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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
,

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have

1

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°

r

-

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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