second IBA Municipal Confer- , Feb. President, Chemical Bank New York Trust Company, New York) of /hange the rules by either cutting To Be Rafkind Partner f"b-Co"5™u4ea an?loun,c!,d tbat °ff ^b^6 With Arrangements and month. Philadelphia), the to Ergood president ^Stroud Inc., in on The First National Bank of Chi- Committee. • different as)' Chairman of the Sub-* Committee each Senator, v +1: t* of power IBA At1'-' . Any further limiting of debate Ahead of the News' ... of group 15 objective of the Exchange is to maintain high stand¬ integrity among members and to promote just and equitable principles of trade. This is why we are aware of the ;e market importance of keeping the efficient, orderly, dependable and fair. ards of honor and Members New York Stock Own your share of American business . 16 The Commercial and Financial Chronicle ):... Thursday, January 17, 1965T (208) most .5 urgent task confronting the ^ Congress in 1963. ■Pf an ■"■■■ p°se sj„_i Congress to cur individual income iax 65%, and corporate rate to 47%»;Over a >nree year period. State of thr Union Message includes these points; (t) estimates a $13.5 billion tax loss or. $10 billion bet. assuming certain tax reforms; (2) avows the contemplated temporary increase in debt will ultimately end it,r and: (3) declares the budget will be a Executive importunes » • « I6.V, ... *•/. "**'* reduction results dividual ; , in / .with Ct increase the tax penditures—I deficit mit will ^ ( < but can shortly subadministrative 1964 fiscal a budget which while allowing 1UI uuugci Wiuui Willie diiuwiiig for bracket Two and one-half billion heeded rises in' dollars results from reducing cor- ' . _ in* ultimately end it — and in recogrates,* which: now nition of the need to control ex- syin ill Mic fiv.owj.fc split in • the present A* A K>v first a tiwiui i charges. . from ,reducing sensible range of 14 to 65%* more £ • In submitting a tax program whichf will, of course, temporari- between 20 and 91%, to a range but — Budgetary Restraint : by $13.5 billion. Of this,-$11 bil- ly lion T ' --.r ye^r'c jevej In, all_areas other .fhan 7r7 sjiace, defense and interest rate permanent expenditures «\ ', message,-1 fchali- pro- early taxes which will lower: liabilities rates! range to 14% to kept below this Over Thrreo ^ea^s ^ ^ in cut fixed defense, space Kennedy's contributing now- to their - "MnrpAv«r lim_ if i m ? rratmrv tf :np. chnrfatm Jp_nrp_H ,hnrta<yM «f «i,rc ar)j and nJ modern fan<iMfoa ■M'ArAi-.r fnr tipaH• tax reduction d a n tax - In declaring IHHIIM mi—in week: area be i nomic eco- fl M and more then ■ lem; Mr. Kenout the jon | reces- fgvj . that however, eco- our nomic growth pace is hindered by obsolete "our is tax: system" responsible for. arid persistent our high unemployment and gap our between existing and full production the and -d terrupted economic- recovery. He argued, . Tb achieve this reduction the limits bf at > But /i^riinino - of sence war j growth. We have made a beginning—but the most of come billion a In the postponement or reduction of 'more curre'ht time schedule, ^program, by procedures and other savings. He of long the of cause still fiscaiiy America has enjoyed 22 months gram—the of uninterrupted economic recov- surest and who borii are f ' our onnortunities everv to need we strengthen nation by protecting the basic our rights of its citizens ^ to vear p to competent counsel h And . the most precious - and , Fhis country eannot afford to be materially rich and spiritually PPor.': pro- other soundest 0f achieving in time a bal- way nrovide Third, however, The quality of American life powerful right ^^t- keep psce wtth the quantity right to vote in* a free American goods. j, election, must; upti^be. denied to higher Federal revenues. .g responsible to alone, to strengthen , in a enough na* ' our ^ Terms Recovery Inadequate productive personnel, more For-we. ' of mercy custodial institutions too often inflicts on them and on their famihes ^eediess cruelty which this, nat.ion should not endure. The. incidence of;mental.retardation in this country is three times as high as that of Sweden, for example -and that figure can and must be who are born every y ar,..^o must be assured to every man ac-?. J5nPr®ve *.e ^lves of the 32 mi - cused of crime m Federal Court, of ncwertv ^ regardless of his means, will in time result tional income, - ^ ■ ^ u retarded to the grim t>!a - ^ year, tax the- renewal of :-oiiir«ifnationalaThiS' combined ; and Congress. reduction gocietv tax - !ia- bilities, by gradually shifting the payments of large corporations to make gains*—to trans-sito our 5 d wUh0ut w change have only begun. we our-national purpose.* programs Tax ttfe absence of recession is not mere sev- ptobthis lead for ,jg not lighten certain* hardships, and m ^0ffsef'^some $3^ billion of strength into the achievement bf creasing the amount desirable cannot ! the mentally ill and the mentally in structural changes, begin. pbace>farid substitution of private for public from se- The mere ab- the revenues loss; and third, that is not peace. The budgetary receipts at the outset be Jidw thevtime has hop'eB^disee Fed- with ^ax base, end unfair or unnecessary preferences, remove or +A to be satisfied coupied ^^ :freedom, if we ever ning in 1964» which will broaden Cease to set the pace at home. reduced.. urgent! . . cannot we be increase the capacity of bur years ^dical schools by^0% and'our installations and proj- year's ^ substitution •ects^and v «L iil " S ' Finally, and of deep concern, I believe that the abapdonipent of iast 0f ^certaitt rates;- second,-that reductions the burden heavy consistently pace within itaa*>! ^ Federal par£ a.manageable budg^.• erahprbgrams of private for pub- credit^ in' 'several programs, from ]arge ^bfiiiori^at^hi®^^ these^iem^ tim, annual ana rest here. This is the side of the eral economies resulting from 'the , late many cor- hill, not the top. capacity. The President . nome flected « , botn has been lone iinin- ftf vpaw short, | J F Kennedy Frcs aIaca . in cut w ln behmd fc factunng^ have we billion $2 f:n„.th<f ^ ' etary : deficit, r- urge:' first, that lie;credit: But I am convinced that ol the in nu- thegG cuts.phased over ^threel,the enkchment this year of tax caiendar years, beginning in 1963-ieducfe tax reform over- til humming with activity. pointed nedy desirable p.adm^n and depreciation reform../,; *..A is out more n- prob- ternal than MM hours; our industries are turning our principal more more The average- more than 40 factory work once'again ago* - to million a ^ men and women are working toporate tax liabilities resulting pay rajse through personnel and day" than were worjung twa year? from iast year's investments^ ^^it^btor^ economies—the termination re- tax Well over us. p7<^ be- the recession is home, hind form. the At . urban urban +A . ti-ia a# f - H un p„ homes for +v.a rmmreo wHHa H ' >nrm+ will ranri.f t fh_ m:T.Q«ioc A11r research mpdl>fli interest charges, holds total third own re- tirement health program through the Social Security System. and State the Congo. The doctrine of troika p0rate tax rates, from 52%—which expenditures for all other purof the Union Message to Congress is^ dead. And, while danger con- gjves the Government today ar poseg below this year's level. placed' at the forefront of d°mestildes, a deadly trea as een majority interest in profits—td the ihis requires the reduction or tic problems facing the.economy removed from Cuba. ;• premanent.• pre-Korean level Of bostnonemeht of manv President Our working men and women—- thatwend- is not in-V-view and to instead of being forced to beg for waitVfor it would be; costly and help from 'publicT,charity ' once ^ self-defeating, •**'-* / they are old and ill—should start ^ In alent . : Billion Tax,; r '. Ghie1> ^ n 1} ' ^ citizen oh grounds of his race I wish .that all' qualified; Americans permitted to vote were any or color. w^big to vote — but surely, in this Centennial year of Emailoy noiamg ^wn^ine cipation, all those who are willf.*®" ing to vote should always be perCPt it « hnfh hiitted. Nonpostponable Measures T, » uiaSd ?r \ b , n ery.^'But recovery is not enough, anced budget in a balanced full If we are to prevail in' the long employment economy. no ? nnodefense measures we can only run, we must expand the long-run rp^g net reduction in tax liaejbie and to adont Fourth, we need to strengthen ignore at pur peril encompassing strength of our economy. We bimjes 0f $io billion will increase other new measures that we can- bur nation by; making the best our youth, health, civil rights, must move , along the path to a the purchasing power of American not af>ord to nostnone and the most economical use of transportation, parks and recrea- higher rate of growth and full families and business enterprises ? its resources and facilities, tion, and storage1 and- stockpiling: employment. w in every tax-bracket, with:the Qur C ' 'LkU' ■ « For this would mean tens of t t • t or i a .series of fundamental premises, -.'Our ecOnomic^^ health depends economic- health depends tax • details of tbe bmions 0f dollars more each year income consumers It in ad- grouped under four related head- bn healthy transportation arteries; President s however, warns, certain non that there postponable - are non- . ^ + r* -J + ^ duction and reform fpntativelv tentatively, from tax re- expected are Tan Jan. on on 24 a 24,,. a week ' of part rtnedy's State President of the in pr0duCti0n, profits, wages \ Ken± ^ fn-> pnd thp persistent slack ■ above or 5% months—and for an out end to by asmuch v ' . T a . the-offlcJof weeks ago I assumed President Congress witnessed B Thesentiie in recent heightened respect for Com- months our the united calm courageous people in —and of can the our citizens—I but youthful. Union, the world beyond steady made in building a world The people of West der. remain both settlement, ous, The been those in has has progress free and though need wc to neea in-' our nation youth; by mi strengthen sirengMie investing in our . that.ameasure +Wa for v ^ v . t^ f^^ - , vax reductl°b and re'°Tm.1S the tent of his capacity, from grade No doubt a i resnonsible for been reached Berlin A precariin earlier years, instead- It f0ld; of agony may The be in sight in doubt i g our u fnll -a + tax^: « now nnnriata. pressures war of the the time when be timid act. or ! Federal * inflationary war and post- longer threaten, and years no to and ;'ob seekers need j°bs- use chronic causes the dollar commands our the , when Now, new respect military crisis resources—now is the no We >Work should^l^in^nwant^d should all remain unwanted cannot mass transitj as essential Local- faring-even worse^ is a community servicer hospitals and highways. Nearly three-fourths of our'citizens live as only zvo ot our land—and if local arid afford to slow. For this is the i .:. ' '' And, finally, there some a are no doubt who would prefer to put off tax mately would cut an in the end make to hope that ulti- the Cold War possible an equiv- ^ * ? V >'j %Next> thl* Government is m the n . , storage and stockpile business to the melancholy tune of more than mUst continue to support farm income' but sbould not pile more farm we sur- °" l0p °f the $7"5 blUio" already we tain We must own. mam- stockpile of strategic a .1,; Finally, the overseas success of terials, but the $8.5 our Peace Corps volunteers, most have acquired—for ma- billion we both reasons °f th?m yt°^8 me« and women good and bad—is much more than carrying skills and ideals to needy people, suggests the merit of a No doubt tax reduction without similar corps serving our own ref°rm would sound simpler and community needs: in mental hosrnore attractive to many but our pitals, on -Indian reservations, in growth is also hampered by a centers for the aged or for young host of tax inequities and special delinquents, in schools for the ilpreferences which have distorted literate or the handicapped. As ^be fl°w of investment. : - .s ^the idealism of our youth has * assistance cLn pluSCS energies can -.u corporations need customers ef- recurrent our and decreased regulation. one million young Amer- $16 biUion. We a No doubt a reduction in either ^;<7Ua- '1or corP°raii<>n ^^axes in extra invites and ^ checks growth 'u distorts It resources. cut A In- addition, there is no reason full opportun- why temporary a 1 obbort.uh o- inflation recessions, depresses strains Viet Nam. it ris^; and —now, in ^o employment. ' discourages revenues, or- W 1?- bVufa^o™ p^ mr?coT„+wV v streets when their ^^etav°°T no purchasing irp \ dteg f *PUt to g00d USC' Budget deficits. of e^en UmiTd T o bor- secure^ still ,• *nA increasingly clear-to are and 1 believe the way to a more m°dern. economical choice of transportation service is "^onai transportation service is through increased - competition !fh.°o1 throuf fad^at« sch°o1* the congestion of these cities, it massive increase in Today, an estimated 4 out every needs Federal stimulation and m. soiete tax svstem exerts too heavy Laos, of , on'y w.ay *> achieve these goals'. revision Tucc~at spearpoint of aggression has blunted A^Arfc government, business and ; labor who been our ders, end in 175th year of its life, is good, In For it is perilous hour; power: profits and a steady Designed to check a report to you that the state of old rirst, w 14^ start of in- greater sains having observed well-being of this more First and cabacitv , other nations. a improvement in the opportunities and nrodurtion 'n8s: } ^ . and wisdom of its citizens is damhourlya"d lrreParably damaged, Federal income taxes. na- tional purpose and power—having seen free our ^ and the-people have given in. good measure. And today, having, t tme week, Aiitv and dedication. ' whieh 9 fcnieYe tnes^ greater gams, «Federal spending^ could / alstx 10 students in the 5th grade will myp country- one step above all, is essential- ;create jobs andv growth-but, in not even finish high school-and no.e?y abswer^.the enactment this year of a sub-^da , tti private>iconsum- that is a waste we cannot afford. asked—only toil stantial reduction fen' Lpl/dgei pledged—and gress compete with To achieve these '• and I and to <>n system depends—induce v spiral wage-price siA^A^«+ In seeking the help of ^ the new - _ iskinc of dress of Jan. 14, 1963, to the join# measures as the 35 hour session of the 88th Congress deal- which alone could increase the domestic economy lab0r cosU joiiows. . 62-vestment, production^and capacity y«utn. .. the grow- USe belp„ provide Jbe ^ 0 , ^be future of;; any...country restrictivedependent on the .will 61 lor such pressures . and risk-taking on which4our tree nAr«?iqfAnf whlch has kept unemployment at ad- ing Union wil? anC/dltion^ encourage the^ initiatWe pUblic revenues. It wouldmean week today; That h® t w the way of in ^ i Supporting^ bluepnnt proposed imnArativeS served .world . peace, so can it serve the domestic tranquility. ;jl Second, our we need to strengthen nation by safeguarding its health. , we need; and in should we be to dispose of the powered which ;will ways em- excess not cause market disruption. Finally, crowded creation many j£ we future already our national areas no£ over- and will have twice visitors 10 do parks years pjan re¬ as from nowj today for the growth of these and other great natural assets — not only parks and forests but wildlife and wilderness preserves, and water projects all kinds—our child- of Volume their children will poorer in every sense of the These are not domestic alone. For upon our cerns ment . Commercial and Financial Chronicle The . . (209) * and ren Number 6230 197 of be strength at home hang • Inconsistent Profits BY WALLACE STREETS Good quality rails arid / utilities ■ ; continue t6 attract income-minded $ Jmajortihdustrial companies, Allied and Chemical and United States Rub¬ fate our prices. These other stocks include sonie 4airlines iand i. electronics.' LBut volume also joints up the inconsistencies of profits. Jwo con¬ achieve¬ vitality greater The Market... And You word. ber, and future in the worlds—our; abil-? Good news continues ity to sustain and supply the se- More significant is the report to over- have both reported investors. Rails have slowed on higher 1963 illus- shadow the bad news as far as that steel prices should rise selecWal1 Streeters are concerned, tively within six months. The in- trates why few analysts are curspect for o u r leadership our /Recovery remains the dominant* creases, expected before May 1, rently recommending tire stocks, ability to expand our trade s*gn °f the stock market while should also signal better "profit Rubber sales passed the $1 Without threat to our balance of optimistic predictions f<of the new margins for the industry. ,, billion mark for the first time payments—and. our ability to ad- y?a.r are stiU fresh in the minds steelSj one of the hardest hJt last. year but its-earnings will curity of free and nations men ability to command their our of investors. Cold War competition and chal- *' *•1 •'•••£•• ,/ *' could we segments in of the stock market economy. ' tasks do freedom's survival \ cess. and ? along this recovery road- di- New Bull Market Ahead? . tax course cuts- and strong capital spending iny the second . v " ' have ' iv;' tv ••••• rr*-' o m' " A shows \ 80 points, but certainly few increased salesjor the first KICLJ O UX U Cti-XUCl*. Uvtll X V7i VA dilVA .n D«.—i—.'. 110 days of January. Both Ford ahd Co:, 50 Broadway, New York City, Chevrolet note record retail marksi .»;v ' -• '<XV ' OP CONDITION 50 Broadway,, New of ' business published in of to York 4. on N. Y„ December accordance with excellent11' showing highest for auarter nroiected * Cash, balances banks, and °us year. aii,-^ Oiork ,.^y „,1+ Ue, n> IThe views expressed in this article do cash States obligations quarter at other items a Obligations of„-States political subdivisions 3,582,763.66 premises Other owned, and uals, porations— Time and —_ (including savings) of and in re- ' officers'checks, timeTnd savings , Pr_m_ -u4bjut1es1:..: ■ 3,318>061'61 $48,830,021.27 Accotmw- of active * •• tivity. Although the profit-earnings ratios look better old favorites Consider paper, have could on rough The Legal Aid Soci¬ of 0f recovery ' immediate the Savings darlings letter-writers. barely half the the of the of one Market Now A .around ..3.0f its 1962 Boston-based high blade < of v of a and is 918 325 09 y 9" * ■ year Estate Board, a member Mortgage Committee Real Chairman of Estate $4,218,325.09 capital accounts __ memoranda can be significant in certain stock 1, areas. depressed issues, buy a is encountering recommendations . Serving de¬ The Legal,Aid,,Society, fourided provides legal advice and representation to persons in New at today's Society served more than cilents. ~~~~ President of the Security pleasure when it invitation comes to extending to attend- our to you Its ' 1 DINNER MID-WINTER last has signaled profit- January 21,1963 General Motors has proved less i. less •,. , , .. >, for the .. , , , , in Gold Ballroom „ seems Drake Hotel Bear, Stearns & Co. quarters. • Chicago, Illinois Steels Help f Meanwhile, the demand for more { cars - FRANK X. CUMMINGS . some ? / ' year, . attractive ' 7 $53,068,346,36 ; as Traders Association of Chicago is a an recommendations. Ford, also nudg- has strengthened the appeal for- steels and other allied iridus- iMake yoyfi Hotel #e$erv(riion&i1toQughxThorm$& Brown Brothers Harriman & Co.x135 So. La Salle St., Chicago, III. : 7 , tries. Steel output continues ^ to4 other;purposes^i,i^_ii^/$is,pt3,457io6 iriiove> ahead.1 Fart -of this gain is aaro °aafter deductioS" o^xe® w u . ^ ; i22.585.96 are^afLrededlctiZnoabr^ of— f. attributed to Jnventbry building1 piombino, Auditor of apparent °f last t0 beiiee,ct *t0 rhe best of my knowledge- and nicholas f. piombino christian w. b. v. Directors tamney — ★★ The CHRONICLE will publish ★ ★ ★ ★ But it is also inventory summer and erosion fall has tons last week weeks nearly 2% represented estimated and pushed higher capacity. to a special picture section on Feb. 7, 1963. come an?nd '■**; most Production of nearly. 2 million four korell sumner ford joseph that output 61.5% For 25 Park advertising reservations, write Place, New York 7, N. Y. or phone Edwin L. Beck, REctor 2-9570 — area code 212 the third weekly increase in the last Correct—Attest: ★ iri; anticipatiori' Of ^ labor^difficul^ ^ ties this summer. 191,066.60 ____ of and Com¬ in 1876, is the of the mittee, Savings Banks Association of the State of New York. WELCO IVI E to ^Icm^^llbiiS'Si dfS Nicholas Board the Mortgage continues lows of of the New y watchers. a Surveys rose although its fluc- chart (38%) /. '« 4 total liabilities and i, presently with the mixed past Bank Committee of the New York Real 55, maker York New member of the Economic indus- course, from the iis high ACCOtlNTe serves v is Ramsey York ^ Gillette, spectacular but continues to draw • $2,000,000.00 r Savings Mortgage and Real Estate Forum are relatively narrow, -i value Undivided profits v:-;' f of Chrysler continues to be the favor^e Capital: Common stock, total capital President arid Broadway ety's 1963 Campaign. President , '* total of Bank will head the Savings Banks Mr. ■ par trustee A Deflated Issue othefSrtmiiTc;:::—'25ma67« Sklng^tbuyets appeart0 have /"V,..: ~ the upper hand. »' l..■;v v(" _ a Division strong favor, and Ford holds a remains po- $48,577,858.83 totai, more as ar??ult °f ^e newly revlSed dePreciati°n allowances. large following. American Motors 248,905.88 603,438.88 Total Norman C. Ramsey, ^rlng highly appear on General Motors ton'5on!::::::; "SliS tuations certified and (b) Chrysler, rooms. 6,759,538.86 Government De'S to post"tax dollars down to the Undisputed champion of the board savings deposits of States expects ^ sledding. Com,in of the Legal AidCDrive Their stocks have ignited, but to gree. $21,578,195.23 partnerships, corporations Deposits of United States of Hodges, those contrast car makers buying public. also ' cor- and Deposits panies, Gross Na- former making , gains. are Secretary as ■ miH10n last year models of Chrysler and new the other major individuals,. postal would have definitely-caught individ¬ partnerships, and The ? $53,068,346.36 — deposits of . . presented are time coin' try^ spliedhled increase uf'7% for 247,453.61- liabilities Demand , have at any of the "Chronicle" analyst. the first three months of 1963. 23,624,315.77 260,704.11 assets hike will real those $7 billion, added that lability anew rather than coast on York- City who ;cannot afford to 1963 could see an overall gain of old performance charts. pay even a small fee to a lawyer 5%- This Sain,.while not startling, Gillette, like - several other- in private practice. In 1962 the GNP Three, a . the necessarily with none, fixtures__^_ assets— total , discounts ( includ¬ furniture output sharply to the overall , ing $516.25 overdrafts)_!_ Bank This 19,464,835.66 capacity rate 82% higher than motor industry regarded and Loans and Big according to ago, year $5,888,273.55 and . a in Government direct : guaranteed of -the termed is not They Ifirst ^porting. that the ^urtH :,quarter will have to prove its earnings volume. has scheduled output for the first of collection. process United with relation absorbed. duction to poor .excess, merce by ASSETS of the mid-sixties bull when tional Product and industrial pro- even are advance week is stronger that made the Superintendent of Banks pursuant the provisions of the Banking Law of the State of New York. control yA^|daIso^ its cap- To Head Group in Evidence from Washington this Al¬ years. well-known, indicative cpdl<l bt its more 1962. call six new most though its thin capitalization and at the 28, a its volatility <• Ohio decision. . The base for a new bull market But profits for investors seem to would then be more solid. This-hinge more and mOre on selecstart January. has been recorded in the progress of its stock. It has surged past 85 OF Company of Chrysler's i "Underwriters "TrustK / close third first Chrysler the Current Favorite ,,, REPORT the for Muriel H. Lang to limited partner¬ ship. J « Jan. 24 will admit on offi¬ , more been members of the NeW Ybrk Stock Exchange, no signs of slowing, especially when than 100 points, or barely below all members of the Big Three the 600 mark. i Stout'& Libaire production highs, accord- new lng to the concensus, await a relatively minor correction, possibly strong foundation. a -Auto Eisele &King To Admit Eisele & King minority. The * a new sue- \ ■' strong that author only.] corporate the on And not Chesapeake a skare from $2.33 in the previ- ence a revival of investor interest this/year. provfde thTver"/ foundation .Meanwhilette;eyldence;motoite bull market' could they for domestic ing cide marks new surge experi- may rem "al These feel backing for mergers follow¬ the Baltimore & Ohio and **on *r01?v million in i961. Meanwhile, its profits fell, to $2,15 slowing, each years, Bu» " als0 P°ints UP the ap- half of 1963. . , ; . nothing our opponents could do to Parent underlying concern of Wall;Street appears buoyed by encoriraife^ their own'ambitions many analysts that the time for promises of a tax, cut, but. also 3d encourage a Profit-taking may be close at •««*»*.« economic upi much as a lagging U. S. economy, hand. surge. Analysts who look for new booming U. S. cial iustrates how far we have come dp ?to who major earnings a Sentiment continues of the established. earlier this' Week' il-' whole economy, is :also linked to wnniri hpin would help them half as much as a declme of 5 to * iflfiT f those bit a strong a the rails will also get more This revival, depend- the last five highs. An intra-day high of 680 ent in part we Nothing ' / another Step in the road to new ^ sha?1 be judged more by what doat hpme than whatwqpreach abroad. ' . from will show ° ' Allied Chemical also boosted its sa es *n *^62, UP nearly $30 mil- be 'v,' t. . Although the advance appears to lenge. Kr ' retain improvement. re- just to the changing demands of but average following sales for 1962 but lower profits. U. S. Rubber's experience 17 :{ ■-r:Ad^ will be Inserted right in this, gala picture supplement. 96,000 18 The Commercial and Financial Chronicle (210) N. NEWS ABOUT Y., their at approved I BANKS AND BANKERS A.v!-♦ ".'-.v. 1 . '• '■ I '(• l'• v' • !n'l "* .• r» • /( '"-'J ». * *- '* **' "• r*'K .'.J'',... I is-.i'V.. 'i-.-i"^V1 Jr. j'i / **• -ji *' " *•* 5% retired National Bank of Toledo, Ohio has James J. Saxon announced^ Jan. 8 by 93,485 enable distribution of Vice-President of the a Manager of Branches Hew » ■ „ v ■ New ^Officers, etc. •: The Walbridge bank is expected 77 ized later by the directors on the . jRevised Capitalizations • v , to have its quarters at 407 North one Main outstanding and Share for every new St. ready will.be.February. made^on Feb; ISi- to; ^ockholjders , V phy as Vice-President a dents. the of Bank and Trust Com- Federation York announced Jan. 16 Jan. L. Pindar the Roraback, President. Mr. - Murphy York, Nevv ❖ rience a asso¬ the ' ' r-'; ■■ Chase » • Bank National The Douglas C. Murphy ■ about Feb. 21, record 7 ■: ■ Bank X .■ ^ ■ * 25, This would in- In his the shareholders' at Trust, he will be in charge of the Coliseum Office at 10 Columbus Circle. ' , The -if ' James J. the of Saxon share Cur¬ held. Jan. 8 on National York, City York, New tional' City Bank, Jan. First and to Na¬ 1 The r* >K - \ "i 1 Co., New Bank Ross Chairman to B. Vice-President Stockholders of now the on ^ {<"" ** be held on Jan. 22.. currently capital C \ ft j, . of ■ * 7 A Hanover The elected York, Also Bank the u^a^Gcwt^se,'curity ^gs. umSvic? profits the of Warren, Cashier / . The has- 700,802 stock ($10 Vice ^President Concord elected * The State .! Bank, Albert C. Christie and William J. New Moller, Vice-Presidents. neapolis, Minn, elected Donald S. Illinois national Clarence H. Kroningi Vice-Presi¬ June30, '62 62 698.°68.°66 513,130.789 i ❖ ! Kenneth »;*• ., F. Foster and , . Emil Joseph H. 29',63o;278 i5',762:297 fred C. C. Middlebrook were B. Happ . Presidents of Chemical Bank New Kroner and \Villiam B. Barton adminlstrative Vice-Presidents, and York Trust it Company, New York, Harold man Helm. H. Mr. ^ T" ,s «» tems Department Mr. the Bank's 20 in Check Pine ; ? W.- J. Fisher Operations a ;'7 , , • National Dec.;3f, '62 Brooklyn, I Alexander B. Lyon, Jr,, N. been Vice-President. elected Vice-Presidents of Chemi¬ Bank New N. pany, bank's York Both Y. Fiduciary Lyon in the Trust are Division, Trust The Bank/ the the J. Puttre to elected AV Btepelton/ and Law- Brook the Trust Department at Corporate " . * * f- as Director a of The .Marine Company * of Ne%W< r CORPORATION TRUST COMPANY, " - To*al $4,763,690 $6,078,181 resources. / Eeposits Cash Sept. 28, "62 ' and r 729,136 7. iroin banks.-: V. S, Govt, se' 1,582,641 2.317,311 curijtv profits * resources__wi. Deppsits Cash and _r„x___ banks . S4 due 7.._ r 219,471,810 .5,888,618 Loans 56,137,867 ecutive 19,464,836 proposal at f their New Andrew Ziegler Hertz, and over $15,- 7 Ralph ex¬ year-end "• Italie assets $264,000,000. cash¬ Senior - ■ • "■'1 Stockholders Trust of y more * of Company, than n. Dec. 31.6!, • « . -The : . „ , „ Trust & Co., The Director. a * »• Comptroller the of Cur- approval to organize I°wa- y * x7,,, A The hew bkhk will have ar{ initial capital structure of $500,000 will 5,368,542 * *• Harry ( M. ; Hunt,, tax ; Vawter, Savings * * First! National - The Comptroller the of Cur- rency-James J. Saxon announced Jan. 8 that he> has issued prelimi- National^Bank in Davenport,Iowa. The bank will have new an in- capital structure of $400,000 and j;; elected III. will be C. Laury * under the National^ Bank of operated . Davenport." Director/; a - 1 * ^ ine !ls ;!! TTnitpii Th<^ ^ ,« • , Stafcu unwea National banking iceeding Fred M. tired S. division,, sue- Naber, who re- Senior Vice-President in as C. Randolph Everest a Vice-President" and William dent, Brittain's former po- assume and; gition: assistant administrator of as tinue division, and will heading the con- commercial banking group serving customers — Director. a « Robert C. Suhr, Vice-President, will and Vice-Presi- Parker, elected was Officer Trust M. December. was, pro- .| the national * First National. Bank & Trust Co;, Oklahoma Cityf Okla. elected 'Brittain.will.be in charge of the national ap- officer, Jr. * con- Company of Chicago, I1L - was The Jan. -7 * '• the of Cur- issued has he National new Bank pre- organize to a Mountain in Home, Arkansas, x v7 new'bank wiil The * that liminary approval eastern states" * Comptroller James J. Saxon announced rency have aft in- itial capital structure of $300,000 The F,rst Nati4maiBank of chl. anar wiU Tse operated under -the • -Gentral-Penn Bank of . - cago, 111. announced the election' title''First National Bank & Trust of Austin T. Cushman; Harmon S. Co»Kof Mountain Home."- : • r* Philadelphia,. Pa., elected Eberhard/ and Robert D. Stuart, * i'-'V*, ri The v and Illinois National Bank and Trust were John and ^7-.-.. • Des Moines.". 5,064,205? ; v x M. . trust a the jxawonAi Berford Brittam, Jr., was elected Bank of Omaha, Neb. made Dennis S| , Senior Vice-President in the comj. Cortney a Vice-President. Bank oi-^ercial departmentof Continent! !i; - named Cruse, V^.Wickle. Frederick operated under • State officers S. be title "First National Bank of East Sttore National Bank, title; "First * Vice-President. Trust a new National^ Bank in * Dee~ Moines, itial , „ Promoted to Vice-President, in- Clinton * 2. Chicago, * National Senior " * Trust of' The . holdings -55,208.212 55,168,734 discounts 174,628,186 157,541,421' & « title Jan. j. from Still, Jr., National * i lze « the White a • new 77 ' County Plains, Harold F. as - The , new • '.7^ . a " # X, the as initial • 7': - * St. company Fred B. * * x: ; X Charles H. Strayer, who recently Cash and /XX-S/'x commonwealth, michigan . curity Dec. 21,'61 holdgs. undwid& proffts named'", six Mo., announced 49,752,716 220,748,159 187,051,927 7,766,334 6,192,587 were of and x J. promoted the 7. Marion to Vice- company, x 126,464,961 184,805,636 Engler new by David R. Cal- Boswell P. Presidents 362,424,760 51,061,068 F. $396,912,932 W. a due ^f1jmg^kss;: was - officers at its meeting, it houn, Jr., President. V $504,714,842 capital] Louis, - Bank, 468,294,548 an structure of $1,530,000. -, • Dec. 31, '62 "Security National Bank of Roan- -X. * detroit, bank,* to be known X- elected of bank ; * National Director. v; by Comptroller of the Currency f Th 111., : Mattingly, announced Jan. was * Salle La Chicago. National Bank in Roan¬ St. Louis Union Trust Company, 7: * ; . James J.. Saxon. Directors. * * • oke, Virginia, 8 and Directors. 7-. oke," will have ; • * . State u.^k8cRm^eit -^^54,427,667 51,998,180 Botthof Security National Bank reported Vice-President and H. 1962, First National "'SST.ms 000,000. of ex- , under the name and Security National Bank. At year-end all Bank due shareholders Bank, reported assets of 23,624,316 918,325' Vice-President; stitutions * Merchants Rudolf ' the on committees. trust * Bank of West Chicago, effective " trust co. and a «-x v National approval of the Comptroller of the charter of profits York elected Security 6,307,841 * The ington, L. I. and verted into a national bank under liary -approval to organize a new i3i 752 vlh,e.tNa^"akStte ,Ba,?k SmT S .'n'iriti Thomas T. Dunn Director. $60,6i29,886 Currency, lyould, combine, the in- 5,888,274 discounts Undivided 2°5 the new jersey bank 'L" The consolidation, subject to the W;- Wilson White ■'' f\ from holdings Na¬ annual meeting, Jan. 15. 48,577.854 . First . The 66.136;772 Bahk/Wesf Chicago,'111. has •73,003,781 discts. profits cash and Angell, Stanley D. se- consolidation ; into' Security Na¬ tional Bank of Long Island, Hunt¬ voted -orL the Government security ier,; & - ^otcd to trust investment officer, 950^154 $53,068,346 1 'U. 53,783,535 tional Bank of Southampton, L. I., voted approval of the proposed eoo.igo : * underwriters trust co., new York ; of d:he 464,144 ' Y: * Toiai Govt, pointed.; v 600;216 holdgs. XJndivid. *J? Stockholders 3,813,977 due ~ y., »f; ; - NEW YORK ' ;' Garden City; N: Y.': . Trust Dec. 28, '62 • ; Arthur"; M.»' Cromarty has been appointed to the Suffolk Advisory Doard of Long Island Trust Co.; * York has been announced. :' 315,162,692 vestments,, was Owen F. Riley, The election of F, Leopard Bry- Midland ; 770 Broad¬ way. 111. elected Paul June 30, '62 elected Joseph R. McLees, -Exec¬ Newark, Ni J. has promoted Fredutive Vice-President, -a Director, erick I. Wilson to the post of -Mr. Development succeeding the late Emil J. Bejso- in ; - "De^iE?^l?!!:}::l93:249;473 Y. vec. Nicholson THE S. National Hempstead,r N. Maechflen, Directors. The Main Street Bank, Chicago, 66,401,058 undivided" profits-/ 7 i": G. due banks Loans Department at 20 Pine Street and ant V, TRUST 336,988,738 and from security c Meadow West <, Bank, Director and as a The_ Valley Bank Des Moines, Iowa, e. '"==> elected Watson nary ill. Chicago, Co., rence . Mr. .; f Cash paterson announced *. :•"« ❖ sit Com¬ with , Y. prbihetion' of-Edward and have Clayton M. Nicholson, cal Deposits 7 tJndlvid. Savings Collins, President. Suc- $3¥9,853.479:7$359,5n,foo Bock, and Frank Raid!', Directors. resources-' Vice-President. Lincoln tinues Bank, * * Trust Trust & ISLAND .HOSPITAL $ The 7 W. mons ' The American National Bank & COMPANYf PROV179ENCE, It. I.- Total The American Irving Savings; Bank; New York elected1 Richard 7; St. charge of -V-Vr.'-: National Philip^Chicago,, III.,;,elected Conrad F. rency James J. Saxon announced Macurda- Becker a Vice President. Jam 8 that he has issued prelimi- * headquartered at 2 Broad- group, way. at is Hamma ❖ American Bank, Duluth, Minn, elected Em¬ and RHODE! Loans ' * * Sys¬ -l' First " Central The Bank, Vice-President.' a 5V;curity; holdgs. dent and Treasurer. Foster directs the Bank's Financial and William H. Summers Vice-Presi¬ announced Jan. 10 by Chair¬ was The ..,T elected LeonVice-President and ' .. Street Bank • Senior Vice-Presidents; Arthur E. have been % • Harvey V- McNamara,^ a Director. Powell, Jr. •• Directors. * " Rockwell elected elected Vice- Hamma . v';;;:-.; ecutive * TIl ^ ard W. . Co., Poston^j Ma^s; elected George Norman Secretary; John P. Henry and Al¬ \ " 398,439,377 ceding Willis D. Wyard, whocon- Duddy, Senior Vice-President and Ybrk, dents. - $ 767,470,614 George A. MacDonald and Oren, I; The Michigan Avenue National and National ?Dunlapv'-William : River .SaViligs East # * President. * and Frank B. Estes, '■ ;■ : . elected Chairman. Kerr, Concord, N; H„. appointed S. par S. as as former Davis, » " . M. was * former elected was Clyde Executive new value) outstanding. ; $ : - offered shares, seven shares Manufacturers Trust each for Company, 15. /V'*/''» be The Federation Bank and, Trust Trust Company, New if ♦ will the Board. of financing at their annual meeting New York, New York, effective on or after issue new :: John P. Wright, former, president - will be asked to vote approved the application to merge First " * - • -• to stockholders in the ratio of one i Vice-Chairman of the Board." 0{t , Comptroller rency The 1 ' " Preston Total resources- 4,045,325,172 3,644,444,590 Deposit's 3,542,054,783 3,181,244,392 cash .-and . due The A«huelot National Bank nf by Pmdar L. Roraback, President. Bank's : St* Director. Jiilldri B. Baird retired, Co., a Trust & $ ' National J Bank, First Paul, Minn, elected Reuel Harmon * Dec.31, v ot" * * * The 1 chIcago, ill. annual T^v R c0^' Directors. - ' ' oontinental George_ R. Bohrer, NI. Rice, ^ bank and trust company, Keene,. New, Hampshire^., elected.. it was announced stock ^ ^ the issuance and sale of 100,114 shares of additional with .Federation, Bank and f P"®1 Jan. 14 -K vey The First National Bank, Min¬ < ** ' • National Northwestern. The u. ' tfatfrnini Bank, St. Paul, Minn, elected Har* ^ *> new^^ . William ... ' <■ approved the T - have , elected G. and ^ . , the • t vnrihwMiprn w,- Kurt succeeds a Bank m. Directors."' tp the approval of two^third s" or ^ new Kendau under operated be , T He # §jate Evanstonj Crease the number of. shares out-. ,. in Commerce of executive, capacities. elected * ■ 4) ■ Ind jjectors. -1; to shareholders of Jan. on will F. Johnson have been elected Di- re- has been elected ♦ * ' * , X-w .*'X v * George B. Elliott, and Karl ported that the 5% speciai stock charter dividend will be payable on, or Directors of the Federation Bank. meeting, Jan. 17. ; : 7 and Trust Company, New, York Bank, the Franklin National Bank, post Y. and ^ West* of Newf Chester, White Plains, N. * elected Vice-Chairman. a flee. ,, in- an jtial capital structure of $200,000 in Wil?ott Mothershead, who has been * - the as. as. bank will have new 1 titie "Brainerd National Bank." ?! £ £? President. S £?r ? Mlahrdt standing to 1,249,592l shares and-, Director of the Grace National capital stock to $6,247,960; subject X1/ Manhattan and installed installed were were late open - rtianannlis Gerard ueraru and ana - • Bank of New York. with ciated - a directors. new effective : # * • Charles Roden previo usly being Slatteneren Blattengren B. U , after Jan. 18. or banking p e of under title "of tbie former, and on •% e x * • - . Royal National Bank Ilank, has had exten¬ sive ]... the. Cur* the application to merge? 11 I York, New York, and The Gotham ' • * * <, Comptroller, of James J. Saxon approved on rency by ^ Chambers unamoers Jackson uacKson " to The The Indiana National Bank, In- ' - ,777..";- -7*7 I 7 The- was ( Jan. 25; Director. a ; /y/V New p a » y, -now and Martin S. Weiss, Vice-Presi- of record at'the close of business Mr/ Italie also was elected on -The election of Douglas C. Mur- , proval to organize a new National Bank in Brainerd, Minnesota. Exchange Bank of Luckey, Ohio. r 20 Conaolidaiions » that he has issued preliminary ap- the basis of . The Comptroller of the Currency Walbridge branch bank of the new -author-::; was */,. as appointed been a V. stock dividend. n'vThe- distribution* {' f•. *r\ .J'-r; •"* •* -f.A ~ ■. v J to the bank's capital stock shares to -V-jj meeting increase annual proposal a Thursday, January 17, 1963 /.» . R. Persons member of was also elected the Board of Direc- tors. The University Bank, Kansas ^ Volume 197 - Number 45230 - City, Mo, elected Ira Rosenblum /:/*' * ■ City, State elected Mo. tion L. R. 7 ♦ ; >?£vV //''//'/ Iti e t c d e dividend W. Harry Chester; Executive Vice-President: held. now Both the The Empire State Bank/Kansas City/ Mo. price of $55 on the basis of shares r^N ./'%;/* ff: t'V-; n(VJ''.' V'7 \/V record , . each Jan. 15, Union *• ' - Bank; -Los a The - elected - an :uo was ..j-: ...g, .Comptroller the of member of the Jan- 7 that he has issued prelim-° wg^1Zf "T ^a.t?.onal Bank ln Walnut Creek, Exchange. was Presidents. L. L. Louis Martin and approved Cumonow, also were stoek elected annual . meefing; title' 'Security. National" Bank ef increase in common:^.Contra Costan"! 800,000 to '820,000 ; * an from * . ^0^00r Case who has been appoihted Deputy General Manager ^ ■P * holders then euthorized an: in-' of the Royai Bank of Canada/ The Commerce Trust Co., Kan¬ crease in the- outstanding stock to Montreal, Canada. He wUl makesas (City, Mo. elected Leslie Bow¬ 900,000 shares and the issuance hjg headquarters in Montreal, ■: ••• . shares >by the " issuance of Directors. .■ xt. their r:' : * ",-iV--v * -.'v . S' -• .... shares * V- stock dividend. Share?- as a ' ■> . < man, Norman R. Coperthwaits, E B. Focannon, Presidents. ; - "V-'x . AW..// * t * ... be •T(• • //: //,. * / City, Mo. elected Robert Sun¬ derland, Director. a * . Kansas City, Martin National ,,, , Citizens ...J , 808,428 J. elected of surplus, stock ,4 Texas,, has REPORT of OP $5,- the of bank new, will - declared share one CONDITION ca for OF Bank, Kingsland.'* the the State of New -York. balances York,.''at, Law $2,317,311.16 a ,;/■, y • * >. .'•'t* 6C0.215.71 60,000.00 ASSETS * ■ ? * , " of'Individ-'' career well $14,625 in 1936 in known per He in Chicago, and is financial DEP0S1T3 j._$75!9,135.74 *> Mr. i? * i , * L959, and in 1961 -became the firm's fered for sale in New York State. partner in charge of .The shares, being offered are He is now retained and new business. by Walston & firms other consultant. v/;V-/"//' :'//'''• '//■/".-■ Hopper The of .the.-old:Ban-; Bank Four, years Bank as a ★ Get your business-perspective on the new year's possibilities from the banking and/corporation leaders wHo manage the country's Industries. " into ' * ] Crocker * ' Anglo - 1—What ness - National D. Quick are the basic factors underlying the general course of busi- in 1963? 2—What: " Bank, San Francisco, Calif., made Vice-Presi* dent at1 the Sacraihento officb. / 2,745,410.03 -/■■■/;//■• -on later^ .on merged was * Emerson v. : 24th ;.;/ //"-;.: opinions.and- forecasts of the nation'k banking and corporate leaders probable courses of the nation's economy in >the year .ahead« July. 1,: 1906/ on f:/ the major are in 1963? ' ■ / ★ The 1963 "ANNUAL REVIEW & OUTLOOK" Issue will present the •' - - 1 of./;;:/ Will Be Published January -> Calif,/ Francisco, Francisco/ National r 729,135.74" : •, - : problems that the various industries face ; a 3—-What :is ■ likely to happen to prices and values of securities in 1963? • TOTAL; LIABILITIES.* CAPITAL,ACCOUNTS -: r ■ value-.-;—$500,000.00 Surplus.- f) ; >325,000.00 ■ TOTAL ^ " - - COUNTS JCAPITAL ACCOUNTS a Assets pledged or assigned" to "other liabilities shown as after aro and • a elected Director, '//■/" ^ < v £y$ cies San: impact will the Administration's and Congress' foreign poli¬ and domestic program have on business conditions in 1963? Robert / / •V*"/'' //>- Crocker-Anglo • \ -a • \ / above Francsico, /V vj.! y' . * " National J ; Vice^ ,1,065.54. approved L^T. R. - HOPKINS,- Treasurer, of the above-named institution, hereby certify that x\ ^ /// ,• .•-• a l-for-16y2 share stock We, the The dividend, equal to 6.05842% and to belief is of that this it report of has the best true and been of Currency, to be issued -Feb. 8, will bring to 7,600,000 the total1 l. OAKLEIGH B. - and examined our by .us knowledge and -a o. a;';; condition :. "r. G. F. shares outstanding. :for THORNE . r!--" /V * ^ Directors ■ • v ;. • . idend be approval, transferred = profits to the $4,573,275 will from/ undivided surplus account, ' . many Issue of * r space ' } , "* in this issue u ;W» /•/. ♦ i; «* /•„ >''_j v'?*' ' V .u ' / THE COMMERCIAL; AND; FINANCIAL CHRONICLE j 25 Park Coincident withe the stock div¬ THORNEi'^:": ^ LE PAGE j approval of the Comptroller of the correct.. Correct—Attest: .•/A: on hopkins :; undersigned directors attest the correctness declare R. Outlook" Regular advertising rates will prevail to T. & /',//-:7/"////:,V1 ///,*:/'://'/;.://///;///;/:.://■ . this report of condition is true and correct the best of my knowledge and belief. Review //Bank in this composite cross-section of America's most competent 5busi- / ness and financial opinion which will appear in the January 24th issue. dividend. - "Annual . Security^ First' <jf the ★ Do not miss the opportunity to advertise your -Firm, Corporation -or National Bank, Los Angeles/Calif; ' in /The Chronicle featuring the opinions and - forecasts of the country's foremost Management Executives. ~ Calif,, pro¬ O* i will-find the answers^to these- questions and others r'm ' / You . ►'» * V* S*'/ "J/\,r,r '1 '• Shareholders - • re- Serves .of 4J—What \ . ^ Bank; National Calif., Bank; San for deduction of ■ $4,T63i689.7'7 moted Henry J. Thomas to. a President. purposes-.-.:.—109,688.15 Securities Lurie? The ~ MEMORANDA , A. :AC-v 1 $1,289,144.00 TOTAL- LIABILITIES AND secure Pacific £* i CAPITAL ^ Francisco, 464444;0d ' . The K,':. , • per: Una.vided profits T ', $3,474,545,77 - Capital: Common stock, total ; circles. joined Cruttenden, Podesta in THE CHRONICLE The Bank of California. d^A:::i«;i:^^ :;y\^! --an San joined,;the staff National ;' -// .liabilities liabilities Life share. The stock is not being of¬ Issue asspclati^n. "The/ Aug/ 10,1910, the San Fraticisco •$4,763,689;77 corporations--—:——: \ TOTAL ' '-■-l Other at f/First National Bank of. Hurst." messenger. 161,937.91 . . ' Co., ; has retired. fixtures'--:-!'• ~ 466,267.37 Other-assetsi—. 1,157,857,62 )tiala,-:,ypartnershipsl': Fidelity Bankers Bank, Hurst, Texas, Into a . and Demand deposits of Insurance ent ' management tinder .the ditle1 >^ . , elected directors of DK Manufac¬ Higginson Corp:, and Shearturing; Company/supplier^ to the soni' HammilI^-&' Co./* have an¬ aerospace* industry with plants in nounced ,;that- they* are managers Batavia and Chicago; of -an underwriting- group that is Mr. Wales began his securities offering publicly 175^000 common James J. Saxon, Jan. 10 ap¬ the conversion of Hurst1 California, obligations, direct and guaranteed:-, i Corporate stocks Leasehold improvements-^-- /,, v / • E. Lee Cur-1 ofv the Melvin T. Hooper of The Bank of : banlwv>and cash items in collection----'....- ; ;Z''*.r*r ' - of ■ other process of TOTAL and Leslie // ^ • ;hational:bahkiiig United :-States-^Government<■'. J; Furniture Miller, an , with & Mickle, President of Petroleum Associates Fund, Inc., have been DON'T MISS IT! hank will be operated by its pres¬ Banking ASSETS ;; Cash, - Comptroller State New York, New of Podesta Common Offered proved on December 28, 1962, published In accordance with a call made by the Superintendent of Banks pursuant provisions i'"yf}-*fc>«;-4'' rency ' • the close of business the • The WW to Wales, former partner in . L:jii V eo^oitmoN]Tiw§t 12o Broadway, ; Donald the title 'Highland Xakes;Nation-i al an the^ brokerage firm of Cruttenden, Life Insurance shares : : Cur¬ have on Named Director -; Fidelity. Bankers : Comptroller The Bank: .of 101 of insurance/ and' ! initial capital structure of $250,C00 .and will be operated under .. National dividend life their annual Spring party May 416 presently outstanding; they were Co., Inc. received: by the selling stock- financial and 17. // ^ c $9,000,000 ' Houston, credit individual basis. a inary approval to organize a new Executive National Bank in Kingsland, Tex.. /// / Texas Spring Party $16,000,000 as in connection with its group and - # v comprised < Columbia, S., Starks. and Dickson, . V:v"-1 1 .W/JlVlllB JL/BSlSrS James J. Saxon announced Jan. 7 that he has issued prelim-> McKinnon, assistant to the Presi¬ The ■> stock the ■ of • rency Vice-Presidenjts; and peorge; R. , receive to 750,326 in reserves. Robert F, Adamson, Senior Vice- t additional'.//-/////' :v'/' 'Upon completion of the current • • financing the bank's capital funds NASHVILLE, Tenn. — The Nashincluding reserves will total $32',- 'ville Securities 'Dealers will - hold Southern Na¬ The & jpLCtidsntjyijoward dent. 80,000 ' insurance In 18/states District Well as accident and health risks Stock Co. the B.: 058,102 undivided profits and $2,- L. tional Bank, Atlanta, Ga. Herbert entitled Bank, capital, elected Mo. < . Vice-President. a The '/.f, .,.,.1/ ^ Leawood H . >V» "*H • The the dividend. The First * National/ Bank,' Kan¬ sas of C. -*v..</r . sale Harry F. Mayfield shares. Stock offered, in the curThomson, Vice- rent subscription Tights will not * ^ / William and and credit life and r • at Fidelity Bankers, incorporated formerly partner in Reimer & in 1953, is engaged , in the writing of ordinary /life, group life and New -York He Fidelity Street, Eye Metrinko to partnership as' of Jan. -Cur-' 24.- Mr. Metrinko will become a . American W Va. ■: Exchanges,' will -admit Michael J. ; . :%->'1* ,) also' 1625 of Jones, -- Executive Viee-Presi- Btock Exchange and other leading Smith; Incorporated,^ 4 f•'•:':. v^v4 *■? j'r f ^1r' "' w ; % C' I: The new bank .will have an iniTq make both the dividend and tial The Mercantile Bank & Trust capital structure of $1,000,000 ' the rights offering possible, stockand will, be^operated, under Vthe' Co,, .Kansas City, Mo. elected" H.-D. holders C. «ncy James J. Sa.xon announced ►The Missouri Bank. & Trust Co., offering will be underwritten by. Kansas City, Mo. elected Don M.¬ nn Investment group managed by Merrill Lynch, Pierce, Fenner & Kennedy a Vice-President. Vice- mXf'U resigned. H. Safford Nye - of All unsubscribed shares in this Larson and Murray H. Davis, , Kreeger & Co., rightsjare^4®^ '••// > . any , exchange made by Fidelity Bankers in June 1961, for Casualty i Co., Inc., of Richmond N. W., members of the New York W.T/Thompson, Vice-Presi¬ transferable-iihd wiU:expire Jan.-!■ 30 ' v V-: The dent and Cashier, •> cj' - 19 holders in shares To Admit Partner Angeles, replacing, Eugenia. Cabrero, ;who and . * Jone.s, Kreeger Senior Vice-President^ a Director,: WASHINGTON, ^ \ shareholders for * Calif., elected Charles S. Laing, 10 rights and the stock are (211) (presently * held/t - bringing the combined -capital :and offering to stocks- surplus to $210,000^)00. - addiitonal share for one Vice President. a -shares $// holders the right to subscribe to": - Bank, 80,0Q0 new shares at the subscript The i •* Community Kansas Boyd 40 The bank Js-alsO * The The - Commercial and Financial Chronicle . eacfe a Director. ■■ .•. Place, New York 7, N. Y. REctor 2-9570 • ■/.* . ( • ' - - 55'4! • as a 20 tervene in Or be LEFKOE M. R. BY outcome the conceive difficult to obscene act of that than scene a re¬ internal pens force armed by The Government Central can be more no > other provinces, these experts say, decided to send Michael.Struelens also rich in minerals are Ham-. on orders sunrise ' attack When Hitler J, world dream his stupidity should be added to the and conquest of list of the N.'s U. This was his justi¬ fication for slaughtering millions According lust for power. crimes. other pledged The ' pledge A ' Tshombe again was betrayed. Dec. Elizabethville; and their with attack a®1 pointed Direc¬ Y' \ soon as tor of Market¬ C State eral who then On ditional followed 1, El¬ liott Lee, Williams who IFC of State G. Men- and Deputy - post a n. Mr. 1963. de¬ Special Asst.' the. - Rep¬ resentative Secretary of State Carl T. Rowan, up J 0 n has .been Asst. Secretary nen as- sumed this ad¬ officials to have him tried Mr. Martin known, he Department d ration p well. as he as the U. N.'s deceit ■ charged with bribery by sev¬ was o r \ '« r'Y • the ing Jior ^J \ f' and to make the truth N. forces sacked 196V U 5, f ' and ported. broken was a fV* just However, ' ;- ; - the and press 1.^ started to expose policy of non¬ a ; intervention. "unite" to under he domination, In explaining why Katanga has tion and the to .?rfy • • — the .developed its raw materials while Germany's the rest of the Congo has not, the article clearly indicates that gross openly admitted decided whole his ; homicidal gangster like a available on American: public.;" Elizabethville. ;' to America to make the true facts — on Hungarians in 1956. of State Department otherwise." or (2) Foliowiiig this first betrayal rational, moral, or far richer when it comes to tim¬ of Katan^ai's" Prefeideht, Moise legal grounds than Russia's ber, agriculture and water power." Tshombe, Hammarskjold< a g a i n wholesale massacre of thousands promised to take a neutral posi¬ "Gross Stupidity" justified Martin Mkt. Dir. Struelens and Our Mr. conflict, I.F.C.Names 13, 1961, U. N. forces cently undertaken by the United than other places in the Congo that he was acting Nations in Katanga. The attempt only because its resources have marskj old's di re it to reunite Katanga"- with the," been exploited more thoroughly. launched a Congo Thursday, January 17, 1963 . The International Finance Corp. (5) With most of the truth be¬ has announced that George L. report that Katanga hap¬ under the command of Conor ing censored and the balance be¬ Martin, Director of Marketing of to have an ; income larger 0'Brian-~-who has since admitted ing distorted, President Tshombe the World Bank, has been apOn Sept; is used, to influence of constitutional It . the U. N. Secretary General at the the, names of the other seven time, solemnly pledged that U. N; without their knowledge or con¬ forces would not "in any way in¬ sent. COMMENTARY... more find Financial Chronicle., The Commercial (212) in United military op¬ the two men primarily responsi¬ States since to the experts, most eration designed to take over the ble for the charges leveled at George L. Martin areas in the Congo have failed to i960, retired of innocent victims. But in the whole province. Despite repeated - Struelens, were called to testify at that time. exploit their potential wealth name of democracy and an eco¬ denials by the U. N. at the time, before the Internal Security Sub-Mr. Martin was appointed Di¬ nomically s oun d and viable primarily due to the lack of "a on-the-scene witnesses and photo¬ committee. According to the trained population for economic rector of Marketing of the World Congo, the U. *N. has wantonly graphs now testify that Red Cross Committee's report, both men Bank on Nov, 1, 1950, and has murdered innocent European set¬ development and political stabil¬ ambulances were strafed by confessed that they had no proof ity." Since the trained population headed : its Marketing Department tlers; has attempted to deceive the U N. planes, while women and whatsoever to substantiate their and political stability were a di¬ and New York Office since, that world about its actions and mo¬ children were brutally ravaged, charges, instead, they reiterated date. Since Mr. Martin, became rect result of Belgian help, it tives; has repeatedly betrayed the behooves the U. N. to explain many of them having limbs torn several times that the U. N. didn't Director of Marketing the Bank man it admits is indispensible to from their bodies by .semi-civil¬ Want Struelens in this country, has sold 14 issues in the United how the Congo's annexation of prevent chaos in Katanga; and has; ized mercenaries wearing U. N. and cited a U. N. resolution to States investment market, and plundered a whole nation killing Katanga is going to help the Central Government hundreds of its citizens. One might difficult to pierce N. releases in order to press learn just offered the what But, let U. N. ment Even independent a group for the mo¬ assume us that, by some miracle, the with the rest of the Congo will create suf¬ reuniting has justification for laying as siege to Katanga. of leave the country. contradictory of smokescreen U. find it the thick well very that all now the Belgians have been forced to Katanga of ficient income to the govern¬ save a uniforms. that effect. 1962, fighting broke out between U. N.' soldiers On Dec. (3) and 28, his ordered Thant to ble to , information accurate get duplicity" coricerning its and take at all inconceivable. a monstrous: inversion U.N.'s Story piece to g does the U. N. establish nomic are all-encompassing in the pillage settlers, Europeans Congo. It seems to be as is wealthy. bankrupt; Katanga wealth Without the eco¬ whole a nation, try's citizens—in the is ing of them from coun¬ of name such From ager sav¬ communism? If Katanga, the Central Government Tshombe will Jadotville, into them resulting state of chaos will invite commu¬ nist domination Congo. with the is Katanga If income the of rest the of Congo, a rather :v Now; let Xfacts. look us about $150 States. the; almost mirably Katanga, year a and mining companies in almost $200 foreign exchange. Even addition that would the still over one step "It Congolese many of — in "censoring and S treacherous of action.« a deficit a year. further, '/ ". 'Monstrous" A book will have to to record action, but of some every just the S. recently the contention politicians, and Record;5 a list glaring more serve of such short of exam¬ to spotlight the monstrous story. economy. are vital to the Congo's But economists on the the U. N. release by tribal chiefs - of be of that " the of the Investment Association of America, chairman of Association's Municipal Com¬ Rowles, Winston Germany East helped * by forcing, the Elects Two V.-Ps. West Berlin to "reunite" with the East German Government. HOUSTON, Texas—Rowles, Win¬ South At that letter re-r a governor Chicago. wealthy "run-a-way. province" of stated, that Tshombe's Katanga—had signed Chicago. three years and for two years as bankrupt nations believes . people poor major supporters—the eight prin¬ cipal Russia tions, pledge should press a as Bankers served by uniting them with wealthy na¬ same ston & Co., U, N. session, Mr. Bank of the Southwest Building, .members of the Midnouncing him and calling for his Khrushchev will probably be fol¬ lowed to the podium by the am¬ west Stock Exchange, have elected prosecution as a traitor. new officers according to of. one of;the African two On his return from Katanga, bassador however, U. N-. Under Secretary tribes which has a seat at the Russell; R,> Rowles,,, President, for Political Affairs, Dr. Ralph J A U. N. He will demand—with the Jacques P. Adoue, Jr. and George of the « other African E. Sledge, .Jr., were named ViceBunche, announced that he knew backing Presidents at the recent meeting only of a carbon • copy of the let¬ delegates—that the next time a of the firm's Board of Directors.; race riot occurs in America, U. N; ter. Moreover, Dr. Bunche stated Both men have been with Rowles, that despite- his numerous talks soldiers should be sent in to setv (1) Almost the Congo was immediately after granted full inde¬ on June 30, I960, Congolese soldiers went a rampage, on killing Europeans who had remained to help prepare the new its nation for own hands and restore order. Dag - all; of the maj or eight letter-signers. U.' N. admitted chiefs any of of ; the Whether the to been seen by Pre¬ in sent troops to Hammarskjold, Government, to whom it result At this formation announced contact chiefs. denied now chiefs point the Service that with was . ad¬ ' . it three New had of of been the In¬ York in eight for Old force is of or them, it reported, blem letter. spattered .that one It of is the responsible for signing and . Winston & Co. for five years. Katanga almost ir¬ point.:; The final U.; N.'s a action - the State Department be¬ it down skull-and-crossbones of the United Nations ." raising has quisition the ac¬ of MJT Mutual Inc.a from parent its Funds, company, ~ The offices in rance will ; Orange and Tor¬ continue under their for the present resident managerships, and byt I weep even more before hauling announced Investors in Mitchum, Jones & Templeton. As one com¬ weep 1$ Acquires MJT Fund; blow LOS ANGELES, Calif .—Calif ornia Glory, whose shining em¬ the was this the Katangese, signing rumored come tory books one bit. mentator put it: "I Each of . President Katanga will not change the his¬ Katanga in end wealth economic kingdom relevant -at dressed.' the decides to surrender to the U. N.'s superior it even if neces-: ; V-X. Tshombe someplace, it could not be found; hadn't things—using force sary. Finally, ! the that, while there original letter in existence was an tie mier Adoula of the Central Congo independence. The in the U. N., that Katanga's ,U. N. decided to take matters into minerals UThant's despite Martin will the spectacle the with Krushchev -delivering a Mr. U. N. is to save noriaggression." Katanga; he hadn't met be written instance pendence by Belgium U. York, a "breakdown in co-ordination was responsible for the U, N. massacre which .re¬ sulted Immediately Co. mittee. He is a past president of speech before the U. N. in which both the Municipal Bond Club of he will assert: If the job of the Chicago and the Bond Club of U. N. spokesman New with The : Government Report is deceitful . shows ples should Katanga's running &' World commented: of all $100 million Going News plainly Central be of foreign exchange, with even income, of and its - ' arithmetic of distorting" the true story of course in Katanga to give up. only half simple deal great a to though the U. N. has asked its income and British annually million with — State Department in taxes and royal¬ Belgian Congo*. it, has succeeded ad-: willing assistance from the XT. S. on million rational defense for its monstrous role in hand, receives about $40 from a billion^ the other ties But if the Mr. .; of • Burns & Corbett, Inc., of communism, it is not grotesque & association • million- in' foreign aid from United the a a receiving despite dollars, $100 to half close of any U. N. has failed to offer total deficit a impossible for he knevv the true story. It has, to this point, incurred up year. million in a (Ay The latest the Ui N.'s policy in the Congo if deficit of a According to . civilized human being to condone Government The; Central currently is runnning one disagree with or . It would be • the at and it extremely difficult his reasoning, This is the story we have been given. communism, viable; to condemn him Congolese Government. people, this in find The "Missing" Letter a is k r would find its his to then to decide that he would were reunited in result would doing were whole from his , Bank, he was president of the in¬ vestment banking firm of Martin, , East Germany? "democratic" nations of the world the and collapse before Reunite West Berlin and mining centers. what the to view were principle of Richardson and freedom and justice." past Eliza¬ of Katanga's vital inconceivable that the next episode one 1934, "he was man¬ FTew ,York> performance uriWorthy in Chicago, and from 1934 to l940 the Government of a great na¬ he was Vice-President of Kelley,^" them U. N. troops moved to ment of "a U. Na headquarters in New. vances, 1928 of the Municipal Department sion, it-accused the' State Depart¬ of the Guaranty Go,, 01 orders Kipushi. Then, after York to World the to M^rtinv-Wa^fi-acUy^HhA^ of the visa privilege," Iii conclu¬ tion dedicated to the bethville : the investment market in Chicago. N. command in move on, coming Mr. Department gtiilty of "a particu¬ of proceeded to Bank, larly glaring example of the abuse (a questionable assumption, to say disregarded Before Republicans found the State the least), the U. Katanga adviser on as countries. the Committee of five Democrats and four ; the actual were served "deceit," "misin¬ ment of securities markets in a "misrepresentations,". number of the Bank's member "contradictory statements" en¬ of'ElizabetftyUlC. virons If immediate capital formation and the develop¬ as With the people of Katanga be¬ and again assured Tshombe that their, forces would make; no further ad¬ and ing slaughtered' in order to save plunder slaughter hundreds of that The Congo Central Gov¬ ernment force to compel use controls, murder innocent responsible for the U. N.'s policy follows: justice wealth to another group of people, which has been those officials who of of people to give up its one group to various from excuse offered by possible is it t her e the sources the Real Facts vs. Nevertheless, not is over But by what the beyond more than 40 other countries. Mr. Mar¬ "harrassment," in self hibited U. N. forces from advanc¬ ing ctfmmunfst A ac¬ tions and goals in the Congo. specter; t of! '.com¬ - munism. "censorship U. N. of cusing the defense^;r The in tin has also formation," ents has found it aim ost regarding events in Katanga; ac¬ report which described issues non-dollar dollar* Bank's the marketed and Departments with words such defense," and to neutralize the bankruptcy. This corresponds ment; from Katangese military positions. His imp6ssi^> premise- leads* Us to the last and most grotesque part of the U. N.'s prders, however, specifically pro¬ war its report on the the tactics of the State and Justice of troops "all necessary action take in capital the matter—a U. N. Secretary General Katanga. U gendarmes Katangese Elizabethville, has In concluding the . . the representatives cated have nia in the been geles. formerly Angeles lo¬ office transferred to Califor¬ Investors West Los home office, 3544 Olympic Boulevard, Los An¬ - Volume 197 Number 6230 The Commercial' and Financial Chronicle .* .*. the OTC Securities Market" : period for the Dow-Jones same and about the average Standard Offers Encouraging Outlook Study of OTC market behavior calls attention to the fact that many OTC specialists are encouraged about 1963 prospects for OTC stocks include well known companies with stocks ' 4 ./ » market's '--A •*■ ■■ ;',v* C'/. > ? M•. • '• • of the OTC stock indexes "1962, 17% performance /in below ' • were the ' approximately 1961 whole a indexes ac¬ 23% about up each, bV them'c'^Tket In- prepared ,by the piepareci the over that in close. During the £irst half of 1962 the ^i^ murKei;vi 20 past all.time ^ Security Traders Association: 0f 144.31 high Thig March followed in four by practically every in 1962. secu- same manner markets which followed the sharp decline Historically, OTC stocks reflect m°nths the comparable all-time in stock and follow the movement of listed high of the Dow-Jones industrial 1957 and 1960 securities average in November, 1961. consistently moved to higher peaks with taneously with rising averages those markets usually lag months "behind stocks, but By June 27 all OTC indexes had days listed to those past 20 multaneously listed with comparable to lows set by the Dow-Jones indus- during trial average and Standard & Poor's composite average on June rise which have been years declined to 1962 lows almost si- few a of subsequently peaks, price simul- of OTC from comparable the declines, OTC indexes for bank and insurance stocks also registered record highs the latter part of 1961. stock almost in times of sharp stocks In OTC reacting averages pro- portionately higher than those of 25 and 26. listed stock indexes. u. show substantial OTC Performance T Stocks vs* Dow-Jones Industrials 1962 in during 1962, price he ; pattern of previous their relation, to of hsted stocks. OTC many encouraged pression the years specialists^ are much immediate pros- OTC • and comparatively larger gains tbah the Dow-Jones indusage, trial average* the with ; 11% an the Dow- Jones industrial average close, 1962, industrial average in previ- over year-end closing figures: 556% w 1957. above Comparable period were: 446% above same bU_ individual thg of and bank stocks also stock ■ „ Standard The & Poor , . indexes s insurance showedJjTopdrtionately Life ap- 1957; casualty 300% more tean, 1952 and 1^0% above 400% above over stocks insurance stocks 1952 and above and ap- in Standard &- Poor's average composite , of 500 are being made in bonds. The money and capital markets, according nancial much raising opinions to in fi- the Exchange stocks insurance stocks; 28% for fire inin the same period. The S&P in- surance stocks; 29%.for N.Y. bank dexes of OTC .insurance stocks stocks; and 32% for life insurance . taking year, care of maturing Government issues on one hand, while on the other hand, efforts will be made to get more Treasury securities into the hand of the ultimate investor, Sunrpwfni Treasurv Successful ^ . Award Was £ Award ,, . . . showed less decline over than the market . a the life Stocks. the year- whole with fire insurance indexes covery 6%, 7% and 9% below the previous The end. year *• S&P : 143.13 : 1942 low..._.__-v , j 137.01 (March) (May) 2564 1953 low_i.u--:r^ ; 255.5 " (September) high ^ > 521.1£ (August) 1956 ,293.9 (January) v 1956 low 470.2' high 520.8 (October) (July) 1957 low—419.8 (October) 1959 high (December) " still sizable even though the money rent there will be offering curGovernment of 1993 (offered 4.00%). fpr • = at 100 to uew, ^ioney yield raising will ifill at least purposes i.—^ -679.4- • — 1960 low—,- 556,1 641.76 (Qctblber) ' ot.this demand because they.were priced in line with outstanding non-Federal securities fh« b«t Q ,r 31, 1962-L 976 68 1942 S&P Life S&P Ins. (OTC)_ (Equivalent 120.03) Banks Out. NY Banks S&P Fire Ins. (80% Dow-Jones Indust. S&P Composite NOTE: -New 16 York; Fire , OTC Insurance Life 19S2 190.53 264.36 20.10 31.76 92.09 69.47 85.57 15.52 18.75 ,40.01 28.28 34.52 9.41 31.06 . 9.05 (NYSE) 119.3 26.57 13 36.06 81.91- 55.06. 49.97 35.82 45.20 39.99 71.55 are 8 OTC Casualty OTC-traded 52.32 63.10 1.6 OTC Banks Outside insurance stocks, Companies; ' , , . short-term other :4.unf nPar - term obligations interp«?t so rate* tnal; near term mxerest rates wiU not be allowed to go down to ieveis that would short- make tCrm TateS here non-competitive w!th those in other free world centers. This could result mcaey :-an in outflow fvmds of which WOuld further aggravate our balof ance payments problem. 55fidtt.-as.5Wi properly digested since it had a Bonds The !$£'■'.''■ capital market is also ex- paid consecutive divi- Leading the m market even though funds seeking a haven in fixed a minor income bearing obligations. This . - Successes Dependent flation On Yield these tnese OTC known Express Co., on monev money ,,u ,. is expected to continue the psychology of in¬ as is still in the background* the other hand, if we are ^rai^nr bonds going to :have deficit after deficit raising ponas ^ include: years; On the other hand, some of new new industrial 92 long as Future If, payments. with long records ., , , ? ... , Works, long . A dividend Connecticut Co., 84 General records nQ prospects of the budget being balanced^and the del^t,going to higher and higher levels, it will not be easy for the forces of Life are Insur- * r - years. Hartford Gas Company, 112 years; comers in recent months include the following OTC stocks. International Flavors and Fragrances, G. D. Searle & Co., and A. C. Niel- Light Co.,; 110 sen Co; yearsrand Holyoke Water Power Springfield Co., Gas 200 Growth Stocks _ ; A • During 1962, Standard & Poor's 62 of "200 these, latest new stocks to their list Rapid Growth Stocks." 30 were 4% was national' It wiU a constructive monetary tend to pressure Industrial Averages 1942-62 OTC Stocks Prominent in S&P's added British Bank rate from 4J/2% to - take inter- development^' some of the off our short-term rates. ComparaMe Highs and Xows In years. 68.07 24.01 10 OTC NY Banks; Companies; which - 291.90 435.69 731.14 624.55 652.10 OTC indexes: Companies of 281.1 113.2 21.73 . 9.77 —. Insurance ,, 9.05 OTC) Standard & Poor's o ■low, i4l;45 100.23 120.03 51.21 (OTC) (NYSE) 1961 „ 9.84 (OTC) S&P 1957 71.93 Dec. Si; 10.32 Casualty Ins. (OTC)— S&P NY 1952 48.52 19.8 . are traded in the OTC market, and the next fiscal periods will 82 are listed by the New York have marked influences on the Travelers Insurance Co., 96 years; Stock Exchange and 29. by the money and capital markets. Home Insurance Co., 90 years; and American Stock Exchange. .New— The long expected reduction in with ^ 19(52 / , agement- is looked for, it is believed ^at the maturing issues wiU be mainly changed for the f,xed mcome obligations.? If Longest diyi— dend paying OTC utilities include Year-End Averages— «. s»ce no change in debt man- advance in the yield for all bonds, condition ance NQB-OTC Industrial-- Government, Among OTC insurance companies (October) 652.10 surplus available 86 years; West Point Manufacturing Co., ,75 years; a supplement of S&P's Outlook inflation to be kept in check. Whitin Machine Works, 75 years. Magazine, shows 89 of the stocks The course of the budget in this 777.49 (October) higlw_:. 741.30 (November, 1961) 1174.25 (March, 1962) low J—*524.55 (June) ' 815.57 (June) ' 1962 portarit to the capital market to have this moderately sized new new Because purposes. no there might have to be Stanley 773.58 (Jiily) 1961-62 Dec. been to pay off these securities they will have to be refinanced by the part- a raising favorable influence on the rest of 1900 according to the latest American 891.81 (December) __ has already, the money and capital markets will be faced during the tabulation bv the Commercial and stocks 583.79 (December) — part of the financed greater far so OTC- 34 Well ! " . 1957 deficit traded* companies this flotation is followed by other pected to remain on the construeona? wltb competitive tive side with no appreciable updends for more than 100 years, bidding, it will continue the con- swing in yieids indicated because and 119 with a record of payments fructl^e 'nfluence on the long- there are very large amounts of are which have dividend ;764.87 (August) the Expected each with records of 179 years of 397.08 (February) 361.28 (September) , Since bang. a Financing at the start of the New Year is the last half of 1962 for the First National Bank of Boston, 412.70 (September) high Short-Term _ are list is the Bank of New York and 366.57 (May) 1953 —- , 226.17 (June) (May) More Financial Chronicle. 17.59) 345.02 (May) J.; 161.6- (June), 1951 high.——i '276.4 (October) in the OTC market. traded ioverSwith flotation .go investment, demand for funding of those obligations that fl.x^ ,nf"?e ,be.?nn®T obhgations were used by the Treasury dunng There dividend' payments secutive since 143.13 (Equivalent 3949 low •1952 lowi—UJj recov- Industrials—^ - 92.9 '(March) 3,946 high—^ 212.5 of approximately 20% from the 1962 low, less than the bank, ery,.of approximately 24% during r—*Dow-Jones October, 1938— with the longest records for con- , By the end of the year the OTC industrial average showed a re- insurance, casualty insur- and ance as along, year goes certainly to the ad¬ first half of the year with the re- . The , Dividend Payments the as most was district, will be pretty: vantage of the Government in the busy side in the having ^this initial competitive 175% OTC Stocks With Long Records of by others it will be followed purposes on , . New York Stock a money fhat . proximately 12% it will not have , Comp^njyrfb0nps^.^bcr4,% due Feb. 15, 1988- larger gams over the same penods thari the stock market as a whole, insurance high grade ob- very the shortest most liquid ones to try can be and still are selective m°st distant maturities get- in their purchases of bonds and ^hg a goodly share of this hioney,,: when morfe favorable rates of |-e^® corP9r^te and tax-exempt is- turn arh, obtainable, in, non-Fedhowever, continue to give a, era! securities they^aremot going better • return than, do: the Gqv- to make commitments in an overernment securities so that the priced Government bond, former obligations are getting a Because the initial offering' of larger share of the commitments Government f0r new Dow-Jones industrial averages for the June hl some 66% 1942; 123% above 1952; and 49% Despite above 1957. "• 'i SQme tradgd and some on market increases a go, . early part of the NQB-OTC it is cause Pht to work in large amounts in does hot. „ This compares drop in h December the At out again, investible funds are being ligation of the Treasury and it proximately 29% in the NQB-OTC above 1957* fire insurance stocks There is no reason why the best -tf fiiw uZ.l industrial-average to 100.23,com- 110% above Vneo and 90% above "credit available m the investment 1952 Wa «i pared with a decline of 28% in 1957; New York bank stocks 124% the Dow-Jones average for the above 1952 and 84% above 1957; bonds,,should not be sold,to the fame Period. Standard & Poor's and outside N. Y. bank stocks a!p™n bne thl return that indexes of OTC b^Qk and: insur- 118% above 1952 and 88% above ® •" Ki ^ i ance stocks showedideclines in, the 1957 is obtainable in corporate and tax-exempt bonds. It was imsame: period of: 24% for casualty ap- proximately 16% below that for the 1961 year end. and year_end cIose and almost identi. Quotation Bureau's index of OTC 120.03, M cal in degree. The decline of At the close of 1962, the National was years and listed industrial averages were both less than 30% below the 1961 A stocks year- exchanges> the 1962 l0ws for 0TC a industrial losses ,amor {ggu by -y. the and cized M f -S s°OT?what i ^ t'" th°lr rC" covery frona 1962 lows. • suffered ^ pects m 1963 for thpse OTC s ocks h whole, a than listed stocks. that so ^ nQ in movements So-much OTC stock indjcated b followed closely over above11942; 148% above 1952; and Contrary t0 a widely-held im- indicated by stock as averages, gains 5, 10, and 20 end figures of ous The nerformanee of OTC stocks the periormance ot oic stocks As result, current OTC averages percentage ~ OTC 1952, OTC averages have showed the following approximate ' . prices in 1942, 1949 than those of listed securities. the put , rising In the are tixad income bearing: obligations,; good effect on the entire capital instance with the Government list from market.; Investors in this coun- declines in indexes of listed as of the Government at yields that are too low just be- indicates years NQB_OTC industrial index posted rities i.n> .much - the. formation Bureau tf ihe National? CHIPPENDALE, JR. and OTC stocks have reacted to sharp .. BY JOHN T. which comparison of stock price indexes of OTC and listed securities " following study as A . ' The GOVERNMENTS recovery and life insurance Because there are still ho noticestock indexes up 23%, 26% and able fears around that inflation is about to raise its ugly head 38% each from 1962 lows. companies. Table provided summarizes and compares performance v '- iof OTC industrials to DJIA. , better casualty, fire long* consistent dividends payment record as well as new, sound growth , av¬ show N. Y. and Outside N. Y. bank listed points up OTC Issues in insurance S&P's 21 :-v#ft:§iOur Reporter? on lllflli the and market to cording the whole which are still lagging—as they want to-do—behindl stocks' recovery from their 1962 lows. Brief description on the 21% composite bank showed stocks than Poor's & OTC erage. same as approximately of gain (213) OTC stocks. Of The comparison Quotation Bureau's average of 35 blue chip OTC industrial stocks and the Dow-Jones average of 30 NYSE industrial stocks/ The NQB average has been adjusted to the issue, which is published ^as same base as D. H. Blair To Admit of the National the D-J average.- D. H. Blair & Company, 66 Beaver >Street, ? New York City, members of the New York Stock Exchange will admit Joseph Berkowitz to limited partnership in the firm as of. Feb. l.„v and Financial Chronicle...... Thursday/ January 17* 1963 The Commercial 1 project will be completed around June, at which time it will be J U I llil 1 V, r TT'V JL T THHTT T^TT"T)TV T/^ KM HlilM: fe ' ,'v ■ n P j( VI Ki I J source 1 riu S 1 BY OWEN ELY ./I * to Florida Power Corp. during the first year of the units .operations. ~ TampaElectriC Company companies It cityof Tampa and ; r, 500,000.-Tampa is an important distribution center and, has substantial import and export business Growing and •' : The 1962 dividend rhas < the company has enjoyed very in 1951 to to $2.79 for which it from 49 in cents The company. arranged tion During the decade the .company it as redS^d was bewitched 1961. - Non-Defense Outlays - "L -L' Of course, there are many other items which need trim- , From! (tt Early in 1961 the U. S u +u at the : ning ... lnose Expenditures situa- at rate than more say in 1946 and sinW There have been stands. What a double that tynrtlln 4 by neo-Keynesian penditures other than those tant expenditures (or the asfind missing, Which have to do with our sumption, of liabUities which stiU the place in- was If ^y ^ch i#^I Frbriti4r _ . number of sacred cows which ii_-'a • . - .<^ hit isabout the same thing)which (j0 not ures in budget fig- appear at all. Indeed iatP WP even uiiufciidKen no one rpPflii of w- io tesumaie nonsense. Even if in the cirpy the poard. rMere the volume of these outstandcumstances, there is little or ducking and dodging the issue ing commitments. Heretofore, also reduced. were f ic systematic, organized ef- cours,e is inaugurated, and if fort to come up with a con- it is to be more than trifling structive line of action to take in magnitude, there are a The company has had some litigation over its coal contract with West Kentucky Coal and sued that company for nearly $4 likelihood of Congress tak- by postponement either of ingfavorable action 0n reahy larger outlays or reduced tax no Supreme Court ruled that the company's contract was valid-and Tampa then filed suit in \ '"i 1 1 anY The annual load factor 52.5% to 58.3% and line losses damages. ' sa<Uy missing, is evidence -of n^ional to also able to increase-the> was now , efficiency of Its generating plants from 42,748; btus pet > net kwh million v- some there is no reason or , Afintnnuftlit inei.e. is. siinpiy iiu xeasun qr serious students of public wel- vague assurances of late about excuse for the fact. And it is fare who have not become reducing outlays, that is ex-: ^ fact that there are impor- special .a about enthusiastic re- coal from West Kentucky Coal, miUlornntu m / °f those who disapprove it. augurate ■ a ctruly Keynesian Frontiersmen do or say. Norieven on this basis, one national deficit! ' defense outlays are now run- 33c compared with 44c in 1957 and 32c in 1951. mills " ,, prp.oeeq >tb. draw ,up and present such a proposal. ^ ^ v finds it difficult to grow^over- 1961. m to permit of its adoption, the But oUPerJia^rfefroin$l.98 in company decided to switch to coal paid $9^3 in 1957. nM93?os°, f 1 1951 to 4.4 c _ fallacies creased from ' . bringing it down the Mississippi and through the Gulf to Tampa, mills Administration is. too; strong " f • t • nart aurnflj tn in J? 1 *°rt-of lntrigue on the part dence m us abroad is to in- regardless of what the New for two stock splits). has been quite successful in recent years in deal by which it was able to buy 10 one ^ ^ ^ legislative branch—and if the 9% Continued from • such no ^ la S2 ll ;y. fs v fully. If ,'plari'Js .suggested, then majority of the House than ing that the way,to stimulate tancy on the part of members have it choked off by a growth at home and confi- of Congress to broceed auite than doubled -and book value increased ,1957, and the in vaa measure it is the to' support ss ^0 1261-2 range of 51-29. a The company 1951 have increased share (after .adjustment more \XTs\ areasonable course to have undesirable legisla- greatly ^expanding expendi- ming or complete' excision, definitely rejected by a tures, the idea apparently be- and there should be no hesi- The price of the common stock advanced from around -6 125%. ' ; . ******* .*•. . ■ - . tion Like other Florida utilities, earnings per ': of Co' ,rn " § .rapid growth. :Kevenues more than tripled in the decade ended and . *7 T6% «xoh»n^v.tBrstimated. ■ ' .^-26 Ii 37 . 23% AS W6 DOG ll other heat pumps). to '$1.46 in American -.. \\n including nearly 3,600 heat pumps. (There were also 1,400 com- 1951 1 _p* ' . :*< is actively promoting electric space heating and at the «nd of 4961 there were 8,000 homes completely heated by electricity, 1961 <, :5i-29 ■■ pany or *o« the . • , ' --^-^.— ' V" 28% industrial (18 %>j0f which is from phosphate mines).- The com- mercial .5 1 - residential, 24% commercial and about 42% are - ROSJi-'ssj phosphate ^mining, and processing makes, the largest* contribution to revenues and cigar manufacturing is also impor- Revenues •, . ^ p-rcenT'bwrra'sir""" ^However, i earmngs v™ processing tant. . Recent price. - - - - - - - - - r~_ Approx. range 1961-62 45 other .communities in scune electricity (no gas), total population in the area being Florida with about Florida, with annual -revenues of about $48 miilion.- in the serves the : then of _ Tampa Electric-compares with other Florida utilities as follows: vj; Tampa Electric is the smallest ofthetthreenujor,electric utility ,' , within gether plant will provide for sale of 100,000 kw from this unit/? time Gannon _' - . r -and promise to end it alto-| Thus, plans for another unit at the generating plants." , . , plan their generating needs as a group and build larger and more 1 —■ ^ „* of power. The three companies in the future .will be able to I r.efficient + . reflll ities. It will also provide the Cape Canaveral area with another ^Tn/^TTTlTrnTTTin ^ submit a plan which would and substantially re- ' > possible to exchange larger blocks of power between these util- • ■ ,. . 11.^ i j constructive measures nt this receipts must be set down, as the Circuit -Court.in Nashville, asking ior about $4 million damages.-; A court decision Is expected 'Shortly..'!' * ' - ^ The .qojnpany^s growth has been aided by an influx of new .industries, as well as gains in. residential .and commercial, bysiness,- been has regarded cicnt at ,east bv suffi- lo^isla- sonm cienx ax leasx py some legisia tors to a committe.e session, or perhaps of this trilling with the public wel- somewhat which would stifle Congress. taking sucE. kqtion fare. :Expendituresvvelassified measures' wK^^ would do ,either; bf its. sessions: it: as non-defense by-the Admin- Winnq' HamaVp our fi^al In 1961, 15 new major industries with a capital investment of over «i**>■ "Metrntinn i+colf i" P 1 g $10 -miiliQri and/payroll oft.$2 million/came into the area; In 1962 WOul(i be encouraging; fp see^, i^tratiori itself ndw are run- situation,;We wish we could the dates,t report-indicated kwh sales ^gained nearly 13% in the ^ opposition .beginning pow 4^ at.. something .of , the. hope for. an* -end to this first nine months despite tbe fact:that;dicmsing^starts^were^off lay a basis for an appeal to magnitude of.<:.r$3$.7;/billion.•attitude.'--^/?' •• vl-'r 19%; the latter setback being offset by a.sharp increase in comthe better sense of the voters, whichr incidentally is some ' ».! . > , > ^ i j onivo e / mercial building. Also, the percentage oT new^-all-electric; homes (or those usrnglarge! amounts of electricity) increased 50%. It would be Im- new and the State Farm Insurance Company moving into their Over the longer range, the population of Florida t » ., men a j • • 1 f j . / ; „ .4 - * xi . ♦ to double by 1971* which should Insure rapid growth of residential Set an effective mandate from is customary tosay^that this sales, plus gains from industries using the available the people. new labor supply. J The company is spending about $23 service Eet there millioii in construction in :1963. vs. $21 million last year. A 200000 kw unit will next fall. .230 kv transmission lines for such are being extended to the east, west and south to enlarge the present gram grid toihFlorida:Power & Light and Florida Power Corp. This . •• 1 . 10 lie Lester, ^ ' LOS 24 Lester, Ryons & Co., 623 South serve -Utah. :: we - Idaho in IL t.?Ur* Q*st. - M 'Wvoming mistake on and thp- ^ nrn- , T . Calif.—On nothin * at; '■> all^that xxidb 4 ment expenditures.; Of an 6 the deve1' The main is but dodger a debt is The House has order: effect by its vote the Rules Committee mat- word. and -— . ■ ■ Phila. InV. Ass'n to ^ax reform is certainly in much thought measures legislationriLetMtgstand^by for that larger interest cost is found (there +a sibility for the. direction of 'reason faiSU± aT Pr°gr/m facts^peak for them^ m the S1Ze °f the debt public on n done; about .this ele- t^-that R w^ acc^t_ respon- Can . selves. Our f acknowledged Jan. is 4 • A + , tt 'UK-'* - fVlOlTlS the- opposition a]?ork fnlr Pa^f M •Colorado ANGELES, •■- now must be undesirable. the debt and that now; said in coursef:this of the opportunities O area action « . in the / no ° msht Wf ' : ^y0nS Partner '■■-industrial be f " _ est rates that i + which the New Frontier . .• To Rp T pqtor is required, mprii nnmrnihodSa /i increase reflects higher inter- smother • about it. There is ample need go into (and sub-stations) re r two—which might or Que. of the major factors in policy in several areas will might not be altogether liec-, this increase is/of course, in- suffice, and no such aehieveessary—for an opportunity to terest on public debt, and it ment can possibly come of new expected is **Miith m o £ $1Q, billion above the figure' it even year or Winter .Haven regional office with a $2 million payroll. . encouraging, 6 it is necessary to wait a for 1950. And they are rising, industrial .and commercial building continued, with National Gypsum opening a multi-million dollar wall-board plant portant M B.•••' • m if £**"9 M JM : more debt that is-regarded as will miss a great opportunity Philadelphia, Pa.—William s. changes, will admit^■ which in if it does not press'ifor real Morris, a name that electrified the Troster 'to limited partnership.', -•'' some instances is really quite reform, in that area—and pos- municipal bond industry in 1961 • definite) has been rising conT sibly some tax reduction is in anidn19iff'^dl guest speaker.^at ® ,J - Raphp w-h.^Tcory Box years. It has now , , . • ■- „ . ;• well passed moinent forget that nothing is • manager manager. R Newman luncheon meeting of the Invest- ment Association of Philadelphia to be held Friday, Jan. 25.- .— ,; , cur- lays. Agriculture is now is resident ; ceipts and at the same time the - Administration Understanding of Markets cost- Through Mathematical Statistics." Fron- ing us much more than the tier people 'are coming up total of all expenditures when with PIans for curtailing re- the New Deal took over. If • Morrls, topic .wiu! he "A Better of^its'tlmvark rent year.-Yet the New office. !0 Commerce Court. Peter a egood deal't^°1 infiscal /Mr; 0 a h larger :««»« than a reduction and Important in the area out- ,-TThe Co. has announced the appoint- by the end even'of-the City 10, Utah SH-OM •■ stGck ExchanSe f™ of Bache & must be 899, Dept. k Slant ^ p-yyuiii - ■ n ^ even in the postwar order, but we mpst not-for a : ArinninfQ . Soli tok. •• ^ : were to ^un^^ng^in^be ®street Samuei R Roberts of Schmidt, Roberts in charge of arrangements. & Parke, is Volume 197 Number 6230 ■m-. .• | . , The Commercial and Financial Chronicle . share, compared with $30,959,- ment a MUTUAL FUNDS ' - (215) ,■ 885, $10.13 or share, a the preceding year. of The fourth Programming Inc., reports will Everyone, Except Grant that at Nov. 30, end share. It is normal a field of assumption that endeavor a be the country's greatest carrier, 955,704, disposes but in Ben Heinemann it seems earlier, that $20 billion of assets will have over matching massive labor problems. But me • whose funds, assets : of this country's managers mutual that surpass Telephpiie/-Be been never coinbihed of American Telegraph, v have •;/. annual, seniority wage; $7.65 or unfortunate that this ■ for do not a3re significantly absent in dealing 228, want spontaneity but dock union that has a stran--; dockers' leaders to ' tributorl work resume "/ - I - jnc ignored They * of whl . $81,790,- * a is view to making a Oppenheimer hold with its labor-cost factor.. While the stock in trade of fundmen is capi- 1 tal, these people with are not anti-labor bias". Indeed, norfinn labor's ot sizable a wherewithal wnerewitnai i<? is capital and, if the toiling and men thpir tneir nf portion an of this land had women aside set .ings investment; in for funds, part of their a it" would tained its ■•v+.It is scarcely say'that have never at- present-day eminence. exaggeration to an people in the. financial community.are as close to.laboring folks fund people and no people as have no done take jto more, Wall of J fund * dealer * Hurlev couple to plant on whom contractual employed the other upset was when he called giddy / are . , jg-ov economics. pares is * This corn- earlier. * * *7u - * a for: total net assets ir year The ; . his amounted he,had sold Hurrison, a N. »phis compares sbare a jan * job and was a alarmpd , D®fa;^apPy unable to ex- it alarmed, summed it "Everyone ' up. far bigger strike involving chronicAnoney-losing City, cessfully complete data TTllOflc.'T?POOT*t XUC 1' UX1U& lVtipUI b ' .^ li «• processing with, the mester, it Vpflr Nov on 3ft total year on Npv. du net n^etc total net assets $9.18 share. per • This . 30 -news- ' /V/!:)v Fund, Inc., reports i blue-collar the' times.A-The of chieftain'; who Atotichedi labor off - .the strike summed up their misgivings when he said these disputes were : that at the. on Nov. ,30 744,681, ^ $7.23. or share, against a by the fellow with the^ big- muscle.fbe end of the preceding year. .witnessed that v troubles leaders../They pretty much x Longshoremen's the .same has tied up East Coast and labor men boss said, he called as out, "We'll lick 'em fast." Of. course, as we know, the now shippers did not knuckle under in hurry. Nor these the days to featherbedding decreed cago & from North railroads continue as a Mount way of Sinai. Western may share, to the board of President is dividend from capital gains of $.18 per share be may which is The Admis¬ payable in stock or, at the cash. Both dividends are payable January .daily from 31, 1963 to stockholders of record at the close of business January 14,1963. stockholder's option, in time before the open to 7:00 p.m. a.m. a en¬ and Sat¬ on ^ L.T.Mblly to 1:00 p.m. :■■■ 1-.' ,lt Treasurer ' ; January 14,1963. x/v ■; Elected Director Oili director of Commonwealth RefiningqQp,^ 1^-.,, has been announced. ANNUAL DIVIDEND A Vice-President and director of The First Bos¬ : ton Diei- Corp., Mr. Overby served . a begin- courses '63 Spring v International * Resources year on Nov. assets amounted to $4.30 share, per the A Investors. ' - * * Elective per Fund, net or with share at fiscal year. / / l Fund,:.Inc. reports that at the end of the fis- Chi- cal year on Nov. 30 total net assets were Stock Fund, Inc. Di¬ The Board of Directors has declared the Andrew N. oV.feX T_„ Bank Overby application. ^ for a Re¬ Development and Of / the; a 1962. member . /- ' National Security Qopncil Planning Board.. fV ^ / fc ^ . stockholders of record December 31, construction and ; dividend, of_ 6% cents pejr ihare^ payable January "25, 1963 tn-the / International and Wednesday evenings, begin- :•:> Harry H. Crow, Jr. " Secretory-Treasurer Jan.-4, 1963 Mr; ; leave to become Special Assis¬ a ning Feb. 4.. Another class, to be tant to the Secretary of the Treas¬ instructed ;by Warren B. Davis, ury/ and became United States in charg^/of ..computer1 operations; Executive- Director of the Inter¬ » The; second Digital will Computer the national and Programming, Monetary Fund in 1947 Deputy Managing Director of the Fund in February, 1949. Advanced course, cover $32,593,725, equal to $10.17 operation, I- B. M. 1620 computer. Students will get hands-on experience with this in computer the -college's Computer Center. Mr. Overby joined First Boston in March of 1957. He is concerned by Classes, to Mr. Monday be will "'n1 Elliott, P11,'"w Wednesday and lar emphasis on international and monetary affairs. • Commonwealth Oil Refining op¬ erates an oil refinery at Guaya- nilla Bay, near Ponce, on the south coast of Puerto Rico. evenings, beginning Feb, 4. Finally, tronic the ;■ the direction Methods in under of head of Department Company, The Dreyfus Fund Elec¬ Systems, course Computer D'Angelico, Trust , life not Insurance & Bank banking in 1930 with the Irving ; William N:. Elliott, methods analyst and computer programmer Trust Co., leaving to join the Fed¬ at Bankers Trust Company, will eral Reserve Bank of New York instruct classes meeting Monday in 1942. In 1946, he was granted meet $18,279,157, of rector ^ph1)RPj;er 4"xJ total Executive ♦ instructed compared $20,737,293 and $5.37 v 30 He also U. S. was . -t' ' •' -. Electronic Digital Computer Inc., reports that at the end of the fiscal the company's business with particu¬ •' * of ? tialities and programming of the CargilLV; ;v * retary as Sec¬ Treasury. S'e- , Tlin_cj-V _ 1957 Assistant with all aspects of the investment Vice- to 1952 to Febru¬ ary, poten- • v directors of and/Assistant President of at elec- announces Whitney MacMillan. He is inclined > accepting a r \y; Fund the end of the 1961 r are $9.59 or ; Association, Gulf ports since before Christmas. The ? ^ Imperial have, tion thing in the strike of the longtime gangster-ridden International which $20,469,041,. approach to labor-man- ;,;;«*' disputes investment . a.m. asiva • /Fund gest It is this $.08vpcr. share and The. election, of Andrew N. Overby " • /reportsBankers, has . been scheduled close of the fiscal year Tuesday and Thursday evenet assets totaled $19,- ningsj beginning Jan. 31. /* ^ Capital Imperial won agement from .net investment income of or 1961 >w#h as^ts of ^ $26,061,030 and, Programiningy a basic coursi ,de-» $9 81 Per share a year earlier. signed to acquaint students -with they saW in this wasteful stoppage a Office urday from 9:00 being offered in Spring '63 classes, compares / . the any announced by Dr. Mortola, President of Edwar(J amounted to $29,382,235, equal to v employees' Diversification; that at Nov. 30 total net assets economic ladder, was troubling were $76,536,408, or $19.28 per fund people. Not that they were ?hare. On May 31, 1962, end of wasting any. precious .moments fbe last fiscal year, total net assets studying newspapers as invest- amounted to $75,466,773, equal to ment mediums, but rather because $18.75 a share. -? . completed at was the college a the top rung of the land's sign The Board of Directors today declared on the Capital Stock a cash dividend in career a students .series of four a Commonwealth Income Fund re, ^a£OUege,^ port that at the^nd of the .fiscaUH and ; of to students who suc- ning of New York, whose white- '0:X at St., New York 5, N. Y. Dividend Notice And Registration , York GranfsTomb can see ' - collar > follow be awarded by Pace College, New except Grant. papers > to computer systems $7,- ' A 44 Wall "establishes individual share. with $8,099,659, at Nov . J., had been haDDv man Lazard Fund, Inc. the at : a • a taken : to per they are, will not act to correct •. ■' { the imbalance until a good/d^al ±2lCQ vJltGI'S '•S-.-lf more damage- is done to the econ/;• ' Qmy. And, acting in that frame of ATyiTil 1 "t"PT* mind, they well may compound yVlii^Ulci the ills." A day of-reckoning may ^ certificate in Electronic middle-aged plain why the company had been struck " •../■ /. A - i •' are be certificate Nov. 30 on 420,793, equal to $6.69 ( plan.. The .husband, m THE the academic qualifications of an 9:00 ACt'VA,'d end of the fiscal •*** the whole system is out of whack Q0 dnd that politicians/ being' What ^ ' that months A the the sions Win£ield Fulld reports that at the belief that a to electronic share. year ... qualify through 'Mplace-; exam with $1,422,513,378, or $15.67 beginning of classes. at or /// some experi¬ Fund reports that at. programming." per shares per • Finally/ there, programming Professor D'Angelico points but that 39^ end of the fiscal year, net $i3<62 or dealer not kcademic have who but assets amounted to $1,389,585,501, rolling for the first time With P0"'1"™ who have n0 feel day. produces drawn wire, had been out on Strike for three in who men . but * necessary ; ence may has Boston * ^ confronting the nation. And there is widespread conviction that ^°Xer v with a relative handful of men who are subject to neither checks nor balance» » helpful your Chicago 3, III. Manhattan. of y . South Boston. the greatest domestic P1*0^ Jiere the* background workshop," for sales computer ; is Prospectus from Selected Investment* Co. 135 S. LaSolle St,, from January, "i Thus, a fund salesman .in New Jersey high school a essential," aw^ ^rom Wall S.u . student must have Fund, hdve experimental an # Donald a growing feeling that sav- mutual of college, 41 Park Row, downtown ^ not re¬ study the New Yorker, New Ytork. dajnage to fund portfolios, Wellington investment commitment, to a begin D'An-< are ment er?- factories may not have done a leaders. A foremost consideration in analyzing any company, skills se¬ ,l, , Candidates for adifiission.; td thedis- Certificate' program who do ; not Co..' national been elected a Trustee of The capital gains and income,? The troubles; on the docks, Putnam Growth Fund. He reYet the trend of labor-manage- hewspapers,. railroads and scat- places Horace S. Ford, of "/ , Professor to mathematics ■ .money in c o nee r n - firms 0n Saturday at the Hotel . forthalderman prime quired a were // * the ' polite renresentatives enterprises ment relations always has been ', r According \ * $25.95 per share." or Opperiheimer & that the White House did ask the pjea j.0 rescind their price rise, but mdus- their combined votes would not and ;hope Aithat AiA^wai^Arnv.Qn 4n onilfh Tinctnn this seed money will bring m plant 7070, M. computer programming. However, * end of 1961, assets gled our foreign trade.'It is true _the basic business of mutual to • gelico, "No special a year B. given in the Fall '63 Niagara Share Corp., reports that diploma and one year of college js absent from the White House, at Dec. 31 net assets totaled $66,accounting to 'qualify* fbr admis¬ wbere edicts for a/Roger Blough 343,276, of $21.05 a "share. A£ the sion. /A background in - college pers< is L the spirit ?ne°Unicm' AFL CIO °request. Roger Blough and other SfiSsteel leaders received no polite all, trial per with $275,- share, per ♦ n:heeaiX there is not yet Thats because thewv/™hJle negotiating ^th the ship- "shirt-sleeve funds $6.02 or compares have the mightiest spirit. to directly ./ concerned.; .• with ,rS featherbedding, time study, guaranteed This be total net assets mester. $269,838,924, were will in the course Investors Variable Payment Fund, of the fiscal year, Classes system. Tuesday and Thursday eve- ings, beginning Jan. 31. JOSEPH C. POTTER BY and meet at the end 23 will Michael A. the Banking of Oppenheimer & Co. To Admit Two | Bankers cover con- Oppenheimer & Co., 5 Square, New York City, members computer systems. of the New York Stock Emphasis Professor will in which the management hopes to make your money grow takes what it considers sensible risks in that direction, • be D'Angelico placed on by the per- formance accuracy of both equip- on Feb. O'Neill 1 and partnership. will- admit Exchange, Paul C. Rodney L. White to ' and Hanover cepts in the design of electronic : is a mutual fund ' '• v •**.'. / ' / > v rt\ y.y •;;' Prospectus free from your securities dealer or DREYFUS write Deportment C'1 2 ; - - MY- «•NY- 24 v. .... The Commercial and Financial Chronicle (216) # ... v-vv;. .%■<: v... .:•/ (6) The availability of Economy and Stock Market ; W (2) improving Quality of Earnr corner") coupled {'with a fear ings: Higher cash flow and .re-, psychosis1 by fmany; investors who search spending plus decreasing liquidated stocks regardless of ~ of earnings two was ings: Profits have been at record , our of the few times in one corporations generated erate further gains. funds cash profits fjrs^ First quarter 29% above the were quarter of 1961; quarter 15% was from both the second their dividends. capital to and the projected flow coupled is cance cash in market the upward, and that is increase recent strength is not merely an $26 billion, with the intermediate rally in a bear mar- strong current position'of Americorporations. ket. 1963, We believe that a major bot- the DJIA fell to 549. Over the tical factor influencing business longer term, we feel the market decisions in 1863 will be the ex- will move modereately higher pected tax cut, its extent and and that the last half of 1963 will timing. Despite considerable Con- witness a better market than the gressional opposition, a tax cut first half of the year. appears likely, probably, sometime j Reas(m for the Recent Rise half second 1963. of organizations labor Impor-, and be to reduction around may Lower taxes ernment will . or $23J/2 ____________ rise by still is Defense us. about $3 very World - II. War 16 sharply and welfare^ programs continue, to be on the increase all — tending to support the econ- at omy high a level of the strong - eral and years, mate R Bond M, rnfl MarKet prices decline. the yields recent A sur- change half of Federal Reserve will con- tinue its easy-money posture, but basically mand the equation suggests continued stability. On the position is sumers the have demand - supply - flowiis high; corporate cash rent supply-de- money cur- strong and side, con- savings. ample side> consumers On are immediately from months seven later. cash can for be met out of flow. T, The TT U. deficit the In Q . S. K 1. balance of payments may continue to exert sent is some 1961 peak rt to in was that eleven major a and 1946 ^ ?01?e of fixed overhead the steel more tons of steel during 1 fierce because re c en t Commerce , funds of such during a November and December sharp rise for stocks. There in was the demand also a institutional of : (By ' way t of of A " 196S Esti. ■ Percent - (4) and services Net exports of goods and services 1948 However, than * more while market in rally a sales the on NYSE for 126V2 / 2V2 on record. Stock margins were cut to on 42% July 10, 1962. have* gins prices the DJIA. on were Inves¬ they if earnings to cut 50% in The aggregate don't new supply of appears^-ytps^be/de- stock" clining in relation to new demand. sharp decline. a billion ment to production ■■ , . for the indicated stock moderately The almost yields.) ratio has favor of more increase effect of 25% ; again favorable most of The than narrowing the but spread to be resulting in an provement in market psychology. Regardless of the motivations in¬ volved, been pears been . less the Administration anti-business andV if (b) bond (a) higher bond yields); prices (lower The increased sta¬ market bolster psychology improve corporate * earnings. bility and the rising secular trend ; revised sustain- and the investment tax: credit are market also • favorable long term factors for the economy./The recent gov¬ ing factor for over the a stock the longer term; depreciation ernment Psychological and Supply and deficit of of estimate over - budget a $7.8 billion for the higher re¬ fears of further inflation the longer term.- This will J.: and The guidelines - of dividends should be5 Demand Factors social charges tax by with the earlier estimate of depreciation a< declining stock reduction program ean be passed prices and rising dividends, and by Congress, this would certainly caused depreciation -charges increase cash flow). ap¬ to be becoming moderately security taxes will tend to reduce ;/ The sharp 29% decline in the reported earnings <of -course, the DJIA reflected basically an and ap¬ im¬ is years. has period. gbverhmehtal actiph Recent pears hew/stocks that. were, that in it it has past few of offered in bond/stock somewhat spread bonds nearly four times the $600 was million (Rela¬ this higher ure above the Ratio: The over DJIA $36 for pension funds: were net buyers of $1.1 billion; This combined fig¬ billion tionship between Jbond yields and to A tax cut, if it materializes, $16.3 $16 1982 dividend pay¬ Bond/Stock (4) Si! an was and 1962 The .... . earnings pared with for at $12% billion paixr ihi959/ has 1948 in estimated are On an overall basis, during tors; +2.6 + 6.7 V 1949, 1942, .1953 and :1958, the. stock market from responded with.higher prices, since +3.1 4 50% Previous reduc¬ 76 118 were Leading investment banking firms Dividends: Dividend pay¬ have; commented ' on the scarcity have risen 111% since 1948. of good quality stocks that are in for 1963. 1954, were followed by substantial market rises. .Wet would /< a fell 357 v in November believed to have been the largest rose of 20-25% between dividends of -the value of and estimate. 78 as market. historically have been fol¬ also note¬ $0% 'percentage lowed by' higher, markets. Mar¬ is It annual to fear (3) ^ tax rein + 3.6% Government expenditures for goods that high ments 10.5% now, or from $7.7 billion to aimost $28 billion 1862. 368 odd-lot - companies were net buyers of $1.2 billion Of stocks and uninsured $555 $575 rise bear total steady growth in dividends. Total doubled. Change Composed of: latest the first half of: 1962,; investment Esti. ^ is respectively 'between tions in margin- requirements to 1941. quite moderate more will approximate $38 in 1963 com¬ " and declines ,+■, past several years have witnessed estimate "V T 52% have Department while GNP has arrangement,1 purchases by small individual in- (In Billions of Dollars) r • ket's major recession year, compared and >- still skeptical and views the mar¬ tors rightly appear willing, to pay ^COrtirhon excess 1963. annually additional shares oh 64% sharp contrast recovery year and a outside for The small uninformed investor recent varying . GROSS NATIONAL PRODUCT - during rises need demand by the institutional inves¬ corporate (2) trend reversed in study shows that since 1948, net During the period 1920-1940 divi¬ have increased by only dends were erratic. However, the risen from 5.5% (3) been months The short interest is still large.,. profits yi dar*n2 the 1962 third quarter, and Personal consumption expenditures Gross private domestic investment/ had several the market. 1940. a the the supply of much earnings been capacity, profits should respond to increased volume during wfl^pvbably.netttrslize the gold cant proportions.) been of signifivestors have not , since achieved changes will aPcumulation,_of., increased"' frohi' $27 billion y investors $52.25 billion. Depreciation ■ redemptions funds While the rising spread diminish im¬ in low to competition while continu'e covering by the squeeze.: ,l; (1) that element stability worthy , V ■■■ stock The spread; equity financing and thus reduces have 1934 ^h^d selling. : ,,,\ net profits have risen only from ^ ^ recent months there has $20.5 billion in 1948 to an esti!ren considerable foreign buying mated $26 billion in 1962, "cash ,??uiiesV flow" over the same years has Gross National Product and mutual October. ( decreased and industry produced market. /'• esti¬ 1961 9% in A good example is the fact Thus, u reversal sales the which the gain / third with ing central bankers, together with _ Institute 13% reduction pro- .. for years, For example, between 1952 with 21,000 fewer workers, ,inte*e.st °£ re^ord' lot ^short selling has been abnormally high and traditionally J has been considered unm. rise the ?ranl .dec.lde<i upon will :haVe, ap Jhmortant bearing on the level of the recent gold pool between rise quality of earnings relates greatly a mid-November 1962 week than in the like week a year ago, but believe we in opinion gold supply after spending j"v, greater towards the outlook for the stock pressure on our to and spreading 400,000 ex- 9? led to decline month shortly market break in May. to (5) There is intensive cost ent¬ ting. that the 1962 period is similar to . four started growing much faster than the proves , but close cooperation among lead-: some of The this degree, ^\ J( costs. Dec. 14, a already and There ception the past few months, following a • expected substantial a economy. margin profit large the commitment capital largely demand is Memorial plateau yi*CjM indicate Slowdown ized, DJIA The began its decline from -likely to increase their debt posi- 3 tiohr Corporations* up covered by in¬ that industry research is still not of large magnitude, it and mates and spending ($5 billion) will repre¬ Is favorable on balance because (4) Idle capacity is being util- est gains in 1963. 1963. Battelle The recent rise in produc- (3) months; but the 1946 experience; and further, increase slightly in that the economy will show mod- may development facory wages, six next second The little show anywhere cession. and interest rates will also be Total spending for research and We jn relation to prices, months have passed without a re- , yuuooK likely to over and $4 billion from 1962. up . Bona the approxi- $59 billion ffor goods services), are should sev- anticipate that the $39 bil¬ (2) Belated awareness that the . tivity has lowered unit labor costs Earnings market decline did not induce an activity; vey of past bear markets during the past of (2) greater stability, the 1919-1960 period showed that, Expenditures by states and rau- after the inception of major marnicipalities will continue their ket declines, recession followed of studies lead-.squeeze^ and making for steady uptrend from insurance , capital outlays $37.4 ternally generated funds, as Easing Profits Squeeze Recent tto_have easing appears 1963. economic i rig sharing fun^s, have also recently. increased their buying.1. ^ .Stability of corporate earning during' the Cuban crisis (j) Raw material prices have powerl l*he fluctuation in annual the. improving business out- remained essentially stable, corporate earning power has for u y life the and companies and pension and profit 38 traticn look b recent abroad : ership of the(Jlfopjinedy, AdminiSm reflects; . Space. and spending is expected to inciease break, been resored by billion to above $53 billion—exceeded only during market outlays stantial 54 and research oriented in- that total R & D spending during vestment should prevent signifi¬ dustries. Little change is expected the decade of the fifties was $68 cant decline over the foreseeable £0r automobile and steel in- billion, but during the decade of future; Corporations enjoy strong the sixties may total some $276 current dustries. positions. and such (cou¬ billion. Most important, R&D pled with big cash flow) tends to . . shattered in the May-June so - 25x/2 capital outlays projected for 1963 with compared in¬ fense " (1) Investor confidence, which was dollars, for toe nse include: not, more gov- lion especially progresses, $25Vz billion, $23.3 billion $22.7 billion in 1962, 1961 I960 respectively.- _ steps. spending with much . $7-10 billion, perhaps take effect in two billion Majoy factors contributing to the strongly are supporting tax reduction such ^ . as year professional buying rather than in¬ dividuals. There has been sub¬ foresee net corporation profits $1 billion to $17 billion in 1963. diminishing; for rising moderately to around $27 Gf considerable significance, the but this adverse The period from late December has seen one of the swiftest rises in the history of the stock market on high volume. well as We For favorable more in over a it indicates that the supply of from 1960 funds: seeking investment outlet is .■-^rK/^be^moderatelyvhigher^.piUreicu- through 1962 of about $4.5 billion now rising. The huge supply of October to lariy jn consumer goods and de- annually. It is interesting to note institutional funds awaiting rein¬ well groups becoming and rise sparked by Mutual funds sales have moved earnings during the last two Quarters. Perhaps the biggest single poli- the the 1962 recent has been below quarterly compari- see the cessfully tested in October when slightly all time high. an sons the DJIA and that it was sue- on Government Expenditures at believe we trend will torn was made in late June at 525 can tant^busihess'- estimated are The the market institutions corporate profits Est. signifi- favorable factor for the a vestors keen declining, primarily because Depreciation ]ast year each quarter showed Net ... considerable Psychology e longer term. (Estimated 1962) - Of it which is ,' »"n. ,,; ment in the stock market during earnings improvement in recoverTotal cash flow_ lion in 1962. These expenditures 1963 likely would be related to a jng frorn the recession that botLess dividends will be stimulated by the new further upturn in earnings. tomed out in the early spring of Avail, for capital outlays liberalized depreciation guidelines (B) Longer Term: It is our 196I. and by the 7% investment tax opinion that the major trend of > Net corporate profits for 1962 credit. q u (Billioris) to-year rate of improvement has quality.. improving but it is still cautious and skeptical, ually cover outlays „ Investor sufficient flow ■ Cash Flow third quarter was 10%/; The year- or Investment psychology is grad¬ higher and the bil- compared with $37 V2 their individual merit corporate history when U. S. highs and continue to enjoy mod- (A) Shorter Term:. In light of reflecting increased sales. Home the magnitude and rapidity of the, construction probably will be market advance over the past few slightly lower at approximately months, a period of consolidation 1,375,000 units compared with an is anticipated. The recent .sharp estimated 1,425,000 units in 1962. rise has partially discounted an Plant and equipment expenditures improving business outlook and should enjoy a gain to about $39 any further significant improvebillion im¬ are Nineteen sixty- (1) Level and Direction of Earn- billion) ately (approximately $2+ cyclically Factors proving quality. Stock Market Outlook 1 Continued from page Value Thursday, January 17, 1963 . f better Investing for anamproving;; Intrinsic . . economic miscalculation cession was "iust coming; fiscal (that around anced budget, year, has ih contrast a bal¬ reawakened may over the again re- Volunife 197 :Number 6230 .:..« The Commercial and Financial Chronicle :iind;price appreci^tiom' suit in"infiation hedge,, pur(Aas^ ing of equities. (217) Some of ogairiuresellmg athigh earnings; sys- multiplies, but their long term po'-- the railroad bonds of weaker tentials render attractive Market, Older Than Realized Bear The bear is market stocks merit science group; and nesses. For attention income for ^'contrary1 -*d.; 'Ithe"; popularfi^pfcfT A considerable number averages. of common stocks appear to been >in the: past made threei in listed selling on groups service busi¬ patient investor year position) the de"leisure some of pressed: stocks pprtfolios• Of- patient in the time" group (bowling^ etp*) in the sound vending machine group, and, in combined .'> • with " the of some \ mail secondary The stocks, goods consumer of number high to the on low. market is of Finally, individual yet DJIA, *,••••> mu" The leading growth groups . ii-r also that attractive number a of bear sale of 30-year stocks since 4% bondsi the Treasury announces another innova- tional bond to be sold and for employees !• , owner sliqrt duration and for whom they are bought. The bonds are to yield . "Applications for the bonds will. be available at banks and other ^"^Ron^hontht ^Bopds bought 1961-62, bear market'; has week somewhat made six ill late months after high." 1961 June, ; 1962, the about December ; of Jan. ;21. for income tax Purposes, for the from Jam; | ,81963.;; when the When dedu'ction the amount A on "Like Series H Savings Bdnds; the at the new bonds may be; purchased appears should- be to noted be line. in that its at It low about the plight and of their is there much this customer. He said he forgot bond perienced, this is when enlightened, picking are ex¬ investors oversold and up un¬ der-priced securities. It is also the time when the experienced emotionally salesman controlled is advising arid security the pur¬ chase of securities and is working was?'purchased. Federal Reserve Bank or any interest, the and bonds any for issue and redemption of these bonds as they do for Series H point last year, the DJIA did n6t Savings Bonds,-for transmittarto g0fbelew -15-timerearhings|iTKere the -issuing agent?:; EikevSayingt appears to be a trend towards the Bonds,' the bonds; will"-bear in- form of savings, and have some a asked his boss to tell him to speculative stocks that and offer; first the in wasn't this his A onC^ Or, from - features comparable to Series II and H Savings Bonds* tneir sales^ . " fa1I^na? ™?i1 ^^^^^^^i^i^if hundred shares, and up the telephone to call the tomer. \ \ ^ call can rilirriinate bari-iers m'irid, g6 t6' WOrk, and tary from he his friend mine of told me president of large financial in¬ a invest¬ very sound some ments; ; fo£?^several; years*/ About three months he would every by telephone and man she would write customer's asked secre¬ him if he letter; stating^ that the'company had gone into re¬ ceivership, and that there was no a worthless. He admitted to was that if his mental not been occasionally he would obtain an prder for some good "tax exempt'5 attitude me had completely negative he would have used this incident to call his customer—take the initia¬ tive—and was contact this the and "bid" for the stock. It apparently this story last week. He had sold the stitution cus¬ - , During the month of December ability. once one he "frose" every time he picked the salesman received a telephone The Barrier That Didn't Exist A securities. He just looked at that bankrupt follow the crowd can have faith in the future and his ? that he had sold him quite a few sound investment bonds and other is the easy road for any- salesman own wanted it this way* He even forgot day to the best of his ability* every employee redeems his bonds he is subject to tax for the on the loss ofr about sideration that this customer had place to their difficulties. an DJ p/e* ratio of roughly 16 fb T3 institutioria vdll' takq^applications times among salesmen tend; ' industrials, branch, or direct from the Office amount contributed by his emprice earnings ratios have de- of the Treasurer of the United ployer. clined from a, high of 23 in late States, the only authorized' issuing ^."Because the bonds represent 1961 to- about; 13 times currently, agents. Banks* arid other finaricial Based importance on hifbtn"^eeome"l"afcW "too... this during January will bear interest at hand! indicates w&. bottom was wentl ^ddwtt the v - period; and longer but the evidence stpcb;' that responsibility since the customer The. Secretary of the Treasury has meeting the requirements of the announced the offering of United new law will enjoy income tax ad- was: from, late 10fitmfi2r ht lamearkef°hnsr'lasted lasted But the the drain** began^ to grow on hint every time he thought of calling destructive side of this eleven hundred dollars. He even business People engage in post* lost sight of the fact that one mortems* There are sympathetic stock, he had sold^ the client had conversations ; among investment doubled^He didn't take into con-to reaches 59 & years of age unless disabled before the cut-off age; ^10ns to,'helr own retirement; month decline severe had we and. gossip as about three as commiseration between salesmen Vantages similar to those granted: to s pension and '.profit'-sharing plans. Self-employed persons can deduct from income subject to tax uputo $1,25$ annually for contri- a in? that this ;was a competitors, States Retirement Plan Bonds under the Self-Employed Xndi— short time span (from late August viduals Tax' Retirement Act of to the end of October)* most of 1962The department discussed the 1957 bear market occurred in program, as follows: I960 such breaks Incidentally, the bulk of-the'decline from the the ^dp^ riot exist; After men only for retirement purposes to^ self-employed 3%% annually; and are non-negotiable and non-redeemable until the 1946 high to low has taken place in a relatively short period of time, For example, the, niajority of thq 1946 decline wusi depressed in a Plans Following on the heels of its successful experimental competitive are fraction of a i For Retirement ■; but There markets have been of case wealthy mam who of stock market declines:-? Stories probably wouldn't place^oo riiuch -investment their former highs. Most the as was spring the atmosphere is charged with defeatist thinking. Newspapers make' headlines out in the major selling but are dften of approach last and recovery be obtained. can that which have groups emotional market number a fully participated which values as %V and the practically doubled ifr price. salesman creates barriers for him v^::-W:;;* ^ ^ a' ^'v?• Markets." d&ted Dec.21,1962,and brought; up to date by the author. v v and stock broad are October-December in tomer ' from the extremely complex and there not made in the mind are t decline of average an 28% Most sales of orderf from their bull market highs com¬ about BY JOHN DUTTON Your Own Attitude interested^iri' loriir 4etni interested in long term quality. the of stocks have declined from 40-45% pared with CORNER (willing to, take a two or three stocks, and also life insur: the . , " large a ,':v *♦ st0Cks, appear to merit in-- growth, that - and SECURITY SALESMAN'S the salesman long before h<e 1959 and one day he realized. thafc companies -should prove talks with a customer or a pros¬ one o€ the stocks he the NYSE were had recom* tewMrdiiig;fe,;; '> ■;; L\-,:J * H 'I?,:-. ? including food and beverage is¬ pect, Negative thoughts often will mended had practically ceased te or below their sues; 'should enjoy steady though .♦Based on author's "1963 Forecast- destroy constructive work? in exiijst. Several others iwere df^ Various studies Outlook for Business and The Securities moderated improvemeht.many instances, the imagination about 25 lows. that leading a more or around 1957-1958 show by indicated firm one-third stocks Bank ance ^ :stud^ 4. investors investors years» ;l November brokerage about have beat mmketif ok atde^^^ a in' the: electronics systems (example B & O—C& O) quite old, selected 25 an renew the contact. This opportunity to render a service; discuss; the OTHER SE¬ CURITIES in the account, and at Jeast; he would- have: had nothing bonds, high- grade preferreds, or to lose and possibly much to gaini local securities of high quality* ,be terest from the first of the month they be prompted. within. ..the Then^one day this customer spoke But all he could think about wae Promoted acceptance Of "higher /p/;etmultk that 100 shafes that, had become framework f pfc /special^ pavings in which the authorized issuing with: the* salesman's employer at pliersr jThis; probably^ reflects f the worthless, so once again, he wrote agent receives payment for them. Bond;caihpaigris. However*since their cluh.: i He told him that; he better ^"quality' of, eainirigs^^dis?i the Savings Bonds re pre sen tat i ves liked the salesman J requested letter and said very niuch and cussed above, relating to increase "The bonds will be sold at par work closely with banks and other nothing. he: was well pleased; with the in cash flow, research arid de vel- in denominations of $50, $100, financial institutions in promoting quality of securities he had been opmpnt \ spending; and the ' less $5Q0, and $.1,000, and .will provide and But the story has a happy end¬ servicing the Savings Bonds f ' , _ cyclical character of earnings* • am Investment-,-yield,: of >3%%r ^ should bo' rioted that'of 96, yeft.-compounded .semi-annually, urea; should new 1962 mated showed of early. groups, (as earnings, 20 p/e ratio of 8-12 times a redemption value at the end, groups ???ach. ha"-*ef pbrnI0do ' w - tained in the Department's Circu- balanced advisable appears stantialin any taxes - portfolio liryestof. . for and' the the sub- including • foreign market, psychology ebb and flows approach Reflecting th^ uncertainties situation, wiii in 1962* 1-63, the bonds can- not, be / redeemed Investment Policies ; A lar Number and Applications to have its reach owners .until' f theiri - T • should continue to > . , T... customer ^-v^ rated, . ,s regIstered: "The -, - . . has Midwest Retirement.,Bonds. may sultant been Stock low on retained new the by Exchange con¬ as listings < effective plans and pension and profit shar- risk, fair rate of return, and moderate . five years* Selected stocks in this group attractive are for income . ^ ^ - - .. (<Bond purchase plans using the new retirement plan bonds and - • : • by his employer, He is governor ers a past president a pastChicago, a president Club; of of the former of the Investment Bank¬ Association and has held sev¬ eral key posts within the National Association He was of Securities National NASD in 1954. V his telephone rang and a cheerful voice said^ "Hi, Joe, I haven't heard from you in a long are you?" H was his customer; He arid hadri't givenr;that ^lOO, shares. :of firiib he sold thie worthless stock one single thought; he had; no ill-will toward the few hundred shares of a priced common stocks. Mean¬ Dealers. Chairman with a small percentage of their investible funds for various sons* With matter of side, and some tax people shelter on it the of to buy-this type security. Other of men a flyer on Each the same basis as case is different. This salesman told me that as busi¬ ness became much more active during the past few years he did not contact this "pot"; to he bought was a Wealthy mari;s the other securities the salesman sold formed well. He it. Instead he him never had per¬ mentioned said, "I've got about $20,000 for some good tax exempt I noticed you the several bonds on mailing list once tp call me more send you to me in a while that sort of ap¬ peal to me. How about them?" little a they might bet on a horse, or a ball game. went often but since I didn't hear from" loss1 "spice" in their activities and will take it bonds. You used a speculative like it; rea* large potential on the a salesman. Apparently he is profit side.that,will induce them associated with ^rriman Ripley since 1938. Bond Shortly after the first of the year :^ while; Happy New Year,: and how , , ing plans as described in the 1962 Act. The new retirement bonds to good long terra growth. The must be registered in the name of long suffering railroads should self-employed person or the reap the benefit of merger econo- employee for whom they are mies in the course of the next.bought. :t k because of limited downside a risk his capi¬ , from" time to only be registered in the names Feb."!, 1962r according to rin- anim- of natural persons in single own- nouncement from James E. Day, attractive some CH I C AG In the equity be lie^ihpbgh^ O; 111*—Edward <Ci while, he also continued offering except upon the owner's death or him good quality investments. George, former Vice-President in Interest, oa ttie ,bonds charge' of midwestern activities of Many investors in the high tax s^,°^ live years after, the death jjarriman ^ipiey ^ Co.,> lnCOrpo- brackets will assume a large risk of the person in whose name it * J * However market take with a limited portion, of salesman T- ership or beneficiary form. They Exchange President. ; portion of the portfolio good utili- may be p u r c h a s e d ^ only in : ' ; c&y, ties (both electric and telephone) connection^ with bond purchase Mr. George has been provement for 1963. to The message was relayed to the the fundamentals of the situation indicate :: moderate in e while bpcause he would like • MldWeSt EXCh. , 59^' years of age, Once tal. 4.—George Joining. Conclusions that theirassistance in this the salesman might show him a ing—and as always, a lesson to teach us in.many different aspects materially aid in few tspeculative r common, stocks of our lives. program, De4 Jutetest, together. vyith the princi-c the understanding of the. terms cember 1962) some 70 showed" a will be. paid. only upon re^ and conditions of the Retirement price 6f " less than 18 times esti- demption. The bonds will increase Bonds," industry He? also, suggested offered, a ' it o particular cus¬ Fortunately this salesman didn't allow his negative thinking to prompt him to cease mailing lit¬ erature the to said to me, client. But as he it is often the negative thoughts in our own minds that create barriers for us. And this is true every day of our lives. 26 The CommercialandFinancialChronicle^ ^.Thursday, (218) ; NYSE's New Program^ for iCheck-Up of and partners or officers hp]? XYXV^lll KJ\s±. representatives. Specific areas for checks on e s > offices "This roughout rules new country. the ' .: Guide * . th or . not '■ ' ' contain tee through field the Committee past 2V2 years, the in system has now less of size Keith Funston operation. Mr. or of doing public, regard- supervision in this Guide have discussed beehj-adjUdged, education mid:1960 with the co- «,tly being used by some firms." of member firms in d The Committee. in its report, operation of the country. noted that n0 single supervisory money States 0.9 United States. first the 5.7 . 4.9 . nine months of this annual of deficit nearly averaged rate $1.9. It would have been larger had not France another provide potential discovering above indicates that countries that and tended ^ have high rates of mon¬ advance payments on loans. than low, interest rates. terest rates appear to be primarily of ? economic result a Thus, in¬ that preventive rather tbian ri activity fprced the ^basis of; the a cause,,. Italy sent funds to the U. S. The U. adopted a is Administration's etary growth also had high, rather v while helpful to m$y 0f S. Government as has variety; of measures to reduce the payments deficit and it this goal to eliminate the avowed deficit by the end of 1963. Direct measures steps may be.taken," Mr.. F.Unston to ;condiude ;on evidence, as contrasted to much of taken to stem the deficit include prokiam nature of business. tested smce ferent parts finds, means so areas jje no^e(j that the nation's shareowner from b%en philosophizing that action arm-chair policy accompanied:by a monetary is nearly more proportionate increase in analogous to "pushing on a firm, offIces ,and/regis- rod" rather than "pushing member tered the am: growth in the last decade—, frequently masquerades under the title of economic analysis, that 6V?> to 17 million oersons «« by the Committee to be reasoxraWe _has and practical and are, in fact pres- scribed the new of Methods de- Funston office brokerage any exist should believes business with the into gone tp reyidw the ? areas of supermanagement which the /:???,/ "Such? checks, ^ vision and over securities and of policies. It is father payments< th,e effort -Of an industry Commit- Developed tests United listecf 5.8 . United Kingdom.-.. the 7.6 . . Checks, on practices relating to recejp^. , 2.1 year 9.2 _ Kingdom for 10.8 . United terest rates for the countries customers. • . . , does , , _ Canada member firms over He continued:. them." member firm 3.4 Canada _ Italy have themselves devised the years sion and sales it i _ Germany Systems for review of active acpressures and therefore result in counts and margin accounts, effective management techniques Methods for checking corre- higher rather than lower interest rates. Comparison of average in¬ and have been willing to share spondence and other contacts with because many of, manage¬ ment, supervi¬ v if'!- 11.3% France > 9.9 Steps followed in opening new accounts and ^obtaining adequate announced a new Exchange pro-, large-sized member firms. It is information about customers and gram for spot-checking the quality- possible, Mr. Funston noted, "only their investment objectives. at National?* Product ?• ? Japan 10.2 procedures include: President of the mittee of eight management exNew York Stock Exchange, has perts? from, small, medium, and Oct i 10.5 Italy Funkon, Keith Gross ? 13.7% registered and control actvities of H i Y® YYT ft A ii iii^ All piT) ' Supply Money organizations supervise of member in * -I r -■ Compound Annual;Rates of Increase-'tl955>19()0) methods \ by ' which into inquire managers Januaryl7, 1963 of total string." The representatives. number registered representa- to limit Government spend¬ abroad, funds to the tieing of loan purchases of only U. products, promotion of S. exports, ram¬ and reduction Of-tax incentives for a American investment in developed on , ;; ? ' ing foreign countries; - relieving Another factor of the some pressure Money Growth Limited Due to on our deficit is the more will, invoke periodic'review system can fit every firm's cir- tivesHits^rowdrffbm-12,800- to rapid rate Balance of Payments of rise in costs and of sales activities through inter- cumstances, just as no single for? SOme prices abroad 32,000 imd member firm ofIt is generally agreed that one than in the U. S. To the extent representatives .and others at mula fits all investment.programs, flees have increased from about cf the basic difficulties with our we are successful in member firms' main and branch J «We convincing have,; however, attempted 1,790 to 3,300 since 1952. , economy during recent years was foreign nations to reduce offices. All memberfirin import °^uChS to suggest practical methods for "This growth has required devel- inadequate demand to absorb all restrictions on U. S. products and where the public is served will be handling a sales force and accounts opment by member organizations It" visited years, periodically. For to prevent customer unhappiness, of new techniques of communicaExchange examiners, have ruje violations and monetary loss," tion and control," Mr. Funston firms member visited nually spot-check to records. main. " " * ' » ; of?. Committee said. centers an-, tires and accounting in their visits books and 0ffices? ' * • . , will personnel * ; practices be can shared through; this new program of education and enforcement." v-^ ,, the issued by the spring of Exchange in Monetary and Fiscaltlolicy lished beyond reasonable doubt study was begun to find a work- able—total reserves available to that there is a very close causal able method for a more complete commercial banks. One step re- link between monetary change and regular program of checking moved, the Board has nearly com- and spending change. These studthe^sales performance of siilfirms pletd control?oveFthb money sup- *es suppprt the view that the doing business with the public.- V * ply since the amount of bank re- quantity of money matters beTh 1 Qfii the Exchange exolored serves is the "main determinant of C?use: (1) Changes in the quanthe use of customer interviews as the ability of commercial banks «ty of money has in the past rethe primary approach to checking to loan ?or invest funds and hence suited in. substantial changes, m sales activities .some 877 custom- create new money! From the end incomes; prices/and employment, acuyiues. Some cpsxom that and year, a Continued from page 3 - ► erg were a oroiect research the aid of two professional through inter- interviews te y ews series: valuable a a part of-a program to spot check sales activities but were not ef- .^^i'^^^^^Conseqiiently; the present system was developed during 1962 to inspect supervisory and customer service practipes within individual firms; supplemented by customer inter^ views. Mr. Funston 1962 noted that on the effects several have have remained es- * , .. dictable and finally (3) The quanMy of money'can be controlled rre^ reserves nave remamea es ^ within ' ParrPw limits sentiaiiy unchanged during the accurately within narrow; .limits October-November, 1902, months by monetary policy. Jescrve funds provided Not only does evidence ^ Me banking system Kwcre. PromPuy loaned or lnyestea^and > that . ....... ^ support the causal link be- tween ; money and it is r. .tied __ to for selection, training, testing and continuing education of member personnel who handle the public's securities business. A new sion and tered to the Management Representatives tampr tomer Amnnntc" Accounts sued with "Guide to the now member Superviof public—will Regis- and ? Cause be in years, imposed by the deficit in the of balance feared that expansion been the payments. fiscal and tary has re¬ Mone¬ have authorities measures direct action by the Government rather than eration of a re¬ U. S. the op¬ self-equilibrating sys¬ tem. Under the old there was a gold standard built-in regulator that tended to restore balance of pay¬ ments equilibrium by forcing in¬ ternal change incomes and upon employment, prices. Some rapid monetary that such action is the would depress short- lution to our argue a more term interest rates and accelerate proper though it would be at even so¬ dilemma present sub¬ a the gold outflow.; Consequently, stantial cost in terms of many bilthe /Federal SReseryer has ^eyerefy liohs of dollars; of lost ihcomh as limited monetary growth even well as further widespread* unem¬ though much? Slack existed iq the ployment. No major ? nation is economy.ManyEoropeanbankers willing to completely follow the and ^ economist^ • Rave, enqourage^d rigors v and ^ < dictates U. S, officials to impose an even standard, but as are of the indicated gold previ¬ and slowing gold outflows. tending in that di¬ cite their; own structures but seven advanced coun¬ tries of the industrial world from They high interest rate fail to point of a frequently symptomatic are rigorous that economy but it is not Monetary Without Forcing Inflation, policies have been much morb expansive,than in: the U. S. It is true that;high interest rates International out , or System Domestic Deflation After?World Wat II an Interna¬ monetary; mectianism was tional built which maintained fixed change rates without an ex¬ adjust¬ high interest rates im¬ on a sluggish ment mechanism but accompanied by a by a system of lokns through the policy will International .Monetary Fundi It economy restrictive 1955 through 1960 with the rank order system operation propping tially increasing by the be¬ substan¬ volume tween countries of differing of growth rates and varying rates of short-term Government securities. inflation allows persistent balance Unfortunately, these joint efforts of payments disequilibrium. In the have neither solved the balance of paymehts difficulties nor created sufficient demand in the private early was was post-war years the dollar in short supply, indicating it priced too cheaply? in terms 4c is- dealing an of Gross National Product (spend- sector of the economy to restore of other world currencies. Just as ing on currently [produced goods full employment of resources. many observers became convinced and ? services) increases shows Although the balance" of pay¬ the dollar shortage would be a high rank correlation.?; Only the ments was in a deficit position, permanent problem, the opposite order, of France ;and Italy was throughout most of the past dec¬ problem evolved; namely a sur¬ transposed in the GNP series as compared im- a logical case to the I'ank order of can be made for tho proposition countries by monetary growth. Jbatamo^e ,^noney ,wll11. resMt in that sPendinS and alternatively more money will merely recash hoards Rnt suit in moie iaJ e cash hoards. But the facts can provide an anCareful research con- freauentlv assumed that more rapm monetary growth will lead to lQw interest rates. Yet the evidence sjt|on If contradicts monetary this nrono- growth does ade, little attention: was paid to the plus of dollars. A major objective problem until the late 1950's. The of the 1960's should be the mold¬ deficit of nearly $4 billion ing of an international monetary reached in I960 and the defi¬ system capable? of achieving and peak was cit; has declined gradually the past three years. tinuation of a net But the excess over con¬ of pay¬ ments abroad has involved further maintaining balance-of-payments equilibrium without time at the same forcing internal inflation deflation. and Although direct actions in fact stimulate total spending, it gold losses and further increases discussed previously may tempo¬ largely by Professor Milton js conceivable that the consequent in liquid U. S. liabilities to the rarily reduce our payments defi¬ prepared with Friedman and colleagues at the higher rate of-spending will gen- rest of the world. The deficit for cit, it does not promise a longpersonnel by a Com- University of Chicago has estab- erate strong demand for money all of 1961 totaled $2.5 billion and term solution since there exists Guide ange relevance direct more I have. ex¬ prog-* made. .Is. monetary policy capable of initiating significant increases in total spending or rather is it, to qu°tc the often used analogy, "like pushing, on a string?" Tbisf ques-' tion cannot be answered on a portant educational tool useful in swer.: •The Spending, Changes / . Cus- being firms of as abroad, further be But most of these quire developed military priori grounds since closely steps taken ;by ;the Exchahge.; in recent years to upgrade standards firm so it must be First, year? zero as monetary but bring economic health. The Treas¬ should not be surprising that this ury has aided the short-term rate fixed exchange rate spending most Says Money Supply Changes He also new program. approximately interprets the data true monetary expansion in the training and man¬ Exchange fit into the,educational noted to this in the posed consequently were used neither (iata ^ase^ 0P international com-' f®r ^educi?to modest volume parisons point to the same concluf borrowing up from the Fed nor gion Comparison | (see ;accomfcess reserves panying table) of rank order of ich yield no return. agement already conducted by the part of the far can in economic less well as (2) The relationship^ between the tighter monetary policy?for,the ously, we ^ > v purpose -of raising -interest rates rection. quantity of money and other assets and income . are, relatively^ w conferences amount fully to ^ dhicc August poxii risen significantly, reserves countries penditures their monetary uowuwaiu. be d of 01 anally adjusted reserves of com- stable. and therefore The conclusion wa$ that customer could could August "qyqsp agencies. research and ***1, both the money supply (demand with deposits and currency) and - sea^ con- ducted bv the Exchange staff viewing 1961 interviewed that year in maior more programs ress recent member firm sales activities were share aid sion in the money supply average But Will Shape 1963 Outlook Experiments with spot checks of to compound annual rate of expan¬ one of Member Firm Activities." in Why then did the existing prices. straint 1959, suggesting "A Self-Appraisal conducted capable of producing at was candidly admitted that not every¬ similar toi;hose raised in a notable statement goods and services the econ¬ omy only 1.2% from 1956 to 1961 and .r y'"f -'Points; covered 'ihf visits; Mr; Funston said, will - be generally "These added. to metober; firm Exchange • , < cautionary the , , . was Volume 6230 Number 197 . . The Commercial and Financial Chronicle . (219) equilibrating mechanism. no What the are current and implications changes for the financial markets. If the what continues economy sluggish eral months tary interest the next over remains expansive, downward is rates However, to on pressure be expected. sizable tax cut a sev¬ I expect and mone¬ as policy moderate some¬ ex¬ pansion would brighten the busi¬ ness of Security Traders Asso¬ Chicago, on Jan. 20 and 21. ciation will be held at the Drake Hotel, Louis, will preside at the business sessions which will be at¬ St. tended the officers by Under such conditions regional 34 affiliated and delegates from National delegates will attend Dinner changes policy bets do not for off are National the First dollars all which places largest Texas bank. Uni¬ 1964. bentures fered is by & The City of fund de¬ of¬ investment an jointly managed Clive B. Fazioli publicly being by group curities & New York & Co., Inc., Belanger and due Jan. 15, 101.265 %* and at to yield improve¬ 1983, accrued 4.90%; and $16,000,000 works, due Jan. 1, and accrued 1988, priced 101.432% at interest, yield to 4.90%. 12:15 interest and issues The the on payable in United are group on luncheon for combined the award Jan. won of 100.18% maturities, for setting an unconditional direct are guests will held be at of the Parker Net tures will and of Weeden & Co. is General Chairman of the Dinner Committee. Clive rowings property and of the sale new with the new 50-story office in the space building is to new in automatic an Investment Traders Association of Philadelphia will hold its On Feb. 20,- the Annual Bowling Tournament Feb. 21. on between:, the Security Traders Association of New York bowling team and-the Philadelphia keglers Philadelphia. "f will be held at the 30th Street Alleys in M * ' Washington Security Traders Association as an affiliate of the National has are being converted to these machines. been formally Security Traders Associa¬ Washington association is John May, of Johnston, Lemon & Co. tion as has two < .. a.-*% aa branch area full banks. The potential latter ; . and develop provide for branching, it is will-be changed. * a The provide participa¬ corporation formed was as a In order for banks to grow Company, banking is almost essential. •situation v;v,"w.-?. wholly owned affiliates, the First National Company and the First Dallas Capital Corporation. in two their to In addition to of the need for tax-exempt an awareness Small Business Investment of this complete services, consumer Although Texas laws do not distinct possibility that the existing — In spite action, earnings growth has still been favorable. dividend has declined as Also, the percent of earnings which allows for a plough-back. need for stock sales. stock is This in should turn less mean a future The current price earnings ratio of this bank high but has been higher at several times in any of the past nine years. SECURITY DEALERS ASSOCIATION 1963 are a early date—the obvious result being substantial gains bank Earnings, Dividends, Prices, Price/Earnings officers of the Georgia Security Dealers Association for new and electronic This has not only contributed to earnings of the this section of the portfolio. The reasonable the year plan new subscription to keep capital growth in line with deposits. tion. GEORGIA services have been savings Naturally, the First National has had to resort to capital stock WASHINGTON SECURITY TRADERS ASSOCIATION installed monthly former began operation in 1930 and was used to OF PHILADELPHIA Annual Winter Dinner at the Bellevue Stratford Hotel The including an Securities The and aggressive manage¬ young a services is the development of a large and active municipal bonds at Ratios, and Book Value follows: NOE Divid. % A Price Range a - Year Per Share Divid. of Earngs. High Low Price/Earnings High Low $2.71 $1.36 49% $69 $42 26.3X 16.0X 2.62 35 28.5 13.3 1.31 as Book Value $26.60 24.13 to in of the the opening, 1.31 57 37 30 16.2 13.1 23.23 1.97 1.31 66 38 28 19.3 14.2 22.33 2.08 1.22 59 31 27 14.9 13.0 21.94 1.79 1.22 68 30 27 16.8 15.1 1956 tempo¬ cost 75 2.29 1957 bor¬ repay 50 1960 1959 of 1.47 1.16 79 30 25 20.4 17.0 of the for Total such Total Year Assets* Deposits* 1962 extending improvements '•< ; 21.25 20.71 Assets, Deposits, Loans, and Earnings widening streets and the cost other the on Under this management many new bond department. Traders Association. Deben¬ condemnations of position 1958 used incurred purpose competing 1961 from financing rary in reported that 1963 should produce data processing system has been installed and much of the bank's Fazioli, White, Weld & Co., is President of the Boston Securities the of Improvement be * 1962 obligations proceeds Local bank Work is progressing bank but also has created Lewis City of Montreal. the J. Av professional loan plan for the medical profession. A the annual net interest cost of 4.98%. debentures Tariff is operations out-of-town day at the Hawthorne Room same The President of the bid a The the p.m. Warren States funds. 14, cocktail party at 5:30. House. The Principal two usual The priced interest, debentures for public • a INVESTMENT TRADERS ASSOCIATION offering consists of $9,000,- ments, will be preceded by Inc., 000 debentures for local the It is also earnings and deposits to developed, Warren A. Lewis $18. Co.; Blyth & Co., Inc.; Thomson Montreal. The at 7:30 p.m. White, Weld Co.; Eastman Dillon, Union Se¬ Nesbitt, not expected to show are . Approximately half of the in both Debens. Offered sinking anticipated earnings of major leased. ment team. 5% of The First National Bank may attribute much of its recent growth City of Montreal Montreal view building which is expected to be completed in the latter part of be A total of $25,000,000 compared to as According to reports from the management, loan demand re¬ mains strong and for the first time deposits exceeded one billion 1963. Program Club Luncheon, of Chicago, Chicago, 111. in which, for the most part, favorable earnings. versity share per impressive—particularly in improvement for 1962. *An address by Mr. Sprinkel at the Ex¬ ecutive 23x' figures for the First National Bank in Dallas have This increase is Texas banks have I materialize, P-E Ratio experience speaks Well If the fiscal and assumed 2.16% for The dinner to be held Feb. 8 at the Statler Hilton Hotel. stabi¬ monetary $2.74 a period when most commercial bank earnings are expected to be reported at the level of the previous year. Also, this lize and possibly rise by the latter part of the year. Yield $1.36 $2.62 in 1961. good corporate profits would bode to DALLAS Earnings (1962) just been released and amounted to $2.74 well for the equity market and in¬ tend BANK IN Dividend The earnings SECURITIES TRADERS ASSOCIATION on FIRST NATIONAL $63.00 the annual dinner of the Secu¬ rity Traders Association of Chicago on Monday evening, Jan. 21, at the Drake Hotel. BOSTON This Week —Bank Stocks Price The Boston Securities Traders Association will hold its 39th Annual rates. would THE associations. improved economic conditions and terest STOCKS Earl L. Hagensieker, of Reinholdt & Gardner, NSTA President, prospects for the remainder 1963. BANK AND INSURANCE NATIONAL SECURITY TRADERS ASSOCIATION The annual winter meeting of the National accom¬ panied by continued monetary ill fNSTAiNOTESl of prospective economic 27 $1,172 1961— — 1,111 Total , $1,054 \ 972 Loans* $624 572 Net Oper. Earningst $8,754 7,802 1960 871 485 907 806 479 1958 968 885 446 5,479 1957 sewers, pavements and sidewalks. S66 1959 as 821 735 387 4,714 6,802 5,865 ' The proceeds of the Public Works I Debentures will be applied *In Frank J. Myers toward the cost of road and high¬ construction, public way a civic and center other The and retire each 94% interest. not are they ac¬ debentures The reedeemable, other than for the sinking 1973, of prior to maturity at a redemption price of 100% and crued fund, prior to Jan. on and will be after Secretary-Treasurer: Allen Crawford, Jr., Johnson, Lane, Space & Co., Inc. Committee: Executive calculated are approximately issue ,,Vice-President: Joseph E. Lay, Robinson-Humphrey Company. hall, sinking funds of the issues begin in 1964 and to concert improvements. which optionally 1, date John B. Paul E. Ellis, Courts & Co.; Manners, First National Bank of Atlanta; N. Barnard Murphy, Jr., Goodbody & Co.; Samuel W. Preston, Wyatt, Neal & Waggoner. SECURITY ASSOCIATION OF NEW YORK TRADERS The Security Traders Association of New York will hold its annual dinner, on Friday April 26 in the Grand Ballroom of the Waldoirf- Astoria. Michael J. Heaney, Michael J. Heaney & Co., is chairman of the dinner committee. redeem¬ able at prices ranging from 103% down to par, plus accrued inter¬ est. Westheimer Adds Amos Sudler Adds Ohio—Richard CINCINNATI, Loftgacre has become with arid S. Stanton Gould have joined the staff of Amos C. Sudler & Fourth New Co., Exchanges. Mr. Longaere Building. with Both National were formerly Insurance Stocks, Inc. Bank Westheimer & Co., Street, York viously and with \ of Cincinnati Paine, D. 124 East members Jackson & Curtis. Joins BUO Corp. connected DENVER, Colo.—Albert J. Gould American millions of dollars; tin thousands of dollars. President: Frank J. Myers, J. H. Hilsman & Co., Inc. garages, parking groupds, construction of Joseph E. Lay the Stock was pre^ Webber, COLORADO SPRINGS, Colo. — Theodore B. Gazarian has become affiliated 415 with North BUO Tej on. Gazarian Copley and Company and prior thereto was was an & formerly officer of Co. with Corporation, Mr. Gazarian, Essendrop •• y r: Ulmer & Joseph With ving Co., ing, Dixie Terminal 'Build¬ members of the Cincinnati Stock Exchange. Both were form¬ Weil, Roth, Irving erly partners in Ulmer-Joseph Co. 28 (220) The Commercial and Financial Chronicle Thursday, January 17, 1963 ... ADDITIONS * INDICATES SINCE ITEMS • A NOTE Amerel Mining Co. Ltd. J July 31, 1961 filed 400,000 common 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- Registration statements filed with — the SEC since the last issue of the "Chron¬ icle" carried separately at the now are end ©f this section "Securities Now in Registra- | tion.t Dates shown in parenthesis alongside the ■ company's and in the index; name,; • week and flWl'* offered were pub- » forms. Abbott ' ' ' r '' " ' s 5 rt f , \ , / • • June 29, 1962 filed 380,000 class A common. Price—$10. Business—Real estate ownership and management. Pro¬ general corporate pur¬ poses. Office—292 Madison Ave., N. Y. Underwriters— Morris Cohon & Co. and Street & Co., Inc., N. Y. Price—$1. American Proceeds—For service to 4 Alaskan communities. Under¬ r- ,*•>,« ' PacifigfFUncI, Inc. subord. of Automatic ' - Minn. Inc., St. Inc. Merchandising, vine. May 24, 1962 filed 225,000 common, of which 125,000 are to be offered by company and 100,000 by stockholders; Priced—By amendment (max. $8).> Business—Cpmpany operates, owns, services and leases coin-operated auto¬ vending machines.' Proceeds—For debt repay¬ ment, inventories, equipment and working capital. Of¬ matic fice—217 N. Willow Ave., Tampa. Allyn & Co., Chicago*. < Bank "Adanimf? Mortgages & Underwriter—A. C. Loan Ltd. Dec. 29, 1961 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. — Basic June 29, Properties, Inc. 1962 filed 400,000 class A common. Price—By (max.: $12). Business—Real estate' invest? Proceeds—For debt repayment, acquisition of • building and other corporate purposes. Office—52i Fifth Ave., N. Y. Underwriter—Hornblower & Weeks, N. Y. Offering—Indefinite. * ' Belock Instrument Corp. se- $20 debenture share. Price—By amendment. Business—Productidn" and/ servicing of physical damage insurance on automobiles, trucks and mobile homes. Proceeds—To fi¬ one one Now 23, 1962 filed $752,400 of 6% conv. Subord. deben¬ tures due 1975 (Series B) and 150,480 common shares the purchase of American Americana East/ Inc. Nov. 13, 1962 filed 400,000 common. Price—$2.50. Busi¬ ness—Development, 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 Corp., 4101 Steam Mill Rd., Columbus, Ga. construction Fla., Md., N. Y., and Ky, Proceeds—For repayment debt, Paul, — deben¬ of St. Jansen, being offered for subscription by 'stockholders in units (7,524) consisting of $100 of debentures and 20 shared Fidelity Fire Insurance >; on the basis bf one unit for each; 130 commbn held of ! ;Co. Address—American Plan record Jan. 8. Rights will expire J an. 22. Price—$200 per Bldg., Westbury, L. I., New York. Underwriter unit. ■ Business Bear, Stearns & Co., New York. Design, development, and manufacture Note—This registration will be vdthdrawn; ■ of mechanical, electromechanical and electronic precision Price—At par. Business—Company and subsidiaries conduct a general real estate business with in stockholder)/ The a entities will be offered in units nance 1977. home •>* Jenks* Ave., Donnelly •& ment. and Inc. and Broadway, N. Y. 35,000 by : Proceeds—Expansion conv. Office—120 SecuritiesJEnc£ Ny.Y convertible debentures due 1982, and 155,000 common {(of ,whic]h 120,000 will be sold by-company and — Park 1977; American Plan Corp. 30, 1962 filed $3,100,000 service, loan repayment, and working capital. OfficeFifth Ave., Skagway, Alaska. Underwriter Jay W. Kaufmann & Co., New York, Office—230 1, March of development Sept. amendment investment. Telephone Co. "-V, - Price—$1.50. corporate purposes. Office—3601 Merribk Rdl, Seaford, N. Y. Underwriter—S. Schramm & Co., Inc., N. Y. r ' Management a like number of common shares, to be offered in units, each consisting of one $1,000 debenture, 400 common, and 300 warrants. Price—$1,000 per unit. Busi¬ ness—A public utility supplying electricity and telephone land H% Corp.' (same address). chase on ' » common. Price—Net asset value. open-end management company special¬ in life, health, casualty and accident insurance. Proceeds—For investment. Office—1523 Kalakaua Ave., Honolulu. Underwriter—American Pacific 600 emphasis 4 « izing t)ec, 26,. 1962 filed $600,000 of 6% debentures due 1978, 180,000 10-year warrants to pur¬ due / t Business—An 240,000 common, and tures 'i July 9, 1962 filed 94,500 Address---Florence; Sfr C. Underwriter—None. April 24, 1962 filed $5,000,000 of t due debentures porate purposes. writer—Provost Aug. 22, 1962 filed 100,000 shares of beneficial interest. Price—$19. Business—Company plans to qualify as a All-State Properties, 1 | 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¬ Aiken Savings Trust Alaska Power & r'» April cilities and other corporate purposes. Office—Route 15, Sparta, N. J. Underwriter—Chase Securities Corp., N. Y. investment trust. # (2/4-8) of natural gas. Proceeds—For debt repayment and expansion. Office — 546 S. 24th Ave.; Omaha. Under¬ writer—Walston & Co., New York. achieving controlled vertical flight. Proceeds—For addi¬ tional equipment, research and development, plant fa¬ 4f and devices to control and automatically operate indus¬ trial machinery and processes. Proceeds — For general sale been ; Price—$4r. Business —Design,, manufacture and installation of electrical, pneumatic, hydraulic and mechanical systems, controls also 275,000 common. Price For debentures,/at par; for stock; by amendment. Business—Transportation, distribution and engaged in experimentation on aerodynamic concepts and holds ten U. S. Patents relat¬ ing to advanced vertical lift vehicles and systems for estate < , Office—668 Automatic Controls, $1,685,000 of 6%% convertible sub¬ Aerosystems^ Technology Corp. (1/28-311 Aug, 29, 1962 filed 165,000" common. Price—$3. Business real -11 ordinated processing expansion, equipment and work¬ ing capital. Office — 37 Brighton Ave., Boston. Under¬ writer—Walker, Wachtel & Co., Inc., Boston. has 1 '^ '' capital. Underwriter—Pewters, Paul, Minn. v c '<f * - * American Gas Co. March 26,1962 filed Proceeds—For —Company v - common. Business—Manufacture and sale of Misti-Cone humidi¬ fiers. Proceeds-^-For equipment, inventories aftd work? — 5, 1962 ("Reg. A") 300,000 common. Business—Operation of an electronic data . Dec. 28, 1961 filed 50,000 common. • Accounting Corp. of America service. first of ing definite. repayment and Dec. servicing Atmosphere Control, Inc. May 28, 1962 ("Reg. A") 200,000! American Finance Co., Inc. i debt _ debentures, and additional capital funds. Office—1472 Broadway, N. Y. Underwriter —Myron A. Lomasney & Co., New York. Offering—In¬ Realty Fund, Inc. ceeds—For and real estate.- Proceeds—For loan ditional subsidiary is a Maryland savings and loan asso¬ ciation and two are automobile insurance brokers. Pro¬ ceeds—For the retirement of debt repayment and work¬ Office—3500 N. W. 71st St., Miami. Under¬ ' -« mortgages and repayment, and working capital. Office—1120 Connecticut Ave., N. W*, Washington, D. C. Underwriter---Shields. & • Co., < Incv on 1972; 75,000 common, and 25,000 warrants, to be offered in units of one $200 debenture, shares, and 10 warrants.; Price4~$500 per unit; Busi¬ ness—Company and its subsidiaries are primarily en¬ gaged in the automobile sale finance business. One ad¬ " ?" American 30 writer—-Givens, Marx & Co., Inc., Miami. Note—The SEC has issued an order temporarily suspending this issue. » marketing loans nated debentures due ; Proceeds—For ing capital. ing, .. April 21, 1961 filed $500,000 of 6% convertible subordi¬ ABC Business Forms, Inc. July 27, 1962■< ("Reg. A") 51,500 common.; Price—$3.50. Business—Manufacture, design and development of busi¬ ness - • ' " ; nated • licly. ' •': Dec. • effective this Associated Mortgage Co., Inc. 1962 filed 130,203 common,' of Which 100,000 are to be offered by company and 35,205 by stockholders. Price—By amendment (max. $10):* Business—Originat¬ Dec. 21, Bolt & Screw Mfg. Corp. New York. 15; 1961 filed $900,000 of, 6% convertible subordi¬ J . •' debentures / and .90,000 common, to. be offered 7* Ascot Publishing Co., in units consisting of one $100 debenture and 10 shares.' Jan. >29, ;1962 ("Reg. A"),;103,00Q;commons Pricfe^-$2% Price—$100 per unit. Business—Manufacture of standard BusinessK-Publishing of a bowling magazine. ; Proceed# and special industrial aircraft and missile fasteners. Pro¬ —For general corporate purposes. Office—14 W. 55th ceeds—For debt repayment, equipment and other cor¬ St., N. Y. Underwriter—Dana Securities Co.r Inc., 80 porate purposes. Office—Lawson Blvd., Oceanside, L. I. Wall St., N. Y. Note—This lettef was withdrawn." N/ Y. Underwriter—S. D. Fuller & Co., N; Y. Offering— re- I:; fleet the expectations of the underwriter but are not, in general, firm offering dates. p • Also' shown under the caption "Effective Registrations" are those issues which became ; . Manning, Ltd., Toronto. t ; , writer—E. A. REVISED - ISSUE PREVIOUS Sales Ave., N. YV Underwriters— bentures due units of one of Point, N, Y. Bene loans. Office—112-03 Proceeds—For pre¬ 14th Ave., College Underwriter—None. Cosmetics, Inc. March 2, 1962 ("Reg. A") 100,000 common. Price — $3. Business—Importation,' sale and distribution of Italian cosmetics. Proceeds For advertising, inventory and working capital. Office—114 W. 13th St., N. Y. Under¬ writer—Granite Securities, Inc., N. Y. — Ampeg Co., Inc. Oct. 29, 1962 ("Reg. A") $294,000 7% To be named. equipment for U. S. armed forces. payment conv. subord. de¬ 1972 and 29,400 common to be offered in $1,000 debenture and 100 shares. Price— Big Top Stores, Inc. Nov. 26, Business—Manufacture of amplifiers and accessory equipment for musical instruments. Proceeds 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 —For $1,020 in ^ over-the-counter securities f c ; ^ , v .... unit. inventory, equipment, debt repayment and Office—1570 W. Blancke, Linden, N. J. derwriter—John R. Boland & Co., Inc., New York. Of¬ ■ #■?.*' per •» .. , \ • specializing in expansion, additional inventory, and working cap¬ Ave., S'carsdale, N. Y. Under¬ writer—P. J. Gruber & Co., Inc., N. Y. Offering—Ex¬ ferings—Indefinite. pected in ;April. products. Antenna and of large microwave antennas and antenna Proceeds—For reduction of bank loans, working capital. Mass. Office—349 Lincoln St., Hingham, Underwriter—None. r , * vine & ESTABLISHED 1942 v ' Members of New York Security Dealers Association 39 Broadway, Now York 6, N. Y. Dlgby 4-2370 ■ A R. J. HENDERSON & CO., TWX: 212-571-0320 to INC., Los Angeles WOODCOCK, MOYER, FRICKE & FRENCH, INC., Philadelphia /V, j May 23, 1962 filed 49,993 shares of $3 cumulative pre¬ stock and 205,105 common shares being offered for subscription by stockholders of the respective classes ferred V • Instruments, Inc. March 26, 1962 filed 100,000 common, of which 77,420 shares are to be offered by the company and 22,580 shares $7.75). tific by stockholders. Price — By amendment (max. Business — Importing and distribution of scien¬ Proceeds—For research and develop¬ instruments. repayment and other corporate & Co., N. Y. Note — This withdrawn.*. ; equipment, debt registration was B. Marron C-Thru Products, Inc. ' t * "*Dec. 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¬ motion; equipment; research and development, and working capital. Office — 2401 Pacific St., Brooklyn, N. Y. Underwriter—Broadwall Securities, Inc., N. Y. Cable offerings is Nov. 21 and the rights expira¬ Carriers, Inc. 22, 1962 filed 1,015,564 capital shares to be offered subscription by stockholders on the basis of four new snares for each share held on Feb. 14, 1962. Price—25 tion date Feb. 15. Price—For preferred $52; for common cants. Business—Manufacture and sale of overhead trol¬ on Direct Wires Fishman, Inc., N. Y. Arden Farms Co. " Brinkmann Underwriter—D. 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—Golkin, Di¬ SOLD.QUOTED for Banks, Brokers, Institutions - Office—832 Scarsdale ment. - Aquariums Inc. (1/28-31) Dec. 5, 1962 filed 51,200 common. BOUGHT ital. • Sept. 28, 1962 filed 35,000 common. Price—By amend¬ ment ,(max. $30). Business—Design, manufacture and installation NEW Un¬ Systems, Inc. components. all new the basis of date for both $13. Business cream one — and other payment. Office new share for each 10 held. Record June for Manufacture, purchase and sale of ice ley dairy products. head — Underwriter—None. 1900 W. Proceeds—For debt Slauson re¬ Ave., Los Angeles. conveyers, tow Office None. — vertical tray lift systems, floor and over¬ Proceeds—For working capital. Kirk Blvd., Greenville, S. C. Underwriter— systems, - ; etc. . Volume 197 ^Number 6230 f f Tlie Commercial and Financial Chronicle Caldwell Publishing equipment and working capital. Office—2025 McKinley Corp.H?// 13, 1962 filed 100,000 common. Price.—$3.50. Busi¬ St., Hollywood, Fla. Underwriter — Clayton Securities" ness—Company plans to publish classics. Proceeds—For r,Corp., Boston, Mass. Offering—Indefinite.- /•/;: general corporate purposes. Office—339 W. 51st St., N Y. ft/ Child Guidance Toys, Inc. Underwriter—S. B. Cantor Co., N. Y. Offering—Ex¬ May 23/ 1962 filed 100,000 common, of which 70,000 pected in February. /'// $' ;. are to be offered by company and 30,000 by stockholders. Price—By amendment (max. $12.50). Business—Design, Cambridge Fund of California, Inc. 'V Sept. 28, 1961 filed 280,000 common. Price—By amend* i manufacture and sale of plastic educational toys. Pro* / ceeds—For working capital. ment. Business—General real estate. Proceeds—Debt re¬ Office—1125; Close Ave.,ft NEW ISSUE CALENDAR June •Bronx, . N. ; Y. Long Beach, Calif. Underwriter—To be named. (Bids ; America, Cameron Iron Works, Inc.' • Sept. 14, 1962 filed 280,000 ment Magqffiri Ave.,/El Paso.^ Uhdqi;writer--JSpprer/, Guerih Inc/: Dallas. - •/ 1 ' " 7 / - ; ~ & Turner, , • i* , *" due Price—By amend¬ common. Clark Semiconductor Corp. Aug. 22, * - • 1967 1962 filed $153,045, of 5% subord. debentures and 166,500 common shares to be offered in units of $170.05 $21.50). Business—Manufacture of equip¬ ment used in the petroleum and processing industries. Company also makes forged metal products used in the aviation, missile and atomic industries. Proceeds—For selling stockholders. Address—P.. O. Box 1212, Houston, of debentures and 185 shares. Price— $220 per unit Business—Production of very high fre¬ quency power transistors. Proceeds—For debt repay¬ ment and other corporate purposes. Office — Walnut Ave., dark/N. J. Underwriter—None, Note—This regis¬ Texas. tration (max. Underwriters—White, Weld & Co., Inc., and Lehman Brothers, New York* Note—- This registration may be withdrawn; and then refiled. Canaveral Hills : , \* / h: (Bids 11 pano Cedar Lake Public Service Corp. v i Standard Wash. Offering—Indefinite. Business— "S»t Busi¬ "r J Missouri;//// to be offered common the basis of on one share Proceeds—For — ^ common, /, Consolidated Vending Corp. H 225.000 are to be ft ?>. < . ; of which Price—$5. Business—Design and manu¬ facture of women's, misses' and junior sportswear, co¬ ordinates, and dresses. Proceeds—For debt repayment, noon $8,400,000 ifc EST) : > ^ $495,000 ? 1 a , ' Canaveral Hills Enterprises/ $500,000 America/L^Cbinmon (Blair a? Co.) 99,000 shares s ; v : -Common (Willis E. Burnside & Co., Inc.) . (Blair Corp. of America & D. Debs. Co.)'$1,000,000 ' Gilhart & v , w^Conunon Co., Inc.) $131,250 Common (M. l; Lee & Co., Inc.) $147,625 (First \ 1 //' \ l ;■>•] ^.American Shs. Boston Corp. and Daiwa Securities 400,000 A. D. S. '■,/ ~ '.f'rt / f"*1 January 29 Co., Ltd.) ^ /' ^ ?■: (Tuesday) (Bids 12 Bonds $25,000,000 EST) noon -/February 4 (Monday) American Gas Co. ^..LDebentures - (Walston iSs Co.) $1,685,000 .American' Gas-: Co. -.^.-iL.Common (Walston As Co.) FloridaBancgrowth, 275,000 shares .^Common Inc.-- (Dempsey-Tegeler & Co., Inc.) 250,000 shares Great Eastern; Insurance Co;;^ ICommon (Emanuel, Deetjen & Co, and Zuckermah. Smith,As Co.) Pacific (E, F.,Button United Camera - /-: /-* lens. ' • & Cc., Inc.) ; . 293,000 shares Exchange, Inc. Common (Ingram, Lambert As Stephen, Inc.) $300,000 Common (Don D. Anderson & Co., Inc.) $300,000 February 5 (Tuesday) Bell Telephone Co. of Pennsylvania____Debentures (Bids 11 a.m, EST) $50,000,000 February 6 (Wednesday) Japan Development Bank^ r - _ _ (First Boston- Corp.; Smith, x; ^^ -^ /Proceeds—For; moving expenses, Continued on re-/ page 30 - Dillon, Read & Co.: Inc.; & : Co., Inc.) $17,500,000 Barney .Bonds and *• ^ * Laclede Gas Co.---—-4—--Debentures v -(Bids to received) be $10,000,000 ^ - . v Laclede Gas ;ltr ,v ^Lehman Brothers;:' Merrill Lynch, Pierce, Fenher As Smith Inc.; and Reinholdt & Gardner) 200.000 shares February 11 (Monday) Roddy Recreation Products Inc.-. (Dempsey-Tegler February 15 Co., & (Thursday) , February 18 (Bids '(Bids ^ - Units 1 ^ ,. s Class A (Monday) Equip. Trust Ctfs. Atlantic Coast Line RR Texas Power & - $1,300,000 Inc.) Natural Gas & Oil Producing Co (Peter Morgan A) Co.) $900,000 12 EST) noon $3,600,000 Bonds Light Co.-—— 11:30 a.ny.J^ST) $10,000,COO ^ February 19 (Tuesday) Potomac Electric Power Co.——Bonds 10 (Bids a. m. $50,000,000 EST) / February 20 (Wednesday) Arkansas ...Bonds Power & Light Co—4— (Bids to be - received) $15,000,000 February 27 (Wednesday) Brooklyn Union Gas. Co.-,-. —Bonds (Bids to be received) $12,000,000 March 5 (Tuesday) Bell Telephone Co (Bids March 11 Debentures $40,000,000 received) he to (Monday) Bonds Illinois Light Co.— Central ;* (Bids to be received) » March 12 Oklahoma • ; (Tuesday) Gas & t. ; $9,375,000 H a.m. ; ~ " Electric Co.i (Bids 11 March 25 ' 19, 1962 ("Reg.-A") 75,000 class "A"; common. Price—$4. Business—Manufacture and sale of a patented Sept. contact $1,908,000 Mountain, Inc.— i ; * • Airlines.----.-^-./-/—Common Southwest * Northwestern ' Consultant's Mutual Investments; Inc. / ; Dec. 21, 1962 filed 500,000 common. Price—$10. (For an initial period the fund will also offer its shares in ex¬ change for acceptable securities on the basis of one/ share for each $10 market value of securities) . Business- - ft//5 ley, Sunstein & Co., Philadelphia: V".' ''t • Contact Lens / Guild, Inc. " f offered by the company and 75,000 by* stockholders, 12 (Golkin, Divine & Fishman, Inc.) 51,200 snares . 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 Corp.-Merrill Lynch, Pierce, Fenner f: & Smith Inc. (jointly); Halsey, Stuart & Co. Inc.; Mor/' —A new mutual fund. Proceeds—For investment. Office-; gan Stanley & Co.; White, Weld & Co, Bids—Jan? 22 (11/ / —211 S. Broad St./Philadelphia. Underwriter—Gerst-/ a.m. EST) in Room 2315, 195 Broadway, New York. / , Bonds CST) $10,000,000 a.m. (Chase Securities Corp;) $25. . Boston common, shares Aquariums, Zero Business—Development and sale of advanced program¬ ming systems, for solution of business problems by the use of digital computers. Proceeds — For general cor¬ porate purposes. Office—1012 14th St., N. W., Washington, D,. C.Underwriterr^poft ,&. po., N. Y. Offering-^ Indefinite.. -' / Computer Control Co., InOi ' ' • - Underwriters—(Competitive). Probable bid-- 300,000 class'A Common 100,000 (Monday) Aerosystems Technology Corp.-.-..^.-.^^^.Coinm6n - health, accident, life and hospital inworking capital. Office—3570 Lindell Blvd., St. Louis, Underwriter—Edward 1>. Jones & Co., St. Louis. Offering—Indefinite. surance. Computer Concepts Inc. Dec. 29, 1961 filed 20,000 class A common. Price T., and for construction. Office—320 St. Paul Place, Industries, Inc., Co.) C6;-/^l—-—i-wLEquip. Trust Ctfs. (Bids ; '."/I*) subscription by stockholders withdrawn. 28, 1962 filed $50,000,000 of debentures due Jan. 1, 2002. Proceeds-^To refund advances'from parent, A. T. filed Southern Pacific Business—Sale of . Securities, Inc., Spokane,. \ ? , x • Dec. 29, 1961 & , ;p/\(i/22). Chestnut Hill (Bids 10:30 for each 3.36 common shares held. Price—At-the-market. i Chesapeake & Potomac Telephone Co. of Md. Nov. Witter Dallas Power & Light Co • Commercial Life Insurance Co. of for Arnold Malkari Investment Growth': of Puerto Rico, Inc/ Santurce, p. r. O.;• h;/;;/• •*.;:;v-r;vvfft;/://ftft • shares Service, Inc (Dean Mining Co./ filed 200,000r common; Price-r-$l. ^"None.rj-v | —Company plans to operate a painting contracting busi¬ ness and manufacture paints. Proceeds—For general cor¬ porate purposes. Office—Santurce, P. R. Underwriter— First 150,000 Public Service Co. of Oklahoma St., Manchester, Conn. Underwriter—Putnam & mining? Pftfceeds—For exploration and operating expenses. Office—$££e©d§» ;U.olo. Underwriter ; ^ I_Common (Auohinoloss, Parker & Redpath) - Petrolane Gas Office—615 ' ders: January 23 (Wednesday) Duro-Test Corp. _1 Proceeds—For of which 62,500 are Central Mutual Fund, Inc. /' /■, to be bffered bY the company and 95,000 by stockhold¬ Aug. 20, 1962 filed ;100,000 "capital shares.. Price—Netr ers. Price^By-amendment. Business-^~Design and manu* ; asset value (max. .$14) plus a- 2%; sales commission* '/facture^ of digital equipment. Proceeds—Fdr debt re// Business—A mutual fund specializing in life insurance payment. Office—983 Concord St., Fraraingham. Mass./: Stocks.v ^Proceeds—For J; investment. /- Off ice-^110-; North; ? Underwriter—Kidder, Peabody & Co., N* Y/Offering—*'. East -St., JacksonviUe,/lU; ; Underwriter—CN ' Agency/ Indefinitely postponed. 1 lncn same address. I Conso Products/ Inc. Dhemair Electronics Corp. r ; Sept. 27, 1962 filed 125,000 common. Price—By amend* ; Dec. 28, 1962 filed $150,000 of 6% subordinated income ment (max. $10). Business—Manufacture of home fur¬ debentures; due 1973 and 30,000 common shares to be nishing trimmings and accessories. Proceeds—For ma¬ offered in units consisting of one? $10 debenture and two chinery and working capital. Office—27 W. 23d St., N. Y. common. Price--t-$12 per unit, Business—Production and Underwriter—H. Hentz & Co., N. Y. Offering—Feb. sale of chemicals ; designed * to" control odors, bacterial Consolidated Leasing Corp. of America growth and air pollutants; and development, produc¬ /.•/(1/28-31). tion and sale of an electronic vaporizing unit for dis¬ April 27, 1962 filed $1,000,000 of 6%% subord. deben¬ pensing such chemidals. Proceeds-r-Fpr 'debt repayment, tures due 1977 (with warrants), and 99,000 common. equipment, sales promotion and working capital. Office Price—For debentures, at par; for stock, by amendment —221 N.- La Salle St., Chicago. Underwriter—Price In¬ (max. $9). Business—Renting of cars, trucks and equip¬ vesting Co., New York. ' '• ment. Proceeds—For debt repayment, an acquisition Chemical Coatmg Corp, and other corporate purposes. Office — 1012 Baltimore June 29; 1962 filed 70,000 common. Price—$5. Business Ave., Kansas City, Mo, Underwriter—Blair & Co., N. Y. & & Nippon Electric Co., Ltd.^»M. Price—By amendment (max. $15). /Jan. 24, 1962 filed 157,500 Baltimore. Webster Securities Corp.;; White, Weld & Pd.|« Halsey, Stuart & Co., Inc.) $50,000,000 .(Stone (A. ness—General April 10, 1962 ("Reg. A") 2,000,000 common. Price—15a Business—For exploration,, development and production of mineral deposits. Proceeds —* For mining expenses. Address—Box 469, Wallace, Idaho. - Underwriters—Pen-* and -Common Bishop. & Co.) v75,000 shares1 ^ and M. Electro-Nucleonics, Inc. Sept;: 20, 1962 Center Star Gold Mines, Inc. Co. (Dean Witter & Co. Tennessee Gas Transmission Co.Ji^J.w^^^-Bonds Data Corp. of America-*-^-, £o< Colorado Imperial to. qualify - as a public utility; and furnish water -y and sewage ■ disposals services in and around ' Cedar' Lake, Indr Proceeds —To construct a sewage disposal system. Address — R.R. N. 3, Box 28," Cedar Lake, Ind. Underwriter—None. & underwriter for the Co.i Hartford, Conn., Company plans naluna as expansion, equipment and debt repayment. March 20,1962 filed.9,964 common, Price-^$100* Business — Pioneer Telephone , Office-4-t068 S; Ocean Blvd., Pom* -Nov*? 20/ 1962;X-'Reg.jA") 46,000 Underwriter-—None. Beach, Fla. C. Wheat & Co, and Allied Securities Corp;) 145,500 shares (J. January 28 Stock. Parker ; Luck's;-: .. . Manufacture of shoeboard and boxboard. Castle Hospitality Services, Inc. Dec. 14; .19.62 filed' $500,000 of 8%1 debentures due 1969. Price—At par '($1,000). Business—Company plans-.- to corporate purposes;5 . holders. Inc., Chicago. Note—This registration will be withdrawn. offer management and consultant services to motels and furnish them; with equipment.;, Proceeds—For general Inc.i/^-«2--^//Ll.Common. (Eppler, Guerin & Turner, Inc.): 96,000 shares Consolidated Leasing Board Common EST) $50,000,000 a.m. Circle K Food Stores, March 28, 1962 filed 164,000 common, of which 115,000 are to be offered by the company and 49,000 by stock¬ Fishman, & $6,360,000 Consolidated Leasing Corp. of Colonial Price—By amend¬ ment (max. $3.25). Business — Operation of technical schools. Proceeds—For debt repayment, expansion and general corporate purposes. Office—135 W. Wells- St., Divine EST) Corp., Yazoo City, Miss*, will act Inc. Underwriter—Golkin, Coastak Chemical Corp. : Equip. Trust Ctfs. noon the proceeds from the sale of the class C stock. Address —Yazoo City, Miss. Underwriter—Mississippi Chemical June 29, 1962 filed 100,000 common. Milwaukee. / 12 •,("h/ •'/*^v.CJj- "1 < (Mid-Town Secuitiea.Corp;)?;$265,000 >1 » class , Career Academy, withdrawn. Sept. 24, 1962 filed 40,000 class A, 39,239 outstanding; C; and 20,000 class D shares. Price—$35. Business --^Manufacture of anhydrous ammonia and other fertil¬ izer materials and components. Proceeds—For working, capital. Mississippi Chemical Corp., parent, will receive . Enterprises, Inc. (1/28-31) May lu, 1962 filed 100,000 common. Price—$o.M$usinesa —Company was formed to own and operate a country club .and golf ..course, swimming ,pool and cabana club, near Cape Canaveral, Fla., and. develop real estate, erect homes, apartment houses, > motels, ietc. Proceeds— For debt repayment and expansion. Office—309 Ainsley Bldg., Miami, Fla. Underwriter—Willis E. Burnside & Co,,, Inc., New York. • was i > ,. // -h January 22 (Tuesday) Chesapeake & Potomac Telephone Co. of Md.-Debs. Cameo;Lingerie/Inc. been sold to Colonial Corp. of *i..v'* . January: 18; (Friiay)//f^^ Olympia Record Industries, Inc. Feb. Puerto Rico. Underwriter—To be named. Note—This reg¬ istration was withdrawh.1,'Assets <>£%the: company have •; (Thursday) Seaboard Air Line RR • - •; /;/ ;/ • l. . ;i//////-J • Circle K Food Stores, Inc. (1/22) ft ; Nov. 28, 1962 filed 96,000 common, of which 64,000 are 12, 1962 filed 200,000 common, of which 120,000 are to be offered by the company and 80,000 by stockhold¬ /to be, offered v.by company and 32,000 by? stockholders. •' ers. Price—$5. Business—Manufactuer of women's and rPricO—3By amendment (max, $§.25), Business—Operatiori ,of /retail. ; drive-iii grocery stores/Proceeds^For? children's tailored panties. Proceeds—For debt repay¬ expansion and other corporate purposes. • Off ice—904 ment, inventory and working capital. Office—Fajardo, * t * January 17 ;New York. Offering—Indefinite. u; i ! /•/v.'/.;. Underwriter—J. R. WiUistbn &/Beane/J payment and working capital. Office—324 E, Bixby Rd.,; ; 29 (221) EST) $15,000,000 V?"/ Bonds '// (Monday) ^ v " > >'/ • i RyEquip. Trust Ctfs. Norfolk & Western : .« (Bids to be received) $5,475,000 " •" - ''jVft'V (Tuesday) ;•■>% Virginia Electric & Power Co May 14 .;*. -":3 .. (Bids to be received) $30,000,000 -Bonds 30 Continued rn (222) The Commercial and Financial Chronicle from page 29 De Troy Bergen, Inc. v'/;, 20, 1962 filed 140,000 common. Price—$4. Business —Commercial 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. ;/r ■■^ ^ • Dec. search, advertising inventory, working and capital. Office—360 Main St. E., Rochester, N. Y. UnderwriterDeGolger Co., Inc., Rochester, N. Y. Offering- John J. Indefinite. • Continental Device , - „ . Corp. Business—Research Deuterium Corp. To ControlDyne, Inc. 24, 1961 filed 150,000 common. Price—$1.15. Bust* 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 • & 1962 26, filed $1,250,000 of 6% convertible manufacture and distribution Fastpak, Inc. repayment Fedco 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 Second —By Ave., Miami, Fla. Underwriter—Karen Securities ^• Diversified Real Estate Trust March trust. 8, 1962 filed 1,000,000 shares of beneficial inter¬ Price—$10. Business-fA real / estate investment Proceeds—For investment. Office—500 Fifth Ave., N. ers Ave., Chicago. Y. Underwriter Consolidated — Diversified Realty Underwriter—None, Financial Investors —62 & per interest. Business—A real estate investment trust. Proceeds-^-For investment. Office—19 E. First Salt Lake City. Underwriter—Realty Salt Lake City. share and Underwriter—Hampstead Investing Corp., Credit bentures due; 1974 conv. debt subord. de¬ & Underwriter — Office—1775 Broadway, Bernard M Kahn & Co., Inc., N. tion of type securities . 1 • : , Business—A ceeds—For derwriter—Dempsey-Tegeler & Co., Inc., St. Louis. Florida ness betting. shares 28, Business—Operation of retail Bowling Corp. 1962 are to filed be ment 100,000 offered stockholders. common, by of company which and 50,000 50,000 by Price—$3. Business—Leasing and operat-, bowling centers. Proceeds—For expansion, equip¬ ment and working capital. Office—230 Park Ave., N. Y. Underwriter—Provost Securities, Inc., N. Y. • mg of store concessions. camera stores and depart¬ Company also Forst (Alex) & Sons, Inc. March 23, 1962 filed 125,000 common. Price-^By amend¬ ment (max. $15). Business—Wholesale distribution of toys and games/ Proceeds—For selling stockholders. Of*, fice—2885 Jerome Ave., Bronx. Underwriter—Mc-^ Donnell & Co., New York. Offering—Indefinite. Freoplex, Inc. Jan. 2, 1963 ("Reg. A") $200,000 of'7% convertible sub¬ ordinated debentures due March 1, 1975. Price—At par. . • Garden State Small Business Oct. 27, 1961 filed 330,000 Investment Co^^/ Price—$3. Business common. —A small business investment company. Proceeds—For investment. Office—1180 Raymond Blvd., Newark, N. J. , Delta 1962 filed 169,420 common to be offered for subscription by stockholders. Price—By amendment (max. $2). Business—Company owns and licenses carton pouring spout patents and die patents. Proceeds—For debt repayment and other corporate purposes. Office—^ 100 W. 10th St., Wilmington, Del. Underwriter—None. Business—Operation of retail meat supermarkets. Pro¬ ceeds—For debt repayment and working capital. Address —Route 18, Tices Lane, East Brunswick, N. J. Under¬ writer—Alessandrini & Co., Inc., N. Y. " / / .= : . Sept. Office—Fern Floseal Corp. - payment. Office—2222 S. Centinela Ave., Los Angeles. Data Systems Devices of Boston, Inc.lJ -V Underwriter—None./ April 26, 1962 filed 200,000 common. Price—$5. Business/ Eastern Camera & Photo Corp. —Company plans to design, develop and produce elec- I / March 28 1962 filed $500,000 of 6% conv. subord. deben¬ tronic and electro-mechanical devices, including printers tures due 1972 and 50,000 common shares for electronic (of which 25,computers. Proceeds—For product devel¬ 000 will be sold by the opment, new plant and equipment and company and 25,000 by stock¬ working capital holders). The securities are to be offered in units of one Office—342 Western Ave., Boston. Underwriter—; $100 debenture and 10 shares. Schmidt. Sham. McCabe & Co., Price—By amendment. Inc., Denver. Alai, Inc. filed 400,000 common. Price—$5. Bust* Operation of Jai Alai games and pari-niutuel Proceeds—For rent, purchase of leased quarters, May 10, — Price—$1.25. Busi¬ New York. : ness—Development of specialized data processing appli¬ cations and the Dynapower Systems Corp. furnishing of data processing services." Proceeds—For training of personnel, Sept. 28, 1962 filed 750,000 common. Price—$1. Busi¬ advertising and i sales promotion, and working capital. Office—44 Beaver" ness—Manufacture of electro-mechanical vehicles and electronic devices for medical and marine purposes. St., New York. Underwriter—A. D. Gilhart & Co., Inc., Proceeds—For working capital, equipment and debt re¬ New York. — building improvements, working capital. Park, Fla. Underwriter—To be named. selling stockholder. Office 2321 Hudson Blvd., Bergen, N. J. Underwriter—Auchincloss, Parker Halsey, Stuart & Co. Inc.; Salomon Brothers &< & Redpath, New York. 1 Hutzler-Equitable Securities Corp. (jointly); Eastman Dynamic L. P. Industries, Inc. Dillon, Union Securities & Co.; Kidder, Peabody & Co., June; 21* 1962 filed 75,000 commpn. Price—$4. Business Inc.-Merrill Lynch, Pierce, Fenner & Smith Inc. (joint—manufacturing, labeling and packaging of long playing, ly); First Boston Corp:; Lehman Brothers. Bids—Jan. 29," * stereophonic and monaural phonograph records for label/, 1963 (12 noon EST). Information Meeting—Jan." 25 (11 1 record companies. Proceeds—For equipment and work¬ a.m. EST) at 2 Rector Street, New York. » ; ing capital. Office — 900 Passaic Ave., East Newark, Data Corp. of America (1/28-31) N. J. Underwriter—Mortimer B. Burnside & Oct. 29, 1962 filed 105,000 common. Co., Inc./ w Jai June 28, 1962 (1/23) the Blvd^ • North ders: Price-$1. small business investment company. Pro¬ investment, /Office—1295 Northern/ Florida^ Bancgrowthr lnc. (2/4-8) March 16, 1962 filed 250,000 common. Price—By amend¬ ment:-(max* $15). Business—-An investment company specializing in bank stocks. Proceeds—For investment. Office—3356 Atlantic; Blvd., Pompano Beach, Fla. Un¬ experimental 6, 1962 filed 150,000 common. Price—By amendment (max. $9), Business -7* Manufacture of various types of lights for industrial and commercial use. Proceeds—For 1989, repay advances from Texas Utilities Co., pa¬ rent, finance construction, etc. Office—1506 Commerce St., Dallas. Underwriters—(Competitive) Probable bid¬ companies. Proceeds—For in¬ Milk St., Boston. Underwriter— Manhasset, N. Y. Underwriter—None. Dec due of Israeli First New York Capital Fund, Inc. 27, 1961 filed 2,770,000 capital shares. Price—By amendment (max. Business—Research, development and construc¬ Duro-Test Corp. 2,750,000 amendment Off ice-r-141 Oct. ,D. C. Transit Systems, Inc. % April 30, 1962 filed $6,250,000 of 6^2% conv. subord. de¬ bentures due 1977 and five-year warrants to purchase an aggregate of accuracy and adequacy of this statement. 187,500 class A shares, to be offered for subscription by holders of class A and class B stock in • Donmoor-lsaacson, Inc. units consisting of $100 of debentures and three war- J Feb. 26, 1962 filed 150,000 common, of which 50,000 are: rants. Price—$100 per unit. Business—Operation of a to be offered by the company and 100,000 by stock¬ public transit system in Washington, D. C.; a new sub¬ holders. Price—By amendment (max. $12). Businesssidiary to construct housing projects in Washington, Design and manufacture of boys knit shirts, sweaters, D. C. Proceeds—For construction and and pajamas. Proceeds—For general corporate working capital. Office— purposes. Office—3600 M St., N. W., Washington, D. C 1115 Broadwav, N. Y Underwriter— Goodbody & Co., Underwriter—None. New York, Offering-r-Expected in February. Light Co. (1/29) / j V Jan. 2, 1963 filed $25,000,000 of first mortgage bonds due 1993. Proceeds—To redeem $20,000,000 of 5^4% bonds filed Paine, Webber, Jackson & Curtis, Boston. Offering—Ex¬ pected in February. helicopters. Proceeds—To obtain certification of models, train service personnel, repay debt, etc. Address—Municipal Airport, Danbury, Conn Underwriter—None. Note—The SEC has questioned the Dallas Power & 1962 Price—By vestment. Underwriter—Courts Co., Atlanta, Ga. Offering—Indefinite. $1.25). N. Y. Offering—Expected in February. • . shares of beneficial in¬ (max. $10). Business— A mutual fund which plans;to invest primarily in equity: shares for each three held. Y. 15, terest. Office—11 N. Main St., Ocala, Fla. and repayment. Richmond St., Toronto. Underwriter—G. V. Kirby Associates, Ltd., Toronto. Aug. 54,560 common shares to be offered in 2,728 units, each consisting of $440 of deben¬ Doman Helicopters, Inc. tures and 20 common shares. Price—$550 per unit 1 April 19, 1962 filed 418,680 common to be offered for Business—A consumer sales finance company. Proceeds subscription by stockholders on the basis of two new —For Office—3600 W. First American Israel Mutual Fund Securities. of crushed granite, lime rock, and agricultural limestone. Proceeds—For loan repayment, and working capital. New York. Department, Inc. Jan. 26, 1962 filed $1,200,320 of 7% payable. Ave., Chicago, Underwriter—None. . South, ness—A Ave., N. - Y. and Nov. one warrant. Price—$2.25 In" per unit. Busi¬ corporate guidance and interim financing con¬ '• Dixie cern. Company may also act as a broker-dealer and unLimev£j£«ura. | Sept. 27, 1962 filed 100,000 common. Price—By amend¬ derwriter. Proceeds—For investment. Office—733 Third ment (max. $6.75). Business—Mining and processing one Business—Design ment. Business—Exploration and testing of mining prop¬ erties. Proceeds—For general corporate purposes. Office —$1 May 28,1962 filed 150,000 common and warrants to pur¬ chase 30,000 additional shares, to be offered in units of $15). Fidelity Mining Investments Ltd. 30, 1961 filed 800,000 common. Price—By amend¬ Program June 28, 1962 filed 1,900,000 certificates of interest. Price Creative Ventures Corp. (max. and reduction of accounts Pratt (same address). Offering—Indefinite. Proceeds—For amendment 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¬ Corp., N. Y. saler working capital. Office—2740 N. Clybourn general 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. of items. Place, by others. Proceeds—For debt corporate purposes. Office—8 Freeport, N Y. Underwriter — Arnold and Malkan & Co., Inc., N. Y. Note—This registration will be withdrawn, Diversified Collateral Corp/ Nov: 21, 1962 filed $3,000,000 of 6% subordinated notes, series I. Price—At par. Business—A cooperative whole¬ related manufactured Benson June est. and Mil¬ devices sub¬ Cotter & Co. hardware Inc., Nov: 30, 1961 filed 125,000 common. Price—$5. Business —The distribution of nuts, bolts and other fastening Price—By amendment. Business—Manufacture of nylon hosiery. Proceeds—For debt repayment working capital. Office~-417 Fifth Ave., N. Y. Un¬ derwriter—Drexel & Co., Philadelphia. Offering—In¬ definitely postponed. — of working. capital. geles* Underwriter—Wisconsin-Continental, women's phonograph Proceeds For the repayment of debt, and working capital. Office—315 W. 47th St., N. Y. Under¬ writer—Van Alstyne, Noel & Co., N. Y. Note—This firm was known formerly as the Cosnat Record Distributing Corp. Offering—Indefinitely postponed. records. Proceeds offices, advances to subsidiaries and Off ice—5150 Wilshire Blvd., Los An? and ordinated debentures due 1977. Price—At par. Busia ess —The ? sales new ers. ; Cosnat Corp. May March 29, 1962 filed 240,000 common. Price—By amend¬ ment (max. $6.50). Business—A holding company for waukee. withdrawn. was Electro-Temp Systems, Inc. ; 18, 1962 ("Reg. A") 160,000 common. Price — $1. of commercial and industrial refrigera¬ tion/machinery/and equipment. Proceeds-d-For:/debt re^ payment, equipment, inventory and working capital. Of¬ fice—150-49 Hillside Ave., Jamaica, N. Y. Underwriter —S. C. Burns & Co., Inc., N. Y. Offering—Indefinite. Oct. Business—Sale —For Diamond Mills Corp. Jan. 23, 1962 filed 200,000 common, of which 120,000 are to be offered by the company and 80,000 by stockhold¬ Corporate Funding Corp. Co., Inc., N. Y. Note—This letter improve¬ centrifuge technology for separation of iso¬ 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. firms selling life insurance and mutual funds. a gen¬ laboratory.. Proceeds—For working capital, construction, equipment" and; other corporate purposes/ Office—260 Lexington Ave., N, Y; Underwriter—None. formerly was named Control Dynamics, Inc. N. B.—This registration was withdrawn. April 26, 1962 ("Reg. A") 75,000 class A common. Price $4. Business — A financial investment end holding company. Proceeds—For expansion and working capital. Office—39 Broadway. N Y. Underwriter—R. F. Dowd ,, eral research Note—This firm S named. be oxide, and to establish and equip Price—$5. development toward Equity Funding Corp. of America subscribers, $20; to public, $22.25. Business—Com¬ pany plans to erect a small size production; and expert mental plant for the limited manufacture of deuterium and deuterium and ment of gas 26, 1962 filed 275,000 common. Price—By amend- ;/:• Sept. 28, 1962 filed 120,000 common with attached war¬ ment (max. $6). Business—Company is engaged in re¬ rants to purchase an additional 120,000 shares to be of- d/ search, development and manufacture of certain types ered for subscription by holders of its stock and deben¬ of semiconductor products, and specialized test equip¬ tures in units (of one share and one warrant) on the ment. Proceeds—For loan repayment, equipment, and basis of 3 units for each 5% prior preferred share held/: other corporate purposes. Office—12515 Chadron Ave., 2 units for each 5% preferred A stock held and 40 Hawthorne, Calif. Underwriter—Carl M. Loeb, Rhoades units for each $1,200 face amount of non-interest bear¬ & Co., Inc. New York. Offering—Expected in February ' ing subordinated debentures held.- At the same time, the company wilL offer the securities to the public. Price-^-1 • Electro-Nucleonics, Inc. (1/28-31) 24, 1962 ("Reg. A") 29,525 common. Sept. Dec. Oct. Thursday, January 17, 1963 ... ; Underwriter—Godfrey, Hamilton, Taylor & Offering—Temporarily postponed. V| Co., N. Y. Geigher Pipe Supply Inc. Sept. 28, 1962 filed 60,000 class A common, of which 50,000 are to be offered by company and 10,000 by stock¬ holders. Price—$9.50. Business—Sale of steel pipes, valves and fittings. Proceeds—For inventory. Office— processes black photographic equipment. Proceeds—For debt repayment and working capital. Of¬ fice—68 W. Columbia St., Hempstead, N. Y. • Underwrit¬ ers—Edwards & Hanley, Hempstead. L. I., and Street 8r Co., Inc., New York. Note—This registration is expected Corp. April 25, 1962 ("Reg. A") 65,000 common. Price—$3. Business—Design and development of new products for to be withdrawn. various and white film and repairs 4124 N. Broadway, St. Louis. Underwriter—Midland Se¬ curities Co., Inc., Kansas City, Mo. General Offering—February. Design industries. Proceeds—For debt repayment, Volume Number 6230 197 . The Commercial and Financial Chronicle . . ;; Harwyn equipment and working capital. Office—1252 W. Peachtree St., N. W., Atlanta, Ga. Underwriter — Robert M. Harris & Co., Inc., Philadelphia. Ndte—The SEC has is¬ sued an1 order temporarily suspending this Issue. - i ; ... " Price—$5.05 per unit. Business—Company manufacture flat glass mirrors and sliding wardrobe mirror doors and related products. Proceeds //Indefinite. share. * Glensder i w >' - w » 5 , -S «-y .1' . Corp. Intelectron ^.: ' A Corp Dec. 10, 1962 filed 100,000 common! Price—$3. Business ; preference stock to be offered for subscription by stock¬ holders on basis of one preferred share for each 10 com¬ mon held. Price—$12. Business—Real estate. Proceeds —For general corporate purposes and debt repayment. Office—-40. Beaver -St.,' ^bany,; N./Yi Underwriter^TNoue. . vt v J* Instrument Components, Inc. ;; March 28, 1962 filed 23,800 shares of 5% convertible equipment, inventory and working capital. Office N. First Street, San Jose, Calif. Underwriter— Birr, Wilson & Co., Inc., San Francisco. Note—This reg- i *—1299 v4stratioxvwill-be, withdrawn.;•. (v Heartland Development Corp. '// to —For S - 29, 1962 filed 300,000 class A common. Price—By //June 11, 1962 ("Reg. A") 135,000 common. Price — $1. amendment Business — Publishes illustrated encyclo¬ /Business — Manufacture and distribution of electro¬ mechanical rotating devices. Proceeds—For debt pedic works for children and operates an advertising repay¬ agency for sale of TV and radio spot time. Proceeds— ment, sales promotion and other corporate purposes. I For working capital. Office—17Q Varick St., N. Y. Un¬ Office—312 Mt. Pleasant Ave., Newark, N. J. Underderwriter—Van Alstyne, Noel & Co., N. Y. Offering— wrRer--Urold-Blovin Co? Inc.* N.;Y. ; f - / shares to be offered in units of one class A and one com¬ plans Publishing Corp.. 31 J Jan. ^/'Glasco; Pacific^lnc-^t;'^#^ ; July 12, 1962 filed 250,000 class A and 250,000 common mon (223) —Company plans to engage in the research and develop¬ the hard of hearing and equipment /applicable to certain specialized and affiliated areas of % ment of devices for / communication. Proceeds—For general corporate pur¬ poses. Office—171 E. 77th St., New York. Underwriter—* International Systems Research Corp. 5; f » \ , ? 150,000 common; of "which 60,000 5 Heck's ' Discount Centers, Jnc.; June 7, 1962 filed 125,000 common. Price—By amend¬ Maich 30,1962 filed 110,000 class A common and 9-month the company; and 90,000 by the ment (max. $5). Business—Operation of discount stores. warrants to purchase 110,000 class A shares at company's parent, Glen Modes, Inc. Price—By amend$4 per Proceeds—For inventory, expansion, debt repayment and ment (max. $7). Business—Design, production and sale share, to be offered in units, each consisting of one share of women's fashion accessories, and sportswear. Proceeds ■gv^lrkirigtriapitai;; Office-^400/MacCorklb Ave.; SvSW^; and one warrant. Price—$4 per uriit. Business—Design, —For general corporate purposes. Office —.417 Fifth /J 5t j;' Albairi^^/W:;;^;:;/ UhderwriteiS-HWOlard'/Becuritie^ .development and manufacture of mechanical, electro¬ Inc., New York. Offering—Expected in late February. mechanical and electronic equipment for government Ave.,,N. Y. Underwriter—Sprayregen, Haft & Co., N. Y. Offerlng7~Indefinifcely;postponed. - V i ,V. agencies and the military. Proceeds—For equipment, Hek March 23, 1962 -filed are to be -offered, by x . . f - . . , . Manufacturing Co., Global Construction Devices, Inc. ' •* June 29; 1962 filed 100,000 common.' ;Price^$t(feBusiness^Mariufactura, sale- and lease of steel supports and . oeams used in construction. ment, - expansion, research, Proceeds—For debt repay¬ and inventory. - / Gcld Leaf Pharmacal Co., Inc. March ^ 54 Hill Street Co. 1962 filed 80,000 common. Price—$4. Buslness—Manufacture, development and sale of pharmaceu¬ tical and veterinarian products. Proceeds—For advertis¬ ing,-research, debt I repayment and working capital. 13, ; > Pete —Droujia & Co., N. \/~ x. Gotham Educational • - - common to, be offered for vestment. Office—760 S. Hill St., Los Angeles, writer—None. i4;'/ <t International Terrazzo Co., Inc. Nov. ; . / < A") \ 75,000 repayment, equipment, working capital and other corpo¬ rate purposes. Office—826 E. 62nd St., Brooklyn, N. Y. Underwriter—Jay Gould & Co., / Inc., Ill /W, 57th St., < New/Yoj&iff / Interstate Equity March 30,1962 filed 1,605,100 shares of beneficial interest. Under¬ Price—(max. Hillsboro Associates, Inc. Nov/27, 1962 filed $1,000,000 of 4% cum. income deben¬ tures due 1982 and ing of items used in /educational institutions such as chalk hoards, exhibit cases,/etc.; Proceeds-^For general .' corporate purposes; Office 91 Weyman Aye., New' RocheUe, N. Y. Underwriter-^Federman/Stonehill & Co.; New York. Offering-^Expected/in /mid-March.. v4. $10). Business—A real estate Ave.. N. Y. Underwriter—Van Offering—Indefinite. investment 15,000 capital shares to be offered in May, 31, 1962 filed ^200,000 shares. Price / Proceeds—For working capital, repayment, and property improvement. Office— 1776 E. Sunrise Blvd., Fort Lauderdale, Fla. Underwriter Jan. 30, 1962 filed 100,000 common. Price—$3. Business —Industrial designing, the design of teaching machines " / $10. Business Jaap Penraat Associates, Inc. 1 ■ — Ave., N. W«, Washington, D. C. Underwriter—Norie.'; / debt — \~ • A.' real estate Investment trust.; Proceeds /—? For con¬ struction and investment. Office — 3315 Connecticut reational organization; 2 /."f ' ,'Tl May .55, 1962 .filed 28,113 Common, Price—$3.50, Busi* /;r—None;/'/-riess Growing^. purchasing, distributing /and selling Hollingsworth Solderless Terminal Coi whole potatoes and processing and selling of prepared ^'jpeb^ 1962- ("Reg. ;A") 5 investors Realty Trust plans to purchase the Hillsboro Club, a social and rec¬ inc. Alstyne, Noel & Co., N. Y. ' " units consisting of 10 shares /or one. $500 debenture and five shares. Price—$1,000 per unit. Business—Company « . • 1962. ("Reg, common. Price—$2. Business—Manufacture and installation of terrazzo, and the installation of marble and tile. Proceeds—For debt ,/ V t • 8, company. Proceeds—For investment. Office—450 Seventh Equipment Co. Inc. .Gourmet Food Products,- Hill, Plainview, L. I., N. Y. Underwriter—Leib, Skloot & Co./Inc.| Clifton, N. J J Offering—Indefinite.; v - ; ; c 16,; 1961; filed; 2,265,138 -subscription by stockholders of Union Bank of CaliforPrice—$3.; Business—A management investment company. Proceeds—For in¬ Dec. 4, 1962 filed 75,000 common. Price—By amendment (max. $6). Business—Design, manufacture, and market- f debt repayment and working capital. Office—Engineer's «liia rpn> a/share-for-share basis. -^ffice-r^6L^wton Sir New ^PcheRe,N<yi: Underwriter . ,v Business—Manufacture of dental equipment. Proceeds— For, deb^ repayment advetrising;: research and develop¬ ment, and working capital,^5 Office—2176: Palou^ Sari Francisco. Underwriter—L. H. Wright Co., Inc., N. Y. Office—545 Cedar/Lane* /Teaneck, N, J, Underwriters—Winslow, Cohu & Stetson and Laird* BjteseU.de Meeds,.N.y*/;:.? . Inc. Aug. 7, 1962 ("Reg, A-').,75,000 common, of which 69,000 shares are to be offered, for the account of the com¬ pany/and 6,000 shares for the underwriter. Price—$2. -■%/. and, the of teaching programs. Proceeds— facilities and working capital. Office Office^l^l^mitheast. 10tb Ave.; Portland/ Ore,^Undeir- less terminals and other wire terminating products. Pro- : ;^1£ Central Park W^N//Y» Underwriter—R. F. Powd & Co., Inc., N. Y. writer—Tp .i?e riamecL f ' » *• 5 ceeds—/For debt repayment; equipment, advertising and working capital. Address—P. O. Box 430, Phoenixville, Great Continental Real Estate Investment Trust Jamoco Air Conditioning Corp. Pa. Underwriter-^Harrlsori & Co.; Philadelphia. OfferJFeb;; 28/ 1962 /CTteg/zA"^ 40,000 • common. Price/ — $3. Aug. 3, 1961 filed 300,000 shares of beneficial interest. /? lug—Temporarily postponed. / Price—$10. Business—Real estate. Proceeds—For invest/ Business—Design, installation and maintenance of heat¬ ment. Office—530 St. Paul Place, Baltimore. Underwrite* ing, plumbing and air conditioning systems. Proceeds— For inventory, equipment and other corporate purposes. .I/ii^Td^be., haihed;tNote-f^^h'isfJSrm/fo^iheriy-'^a;3;.knoWn!..ii$'' Nov, 29, 1961 "Reg./ AV) 76,500 common. Price—$3.75. ■Continental Real Estate Investments Trust. 4/ ,,,'"/ //Office — 954 Jamaica Ave,, Brooklyn, N. Y UnderBusiness—Purchase of cultured pearls in Japan. and writer—Martin-Warren Co., Ltd.* New, York Offerings •; Great: EasternInsurance/Co. r;(ii/4-8^-44f :^iiheir distribution/in /thri/^TCC-Si?-^l^dceeds-^For' general Indefinite. L : 4April 13, 1962 filed 381,600 common. Price—$5. Business / corporate purposes. Office—42 W. 48th St., N. Y. Under- potato products. Proceeds—For the selling stockholders. ". / For Business—Manufacture, sale and development of solder- production expansion, new * , . . ... > ' " • writer—Sunshine,Securities, Inc., Rego Park, N. Y. —Company plans-' to- write certain types. of - fire and casualty insurance. Proceeds — For general corporate )/i-;/Hunsaker*iS./1L)/A Sons \i v »- * * ♦ ?***? purposes. Office—116 John St., New York. Underwriters !; March; 30, 1982 filed $1,300,000 of convertible subordi¬ ^Emanuel; Deefjen».&J^Co^^iidK-Zuckexman/BmithL;& nated debentures due 1977 and 200,000 common shares. Co.;New York.;'^ / Price By amendment (max. $6 per common share). Greatamerica Corp. Business—Construction of homes and apartments on land f/pv/ !;o ;;; 4*5 which company has acquired in Southern Calif. Proceeds ./ Dee. 31; 1962 filed 2,500,000 common, of which 1,650,000 —For debt repayment and other corporate purposes. 1 .are to be* ^offered by. the - company and. 850,000; by; h stockholder. Price—By amendment (max. $19). Business ; Office—15855 Edna PL, Irwindale, Calif. Underwriter— —A holding company for four life insurance companies /ifTo / be; named. Gffering-^Indefinite. 5 : *: and a bank. Proceeds—For debt repayment. Office—311 ICOA Life Insurance Co. .-w /• So. Akard St, Dallas. Underwriters—Goldman, Sachs & S • *. . . * ' " Jayark Films Corp. /: ceeds — . ■ — For financing of production costs of films, for sales, and. promotion, debt repayment,; and general cor* porate purposes. Office—733 Third Ave., New York. Un¬ derwriter—Pacific Coast Securities Co., San Francisco* Kavanau Corp. . r- Co., d and Lehmah^Brothers; ^ew-yprk^/ Offering—Ex- .5pfct^;in:'kea^ V* June 28 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 iQct525;/1962/filed/l,130i300 common to be offered for ; warrant. Price—By amendment (max. $101 per unit). subscription' by stockholders on a share-for-share basis. J; Business—Real estate investment. Proceeds—For debt Price—$4.: Business-^Sale /of ordinary /^life,/ individual repayment and working capital. Office—30 E. 42nd St., health and disability, and group credit life and disability N. Y. Underwriter—Hayden, Stone & Co., N. Y. Note— / insurance. Proceeds—For expansion, and investment. OfThis registration will be withdrawn. Jfice-~250 Liberty St.; S, E./Salem,' Ore.; Underwriter—* and <. 7r,\-' >lGreater^McCoy's-Markets; In# -44•. • (1/29) 2Ahg. Z24;; 1961 /filed; 85,000 common. Price—By amend* / ment. (Approx. $5). Business—Company is engaged in t distribution of motion picture films for television. Pro- 1962 filed 219,150 class A common. Price—By Business—Operation of 16 Kenner Products Go. supermarkets in the Los Angeles area. Proceeds—For / Oregon/lTnderwritersi, Inc., .Salem.4.5";;v-g March 30, 1962 filed 542,900 common, of which 205,000 selling stockholders. /;■ Office—17602 Bellflower Blvd., 5 Ideal Toy €orp.v /. '• < '/" •,;/;■' are to be offered by company and 317,000 by stockhoid/./Bellflowfir,-- Calif. ^ Underwriter-^-Morris Cohoi; ; & .Co.; May 1, 1962 filed 490,000 common, of which 250,000 will / erg. Price—By amendment (max. $24). Business—Manu2 New'York. 4-4^4 4/ x \f; be offered by company and 240,000 by stockholders. Price ? facture, design, and distribution of plastic toys. Proceed® 5 —By. amendment ; Greenman Bros., Inc. • "/ (max, $20). - Business—Manufacture ;pi —For general corporate purposes. Office—912 Sycamore toys and related products. Proceeds — For debt repay¬ / St., Cincinnati. Ohio. Underwriter—Kuhn, Loeb & Co., April 25, 1^62 filed 150,000 comihori; of which ^0,000 are to be offered by company arid 100,000 by stockholders. ment and general corporate purposes. Office — 184-10 New York. Offering—Indefinite., Jamaica Ave., Hollis, Long Island. N. Y. Underwriter— Price—By amendment (max. $7). Business—Wholesale 4 Kfngsberry Homes Corp. and1 retail distribution of toys, hobby lines and sporting White, Weld & Co., Inc., N. Y. Offering — Indefinitely April 9, 1962 filed 140,000 shares of capital stock of ■X- equipment/) Procecds-i-For /debt repayirierit; inventory postponed, , v which 100,000 will he offered by company and 40,000 4and working;capital/Office-L35" lEngel^St^Hicksville, $ by stockholders. Price—By amendment (max. $17.50). Industry Capital Corp. I N. Y. Underwriter—J. R. Williston & Beane, New York. Dec. 26, 1961 filed 500,000. common, prlce--$15. Bust- / Business—Manufacture of prefabricated homes. Proceeds ^ Offering—/Indefinite. ; \\? ' ness—A small business investruent company. Proceeds— $ —For a new plant. Office—1725 S. Gault Ave., Ft. Payne, ; For general corporate purposes. Office—208 S. La Salle // • Gulf,Atlantic Utilities, Inc. Ala. Underwriters—The Robinson-Humphrey Co., Inc., £\t". T. 117. July,30,1962 filed 90,000 common. Price—By amendment > St.,. Chicago, Underwriter—A. C. Allyn & Co., Chicago. ; Atlanta, and J. C. Bradford & Co., Nashville. Offering— Npte—Th'iS registration will be withdrawn. (max. $10). Business — A management and operating / Indefinitely postponed. • amendment * (max. $14). s - • , * . • . n , ^ r ,Avr, . ^ „ company for subsidiaries which own water treatment > Infotronics Corp. and sewerage disposal plants, arid water distribution and // Oct. 23, 1962 filed 100,000 common. Price—$5. Business sewage collections systems. Proceeds—For debt repay¬ —Research, engineering, manufacturing and marketing in the field of electronic information handling and automent, expansion and working capital. Office—2738 Ma; linda Blvd., Jacksonville, Fla. Underwriter—Pierce, Carmation systems. Proceeds—For new products, inveng rison, Wulbern, Inc., Jacksonville. Note—This registra- / tory, new plant and working capital. Office—1401 S. Post ; tion was withdrawn,^ Oak4Rd., Houston, Underwriter—None. * , . Hallandale Rock & . March Sand Co. / 30, 1962 filed $250,000 of 8% subordinated deben¬ 1977, 200J)00 common and 6-year warrants to v purchase 25,000 common at $1 per share to be offered in ; units consisting of a $10 debenture, 8 common shares and one warrant. Price—$18 per unit. Business—Extraction, processing. and sale of rock and sand. Proceeds—For a new plant and other -corporate purposes. Address—Hali\ landale, Fla. Underwriter—To be named. " " tures due , . , , - • . • King-Stevenson Gas & -Oil Co. Nov. 26, 1962 filed $1,526,200 of 6%% conv. subord. debentures, due 1977, to be offered by subscription by common stockholders at the rate of $100 of debentures for each 30 shares held of record Nov. 15. 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 Instr-O-Matics, Inc. Sept. 28, 1962 filed 32,000 class A common. Price—By amendment (max. $10). Business — Company develops, / Bank Bldg, Denver, Colo. Underwriter—None. manufactures and sells electronic equipment for use in Kraft (John) Sesame Corp. / the marine May 24, 1962 filed $225,000 of 8% conv. subord, deben¬ field, principally in pleasure boating. Pro/; ceeds—For debt- repayment, advertising, inventories, tures, due 1972, and 150,000 common to be offered in '.new; products arid working capital. Office—3181 N. ; units consisting of a $300 debenture and 200 shares. Elston Ave., Chicago. Underwriter — R. A. Holman & ' Continued on page 32 Co., Inc., N. Y. • - • — ? 32 Continued from page missile 3^ Business—Processing and distri¬ Proceeds—For accounts receiv¬ able, inventories, plant expansion and working capital. Office—2301 N. Main St., Paris, Texas. Underwriters— John A. Dawson & Co., and Leason & Co., Inc., Chicago. Price—$900 per unit. bution of sesame seed. ' • Kreedman ; —130 Beverly Hills, Calif. ;•'/ - ' •" dress—2632 McGee To claimsTTinancing of insurance premiums, and the mak¬ ing of investments. Proceeds—For expansion, loan re¬ payment and other corporate purposes. Office—9929 Manchester Rd.; St. Louis. Underwriter-rTroster, Singer & Co., N, Y. Underwriter—Lee Higginson Corp., Kwik-Kold, Inc. March 29, 1962 ("Keg. A") 100,000 common of 65,000 will be sold for company and 35,000 for to . . . which stock¬ " Business withdrawn. > , ing Underwriter-Securities Co, b-Vf I postponed. (same address). v (Tillie) • Lewis Foods, Inc. Gorham Raceways, —A ' -' ~ ■ ■ , .' • end investment which company Co., Inc. Manufacture — of National Mortgage Corp. 28, 1962 refiled $8,000,000 face amount certificates (series 20) and 300,000 common shares. Price—For cer¬ tificates, $762; for stock, $1.15, Business—A mortgage loan company. Proceeds—For general corporate pur¬ poses. Office—113 S. Hydraulic, Wichita, Kan. Under¬ writer—National Mortgage Agency* Inc., (same address). to National Security Life Insurance Co. March 23, to be 1962 filed 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 Medical Video Corp. offered — Underwriter—To Nov. 13, 1961 filed 250,000 common. Price — $1. Busi¬ ness—Manufacture of medical electronic equipment. Inc. (Manufacturing Dec. sociates, Inc., Denver. land, and raceway improvements. Office—33 Court St., Auburn, Maine. Underwriter—None. Note—This company formerly was named Central Maine Raceways, $ poses. Office—-13 S. Broadway, Red Lodge, Mont. Un¬ derwriter—Security Brokerage Co., Billings, Mont. r plans 1 ; ment and to establish and operate a life and disability insurance concern. Freceeds—For general corporate pur¬ Industries Fund, Inc. - ( 11, 1962 filed 4,750,000 common. Price—$1. Busi¬ ness—Company plans to engage in cemetery develop¬ 1961 filed 25,000 commoirrFHce—$10. Business closed • National Memorial Estates Proceeds — For investment in the medical industry and capital growth situations. Office —677 Lafayette St., Denver. Underwriter — Medical As¬ of National — For general corporate purposes. Office City, Calif. Underwriter — Financial Equity Corp., Los Angeles. be named. Security Life Insurance Co., Inc. Proceeds Feb. 23, 1962 filed 130,000 common. Price—$10. Business —An insurance holding company whose subsidiaries insure subsidiaries. Office—26 Piatt St., N. Y. Underwriter Logos Options, Ltd. ; April 11, i962.filed 250,000 capital shares. Price — By amendment (max. $10). Business—A diversified closedend investment company. Proceeds—For investment. Of¬ fice—26 Broadway, N Y. Underwriter—Filor. Bullard & Smyth, N. Y. Note—This company formerly was named Logos Financial, Ltd, Offering—Indefinite. k' <l" » ■■ \ u,, x , 11 t ■, i >Vvr/ : , 2615 First National Bank New Campbell holder. 29, Business 65,130 are to be offered by the company and 65,130 by stockholders. Price—$5. Business—Sale and distribu¬ 1962 — ("Reg. Bldg., Minneapolis. ton — • Office—837 W. North Ave., Pittsburgh. Un¬ derwriter—A. J. Davis Co., Pittsburgh. Offering—Immi¬ Monarch May 28, 1962 ("Reg. A") Business—Manufacture bossed sale of ; Price—$2. plastic letters, em¬ Proceeds common. sign faces, quantity signs and boat windshields. purchase of land and building, moving Sauve Proceeds—For organizational in¬ vestment. Office—1 Liberty St., New York. Underwriter —None. Mail yS ! >V^.V *:•• • • Assembly Service, Inc. expenses, and • Underwriter—S. Proceeds—For general corporate —145 Ave. named. pu* poses. Office of the Americas, N. Y. Underwriter—To be Offering—Indefinitely postponed. ! 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 Investment. 100,000 Snonsor—Ira Haupt & Co., Proceeds—For debt repayment, public relations, 29, are and development of oil and natural properties. Proceeds—For drilling expenses and working capital. Office — 5455 Wilshire Blvd., Los An¬ geles. Underwriter—Gregory-Massari, Beverly Inc., Hills. Calif. f Northwest Securities Investors, Inc. June Music ness. Co., N. Y. Offering—Ex¬ gas ; Royalty Corp. July 27, 1962 filed 150,000 common. Price—$1. Business —Company acts as representative of artists, musicians, etc. and plans to engage in the music publishing busi¬ & ness—Acquisition Ill Broadway, Offering—Indefinite. Fuller Corp., Ltd. 1962 filed 375,000 capital shares, of which to be offered by company and 275,000 by stockholders. Price—By amendment (max. $6). Busi¬ (- 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 New York. D. and drug industries. working capital and Office—601 W. 26th St., N Y. Nordon March — April 27, 1962 filed 100,000 common. Price—$2.25. Busi¬ ness—Assembling of packages for shipment to post of¬ fices. Co., N. Y. essences, etc., to food For debt repayment, pected in March. expenses, equipment and working capital. Office—5606 Stuebner Airline Rd., Houston. Underwriter—W. R. State. — other corporate purposes. Proceeds—For 219,000 capital shares. Price — $6. Business Company plans to sell life, accident and health, group insurance and annuities in New York — Essential 20, oils, flavor, 140,000 and Corp., and Daiwa Securities Co., Ltd., New York. Norda March 1 Plastics Corp. • and electronic equipment. Proceeds—For expan¬ Address—Tokyo, Japan. Underwriters—First Bos¬ amendment (max. nent. — Price—50c. Oil & Chemical Co.r lnc. 1962 filed 200,000 class A shares. Price—By $15). Business—Manufacture, process¬ ing and distribution of natural and synthetic essential equipment. tion of costume 1963 filed sion. common. Price—$3. cosmetics. Proceeds For of Island Mines Ltd. Nippon Electric Co. Ltd. (1/28^31) 7, 1962 filed 400,000 American Depositary Shares, representing 10,000,000 common. Price—By amendment (max. $22.50). Business—Manufacture of telecommunica¬ Inc. A") 97,000 Manufacture City. Dec. Modern Laboratories, Oct. Proceeds—For ! Business—Exploration, develop¬ mining. Proceeds—General corporate purposes. Office—90 Industry St., Toronto, Canada; Underwriter— A. C. MacPherson & Co., Toronto. tions • Co., Inc. Feb. 23, 1962 filed 130,260 of class A common, of which machines. ment and Underwriter—None. Mac-Allan vending Oct. 13, 1961 filed 475,000 common, of which 400,000 are to be offered by the company and 75,000 by a stock¬ 26, 1962 filed 561,500 common to be offered for subscription by stockholders on the basis of one share for each two shares held. Price—By amendment (max. $7). Business — A closed-end management investment company. Proceeds — For general corporate purposes. — operated purposes. Office—Tekoil Bldg., Oklahoma Underwriter—Peter Morgan & Co., N. Y. Midwest Technical Development Corp. Office coin porate Feb. Offering—Postponed. 27, offered for sub¬ scription by stockholders on the basis of one share for each three held of record Dec. 31, 1962. Price—$19.50. Business—A multiple line insurance carrier. Proceeds— For additional capital and surplus. Office—6901 Wooster Pike, Cincinnati. Underwriters—W. D. Gradison & Co., Cincinnati, and Greene & Ladd, Dayton..* production and working capital. Office— Ave;, N. Y, Underwriter—To be named. firm formerly was named Lunar Enter¬ Madison Life Insurance Co. for debt repayment, equipment and working capital. Office —15 Peachtree St., Atlanta. Underwriter—None. Note— This registration will be withdrawn. Co. Dec. 26, 1962 filed 25,495 common to be, Madison Dec. offered Natural Gas & Oil Producing Co.! (2/15) Sept. 7, 1962 filed 180,000 class A common. Price—$5. Business—Production of natural gas and oil. Proceeds —For drilling expenses, working capital and other cor¬ Midwestern Indemnity , poned. be Offering—Indefinite. Lunar Films, Inc. Aug. 31, 1961 filed 125,000 common. Price—$5.75. Busi¬ ness—The production of television films. Proceeds—For jewelry, ladies' handbags, and accesso¬ ries. Proceeds For working capital. Office — 1650 Broadway, Kansas City, Mo. Underwriter—George K. Baum & Co., Kansas City. Offering—Indefinitely post¬ to lease to the New York Luck's, Inc. (1/22) 5, 1962 filed! 145,500 common, of which 72,750 are to be offered by company and 72,500 by stockholders. Price—By amendment (max. $9). Business—Canning and marketing of processed foods. Proceeds — For general corporate purposes. Address — Seagrove, N. C. Under¬ writers—J. C. Wheat & Co., Richmond, Va., and Allied Securities Corp., Greensboro, N. C. Note—This common supermarkets and other retail stores in Metropolitan area. Proceeds—For genera] corporate purposes. Office—345 Underhill Blvd., Syosset, N. Y. Underwriter—Brand. Grumet & Siegel, Inc., N. Y. ucts Dec. prises, Inc. filed 590,075 National Uni-Pac, Inc. fJuly 31, 1962 filed 85,000 common. Price—By amend¬ ment (max. $4). Business—Company plans to sell or By amend¬ Business—Distribution of food and related prod¬ ment. • filming and — 1962 National Telepix, Inc. July 30,1962 filed $150>000 of 6%% conv. subord. deben¬ tures due 1972. Price—At par. Business—Production of motion pictures. Proceeds—For production and distri¬ bution expenses and working capital/ Office—1270 Ave. of the Americas, N. Y; Underwriter—None. convertible subordi¬ Price 28, Underwriter—None. Met Food Corp. March 30, 1962 filed $1,000,000 of nated debentures due Nov. 1, 1977. '^vf' A Loyalty Financing Corp. v Dec. 19, 1962 ("Reg. A") 24,000 shares of 6Vz% cumu¬ lative convertible preferred and 60,000 common to be offered in units consisting of 20 preferred and 50 com¬ mon shares. Price—$250 per unit. Business—A business finance company. Proceeds—For working capital. Office —5 W. Main St., Freehold, N. J, Underwriter—Friedman & Co., Inc., New York. . which 33,000 are by stockholders. Price—By amendment (max/ $5.50). Business—Sale of phonograph records to, and the providing of merchan¬ dising services to retail record department. Proceeds— For general corporate purposes. Office—750 Stewart Ave., Garden City, L. I., N. Y. Underwriter—J. B. Williston & Beane, N. Y. Offering—Indefinite. • vV Inc. Nov. 5, 1962 filed 104,000 common, of to be offered by company and 71,000 ;Hammill:&^dPNj? YV Offering-Indefinite. —Shearson; 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. Merco Enterprises, the lives of all types of animals. Proceeds—To form new Nov. —Studio Livestock Financial Corp. 543 • , Oct. become open-end. Inc. filed 450,000 common. Price—$1. Business —Company conducts commercial parimutuel harness racing meets. Proceeds—For debt repayment, purchase " V »- / land, and working capital. Office—4301 46th St., Bladensburg, Md. Underwriter—Netherlands Securities Co., Inc., N. Y. Offering—Expected in February. (John W.) Medical Oct. 23, Oct. 26, 1962 £ Brooklyn, N. Y. j. Inc., N. Y. Note—This Corp. June 28, 1962 filed 253,875 common. Price—By amend¬ ment (max. $15). Business—Contract stevedoring and related operations. Proceeds—For selling stockholders. Office—39 Broadway, N. Y. Underwriter—Bear, Stearns & Co., New York. Offering—Indefinite. C —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., New York. Offering—Indefinite. Lewiston * . McGrath April 9, 1962 filed $2,250,000 of 5%% convertible sub¬ ordinated debentures due 1982. Price—At par. Business . Office—156 Tillary St., • ." " Price—$8.75. Busi¬ galvanized chain link fence, welded concrete reinforcing fabric,- gates and related products. Proceeds—For construction of a plant in Ire¬ ness May 29, 1962 filed 60,000 common. Price—$3.75. Busi¬ ness—Graphic design and printing. Proceeds—For pub¬ lishing a sales catalogue, developing a national sales staff and working capital. Office—812 Greenwich St., N. Y. Underwriter—To be named; Offering—Indefinitely Nevada of National Fence Marshall Press, Inc. Vegas Properties Trust Oct. 29, 1962 filed 500,000 shares of beneficial interest. Price—$10. Business—A real estate investment trust. Proceeds—For investment. Office—4933 Paradise Rd., Vegas. capital. ' , Equipment & Plastics Corp. Nov. 29, 1962 filed 100,000 common. registration will be withdrawn. Las Las filed 72,000 common, of which 58,000 are by company and 14,000 by stockholders, Underwriter—Dana Securities Co., St., Kansas City, Mo. Underwriter-* : stores. Proceeds-*-For. debt repayment, store ex¬ pansion and working capital. Address — Portage, Pa. Underwriter—Cortlandt Investing Corp., N. Y. Note— This registration will be withdrawn. sa*e — 1 Sept. 28, 1961 filed 105,000 common. Price—$5. Business —Operation of a cleaning and pressing plant and affili¬ Price—$3.50. Business—Manufacture, packaging and of various : proprietary drug products. Proceeds— For equipment, new products, debt repayment and work¬ ' Co. ated . Manufacture of certain patented cooling packages. Proceeds—For debt repayment 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 Price —$3. holders. be offered named. be National Manhattan Drug Co., Inc. . March 29, 1962 Insurance Proceeds—For general corporate purposes. Ad¬ surance. - 1962 filed 272,941 common. Price—$3.50... Business—Writing of casualty insurance, adjustment of Offering-r-Indefinitely postponed.' Life 7 filed 125,000 common. Price — By amendment (max. $15). Business—Writing of health and accident in¬ * New York. Central Dec. Nov. 28, Blvd., Wilshire Office—9350 J. ^fe^Corp.,, " Thursday, January 17, 1963 . , National Manchester Insurance Management & Investment > p subord. deben¬ repayment. Fulton . . acquisition of musical properties, and working capital. Office—545 Fifth Ave.,N. Y, Underwriter—Associated Securities Co., 545 Fifth Ave., N. Y. provide advisory and management basis. Proceeds—For recorporate purposes. Office Federal Bldg., Atlanta. Underwriter— and None. 1962 filed $5,000,000 of conv. tures due 1982 and 200,000 common shares to be offered in units consisting of $25 of debentures and one common I share. Price—By amendment (max. $27 ). Business— T Construction and operation of office buildings. Proceeds debt fields, counseling services on a fee ! payment of loans, and general Realty & Construction Corp. April 19, '—For ial Chronicle The Commercial and Fi (224) r 25, 1962 ("Reg. A") 80,000 common. 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. Volume Nuclear 197 Science Number 6230 & . . The Commercial and Financial Chronicle . Potomac Real Estate Investment Trust Engineering Corp. March 29, 1962 -filed 100,000 common. Price—By amend¬ 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—?* O* Box 10901, Pittsburgh. Underwriter—Johnston. Lemon & Co., Washington, D. C. Note—This registration will be withdrawn.* Tax-Exempt Bond Fund, Series 4 Oct. 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 to be exempted from Federal Income taxes. Proceeds— For investment. Office—Chicago, 111. Sponsor—John Nuveen & Co., 135 So. La Salle St., Chicago. • Giiympia Record Industries, Inc. (1/18) May 29, 1962 filed 53,000 class A common. Price — $5. Business—Company is engaged in wholesale distribu¬ tion of phonograph records and albums. Proceeds—For loan repayment, inventories, new products, and work¬ ing capital. Office—614 West 51st St., New York. Un¬ derwriter—Mid-Town Securities Corp., New York. Orr (J. Herbert) Enterprises, Inc. 200,000 common. Price—$5.25. Busi¬ ness—The company and its subsidiaries manufacture and distribute cartridge type tape player recorders and pro¬ grams therefor; sell at retail nationally known audio visual equipment; and manufacture men's and boy's dress trousers. Proceeds For additional inventory, equip¬ May 1962 filed 1, — ment, research, and working capital. Address—P. O. Box 27, Opelika, Ala. Underwriter—First Alabama Se¬ curities, Inc., Montgomery. Offering—Indefinite. Outlet Proceeds—For investment. Office—886 investment trust. Bonifant St„< Silver Spring, Md. Underwriter—None. Powell Price—$5. Proceeds —Ty drill for and operate oil wells. Office—418 Mar¬ ket St., Shreveport, La. Underwriter—None. Sept. 28,1962 filed 100,000 Prescott-Lancaster Corp. 1962 filed 150,000 common. Price—$5. Businesi —Real estate. Proceeds—For purchase of mortgages, an<5 working capital. Office—18 Lancaster Rd., Union, N. J Underwriter—To be named. Prince Publcc Service Co. of Oklahoma Dec. due (1/23) 1962 filed $10,000,000 of first mortgage bonds To refund outstanding 5% bonds, 31, 1993. Proceeds series H, 26, 1962 filed 293,000 common, of which 80,000 are offered by company, and 213,000 by stockhold¬ ers. Price—By amendment (max. $20). Business—Com¬ pany 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 —E. F. HUtton & Co., Inc., Los Angeles. Pak-Well Paper Industries, Inc. March 30, 1962 filed 150,000 class A common. Price—By amendment (max. $13). 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 Underwriter—Francis I. —Indefinitely du Pont & Co., N. Y. Offering postponed. Pan American Beryllium Corp. Feb. 28, 1962 filed 100,000 common. Price—$5. Business —Company plans to mine for beryl ore in Argentina. Proceeds — For debt repayment, equipment, and other corporate purposes. Office—39 Broadway, N. Y. Under¬ writer—To be named. due Feb. 1, 1990. Office—600 S. Main, Tulsa, 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- —70 N. Main St., Freeport, L. I., N„ Y,. Underwriter— 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. Dec. Office — 2301 Pennsylvania Ave., Philadelphia Underwriter—Arnold Malkan & This Co., Inc., N. Y. Note— registration will be withdrawn. Pellegrino Aggregate Technico, Aug. 10,1961 filed 130,000 class:A Publishers Aug. 29, Co., Inc. filed 1962 outstanding 25,000 shares common to be sold by stockholders. Price—By amendment (max. $10). Business—Book publishing. Office—1106 Connecti¬ cut Ave., Washington, D. C. Underwriter—Roth & Co., Inc., Philadelphia. Note—This registration will be with¬ drawn. of mutual funds. Proceeds—For Office—60 Congress St., Boston. Underwriter—To 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 chain of coin oper¬ Oct. ated dry*eieaniii|£ stores. Proceeds—Advertising, expan¬ common shares. Price shares. Price—$650 per unit. Business—Manufacture and sale of fishing equipment, ammunition reloading devices and cord, tapes, etc. Proceeds—For debt repayment and working capital. Office—1526 W. 166th St., Gardena, Calif. Underwriter named. Radar Relay, Inc. 1, 1962 filed 100,000 common, of which 75,000 will Oct. be sold —By by Rona (1/23) Dec. 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 Angeles. - ment • Pioneer Telephone/Co. Dec. 28, { 1/22) 1962 filed 75,000 common, of which 44,416 are to be offered by company and 30,584 by stockholders. 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¬ neapolis. 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. Lee Corp. 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. Under¬ 26, writer—Winslow, Cohu & Stetson Inc., N. Y. Offering— Royaltone Photo Corp. 29, 1961 filed 300,U00 common, of which 100.000 to be offered by the company and 200,000 by stocKholders. 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. are — withdrawn. Silver Mines, Inc. ("Reg. A") 2,400,000 common. Price—12% 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. Ruby Jan. 2, 1962 cents. Russell Mills, Inc. and 25,000 by a stockholder. Price (max. $10). Business—Design and Sept. 28, 1962 filed 312,500 common. ment monitoring and warning sys¬ (max. San $12). Francisco Capital April 23, 1962 filed 60,000 ness—A —For small business investment. Francisco. Beverly Corp. " common. investment Office—400 Price—$12.50. Busi¬ company. Proceeds Montgomery Underwriter—Cantor. Fitzgerald Hills, Calif. Note—This & St., San Co.. Inc.. registration will be withdrawn. Seaboard Land Co. company amendment 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. integrally lighted switches. Proceeds — For product improvement and development, working capital, and other corporate purposes! Office—1631 10th St.. Office—912 Santa (same address). Monica, Calif. Underwriter—White, Weld & Co Inc., New York. Offering—Indefinite. ? 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—This registration will be with¬ — drawn and then refiled. Recreation Nov. 23, 1962 Industries, Inc. ("Reg. A") 75,000 common. Price 411 Service, Inc. Tegeler & Co., Inc., St. —Indefinite. which 50,000 will for certain stock¬ Business—En¬ gaged in manufacturing, engineering and research under Defense Department contracts; also manufactures ball point pens, points, mechanical pencils and desk sets Proceeds—For equipment and working capital. OfficeLittle Falls, Passaie County, N. J. Underwriter—To be for Petrolane Gas - holders. Price—By amendment (max. $6). R. E. D. M. Corp. —$5. Business—The manufacture of building materials. Proceeds—For payment of income taxes and loans and • Dempsey — Louis. June 29, 1962 filed 125,000 common, of be offered for the company and 75,000 Lakes, Minn. , Business—Sale of travel and working capital. Office—Woodbridge-Carteret Road, Port Reading, N. J. Underwriter—Mortimer B. Burnside & Co., Inc., N. Y. Offering—Temporarily postponed. convertible sub¬ Price—By amend¬ Business—Manufacture of athletic clothing, knitted underwear, children's sleepwear and cotton cloth. Proceeds—For bond retirement and plant expansion. Address—Alexander City, Ala. Underwriter —Hornblower & Weeks, N. Y. Note — This company formerly was called Russell Manufacturing Co. Offering sion and working capital. Office—712 Fir St, Brainerd^ Minn. Underwriter—Northwest Securities, Inc., Detroit, • Inc. (2/11) $1,000,000 of 6%% Indefinite. Real poses. 1962 filed ordinated debentures due 1978 and 50,000 common shares to be offered in units of one $500 debenture and 25 For capital W. 7th Russotto & entertainment. Selective $2. investment, and working capital. Office— St., Los Angeles. Underwriter — Costello. Co., Beverly Hills, Calif. Offering—Indef. Regulators, Inc. 29, 1962 filed 75,000 common, of which 50.000 are to be offered by the company and 25.000 by Electronic Specialty Co., parent. Price—$5. Business—Design and manufacture of regulating and control devices used it Jan. the electric electronic and fields. Proceeds—For debl repayment and working capital. Office—455 W. Main St., Wyckoff. N. j. Underwriter—Myro" A Loma«nPv A Co., N. Yi Note—This registration will be withdrawn and then refiled. /; Feb. [ Ave,, American Financial Silver Spring, Md. Securities Seaboard Under¬ Corp., Corp. 500,000 common, of which 405,000 subscription by holders of the A, B and C stock of Selective Life Insurance Co., an affili¬ ate, on the basis of 4 company shares for each class A or B share and two-thirds share for each class C share of are 1962 filed 28, to be Selective offered Life for held. unsub¬ public, $6; to stockholders, $5. Business—Company plans to en¬ gage in the consumer finance, mortgage, general fi¬ Remaining 94,822 and any scribed shares will be offered publicly. Price—To nance — Proceeds— Thayer writer— North To be named. Parkway Laboratories, Inc. Dec. 6,. 1961 filed 160,000 common. Price—$5. Business —Manufacture of drugs and pharmaceuticals. Proceeds —For an acquisition, research and other corporate pur¬ 31, Stuart & Co. Inc. Bids—Expected Jan. 23 (10:30 a.m. CST) in Chicago. sey, tems, and 12, 1962 filed 400,000 class A stock. Price—$10. Business—A real estate holding and development com¬ pany. Proceeds—For general corporate purposes. Office For & Sept. manufacture of electronic PanAm Realty & Development Corp. March — Richmond Corp. Okla. and distributor be Price—$5. . Proceeds — stockholders. to common. broker-dealer. securities Roddy Recreation Products Inc. 15, 1962 filed 500 common to be offered for sub¬ scription by stockholders on the basis of one new share for each share held of record Feb. 18, 1962. Price—$1,000. Proceeds—For debt repayment, construction of a swim¬ ming pool, and other improvements. Address—Landover, Prince Georges County, Md. Underwriter—None. selling Dec. A 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 Georges Country Club, Inc. Oct. adviser (2/4) — working capital and other corporate purposes. Office— 237 W. 51st St., N. Y. Underwriter—Richard Gray Co* common. • Airlines. Gray & Co., Inc. 1962,, ("Reg. A") 60,000 21, Business New York. Offering—Indefinite. /Petroleum, Inc. Putnam Management Co., Inc. Aug. 22, 1962 filed 150,000 common (non-voting). Price —By amendment (max. $14). Business—An investmenl Southwest June ' Mining Co., Inc. Feb. 28, 1962 filed 900,000 common. Price—$1. Business —Mining. Proceeds—For equipment and working capi¬ tal. Address—Creede, Colo. Underwriter—None. Pacific 33 Richard July 6, 1962 filed 1,000,Ouu shares of beneficial interest Price—By amendment (max. $5). Business—A real estate March 30, Nuveen • (225) businesses. Proceeds and related corporate purposes. Office—830 N. nix. Underwriter—None. Sentinel Life Insurance Co. — For general Central Ave., Phoe¬ ^ Sept. 10, 1962 filed 250,000 capital shares. Price — $5. Business—Company plans to sell life and disability in¬ surance. Proceeds—For organizational expenses and other corporate purposes. Office—225 Bush St., San Francisco, Calif. Underwriter—None. • Servotronics, Inc. 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., C!heektowaga. nt v. Underwriter General Securities Co., Inc., New York. March 30, — — Remitco, Inc. Price—$10. Business —Company is engaged in selling "puts" and "calls." Proceeds—For working capital. Office—130 N. Virginia St., Reno, Nev. Underwriter—None. Nov. 19, 1962 filed 952,000 common. Resort Corp. of Missouri Nov. 27, 1962 filed 125,000 class A common and three- year warrants to purchase 1,250 offered in units consisting of four class. A shares to; be shares and one war¬ rant. Price — $32 per unit. Business <— Company will erect and operate a luxury hotel and resort facilities, and sell 80 acres of land for home sites. Proceeds—For construction. Office—3615 writer—R. L. Warren in February or Olive St., St. Louis. Under¬ Co., St. Louis. Offering—Expected March. Offering—Imminent. 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., writer—McDonald & Co., Cleveland, Ohio. Under¬ Cleveland. Offering—Indef¬ inite. Signalite Jan. 29, 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— Continued on page 34 34 The Commercial and (226) debt For D. repayment, equipment and working capital. Heck Ave., Neptune, N. J. UnderwriterBlauner & Co., N. Y. Offering—Postponed. Southeastern Towing & Transportation Co., Inc. 29, 1961 ("Reg. A") 100,000 common. Price—$3. Business—Construction and operation of towing boats. Proceeds—For debt repayment, conversion of a boat, and Nov. Office—3300 N. W. North River Drive, working capital. Underwriter—Irwin Karp & Co., Inc.,, 68 Fla. Miami, William St., N. Y. . $ Insurance of California Sovereign Life , „ - 1 Underwriter—McDonnell & Co., Inc., New, York. Offer- | ing—Indefinite. Sperti Products, Inc. • ■ 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 precision machinery. Proceeds—Foi the purchase of cer¬ tain patents, repayment of debt, and working capital. Office—730 Grand St.. Hoboken N. J Underwriter— • Nov. Conn. Underwriters—None. Stratford Financial Corp. 29, are 1962 filed 315,000 class A shares* of which to be offered by the company and 97,000 by Price—$6. Business—Commercial fi¬ nance company. Proceeds—For debt repayment. Office —95 Madison Ave., N. Y. Underwriter—Mortimer B. Burnside & Co.. Inc., N. Y. stockholders. March 20, 1962 filed 500,000 common. IPrice—$20." busi¬ ness—A new mutual fund which plans to offer investors the topportunity, of exchanging, their ,individual seciuii-, ties of the Fund without incurring Federal liability. Office—15 William St., New York. Dealer-Manager—J. R. Williston & Beane, N, Y. Note for shares income tax —This company formerly was named Stratton Realty & Inc.. Offering—Indefinite. Construction Fund, Superior Commercial Corp. 'Nov; 15, 1962 filed 200,000 class A 100,000 . common, of which to be offered by the company and 100,000 by are stockholders. Price—$1.50. Business—Company buys and holds second mortgages. Proceeds—For general cor¬ porate purposes. Office—9 Maiden Lane, New York. Underwriter—S. C. Burns & ness—Production sale and Price—$2. Busi¬ common. of educational audio-visual 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. Ten-Tex, Inc. ; Dec. 31, 1962 ("Reg. A") 3,000 units each consisting of one 6V2% 10-year debenture, 25 common shares and pur¬ chase warrants for 100 common shares to be offered for subscription by stockholders of Ten-Tex Corp., parent, of record Feb. 1, 1963 on the basis of one unit for each 150 common shares held. Price—$100. 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. Corp. Sept. 28, 1962 filed 122,000 (max. $11). Price—-By amend¬ Proceeds—For repayment of bank working capital. Office—19201 Cranwood Warrensville Heights, Ohio. Underwriters— & Co., Inc., Cleveland. Cincinnati, and Hartzmark & Co.. . Tennessee Gas Transmission Co. Oct. 11, 1962 filed bonds due March ceeds—For debt (1/22) $50,000,000 of first mortgage pipe line 1, 1983. Price—By amendment. Pro¬ repayment, and construction. Co., Inc. writer—None. Tyson's Foods, Inc. 26, 1962 filed 100,000 common. Price—By amend¬ ment (max. $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 Laboratories, Inc./ ' i > : 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 which 100,000 are to be offered by company and 100,000 by stockholders.. Price $5. Business—Operation of a chain of self-serv¬ filed 67,200 common. Price—$3.50. Busi¬ ness—Design, engineering and manufacture of special¬ ized products primarily in the field of contamination control. Company also acts as sales agents and distrib¬ utors of allied equipment in thes; fields of contamination control and ultrasonics. Proceeds—For debt repayment, other corporate purposes. Office—1695 Elizabeth Ave., Rahway, N. J. Underwriter equipment, advertising and • United Camera Exchange^ Iric,/(2/4-8) Nov. 29, 1962 ("Reg. A") 100,000 common. Price—$3. Business—Operation of retail stores selling and trading films and other photographic equipment. Com¬ also sells radios, tape recorders, dictating and photocopying machines, and provides a film developing and printing service. Proceeds—For new stores and camera concessions. Office—25 W. 43rd, St., N. Y. Un¬ derwriter—Ingram, Lambert & Stephen, Inc., N. Y, cameras, pany U. Nov. S. Cold Storage of Hawaii, Inc. — foods and other commodities. Proceeds — For Western Empire Real Estate Investments Sept. 26, 1962 filed 600,000 shares of beneficial interest. Price—$4. Business—Company plans to quality as a real estate investment trust. fice—1755 • Proceeds—For investment. Gilpin St., Denver, Colo. Western Pioneer Co. Of¬ Underwriter—None. •- Feb. 19, 1962 filed 371,750 capital shares of which are to be offered by the company and 196.750 by 175,000; stock¬ (max." $42). Business— The making of loans secured by first liens on real estate. £ Proceeds—For debt repayment. Office— 3243 Wilshire Blvd., Los Angeles. Underwriter — Kidder. Pen hod v & holders. Price—By amendment Co., New York. Note—This registration Wpclont" Ti"si*/«»l lit**' ".v,-, was withdrawn. y 29, 1962 • ("Reg. A'") 175,000 common. Price—$i. Business—Operation of motels, hotels, restaurants and related businesses. Proceeds—For completion of a motel and working capital. Office—290 N. University Ave., Provo, Utah, Underwriter—Western Securities, Inc., Provo, Utah. : / Oct. 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 For repayment of debt and other corporate purposes. Office—Thompson Bldg., Tulsa. Underwriter —R; J. Edwards, Inc., Oklahoma City. — • White Photo Offset, Inc. July 13, 1962 filed 100,000 common. Price—$3.50. Busi¬ ness—^Photo-offset printing. Proceeds ment,: equipment — For debt repay¬ capital. Office—-142 WV K-Pac Securities Corp., and working 26th St.; N, Y. Underwriter — N e w York. Of fering—In late February. \Widman [[ (L.F.),lnc. 102,000 are by^stock¬ chain of retail holders. ' Price—$3." Business—Operates a drug stores. Proceeds—Expansion, equipment and work* ing capital. Office—738 Bellefonte Ave., Lock Haven, Pa. Underwriter-Godfrey, Hamilton, Taylor & Co., N. Y. Wiener Shoes Inc. April 2, 1962 filed 80,000 common. Price — By amend¬ ment (max. $11). Business—Operation of a chain of shoe stores. Proceeds—For debt repayment, expansion and working capital. Office — 808 Dakin St., New Orleans. Underwriter Howard, Weil, Labouisse. Friedrichs & Co., New Orleans. Note—This registration will be with¬ drawn. a newjwarfehouse, anict; Workiu^'Xcapitati!^ Office -^3140 Laleria Sf.V Honolulu. Underwriter—Loyalty Enterprises, Ltd., 32 Merchant St;, Honolulu. United Variable Annuities Thursday, January 17, 1963 — ("Reg. A") 20,000 common. Price — $10. Operation,of a cold, sfopge warehouse for 20, 1962 Business . Oct. 27, 1961 filed 162,000 common, of which tcr1 be offered by- the company and 60,800 Fund, Inc. Auril 11, 1961 filed 2,500,000 shares of stock. Price—$*0 share. Business—A new mutual fund. Proceeds-^For investment. Office—20 W. 9th Street, Kansas City, Mo Underwriter—Waddell & Reed, Inc., Kansas City, Mo p^r / Universal Capital Corp. Aug. 28, 1962 filed 1,500,000 common. Price—$1. Busi¬ ness—Company plans to establish. or acquire control of other companies, principally those in life insurance field. Proceeds—For general corporate purposes. Office—318 N. St. Paul St., Dallas. Underwriter—None. ;iWinsldw Electronics, Inc. De&|28^1961filed1125,000 common. Price~r$4/ Business —Design and manufacture, of precision electrical and electronic measuring devices and test equipment. Pro-, ceeds—For debt repayment and other corporate pur¬ poses. Office-rrl005 First Ave,, Asbury Park, N;J. Under^ writer—To be named. Wolf Corp, Jan. 26, 1962 filed $4,500,000 of 6.5% convertible sub¬ (with attached warrants) ordinated debentures due 1977 to be offered for subscription by stockholders of class of $500 debentures for each 10.0 class A shares ^ held. Price—$500 per unit. Business~Real estate. Proceeds—For debt repayment and realty acquisitions. Office—10 East 40th St., N. Y. Underwriter —S. E. Securities, Inc., 10 East 40th Street, New York. Vote—This registration will be withdrawn. A stock • the basis on 'Workman Electronic Products, Inc. Oct. 25, 1962 filed 140,000 common. leasehold expenses and other corporate purposes. Office Price—$3. Business —Manufacture, development and assembling of precise electronic replacement components for radio, TV and —2300 industrial $5.05 per unit. Business—Manufacture of urethane foams. Proceeds—For equipment, working capital, Republic National Bank Bldg,,. Dallas. Under¬ Corp., Lincoln, Neb. Offering—Temporarily postponed. writer — First Nebraska Securities use." Proceeds—For debt repayment,1 in¬ ventory, research, and other corporate purposes. Office —Packinghouse Rd., Sarasota, Fla. Underwriter—Hens- berry, & Co., St. Petersburg, Fla. Offering—February, 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. Sap Pedro St., Los Angeles. Underwriter—To be named. Zero Mountain Inc. (2/4-8) March 30, 1962 ("Reg. A") 100,000 common. Price—$3. Business—Operation of underground cold storage facil¬ ities. Proceeds—Expansion, debt repayment and working capital. A ddress-^-Box 594, Favetteville/Ark. Under¬ writer — Don D. Anderson & Co., Inc., Oklahoma City. Venride Inc. debt Issues Filed With SEC repayment, equipment and working capital. Underwriter—Leonard B Office—241 Church St., N. Y. Stern & Co., N. Y. This Week Wade, Wenger ServiceMaster Co. 23, 1962 filed $250,000 of 7% conv. Nov. subord. de¬ bentures due 1973. Price—95% of principal amount. Business—Sale of franchises for on-location cleaning of carpets, furniture, floors, etc., and the manufacture and sale of cleaning equipment and materials/ Proceeds—For debt 2117 repayment and other corporate purposes. N. Wayne, Chicago. Underwriter—None. Office— Waterman Price—By amend¬ Business—The carrying of liner-type cargoes. Proceeds—For the purchase of vessels, and working cap¬ ital. Office—71 Saint Joseph St., Mobile, Ala. Under¬ N. Y, (mgr.). Offering— \ f * ./ Wellington Electronics, Inc. Oct. 29, 1962 filed 50,000 common, of which 37,500 are to be^ offered by Price—$10. company and 12,500 by a stockholder. Business—Manufacture of etched aluminum foil; the company also produces and leases automatic winding machines used in the manufacture of capacitators. Proceeds—For loan insurance Office—300 ment. . filed 31,070 common to be- offered - for subscription by stockholders on the basis of one share Business—A mort¬ Jan.' 10/ 1963 gage Steamship Corp. Aug. 29, 1'961 filed 1,743,000 common. writer—Shields & Co., Inc., Temporarily postponed. ^ American Mortgage Insurance Co. for each five shares held. Price—$18. Office- Bldg., Houston. Underwriters—Stone & Web¬ Corp.; White, Weld & Co.; Halsey, Stuart ster Securities & May 28, 1962 filed 500,000 capital shares. Price—$1.50. Business—-Exploration, development and production of the Lake Shore copper deposit near Casa Grande, Ariz. Proceeds—For equipment, exploration and working cap¬ ital. Office—201 E. 4th St.,,Casa Grande, Ariz. Under¬ —For common. Business—Manufacture of automobile antennas and radios. Tennessee Inc. . expansion and working capital. Office—65 Honeck St., Ez.glewood, N. J. Underwriter—Hemphill, Noyes & Co., New York. Offering—Indefinitely postponed. 5, 1962 filed 150,000 common. Price—$3. Business —Operation of coin-operated children's rides. Proceeds Tenna Westheimer Resources, . Nov. Underwriter—Irving J. Rice & Co., Inc., St. Paul. Parkway, Transarizona Urethane of Texas, Inc. "Teaching Systems, Inc. 1, 1962 ("Reg. A") 50,000 and Price—At par. Feb. 14.1962 filed 250,000 class A and 250,000 common to be offered in units of one share of each class. Price— June loans/ $5,000,000 filed Co., Inc., New York. Offer¬ ing—Expected in February. ment / i cozen /Stratton Fund, Inc. • of 7% senior debenture Business—Company was organized by the State of Israel to furnish financing to tourist enterprises. Proceeds—For general corporae purposes. Address—Jerusalem, Israel. Underwriter— American-Israel Basic Ecpnojny Corp., N, Y. Note—This registration was withdrawn.* * ^ ■ * *v 1962 3, stock due 1962. —None, 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¬ tal and other corporate purposes. Office—300 Horn Rd., Pinconning, Mich. Underwriter—-None. the Development Corp. Ltd. Tourist Industry Aug. Nov. 29, 1962 Inc. Dec. 28, 1962 filed $450,000 of 15-year 8% debentures and 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, 218,000 • New York. Note—This registration will be Stars of New York, March Philips, Appel & Walden, 115 Broadway, N. Y. Offering —Temporarily postponed. - 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., V Los Angeles. Nov. Blair & Co., withdrawn. Pro¬ expansion, equipment and working capital. Office—2220 Florida Ave., Jasper, Ala. Underwriter— ceeds—For Office—1933 Milton selling clothing, housewares, etc. retail stores ice 33 Continued from page Financial Chronicle repayment, equipment, plant —None. S. company. Proceeds — For investments. Salisbury St., Raleigh, N. C. Underwriter . -^Arkansas Power & Light Co. Jan. due 10, 1963 filed 1993. $15,000,000 Proceeds—To refund (2/20) of first mortgage bonds outstanding 5%%/first mortgage bonds due Dec. 1, 1989. Address Louisiana — Ninth and Sts., Little Rock, Ark. Underwriters—(Com¬ petitive). Probable bidders: Halsey, Stuart & Co. Inc.; White, Weld & Co.; Blyth & Co., Inc.-Dean Witter & Co. (jointly); Lehman Brothers-Stone & Webster Secu¬ rities Corp. (jointly); Merrill Lynch, Pierce, Fenner & Smith Inc.; Eastman Dillon, Union Securities & Co.Equitable Securities Corp. (jointly). Bids — Expected Feb. 20. V Volume Number 6230 197 ^Barclay .Associates Jan. 14, . . . The Commercial and Financial Chronicle limited partnership $1,770.83 each. Business — Company plans to acquire the leasehold interest in a building "Barclay House." Proceeds—For general corporate pur-# poses. Office—65 Princeton Ave., Yonkers, N. ,Y. Underwriter~-Nprie; ' #■###'V 'if Wallace & Tierman Inc. •:# - 1963 ("Reg. A") $170,000 of interests. Price (227) Jan. if Bell Telephone Co. of Pennsylvania (2/5) . 16, 1963 filed 256,000 # Price—By amend¬ equipment and pharmaceuticals. Proceeds—For selling stockhold¬ ers. Office—25 Main St., Belleville, N. J. Underwriters— White, Weld & Co. and Cyrus J. Lawrence & Sons, N. Y. ment. Business — . Offering—Expected id; mid-February; to 1963. r; * , 15, 1963 filed $50,000,000 of debentures due Feb. 1, 2003, Proceeds w* To repayvadvances from ;A. ,,.T. & T Office A for construction and other corporate purposes. 1835 Arch St.,- Philadelphia. ^Underwriters#^< Effective Registrations — (Competitive), .probable bidders:. First .Boston, Corp.; Halsey, Stuart & Co. Inc.; Morgan Stanley & Co.; White, Weld Co.-Eastman & Dillon, Union t Securities <The- folio wing registration statements werede* elared effective this week by the SEC* Offering & .Co. (jointly)/ Bids: #* Heb#5# 1963* (11 a.m;^FST);iii:Boom!; 2315,: 195;Broadway, New York.. *t V' *• \ - • ";of certificates remain to be sold hi 1963,:ih twei. or more: instalments;- Office;^ ,547 vW* Jackson f Bivd# Chicago^ Underwriters—(Competitive). Probable bidders: SaloBrothers & Hutzler; Halsey; Stuart & Go; Inc. : * ->mon; Chicago Union Station Co. by stockholders. Price—$100 per unit. Business—A general * Fidlelity Bankers Life Insurance Co. printing businesi-Proceeds^For general corporate :pur- ; /175,000 outstanding - common shares offered at" $14,625 poses. Office—1407 Sherwood Ave., Richmond, Va. Un¬ per share by Lee Higginson Corp., and Shearson, Ham- Nov# 28, 1962 it ^ ... Business —Management of small loan and finance com-; panies.' Proceeds Fort working capital. -Office —« 31 Hampshire St., Lawrence, Mass. Underwriter^None. ::bdhd& der, Peabody & Co. first mortgage bonds due Jan. 1, at 100.848% plus accrued interest to yield offered Community Public Service Co. 16, 1963 it was reported that this company plans to sell $8,000,000 of first mortgage bonds in June 1963. Office—408 W. 7th Street, Fort Worth, Tex.Underwriters Jan. jFehrier & Smith Inc., New York. Litton Industries —(Competitive). Probable bidders: Halsey, Stuart & Co. Inc.; Salomon Brothers & Hutzler; Stone & Webster Inc. Securities Corp. Connecticut Light & Power . 1962 it was reported that the company is con¬ sidering the issuance of about $22,500,000 of bonds in» f , . Elk Exploration, Inc. #^ ivr'w\s-;i. 60,000' common-; Price—$5. Business-^-Drilling of oil'and gas* wells; Proceeds—For gen¬ eral corporate purposes. Office^-1 11 W> - Telegraph; St.; CarsphJCity^NeVt Undei^riter-rNone;. " . , Would writO ■ debentures due 1968. ..Price—At automotive, par *($500); industries. Proceeds^For,•<equipment-, debt rep^ment and #working-capitaL * Off ice —; 140 S: Olive St., Elyria*, Ohio. Underwriter-^Fultoh,' Reid & Col, Inc., Cleveland.* Y ' » 1 v * " if Japan Development Bank (2/6) Jan. 14, 1963'filed $17,500,000 of 6 % * guaranteed exfe# nai loan 'bonds 4dUe* Feb. 1, 1978.; Price-^-By amendment. Business—The bank wa| incorpbiated' lh 195lvas a Japa* iiese7 Government financial institution to supply -long* term funds to Japanese industry fdr-the promotion of economic, reconstruction and industrial > development To make loans to (jointly); Morgan Stanley & Co, Eastern at REctor 2-9570 or eastern states from Vermont to at 25 Park Plaoe, New York 7, N. Y* Bethlehem Steel Co. Dec. • Food Fair Properties, May hany financing for the program will be generated inter¬ and the balance secured externally. Mr. Homer required in the immediate nally < Broadway, New York. Underwriters public sale of securities in May, The last 1955,. was handled by Kuhn^ Loeb & Barney & Co., New York. . Co., and. Smith, . Brooklyn Dec. work¬ Union Gas Co. 28, 1962 it was (2/27) Electric be named. in December 1957 was under- General Aniline & Film Corp* V. Oct. 22, 1962, President Kennedy signed a bill au¬ thorizing the Government to sell its holdings of 540,894 class A and 2,050,000 class B shares, representing 98% of the voting control of the company. The stock, now held by the Attorney General, was seized in 1942 as a German asset. No date has been set for the offering which need not be registered with the SEC. Proceeds from the sale will be used to reimburse American citi¬ zens for losses of life and property during World War Business—Company is a leading domestic producer dyestuffs, chemicals and photographic materials. Office—111 W. 50th St., New York. Underwriters—(Com¬ petitive). Probable bidders: Bache & Co.; Blyth & Co.First Boston Corp. (jointly); Lehman Brothers-Kuhn, Loeb & Co.-Glore, Forgan & Co. (jointly). . California rights offering of offer $12,000,000 . products, and converts, processes and distributes paper products. Proceeds—For working capital and debt re¬ payment,y Off ice i#4'444First National Bank Building, Phoenix. Underwriter—None. L. Ave.* Philadelphia,) Underwriter—To last II. reported that the company plans! of 25-year first mortgage bonds in ing capita# Addressr-#L6o W> Tenth St.,: Wilrriingtdn;He#* February. Office — 195 Montague St., Brooklyn, N. Y, .^ndcirwjriter^^ ^Underwriters—(Competitive.) Probable bidders: Halsey, Stuart & COi Inc.; White, Weld & Co.; Merrill Lynch, -W Southwest Forest Industries, Inc.* ' Pierce, Fenner & Smith Inc.; Blyth & Co., Inc.-Eastman Jan. 11, 1963 filed 638,237 common to be offered for ; Dillon, Union Securities & Co,-F. S. Moseley & Co. subscription by stockholders on the basis of three new (j ointly)} Harriman Ripley ; &: Co.; Inc.*First Boston shares for each five held.'Price—By amendment (max.: ' $7). Business—Coinpany manufactures lumber and wood ; Corp. (jointly)* Bids—Expected Feb; 27. ■ to convertible preferred stock On added that this would not be Office—25 new /" written by F.astman Dillon. -Union Securities New York. Offering—Indefinitely postponed./ ;; . future. a rights on a l-for-10 basis. Price—By amendment* Business—Development and operation of shopping cen¬ ters. Proceeds—To retire outstanding 6% preferred stock and purchase up to $6,000,000 convertible debentures of Major Realty Corp., an affiliate. Office—223 East Alleg¬ The 3; 1962, Arthur cB. Horner^ Ghalrmahv ahnouttbed —To be named. Inc. 1# 1962 stockholders authorized the company to tion , capital improvements program to be completed over the next > three years. He said that approximately two-thirds of the Virginia. Proceeds—For working capital, debt repayment and advances to sub¬ sidiaries. Office — Moonachie Ave., Carlstadt, N. J. Underwriter—Allen & Co.. New York., which will be offered to stockholders through subscrip¬ that the company will embark oft a $750,000;000 leading private electric debt repayment and us Freight Ways, Inc. 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 15, 1963 it was reported that this road plans to sell $3,600,000 of 1-15 year equipment trust certificates. Office-rr220 E. 42nd St., New York. Underwriters ■—(Competitive) Probable bidders: Salomon Brothers & iHuj^zler; Halsey,; Stuart Co. Iric» Bids^Feb. 18 (12 : noon EST) at above address." • companies in Japan. dentists. Proceeds—For & Co. Inc.; White, Weld & Co.-Shield3 & Co. (jointly); Harriman Ripley & Co. Inc.-First Boston Corp. about ^ Professional Men's Association, Inc.. Jaii. 8, 1963 filed 40,000 common," PHce#$5.- Business ^Company specializes in financial consulting, and serv^ icing patients' accounts of member hospitals, physicians and telephone' you us ' Stuart ♦ ■, Jan. Office—Tokyo, Japan. Un¬ derwriters—First Boston- Corp.; Dillon, Read; & Co. Inc.; Smith, Barney & Co. Inc. * ./ power 1 if Atlantic Coast Line RR (2/18) •' * — ^ . , Proceeds »* Power Co.: issue 756.000 shares of Business^-# Desigft- and> manufacture ;bf miniature ahdsubminiathre hietal products" for electronic, ^ appliance/ and ' Address—Sel- in 1964. Office—212 West Michigan Ave., Jackson, Mich. Underwriters—(Competitive). Probable bidders: Halsey, Prospective Offerings -' Jaft.'4/1963s(^Reg:?A^)^$300,00(1 bf 6% cohvertibleisub¬ ordinated • Consumers similar to those you'll find hereunder. . Jan.. 7, 1963 < "Reg. A")> if Emtec Inc. [ 1964. Proceeds—For construction. Jah#16;^^1963 it Was;^reborted thiat thei-company |)la^ sell $40,000,000 of bonds in the second half of 1963, or Do you have an issue you're planning to register? Our Uorppraiioh .New*#Department woul^.ljk^^ to know about it so that we can prepare an Item Inc., a mutual fund; Proceeds-#Fbrv sales:promotion, in¬ vestment .arid working capital.; Office —, 33 Broad St., Underwriter—None. 5 ; or St., Berlin, Conn. Underwriters-^To be named. The last public offering of bonds on Jan. ,20, 1960 was handled by Morgan Stanley1 & Co.-Putnam & Co.-Chas. W. Scranton & Co.-Estabrook & Co. (jointly). ATTENTION UNDERWRITERS! , Boston. 1963 den . if Delta Management Corp. ' Dec. 26,1962 ("Reg. A") 29,008 clasS"B comnl0n. Price— $10. Business—An investment advisor to Technical Fund, Co. Dec. 10, — t (Competitive). Probable bid¬ • 1993 „. , — KuhhrLoeb^ &Go# Halsey, Stuart & Co* Inc.f Kid# $35,000,000 of 4y4% if Cosmic, Inc. <, • , 1 • • 215,426 outstanding common shares offered at $67.25 per Jap, *i#I963U(/'Reg,;iV") 2,94$^ share by Lehman Brothers, Clark, Dodge & Co., Inc., ncss—A research and engineering company, engaged in and Goldman, Sachs & Co., New York. the fields of energy conversion and space propulsion. Proceeds For debt repayment, equipment, leasehold ^Montreal (City of) improvements and working capital. Office—3206 Grace $9,000,000 of 5% sinking fund debentures for local im¬ S#, If. provements due Jan. 15, 1983 priced at 101.265%, to Washington,.'D^^^UnderwMter^Nbhe*' ; yield 4.90%; and $16,000,000 of 5% sinking fund deben^Datahiark,;Jnc#i/#;#vy::#^ > tures for public works due Jan. 1, 1988 priced at 101.43% Jan; 9, * 1963>("Beg; A") 50,000 common. Price —tr By ■^nd|accrued interest, to"yield/4.90%; bffbred bY White; amendment. Business—Design, development and produc¬ 'Weld & Co., Eastman Dillon, Union Securities & Co., tion of^high-speed; printers and related electronic dataBlyth & Co., Inc., Nesbitt, Thomson & Co., Inc., New processing equipment. Proceeds — For, debt repayment, York, and Belanger Inc., Montreal. , , equipment; sales, promotion," working - capital and other corporate purposes. Office — 26 Broadway, New York. Underwriter—None. 1 . ■hiaturihg%Julytl#1963# Office-«r2l6 S^Gahal/St.^ Chicago. Underwriters 4.20%, by White, Weld & Co., and Merrill Lynch Pierce, ^ v million of first mortgage bonds in May refund outstanding 3Vs% and 2%% Illinois Power Co. sub¬ unit# 1 ; i • reported that .this: tympany will: Proceeds—To ders: Dec. 31, 1963 ("Reg. A") $250,000 of 8% (series B) ordinated debentures due 1978/ Price ^- $500 per - $48-$50 1963. mill & Co. * Community Investment Corp. was issue 4 • Chicago Burlington & Quincy RR Jan.) 16, 1963, following the sale of $6,300,000 of equip¬ ment trust certificates, it was reported that $14,700,000 ordinated. debentures, to be offered for subscription - Office—607 E. Adams v fietdipbiwhere available, will be carried in the Monday issue bf the "Chronicle" # if Byrd (William) Press, Inc. ^, J Dee. 31; 1962*CReg;; AT) $300,000 of; 6 %-20-year *sub-w derwriter—None. Proceeds—For construction. St., Springfield, 111. Underwriters—(Competitive). Prov¬ 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). Jan. parent, Central Illinois Public Service Co. v v; 10, 1962 it was reported that this company plans issue about $10,000,000 of first mortgage bonds in July common. Manufacture of chemicals, — 35 Gulf States Utilities Co. 5, 1962 it was reported that this company plans to $16,000,000 of first mortgage bonds due 1992. Proceeds—To retire a like amount of 5^4% bonds due 1989. Office—285 Liberty Ave., Beaumont, Tex. Underwriters Oct. sell Power Co. 29, 1962 it was reported that this company plans —(Competitive). Probable bidders: Salomon Brothers & to raise new money in the third or fourth quarter of / Hutzler-Eastman Dillon, Union Securities & Co. (joint¬ 1963. A spokesman for the company stated that the utilly); Stone & Webster Securities Corp.; Halsey, Stuart & ^Standard of the Southwest Life Insurance Co.:/* t ity Vis thinking of selling ,380,000 common shares, alCo Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.Jan. 7, 1963 ("Reg. A") 120,000 common. Price though a final decision has not been made. Office—2885 $2.50. White, Weld & Co. (jointly); Lehman Brothers. Offer¬ Foothill Blvd., San Bernardino. Underwriter — Merrill Business—Sale of life insurance in New Mexico. Pro¬ ing—Temporarily postponed. ceeds—For organizational expenses and other Lynch, Pierce,' Fenner & Smith Inc.; New York. corporate Highway Trailer Industries, Inc. purposes. Address Suite 1207, First National Bank Central Illinois Light Co. (3/11) Sept. 10, 1962 it was reported that this company plans Bldg., East, Albuquerque. Underwriter—None.' /, Jan. 2, 1963 it was reported that this utility plans to sell ! to raise some $2,500,000 by a rights offering to stock¬ ^ Wallace (William) Co. * „• holders. Authorized stock now consists of 2,000,000 $1.25 $9,375,000 of first mortgage bonds due 1993 in March, Jan. 9, 1963 filed $2,500,000 of subordinate debentures v Proceeds—To refund a like amount of 3 Vi % bonds due par common shares of which 714,086 shares are out¬ due 1981 (with attached warrants) to be offered in units April 1, 1963. Office—300 Liberty St., Peoria, III. Un¬ standing. Business—Manufacture of truck trailers, cargo consisting of one $1,000 debenture and one warrant to derwriters— (Competitive). Probable bidders: Halsey, containers, telephone and power line construction equip-; purchase 55 common shares. Price Stuart & Co. Inc.; First Boston Corp.; Kidder, Peabody v ment, etc. Proceeds—To help form a new finance com¬ By amendment. Business—Manufacture of double wall gas vent systems, / & Co.; Eastman Dillon, Union Securities & Co.; Merrill pany subsidiary. Office—250 Park Ave., N. Y. Underprefabricated chimneys, roof drainage equipment, stove Lynch, Pierce, Fenner & Smith Inc.-Stone & Webster / writers—To be named. The last financing by the compipe, and fittings. Proceeds For loan repayment and Securities Corp. (jointly); Blyth & Co.-Lehman Brothers / pahy was underwritten by Allen & Co., and Van working capital. Address — 230 Park Ave., New York. & Co.-Salomon Brothers & Hutzler (jointly). Bids—Ex¬ Alstyne/Noel & Co.. New York City. ^ \ Oct. - * — — — Underwriters—Reynolds & Co., Inc., New York. & Co., Inc., and P. W. Brooks pected March 11. Information Meeting—Mar. 8 (11 a.m.). at 16 Wall St. (2ndvfl.), New York. Continued on page 36 36 The Commercial and Financial Chronicle (228) Continued from page 35 • Brothers-Eastman Dillon, Union Securities & Co.-Stone it New England Power Co. Jan. 16, 1963 it was reported that this utility plans to & Webster Securities Corp. - Johnston, Lemon & Co. sell $10,000,000 of bonds and $10,000,000 of preferred (jointly); Halsey, Stuart & Co. Inc.; First Boston Corp.; stock in the fourth quarter. Office—441 Stuart St., Bos¬ Kidder, Peabody & Co.-Merrill Lynch, Pierce, Fenner ton. Underwriters — (Competitive). Probable bidders: & Smith Inc.-White,Weld & Co.-Salomon Brothers & Hutzler (jointly). Bids—Feb. 19 (10 a.m. EST) at above (Bonds) Halsey, Stuart & Co. Inc.; Lehman BrothersEquitable Securities Corp. (jointly); Kuhn, Loeb & Co.; address., ,> Merrill Lynch, Pierce, Fenner & Smith Inc.-Kidder, Seaboard Air Line RR (1/17) ■" Peabody & Co.-White,'.Weld & Co. (jointly); First Bos¬ Dec. 26, 1962 it was reported that this road plans tp sell ton Corp. (Preferred) First Boston1 Corp.; Dean Witter $6,360,000 of equipment trust certificates in January. & Co.-Smith, Barney & Co.-Wertheim & Co. (jointly); This is the first installment of a total issue of $12,720,000 Equitable Securities Corp.-I£idder, Peabody & Co.-Lee Office—3600 W. Broad St., Richmond, Va. Underwriters Higginson Corp.-White, Weld & Co. (jointly); Lehman / —(Competitive.) Probable bidders: Halsey, Stuart & Brothers;. Merrill Lynch, Pierce, Fenner & Smith, Inc. Co. Inc.; Salomon Brothers & Hutzler. Bids—Jan. 17 Nippon Telegraph & Telephone ^ublib Corp. (12 noon ES'T) at office of Willkie, Farr, Gallagher, Dec. 19, 1962, it was reported that the company plans to Walton & Fitzgibbon,- One Chase Manhattan Plaza, N. Y. sell'$20,000,000"Of bonds in the United States in, the fis¬ Seaboard Air Line RR cal year April 1, 1963 to March 31, 1964. The financing Dec. 26, 1962 it was reported that this company plans to program is subject to approval by the Japanese Diet. sell $6,360,000 of equipment trust certificates in late Business Nippon Telegraph, wholly-owned by the February. This will be the second installment of a total Japanese Government, furnishes domestic telephone and issue of $12,720,000. Office—3600 W, Broad St., Rich¬ telegraph services, without competition, in Japan. Pro¬ mond, Va. Underwriters — (Competitive.) Probable ceeds—For expansion. Office—Tokyo, Japan. Under¬ bidders: Halsey, Stuart & Co. Inc.; Salomon Brothers & writers—Dillon, Read & Co.; First Boston Corp., and ; I nierstate Power Co. Jan. 16, 1963 it was reported sell that this company plans to $7,000,000 of first mortgage bonds and $3,000,000 of stock in May 1963. Office—1000 Main Street, common Dubuque, Iowa. Underwriters—(Competitive). Probable bidders: Merrill Lynch, Pierce, Fenner & Smith Inc.Kidder, Peabody & Co. (jointly); .Halsey, Stuart & Co. Inc.; S'alomon Brothers & Hutzler; White, Weld & Co. itIowa Power & Light Co. Jan. 1962 it was reported that the company plans $10,000,000 of bonds in the fourth quarter, Office St.;; Des Moines. Underwriters-—(Competi¬ tive). Probable bidders: First Boston Corp.; White^ Weld & Co.; Halsey, Stuart & Co. Inc.; Equitable Securities Corp.; Kidder, Peabody & Co.; Eastman Dillon, Union Securities & Co.; Lehman Brothers; Blyth & Co. Iowa Public Service Co. 16, to sell —823 Walnut Nov. 5, 1962 it was reported sell $16,000,000 of bonds in —- that this company plans to the third quarter of 1983. Address—Orpheus-Electric Bldg,, Sioux City, Iowa. Un¬ derwriters—(Competitive). Probable bidders: Kidder, Peabody & Co.-Blyth & Co. Inc. (jointly); Eastman Dil¬ Norfolk & Western 26, 1962 it was reported that this road plans to sell $5,475,000 of 1-15 year equipment trust certificates in, March. Office—8 N. Jefferson St., Roanoke, Va. Un¬ Laguna the Niguel 6 Northern . be from 1960 Jan. 16, 1963 it Pacific 1962 it plans Underwriters—(Competi¬ tive). Probable bidders: Halsey, Stuart & Co. Inc.; First Corp.; Blyth & Co., Inc. Mitsubishi Electric Ministry had authorized company to sell $10,000,000 of convertible bonds in the U. S. by March 31, 1963. It is : expected that the bonds would mature in 15 years and 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— For expansion. Office—Tokyo, Japan. Underwriter— Kidder, Peabody & Co., New York. Halsey, Weld in the — year. Office—70 Pine St., New York. (Competitive). Probable bidders: Salo¬ Brothers & Hutzler; Halsey, Stuart & Co. Inc. Bids 14 (12 noon EST) at above address. mon —Feb. Southern Union Gas Co. Aug. 15, 1962 it was reported that this utility plans a rights offering of $10,000,000 of convertible preferred stock in the first quarter of 1963. Office—1507 Pacific Ave., Dallas. Underwriters — To be named. The last rights offering of preferred stock in April 1959 was handled by Snow, Sweeny & Co., Inc., N. Y., and A. C. Allyn & Co., Chicago. • Power of construction maturing bonds. Sts., Allentown, Pa. last that the Japanese Finance the later Underwriters Southwestern Electric Power Co. Jan. 1962 Proceeds—For 000,000 Mfg. Co. was reported sold 16', 1963 it was reported that this company plans to sell Pennsylvania Power & Light Co. Feb. 20, 1962. Jack K. Busby, President and C. E. Oakes, Chairman, stated that the company will require about $93,000,000 in debt financing in the period 1962 to 1970. Boston Oct. 24, 1962 it (jointly); Public Service Co. reported that this company plans $22,000,000 of first mortgage bonds in the was third quarter of 1963. Proceeds-—For construction. Office —500 Griswold St., Detroit. ; Hutzler $30,000,000 of first mortgage bonds in the fall of 1963. Office—428 Travis St., Shreveport, La. Uriderwriters'— (Competitive). Probable bidders:; Merrill Lynch, Probable bidders: Lehman Brothers-Bear, Stearns & f Pierce, Fenner & Smith Inc.-Eastman Dillon, Union Se¬ Co.-Salomon Brothers curities & Co. (jointly); Kuhn, Loeb & Co.-Blyth & Co. & Hutzler« (jointly); Halsey, Stuart & Co. Inc.; Blyth & Co.-White, Weld & Co. (joint¬ Inc.-Salomon Brothers & Hutzler (jointly); Halsey, Stuart & Co. Inc. ly); Eastman Dillon, Union Securities & Co.-Kidder, Peabody & Co. (jointly). Southwestern bidders: about 28, & Inc.: Kidder, Peabodv & Co.-White, (jointly). Bids—Expected in late February. - & Light Co. it was reported that the company plans to issue $30,000,000 of first mortgage bonds in June 1963. Proceeds—To repay outstanding loans. Office—920 S. W. Sixth Ave.; Portland, Ore. Underwriters—(Competitive). Nov. Co. Brothers Co. it Southern Railway Co. (2/14) Jan. 16, 1963 it was reported that the company plans to sell $4,020,000 of equipment trust certificates in Feb¬ ruary. A second instalment, also of $4,020,000, will be - No. writers—(Competitive). Probable bidders: Halsey, Stuart & Co. Inc.; Blyth & Co. Inc.; Glore, Forgan & Co.-Kalman & Co. (jointly); White, Weld & Co. Michigan Wisconsin Pipe Line Co. 24, Co.-Salomon & Co. company plans to sell $10,000,000 of bonds in the fourth quarter. Office South Cascade St., Fergus Falls, Minn. Under¬ Underwriters—(Competitive). sell & —215 Halsey, Stuart & Co. Inc.; Blyth & Co., Inc.; White, Weld & Co.-Lehman Brothers (jointly). Oct. provide for .additional capital-expenditures. Offices*-4 4th and Canal St., Richmond, Va., and 70 Pine St., New York. Underwriters — (Competitive). Probable bidders: First Boston Corp.; Eastman Dillon, Union Securities it Otter Tail Power Co. Jan. 16, 1963 it was reported that this mortgage bonds in the third quarter of 1963. Proceeds—For construction. Office —415 Clifford St., Detroit. to mortgage 3%% bonds of Atlanta & Charlotte Air Line RR.; reimburse the treasury for capital expenditures and Harvey St., Oklahoma City. Underwriters— (Competitive). Probable bidders: Merrill Lynch, Pierce, Fenner & Smith Inc.-White, Weld & Co. (jointly); Hal¬ sey, Stuart & Co. Inc.; Lehman Brothers-Blyth & Co. Inc. (jointly); First Boston Corp.; Harriman Jlipley & Co., Inc.-Eastman Dillon, Union Securities & Co. (joint¬ ly); Equitable Securities Corp. Bids—March 12 (11 a.m. EST) at First National City Bank, 55 Wall St., New York. (Competitive). Halsey, Stuart & Co. Inc.; First Bos¬ (1/23) was 15, 1963 stockholders authorized the company to issue $50,000,000 of general mortgage bonds. Proceeds— To acquire stock of Central of Georgia Ry.; retire first (3/12} Jan. 8, 1963 it was reported that this company plans to sell $15,000,000 of first mortgage bonds due 1993. Office —321 it Southern Railway Co. Stuart & earnings, On Oct. 24, 1962 it was reported that this company to sell about $22,000,000 of first • St., Omaha, Neb. Underwriters--( Competitive). 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. Oklahoma Gas & Electric Co. Box Jan. Probable v O. reported that this company plans to $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 noon EST) at above address. So. 19th ^ - Address—P. sell after date of issuance. Office-—100 years the fourth quarter. Southern Pacific Co. Dec. 26, 1962 plans to sell $40,000,000 of debentures to mature not than 40 Gas Co. of Calif. Corp. Northwestern Bell Telephone Co. (3/5) Dec. 3, 1962 it was reported that this A. T. & T., subsidi¬ later of bonds 2736, Terminal Annex, Los Angeles 54, Calif. Under¬ writers—(Competitive) Probable bidders: White, Weld & Co.; Blyth & Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.; Halsey, Stuart & Co. Inc.; First Boston (jointly); ary bonds in gage 16, negotiated basis by Blyth & Co., Corp.-Eastman Dillon, Union Securities & Co. Lehman Brothers-Riter & Co. (jointly). Street, St. Probable bidders: Corp.; Merrill Lynch, Pierce, Fenner & Smith Inc.; Eastman Dillon, Union Securities & Co.; Kidder, Pea¬ body & Co.; Blyth & Co.-White, Weld & Co. (jointly). Probable Nov. on Proceeds— ton Gas a debentures «Iiynch,-Pierce;/Fenner'Smith Jnc^Kidder, Feabqdy & Co.-White, Weld & Co. (jointly);;Equitable Securities reported that this company plans to Michigan Consolidated on of (Competitive). Probable bidders: Halsey, Stuart & Co. Inc.; First Boston Corp.-Blyth & Co. (jointly); Merrill sell $10,000,000 of bonds in the fourth quarter. Office— 441 Stuart St., Boston. Underwriters — Probable bidders: handled was last sale the first half of the year. Proceeds — For construction. Office—15 South Fifth St., Minneapolis, Underwriters— Electric Co. was The ^ Northern States Power Co. (Minn.) Jan. 11, 1963, it was reported that this company plans to sell $25,000,000 of first mortgage bonds due 1993 in meaning the company has to earn 12% of gross revenue, whereas interest on debentures is an expense item, so the com¬ pany would have to e3f*Konly 6% to provide the same return. Business—Acquisition, development and manage¬ 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. ^-Massachusetts reported that this company plans to of debt securities sometime in 1963 or Dodge St., Omaha, Neb. Underwriter— was named. $60,000,000 Southern Counties Inc., N. Y. President, stated that after-tax be To Corp. paid 16, 1963 it $30,000,000 sell Jan. 2, 1963 it was reported that this subsidiary of Paci¬ fic Lighting Corp., plans to sell $27,000,000 of first mort¬ 1964. Office—2223 is "seriously considering" the issuance of about $10,000,000 of debentures to redeem its 60-cent cumulative class A stock. Mr. Blakeley said class A divi¬ must company plans later this year or in 1964. Office—601 West Fifth St., Los Angeles. Underwriters— (Competitive). Probable bidders: Halsey, Stuart & Co. Inc.; First Boston Corp., and Dean Witter & Co. (joint¬ ly). to Natural Gas Co. sell company dends it Southern California Edison Co. Jan. 16, 1963 it was reported that this on Jan. • Halsey, Stuart & Co. Inc.; Lehman Brothers; Merrill Lynch, Pierce, Fenner & Smith Inc.-Reinholdt & Gard¬ ner (jointly); Stone & Webster Securities Uorp.; First Boston Corp.; Eastman Dillon, Union Securities & Co* Bids—Expected Feb. 6, 1963. Information Meeting—Jan. 31, 1963 (11 a.m.) at 16 Wall St., New York. Dec. 11, 1962, Gerald W. Blakeley, writer—To be named. Co. $10,- Laclede Gas Co. 12/6/63) ' ' -—/A'Nov. 1, lS62 the company announced plans to sell Underwriters—(Competitive). Gas pansion. Office—1530 Chestnut St., Philadelphia. Under¬ amount of which will be raised by sale of bonds. St. Louis. Louis. Illinois 1962 it was announced that the company plans public offering of stock. Business—Operation of nationwide network of franchised personnel consult¬ offices in 35 major cities. Proceeds—For ex¬ a the company stated that it plans to spend construction in 1963, an undetermined Office —615 Eastern Ave., Bellwood, 111. Underwriters—(Com¬ petitive). Probable bidders: First Boston Corp.; Halsey, Stuart & Co. Inc.; Blyth & Co., Inc.-Equitable Securities Corp. (jointly); Glore, Forgan & Co. $40,000,000 Brothers; Merrill Lynch, Pierce, Fen¬ Inc., New York, and Reinholdt & Gardner, Inc. ants with Dec. 20, 1962 writers—Lehman 000,000 of 20-year sinking fund debentures. repay bank loans. Office—1017 Olive its first Northern (2/6/63) To Nov. 20, derwriters—(Competitive.) Probable bidders: Salomon Brothers & Hutzler; Halsey, Stuart & Co. Inc. Bids — Expected March 25. Nov. 1,1963 the company announced plans to sell 200,000 shares of preferred stock (par $25), Proceeds—To repay bank loans. Office—1017 Olive Street, St. Louis/ Under¬ & Smith Snelling & Snelling, (3/25) about Kentucky Utilities Co. Aug. 1, 1962 it was reported 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. (jointly); Eastman Dillon, Union Securities & Co.-Merrill Lynch, Pierce, Fenner & Smith Inc. (jointly). ner Ry. Dec. CbA March 20, 1962 it was reported that this utility plans to sell $3,000,000 of mortgage bonds and $2,000,000 of preferred and common stocks. Proceeds—For debt re¬ payment. and construction. Office — 161-20 89th Ave., Jamaica, N. Y. Underwriters—To be named. The last sale of bonds on May 3, 1956 was made by Blyth & Co. Other bidders were: Halsey, Stuart & Co. Inc.; Kidder, Peabody & Co.; White, Weld & Co. The last several issues of preferred were sold privately, The 1 ast sale of common on May 9, 1956 was made through Blyth & Co., Inc. Laclede Gas Co. Hutzler. Smith, Barney & Co., New York. lon, Union Securities & Co.; Equitable Securities Corp.; White, Weld & Co.; First Boston Corp. //Jamaica Water Supply Thursday, January 17, 1963 ... sale pKitive of bonds bidding Peabody & Co. and the retirement Office—9th and Underwriters—To be on Nov. 29, 1961 was of raise $14,000,000 by sale of first mortgage bonds in Feb. Proceeds—For construction. Office— 720 Mercantile Dallas Bldg., Dallas. Underwriter—Dil¬ lon, Read & Co., Inc., New York. or $17,- Hamilton named. won Nov. 28; 1962 it Was reported that the company plans to at Oct. 3, 1962, A. J. Wagner, Chairman, stated Authority plans to issue $50,000,000 of short- by "Potomac Electric Power Co.Z(2/19) • , term securities construction. To be named. in the spring of 1963. that the long- or Proceeds—For Office—Knoxville, On Jan. 24, Tenn. Underwriters— 1962 the Authority sold at competitive bidding $45,000,000 of 4^%.bonds due Feb. v :• 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 1963. Tennessee Valley Authority The com- White, Weld & Co., and Kidder, / Other bidders were Halsey, Stuart & Co. Inc.; First Boston Corp.-Drexel & Co. (jointly). Jan. March, : 1, 1987. The issue was won by a group jointly managed by Chase Manhattan Bank; Morgan Guaranty Trust Co. of New York; Chemical Bank New York Trust Co.; C. the First National Bank of Chicago. J. Devine & Co.; and Volume The Commercial and Financial Chronicle Number 6230 197 ■v Jan. 15, 1963, it was reported that the bank its stockholders the right to subscribe for an is offering (2/18) it was reported that this subsidiary of Texas Utilities Co., plans to sell $10,000,000 of first mortgage due 1993. Address— Proceeds—For construction. be ingot tons, million close ter just poured in the quar¬ little lower than it Looking the in was greater. Users Reason: have done about all the inventory cutting they Cold do. can weather which against losses the in citrus to Packers are of Iron has crops, tin to plate. as save as pos¬ sible by quickly processing it. undergo until little the of end bang a are the sluggishness but with days 90 may prior May 1, at the earliest, on Ingot production this week will Steel estimates the industry out to 60 days if there The feeling in the industry is of 1962, and known this week plans soon or other big Meanwhile, the day-to-day steel market continues little with forward more disappointing extent. Although there is some buying, January tonnage is not likely to show ex¬ pected gains December. over this geographi¬ varies in ing postpone or reopen¬ and the steel ability mills of can wait believe Many users. they plunging before given vu definite pattern difficult to : w" • Auto Output Tops to virtually until the 90-day is a assess; (2) Condition of the steel mar¬ ket Level avoid last a rush. minute them force (Competitive). Probable bidders: Halsey, Stuart & Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.; East¬ man Dillon, Union Securities & Co.-Salomon Brothers & Hutzler (jointly); First Boston Corp.; White, Weld & Co.; Kidder, Peabody & Co. into scheduled 40% to cars 10.1% or 1961. Year's New in of each 8,860 were total). in reported revenue or that This highway (which week's corresponding week of 715 over-all cars increase of were of decrease a was con¬ in the week 1.5% cars the below 1961 but 8.8% or above the 1960 week. Piggyback 1962 year was an have assemblies for New the Year, first Ward's totaled said agency cording to the and kwh., 510,000,000 1962 week. parable Failures at Continuing to class I U. S. rail¬ the & corresponding week in them toll op¬ truck 19 from in 241 casualties since in highest and brought with last year's even 319 the 29 Nov. about of This- increase to the similar week. However, they remained slightly Tonnage lower Declines 7.5% Intercity to 315 in the rose Jan. -Bradstreet, -Inc. lifted level 1960. ended preceding week, reports Dun and ago year from the recover holiday lows, commercial and in¬ 61 one Six-Week High^/'^* were pared with 58 3.0% or above the total output of the com¬ dustrial failures com¬ Electric week's total of 16,435,000,000 kwh., week erations last week yielded 160,124 units, compared with 114,025 cars Edison Institute. Output was 1,032,000,000 kwh. more than the previous 27.5% above 1960. Year-to-Year Truck statistical ended Saturday, Jan. 12, was es¬ or current week energy timated at 17,467,000,000 kwh., ac¬ cars traffic in the electric the electric light industry for the week, and power This 706,441. increase of 115,195 cars or in the are by the for of amount 19.§%. compared with 1961, and 54 data J Year Last The Business loadings said. Reports order new Electric Output Up 3.0% Over these cars or an and unavailable this week. Day more or one (piggyback) included 139 ment decrease of 16,997 cars a highway trailers There week output the of last passenger above The This costly 47,545 corresponding week in 152,326 Year-Ago" by 11.9% makers Automotive themselves want Mills sell $15,000,000 of bonds later this year or in 1964. Office North Marshall St., Milwaukee. Underwriters— —1029 Ending holiday- cutbacks, U. S.> road-systems originating this type ... auto week into inventory, building. (3) Wisconsin Public Service Corp. ; Jan. 16, 1963 it, was reported that this company plans to distributed tainers East¬ San Francisco. fell There bidders: Light & Telephone Co.f Inc. weeks. cally and from mill to mill, mak¬ the year, Western change. The rate of orders placed ended Dec. 29, 1962 in January has been Probable Aug. 1, 1962 it was reported that the company plans to sell approximately $5,000,000 of common stock through a rights offering to stockholders, in the second quarter of 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, loaded with will follow. users N. W., Washington, D. C. Dillon, Union Securities & Co.; Equitable Securities Corp.; Kidder, Peabody & Co.; First Boston Corp.; Hal¬ sey* Stuart & Co. Inc. below the corresponding in week after; then appliance makers and However, ing indefinitely. 3.9% or Office—1100 H. St., man of crease 1963. Underwriters—(Competitive): below the that automakers will make their Holiday lay notice of reopening until later would last week. and the Steelworkers union could de¬ the 1,875,000 same as supply change in the labor climate. no to reopened notice provement. poured reasons strike-hedge year still confident of eventual im¬ be about the these in to produce and deliver tend to en¬ disappointed courage hesitation on the part of makers who expected start with Steel¬ change. with the market's listed change notice, is days 37 .' j'; ; v currently are 15 on would go timing of the buildup (1) Although the contract February, market conditions will tons potential strike. But the Age a be for seeking now for South, the frozen fruit From users protection a as not follow traditional lines. may considerable fruit demand are a steel contract, stocks strategy: threatened spurred much labor will build . 'fr. ' : Automakers working possible a May 1 notice of reopening of the quarter, demand for steel be Iron years, to ahead extent and fourth will be may labor Age magazine reported. steel ended, Steel said. Although consumption a steel previous million 26 10% from the 23.7 up tons to .I .■; Washington Gas Light Co. Aug. 1, 1962 it was reported that this company plans to sell $12,000,000 of 25-year bonds, in the second quarter The State of TRADE and INDUSTRY will ■ 14. dress. ter . -^Virginia Electric & Power Co. (5/14) Jan, 16, 1963 the company announced plans to sell $30,000,000 of first mortgage bonds due 1993. Proceeds—For construction. Address—7th and Franklin Sts., Richmond. Underwriters—(Competitive). Probable bidders: Halsey, Stuart & Co. Inc.; Stone & Webster Securities Corp.; White, Weld & Co.; Eastman Dillon, Union Securities & Co.; Salomon Brothers & Hutzler. Bids—Expected May Fidelity Union Life Bldg., Dallas. Underwriters—(Com¬ petitive). Probable bidders: Kuhn, Loeb & Co.-Blyth & Co., Inc.rKidder, Peabody & Co.-Merrill Lynch, -Pierce* Fenner & Smith Inc.( jointly); White* Weld & Co.; First Boston Corp:; Eastman Dillon, Union Securities & Co> Salomon Brothers & Hutzler (jointly); Lehman Broth¬ ers; Halsey, Stuart & Co. Inc. Bids—Feb. 18 (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¬ Continued from page 5 ;' • Peabody & Co. Jan. 2, 1963 bonds 'r.' Heat & Power Co. Nov. 21, 1962 it was reported that this subsidiary of Cincinnati Gas & Electric Co., plans to sell $5,000,000 of first mortgage bonds in 1963. Office—139 East Fourth St., Cincinnati. Underwriters—(Competitive). Probable bidders: Halsey, Stuart & Co. Inc.; Blyth & Co. Inc.First Boston Corp. (jointly); Merrill Lynch, Pierce, Fen¬ ner & Smith Inc.-Kidder, Peabody & Co. (jointly); Equitable Securities Corp.; White, Weld & Co.; JKidder, additional 80,000 common on the basis of one new share for each 10 held of record Jan. 15, with rights to expire Jan. 30. Price—$55. Proceeds—To increase capital and surplus. Address—1300 Main St., Houston. Underwriter—Merrill Lynch, Pierce, Fenner & Smith. Inc.* New York. Texas Power & Light Co. tj i 'u, Union Light, ^ Texas National Bank of Houston • ^' (229) were tonnage in the than off the 17% 335 in from 1961 the and pre-war level of 380 in 1939. is practices to meet rush ordering. week ended Jan. 5 was 7.5% made during the holiday week's Big failures with liabilities in slow. Steel's price composite on As one alternative, mills may below the volume in the corre¬ abbreviated production session. excess of $100,000 more than No. 1 heavy melting grade held at build considerable stocks earlier Last week's output came to about sponding week of 1962, the Ameri¬ doubled during the week, climb¬ in the year to avoid costly crash $26.33 a gross ton last week. can Trucking Associations an¬ 11.9% above the 143,041 cars ing to 66 from 31 in the prior practices later. nounced. Truck tonnage was made in the corresponding period Nonferrous Price Changes week and 39 a year ago. The rise (4) There is wishful thinking 17.9% ahead of the volume for of a year ago. Nonferrous among casualties with losses price movements the previous week of this year. that, in one form or another, the Ward's said upwards of 680,000 under $100,000 was more moder¬ were noted by Steel this week. This week-to-week gain from the industry, the union, or the gov¬ cars are scheduled by the industry Observers are still predicting ate, with their toll up to 249 from dealers Scrap business say . ernment will the price an A will silver statutory limit of $1.29 Last ounce. $1.22. refined of reach the week, it was of quoting method new above the silver price has been adopted to simplify billing, data and record keeping. The cents and quotation wilL be tenths of instead coding, process cent a of in per eighths troy of a tight forced cadmium some distributors and situation supply to has producers base boost prices for the metal 5 to 10 cents a pound; Cadmium is used mainly the electroplating of metal in products and More weaknesses in change mill are aluminum was made products products the steel would are being prices. re¬ No December in prices, but like a few selling at under list all factors in (and that Administration) avoid to This is based picture the that assurances that labor includes both a mar¬ ket-dislocating inventory buildup and — costly steel strike. a But in even a the lead these of these the automakers. closely vying with 628,227 January of 1962 and with all-time the high for the month of 688,690 set in post-steel strike Overtime Saturday schedules in the assembly plants during Janu¬ however, will be moderated from the of average 20 plants for during the record 2,090,000-unit make fourth quarter of 1962. giants « advance ton¬ has resulted in ordering now and of backlogs. Steel, this advance who have been ordering on last with Of cars being made last week, expected to 52.8%; Ford Motor This to even further. their position on the mill books is protect 26.4%; Chrysler Corp. American Motors 6.9% Co. 13.1%; and Stu- period in which inventory: debaker Corp. 0.8%. buying will reach its peak, and prices. Strikes here and abroad and the when books may be Congo fighting are troubling nonferrous servers not be but metalworkers, are ob¬ hopeful facilities will •J loaded. Although automakers have not made* firm no reason the Year's holiday to consistent in pattern is previous attributed, strike in part, which in can the be dock traffic depressed going to Eastern and Gulf ports. These findings are based on the weekly survey of 34 metropolitan conducted by the ATA De¬ areas partment of Research and Trans¬ port The Economics. flects report handled tonnage at re¬ more The terminal week from showed a survey for last increased tonnage at nine localities, year ago with 25 points reflecting decreases from the 1962 level. Compared with the immediately preceding week, Holidays Distort Rail Loading Comparisons registered areas nage. 33 metropolitan increased ton¬ One trucking center, Hous¬ Loading of revenue freight in ton, showed a decrease from the commitments, there is to discount; earlier the week ended Jan. 5 totaled earlier week. Wide variations in f 422,196 cars, the Association of tonnage changes for the week they will American Railroads announced. seemed to be related to holiday an increase of 64,979 observances. take 30% more steel in March and This was 25% more in April and subse-; cars or 18.2% above the preceding divisions have indicated Steel Strike Hedge Ordering Seen Increasing The expected steel inventory quent months until a full build-; week, which included the Christ¬ is reached or the labor issues mas holiday. buildup is getting under way, but up in are a pattern that varies from resolved..; week earlier but still short a of the 280 of this size in the com¬ parable week last year. An year-to-year decline plans. Some automakers and parts down too long. 210 years. 1962 model run to the same date. delivery in April and produce placing with New increasing number of failed cerns in all dustry and trade where previous 18, held nearly in curred The 63 from toll jumped while in¬ service against 19 in the as week. wholesalers con¬ of except casualties steady at 21 lines to moderate among 42 from climbs manufacturing, oc¬ to up 47, in construction up to 57 from 38, and in retailing, up to estimated by Ward's than 400 truck terminals of com¬ 132 from 119. Considerably more 2,830,000, compared mon carriers of general freight manufacturers and wholesalers 2,589,000 cars made in the throughout the country. succumbed than last year. How¬ was now of at Motors are that was week General short lead times orders for Production of 1963 model cars," leading all other model years to date, week of the Christmas The 1960. As reluctantly or not.: fact, for the turned out in ary, others will be drawn into the stream, more face consuming nages, In the this month, compared buildup is inevitable. In working the extra day each week are commitments users chemicals. ported indications and lengthening pigments in on factors, as give strike is not likely. ounce cent formerly. A a The loadings represented a de¬ Lumber Data Unavailable Editor's yearly * Note: lumber Weekly production, and ship¬ the ever, about construction even with and declines from a toll held 196£/TeVels its year ago pre¬ vailed in both retailing and serv¬ ice. Five geographic ported heavier regions casualties re¬ in the latest week, with the largest in¬ creases North concentrated Central States in the East where the toll climbed to 72 from 32 and the Pacific States, up moderate More Middle Atlantic to 64 from 48. increases failures from 72 and South Atlantic from 35. Little change lifted to 87 to 48 occurred in three regions and two reported Continued on page 39 38 The Commercial and Financial Chronicle (230) ; Indications of Current The following statistical tabulations latest week Business Activity week Latest IRON AMERICAN Previous Week INSTITUTE: STEEL & or ingots Index of for castings and production based weekly average on production ; and Steel Residual 611 fuel Finished Kerosene Distillate (bbls.) output Jan. bulk terminals, in transit, in pipe lines (bbls.) at .Jan. gasoline (bbls.) ,at—--------——Jan. fuel oil (bbls.) at Jan. 8,401,000 (bbls.) at-————J an. 4 35,094,000 187,787,000 31,358,000 147,269,000 51,919,000 45,053,000 86,632,000 79,372,000 -Jan. 357,217 5 405,436 508,847 Bituminous coal and lignite (tons) Pennsylvania anthracite (tons) 95,400,000 95,400,000 Jan. 5 7,100,000 5 242,000 272,000 405,000 92 *121 213 7,690,000 Jan. . DUN INDUSTRIAL) 17,467,000 16,874,000 18,009,000 241 252 Jan. 7 6.196c 6.196c Jan. 7 $63.43 $63.43 $63.43 Jan. (per gross ton)Scrap steel (per gross ton) Export Lead fZinc Zinc refinery tin 7 $26.50 $26.50 $25.50 6.196C $66.44 •- $37.83 MOODY'S 28.520c 27.975c Corn; 10.000c 10.000c 9.800c 9.800c 9.800c 9.800c 12.000c 12.000c 12.000c 12.500c 11.500c 11.500c 12.000c Durum Jan. 11 22.500c 22.500c 22.500c 24.000c Other ——————Jan. 11 111.500c 111.125c 109.250c Jan. 15 Jan.15 Jan. 15 ——-ii———. Railroad Oats 119.875c Industrials „ 90.63 - b s*ry*t 88.81 92.79 89.23 Jan. 15 90.?9 88.54 J" ^ 90.48 f 89.92 88.27 83.28 83.28 85.33 83.40 90.48 90.06 87.32 -Jan. 15 Group 90.48 90.34 90.20 87.86 . >; 8. Government Bonds v . \ 3.66 3.71 4.12 Jan.15 4.49 4.52 4.70 Jan. 15 4.20 4.24 4.42 Aa Jan.15 A . i —————————— ————— Baa - Group Red 4.74 Alsike 4.92 5.08 4.76 4.91 4.38 4.41 4.61 4.38 4.40 ————————.Jan. 5 ——Jan. 5 „ Percentage of activity— 168,338 ————Jan. 313,358 120,651 ■ 265,486 46 96 216,099 162,543 73 5 458,616 413,806 456,670 122.71 123.95 122.82 FOR ACCOUNT Late —— . Short Other sales Dec. 21 ; —— Total sales Other transactions initiated on the floor— Total .... Dec. 21 - — —— purchases—————— Short sales— Other sales— — — — — — Total purchases Short sales Dec. 21 .. • Total1 : 400,750 444,000 Dec. 21 944,894 . 546,760 874,485 1,080,355 975,445 87,850 979,030 LOT 113,020 130,300 129,615 831,874 DEALERS — Pears 866,230 996,530 809,834 Cranberries 4,039,705 Apricots 809,975 3,207,160 3,896,140 2,905,814 3,424,134. ; AND SPECIALISTS SECURITIES N. ON EXCHANGE Y. 4,000,840 sales Number of by dealers (customers' STOCK dealers (customers' Number bf orders—customers' Customers' short sales— Customers' 1,242,682 1,240,210 1,745,386 $59,847,835 $58,445,650 $94,277,057 Dec. 21 1,990,740 1,769,299 1,564,527 Dec. 21 1,889,420 13,616 1,977,124 $85,193,525 $79,230,271 sales)- total sales • ■ other sales ■ Dollar value. Number Dec. 21 .Dec. 21 sales by dealers— of shares—Total sales. 16,237 1,753,062 24,599 Limes : 1,882,171 $95,232,244 913,280 777,980 591,270 777~980 591~270 200,230 231,190 285,250 Dec. 21 491,730 Total 1: 1 e>cc sales 21 21 Dec. 21 WHOLESALE PRICES, NEW SERIES — U. S. DEPT. - —4—. 19,444,290 930,940 1,215,700 18,072,590 19,288,290 17,906,830 18,837,770 544,530 18,037,740 18,582,270 OF . . 1,520 26. 23 35,454 121,255 126,710 75,806 28,802 . 290 commodities Farm products Processed foods Jan Meats All sold commodities other than farm and foods *Re^?d fi®u[e- tNumber °n delivered basis at 8 100.4 100.6 Jan. 8 97.9 95 ... '.i- V 1,335 1-114: _--i——»4 97.5 100.5 8 96.4 97.2 Jan. 8 100.7 100.7 of orders not reported since introduction centers where 100.8 market :*L' :\r freight from East St.. Louis exceeds one-half cent a pound! V 64 50 liO ',•' 1 i»ot Wp^fPrn SliSffi.® ; 44 138,095 yy ; ! 42,500 42,910 14,000 i:400 y 16,740 ' ai.i,« ' 340 * - i 1,000 800:: 4,300 4,000 ->',22- - 21 54 50 : - -y63 149,645 ■0; ' 112 66 ''.y'y\ 8 ,y; 69,300 1 ,y12 79,800 246,750 81 68 4— 10,654 10,700 9,263 8,176 —1 (tons)-—^. AVERAGE YIELD—100 of December: (125) 44444-—44444-44 (25) .: (not incl. Amer. Tel. 1-i .3.41. , y" 5.03 & Tel. 1 (24)— 2.92 3.45. 5.03 4.86 % 3.18 2.88 3.27 3.36 2.75 .-.2.44 3.37 — 3.29 2.53 ,—44—41- (200) 1— VEHICLE IN number FACTORY U. S. SALES AUTOMOBILE ASSN.—Month of 3.41 yy 2.io MANU¬ of December: *• and motor coaches CONDITION—CROP BOARD As of U. S. DEPT. December 759,599 687,949 110,695 113,368 REPORTING y OF AGRICULTURE— li—_w_i4 )f 801,317 648,904 passenger cars trucks 2.91 . FROM vehicles Number of RYE tPrimo /■ 44——- (tons) 100.7 of Monthly Investment Plan 191 56 ■ 48 Number of 98.5 1,236 158 49 vegetables— FACTURERS' Total 101.0 y 58 ; 1~335 > 169 M ; -14. WEIGHTED PLANTS 100.4 *99.1 8 267 >142 ' Average "jan ~Jan. 3,092 ' —— Banks.. (15) '4—^— Insurance (10) 1 MOTOR All 77,895 27,080 < 3,098 LABOR—(1957-59=100): Commodity Group— 25 - 43,907 146 1— COMMON: STOCKS—Month Utilities 17,704 y 88 ——1--11—-,i.T-ll-,':- .1 3,425 . 29,102 — 14 processing Industrials 293,594 15,213 2,060,992 9,991 18,439 22 4 (tons) Railroads *740,6 10 18,703,680 17,229 3,148 —— MOODY'S 1 Dec! sales For ■ 264,877 76,351 1 -15,496 36,106 -204.632 > 2,200,340 11,082 44,231 121,390 —— round-lot sales— Short sales other :C -.*4- (tons) -444144.44-4^-: Pecans (pounds) —444-1—4l—1 Walnuts (tons) 4—4.44 For fresh ROUND-LOT STOCK SALES ON THE N. Y. STOCK EXCHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT OF MEMBERS (SHARES): ~ (boxes) Commercial 12,537 32,791 -191,05® 2,716 — 4 4,967 4,640 27,753 ■ 11,188 Tangelos (boxes) 4114444.4 ———14 Tangerines (boxes) l-w——4—1———4 Tung nuts (tons) 4-44414411 653~520 47 4,395' 3,443 .1.' 20,652 - 18,169 1,446 — . 1,742,960 ' - !___ 41—1——— 1,299 ';V - 18,451 2,261,243 ; 3,543 , 1,786,425 - 268,280 41' l (boxes) Almonds 653,520 9~13~280 Dec. 21 TOTAL Total 192,572 ; 20,287 .cy ■ 4,160 3,433 21,690 12,620 33,805 J — Filberts ' Dec. 21 sales Round-lot purchases by dealers—Number of shares -. 7,249 1,539,928 $69,581,830 Lemons . .Dec. 21 Short sales Other —— • v Round-lot 1,100 - 1,248,846 $58,782,515 25,825 18,102 y X,4,9541.'. 1,811,330 -uvy;--y.34.-- '(tons) 114.. 4441144-14.': Olives, California (tons)Oranges (boxes) 1.44—1-1Grapefruit (boxes) l —.--1 • COMMISSION purchases)—t shares purchases by 1.966 288 (tons). 3,335 17,885 81,920 ; (pounds) —— Nectarines Dollar value Odd-lot * . - (tons)t Figs (tons) —-_^—4_ / 5,978 80,120 23,261 18,827 4,947- i'"- Dates . Odd-lot .- ; Avocados (tons) 3,128,664 3,938,639 441,050 3,559,790 116,819 928 (barrels) 4,224,435 688,980 117,488 10,737 18,268 ; —— 3,891,725 14,318 65,275 . — (tons) (tons V 518,320 12,996 , , ,14,533 . 126,115 i— 3,786,677 3,413 T>jr«''• ^JiSi- 'j- :.,'A 69,753 ; - —Dec. 21 500,490 479,751 118,777 Prunes, dried (tons) 144.14.-441—4:--^444' 1 Prunes, other than dried (tons )_—4 -.14- 1,066,880 490,258 14,723 6,140 121,034 - Grapes (tons) Plums 54,198 • 10,899 — (bushels) 22,178 63,622 ) 12,443 , . 864 31,603 4,019 Cherries . 939,449 27,476 31,952 ' ■ 679,566 - I:*.— . . 438,155 509,137 (tons). Hops (pounds) 1 Apples, winter crop (bushels)— Peaches (bushels) —Dec. 21 —— sales—i—i—————Dec. 21 Bales.:-———T——w———Dep.-21: EXCHANGE ; 668,830- . 395,669 729 . (cwt.)—-.i.' (cwt.)_—-Ji— . • 38,926 summer Broomcorn • 430,794 (pounds)- - 338,870 360,070 STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODD- , . 21,200 / 41,175 " Sugar beets (tons)— Maple syrup (gallons '■ 998,567 Other • 573,980 106,600 440,160 315,900 43,250 Dec, 21 Dec. 21 Dec. 21 Total sales— — —-<—Total round-lot transactions for account of members- 397,680 675,197 • 64,458 (cwt.) (pounds) Sugarcane for sugar and seed (tons) Sugarcane syrup (gallons)—. 2,241,890 2,573,890 29,700 282,230 311,930 — — sales.—— 573,760 1,878,670 2,452,430 392,270 ———————Dec. 21 Other transactions initiated off the floor— ' Total ■■ purchases— Dec. 21 1,011,398 * Tobacco 2,748,360 332,000 375,600 — sales———— , 2,570,100 1,791,710 2,167,310 —— . 2,619,560 515,430 1,940,180 2,455,610 21,185 138,553 1,027,959 ^ Sweetpotatoes . 2,397,840 159,738 212,945 — . of specialists in stocks in which registered— purchases Dec. 21 ;■Short sales— Dec. 21 Other sales-,—Dec. 21 > 67;252 5 ■ 1,031,743 -jr.-./'" — —l. — — BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS 815,028 280,197 - 429,495 1 and threshed - 65,110 1,234,743 1,075,005 - 203,599 (bushels) Late^ suflnftef Xcwt;)— Fall (cwt.) Total (cwt.) .:,: Total —— 816,379 (pounds)-- (tons) 3,625,530 1,095,225' 275,408 '71,809 ■ (bushels >_ seed spring Early s Transactions Total seed clover 408.9 3,590,238 1,091,787 Potatoes, winter (cwt.) MEM¬ OF clover 3,178,000 • " 74,046 . if'"i.Earlyspring:;.M.. 116.75 TRANSACTIONS ! 405.4 (tons) Velvetbeans 493,023 AVERAGE=10(L:_,———.4————r.—Jan. 11 ROUND-LOT 401.8 —— seed (pounds) Lespedeza seed (pounds OIL, PAINT AND DRUG REPORTER PRICE INDEX— 1949 10,134,000 ■ ■ 19,951,-000 17,507,000 16,495,000 8,035,000 (bushels);::i»-L>.^-.»«.i,4.---i«-----i4-. Peanuts picked 362,148 354,714 69 Jan. * 5 Unfilled orders (tons) at end of period 19,609,000 518,821 17,507,000 ^ Timothy seed (pounds) Beans, dry (bags)———— iPeas;-,dry. :(bags)a.. Cowpeas for peas (bushels)— 376,2 ASSOCIATION: 7 (tons)_ 16,395,000 125,363 614,147 16,495,000 695,642 16,395,000 I— Sweetclover v-; 4.57 370.0 ? ' • 100,740 .1 • 371.8 MOODY'S - COMMODITY' INDEX———————————*Jan. 15 Production 4.54 4.54 4.73 / Group—- Jan..15. Group——— — Jan. 15 NATIONAL PAPERBOARD Orders received (tons) y 4.38 4.92 —Jan. 15 Utilities Industrials ' all (tons)_. Hay, wild (tons). Alfalfa seed (pounds) 4.37 Jan. 15 ———' Railroad Public 1,711,864 10,730,610 130,127 Hay, 4.47 . Jan.15 — 1,256,661 11,736,787 • LZ, (bushels) Cottonseed —Jan. 15 —. Average corporate — Aaa —————————————— i 875,443 1,418,984 13,073,648 19,542,000 Sorghum forage (tons)— Sorghum silage (tons Cotton, lint (bales)^^. MOODY'S BOND YIELD DAILY AVERAGES: U. ^ (bags) Popcorn (pounds) Sorghum grain (bushels) 81.29 85.72 4,684 823,270 Rice v 83.28 85.72 90.48 4,880 -3,468 " (bushels) Flaxseed- - 85.59 Jan. 15 Group- spring Buckwheat ,riVv .•".I" 88,37 " . 88.95 r 86.11 92.50 90.63 .. " 3,848 . 667,192 - V (bushels) (bushels) Soybeans for beans Barley (bushels) Rye (bushels) 86.10 90.05 —Jan. 15 Group— Utilities ot ! 93.08 y # Jab. 15 —. A ■ ' BOND PRICES DAILY AVERAGES: Aaa y ' spring ' 88.95 Public Winter All • 13,032 5,245 4,805 3,665 . 3,643,615 (tons)— (bushels)—i (bushels) _i ; 11.500c 3,192 11,052 AGRICULTURE— OF 28.425c 10.000c 12,296 vv;y 13,715 - final (in thousands): 1, 10.000c silage Wheat, all 16,960 11,215 3,245 OF REPORTING 28.525c Jan. 11 corporate ■ Corn, grain ;(bushels)^i--^iJii— 90.64 Baa DEPT. 42,419 • COMMERCE): 30.600c Jan. 11 (primary pig, 99.5%) at — S. 11,831 ' 14,199 5,526 4,825 ; 30.600c Jan. 11 at ■ •; of Dec. $55,451 46,029 18,657 12,479 —- OF $59,744, . 12,186 3,302 loans (DEPT. .v 47,274 19,307 j. Jan. 11 at———. $61,473... ; 30.600c U. S. Government Bonds-—Jan. 15 Aa : Jan. 11 at York) * .... -r-—• r_, 30.600c Average • : ————— CROP PRODUCTION—CROP as 151,189 f RE- Spinning spindles in place on Dec. 1 J Spinning spindles active on Dec; 1.. Active spindle hours (000's omitted) Dec. 1 Active spindle hours for spindles in place December l '■ 6.196c X&0.453 - credit — SPINNING Crop at (New term credit payment 85,261- 81,489 SERIES—Esti¬ Jan. 11 (St. Louis) at (delivered) at Straits 76,192 154,151 credit loans BOARD U. at (East St. Louis) Aluminum FEDERAL AND COTTON (E. A M. J. QUOTATIONS): (New York) THE Charge accounts Electrolytic copper— Lead 79,890 84,487 y: consuming establishments as of Dec. 1j In public storage as of Dec. 1 Linters—Consumed month of November.—.'— Stocks—December J Cotton spindles active as of Dec. 1 ', 319 Pig iron refinery ' In A IRON AGE COMPOSITE PRICES: Finished steel (per lb.)— Domestic OF LINTERS—DEPARTMENT COMMERCE—RUNNING BALES: Consumed, month of November 16,957,000 315 5,787,455 ; 149,554 intermediate _ consumer COTTON RESERVE ; BRADSTREET, INC. METAL PRICES • (tons) credit . Service credit 7,275,000 Jan.12 AND 1- - of November 30: as consumer Single .■^ 83 ♦6,190,000 .Jan. 10 (COMMERCIAL • 8,745,966 .5,579,309.' OUTSTANDING—BOARD and Noninstalment 319,000 output (in 000 kwh.). FAILURES short- Other EDISON ELECTRIC INSTITUTE: Electric period Automobile 5,100,000 Jan. INDEX—FEDERAL of Instalment credit ; COAL OUTPUT <U. S. BUREAU OF MINES)t SALES ; *8,780,538 5,459,405 . CREDIT in million Total $599,400,000 167,600,000 1431,800,000 426,700,000 —-.——Jan. 10 STORE '■ - SYSTEM—REVISED Personal $156,800,000 61,400,000 —————————-.-Jan. 10 SYSTEM—1957-5® AVERAGE=100——— 7,845,000 .a ■ DEPARTMENT • . GOVERNORS mated " Public———— Jan. 10 State and Municipal——-———Jan. 10 Federal— castings produced Repairs and modernization loans-y^^—w: _.—-.Jan. 10 Previous ^^lonth INSTITUTE— November of . end SERVE ENGINEERING Private . r •j>OF 469,741 438,313 - -' at CONSUMER . 537,392 of cars)—Jan. (no. 5 PLANNING—ENGINEERING NEWS-RECORD—NEW SERIES: Total advance planning by ownership— 'L Stocks •".'*< "''.V t-v; »'•'*.!'1 freight loaded (number of cars) Revenue freight received from connections CIVIL 6,743,000 181,747,000 ' • •- . 3,085,000 14,866,000 166,401,000 ASSOCIATION OF AMERICAN RAILROADS) Revenue for steel of that date: are as . 31,018,000 • 5,407,000 187,876,000 32,164,000 149,376,000 50,660,000 85,458,000 4 Unfinished STEEL AMERICAN; ZING INSTITUTE,. INC.—Month of December: Vy .y ./:> Slab zinc smelter output all grades (tons of : }2,000 pqunds) y-i-—-it-—————, Shipments (tops of 2,000 pounds)— —— 8,508,000 3,244,000 14,202,000 - f 7,371,060 , 30,894,000 6,104,000 4 Oils 7,334,860 8,741,000 31,701,000 3,729,000 14,960,000 4 Jan. and tons)—Month < 4 at AND , V (bbls.) ingots (net 4 Residual fuel oil IRON Shipments of Steel products (net tons)— Month' qf November———————— 7,361,760 either for the are Month AMERICAN condensate Stocks at refineries, of quotations, cases Latest 2,300,000 PETROLEUM INSTITUTE: oil in or, Ago 1,832,000 102.6 I production and other figures for the cover Dates shown in first column that date, on Thursday, January 17, 1963 ; . Year Ago U 1,879,000 output—daily average (bbls. of : v &= 42 gallons each)-..-—,.-—..—Jan, 4. Crude runs to. stills—daily: Average (bbls. J an. 4 Gasoline output (bbls.)-----.--..-————--r—-————. Jan. 4 Kerosene output (bbls.)——.^,~Jan,y4 Distillate fuel oil output (bbls.) Jan. 4 ' month ended > Jan- 12 1957-1959 AMERICAN Crude 1,912,000 Jan. 12 tons) (net month available. Month Week , Steel or . 92% • t ■ ; ;v:- - • - • 736,916 627,301 . 109,615 ;."y. 89% Number 6230 Volume 197 Qi1A ~-p rpp A TAT? rmr] TISJTATTQ'TT? V" JL Ilv3 OLcll/" Ul; ± XvxxXyXLi c&llll UN i-' vJ u X Xv X-,.; Continued de,.line, failed than last concerns six the of week the Fewer VeaTfn Canadian failures rebounded to 49 from not 20 week a ~ One week. pressive did but ago Portland, First Western Bank gon, though and Trust Co., Los Angeles, Pari- Cleve- bas Corp. andsDempsey-Tegeler Dec. 8, 1962, and despite it, retail land, the four - week average & Co, Inc. sales in New York City depart- totalled 9% more than a year ago Reoffered to yield from 2.05% ment stores finally put in an im- for the country's 12 principal re- to 3.55%, initial demand has only can tail centers. t \ ' i been good, with the present bal¬ . ance recorded in the the 64 reach sales would have been in the ab- the printers' Big sence of the strike. Even Six commenced 2 a.m.t Saturday, the strike has spread to regions. nine sPeculate as to how much higher Co., First ^National Bank of Ore- papers strike by from page 37 rturine (231) The Commercial and Financial Chronicle , . . in syndicate t; approximating $1.380.000. corresponding week of 1962, .. . , ' 1 of most XJV-/JN JJ lVlAlvlVJjA AA-i-iiVLX 1 last I & V ; Improvement ^ 1963-1983) bonds, Continued from page 6 , However, it remained Bank New York Trust Co. and below both month-ago and year- Spencer Trasfc & Co. on its bid ago levels for the comparable date, of 100.7799 for 3.20s. The runnerMost livestock and grains were up bid, 100.53 also for a 3.20% quoted lower at wholesale mar- coupon, was made by the Franklin street, Inc. kets, outweighing showed which silver a & Co. sustained climb. The $6,910,000. about and 1987 1/10% a (1930-32 100) on Monday, Jan. = 14, from 269.66 in the prior week below dropped considerably recorded 275,66 the on cor- responding day of 1962. i Holiday Headway to held headed jointly by group £ PJ. * * Bacon, Charles E rn ££ heft bk for J? 70% to 3 30% the in syndicate is in special sales Cleveland .York and snow hurt the 2%% a coupon. mneit .1.. Bank in St. Louis and Dean Witter &• Co, ' States, over-all retail activity forged far The second bid, a 2%% * coupon, made by F. S. Moseley & Co. was ohn%- n*/. nt J and 100.515, also for areas, Mountain the Webber, Dommick, First National Jackson & Curtis, Dominick & ^ jL for IOf /O rounon the a .}*/& Jo XOUpUH, WHS unsold'balance rGD01?s\n $4090000 ! and associates. There were 12 ad- * ' w year-ago in- womenV many and off to start" ih the New flvine a annarel 'sot men's* ; Both areas. some riowing appeared Irf children's merchandise. A d go o beginning chalked up in bonds. . " (1964-2001)' 149^^ , . hid1' Last i,ast FridayS only issue of Jinaay omy one issue ot came to market. Temple, note White Sales'. Home Texas awarded Inde- $3,000,000 tinued moved moderately pendent strong. bids The total dollar volume of trade tail reported week the in re- ;est? last year; according to spot estir .mates collected by Dun & Inc. street varied . comparable 1962 'lev,els by. the foUowing percentages. si ' Tipt second The » ' TTif-PT^psf* pAej*. g IrTom ' va & Co'' c- syndicate. „ land and East South CentraL +X i to NaUona8! Bank! DaUas, Fimt xrnilcf'ri t McKinneyf Inc. and Ft Worth National BMk. .Scaled, to nt balance-: is" +14. $1,650,000. new no Montgomery Year's Week store country-wide basis sales as on a taken from yield from 1.70% to ^lga"^onr»nity School Dist. minor and pretty and associates County Other members of, the not- as week ended Jan. 5, times in December 1962 a In the four-week Jan. 5, 1963, sales period ended gained 9% the corresponding period in over serve sales week more 1962. System, in New ended than The the 1962. Federal department York Jan.> Re- store City for the 5, were the .same New York period City 4% in news- J. December Trust & Co., Co., Ladenburg, Co., First Robert L. F. National Mercantile 1962 re^ced 54.4%.. This as Bank, Garrett ' & A. NOTICES United States Lines Company DIVIDEND The Board of Directors has authorized the payment of a dividend of fifty cents ($.50) per share payable March 8, Stock of One Broadway, New York Secretary 4, N. Y. GOODYEAR aeainst to COMMON DIVIDEND No. 119 aeainst The Board of Directors to1- car 48 7% relative day declared the following in 45 6% dividend: a share on the Stock, payable March 15, 1963 to stock¬ Common traffic change • holders and to for aii the toll an extent, of record at the close of business February in 15, 1963. vehlcle pattern Is. of course, beneficial • * 25 cents per against The GMdyear Tire & Rubber Co. By R. L. Miller, Secretary obtains hifdiwavs January 1},, 196S J Tj THE GREATEST J NAME IN RUBBER OffprPfl DOIlUb Ulierea II. J. on Jan. 16 of Reynolds Tobacco Company Chase $15,740,000 Montgomery : County, Makers of ;Cgawl#Wfaistoii#Salem B Cavafcr cigarettes Prime NOTICE • ACETATE • CELLOPHANE • AVlSTRAP® • Albert, George Washington smoking tobacco AVI CEL.® NOTICE • & per on VISCOSE AMERICAN CORPORATION Directors of the American Viscose dividend of Corporation, at their January 2, 1963, declared a fifty cents (50c) per share on the common regular meeting on stock, payable on February 1, 1963, to shareholders record at close of business on at the close of business ruary January 16, 1963. Feb- :0 15, 1963. WILLIAM R. LYBROOK, ; Secretary Winston-Salem, N. C. January 10, 1963. Co., Vice President and Treasurer Sixty-three Consecutive Years of Cash Dividend Payments The Marine Trust Co. of Western New share has been declared the Common Stock of the Company, payable March 5, 1963 to stockholders of record of Dallas, Sons, quarterly dividend of 40c A Thalmann Rothschild H. Inc.; QUARTERLY DIVIDEND include Bankers Trust Co., zz & Co., DIVIDEND 1.54 0f'revenues Passenger year wag DIVIDEND eHalhsey,tmuarot &ri. St Devine & Co., Inc., and Woodcock, Moyer, Fricke & French, Inc. (1964- /T°\' a"d Bastman Dillon Ymon. Securities & Co group Associated with Chase Manhattan as maJ?r members of the winning c. Small Carter Hall RAYON I988) bonds; a 2.961%^ net interest group to & - ' According Wells Beane; Riecke & Truck tolls year ago constitute<J 513% DIVIDEND (Rockville), Maryland various purpose cost The se^ond best bld> flgur11% mg a 2.988%: net interest cost, com- ®ame pared with the like period in 1962. John — ma— earned was g| for the & Christensen, Inc.; R. D. White & Co.; Kenower, MacArthur & Co.; _ sub¬ overall gain of UnioiT Trust Company of Mary¬ " typical source : an Federation- Bank & Trust Company; Gregory & Sons; Wood, Struthers ^ & Co.; °hio Turnpike's December state- ment serves Manhattan Bank syndicate are Md., bonds, dated Feb. i, 1963 and Mellon National Bank & Trust due annually on Feb. 1 from 1964 com- the Federal Reserve Board's index reported American Se¬ Corporation; well U966-1992) bonds which were _ ■ t TTQ£,+rtv_ bought by the Chose Monftattan 10 InVeStOrS. Bank syndicate at a 3.5258% net mitted the best bid for $15,740,000 Sales Rise 11% Over Last Department Bank hattan of Georgia; curities THOMAS R. CAMPBELL, krly involved in, 9Rr Index fig... . ur^tthe return ^unchanged from a week ago at 3.50%. Fluctuations Glance about $4,740^00. MOIltgOmery Cty. ^ petitive bidding. The Chase Man- Nationwide Department Store Hammill & Co.; Trust Com¬ pany Another notable sale on Tues- issues but Tuesday saw f0ur isgUeS of note offered at son, Sons; available on the 23 issues regu- made by the Blyth & Co. group, made public offering Heavy Tuesday Financing Qn Mondav there were & Stock / Interest cost. The runner-up bid, A syndicate headed by the Chase Montgomery-Couiity Sale Paced": a" 3.54% net ihterest cost, was Manhattan Bank, New York City, Pacific North Central +10 {o 3^% l80% from je,d Dallas; Robert Gar¬ rett 1963, to holders of Common record February 15, 1963. 143 times Co' ^.Involved $4,800,000 Wayne, & tional Bank in 3.40%, initial investor interest to date has been with the City L r»Qn1r Hamilton/Securities . able it to Scaled to . "ia;|or Pem^ers of the +5; Middle Atlantic and West South Central -f3 to +7; . made for this issue. , Co.; Mercantile Trust Co.; Ladenburg, Thalmann & Co.; lar Quoted toll road, toll bridge, Public utility and other revenue issues were steady during the past week. Upon averaging the yields bm, a_ J.4jJ/„ net interest Ineen terial- Interest cost, from thfi b'J Van (1964- V District a , Mountain -3 to +1; West North Central 0 to +4; New Eng- I were nf. Brad-'; estimates Regional from School J. Devine & The markets for long-term dol- were O'her membersof the successwell, running above last year but 1994) bonds to the First South- ful account are Kuhn, Loeb & •by a smaller margin than apparel, west Co. group on a net interest ^°*> Blair & Co., Inc., Paribas Purchases of hardware were even cost bid of 3.3389%. The second Corp., J. C. Bradford & Co., Estawith a year earlier, while slight bid, a 3.3561% net Interest, cost brook & Co., W. H. Hutton & Co., gams appeared in building ma- came from the Goldman, Sachs & Halle &Stieglitz, Herbert J. Sims terials. The'call for new cars Con- Co; syndicate. Seven additional & Co., Inc. and Tilney & Co. furnishings • . also was en* ^a'ance $1,115,000. following: Bankers Trust Co.; C. Common Halsey, Stuatt. & Co., Inc.. and matched. Most of the high coupon .Smith, Barney & Co^ and as- issues held their own or made sociates submitted the best bid, a SOme slight gain. ^ V™®, 3'3968% net interest cost, for $5,. 1ndiratinn nf ^° 2-90%: initial investor demand §00,000 Suffolk County Water AuAs an indication of winter has i>eenmoderate with the pres- thofity, Water Works revenue revenues on the toll highways, the jYear" although Manhattan From Week Ago _ . .snows yield , level for the dltional groups which bid for this corresponding week when volume issue. sagged considerably in heavy . ,, ~ * the •past Chase Dollar Bond Index Unchanged a New QKfioe i School District (1964-1986) bonds, Reoffered to yield from 1.60% from''stipulating a 2.764% net interest to 3.25%, initial demand has been present bal- cost' ^he runner~uP bid» a 2.7965% fair, with the present balance $1085 000 het interest cost, came from about $6,000,000. and clearance- sales account consisting of The First Francis I. duPont & Co., Coffin •gaining full momentum. Although Boston Corp. and The Northern & Burr and R. D. White & Co. newspaper strikes naturally ham- Trust Co. on a bid of 100.6599 for in frnrn - ^ \ Qn/f the to ■; Bank, the syndicate included the the Williston yield promotions Vrtxlr of Inc. and Halle & Scaled- to to 4.25%. $7,850'000 Columbus, Ohio City 06 V v highest credit rating, awarded $3,- winning group include Goldman good pace in the week ended 260,000 School and Sewage Dis- Sachs & Co Hornblower & Wednesday, Jan. 9, with special p0Sal (1964-1984) bonds to the Weeks, Hemphill, Noyes & Co., pered members wmm£g syndicate include pon frl, &_*Iutzier, R. W. £re^ric+, ?i •BaI^C0 T*e Ponce, Bacne & Co., Allen & qo., Paine, Halsey, Stuart & Co., Inc. and asBurlington, Vermont, an infre- sociates. quent borrower enjoying the other major members of the Retail Purchases Make Post- buying Weigold & Co stieglitz Inc., Co., Co ' . Consumer & & Stevenson ance , . Gibbons B> The f r ... Price Index edged down to 268.86 and mu ^ nfh r. 1 1 r% The the 4.25%. Other maJor members of the &a.ly Wholesale Commod.ty winning syndicate include Geo. mu major erate, with the balance in account registered in a few commodities, Eastman Dillon, Union Securities coupon and were offered to yield notably Besides priced were Reoffered to yield from 1.60 % net interest cost, came from the land, Baltimore; The National Bank of Commerce of Seattle; in 1964 to 3.20% in 1986, initial Northern Trust Co. account, Fitzpatridc, Sullivan 8c Co.; J. R. investor demand has been modOther increases National Bank of Long Island and 1988 maturities carried the bonds from 1.60% The Marine Trust of San Juan,-Puerto Rich Public Co. of Western New York; Shear« Importance;: $9,100,000 Municipality York, Shearson, Hammill & Co., was awarded to the Chase Man-> modity price level last Friday hit School District No. 1 awarded $3,- Trust Co. of Georgia, American hattan Bank, Morgan Guaranty, ijs lowest point since November 540,000 (1963-1990) bonds to the Securities Corp., Federation Bank Trust Co. and'Ira Co; but by this Monday had inched up syndicate headed jointly by the and Trust Co., Gregory & Sons syndicate at a net interest cost of slightly, reported Dun & Brad- Chase Manhattan Bank; Chemical -an<* Wood, Struthers, & Co, 3.1205% The second bid, a 3,16% week, the general wholesale com- the Bearing interest ranging from 5% to 1/10%, L. F. Rothschild & Co.; First Na¬ -/-'V Wednesday's only sale of im- y:.V''v;+'■•••' vr TV J A "DTTTPT* "RfYMTY T?VT?MTXP Continues to Edge Down through ' ..., AVholesale Commodity Price Index Dipping ||f . ....... to 1988 inclusive. rates 39 RAYON • ACETATE • CELLOPHANE • AVlSTRAP® e AVICEL® 40 The Commercial and Financial Chronicle (232) . .... Thursday, January 17, 1963 the ICC changes -its position, which at the moment doesn't likely, the BEHIND-THE-SCENES INTERPRETATIONS forces two attention Mac DOG FROM THE NATION'S CAPITAL . all-out an Co. battle will the than industry on it long time.. focus has still have sides his and General torney agencies. Although Kennedy the has had tremendous clan transportation - industry. help independent said, would Main Proposal government into the fold, they have If it would, created these agencies, particu¬ up larly-- the Interstate 5 Commerce Commission.. The result is likely, j;q be real battle a is;dut.f . COMING it at the EVENTS time same something of crisis in a Washington., The railroads,, suffer,7; IN INVESTMENT FIELD ing in the East; were gleeful. They long complained that too h m u c I v'*' the have before the year • Opposed by Commission had/only moderate success lining regulation, outdated and regulation, has been killing them. Jan. Trial;Balloon Quickly Deflated y The truckers said there is no 1 Soon "after President .Kennedy, crisis" in transportation, and com-* took office, He and' the Attorney' General sent out plained that, the President's trial balloon: a gram The Administration favored mak¬ to Congress as the they now The These are. Securities and This trial balloon in hurry. a Congress the President its powers. was trying to was and extending that ; " '' usurp ' V ' of use Congressmen "packed" say, the White House cause with filling make Kennedy a labor enough unions be¬ vacancies majority. made their the and ". to President man as gave able was M Chairman, r-t i a the his Joseph House from others. to as eariy and to sell the program,- under "talking things over." clear. "We was C. get In under ICC, with 11 members, has been particularly hard to han¬ in its cases the State ICC. the of economic health depends healthy transportation arteries; modern/economical choice of tional transportation is to , . .V \i* 'V/'' w v iV'7' 7'- Association the Board of Governors at the We also sug¬ agricultural be commodities exemp¬ limitedi^to transpdttktion by motor vehicles having The stalemate Department, Budget Labor Department, and the Justice Department, velop government policy thus to on de¬ vari¬ before the courts. The President suggested that the normal by of any cut-throat monopoly. * portation New Approach is tion lame duck under it rename Asso¬ A luncheon for out of day. same £0,1963 (Philadelphia,' Pa.) year—too late to help the White House from the ICC the Commerce as the official spokesman policy, govern¬ Philadelphia an¬ Alleys. Feb. 21; 1963 (Philadelphia, Pa.) Investment Traders Association of Philadelphia annual winter ner the at Bellevue din¬ Stratford Hotel. transporta¬ on opposed as by De¬ Of bowling tournament at the the to But Attention Brokers and Dealers this takes time, and it won't make too much difference this year. The end of this gram in Feb. 30th Street Administration up TRADING MARKETS government addition, two Democrats their terms at the faces partment tion up Traders ciation annual dinner ht the Stat* in Congress the now, building the wind new a attempting to soften the opposi¬ takes office. The word is out that In the Sher¬ (Boston, Mass.) Securities Association And Prestige Even ment him. Boston Parker House the to ICC Enjoys Both Strength law which permits him to re¬ main in office until a successor riot of aton-Lincoln Hotel. Feb. 8, 1963 nual a will Exchange all other trans¬ move problems Department. President Kennedy will have a chance to replace the ICC Vice President Stock Meeting agency; or if not that, to an en¬ Security Traders ;■ Association of York - Investment larged division of the Commerce New Traders Administration Is Backing now serving as a (Houston, Tex.) a bureau, and a , ; eventually is to limit town guests will be given at the strictly rate-making the ICC to competition carrier: trying to gain of Winter ler Hilton. The plan "antitrust, laws would take one transportation problems now ous continued. Firms Defense Bureau, no more Jam 28-29, 1963 coim the Con¬ ;r \ , on Hotel mittee made up of representatives from various agencies, including approval). gested in this connection that the for ICC transportation pro¬ 75 rate-regulator. years granddadcly;:;oL 1963. na¬ service tinental. .Jl'/'.,;-1, Party the sional special a has in Congress (as Indian Head transportation spokesmen; is recognized With failure, so far anyway, to Botany Industries Mills the been as such Maxson of the Con¬ one Electronics Official Films through increased competition and bring the ICC into line, the White gressional arms), and its voice decreased regulation." Thus, he in House is about ready to start "a carries considerable weight. effect served notice that the Ad¬ new tack developing a single There is more than an outside has ways, court* from President's effort to and I believe the way to a more dependent of White HoUse pres¬ of an "Our point of view, it is the oldest of these agencies and the most in¬ set agreement the on dle.'"'.Worse still, from the Kennedy is an was Union message this week, he said: control. The huge backlogs and antitrust problems. It also in¬ talk didn't we If the meetings weren't too suc¬ bring correctly of cludes, calling of types of carriers and cessful, neither it President of mergers one Garden Roof noted would never win Congres¬ care President Restates His Arguments harder studies, including Chairman, Donald P. McPherson, much," Jr., a Republican, whose term ex¬ trucking spokesmen said. pired the first of the year. He is one went more slowly. Generally, the larger the agency, It Dan it ion December But the intention others sures. White o p p o s and listened, Battle Over ICC the Secretary the for ease various tried in and the name Repealed n the label of Swidler. The Depart¬ January, the Department called in the Washington spokesmen for hold-over to program Commerce Under During Republican Chairman resisted for soon turned the be than three axles." plans; Commission too, another five-man awhile, he President were .. the months (Kansas City, Mo.) Security Traders As¬ sociation Mid-Wihter exemption (which y transportation support The Circumstances quickly gave him of the Federal Power Although 1 short (transportation), and others began to try to drum up control board. com¬ measures tion M recom¬ they V accepted. -V**•/' few the the to truckers mendations, bulk 24, 1963 Kansas City Hodges, faced was CHRONICLE'S Special Pictorial Section Feb. 7.. it go?" Jan. ment. It became the Department's number one project. Secretary Relations the first to be, as some was "Your stock HAS to go up!—Where else can modify t4. the recess, drive the White House power to appoint. Board '/• . During over Labor the Drake Hotel. pro¬ died last year. The Kennedy brothers National the modity exemptions. The backed down from the direct ap¬ The Security Traders Association of Chicago annual winter dinner at MR. CACKLES the call for deregulation through * proach. Instead, they began to regu¬ the President's oh _ Jan. 21, 1963 (Chicago, 111.) ending the minimum rate controls shot down yelled transportation (Baltimore, Md.) Dinner at the Southern Hotel. and opposed the heart of it—* gram the Civil Aeronautics Board, and a • surface hearings Relations Board, -the- ICC, couple of other smaller Ones. pro¬ gimmick lators went to Capitol Hill during Ex¬ change Commission, the National Labor another Then the ICC dropped its bomb. tive agencies, rather than arms of included just was 18, 1963 Baltimore Security Traders Asso¬ ciation 28th Annual Midwinter subsidize their competitors. ing these agencies regular execu¬ • ' transportatipn crisis. bringing various other phases of or the current cure success in views.] own This, he may coincide with the "Chronicle's* may not and thus major thorn in their one the so-called — a reflect to from the nation's Capital and competition, lessen: shipping costs; strengthen the.country's At¬ brother, Robert Kennedy, in seen „ [This column is intended Kennedy more ^transportation the "behind: the scene? interpretation tion, which he said would increase WASHINGTON, D. C.—President seem between . Waste King — back it up, and generally has been like a recalcitrant child when administration. ministration would not back down step behind any ' ' The is battle that is the result of transportation after able a now the brewing lot of study and consider¬ fighting within the Adminis¬ tration, the White House proposed a series of were changes in the trans¬ Chief among them proposals the promise might be acceptable, but are to only if President's program. Last year, portation laws. Transportation Department within its controversial proposals. In¬ side word was that some com¬ on asked to fall into end the ICC's minimum rate-setting powers and extend the current late. Just regulation modities At to present, have all for forms com¬ of carriers. water the complete bulk carriers exemption Interstate all bulk goods, and the truckers ex¬ emption only for farm products. The these President said exemptions he wanted extended to all carriers, particularly the railroads. He espoused ernment few a little days before, the Commerce Commission released its annual lessening of gov¬ regulation of transporta¬ chance that this a tween the White Department a Our New York telephone number is be? House* and ICC will break into CAnal 6-4592 the hot public fight. The flare-up will probably House has directed Commerce disagreement the White come before either the Senate House to Commerce ILERNER & CO., Inc. or "* vastly increase its transportation Investment Securities activities. the 10 Post Office Square, Boston 9, Mass. when hearings are held again on These include various President's ' Committees program. Telephone Unless HUbbard It report. a ing Teletype 2-195)0 617 451-3438 review of last year, but mak¬ clear its that position unchanged, the ICC said:. "In testimony our mented at length to eliminate power to the tural on the . . ^ ;• we the was proposal Commission's and bulk the agricul¬ commodities. • . ....... .... Corporation ,...... view that best be achieved equality in President's" alternative W- & do Inc. FOREIGN SECURITIES SPECIALISTS J 20 BROAD STREET TEL: HANOVER 2-0050 • ■ NEW YORK 5, N. Y. J '-f the proposal water carrier bulk Carl Marks Bought—Sold—Quoted We of competitive opportunity among carriers' of the various modes that the Equipment ?o««-iG!5 prescribe minimum rates transportation of expressed could Major Pool ; com¬ public interest by adoption of the a is hadn't budged either. In the form of on for a was This long-range goal, but the first steps already being taken. The But the President exemption from a mild one. executive, branch. com- ' \v/-' ; .: A ..." \ Annual Report available . on request t •• TELETYPE 212-571-1685 HILL, THOMPSON & CO., I I 70 Wall Street, Tel. WH 4-4540 INC." New York 5, N. Y. Tele. 212 571-1708 j I